Document:

Form of Junior Subordinated Indenture

 Exhibit 4.6 
 FORM OF JUNIOR SUBORDINATED INDENTURE 
  
  
 THE CHARLES SCHWAB
CORPORATION 
 TO 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 
 Trustee 
  
  
 Dated as of                      

 THE CHARLES SCHWAB CORPORATION 
 Reconciliation and tie between the Trust Indenture Act of 1939 (including cross-references to provisions of Sections 310 to and including 317 which,
pursuant to Section 318(c) of the Trust Indenture Act of 1939, as amended by the Trust Reform Act of 1990, are a part of and govern the Indenture whether or not physically contained therein) and the Junior Subordinated Indenture, dated as of
                    . 
  

					
	 Trust Indenture Act Section
	  	 Indenture Section

	 (S) 310
	  	(a) (1), (2) and (5)	  	6.9
		  	(a) (3)	  	Not Applicable
		  	(a) (4)	  	Not Applicable
		  	(b)	  	6.8
		  		  	6.10
		  	(c)	  	Not Applicable
	 (S) 311
	  	(a)	  	6.13
		  	(b)	  	6.13
		  	(c)	  	Not Applicable
	 (S) 312
	  	(a)	  	7.1
		  		  	7.2(a)
		  	(b)	  	7.2(b)
		  	(c)	  	7.2(c)
	 (S) 313
	  	(a)	  	7.3(a)
		  	(b)	  	7.3(a)
		  	(c)	  	7.3(a), 7.3(b)
		  	(d)	  	7.3(c)
	 (S) 314
	  	(a) (1), (2) and (3)	  	7.4
		  	(4)	  	10.4
		  	(b)	  	Not Applicable
		  	(c) (1)	  	1.2
		  	(c) (2)	  	1.2
		  	(c) (3)	  	Not Applicable
		  	(d)	  	Not Applicable
		  	(e)	  	1.2
		  	(f)	  	Not Applicable
	 (S) 315
	  	(a)	  	6.1(a)
		  	(b)	  	6.2
		  		  	7.3(a) (6)
		  	(c)	  	6.1(b)
		  	(d)	  	6.1(c)
		  	(d) (1)	  	6.1(a) (1), (2)
		  	(d) (2)	  	6.1(c) (2)
		  	(d) (3)	  	6.1(c) (3)
		  	(e)	  	5.14
	 (S) 316
	  	(a)	  	1.1

					
		  	(a) (1) (A)	  	5.12
		  	(a) (1) (B)	  	5.13
		  	(a) (2)	  	Not Applicable
		  	(b)	  	5.8
		  	(c)	  	1.4(f)
	(S) 317	  	(a) (1)	  	5.3
		  	(a) (2)	  	5.4
		  	(b)	  	10.3
	(S) 318	  	(a)	  	1.7

  
 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Junior Subordinated Indenture. 
  

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 JUNIOR SUBORDINATED INDENTURE, dated as of
                     (the “Indenture”), between THE CHARLES SCHWAB CORPORATION, a Delaware corporation (hereinafter called the
“Company”) having its principal office at 120 Kearny Street, San Francisco, California 94108, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as Trustee (hereinafter called the “Trustee”).

 RECITALS OF THE COMPANY 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured junior subordinated debt securities in series (hereinafter called the “Securities”) of
substantially the tenor hereinafter provided, and to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered. 
 All things necessary to make the Securities, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid and legally binding obligations of the Company, and to make
this Indenture a valid and legally binding agreement of the Company, in accordance with their and its terms, have been done. 
 NOW
THEREFORE, THIS INDENTURE WITNESSETH: For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities
or of any series thereof, as follows: 
 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.1 Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) The terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) All other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them
therein; 
 (3) All accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
accounting principles, and the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles which are generally accepted at the date or time of such
computation; provided, that when two or more principles are so generally accepted, it shall mean that set of principles consistent with those in use by the Company; and 
 (4) The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 “Act,” when used with respect to any Holder has the meaning specified in Section 1.4.

 “Additional Interest” means the interest, if any, that shall accrue on any interest on the Securities of any series the payment
of which has not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined as specified in such Security. 
 “Additional Sums” has the meaning specified in Section 10.7. 
 “Additional Taxes”
means the sum of any additional taxes, duties and other governmental charges to which a Schwab Capital Trust has become subject from time to time as a result of a Tax Event. 
 “Administrative Trustee” means, in respect of any Schwab Capital Trust, each Person identified as an “Administrative Trustee” in the
related Schwab Capital Trust Agreement, solely in such person’s capacity as Administrative Trustee of such Schwab Capital Trust under such Schwab Capital Trust Agreement and not in such Person’s individual capacity, or any successor
administrative trustee appointed as therein provided. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person; provided, however, that no Schwab Capital Trust to which Securities have been issued shall be deemed to be an Affiliate of the Company.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Board of Directors” means either the board of directors of the Company or any committee of that board duly authorized to act hereunder.

 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors, or such committee of the Board of Directors or officers of the Company to which authority to act on behalf of the Board of Directors has been delegated, and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Business Day” means any day other than (i) a Saturday or Sunday, (ii) a
day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee, or, with respect to the Securities of a series
initially issued to a Schwab Capital Trust, the principal office of the Property Trustee under the related Schwab Capital Trust Agreement, is closed for business. 
  

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 “Capital Treatment Event” means the reasonable determination by the Company that, as a result
of any amendment to, or change (including any proposed change) in, the laws (or any regulations thereunder) of the United States or any political subdivision thereof or therein, or as a result of any official or administrative pronouncement or
action or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which proposed change, pronouncement, action or decision is announced on or after the date of issuance of Preferred Securities
under the relevant Schwab Capital Trust Agreement, there is more than an insubstantial risk that the Company will not be entitled to treat an amount equal to the Liquidation Amount of such Preferred Securities as “Tier I Capital” (or the
then equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable to the Company. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any time after the execution of this instrument such Commission is not existing and performing
the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “Common
Securities” means the common trust interests issued by any Schwab Capital Trust. 
 “Common Stock” means the common stock, par
value $.01 per share, of the Company. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” and “Company Order” mean, respectively, the written request or order signed in the name of the Company by the
Chairman of the Board of Directors, the Vice Chairman of the Board of Directors, its Chief Executive Officer (or any co-Chief Executive Officer if the title is allocated to more than one Person) or President or a Vice President or Chief Financial
Officer, and by its Treasurer, an Assistant or Associate Treasurer, its Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 
 “Corporate Trust Office” means (i) the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 700 South
Flower Street, Suite 500, Los Angeles, CA 90017, Attention: Corporate Unit, or (ii) such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or (iii) the principal corporate trust office
of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
 “corporation” includes a corporation, association, company, limited liability company, joint-stock company or business trust. 
 “Debt” means, with respect to any Person, whether recourse is to all or a portion of the assets of such Person and whether or not contingent, (i) every obligation of such Person for money borrowed;
(ii) every obligation of such Person evidenced by bonds, debentures, notes or 

  

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other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses; (iii) every
reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person; (iv) every obligation of such Person issued or assumed as the deferred purchase
price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business), (v) every capital lease obligation of such Person; (vi) every obligation of such Person for claims in
respect of derivative products, including interest rate, foreign exchange rate and commodity forward contracts, options, swaps and similar arrangements; and (vii) every obligation of the type referred to in clauses (i) through (vi) of
another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or liable for, directly or indirectly, as obligor or otherwise. 
 “Defaulted Interest” has the meaning specified in Section 3.7. 
 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global
Securities, the Person designated as Depositary by the Company pursuant to Section 3.1 with respect to such series (or any successor thereto). 
 “Discount Security” means any security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2. 

“Distributions,” with respect to the securities of any Schwab Capital Trust, means amounts payable in respect of such Schwab Capital Trust
securities as provided in the related Schwab Capital Trust Agreement and referred to therein as “Distributions.” 
 “Dollar” means the currency of the United States of America that, as at the time of payment, is legal tender for the payment of public and private debts. 
 “Event of Default” unless otherwise specified in the supplemental indenture creating a series of Securities has the meaning specified in
Article V. 
 “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended
from time to time. 
 “Expiration Date” has the meaning specified in Section 1.4(f). 
 “Extension Period” has the meaning specified in Section 3.11. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to time constituted, or if at any time after the
execution of this Indenture the Federal Reserve is not existing and performing the duties now assigned to it, then the body performing such duties at such time. 
 “Global Security” means a Security, in the form prescribed in Section 2.4, evidencing all or part of a series of Securities issued to the Depositary or its nominee for such series, and registered in the
name of such Depositary or its nominee. 
  

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 “Guarantee Agreement” means a guarantee agreement substantially in the form attached hereto as
Annex A executed by the Company with respect to the Preferred Securities issued by a Schwab Capital Trust, as such may be amended from time to time. 
 “Holder” means a Person in whose name a Security is registered in the Securities Register. 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall
include the terms of each particular series of Securities established as contemplated by Section 3.1. 
 “Interest Payment
Date” means as to each series of Securities the Stated Maturity of an installment of interest on such Securities. 
 “Investment
Company Event” means that the Property Trustee shall have been provided with an Opinion of Counsel to the effect that, as a result of the occurrence of a change in law or regulation or a written change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory authority, there is a more than insubstantial risk that the Trust is or will be considered an investment company which is required to be registered under the Investment
Company Act of 1940. 
 “Junior Subordinated Payment” has the meaning specified in Section 13.2. 
 “Liquidation Amount” has the meaning specified in the relevant Schwab Capital Trust Agreement. 
 “Maturity,” when used with respect to any Security means the date on which the principal of such Security becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of acceleration, repurchase at the option of the Holder, call for redemption or otherwise. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Notice of Default” means a
written notice of the kind specified in Section 6.2. 
 “Officers’ Certificate” means a certificate signed by the
Chairman of the Board of Directors , a Vice Chairman of the Board of Directors, the Chief Executive Officer (or any co-Chief Executive Officer if the title is allocated to more than one Person), the President, the Chief Financial Officer or a Vice
President, and by the Treasurer, an Assistant or Associate Treasurer, the Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company. Each such opinion shall comply with
Section 314 of the Trust Indenture Act and include the statements provided for in Section 1.2 if and to the extent required by the provisions of such Section. 
 “Original Issue Date” means the date of issuance specified as such in each Security. 
  

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 “Outstanding” means, when used in reference to any Securities, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; 
 (ii) Securities for whose payment money in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent in trust for the Holders of such Securities; and 
 (iii) Securities in substitution for or in lieu of
which other Securities have been authenticated and delivered or which have been paid pursuant to Section 3.6, unless proof satisfactory to the Trustee is presented that any such Securities are held by Holders in whose hands such Securities are
valid, binding and legal obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor
shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor. Upon the written request of the Trustee, the
Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of the Company, or any other obligor on the Securities or any
Affiliate of the Company or such obligor, and, subject to the provisions of Section 6.1, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all
Securities not listed therein are Outstanding for the purpose of any such determination. 
 “Paying Agent” means the Trustee or any
Person authorized by the Company to pay the principal of or interest on any Securities on behalf of the Company. 
 “Person” means
any individual, corporation, partnership, joint venture, trust, company, limited liability company, unincorporated organization, joint-stock company, association or government or any agency or political subdivision thereof. 
 “Place of Payment” means, with respect to the Securities of any series, the place or places where the principal of (and premium, if any) and
interest on the Securities of such series are payable pursuant to Sections 3.1 and 3.11. 
 “Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any security authenticated and delivered under Section 3.6
in 

  

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lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 
 “Preferred Securities” means the preferred trust interests issued by any Schwab Capital Trust. 
 “Proceeding” has the meaning specified in Section 13.2. 
 “Property Trustee” means, in respect of any Schwab Capital Trust, the commercial bank or trust company identified as the “Property Trustee” in the related Schwab Capital Trust Agreement, solely in
its capacity as Property Trustee of such Schwab Capital Trust, under such Schwab Capital Trust Agreement and not in its individual capacity, or its successor in interest in such capacity, or any successor trustee appointed as therein provided.

 “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price at which
it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment Date
with respect to the Securities of a series means, unless otherwise provided pursuant to Section 3.1 with respect to Securities of a series, (i) in the case of Securities of a series represented by one or more Global Securities, the
Business Day next preceding such Interest Payment Date and (ii) in the case of Securities of a series not represented by one or more Global Securities, the date which is fifteen days next preceding such Interest Payment Date (whether or not a
Business Day). 
 “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust
department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
 “Rights Plan” means a plan of the Company providing for the issuance by the Company to all
holders of its Common Stock of rights entitling the holders thereof to subscribe for or purchase shares of Common Stock or any class or series of preferred stock of the Company, which rights (i) are deemed to be transferred with such shares of
Common Stock, (ii) are not exercisable and (iii) are also issued in respect of future issuances of Common Stock, in each case until the occurrence of a specified event or events. 
 “S&P” means Standard & Poor’s Ratings Services. 
 “Schwab Capital Trust” means Schwab Capital Trust II or Schwab Capital Trust III or any other trust created for the purposes of holding
Securities delivered under this Indenture. 
  

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 “Schwab Capital Trust Agreement” means an amended and restated trust agreement substantially in
the form attached hereto as Annex B between the Company, the Property Trustee and another Person or Persons with regard to a Schwab Capital Trust, as such may be amended from time to time. 
 “Schwab Guarantee” means any guarantee by the Company of Distributions on the Preferred Securities to the extent provided in any Guarantee
Agreement. 
 “Securities” or “Security” means any debt securities or debt security, as the case may be, authenticated
and delivered under this Indenture. 
 “Securities Register” and “Securities Registrar” have the respective meanings
specified in Section 3.5. 
 “Senior Debt” means the principal of (and premium, if any) and interest, if any (including
interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not such claim for post-petition interest is allowed in such proceeding), on Debt of the Company, whether incurred on or
prior to the date of this Indenture or thereafter incurred, unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to the
Securities or to other Debt which is pari passu with, or subordinated to, the Securities, provided, however, that Senior Debt shall not be deemed to include (a) any Debt of the Company which, when incurred and without respect to any
election under Section 1111(b) of the Bankruptcy Reform Act of 1978, was without recourse to the Company, (b) any Debt of the Company to any of its Subsidiaries, (c) Debt to any employee of the Company, (d) Debt that by its terms
is subordinated to trade accounts payable or accrued liabilities arising in the ordinary course of business to the extent that payments made to the holders of such Debt by the holders of the Securities as a result of the subordination provisions of
this Indenture would be greater than such payments otherwise would have been (absent giving effect to this clause (d)) as a result of any obligation of such holders of such Debt to pay amounts over to the obligees on such trade accounts payable or
accrued liabilities arising in the ordinary course of business as a result of subordination provisions to which such Debt is subject and (e) any Securities. 
 “Special Event” has the meaning specified in Section 2.3. 
 “Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7. 
 “Stated Maturity” when
used with respect to any Security or any installment of principal thereof or interest thereon means the date specified pursuant to the terms of such Security as the date on which the principal of such Security or such installment of interest is due
and payable, in the case of such principal, as such date may be shortened or extended as provided pursuant to the terms of such Security and this Indenture. 
 “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or
more other Subsidiaries. For purposes of this definition, “voting stock” 

  

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means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting
power by reason of any contingency. 
 “Tax Event” means the receipt by a Schwab Capital Trust of an Opinion of Counsel (as defined
in the relevant Schwab Capital Trust Agreement) experienced in such matters to the effect that, as a result of any amendment to, or change (including any announced proposed change) in, the laws (or any regulations thereunder) of the United States or
any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which
proposed change, pronouncement or decision is announced on or after the date of issuance of the Preferred Securities of such Schwab Capital Trust, there is more than an insubstantial risk that (i) such Schwab Capital Trust is, or will be within
90 days of the date of such Opinion of Counsel, subject to United States Federal income tax with respect to income received or accrued on the corresponding series of Securities issued by the Company to such Schwab Capital Trust, (ii) interest
payable by the Company on such corresponding series of Securities is not, or within 90 days of the date of such Opinion of Counsel, will not be, deductible by the Company, in whole or in part, for United States Federal income tax purposes or
(iii) such Schwab Capital Trust is, or will be within 90 days of the date of such Opinion of Counsel, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder and, if at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbb), as amended and as in effect on the date as of this Indenture, except as provided in Section 9.5. 
 “Vice President,” when used with respect to the Company, means any duly appointed vice president, whether or not designated by a number or a
word or words added before or after the title “vice president.” 
  

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 Section 1.2 Compliance Certificate and Opinions of Counsel. 
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the
Trustee an Officers’ Certificate stating that all conditions precedent (including covenants, compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent (including covenants compliance with which constitute a condition precedent), if any, have been complied with, except that in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than the
certificates provided pursuant to Section 10.5) shall include: 
 (1) a statement that each individual signing such certificate or
opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a
statement that, in the opinion of each such individual, he has made or caused to be made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied
with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 Section 1.3 Forms of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care 

  

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should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions, or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.4 Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given to or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments is or are delivered to the Trustee, and, where it is hereby expressly required, to the Company. The Trustee shall promptly deliver to the Company copies of such instruments or instruments delivered to
the Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a Person acting in other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. 
 (c) The fact and date of the execution by any Person of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient and
in accordance with such reasonable rules as the Trustee may determine. 
 (d) The ownership of Securities shall be proved by the Securities
Register. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such Security. 
 (f) The Company may set any day as a record date for
the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or
direction 

  

 -11- 

 
referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such
record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date, provided that no such action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a
record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.6. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any
series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings referred to in Section 5.7(2) or
(iv) any direction referred to in Section 5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date, provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 1.6. 
 With respect to any record date set pursuant to this Section, the party hereto which sets such
record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day, provided that no such change shall be effective unless notice of the proposed new Expiration Date
is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to
any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change
the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
  

 -12- 

 (g) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard
to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such
principal amount. 
 Section 1.5 Notices, Etc. to Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be
made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention: Corporate Unit or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose (except as otherwise provided in Section 5.1) hereunder if in writing and mailed, first class, postage prepaid, to the Company addressed to it at the
address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company, Attention: Corporate Treasurer. 
 The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by e-mail, facsimile transmission or other unsecured
electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely
manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee acts upon such instructions, the Trustee’s reasonable understanding of such instructions shall be deemed controlling. 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 to the extent that such instructions conflict or are inconsistent with the originally executed written instruction subsequently
provided to the Trustee. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Section 1.6 Notice to Holders; Waiver. 

 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first class postage prepaid, or delivered by hand or overnight courier to each Holder affected by such event, at the address of such Holder as it appears in the Securities Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail or delivered by hand or overnight courier, neither the failure to mail or deliver by hand or
overnight courier such notice, nor any defect in any 

  

 -13- 

 
notice so mailed or delivered by hand or overnight courier, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 Section 1.7 Conflict with Trust Indenture Act. 
 If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of Section 318(c) thereof, such imposed duties shall control. 
 Section 1.8 Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 1.9 Successors and Assigns. 
 All covenants and agreements in this Indenture by the Company shall bind its
successors and assigns, whether so expressed or not. 
 Section 1.10 Separability Clause. 
 In case any provision in this Indenture or in the Securities 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. 
  

 -14- 

 Section 1.11 Benefits of Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors and
assigns, the holders of Senior Debt and the Holders of the Securities and, to the extent expressly provided in this Indenture, the holders of the Preferred Securities, any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 Section 1.12 Governing Law; Jurisdiction; Waiver of Trial by Jury. 
 EXCEPT AS OTHERWISE SPECIFIED AS CONTEMPLATED BY SECTION 3.1 FOR THE SECURITIES OF SUCH SERIES, THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. The parties and (by their acceptance of the Securities) the Holders, agree that all actions and proceedings relating to or
arising from, directly or indirectly, this Indenture or any of the transactions contemplated hereby may be litigated in courts located within the State of New York. The parties and (by their acceptance of the Securities) the Holders, hereby submit
to the personal jurisdiction of such courts; hereby waive personal service of process upon them and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to Company at its address
last specified for notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed; and hereby waives the right to a trial by jury in any action or proceeding. All actions and proceedings
brought by Company against the Trustee relating to or arising from, directly or indirectly, this Indenture shall be litigated only in courts located within the State of New York. In this regard, the parties agree that the courts of the State of New
York located in Manhattan are the most convenient forum to resolve such actions and, accordingly, will not argue to the contrary in such actions or proceedings. 
 EACH OF THE COMPANY, THE TRUSTEE AND (BY THEIR ACCEPTANCE OF THE SECURITIES) 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 INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 1.13 Non-Business Days.

 In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day, then
(notwithstanding any other provision of this Indenture or the Securities) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day (and no interest shall accrue for the
period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, until such next succeeding Business Day except that, if such Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day (in each case with the same force and effect as if made on the Interest Payment Date or Redemption Date or at the Stated Maturity). 
  

 -15- 

 Section 1.14 Force Majeure. 
 In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services affecting the banking industry generally; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances. 
 ARTICLE II 
 SECURITY FORMS 
 Section 2.1 Forms Generally. 
 The Securities of each series and the Trustee’s certificate of authentication shall be in substantially the forms set forth in this Article, or in
such other form or forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or
automated quotation system on which the Securities may be listed or traded as may, consistently herewith, be determined by the officers executing such Securities, as conclusively evidenced by their execution of the Securities. If the form of
Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or
prior to the delivery of the Company Order contemplated by Section 3.3 with respect to the authentication and delivery of such Securities. The Trustee’s certificates of authentication shall be substantially in the form set forth in this
Article. 
 The definitive Securities shall be typewritten, printed, lithographed or engraved or produced by any combination of these
methods, if required by any securities exchange or automated quotation system on which the Securities may be listed or traded, on a steel engraved border or steel engraved borders or may be produced in any other manner permitted by the rules of any
securities exchange or automated quotation system on which the Securities may be listed or traded, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 Section 2.2 Form of Face of Security. 
 THE
CHARLES SCHWAB CORPORATION 
 (Title of Security) 
  

			
	 No.             
	  	$            

  

 -16- 

 THE CHARLES SCHWAB CORPORATION, a corporation organized and existing under the laws of Delaware
(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 registered assigns, the principal sum of Dollars on             ,
20    ; provided that the Company may, subject to certain conditions specified in Section 3.14 of the Indenture, (i) shorten the Stated Maturity of the principal of this Security to a date not earlier than
            , 200  , and (ii) extend the Stated Maturity of the principal of this Security at any time on one or more occasions, but in no event to a date later
than             , 20    . The Company further promises to pay interest on said principal sum from
            , 200   or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid or duly
provided for, (subject to deferral as set forth herein) in arrears on [specify Interest Payment Dates] of each year, commencing             , 200  , at the rate of
    % per annum, until the principal hereof shall have become due and payable, plus Additional Interest, until the principal hereof is paid or duly provided for or made available for payment and on any overdue
principal and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the rate of     % per annum, compounded
            . The amount of interest payable for any period shall be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial
period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on
such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a day
on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee, or the principal office of the Property Trustee under
the Trust Agreement hereinafter referred to on the reverse side of this Security is closed for business. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest installment, which shall be the [specify Regular Record Dates] next
preceding the applicable Interest Payment Date. Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this
series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in said Indenture. 
  

 -17- 

 [If applicable, insert: So long as no Event of Default has occurred and is continuing, the Company shall
have the right at any time during the term of this Security to defer payment of interest on this Security, at any time or from time to time, for up to              consecutive
             interest payment periods [at least five years] with respect to each deferral period (each an “Extension Period”), during which Extension Periods the Company
shall have the right to make partial payments of interest on any Interest Payment Date, and at the end of which the Company shall pay all interest then accrued and unpaid (together with Additional Interest thereon to the extent permitted by
applicable law); provided, however, that no Extension Period shall extend beyond the Stated Maturity of the principal of this Security; and provided, further, that during any such Extension Period, the Company shall not, and shall not permit any
Subsidiary of the Company to, (i) declare or pay any dividends or distributions or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock or (ii) make any payment of principal of or
interest or premium, if any, on or repay, repurchase or redeem any debt security of the Company that ranks pari passu with or junior in interest to this Security or make any guarantee payments with respect to any guarantee by the Company of
the debt securities of any Subsidiary of the Company if such guarantee ranks pari passu with or junior in interest to this Security (other than (a) dividends or distributions in capital stock of the Company, (b) any declaration of a
dividend in connection with the implementation of a Rights Plan, the issuance of any rights, or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments under any Schwab Guarantee and (d) purchases of
Common Stock related to the issuance of Common Stock or rights under any of the Company’s benefit plans for its directors, officers or employees, related to the issuance of Common Stock or rights under a dividend reinvestment and stock purchase
plan, or related to the issuance of Common Stock (or securities convertible into or exchangeable for Common Stock) as consideration in an acquisition transaction that was entered into prior to the commencement of such Extension Period. Prior to the
termination of any such Extension Period, the Company may further defer the payment of interest, provided that, no Extension Period shall exceed              consecutive
             or extend beyond the Stated Maturity of the principal of this Security. Upon the termination of any such Extension Period and upon the payment of all accrued and unpaid
interest and any Additional Interest then due, the Company may elect to begin a new Extension Period, subject to the above requirements. No interest shall be due and payable during an Extension Period except at the end thereof. The Company shall
give the Holder of this Security and the Trustee notice of its election to begin any Extension Period at least one Business Day prior to the next succeeding Interest Payment Date on which interest on this Security would be payable but for such
deferral or, with respect to the Securities issued to a Schwab Capital Trust, so long as such Securities are held by such Schwab Capital Trust, prior to the earlier of (i) the next succeeding date on which Distributions on the Preferred
Securities would be payable but for such deferral or (ii) the date the Administrative Trustees are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities on
the record date such Distributions are payable, but in any event not less than one Business Day prior to such record date.] 
 Payment of the
principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the United States, 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; provided, however, that at the option of the Company payment of interest may be made (i) by check mailed to the address of the Person entitled thereto 

  

 -18- 

 
as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available funds at such place and to such account as may
be designated by the Person entitled thereto as specified in the Securities Register. 
 The indebtedness evidenced by this Security is, to
the extent provided in the Indenture, subordinate and subject in right of payments to the prior payment in full of all Senior Debt, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this
Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided
and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each
holder of Senior Debt, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
 Reference is hereby made to the further provisions of this Security 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 Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 -19- 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  

			
	THE CHARLES SCHWAB CORPORATION
		
	By:	 	  

		 	Chief Executive Officer, President,
		 	Chief Financial Officer or Vice President

  

	
	Attest:
	
	  

	Secretary or Assistant Secretary

 Section 2.3 Form of Reverse of Security. 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or
more series under a Junior Subordinated Indenture, dated as of             , 200   (herein called the “Indenture”), between the Company and The Bank of New
York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which 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 Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, limited in aggregate principal amount to $            . 
 All terms used in this Security are defined in the Indenture or in the Amended and Restated Trust Agreement, dated as of
            , 20    , as amended (the “Trust Agreement”), for Schwab Capital Trust     , among The Charles Schwab
Corporation, as Depositor, and the Trustees named therein, shall have the meanings assigned to them in the Indenture or the Trust Agreement, as the case may be. 
 The Company may at any time, at its option, on or after             , 20    , and subject to the terms and conditions of
Article XI of the Indenture, redeem this Security in whole at any time or in part from time to time, without premium or penalty, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, including
Additional Interest, if any, to the Redemption Date. 
 [If applicable, insert: Subject to any required regulatory notice or approval, if at
any time a Tax Event, an Investment Company Event or, if the Company is then regulated as a bank holding company, a Capital Treatment Event, shall occur and be continuing (each a “Special 

  

 -20- 

 
Event”) in respect of a Schwab Capital Trust, the Company may, at its option upon not less than 30 nor more than 60 days’ notice, at any time
within 90 days of the occurrence of such Special Event redeem this Security, in whole but not in part, subject to the provisions of Article XI of the Indenture, at a redemption price equal to 100% of the principal amount thereof plus accrued and
unpaid interest, including Additional Interest, if any, to the Redemption Date; provided, however, that if at the time there is available to the Company or the Trust the opportunity to eliminate, within such 90-day period, the Special Event by
taking some ministerial action, such as filing a form or making an election or pursuing some other similar reasonable measure that will have no adverse effect on the Trust, the Company or the Holders, then the Company or the Trust will pursue such
measure in lieu of redemption.] 
 The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this
Security upon compliance by the Company with certain conditions set forth in the Indenture. 
 The Indenture permits, with certain exceptions
as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the
consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in
principal amount of the Securities of all series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security 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 Security. 
 [If the
Security is not a Discount Security: As provided in and subject to the provisions of the Indenture, if an Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, then and in every such case
the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of this series may declare the principal amount of all the Securities of this series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), provided that, in the case of the Securities of this series issued to a Schwab Capital Trust, if upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of this series fail to declare the principal of all the Securities of this series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Preferred Securities then outstanding
shall have the right by a notice in writing to the Company and the Trustee; and upon any such declaration the principal amount of and the accrued interest (including any Additional Interest) on all the Securities of this series shall become
immediately due and payable, provided that, the payment of principal and interest (including any Additional Interest) on such Securities shall remain subordinated to the extent provided in Article XIII of the Indenture.] 
  

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 [If the Security is a Discount Security: As provided in and subject to the provisions of the Indenture,
if an Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than such portion of the principal amount as may be specified
in the terms of this series may declare an amount of principal of the Securities of this series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), provided that, in the case of the
Securities of this series issued to a Schwab Capital Trust, if upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of this series fail to declare the principal of all the
Securities of this series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Preferred Securities then outstanding shall have the right by a notice in writing to the Company and the Trustee. Such
amount shall be equal to [insert formula for determining the amount]. Upon any such declaration, such amount of the principal of and the accrued interest (including any Additional Interest) on all the Securities of this series shall become
immediately due and payable, provided that the payment of principal and interest (including any Additional Interest) on such Securities shall remain subordinated to the extent provided in Article XIII of the Indenture. Upon payment (i) of the
amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s
obligations in respect of the payment of the principal of and interest, if any, on this Security shall terminate.] 
 No reference herein to
the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times,
place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Indenture duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security 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 Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities
of this series are issuable only in registered form without coupons in denominations of $             and any integral multiple thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like 

  

 -22- 

 
aggregate principal amount of Securities of such series of a different authorized denomination, as requested by the Holder surrendering the same. 

The Company and, by its acceptance of this Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial
interest in, this Security agree that for United States Federal, State and local tax purposes it is intended that this Security constitute indebtedness. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. 
 Section 2.4 Additional Provisions Required in Global Security. 
 Any Global Security issued hereunder shall, in addition to the provisions contained in Sections 2.2 and 2.3, bear a legend in substantially the following form: 
 “This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a
Depositary or a nominee of a Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture and 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.” 
 Section 2.5 Form of Trustee’s Certificate of Authentication. 
 This is one of the Securities referred to in the
within mentioned Indenture. 
  

									
	Dated:	 		 		 		  	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A., as
Trustee

					
		 	By:	 	  
	 		  	
		 		 	Authorized officer	 		  	

 ARTICLE III 
 THE SECURITIES 
 Section 3.1 Title and Terms. 
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
  

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 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board
Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of a series: 
 (a) the title of the Securities of such series, which shall distinguish the Securities of the series from all other Securities; 
 (b) the limit, if any, upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.6 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been
authenticated and delivered hereunder); provided, however, that the authorized aggregate principal amount of such series may be increased above such amount by a Board Resolution to such effect; 
 (c) the Stated Maturity or Maturities on which the principal of the Securities of such series is payable or the method of determination thereof;

 (d) the rate or rates, if any, at which the Securities of such series shall bear interest, if any, the rate or rates and extent to which
Additional Interest, if any, shall be payable in respect of any Securities of such series, the Interest Payment Dates on which such interest shall be payable, the right, pursuant to Section 3.11 or as otherwise set forth therein, of the Company
to defer or extend an Interest Payment Date, and the Regular Record Date for the interest payable on any Interest Payment Date or the method by which any of the foregoing shall be determined; 
 (e) the place or places where the principal of (and premium, if any) and interest on the Securities of such series shall be payable, the place or places
where the Securities of such series may be presented for registration of transfer or exchange, and the place or places where notices and demands to or upon the Company in respect of the Securities of such series may be made; 
 (f) the period or periods within or the date or dates on which, if any, the price or prices at which and the terms and conditions upon which the
Securities of such series may be redeemed, in whole or in part, at the option of the Company; 
 (g) the obligation or the right, if any, of
the Company to redeem, repay or purchase the Securities of such series pursuant to any sinking fund, amortization or analogous provisions, or at the option of a Holder thereof, and the period or periods within which, the price or prices at which,
the currency or currencies (including currency unit or units) in which and the other terms and conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation; 
 (h) the denominations in which any Securities of such series shall be issuable, if other than denominations of
$             and any integral multiple thereof; 
 (i) if other than
Dollars, the currency or currencies (including currency unit or units) in which the principal of (and premium, if any) and interest, if any, on the Securities of the series shall be payable, or in which the Securities of the series shall be
denominated; 
  

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 (j) the additions, modifications or deletions, if any, in the Events of Default or covenants of the
Company set forth herein with respect to the Securities of such series; 
 (k) if other than the principal amount thereof, the portion of the
principal amount of Securities of such series that shall be payable upon declaration of acceleration of the Maturity thereof; 
 (l) the
additions or changes, if any, to this Indenture with respect to the Securities of such series as shall be necessary to permit or facilitate the issuance of the Securities of such series in bearer form, registrable or not registrable as to principal,
and with or without interest coupons; 
 (m) any index or indices used to determine the amount of payments of principal of and premium, if
any, on the Securities of such series or the manner in which such amounts will be determined; 
 (n) whether the Securities of the series, or
any portion thereof, shall initially be issuable in the form of a temporary Global Security representing all or such portion of the Securities of such series and provisions for the exchange of such temporary Global Security for definitive Securities
of such series; 
 (o) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more
Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.4 and any
circumstances in addition to or in lieu of those set forth in Section 3.5 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be
registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (p) the appointment
of any Paying Agent or Agents for the Securities of such series; 
 (q) the terms of any right to convert or exchange Securities of such
series into any other securities or property of the Company, and the additions or changes, if any, to this Indenture with respect to the Securities of such series to permit or facilitate such conversion or exchange; 
 (r) the form or forms of the Guarantee Agreement and the Schwab Capital Trust Agreement if different from the forms attached hereto as Annexes A and B,
respectively; 
 (s) the relative degree, if any, to which the Securities of the series shall be senior to or be subordinated to other series
of Securities in right of payment, whether such other series of Securities are Outstanding or not; 
 (t) the governing law of this Indenture
and the Securities; and 
 (v) any other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of
this Indenture). 
  

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 All Securities of any one series shall be substantially identical except as to denomination and except as
may otherwise be provided herein or in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental hereto. 
 If any of the terms of the Securities of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
 The Securities shall be subordinated in right of payment to Senior Debt as provided in Article XIII. 
 Section 3.2
Denominations. 
 The Securities of each series shall be issuable in registered form without coupons and shall be issuable in
denominations of $             and any integral multiple thereof, unless otherwise specified as contemplated by Section 3.1. 
 Section 3.3 Execution, Authentication, Delivery and Dating. 
 The Securities shall be executed on behalf of the Company by its Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer (or any co-Chief Executive Officer if the title is allocated to more than one
Person), President, Chief Financial Officer or one of its Vice Presidents under its corporate seal reproduced or impressed thereon and attested by its Treasurer, Secretary or one of its Assistant or Associate Treasurers or its Assistant Secretaries.
The signature of any of these officers on the Securities may be manual or facsimile. 
 Securities bearing the manual or facsimile signatures
of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did
not hold such offices at the date of such Securities. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been
established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall
be provided with, and (subject to Section 6.1) shall be fully protected in conclusively relying upon, an Opinion of Counsel stating, 
 (1) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has been established in conformity with the provisions of this Indenture; 
 (2) if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been
established in conformity with the provisions of this Indenture; and 
  

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 (3) that such Securities have been duly executed and delivered by the Company and, when authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. If such form or terms have been so
established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Notwithstanding the provisions of Section 3.1 and of the
preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion of
Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such
series to be issued. 
 Each Security shall be dated the date of its authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized officers, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall
deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 
 Section 3.4 Temporary Securities. 
 Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any denomination, substantially of the tenor of the definitive Securities of such series in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary
Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities shall be exchangeable for definitive
Securities upon surrender of the temporary Securities at the office or agency of the Company designated for that purpose without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute
and the Trustee shall authenticate and deliver in 

  

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exchange therefor one or more definitive Securities of the same series, of any authorized denominations having the same Original Issue Date and Stated
Maturity and having the same terms as such temporary Securities. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

 Section 3.5 Registration, Transfer and Exchange. 
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Securities and of transfers of Securities. Such register is herein sometimes referred to as the “Securities Register.” The Trustee is hereby appointed “Securities Registrar” for the purpose of registering Securities and transfers
of Securities as herein provided. 
 Upon surrender for registration of transfer of any Security at the office or agency of the Company
designated for that purpose the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series of any authorized denominations, of a like
aggregate principal amount, of the same Original Issue Date and Stated Maturity and having the same terms. 
 At the option of the Holder,
Securities may be exchanged for other Securities of the same series of any authorized denominations, of a like aggregate principal amount, of the same Original Issue Date and Stated Maturity and having the same terms, upon surrender of the
Securities to be exchanged at such office or agency. Whenever any securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled
to receive. 
 All Securities issued upon any transfer or exchange of Securities shall be the valid obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 Every
Security presented or surrendered for transfer or exchange shall (if so required by the Company or the Securities Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the
Securities Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made to a
Holder for any transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities. 
 The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 
 (1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a
nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 
  

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 (2) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole
or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary
(i) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so
registered to act as depositary, in each case unless the Company has approved a successor Depositary within 90 days, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security, (C) the Company
in its sole discretion determines that such Global Security will be so exchangeable or transferable or (D) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as
contemplated by Section 3.1. 
 (3) Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made
in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 
 (4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.6 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof. 
 Neither the Company nor the Trustee shall be required, pursuant to the
provisions of this Section, (a) to issue, transfer or exchange any Security of any series during a period beginning at the opening of business 15 days before the day of selection for redemption of Securities pursuant to Article XI and ending at
the close of business on the day of mailing of notice of redemption or (b) to transfer or exchange any Security so selected for redemption in whole or in part, except, in the case of any Security to be redeemed in part, any portion thereof not
to be redeemed. 
 Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is surrendered to the Trustee together with such security or indemnity as may be required by the Company or the Trustee to save
each of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same issue and series of like tenor and principal amount, having the same Original Issue Date and Stated
Maturity, and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company and to the Trustee
(i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Company or the Trustee
that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same issue and
series of like 

  

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tenor and principal amount, having the same Original Issue Date and Stated Maturity as such destroyed, lost or stolen Security, and bearing a number not
contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security
under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee, its agents and
counsel) connected therewith. 
 Every new Security issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 3.7 Payment of Interest; Interest Rights Preserved. 
 Interest on any Security of any series which is payable,
and is punctually paid or duly provided for, on any Interest Payment Date, shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest in respect of Securities of such series, except that, unless otherwise provided in the Securities of such series, interest payable on the Stated Maturity of the principal of a Security shall be paid to the Person to whom principal is paid.
The initial payment of interest on any Security of any series which is issued between a Regular Record Date and the related Interest Payment Date shall be payable as provided in such Security or in the Board Resolution pursuant to Section 3.1
with respect to the related series of Securities. At the option of the Company, interest on any series of Securities may be paid (i) by check mailed to the address of the Person entitled thereto as it shall appear on the Securities Register of
such series or (ii) by wire transfer in immediately available funds at such place and to such account as designated by the Person entitled thereto as specified in the Securities Register of such series. 
 Any interest on any Security which is payable, but is not timely paid or duly provided for, on any Interest Payment Date for Securities of such series
(herein called “Defaulted Interest”), shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities of such series in respect of which interest is in default (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following 

  

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manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first
class, postage prepaid, to each Holder of a Security of such series at the address of such Holder as it appears in the Securities Register not less than 10 days prior to such Special Record Date. The Trustee shall in the name and at the expense of
the Company, cause a similar notice to be published at least once in a newspaper, customarily published in the English language on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, but such publication
shall not be a condition precedent to the establishment of such Special Record Date. The Company shall provide such notices to the Trustee. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been
mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered on such Special Record Date and shall no longer be payable pursuant to
the following Clause (2). 
 (2) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any securities exchange or automated quotation system on which the Securities of the series in respect of which interest is in default may be listed or traded and, upon such notice as may be required by such exchange (or by the
Trustee if the Securities are not listed), if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee. 
 Any interest on any Security which is deferred or extended pursuant to Section 3.11 shall not be Defaulted Interest for purposes of this
Section 3.7. 
 Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
 Section 3.8 Persons Deemed Owners. 
 The Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payment of principal of and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not
such Security 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. 
  

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 Section 3.9 Cancellation. 
 All Securities surrendered for payment, redemption, transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and Securities surrendered
directly to the Trustee for any such purpose shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted
by this Indenture. All canceled Securities shall be disposed of by the Trustee in its customary manner and the Trustee shall deliver to the Company a certificate of such disposal upon its request therefor. 
 Section 3.10 Computation of Interest. 
 Except as
otherwise specified as contemplated by Section 3.1 for Securities of any series, interest on the Securities of each series for any period shall be computed on the basis of a 360-day year of twelve 30-day months and interest on the Securities of
each series for any partial period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve 30-day months. 
 Section 3.11 Deferrals of Interest Payment Dates. 
 If specified as contemplated by Section 2.1 or Section 3.1
with respect to the Securities of a particular series, so long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time during the term of such series, from time to time to defer the payment of interest on
such Securities for such period or periods as may be specified as contemplated by Section 3.1 (each, an “Extension Period”) during which Extension Periods the Company shall have the right to make partial payments of interest on any
Interest Payment Date. No Extension Period shall end on a date other than an Interest Payment Date. At the end of any such Extension Period the Company shall pay all interest then accrued and unpaid on the Securities (together with Additional
Interest thereon, if any, at the rate specified for the Securities of such series to the extent permitted by applicable law) to the Persons in whose names that the Securities are registered at the close of business on the Regular Record Date with
respect to the Interest Payment Date at the end of such Extension Period; provided, however, that no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities of such series; and provided, further, that during any
such Extension Period, the Company shall not, and shall not permit any Subsidiary to, (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s
capital stock, or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt security of the Company that ranks pari passu with or junior in interest to the Securities of such series
or make any guarantee payments with respect to any guarantee by the Company of the debt securities of any Subsidiary of the Company that by their terms rank pari passu with or junior in interest to the Securities of such series (other than
(a) dividends or distributions in the capital stock of the Company, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any rights, or the redemption or repurchase of any rights
distributed pursuant to a Rights Plan, (c) payments 

  

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under any Schwab Guarantee and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company’s benefit
plans for its directors, officers or employees, related to the issuance of Common Stock or rights under a dividend reinvestment and stock purchase plan, or related to the issuance of Common Stock (or securities convertible into or exchangeable for
Common Stock) as consideration in an acquisition transaction that was entered into prior to the commencement of such Extension Period). Prior to the termination of any such Extension Period, the Company may further defer the payment of interest,
provided that no Extension Period shall exceed the period or periods specified in such Securities or extend beyond the Stated Maturity of the principal of such Securities. Upon termination of any Extension Period and upon the payment of all accrued
and unpaid interest and any Additional Interest then due on any Interest Payment Date, the Company may elect to begin a new Extension Period, subject to the above requirements. No interest shall be due and payable during an Extension Period, except
at the end thereof. The Company shall give the Holders of the Securities of such series and the Trustee notice of its election to begin any such Extension Period at least one Business Day prior to the next succeeding Interest Payment Date on which
interest on Securities of such series would be payable but for such deferral or, with respect to the Securities issued to a Schwab Capital Trust, so long as such Securities are held by such Schwab Capital Trust, prior to the earlier of (i) the
next succeeding date on which Distributions on the Preferred Securities would be payable but for such deferral or (ii) the date the Administrative Trustees of such Schwab Capital Trust are required to give notice to any securities exchange or
other applicable self-regulatory organization or to holders of such Preferred Securities on the record date such Distributions are payable, but in any event not less than one Business Day prior to such record date. 
 The Trustee shall promptly give notice of the Company’s election to begin any such Extension Period to the Holders of the Outstanding Securities of
such series. 
 Section 3.12 Right of Set-Off. 
 With respect to the Securities of a series issued to a Schwab Capital Trust, notwithstanding anything to the contrary in this Indenture, the Company shall have the right to set-off any payment it is otherwise required
to make thereunder in respect of any such Security to the extent that the Company has theretofore made, or is concurrently on the date of such payment making, a payment under the Schwab Guarantee relating to such Security or under Section 5.8
of this Indenture. 
 Section 3.13 Agreed Tax Treatment. 
 Each Security issued hereunder shall provide that the Company and, by its acceptance of a Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Security
agree that for United States Federal, State and local tax purposes it is intended that such Security constitute indebtedness. 
 Section 3.14
Shortening or Extension of Stated Maturity. 
 If specified as contemplated by Section 2.1 or Section 3.1 with respect to the
Securities of a particular series, the Company shall have the right to (i) shorten the Stated Maturity of the 

  

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principal of the Securities of such series at any time to any date not earlier than the first date on which the Company has the right to redeem the
Securities of such series and (ii) extend the Stated Maturity of the principal of the Securities of such series at any time at its election for one or more periods, but in no event to a date later than the 49th anniversary of the first Interest
Payment Date following the Original Issue Date of the Securities of such series; provided that, if the Company elects to exercise its right to extend the Stated Maturity of the principal of the Securities of such series pursuant to clause (ii),
above, at the time such election is made and at the time of extension (A) the Company is not in bankruptcy, otherwise insolvent or in liquidation, (B) the Company is not in default in the payment of any interest or principal on such
Securities, (C) in the case of any series of Securities issued to a Schwab Capital Trust, such Schwab Capital Trust is not in arrears on payments of Distributions on the Preferred Securities issued by the Schwab Capital Trust and no deferred
Distributions are accumulated and (D) such Securities are rated not less than BBB- by S&P or Baa3 by Moody’s or the equivalent by any other nationally recognized statistical rating organization. In the event the Company elects to
shorten or extend the Stated Maturity of the Securities, it shall give notice to the Trustee, and thereafter the Trustee shall give notice of such shortening or extension to the Holders, no less than 30 and no more than 60 days prior to the
effectiveness thereof. 
 Section 3.15 CUSIP Numbers. 
 The Company in issuing the Securities may use “CUSIP” and/or other similar numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” and/or other numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the
“CUSIP” and/or other numbers. 
  

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 ARTICLE IV 
 SATISFACTION AND DISCHARGE 
 Section 4.1 Satisfaction and Discharge of Indenture. 
 This Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for and as otherwise provided in this Section 4.1) and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when 
 (1) either 
 (A) all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6 and (ii) Securities for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for
cancellation; or 
 (B) all such Securities not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, or 
 (ii)
will become due and payable at their Stated Maturity within one year of the date of deposit, or 
 (iii) are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of Clause (B) (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount in the currency or
currencies in which the Securities of such series are payable sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest
(including any Additional Interest) to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
  

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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the
Trustee under Section 6.7, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the
obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive such satisfaction and discharge. 
 Section 4.2 Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 10.3, all
money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by the Trustee, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which such money or obligations have been deposited with or
received by the Trustee. 
 ARTICLE V 
 REMEDIES 
 Section 5.1 Events of Default. 
 “Event of Default”, wherever used herein with respect to the Securities of any series, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (1) default in the payment of any interest upon any Security of that series, including any Additional Interest in respect thereof,
when it becomes due and payable, and continuance of such default for a period of 30 days (subject to the deferral of any interest payment date in the case of an Extension Period); or 
 (2) default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; or 
 (3) default in the performance, or breach, in any material respect, of any covenant or warranty of the Company in this Indenture (other than a covenant
or warranty a default in the performance of which or the breach of which is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied;
or 
 (4) the entry of a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or 

  

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appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property or
ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (5) the institution by the Company of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the filing of any such petition or to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit for creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due and its willingness to be adjudicated a bankrupt, or the taking of corporate action by the Company in furtherance of any such action; or 
 (6) any other Event of Default provided with respect to Securities of that series. 
 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default (other
than an Event of Default specified in Section 5.1(4) or 5.1(5)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal amount (or, if the Securities of that series are Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all the
Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), provided that, in the case of the Securities of this series issued to a Schwab Capital Trust, if upon an
Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of this series fail to declare the principal amount (or, if the Securities of that series are Discount Securities, such portion of
the principal amount as may be specified in the terms of the series) of all the Securities of this series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Preferred Securities then outstanding
shall have the right by a notice in writing to the Company and the Trustee; and upon any such declaration such principal amount (or specified portion thereof) of and the accrued interest (including any Additional Interest) on all the Securities of
such series shall become immediately due and payable. Payment of principal and interest (including any Additional Interest) on such Securities shall remain subordinated to the extent provided in Article XIII notwithstanding that such amount shall
become immediately due and payable as herein provided. If an Event of Default specified in Section 5.1(4) or 5.1(5) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that
series (or, if the Securities of that series are Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms of that series) shall automatically, and without any declaration or other action on the
part of the Trustee or any Holder, become immediately due and payable. 
 At any time after such a declaration of acceleration with respect
to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained 

  

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by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the Company has paid or
deposited with the Trustee a sum sufficient to pay: 
 (A) all overdue installments of interest (including any Additional Interest) on all
Securities of that series, 
 (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise
than by such declaration of acceleration and interest thereon at the rate borne by the Securities, and 
 (C) all sums paid or advanced by
the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which has become due solely by such acceleration, have been cured or waived as provided in
Section 5.13. 
 In the case of Securities of a series issued to a Schwab Capital Trust, the holders of a majority in aggregate
Liquidation Amount of the related series of Preferred Securities issued by such Schwab Capital Trust shall also have the right to rescind and annul such declaration and its consequences by written notice to the Company and the Trustee, subject to
the satisfaction of the conditions set forth in Clauses (1) and (2) above of this Section 5.2. 
 No such rescission shall
affect any subsequent default or impair any right consequent thereon. 
 Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

 The Company covenants that if: 
 (1) default is made in the payment of any installment of interest (including any Additional Interest) on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
 (2) default is made in the payment of the principal of (and premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand of
the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal, including any sinking fund payment or analogous obligations (and premium, if any) and
interest (including any Additional Interest); and, in addition thereto, all amounts owing the Trustee, its agents and counsel under Section 6.7. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and
unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon the Securities and 

  

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collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the
Securities, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may
in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 Section 5.4 Trustee May File Proofs of Claim. 
 In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their
creditors, 
 (a) the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein
expressed or by declaration of acceleration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal (and premium, if any) or interest (including any Additional Interest))
shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (i) to file and prove a claim for the whole amount of
principal (or, if the Securities of that series are Discount Securities, such portion of the principal amounts as may be due and payable pursuant to a declaration in accordance with Section 6.2 and premium, if any) and interest (including any
Additional Interest) owing and unpaid in respect to the Securities and to file such other papers or documents as may be necessary or advisable and to take any and all actions as are authorized under the Trust Indenture Act in order to have the
claims of the Holders and any predecessor to the Trustee under Section 6.7 allowed in any such judicial proceedings; and 
 (ii) in
particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same in accordance with Section 5.6; and 
 (b) any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee for distribution in accordance with Section 5.6, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to
it and any predecessor Trustee under Section 6.7. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a 

  

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trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
 Section 5.5 Trustee May Enforce Claim Without Possession of Securities. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of all the amounts owing the Trustee and any predecessor
Trustee under Section 6.7, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 Section 5.6 Application of Money Collected. 
 Any money or property collected or to be applied by
the Trustee with respect to a series of Securities pursuant to this Article, after reserving therefrom by the Trustee an amount sufficient, in the determination of the Trustee, to cover the expenses, disbursements and advances of the Trustee that
may be incurred thereafter, shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal (or premium, if any) or interest (including any
Additional Interest), upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee, its agents and counsel and any predecessor Trustee, its agents and counsel under Section 6.7; 
 SECOND: Subject to Article XIII, to the payment of the amounts then due and unpaid upon such series of Securities for principal (and premium, if any) and
interest (including any Additional Interest), in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such series of Securities
for principal (and premium, if any) and interest (including any Additional Interest), respectively; and 
 THIRD: The balance, if any, to the
Company. 
 Section 5.7 Limitation on Suits. 
 No Holder of any Securities of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or for the appointment of a receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) or for any other remedy hereunder, unless: 
 (1) such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Securities of that series; 
  

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 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

(5) no direction inconsistent with such written request has been given to the Trustee pursuant to Section 5.12; 
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such Holders. 
 Section 5.8 Unconditional Right of Holders to Receive Principal,
Premium and Interest; Direct Action by Holders of Preferred Securities. 
 Notwithstanding any other provision in this Indenture, the
Holder of any Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to Section 3.7) interest (including any Additional Interest) on such Security on the
respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.
In the case of Securities of a series issued to a Schwab Capital Trust, any holder of the corresponding series of Preferred Securities issued by such Schwab Capital Trust shall have the right, upon the occurrence of an Event of Default described in
Section 5.1(1) or 5.1(2), to institute a suit directly against the Company for enforcement of payment to such holder of principal of (premium, if any) and (subject to Section 3.7) interest (including any Additional Interest) of the
Securities having a principal amount equal to the aggregate Liquidation Amount of such Preferred Securities of the corresponding series held by such holder. 
 Section 5.9 Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders
shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted. 
  

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 Section 5.10 Rights and Remedies Cumulative. 
 Except as otherwise provided in the last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or
in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 5.11 Delay or Omission Not Waiver. 
 No
delay or omission of the Trustee, any Holder of any Security or any holder of any Preferred Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of
Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders and the right and remedy given to the holders of Preferred Securities by Section 5.8 may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee, the Holders or the holders of the Preferred Securities, as the case may be. 
 Section 5.12
Control by Holders. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that: 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 
 (3) subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow such direction if a Responsible Officer or
Officers of the Trustee shall, in good faith, determine that the proceeding so directed would involve the Trustee in personal liability or would otherwise be contrary to applicable law. 
 Section 5.13 Waiver of Past Defaults. 
 The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series and, in the case of any Securities of a series issued to a Schwab Capital Trust, the holders of Preferred Securities issued by such Schwab Capital Trust, may waive any past default hereunder and its
consequences with respect to such series except a default: 
 (1) in the payment of the principal of (or premium, if any) or interest
(including any Additional Interest) on any Security of such series, or 
  

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 (2) in respect of a covenant or provision hereof which under Article IX cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series affected. 
 Any such waiver shall be deemed to be on behalf of
the Holders of all the Securities of such series or, in the case of a waiver by holders of Preferred Securities issued by such Schwab Capital Trust, by all holders of Preferred Securities issued by such Schwab Capital Trust. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 Section 5.14
Undertaking for Costs. 
 All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest (including any Additional
Interest) on any Security on or after the respective Stated Maturities expressed in such Security. 
 Section 5.15 Waiver of Usury, Stay or Extension
Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
 ARTICLE VI 
 THE TRUSTEE 
 Section 6.1 Certain Duties and
Responsibilities. 
 (a) Except during the continuance of an Event of Default, 
  

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 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of
bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of his own affairs. 
 (c) No provision of this Indenture shall
be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct except that 
 (1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section; 
 (2)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of
Holders pursuant to Section 5.12 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such series. 
 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 Section 6.2
Notice of Defaults. 
 Within 90 days after actual knowledge by a Responsible Officer of the Trustee of the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall 

  

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transmit by mail to all Holders of Securities of such series, as their names and addresses appear in the Securities Register, notice of such default, unless
such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest (including any Additional Interest) on any Security of such series, the
Trustee shall be fully protected in withholding such notice if and so long as a committee of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of Securities of such
series; and provided, further, that, in the case of any default of the character specified in Section 5.1(3), no such notice to Holders of Securities of such series shall be given until at least 30 days after the occurrence thereof. For the
purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 Section 6.3 Certain Rights of Trustee. 
 Subject
to the provisions of Section 6.1: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, Security, other evidence of indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other
evidence be herein specifically prescribed) may, in the absence of negligence or bad faith on its part, conclusively rely upon an Officers’ Certificate; 
 (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon; 
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, indenture, Security or other paper or document, but the Trustee in its
discretion may make such inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney; 
  

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 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (h) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture; 
 (i) the Trustee shall not be deemed to have notice or be
charged with knowledge of any default or Event of Default with respect to the Securities for which it is acting as Trustee unless written notice of such default or Event of Default, as the case may be, is received by a Responsible Officer of Trustee
at the Corporate Trust Office of the Trustee from the Company, any other obligor upon such Securities or by any Holder of such Securities, and such notice references the Securities and this Indenture; 
 (j) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 
 (k) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
Indenture, which Officers’ Certificate may be signed by any persons authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; and

 (l) in no event shall the Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but
not limited to, lost profits), irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 Section 6.4 Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof.

 Section 6.5 May Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.8 and
6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Securities Registrar or such other agent. 
  

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 Subject to the limitations imposed by the Trust Indenture Act, nothing in this Indenture shall prohibit
the Trustee from becoming and acting as trustee under other indentures under which other securities, or certificates of interest of participation in other securities, of the Company are outstanding in the same manner as if it were not Trustee
hereunder. 
 Section 6.6 Money Held in Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Company. 
  

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 Section 6.7 Compensation and Reimbursement. 
 The Company agrees: 
 (1) to pay to each of
the Trustee, the Securities Registrar, the Authentication Agent and any Paying Agent, as the case may be, from time to time reasonable compensation for all services rendered by them, as may be applicable, hereunder in such amounts as the Company and
the Trustee, the Securities Registrar, the Authentication Agent and any Paying Agent, as the case may be, shall agree from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust); 
 (2) to reimburse each of the Trustee, the Securities Registrar, the Authentication Agent and any Paying Agent, as the case
may be, upon their request for all reasonable expenses, disbursements and advances incurred or made by any one of them in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of
their agents and counsel), except any such expense, disbursement or advance as shall be caused by its own negligence or bad faith; and 
 (3)
to the fullest extent permitted by applicable law, to indemnify each of the Trustee, the Securities Registrar, the Authentication Agent and any Paying Agent, as the case may be, and their predecessors, their officers, directors, shareholders,
employees and agents for, and to hold it harmless against, any loss, liability, tax, penalty, claim, damage or expense (including the reasonable compensation and the expenses and disbursements of their agents and counsel) of any kind or nature
whatsoever incurred without gross negligence or willful misconduct, arising out of or in connection with the acceptance or administration of this trust or the performance of their duties hereunder, including the enforcement of this provision and the
costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder. This indemnification shall survive the termination of this Indenture. This
Section 6.7 shall survive the termination of this Indenture or the earlier resignation or removal of the Trustee. 
 To secure the
Company’s payment obligations in this Section, the Company and the Holders agree that the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee. Such lien shall survive the satisfaction and
discharge of this Indenture. 
 In addition to and without prejudice to its rights hereunder, when the Trustee incurs expenses or renders
services in connection with a default or Event of Default, the expenses and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, receivership, insolvency or similar
law. 
 “Trustee” for the purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence,
willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 Section 6.8 Disqualification;
Conflicting Interests. 
  

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 If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of
the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 
 Section 6.9 Corporate Trustee Required; Eligibility. 
 There shall at all times be a Trustee hereunder which shall be: 
 (a) a corporation organized and doing business under the laws of
the United States of America or of any State or Territory or the District of Columbia, authorized under such laws to exercise corporate trust powers and subject to supervision or examination by Federal, State, Territorial or District of Columbia
authority, or 
 (b) a corporation or other Person organized and doing business under the laws of a foreign government that is permitted to
act as Trustee pursuant to a rule, regulation or order of the Commission, authorized under such laws to exercise corporate trust powers, and subject to supervision or examination by authority of such foreign government or a political subdivision
thereof substantially equivalent to supervision or examination applicable to United States institutional trustees, 
 in either case having a combined
capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then, for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly
or indirectly controlling, controlled by or under common control with the Company shall serve as Trustee for the Securities of any series issued hereunder. 
 Section 6.10 Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 6.11. 
 (b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been
delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to
the Securities of such series. 
 (c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the
Holders of a majority in principal amount of the Outstanding Securities of 

  

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such series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 days after the giving of such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series. 
 (d) If at any time: 
 (1) the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or by any such
Holder, or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or
of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company, acting pursuant to the authority of a Board Resolution, may remove the Trustee with respect to all Securities or
(ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (e) If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee with respect to
the Securities of that or those series. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, no successor Trustee with respect to the Securities of any series shall have been so appointed by the
Company and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder of a Security for at least six months may, subject to Section 5.14, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (f) The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such
event by first-class mail, postage prepaid, to the Holders of Securities of such series as their names and addresses appear in the Securities Register. Each notice shall include the name of the successor Trustee with respect to the Securities of
such series and the address of its Corporate Trust Office. 
 Section 6.11 Acceptance of Appointment by Successor. 
 (a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to 

  

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the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder, subject, nevertheless, to its lien provided for in Section 6.7. 
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is
not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, subject, nevertheless, to its lien provided for in Section 6.7. 
 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 
 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 Section 6.12 Merger, Conversion, Consolidation or Succession to Business. 
 Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to 

  

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which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated, and in case any Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities in the name of such successor Trustee, and in all cases the certificate of authentication shall have the full
force which it is provided anywhere in the Securities or in this Indenture that the certificate of the Trustee shall have. 
 Section 6.13
Preferential Collection of Claims Against Company. 
 If and when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 
 Section 6.14 Appointment of Authenticating Agent. 
 The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and
upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of
America, or of any State or Territory or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or
State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section the combined capital and surplus
of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust business of an Authenticating Agent shall be the successor Authenticating Agent hereunder, provided such corporation shall be otherwise eligible 

  

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under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in
Section 1.6 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 This is
one of the Securities referred to in the within mentioned Indenture. 
  

							
	Dated:	 		 	THE BANK OF NEW YORK MELLON
		 		 	TRUST COMPANY, N.A.,
		 		 	As Trustee
				
		 		 	By:	 	  

		 		 		 	    As Authenticating Agent
				
		 		 	By:	 	  

		 		 		 	    Authorized Officer

  

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 ARTICLE VII 
 HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 Section 7.1 Company to Furnish Trustee Names and
Addresses of Holders. 
 The Company will furnish or cause to be furnished to the Trustee: 
 (a) semi-annually, not more than 15 days after February 1 and August 1 in each year, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders as of such dates, and 
 (b) at such other times as the Trustee may request in writing, within 30
days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 
 excluding from any such list names and addresses received by the Trustee in its capacity as Securities Registrar. 
 Section 7.2 Preservation of Information, Communications to Holders. 
 (a) The Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as
Securities Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 
 (b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided in the Trust Indenture
Act. 
 (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of information as to the names and addresses of the Holders made pursuant to the Trust Indenture Act. 
 Section 7.3 Reports by Trustee. 
 (a) The Trustee
shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act, at the times and in the manner provided pursuant thereto. 
 (b) Reports so required to be transmitted at stated intervals of not more than 12 months shall be transmitted no later than May 15 in each calendar
year, commencing with the first May 15 after the first issuance of Securities under this Indenture. 
  

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 (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed and also with the Commission. The Company will notify the Trustee when any Securities are listed on any stock exchange. 
 Section 7.4 Reports by Company. 
 The Company
shall file with the Trustee and with the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided
in the Trust Indenture Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after
the same is required to be filed with the Commission. Notwithstanding that the Company may not be required to remain subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall continue to file with the
Commission and provide the Trustee with the annual reports and the information, documents and other reports which are specified in Sections 13 and 15(d) of the Exchange Act. The Company also shall comply with the other provisions of Trust Indenture
Act Section 314(a). Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of same shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificate). 
 Section 7.5 Statement by Officers as to Default. 
 The Company shall deliver to the Trustee, promptly after and in any event within 30 days after one or more of the officers of the Company described in the definition of “Officers’ Certificate” becomes aware of the occurrence
of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action which the Company
proposes to take with respect thereto. 
 ARTICLE VIII 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 8.1 Company May Consolidate, Etc., Only on
Certain Terms. 
 Subject to Section 3.1, the Company shall not consolidate with or merge into any other Person or convey, transfer
or lease its properties and assets substantially as an entirety to any Person, and no Person shall consolidate with or merge into the Company or convey, transfer or lease its properties and assets substantially as an entirety to the Company, unless:

 (1) in case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company 

  

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substantially as an entirety shall be a corporation, partnership or trust organized and existing under the laws of the United States of America or any State
or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered by the successor Person to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and
premium, if any) and interest (including any Additional Interest) on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 
 (2) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would become an
Event of Default, shall have happened and be continuing; 
 (3) in the case of the Securities of a series issued to a Schwab Capital Trust,
such consolidation, merger, conveyance, transfer or lease is permitted under the related Schwab Capital Trust Agreement and Schwab Guarantee and does not give rise to any breach or violation of the related Schwab Capital Trust Agreement or Schwab
Guarantee; and 
 (4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance, transfer or lease and any such supplemental indenture complies with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with; and the Trustee,
subject to Section 6.1, may rely upon such Officers’ Certificate and Opinion of Counsel as conclusive evidence that such transaction complies with this Section 8.1. 
 Section 8.2 Successor Corporation Substituted. 
 Upon any consolidation or merger by the Company
with or into any other Person, or any conveyance, transfer or lease by the Company of its properties and assets substantially as an entirety to any Person in accordance with Section 8.1, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein; and in the event of any such conveyance, transfer or lease the Company shall be discharged from all obligations and covenants under the Indenture and the Securities and may be dissolved and liquidated.

 Such successor Person may cause to be signed, and may issue either in its own name or in the name of the Company prior to such succession,
any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor Person instead of the Company and subject to all the terms, conditions
and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication pursuant to such
provisions and any Securities which such successor Person thereafter shall cause to be signed and delivered to the Trustee on its behalf for the purpose pursuant to such provisions. All the Securities so issued shall in all respects have the same
legal rank and benefit under this Indenture as the Securities theretofore or 

  

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thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof.

 In case of any such consolidation, merger, sale, conveyance or lease, such changes in phraseology and form may be made in the Securities
thereafter to be issued as may be appropriate. 
 Section 8.3 Opinion of Counsel Delivered to Trustee. 
 The Trustee shall be provided with an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease or conveyance, and any
such assumption, and any such liquidation or dissolution, complies with the applicable provision of this Indenture. 
 ARTICLE IX

 SUPPLEMENTAL INDENTURES 
 Section 9.1 Supplemental Indentures without Consent of Holders. 
 Without the consent of any Holders, the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company herein and in
the Securities in compliance with Article VIII; or 
 (2) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee
or to surrender any right or power herein conferred upon the Company; or 
 (3) to establish the form or terms of Securities of any series as
permitted by Sections 2.1 or 3.1; or 
 (4) to add to the covenants of the Company for the benefit of the Holders of all or any series of
Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred
upon the Company; or 
 (5) to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if
such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 
 (6) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective only when there
is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 
  

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 (7) to cure any ambiguity, to correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (7) shall not adversely affect the interest of
the Holders of Securities of any series in any material respect or, in the case of Securities of a series issued to a Schwab Capital Trust and for so long as any of the corresponding series of Preferred Securities issued by such Schwab Capital Trust
shall remain outstanding, the holders of such Preferred Securities; or 
 (8) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Trustee, pursuant to the requirements of Section 6.11(b); or 
 (9) to comply with the requirements of the Commission in
order to effect or maintain the qualification of this Indenture under the Trust Indenture Act. 
 Section 9.2 Supplemental Indentures with Consent of
Holders. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series
affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
 (1) except to the
extent permitted by Section 3.11 or as otherwise specified as contemplated by Section 2.1 or Section 3.1 with respect to the deferral of the payment of interest on the Securities of any series, change the Stated Maturity of the
principal of, or any installment of interest (including any Additional Interest) on, any Security, or reduce the principal amount thereof or the rate of interest thereon or reduce any premium payable upon the redemption thereof, or reduce the amount
of principal of a Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or change the place of payment where, or the coin or currency in which, any Security or
interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 
 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 
 (3) modify any of the provisions of this Section, Section 5.13 or Section 10.5, except to increase any such percentage or to provide that
certain other provisions of this Indenture 

  

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cannot be modified or waived without the consent of the Holder of each Security affected thereby; or 
 (4) modify the provisions in Article XIII of this Indenture with respect to the subordination of Outstanding Securities of any series in a manner adverse
to the Holders thereof; 
 provided, further, that, in the case of the Securities of a series issued to a Schwab Capital Trust, so long as any of the
corresponding series of Preferred Securities issued by such Schwab Capital Trust remains outstanding, (i) no such amendment shall be made that adversely affects the holders of such Preferred Securities in any material respect, and no
termination of this Indenture shall occur, and no waiver of any Event of Default or compliance with any covenant under this Indenture shall be effective, without the prior consent of the holders of at least a majority of the aggregate Liquidation
Amount of such Preferred Securities then outstanding unless and until the principal (and premium, if any) of the Securities of such series and all accrued and, subject to Section 3.7, unpaid interest (including any Additional Interest) thereon
have been paid in full and (ii) no amendment shall be made to Section 5.8 of this Indenture that would impair the rights of the holders of Preferred Securities provided therein without the prior consent of the holders of each Preferred
Security then outstanding unless and until the principal (and premium, if any) of the Securities of such series and all accrued and (subject to Section 3.7) unpaid interest (including any Additional Interest) thereon have been paid in full.

 A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Section 9.3 Execution of Supplemental Indentures. 
 In executing or accepting the additional trusts created by any
supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be provided with, and (subject to Section 6.1) shall be fully protected in conclusively relying upon, an
Officers’ Certificate and an Opinion of Counsel each stating that the execution of such supplemental indenture is authorized or permitted by this Indenture, and that all conditions precedent have been complied with. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.4 Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this 

  

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Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 Section 9.5 Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 Section 9.6 Reference in Securities to Supplemental Indentures. 
 Securities authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Company, bear a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series. 
  

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 ARTICLE X 
 COVENANTS 
 Section 10.1 Payment of Principal, Premium and Interest. 
 The Company covenants and agrees for the benefit of each series of securities that it will duly and punctually pay the principal of (and premium, if any)
and interest (including Additional Interest) on the Securities of that series in accordance with the terms of such Securities and this Indenture. 
 Section 10.2 Maintenance of Office or Agency. 
 The Company will maintain in each Place of Payment for any series of
Securities, an office or agency where Securities of that series may be presented or surrendered for payment and an office or agency where Securities of that series may be surrendered for transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may be served. The Company initially appoints the Trustee, acting through its Corporate Trust Office, as its agent for said purposes. The Company will give prompt written
notice to the Trustee of any change in the location of any such office or agency. If at any time the Company shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or
all of such purposes, and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment
for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such office or agency. 
 Section 10.3 Money for Security Payments to be Held in Trust. 
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Securities
of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed
of as herein provided, and will promptly notify the Trustee of its failure so to act. 
 Whenever the Company shall have one or more Paying
Agents, it will, prior to 11:00 a.m. New York City time on each due date of the principal of or interest on any Securities, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum
to be held in trust for the benefit of the Persons entitled to such principal and premium (if any) or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its failure so to act. 
  

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 The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest (including Additional Interest) on Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided; 
 (2) give the Trustee notice of any default by the Company (or any other obligor upon
the Securities) in the making of any payment of principal (and premium, if any) or interest (including Additional Interest); 
 (3) at any
time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; and 
 (4) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent. 
 The Company
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying
Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest (including Additional Interest) on any Security and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall
(unless otherwise required by mandatory provision of applicable escheat or abandoned or unclaimed property law) be paid on Company Request to the Company, or (if then held by the Company) shall (unless otherwise required by mandatory provision of
applicable escheat or abandoned or unclaimed property law) be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the
Trustee, its officers, directors, shareholders, employees and agents or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in
the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Company. In the absence of a written request from the Company to return unclaimed funds to the Company, the Trustee shall from time to time deliver all unclaimed funds to or as directed by applicable escheat
authorities, as determined by the Trustee in its sole discretion, in accordance with the customary practices and procedures of the Trustee. Any unclaimed funds 

  

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held by the Trustee pursuant to this Section shall be held uninvested and without any liability for interest. 
 Section 10.4 Statement as to Compliance. 
 The
Company shall deliver to the Trustee, within 120 days after the end of each calendar year of the Company ending after the date hereof, an Officers’ Certificate covering the preceding calendar year, stating whether or not to the best knowledge
of the signers thereof the Company is in default in the performance, observance or fulfillment of or compliance with any of the terms, provisions, covenants and conditions of this Indenture, and if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which they may have knowledge. For the purpose of this Section 10.4, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of
this Indenture. 
 The Company shall, so long as any of the Securities are Outstanding, deliver to the Trustee, forthwith upon becoming aware
of any default or Event of Default in respect of the performance or observance of any covenant, agreement or condition contained in this Indenture or the Securities, but in any event not later than five Business Days after the occurrence thereof, an
Officers’ Certificate specifying such default or Event of Default and what action the Company is taking or proposes to take with respect thereto. For the purpose of this Section 10.4, the term “default” means any event which is,
or after notice or lapse of time or both would become, an Event of Default. 
 Section 10.5 Waiver of Certain Covenants. 
 The Company may omit in any particular instance to comply with any covenant or condition provided pursuant to Section 3.1, 9.1(3) or 9.1(4) with
respect to the Securities of any series, if before or after the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance
in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 
 Section 10.6 Corporate Existence. 
 Subject to Article VIII, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence and its rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the Company
shall determine that the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to the Holders. 
 Section 10.7 Additional Sums. 
 In the case of
Securities of a series issued to a Schwab Capital Trust, so long as no Event of Default has occurred and is continuing and except as otherwise specified as contemplated by 

  

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Section 2.1 or Section 3.1, if (i) a Schwab Capital Trust is the Holder of all of the Outstanding Securities of a series, (ii) a Tax
Event in respect of such Schwab Capital Trust shall have occurred and be continuing and (iii) the Company shall not have (A) redeemed the Securities of such series pursuant to the terms of this Indenture or (B) terminated such Schwab
Capital Trust pursuant to Section 9.2(b) of the applicable Schwab Capital Trust Agreement, the Company shall pay to such Schwab Capital Trust (and its permitted successors and assigns under the related Trust Agreement) for so long as such
Schwab Capital Trust (or its permitted successors or assignees) is the registered holder of any Securities of such series, such additional amounts as may be necessary in order that the amount of Distributions (including any Additional Amounts (as
defined in such Schwab Capital Trust Agreement)) then due and payable by such Schwab Capital Trust on the related Preferred Securities and Common Securities that at any time remain outstanding in accordance with the terms thereof shall not be
reduced as a result of any Additional Taxes (the “Additional Sums”). Whenever in this Indenture or the Securities there is a reference in any context to the payment of principal of or interest on the Securities, such mention shall be
deemed to include mention of the payments of the Additional Sums provided for in this paragraph to the extent that, in such context, Additional Sums are, were or would be payable in respect thereof pursuant to the provisions of this paragraph and
express mention of the payment of Additional Sums (if applicable) in any provisions hereof shall not be construed as excluding Additional Sums in those provisions hereof where such express mention is not made; provided, however, that the deferral of
the payment of interest pursuant to Section 3.11 or the Securities shall not defer the payment of any Additional Sums that may be due and payable. 
 Section 10.8 Additional Covenants. 
 The Company covenants and agrees with each Holder of Securities of each series that
it shall not, and it shall not permit any Subsidiary of the Company to, (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of the Company’s capital
stock, or (b) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt security of the Company that rank pari passu with or junior in interest to the Securities of such series or make
any guarantee payments with respect to any guarantee by the Company of debt securities of any Subsidiary of the Company if such guarantee ranks pari passu with or junior in interest to the Securities (other than (a) dividends or
distributions in capital stock of the Company, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any rights, or the redemption or repurchase of any rights distributed pursuant to a Rights
Plan, (c) payments under any Schwab Guarantee, and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company’s benefit plans for its directors, officers or employees, related to the
issuance of Common Stock or rights under a dividend reinvestment and stock purchase plan, or related to the issuance of Common Stock (or securities convertible into or exchangeable for Common Stock) as consideration in an acquisition transaction
that was entered into prior to the commencement of the event referred to below) if at such time (i) there shall have occurred any event of which the Company has actual knowledge that (A) with the giving of notice or the lapse of time or
both, would constitute an Event of Default with respect to the Securities of such series and (B) in respect of which the Company shall not have taken reasonable steps to cure, (ii) if the Securities of such series are held by a Schwab
Capital Trust, the Company shall be in default with respect to its payment of any obligations under the Schwab Guarantee relating to the Preferred Securities issued by such 

  

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Schwab Capital Trust or (iii) the Company shall have given notice of its election to begin an Extension Period with respect to the Securities of such
series as provided herein and shall not have rescinded such notice, or such Extension Period, or any extension thereof, shall be continuing. 
 The Company also covenants with each Holder of a series issued to a Schwab Capital Trust (i) to maintain directly or indirectly 100% ownership of the Common Securities of such Schwab Capital Trust; provided, however, that any permitted
successor of the Company hereunder may succeed to the Company’s ownership of such Common Securities, (ii) not to voluntarily terminate, wind-up or liquidate such Schwab Capital Trust, except (a) in connection with a distribution of
the Securities of such series to the holders of the Preferred Securities of such Schwab Capital Trust in liquidation of such Schwab Capital Trust or (b) in connection with certain mergers, consolidations or amalgamations permitted by the
related Schwab Capital Trust Agreement and (iii) to use its reasonable efforts, consistent with the terms and provisions of such Schwab Capital Trust Agreement to cause such Schwab Capital Trust to remain classified as a grantor trust and not
an association taxable as a corporation for United States Federal income tax purposes. 
 ARTICLE XI 
 REDEMPTION OF SECURITIES 
 Section 11.1
Applicability of this Article. 
 Redemption of Securities of any series (whether by operation of a sinking fund or otherwise) as
permitted or required by any form of Security issued pursuant to this Indenture shall be made in accordance with such form of Security and this Article; provided, however, that if any provision of any such form of Security shall conflict with any
provision of this Article, the provision of such form of Security shall govern. Except as otherwise set forth in the form of Security for such series, each Security of such series shall be subject to a partial redemption only in the amount of
$             or, in the case of the Securities of a series issued to a Schwab Capital Trust, $            , or
integral multiples thereof. 
 Section 11.2 Election to Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of
the Company of any Securities of a series, the Company shall, not less than 30 nor more than 60 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 date
and of the principal amount of Securities of that series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate and an Opinion of Counsel evidencing compliance with such restriction. 
 Section 11.3 Selection of Securities to be Redeemed. 
  

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 If less than all the Securities of any series are to be redeemed (unless all the Securities of such
series and of a specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security of
such series, provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination; provided that, Securities in denominations larger
than $             may be redeemed in part, but only in integral multiples of $            ) for such Security. If
less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. 
 The Trustee shall promptly notify the Company in writing of the Securities selected for partial redemption and the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be
redeemed. If the Company shall so direct, Securities registered in the name of the Company, any Affiliate or any Subsidiary thereof shall not be included in the Securities selected for redemption. 
 Section 11.4 Notice of Redemption. 
 Notice of
redemption shall be given by first-class mail, postage prepaid, mailed not later than the thirtieth day, and not earlier than the sixtieth day, prior to the Redemption Date, to each Holder of Securities to be redeemed, at the address of such Holder
as it appears in the Securities Register. 
 With respect to Securities of each series to be redeemed, each notice of redemption shall state:

 (a) the Redemption Date; 
 (b)
the Redemption Price; 
 (c) if less than all Outstanding Securities of such particular series and having the same terms are to be redeemed,
the identification (and, in the case of partial redemption, the respective principal amounts) of the particular Securities to be redeemed; 
 (d) that on the Redemption Date, the Redemption Price, and accrued interest, if any, will become due and payable upon each such Security or portion thereof, and that interest thereon, if any, shall cease to accrue on and after said date;

 (e) the place or places where such Securities are to be surrendered for payment of the Redemption Price; 
  

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 (f) that the redemption is for a sinking fund, if such is the case; and 
 (g) the CUSIP and/or other similar number as contemplated by Section 3.15. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company and shall not be irrevocable. If the latter, the Company will give the Trustee at least 15 business days’ prior written notice of such request. The notice if mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, a failure to give such notice by mail or any defect in the notice to the Holder of any Security designated for redemption
as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Security. 
 Section 11.5 Deposit of
Redemption Price. 
 Prior to 11:00 a.m. New York City time on the Redemption Date specified in the notice of redemption given as provided
in Section 11.4, the Company will deposit with the Trustee or with one or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 10.3) an amount of money
sufficient to pay the Redemption Price of, and any accrued interest (including Additional Interest) on, all the Securities which are to be redeemed on that date. 
 Section 11.6 Payment of Securities Called for Redemption. 
 If any notice of redemption has been given as provided in
Section 11.4, the Securities or portion of Securities with respect to which such notice has been given shall become due and payable on the date and at the place or places stated in such notice at the applicable Redemption Price and after such
date (unless the Company shall default in the payment of the Redemption Price) such Security shall cease to bear interest. On presentation and surrender of such Securities at a Place of Payment in said notice specified, the said securities or the
specified portions thereof shall be paid and redeemed by the Company at the applicable Redemption Price, together with accrued interest (including any Additional Interest) to the Redemption Date; provided, however, that, unless otherwise specified
as contemplated by Section 3.1, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the provisions of Section 3.7. 
 Upon presentation of any Security
redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations, in aggregate
principal amount equal to the unredeemed portion of the Security so presented and having the same Original Issue Date, Stated Maturity and terms. If a Global Security is so surrendered, such new Security will also be a new Global Security.

 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal of and premium, if any, on
such Security shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
  

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 Section 11.7 Right of Redemption of Securities. 
 Subject to any required regulatory notice or approval: 
 (a) if at any time, a Special Event shall occur and be continuing in respect of a Schwab Capital Trust, the Company may, at its option upon not less than 30 nor more than 60 days’ notice, at any time within 90
days of the occurrence of such Special Event redeem the applicable Security, in whole but not in part, subject to the provisions of this Article XI, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid
interest, including Additional Interest, if any, to the Redemption Date; provided, however, that if at the time there is available to the Company or the Schwab Capital Trust the opportunity to eliminate, within such 90-day period, the Special Event
by taking some ministerial action, such as filing a form or making an election or pursuing some other similar reasonable measure that will have no adverse effect on the Schwab Capital Trust, the Company or the Holders, then the Company or the Schwab
Capital Trust will pursue such measure in lieu of redemption; and 
 (b) in the case of the Securities of a series initially issued to a
Schwab Capital Trust, except as otherwise specified as contemplated by Section 3.1, the Company, at its option, may at any time, on or after the date that is 10 years after the Original Issue Date and subject to the terms of this Article XI
redeem such Securities in whole at any time or in part from time to time. 
 ARTICLE XII 
 SINKING FUNDS 
 Section 12.1 Applicability of
Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except
as otherwise specified as contemplated by Section 3.1 for such Securities. 
 The minimum amount of any sinking fund payment provided
for by the terms of any Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any sinking fund payment in excess of such minimum amount which is permitted to be made by the terms of such Securities of
any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of any Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of such Securities. 
 Section 12.2 Satisfaction of Sinking Fund Payments with Securities. 
 In lieu of making all or any part of a mandatory
sinking fund payment with respect to any Securities of a series in cash, the Company may at its option, at any time no more than 16 months and no less than 30 days prior to the date on which such sinking fund payment is due, deliver to the Trustee
Securities of such series (together with the unmatured coupons, if any, appertaining thereto) theretofore purchased or otherwise acquired by the Company, except Securities of such series that have been redeemed through the application of mandatory
or 

  

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optional sinking fund payments pursuant to the terms of the Securities of such series, accompanied by a Company Order instructing the Trustee to credit such
obligations and stating that the Securities of such series were originally issued by the Company by way of bona fide sale or other negotiation for value; provided that the Securities to be so credited have not been previously so credited. The
Securities to be so credited shall be received and credited for such purpose by the Trustee at the redemption price for such Securities, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. 
 Section 12.3 Redemption of Securities for Sinking Fund. 
 Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash in the currency in which the Securities
of such series are payable (except as provided pursuant to Section 3.1) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 12.2 and will also deliver to the Trustee any
Securities to be so delivered. Such Officers’ Certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, on or before the succeeding sinking fund
payment date. In the case of the failure of the Company to deliver such Officers’ Certificate (or, as required by this Indenture, the Securities and coupons, if any, specified in such Officers’ Certificate), the sinking fund payment due on
the succeeding sinking fund payment date for such series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of the Securities of such series subject to a mandatory sinking fund payment without the right to deliver
or credit securities as provided in Section 12.2 and without the right to make the optional sinking fund payment with respect to such series at such time. 
 Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of any preceding sinking fund payments made with respect to the Securities of any particular series shall be applied by
the Trustee (or by the Company if the Company is acting as its own Paying Agent) on the sinking fund payment date on which such payment is made (or, if such payment is made before a sinking fund payment date, on the sinking fund payment date
immediately following the date of such payment) to the redemption of Securities of such series at the Redemption Price specified in such Securities with respect to the sinking fund. Any sinking fund moneys not so applied or allocated by the Trustee
(or, if the Company is acting as its own Paying Agent, segregated and held in trust by the Company as provided in Section 10.3) for such series and together with such payment (or such amount so segregated) shall be applied in accordance with
the provisions of this Section 12.3. Any and all sinking fund moneys with respect to the Securities of any particular series held by the Trustee (or if the Company is acting as its own Paying Agent, segregated and held in trust as provided in
Section 10.3) on the last sinking fund payment date with respect to Securities of such series and not held for the payment or redemption of particular Securities of such series shall be applied by the Trustee (or by the Company if the Company
is acting as its own Paying Agent), together with other moneys, if necessary, to be deposited (or segregated) sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. The Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and 

  

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cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 11.6. On or before each sinking fund payment date, the Company shall pay to the Trustee (or, if the Company is acting as
its own Paying Agent, the Company shall segregate and hold in trust as provided in Section 10.3) in cash a sum in the currency in which Securities of such series are payable (except as provided pursuant to Section 3.1) equal to the
principal and any interest accrued to the Redemption Date for Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this Section 12.3. 
 Neither the Trustee nor the Company shall redeem any Securities of a series with sinking fund moneys or mail any notice of redemption of Securities of
such series by operation of the sinking fund for such series during the continuance of a default in payment of interest, if any, on any Securities of such series or of any Event of Default (other than an Event of Default occurring as a consequence
of this paragraph) with respect to the Securities of such series, except that if the notice of redemption shall have been provided in accordance with the provisions hereof, the Trustee (or the Company, if the Company is then acting as its own Paying
Agent) shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated by the Company) for that purpose in accordance with the terms of this Article XII. Except as aforesaid, any moneys in the
sinking fund for such series at the time when any such default or Event of Default shall occur and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default, be held as security for the
payment of the Securities and coupons, if any, of such series; provided, however, that in case such default or Event of Default shall have been cured or waived herein, such moneys shall thereafter be applied on the next sinking fund payment date for
the Securities of such series on which such moneys may be applied pursuant to the provisions of this Section 12.3. 
 ARTICLE XIII

 SUBORDINATION OF SECURITIES 
 Section 13.1 Securities Subordinate to Senior Debt. 
 The Company covenants and agrees, and each Holder of a Security,
by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment of the principal of (and premium, if any) and interest (including any Additional Interest) on each and
all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt. 
 Section 13.2 Payment Over of Proceeds Upon Dissolution, Etc. 
 In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company (each such event, if any, herein sometimes referred to as a “Proceeding”), then the holders of Senior Debt
shall be entitled to receive payment in full of all amounts due or to become due on such Senior Debt, or provision shall be made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, before
the 

  

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Holders of the Securities are entitled to receive or retain any payment or distribution of any kind or character, whether in cash, property or securities
(including any payment or distribution which may be payable or deliverable by reason of the payment of any other Debt of the Company (including any series of the Securities) subordinated to the payment of the Securities, such payment or distribution
being hereinafter referred to as a “Junior Subordinated Payment”), on account of principal of (or premium, if any) or interest (including any Additional Interest) on the Securities or on account of the purchase or other acquisition of
Securities by the Company or any Subsidiary and to that end the holders of Senior Debt shall be entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property or
securities, including any Junior Subordinated Payment, which may be payable or deliverable in respect of the Securities in any such Proceeding; provided, however, that holders of Senior Debt shall not be entitled to receive payment of any such
amounts to the extent that such holders would be required by the subordination provisions of such Senior Debt to pay such amounts over to the obligees on trade accounts payable or other liabilities arising in the ordinary course of the
Company’s business. 
 In the event that, notwithstanding the foregoing provisions of this Section, the Trustee or the Holder of any
Security shall have received any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, including any Junior Subordinated Payment, before all amounts due or to become due on all Senior
Debt are paid in full or payment thereof is provided for in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, and if such fact shall, at or prior to the time of such payment or distribution, have been made
actually known to a Responsible Officer of the Trustee or, as the case may be, such Holder, 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 amounts due or to become due on all Senior Debt remaining unpaid, to the extent necessary to pay all amounts due
or to become due on all Senior Debt in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt; provided, however, that holders of Senior Debt shall not be entitled to receive payment of any such
amounts to the extent that such holders would be required by the subordination provisions of such Senior Debt to pay such amounts over to the obligees on trade accounts payable or other liabilities arising in the ordinary course of the
Company’s business. 
 For purposes of this Article only, the words “any payment or distribution of any kind or character, whether
in cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment which
securities are subordinated in right of payment to all then outstanding Senior Debt to substantially the same extent as the Securities are so subordinated as provided in this Article. The consolidation of the Company with, or the merger of the
Company into, another Person or the liquidation or dissolution of the Company following the sale of all or substantially all of its properties and assets as an entirety to another Person upon the terms and conditions set forth in Article VIII shall
not be deemed a Proceeding for the purposes of this Section if the Person formed by such consolidation or into which the Company is merged or the Person which acquires by sale such properties and assets as an entirety, as the case may be, shall, as
a part of such consolidation, merger, or sale comply with the conditions set forth in Article VIII. 
  

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 Section 13.3 Prior Payment to Senior Debt Upon Acceleration of Securities. 
 In the event that any Securities are declared due and payable before their Stated Maturity, then and in such event the holders of the Senior Debt
outstanding at the time such Securities so become due and payable shall be entitled to receive payment in full of all amounts due on or in respect of such Senior Debt (including any amounts due upon acceleration), or provision shall be made for such
payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt, before the Holders of the Securities are entitled to receive any payment or distribution of any kind or character, whether in cash, properties
or securities (including any Junior Subordinated Payment) by the Company on account of the principal of (or premium, if any) or interest (including any Additional Interest) on the Securities or on account of the purchase or other acquisition of
Securities by the Company or any Subsidiary; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with this Indenture or as otherwise specified as contemplated by Section 3.1
for the Securities of any series by delivering and crediting pursuant to Section 12.2 or as otherwise specified as contemplated by Section 3.1 for the Securities of any series Securities which have been acquired (upon redemption or
otherwise) prior to such declaration of acceleration; provided, further, however, that holders of Senior Debt shall not be entitled to receive payment of any such amounts to the extent that such holders would be required by the subordination
provisions of such Senior Debt to pay such amounts over to the obligees on trade accounts payable or other liabilities arising in the ordinary course of the Company’s business. 
 In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made actually known to a Responsible Officer of the Trustee or, as the case may be, such Holder, then and in such event such payment
shall be paid over and delivered forthwith to the Company. 
 The provisions of this Section shall not apply to any payment with respect to
which Section 13.2 would be applicable. 
 Section 13.4 No Payment When Senior Debt in Default. 
 (a) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Debt, or in the
event that any event of default with respect to any Senior Debt shall have occurred and be continuing and shall have resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it would otherwise have become
due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled; or 
 (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or such event or default, then no payment or
distribution of any kind or character, whether in cash, properties or securities (including any Junior Subordinated Payment) shall be made by the Company on account of principal of (or premium, if any) or interest (including any Additional
Interest), if any, on the Securities or on account of the purchase or other acquisition of Securities by the Company or any Subsidiary, in each case unless and until 

  

 -72- 

 
all amounts due or to become due on such Senior Debt are paid in full; provided, however, that nothing in this Section shall prevent the satisfaction of any
sinking fund payment in accordance with this Indenture or as otherwise specified as contemplated by Section 3.1 for the Securities of any series by delivering and crediting pursuant to Section 12.2 or as otherwise specified as contemplated
by Section 3.1 for the Securities of any series Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of default; and provided further, however, that holders of Senior Debt shall not be
entitled to receive payment of any such amounts to the extent that such holders would be required by the subordination provisions of such Senior Debt to pay such amounts over to the obligees on trade accounts payable or other liabilities arising in
the ordinary course of the Company’s business. 
 In the event that, notwithstanding the foregoing, the Company shall make any payment
to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made actually known to a Responsible Officer of the Trustee or, as the
case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any payment with respect to which Section 13.2 would be applicable.

 Section 13.5 Payment Permitted If No Default. 
 Nothing contained in this Article or elsewhere in this Indenture or in any of the Securities shall prevent (a) the Company, at any time except during the pendency of any Proceeding referred to in
Section 13.2 or under the conditions described in Sections 13.3 and 13.4, from making payments at any time of principal of (and premium, if any) or interest (including Additional Interest) on the Securities, 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 (and premium, if any) or interest (including any Additional Interest) on the Securities or the retention of such payment by the Holders, if, at the
time of such application by the Trustee, a Responsible Officer of the Trustee did not have actual knowledge that such payment would have been prohibited by the provisions of this Article. 
 Section 13.6 Subrogation to Rights of Holders of Senior Debt. 
 Subject to the payment in full of all amounts due or to become due on all Senior Debt to the extent provided herein, or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory
to the holders of Senior Debt, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders of such Senior Debt pursuant to the provisions of this Article (equally and ratably with the holders
of all indebtedness of the Company which by its express terms is subordinated to Senior Debt of the Company to substantially the same extent as the Securities are subordinated to the Senior Debt and is entitled to like rights of subrogation by
reason of any payments or distributions made to holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive payments and distributions of cash, property and securities applicable to the Senior Debt until the principal of
(and premium, if any) and interest (including Additional Interest) on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property or securities to which
the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over 

  

 -73- 

 
pursuant to the provisions of this Article to the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as among the Company, its
creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior Debt. 
 Section 13.7 Provisions Solely to Define Relative Rights. 
 The provisions of this Article are
and are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders of Senior Debt on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the
Securities is intended to or shall (a) impair, as between the Company and the Holders of the Securities, the obligations of the Company, which are absolute and unconditional, to pay to the Holders of the Securities the principal of (and
premium, if any) and interest (including any Additional Interest) on the Securities as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the
Securities and creditors of the Company other than their rights in relation to the holders of Senior Debt; or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture including, without limitation, filing and voting claims in any Proceeding, subject to the rights, if any, under this Article of the holders of Senior Debt to receive cash, property and securities otherwise payable or deliverable
to the Trustee or such Holder. 
 Section 13.8 Trustee to Effectuate Subordination. 
 Each Holder of a Security by his or her acceptance thereof authorizes and directs the Trustee on his or her behalf to take such action as may be necessary
or appropriate to acknowledge or effectuate the subordination provided in this Article and appoints the Trustee his or her attorney-in-fact for any and all such purposes. 
 Section 13.9 No Waiver of Subordination Provisions. 
 No right of any present or future holder of
any Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof that any such holder may have or be otherwise charged with. 
 Without in any way limiting the generality of the immediately preceding paragraph, the holders of Senior Debt may, at any time and from to time, without
the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination provided in this Article or the obligations hereunder of
the Holders of the Securities to the holders of Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or
supplement in any manner Senior Debt or any instrument evidencing the same or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged 

  

 -74- 

 
or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the collection of Senior Debt; and (iv) exercise or refrain
from exercising any rights against the Company and any other Person. 
 Section 13.10 Notice to Trustee. 
 The Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the
Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any
payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from the Company or a holder of Senior Debt or from any trustee, agent or representative therefor; provided, however,
that if the Trustee shall not have received the notice provided for in this Section at least two Business Days prior to the date upon which by the terms hereof any monies may become payable for any purpose (including, without limitation, the payment
of the principal of (and premium, if any) or interest (including any Additional Interest) on any Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies and
to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it within two Business Days prior to such date. 
 Subject to the provisions of Section 6.1, the Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Debt (or a trustee therefor) to establish that such notice has been given by a holder of Senior Debt (or a trustee therefor). In the event that the Trustee determines in good faith that further evidence
is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such
evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
 Section 13.11 Reliance on Judicial Order or Certificate of Liquidating Agent. 
 Upon any payment or distribution of
assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 6.1, and the Holders of the Securities shall be entitled to conclusively rely upon any order or decree entered by any court of competent
jurisdiction in which such 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 Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Debt and other indebtedness of the Company, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 
  

 -75- 

 Section 13.12 Trustee Not Fiduciary for Holders of Senior Debt. 
 The Trustee, in its capacity as trustee under this Indenture, shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and shall not be
liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of Securities or to the Company or to any other Person cash, property or securities to which any holders of Senior Debt shall be entitled by virtue of
this Article or otherwise. With respect to the holders of the Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants or
obligations with respect to the holders of Senior Debt shall be read into this Indenture against the Trustee. 
 Section 13.13 Rights of Trustee as
Holder of Senior Debt; Preservation of Trustee’s Rights. 
 The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article with respect to any Senior Debt which may at any time be held by it, to the same extent as any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder.
Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7. 
 Section 13.14 Article
Applicable to Paying Agents. 
 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 Article 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 Article in addition to or in place of the Trustee. 
  

 -76- 

 Section 13.15 Certain Conversions or Exchanges Deemed Payment. 
 For the purposes of this Article only, (a) the issuance and delivery of junior securities upon conversion or exchange of Securities shall not be
deemed to constitute a payment or distribution on account of the principal of (or premium, if any) or interest (including any Additional Interest) on Securities or on account of the purchase or other acquisition of Securities, and (b) the
payment, issuance or delivery of cash, property or securities (other than junior securities) upon conversion or exchange of a Security shall be deemed to constitute payment on account of the principal of such security. For the purposes of this
Section, the term “junior securities” means (i) shares of any stock of any class of the Company and (ii) securities of the Company which are subordinated in right of payment to all Senior Debt which may be outstanding at the time
of issuance or delivery of such securities to substantially the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. 
 Section 13.16 Trustee’s Rights to Compensation, Reimbursement of Expenses and Indemnification. 
 The Trustee’s rights to compensation, reimbursement of expenses and indemnification under Sections 5.6 and 6.7 are not subordinated. 
 * * * * 
  

 -77- 

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Indenture to be duly executed all as of the day and year first above written. 
  

							
		 		 	THE CHARLES SCHWAB
	CORPORATION	 		 		 	
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
		 		 	THE BANK OF NEW YORK MELLON
		 		 	TRUST COMPANY, N.A., As Trustee
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

 -78- 

 ANNEX A 
 FORM OF GUARANTEE AGREEMENT 
  

 -79- 

 ANNEX B 
 FORM OF TRUST AGREEMENT 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	ARTICLE I	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	1
				
	 Section 1.1
	 		 	Definitions	  	1
	 Section 1.2
	 		 	Compliance Certificate and Opinions of Counsel	  	10
	 Section 1.3
	 		 	Forms of Documents Delivered to Trustee	  	10
	 Section 1.4
	 		 	Acts of Holders	  	11
	 Section 1.5
	 		 	Notices, Etc. to Trustee and Company	  	13
	 Section 1.6
	 		 	Notice to Holders; Waiver	  	13
	 Section 1.7
	 		 	Conflict with Trust Indenture Act	  	14
	 Section 1.8
	 		 	Effect of Headings and Table of Contents	  	14
	 Section 1.9
	 		 	Successors and Assigns	  	14
	 Section 1.10
	 		 	Separability Clause	  	14
	 Section 1.11
	 		 	Benefits of Indenture	  	15
	 Section 1.12
	 		 	Governing Law; Jurisdiction; Waiver of Trial by Jury	  	15
	 Section 1.13
	 		 	Non-Business Days	  	15
	 Section 1.14
	 		 	Force Majeure	  	16
			
	ARTICLE II	 	SECURITY FORMS	  	16
				
	 Section 2.1
	 		 	Forms Generally	  	16
	 Section 2.2
	 		 	Form of Face of Security	  	16
	 Section 2.3
	 		 	Form of Reverse of Security	  	20
	 Section 2.4
	 		 	Additional Provisions Required in Global Security	  	23
	 Section 2.5
	 		 	Form of Trustee’s Certificate of Authentication	  	23
			
	ARTICLE III	 	THE SECURITIES	  	23
				
	 Section 3.1
	 		 	Title and Terms	  	23
	 Section 3.2
	 		 	Denominations	  	26
	 Section 3.3
	 		 	Execution, Authentication, Delivery and Dating	  	26
	 Section 3.4
	 		 	Temporary Securities	  	27
	 Section 3.5
	 		 	Registration, Transfer and Exchange	  	28
	 Section 3.6
	 		 	Mutilated, Destroyed, Lost and Stolen Securities	  	29
	 Section 3.7
	 		 	Payment of Interest; Interest Rights Preserved	  	30
	 Section 3.8
	 		 	Persons Deemed Owners	  	31
	 Section 3.9
	 		 	Cancellation	  	32
	 Section 3.10
	 		 	Computation of Interest	  	32
	 Section 3.11
	 		 	Deferrals of Interest Payment Dates	  	32
	 Section 3.12
	 		 	Right of Set-Off	  	33
	 Section 3.13
	 		 	Agreed Tax Treatment	  	33
	 Section 3.14
	 		 	Shortening or Extension of Stated Maturity	  	33
	 Section 3.15
	 		 	CUSIP Numbers	  	34

  

 -i- 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
			
	ARTICLE IV	 	SATISFACTION AND DISCHARGE	  	35
				
	 Section 4.1
	 		 	Satisfaction and Discharge of Indenture	  	35
	 Section 4.2
	 		 	Application of Trust Money	  	36
			
	ARTICLE V	 	REMEDIES	  	36
				
	 Section 5.1
	 		 	Events of Default	  	36
	 Section 5.2
	 		 	Acceleration of Maturity; Rescission and Annulment	  	37
	 Section 5.3
	 		 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	38
	 Section 5.4
	 		 	Trustee May File Proofs of Claim	  	39
	 Section 5.5
	 		 	Trustee May Enforce Claim Without Possession of Securities	  	40
	 Section 5.6
	 		 	Application of Money Collected	  	40
	 Section 5.7
	 		 	Limitation on Suits	  	40
	 Section 5.8
	 		 	Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Preferred Securities	  	41
	 Section 5.9
	 		 	Restoration of Rights and Remedies	  	41
	 Section 5.10
	 		 	Rights and Remedies Cumulative	  	42
	 Section 5.11
	 		 	Delay or Omission Not Waiver	  	42
	 Section 5.12
	 		 	Control by Holders	  	42
	 Section 5.13
	 		 	Waiver of Past Defaults	  	42
	 Section 5.14
	 		 	Undertaking for Costs	  	43
	 Section 5.15
	 		 	Waiver of Usury, Stay or Extension Laws	  	43
			
	ARTICLE VI	 	THE TRUSTEE	  	43
				
	 Section 6.1
	 		 	Certain Duties and Responsibilities	  	43
	 Section 6.2
	 		 	Notice of Defaults	  	44
	 Section 6.3
	 		 	Certain Rights of Trustee	  	45
	 Section 6.4
	 		 	Not Responsible for Recitals or Issuance of Securities	  	46
	 Section 6.5
	 		 	May Hold Securities	  	46
	 Section 6.6
	 		 	Money Held in Trust	  	47
	 Section 6.7
	 		 	Compensation and Reimbursement	  	48
	 Section 6.8
	 		 	Disqualification; Conflicting Interests	  	48
	 Section 6.9
	 		 	Corporate Trustee Required; Eligibility	  	49
	 Section 6.10
	 		 	Resignation and Removal; Appointment of Successor	  	49
	 Section 6.11
	 		 	Acceptance of Appointment by Successor	  	50
	 Section 6.12
	 		 	Merger, Conversion, Consolidation or Succession to Business	  	51
	 Section 6.13
	 		 	Preferential Collection of Claims Against Company	  	52
	 Section 6.14
	 		 	Appointment of Authenticating Agent	  	52
			
	ARTICLE VII	 	HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	54
				
	 Section 7.1
	 		 	Company to Furnish Trustee Names and Addresses of Holders	  	54
	 Section 7.2
	 		 	Preservation of Information, Communications to Holders	  	54

  

 -ii- 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	 Section 7.3
	 		 	Reports by Trustee	  	54
	 Section 7.4
	 		 	Reports by Company	  	55
	 Section 7.5
	 		 	Statement by Officers as to Default	  	55
			
	ARTICLE VIII	 	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  	55
				
	 Section 8.1
	 		 	Company May Consolidate, Etc., Only on Certain Terms	  	55
	 Section 8.2
	 		 	Successor Corporation Substituted	  	56
			
	ARTICLE IX	 	SUPPLEMENTAL INDENTURES	  	57
				
	 Section 9.1
	 		 	Supplemental Indentures without Consent of Holders	  	57
	 Section 9.2
	 		 	Supplemental Indentures with Consent of Holders	  	58
	 Section 9.3
	 		 	Execution of Supplemental Indentures	  	59
	 Section 9.4
	 		 	Effect of Supplemental Indentures	  	59
	 Section 9.5
	 		 	Conformity with Trust Indenture Act	  	60
	 Section 9.6
	 		 	Reference in Securities to Supplemental Indentures	  	60
			
	ARTICLE X	 	COVENANTS	  	61
				
	 Section 10.1
	 		 	Payment of Principal, Premium and Interest	  	61
	 Section 10.2
	 		 	Maintenance of Office or Agency	  	61
	 Section 10.3
	 		 	Money for Security Payments to be Held in Trust	  	61
	 Section 10.4
	 		 	Statement as to Compliance	  	63
	 Section 10.5
	 		 	Waiver of Certain Covenants	  	63
	 Section 10.6
	 		 	Corporate Existence	  	63
	 Section 10.7
	 		 	Additional Sums	  	63
	 Section 10.8
	 		 	Additional Covenants	  	64
			
	ARTICLE XI	 	REDEMPTION OF SECURITIES	  	65
				
	 Section 11.1
	 		 	Applicability of this Article	  	65
	 Section 11.2
	 		 	Election to Redeem; Notice to Trustee	  	65
	 Section 11.3
	 		 	Selection of Securities to be Redeemed	  	65
	 Section 11.4
	 		 	Notice of Redemption	  	66
	 Section 11.5
	 		 	Deposit of Redemption Price	  	67
	 Section 11.6
	 		 	Payment of Securities Called for Redemption	  	67
	 Section 11.7
	 		 	Right of Redemption of Securities	  	68
			
	ARTICLE XII	 	SINKING FUNDS	  	68
				
	 Section 12.1
	 		 	Applicability of Article	  	68
	 Section 12.2
	 		 	Satisfaction of Sinking Fund Payments with Securities	  	68
	 Section 12.3
	 		 	Redemption of Securities for Sinking Fund	  	69

  

 -iii- 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
			
	ARTICLE XIII	 	SUBORDINATION OF SECURITIES	  	70
				
	 Section 13.1
	 		 	Securities Subordinate to Senior Debt	  	70
	 Section 13.2
	 		 	Payment Over of Proceeds Upon Dissolution, Etc.	  	70
	 Section 13.3
	 		 	Prior Payment to Senior Debt Upon Acceleration of Securities	  	72
	 Section 13.4
	 		 	No Payment When Senior Debt in Default	  	72
	 Section 13.5
	 		 	Payment Permitted If No Default	  	73
	 Section 13.6
	 		 	Subrogation to Rights of Holders of Senior Debt	  	73
	 Section 13.7
	 		 	Provisions Solely to Define Relative Rights	  	74
	 Section 13.8
	 		 	Trustee to Effectuate Subordination	  	74
	 Section 13.9
	 		 	No Waiver of Subordination Provisions	  	74
	 Section 13.10
	 		 	Notice to Trustee	  	75
	 Section 13.11
	 		 	Reliance on Judicial Order or Certificate of Liquidating Agent	  	75
	 Section 13.12
	 		 	Trustee Not Fiduciary for Holders of Senior Debt	  	76
	 Section 13.13
	 		 	Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights	  	76
	 Section 13.14
	 		 	Article Applicable to Paying Agents	  	76
	 Section 13.15
	 		 	Certain Conversions or Exchanges Deemed Payment	  	77
	 Section 13.16
	 		 	Trustee’s Rights to Compensation, Reimbursement of Expenses and Indemnification	  	77

  

 -iv-Form of Second Amended and Restated Trust Agreement

 Exhibit 4.11 
 FORM OF SECOND AMENDED AND RESTATED TRUST AGREEMENT 
 among 
 THE CHARLES SCHWAB CORPORATION, 
 as
Sponsor, 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Property Trustee, 
 BNY MELLON TRUST OF DELAWARE, 
 as Delaware Trustee, 
 and 
 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN 
 Dated as of              
 SCHWAB CAPITAL TRUST
             

 Table of Contents 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE I
	 		  		  	
				
		 		  	DEFINED TERMS	  	
				
		 	 Definitions
	  		  	1
				
	 ARTICLE II
	 		  		  	
				
		 		  	CONTINUATION OF THE TRUST	  	
			
		 	 Name
	  	10
		 	 Office of the Delaware Trustee; Principal Executive Office of the Trust
	  	10
		 	 Initial Contribution of Trust Property; Organizational Expenses
	  	10
		 	 Issuance of the Trust Preferred Securities
	  	10
		 	 Issuance of the Trust Common Securities; Subscription and Purchase of Junior Subordinated Notes
	  	11
		 	 Trust Agreement
	  	11
		 	 Authorization to Enter into Certain Transactions
	  	11
		 	 Assets of Trust
	  	15
		 	 Title to Trust Property
	  	15
				
	 ARTICLE III
	 		  		  	
				
		 		  	PAYMENT ACCOUNT	  	
			
		 	 Payment Account
	  	15
				
	 ARTICLE IV
	 		  		  	
				
		 		  	DISTRIBUTIONS; REDEMPTION	  	
			
		 	 Distributions
	  	16
		 	 Redemption
	  	17
		 	 Subordination of Trust Common Securities
	  	19
		 	 Payment Procedures
	  	19
		 	 Tax Returns and Reports
	  	20
		 	 Payments under Supplemental Indenture or Pursuant to Direct Actions
	  	20
				
	 ARTICLE V
	 		  		  	
				
		 		  	TRUST SECURITIES CERTIFICATES	  	
			
		 	 Initial Ownership
	  	20
		 	 The Trust Securities Certificates
	  	20
		 	 Execution and Delivery of Trust Securities Certificates
	  	21
		 	 Registration of Transfer and Exchange of Trust Preferred Securities Certificates
	  	21
		 	 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates
	  	22
		 	 Persons Deemed Holders
	  	23
		 	 Access to List of Holders’ Names and Addresses
	  	23
		 	 Maintenance of Office or Agency
	  	23
		 	Appointment of Paying Agent	  	23

  

 i 

							
		 	Ownership of Trust Common Securities by Sponsor	  	24
		 	Book-Entry Trust Preferred Securities Certificates; Trust Common Securities Certificate	  	24
		 	Notices to Clearing Agency	  	25
		 	Definitive Trust Preferred Securities Certificates	  	25
		 	Rights of Holders	  	26
	ARTICLE VI	 		  		  	
				
		 		  	ACTS OF HOLDERS; MEETINGS; VOTING	  	
			
		 	Limitations on Voting Rights	  	29
		 	Notice of Meetings and Actions by Written Consent	  	30
		 	Meetings of Holders of Trust Preferred Securities	  	30
		 	Voting Rights	  	30
		 	Proxies, Etc.	  	30
		 	Holder Action by Written Consent	  	31
		 	Record Date for Voting and Other Purposes	  	31
		 	Acts of Holders	  	31
		 	Inspection of Records	  	32
				
	ARTICLE VII	 		  		  	
				
		 		  	REPRESENTATIONS AND WARRANTIES	  	
			
		 	Representations and Warranties of the Property Trustee and the Delaware Trustee	  	32
		 	Representations and Warranties of Sponsor	  	34
				
	ARTICLE VIII	 		  		  	
				
		 		  	THE TRUSTEES	  	
			
		 	Certain Duties and Responsibilities	  	34
		 	Certain Notices	  	36
		 	Certain Rights of Property Trustee	  	36
		 	Not Responsible for Recitals or Issuance of Securities	  	39
		 	May Hold Securities	  	39
		 	Compensation; Indemnity; Fees	  	39
		 	Corporate Property Trustee Required; Eligibility of Trustees	  	40
		 	Conflicting Interests	  	41
		 	Co-Trustees and Separate Property Trustee	  	41
		 	Resignation and Removal; Appointment of Successor	  	42
		 	Acceptance of Appointment by Successor	  	44
		 	Merger, Conversion, Consolidation or Succession to Business	  	44
		 	Preferential Collection of Claims Against Sponsor or Trust	  	45
		 	Reports by Property Trustee	  	45
		 	Reports to the Property Trustee	  	46
		 	Evidence of Compliance with Conditions Precedent	  	46
		 	Number of Trustees	  	46
		 	Delegation of Power	  	47

  

 ii 

							
	ARTICLE IX	 		  		  	
				
		 		  	TERMINATION, LIQUIDATION AND MERGER.	  	
			
		 	Termination Upon Expiration Date	  	47
		 	Early Termination	  	47
		 	Termination	  	48
		 	Liquidation	  	48
		 	Mergers, Consolidations, Amalgamations or Replacements of the Trust	  	50
				
	ARTICLE X	 		  		  	
				
		 		  	EXPENSES	  	
			
		 	Expenses	  	50
				
	ARTICLE XI	 		  		  	
				
		 		  	MISCELLANEOUS PROVISIONS	  	
			
		 	Limitation of Rights of Holders	  	51
		 	Amendment	  	51
		 	Separability	  	53
		 	Governing Law	  	53
		 	Payments Due on Non-Business Day	  	53
		 	Successors	  	53
		 	Headings	  	53
		 	Reports, Notices and Demands	  	53
		 	Agreement Not to Petition	  	54
		 	Trust Indenture Act; Conflict with Trust Indenture Act	  	54
		 	Acceptance of Terms of Trust Agreement, Guarantee and Indenture	  	55
		 	Waiver of Jury Trial	  	55
		 	Force Majeure	  	55
		 	Counterparts	  	56

  

			
	 EXHIBIT A
	  	Certificate of Trust
	 EXHIBIT B
	  	Form of Trust Common Securities Certificate
	 EXHIBIT C
	  	Form of Trust Preferred Securities Certificate

  

 iii 

 SECOND AMENDED AND RESTATED TRUST AGREEMENT, dated as of
            , among (i) The Charles Schwab Corporation, a Delaware corporation (including any successors or assigns, the “Sponsor”), (ii) The Bank of New
York Mellon Trust Company, N.A., as property trustee (in each such capacity, the “Property Trustee” and, in its separate corporate capacity and not in its capacity as Property Trustee, the “Bank”), (iii) BNY
Mellon Trust of Delaware, as Delaware trustee (the “Delaware Trustee”), (iv)             , an individual,
            , an individual and             , an individual, each of whose address is c/o The Charles Schwab
Corporation, 120 Kearny Street, San Francisco, California 94108 (each an “Administrative Trustee” and collectively the “Administrative Trustees”) (the Property Trustee, the Delaware Trustee and the Administrative
Trustees referred to collectively as the “Trustees”) and (v) the several Holders, as hereinafter defined. 
 WITNESSETH 
 WHEREAS, the Sponsor and the Delaware Trustee have heretofore duly declared and established a statutory trust
pursuant to the Delaware Statutory Trust Act by the entering into of that certain Trust Agreement, dated as of April 19, 2004 (the “Original Trust Agreement”), and by the execution and filing by the Delaware Trustee with the
Secretary of State of the State of Delaware of the Certificate of Trust, filed on April 19, 2004, attached as Exhibit A; and 
 WHEREAS,
the Sponsor and the Delaware Trustee have amended and restated the Original Trust Agreement on September 24, 2007, by entering into that certain Amended and Restated Trust Agreement, dated as of April 19, 2004 (the “First Amended
and Restated Trust Agreement”); and 
 WHEREAS, the parties hereto desire to amend and restate the First Amended and Restated Trust
Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Trust Common Securities by the Trust to the Sponsor, (ii) the issuance and sale of the Trust Preferred Securities by the Trust
pursuant to the Underwriting Agreement, (iii) the acquisition by the Trust from the Sponsor of all of the right, title and interest in the Junior Subordinated Notes and (iv) the appointment of the Property Trustee and the Administrative
Trustees; 
 NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates the First Amended and Restated Trust Agreement in its entirety and agrees
as follows: 
 ARTICLE I 
 DEFINED TERMS 
 Section 1.1 Definitions. For all purposes of this Trust Agreement, except as otherwise expressly
provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article
and include the plural as well as the singular; 
  

 1 

 (b) all other terms used herein that are defined in the Trust Indenture Act, either directly or by
reference therein, have the meanings assigned to them therein; 
 (c) unless the context otherwise requires, any reference to an
“Article” or a “Section” refers to an Article or a Section, as the case may be, of this Trust Agreement; 
 (d) the words
“hereby,” “herein,” “hereof” and “hereunder” and other words of similar import refer to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision; and 
 (e) the following defined terms have the following meanings: 
 “Act” has the meaning specified in Section 6.8(a). 
 “Additional
Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest (as defined in the Indenture) paid by the Sponsor on a Like Amount of Junior Subordinated Notes for such
period. 
 “Administrative Trustee” means each of the Persons identified as an “Administrative Trustee” in the
preamble to this Trust Agreement solely in such Person’s capacity as Administrative Trustee of the Trust continued hereunder and not in such Person’s individual capacity, or such Administrative Trustee’s successor in interest in such
capacity, or any successor trustee appointed as herein provided. 
 “Affiliate” of any specified Person means any other
Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
 “Authorized Officer” of any Person means any officer of such Person or any Person authorized by or
pursuant to a resolution of the Board of Directors of such Person. 
 “Bank” has the meaning specified in the preamble to
this Trust Agreement. 
 “Bankruptcy Event” means, with respect to any Person: 
 (a) the entry of a decree or order by a court having jurisdiction in the premises judging such Person a bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law, or appointing a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or of any substantial part of its property or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and
in effect for a period of 60 consecutive days; or 
  

 2 

 (b) the institution by such Person of proceedings to be adjudicated a bankrupt or insolvent, or the
consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or similar official) of such Person or of any substantial part of its property, or the
making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its willingness to be adjudicated a bankrupt, or the taking of corporate action by such
Person in furtherance of any such action. 
 “Bankruptcy Laws” has the meaning specified in Section 11.9. 

“Base Indenture” means the Junior Subordinated Indenture, dated as of
            ,              between the Sponsor and the Indenture Trustee, as trustee. 
 “Board of Directors” of any Person means either the board of directors of such Person or any committee of such board duly authorized to
act hereunder. 
 “Book-Entry Trust Preferred Securities Certificates” means a beneficial interest in the Trust Preferred
Securities Certificates, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 5.11. 
 “Business Day” means a day other than a Saturday, Sunday, or any other day on which banking institutions in New York, New York are authorized or required by law or executive order to remain closed.

 “Certificate Depository Agreement” means the Issuer Letter of Representations between the Trust and The Depository Trust
Company, as the initial Clearing Agency, dated as of the Closing Date. 
 “Clearing Agency” means an organization registered
as a “clearing agency” pursuant to Section 17A of the Exchange Act. The Depository Trust Company will be the initial Clearing Agency. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of
securities deposited with the Clearing Agency. 
 “Closing Date” has the meaning set forth in the Underwriting Agreement.

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act
of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

 

 3 

 “Corporate Trust Office” means (i) when used with respect to the Property Trustee,
the office of the Property Trustee at which at any time its corporate trust business shall be principally administered, which office at the date hereof is located at The Bank of New York Mellon Trust Company, N.A., 700 South Flower Street, Suite
500, Los Angeles, California 90017 and (ii) when used with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any time its corporate trust business shall be principally administered, which office at the
date hereof is located at The Bank of New York Mellon Trust Company, N.A., 700 South Flower Street, Suite 500, Los Angeles, California 90017, or, in the case of the locations listed in (i) or (ii) such other address as may be designated by
written notice to the Holders and the Sponsor. 
 “Definitive Trust Preferred Securities Certificates” means either or both
(as the context requires) of (a) Trust Preferred Securities Certificates issued as Book-Entry Trust Preferred Securities Certificates as provided in Section 5.11(a) and (b) Trust Preferred Securities Certificates issued in
certificated, fully registered form as provided in Section 5.13. 
 “Delaware Statutory Trust Act” means Chapter 38 of
Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as it may be amended from time to time. 
 “Delaware
Trustee” means the Person identified as the “Delaware Trustee” in the preamble to this Trust Agreement solely in its capacity as Delaware Trustee of the Trust continued hereunder and not in its individual capacity, or its
successor in interest in such capacity, or any successor trustee appointed as herein provided. 
 “Direct Action” has the
meaning specified in Section 5.14(c). 
 “Distribution Date” has the meaning specified in Section 4.1(a)(i).

 “Distribution Period” means the period beginning on and including
            ,              and ending on but excluding the first Distribution Date on
            ,             , and each period after that period beginning on and including a Distribution Date and
ending on but excluding the next Distribution Date. 
 “Distributions” means amounts payable in respect of the Trust
Securities as provided in Section 4.1. 
 “Early Termination Event” has the meaning specified in Section 9.2.

 “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the occurrence of a Note Event of Default; or 
 (b) default by the Trust in the payment of any Distribution when it becomes due and payable, and continuation of such default for a period of 30 days (subject to the deferral of any interest payment date as permitted in the Supplemental
Indenture); or 
  

 4 

 (c) default by the Trust in the payment of any Redemption Price of any Trust Security when it becomes due
and payable; or 
 (d) default in the performance, or breach, in any material respect, of any covenant or warranty of the Trustees in this
Trust Agreement (other than a covenant or warranty a default in the performance or breach of which is dealt with in clause (b) or (c) above) and continuation of such default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the defaulting Trustee or Trustees by the Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Trust Preferred Securities, a written notice specifying such default or breach and requiring it to
be remedied and stating that such notice is a “notice of default” hereunder; or 
 (e) the occurrence of a Bankruptcy Event with
respect to the Property Trustee and the failure by the Sponsor to appoint a successor Property Trustee within 60 days thereof. 
 “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time. 
 “Expiration Date” has the meaning specified in Section 9.1. 
 “Federal
Reserve” means the Board of Governors of the Federal Reserve System, together with any other federal regulatory agency having primary jurisdiction over the Sponsor other than the Office of Thrift Supervision. 
 “First Amended and Restated Trust Agreement” has the meaning specified in the recitals hereto. 
 “Guarantee” means the Guarantee Agreement, dated as of             ,
             between the Sponsor, as the holder of all the Trust Common Securities, and The Bank of New York Mellon Trust Company, N.A., as guarantee trustee, for the benefit of the
holders of the Trust Securities, as amended from time to time. 
 “Holder” means a Person in whose name a Trust Security or
Trust Securities is registered in the Securities Register; any such Person shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory Trust Act; provided, however, that in determining whether the Holders of the
requisite amount of Trust Preferred Securities have voted on any matter provided for in this Trust Agreement, then for the purpose of any such determination, so long as Definitive Trust Preferred Securities Certificates have not been issued, the
term Holders or Holders as used herein shall refer to the Owners. 
 “Indenture” means the Base Indenture, as amended and
supplemented by the Supplemental Indenture and as further amended or supplemented from time to time. 
 “Indenture Trustee”
means The Bank of New York Mellon Trust Company, N.A. and any successor thereto, as trustee under the Indenture. 
 “Investment
Company Act” means the Investment Company Act of 1940, or any successor statute thereto, in each case as amended from time to time. 
  

 5 

 “Junior Subordinated Notes” means the Sponsor’s
            % Junior Subordinated Notes due              issued pursuant to the Supplemental Indenture. 

“Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment,
security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
 “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust Securities having a Liquidation Amount equal to the principal amount of Junior Subordinated Notes to be contemporaneously redeemed or
repaid in accordance with the Supplemental Indenture the proceeds of which will be used to pay the Redemption Price of such Trust Securities, and (b) with respect to a distribution of Junior Subordinated Notes to Holders of Trust Securities in
connection with a dissolution or liquidation of the Trust, Junior Subordinated Notes having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Junior Subordinated Notes are distributed. 

“Liquidation Amount” means the stated amount of $             per
Trust Security. 
 “Liquidation Date” means the date on which Junior Subordinated Notes are to be distributed to Holders of
Trust Securities in connection with a termination and liquidation of the Trust pursuant to Section 9.4(a). 
 “Liquidation
Distribution” has the meaning specified in Section 9.4(d). 
 “Note Event of Default” means an “Event of
Default” as defined in the Supplemental Indenture. 
 “Note Redemption Date” means, with respect to any Junior
Subordinated Notes to be redeemed under the Supplemental Indenture, the date fixed for redemption under the Supplemental Indenture. 
 “Officers’ Certificate” means a certificate signed by any two Authorized Officers of the Sponsor, and delivered to the appropriate Trustee. One of the officers signing an Officers’ Certificate given pursuant to
Section 8.16 shall be the principal executive officer, principal financial officer or principal accounting officer of the Sponsor. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in
this Trust Agreement shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or
condition and the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation
undertaken by each officer in rendering the Officers’ Certificate; 
 (c) a statement that each such officer has made such examination
or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  

 6 

 (d) a statement as to whether, in the opinion of each such officer, such condition or covenant has been
complied with. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Trust or the Sponsor,
but not an employee of the Trust. 
 “Original Trust Agreement” has the meaning specified in the recitals hereto.

 “Outstanding,” when used with respect to Trust Securities, means, as of the date of determination, all Trust Securities
theretofore executed and delivered under this Trust Agreement, except: 
 (a) Trust Securities theretofore cancelled by the Securities
Registrar or delivered to the Securities Registrar for cancellation; 
 (b) Trust Securities for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such Trust Securities; provided that, if such Trust Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Trust Agreement; and 
 (c) Trust Securities which have been paid or in exchange for or in lieu of which other Trust
Preferred Securities have been executed and delivered pursuant to Sections 5.4, 5.5, 5.11 and 5.13; 
 provided, however, that in determining whether
the Holders of the requisite Liquidation Amount of the Outstanding Trust Preferred Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Trust Preferred Securities beneficially owned by the
Sponsor, any Trustee or any Affiliate of the Sponsor or any Trustee shall be disregarded and deemed not to be Outstanding, except that (a) in determining whether any Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Trust Preferred Securities that such Trustee actually knows to be so owned shall be so disregarded and (b) the foregoing shall not apply at any time when all of the outstanding Trust
Preferred Securities are owned by the Sponsor, one or more of the Trustees and/or any such Affiliate. Trust Preferred Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Trust Preferred Securities and that the pledgee is not the Sponsor or any Affiliate of the Sponsor. 
 “Owner” means each Person who is the beneficial owner of a Book-Entry Trust Preferred Securities Certificate as reflected in the records
of the Clearing Agency or, if a Clearing Agency Participant is not the Owner, then as reflected in the records of a Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with the rules of such Clearing
Agency). 
 “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 5.9 and shall
initially be the Bank. 
  

 7 

 “Payment Account” means a segregated non-interest-bearing corporate trust account
maintained by or on behalf of the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Junior Subordinated Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments
to the Holders in accordance with Sections 4.1 and 4.2. 
 “Person” means any individual, corporation, partnership, joint
venture, trust, limited liability company, unincorporated organization or government or any agency or political subdivision thereof. 
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to this Trust Agreement solely in its capacity as Property Trustee of the Trust continued hereunder and not in its
individual capacity, or its successor in interest in such capacity, or any successor property trustee appointed as herein provided. 
 “Prospectus Supplement” means the prospectus supplement, dated             ,
            , of the Sponsor and the Trust relating to the offering of the Trust Preferred Securities. 
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such redemption by or pursuant to this Trust Agreement; provided that each Note Redemption Date
and the stated maturity of the Junior Subordinated Notes shall be a Redemption Date for a Like Amount of Trust Securities. 
 “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of such Trust Security, plus accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any,
paid by the Sponsor upon the concurrent redemption of a Like Amount of Junior Subordinated Notes. 
 “Relevant Trustee”
shall have the meaning specified in Section 8.10. 
 “Responsible Officer” means, with respect to The Bank of New York
Mellon Trust Company, N.A. in its capacity as Property Trustee, any officer assigned to its corporate trust department, including any vice president, assistant vice president, assistant treasurer, trust officer or any other officer of The Bank of
New York Mellon Trust Company, N.A who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who has direct responsibility for the administration of this Trust Agreement. 
 “Securities Act” means the Securities Act of 1933, and any successor statute thereto, in each case as amended from time to time. 
 “Securities Register” and “Securities Registrar” have the respective meanings specified in Section 5.4. 
 “Sponsor” has the meaning specified in the preamble to this Trust Agreement. 
 “Successor Securities” has the meaning specified in Section 9.5. 
  

 8 

 “Supplemental Indenture” means the First Supplemental Indenture, dated as of
            ,             , between the Sponsor and the Indenture Trustee, as trustee, as supplement to the
Indenture. 
 “Trust” means the Delaware statutory trust created and continued hereby and identified on the cover page to
this Trust Agreement. 
 “Trust Agreement” means this Second Amended and Restated Trust Agreement, as the same may be
modified, amended or supplemented in accordance with the applicable provisions hereof, including (i) all exhibits hereto and (ii) for all purposes of this Trust Agreement and any such modification, amendment or supplement, the provisions
of the Trust Indenture Act that are deemed to be a part of and govern this Trust Agreement and any such modification, amendment or supplement, respectively. 
 “Trust Common Securities Certificate” means a certificate evidencing ownership of Trust Common Securities, substantially in the form attached as Exhibit B. 
 “Trust Common Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of
$             and having the rights provided therefor in this Trust Agreement. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such
date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trust Preferred Securities Certificate” means a certificate evidencing ownership of Trust Preferred Securities, substantially in the form attached as Exhibit C. 
 “Trust Preferred Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $_____ and
having the rights provided therefor in this Trust Agreement. 
 “Trust Property” means (a) the Junior Subordinated
Notes, (b) the rights of the Property Trustee and the Holders under the Guarantee, (c) any cash on deposit in, or owing to, the Payment Account and (d) all proceeds and rights in respect of the foregoing and any other property and
assets for the time being held or deemed to be held by the Property Trustee pursuant to this Trust Agreement. 
 “Trust Securities
Certificate” means any one of the Trust Common Securities Certificates or the Trust Preferred Securities Certificates. 
 “Trust Security” means any one of the Trust Common Securities or the Trust Preferred Securities. 
 “Trustees” means, collectively, the Property Trustee, the Delaware Trustee and the Administrative Trustees. Each Trustee, and any Person to whom authority has been delegated by a Trustee, shall be a U.S. Person. 

 

 9 

 “Underwriting Agreement” means the Underwriting Agreement, dated as of
            ,             , among the Trust, the Sponsor and the underwriters named therein. 
 “U.S. Person” means a United States person as defined in Section 7701(a)(30) of the Code. 
 ARTICLE II 
 CONTINUATION OF THE
TRUST 
 Section 2.1 Name. 
 The Trust continued hereby shall be known as “Schwab Capital Trust             ,” as such name may be modified from time to time by the
Administrative Trustees following written notice to the Holders of Trust Securities and the other Trustees, in which name the Trustees may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and
sue and be sued. 
 Section 2.2 Office of the Delaware Trustee; Principal Executive Office of the Trust. 
 The address of the Delaware Trustee in the State of Delaware is BNY Mellon Trust of Delaware, 100 White Clay Center, P.O. Box 6995, Route 273, Newark,
Delaware 19711, Attention: Corporate Trust Department or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Holders and the Sponsor. 
 The principal executive office of the Trust is c/o The Charles Schwab Corporation, 120 Kearny Street, San Francisco, California 94104. 
 Section 2.3 Initial Contribution of Trust Property; Organizational Expenses. 
 The Property Trustee acknowledges receipt in trust from the Sponsor in connection with the First Amended and Restated Trust Agreement of the sum of $1.00,
which constituted the initial Trust Property. The Sponsor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Sponsor
shall make no claim upon the Trust Property for the payment of such expenses. 
 Section 2.4 Issuance of the Trust Preferred
Securities. 
 On             ,
            , the Sponsor, on behalf of the Trust and pursuant to the Second Amended and Restated Trust Agreement, executed and delivered the Underwriting Agreement. On the Closing
Date, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Underwriters named in the Underwriting Agreement a Trust Preferred Securities Certificate, registered in the name of the
nominee of the initial Clearing Agency, in an aggregate of              Trust Preferred Securities having an aggregate Liquidation Amount of
$            , against receipt of such aggregate purchase price of such Trust Preferred Securities of
$            , which such amount the Administrative Trustee shall promptly deliver to the Property Trustee. 
  

 10 

 Section 2.5 Issuance of the Trust Common Securities; Subscription and Purchase of Junior
Subordinated Notes. 
 On the Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with
Section 5.2 and deliver to the Sponsor a Trust Common Securities Certificate, registered in the name of the Sponsor, in an aggregate of              Trust Common Securities
having an aggregate Liquidation Amount of $            , against receipt of such aggregate purchase price of such Trust Common Securities of
$            , which amount such Administrative Trustee shall promptly deliver to the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf of the
Trust, shall subscribe to and purchase from the Sponsor Junior Subordinated Notes, registered in the name of the Trust and having an aggregate principal amount equal to
$            , and, in satisfaction of the purchase price for such Junior Subordinated Notes, the Property Trustee, on behalf of the Trust, shall deliver to the Sponsor the sum of
$             (being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the first sentence of this
Section 2.5). 
 Section 2.6 Trust Agreement. 
 The exclusive purposes and functions of the Trust are (a) to issue and sell Trust Securities and invest the gross proceeds from such sale in Junior Subordinated Notes, (b) to engage in the activities
described in the Prospectus Supplement and (c) to engage in only those activities convenient, necessary or incidental to the foregoing, including without limitation the registration of the transfer of the Trust Preferred Securities. The Sponsor
hereby appoints the Trustees as trustees of the Trust, to have all the rights, powers and duties to the extent set forth herein, and the Trustees hereby accept such appointment. The Property Trustee hereby declares that it will hold the Trust
Property in trust upon and subject to the conditions set forth herein for the benefit of the Trust and the Holders. The Administrative Trustees shall have all rights, powers and duties set forth herein and in accordance with applicable law with
respect to accomplishing the purposes of the Trust. The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities, of the Property Trustee or the Administrative Trustees
set forth herein. The Delaware Trustee shall be one of the Trustees of the Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act. The duties of the Delaware Trustee shall be
limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute
under Section 3811 of the Delaware Statutory Trust Act. The Delaware Trustee shall be entitled to all of the same benefits, protections, indemnities and immunities under this Agreement and with respect to the Trust as the other Trustees.

 Section 2.7 Authorization to Enter into Certain Transactions. 
 (a) The Trustees shall conduct the affairs of the Trust in accordance with the terms of this Trust Agreement. Subject to the limitations set forth in
paragraph (b) of this Section, Article VIII and in accordance with the following provisions (i) and (ii), the Trustees shall have the authority to enter into all transactions and agreements determined by the Trustees to be appropriate in
exercising the authority, express or implied, otherwise granted to the 

  

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Trustees under this Trust Agreement, and to perform all acts in furtherance thereof, including without limitation, the following: 
 (i) As among the Trustees, each Administrative Trustee shall have the power and authority to act on behalf of the Trust with respect to
the following matters: 
 (A) the issuance and sale of the Trust Securities; 
 (B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust the Certificate Depository Agreement and
such other agreements as may be necessary or desirable in connection with the purposes and function of the Trust; 
 (C)
assisting in the registration of the Trust Preferred Securities under the Securities Act and under state securities or blue sky laws, and the qualification of this Trust Agreement as a trust indenture under the Trust Indenture Act; 
 (D) assisting in the listing, if any, of the Trust Preferred Securities upon such securities exchange or exchanges or automated quotation
system or systems as shall be determined by the Sponsor and the registration, if any, of the Trust Preferred Securities under the Exchange Act and the preparation and filing of all periodic and other reports and other documents pursuant to the
foregoing; 
 (E) the sending of notices (other than notices of default) and other information regarding the Trust Securities
and the Junior Subordinated Notes to the Holders in accordance with this Trust Agreement; 
 (F) the appointment of a Paying
Agent, authenticating agent and Securities Registrar in accordance with this Trust Agreement; 
 (G) registering transfer of
the Trust Securities in accordance with this Trust Agreement; 
 (H) to the extent provided in this Trust Agreement, the
winding up of the affairs of and liquidation of the Trust and the preparation, execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (I) unless otherwise determined by the Sponsor, the Property Trustee or the Administrative Trustees, or as otherwise required by the
Delaware Statutory Trust Act or the Trust Indenture Act, to execute on behalf of the Trust (either acting alone or together with any or all of the Administrative Trustees) any documents that the Administrative Trustees have the power to execute
pursuant to this Trust Agreement; and 
  

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 (J) the taking of any action incidental to the foregoing as the Trustees may from time
to time determine is necessary or advisable to give effect to the terms of this Trust Agreement for the benefit of the Holders (without consideration of the effect of any such action on any particular Holder). 
 (ii) As among the Trustees, the Property Trustee shall have the power, duty and authority to act on behalf of the Trust with respect to
the following ministerial matters: 
 (A) the establishment of the Payment Account; 
 (B) the receipt of the Junior Subordinated Notes; 
 (C) the deposit of interest, principal and any other payments made in respect of the Junior Subordinated Notes in the Payment Account;

 (D) the distribution through the Paying Agent of amounts owed to the Holders in respect of the Trust Securities;

 (E) the exercise of all of the rights, powers and privileges of a holder of the Junior Subordinated Notes as and to the
extent specifically required by, and subject to, the terms of this Trust Agreement; 
 (F) the sending of notices of default
and other information regarding the Trust Securities and the Junior Subordinated Notes to the Holders in accordance with this Trust Agreement; 
 (G) the distribution of the Trust Property in accordance with the terms of this Trust Agreement; 
 (H) after an Event of Default (other than under paragraph (b), (c), (d) or (e) of the definition of such term if such Event of Default is by or with respect to the Property Trustee) the taking of any action incidental to the
foregoing as the Property Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement and protect and conserve the Trust Property for the benefit of the Holders (without consideration of the
effect of any such action on any particular Holder); and 
 (I) except as otherwise provided in this Section 2.7(a)(ii),
the Property Trustee shall have none of the duties, liabilities, powers or the authority of the Administrative Trustees set forth in Section 2.7(a)(i). 
 (b) So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the Trust) shall not undertake any business, activities or transaction except as expressly provided herein or
contemplated hereby. In particular, the Trustees shall not (i) acquire any investments or engage in any activities not authorized by this Trust Agreement; 

  

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(ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to
Holders, except as expressly provided herein; (iii) take any action that would cause the Trust to be classified as other than a grantor trust for United States federal income tax purposes; (iv) incur any indebtedness for borrowed money or
issue any other debt; (v) take or consent to any action that would result in the placement of a Lien on any of the Trust Property; (vi) apply any of the Trust Property or its proceeds other than as provided herein; (vii) acquire any
assets other than the Trust Property; (viii) possess any power or otherwise act in such a way as to vary the Trust Property, except as expressly provided herein; (ix) possess any power or otherwise act in such a way as to vary the terms of
the Trust Securities in any way whatsoever (except to the extent expressly authorized in this Trust Agreement or by the terms of the Trust Securities); or (x) issue any securities or other evidences of beneficial ownership of, or beneficial
interest in, the Issuer Trust other than the Trust Securities. The Administrative Trustees shall defend all claims and demands of all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of the Trust or the
Holders in their capacity as Holders. 
 (c) In connection with the issue and sale of the Trust Preferred Securities, the Sponsor shall have
the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the following, if applicable (and any actions taken by the Sponsor in furtherance of the following prior to the date of this Trust Agreement are
hereby ratified and confirmed in all respects): 
 (i) the preparation and filing by the Trust with the Commission and the
execution on behalf of the Trust of a registration statement on the appropriate form in relation to the Trust Preferred Securities, including any amendments thereto; 
 (ii) the determination of the states in which to take appropriate action to qualify or register for sale all or part of the Trust
Preferred Securities and the determination of any and all such acts, other than actions which must be taken by or on behalf of the Trust, and the advice to the Trustees of actions they must take on behalf of the Trust, and the preparation for
execution and filing of any documents to be executed and filed by the Trust or on behalf of the Trust, as the Sponsor deems necessary or advisable in order to comply with the applicable laws of any such States in connection with the sale of the
Trust Preferred Securities; 
 (iii) the preparation for filing by the Trust and execution on behalf of the Trust of an
application to the New York Stock Exchange or any other national stock exchange or The NASDAQ Global Select Market or any other automated quotation system for listing upon notice of issuance of any Trust Preferred Securities and filing with such
exchange or self-regulatory organization such notifications and documents as may be necessary from time to time to maintain such listing; 
 (iv) the preparation for filing by the Trust with the Commission and the execution on behalf of the Trust of a registration statement on Form 8-A relating 

  

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to the registration of the Trust Preferred Securities under Section 12(b) or 12(g) of the Exchange Act, including any amendments thereto; 
 (v) the negotiation of the terms of, and the execution and delivery of, the Underwriting Agreement providing for the sale of the Trust
Preferred Securities; and 
 (vi) the taking of any other actions necessary or desirable to carry out any of the foregoing
activities. 
 (d) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the
affairs of the Trust and to operate the Trust in such a way so that the Trust will not be required to register as an “investment company” under the Investment Company Act, or classified as other than a grantor trust for United States
federal income tax purposes and so that the Junior Subordinated Notes will be treated as indebtedness of the Sponsor for United States federal income tax purposes. In this connection, the Sponsor and the Administrative Trustees are authorized to
take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement, that each of the Sponsor and any Administrative Trustee determines in its discretion to be necessary or desirable for such purposes, as long as
such action does not adversely affect in any material respect the interests of the Holders of the Trust Preferred Securities. 
 Section 2.8 Assets of Trust. 
 The assets of the Trust shall consist solely of the Trust Property. 
 Section 2.9 Title to Trust Property 
 Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its capacity as such) and shall be held and administered by the Property Trustee for the benefit of the Trust and the Holders in accordance with this
Trust Agreement. 
 ARTICLE III 
 PAYMENT ACCOUNT 
 Section 3.1 Payment Account. 
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. Subject to the provisions of Section 5.9, the Property
Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust
Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held for the exclusive benefit of the Holders and for distribution as herein provided, including (and subject to) any priority of payments
provided for herein. 
 (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all payments of principal of or
interest or premium on, and any other payments or 

  

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proceeds with respect to, the Junior Subordinated Notes. Amounts held in the Payment Account shall not be invested by the Property Trustee pending
distribution thereof. 
 ARTICLE IV 
 DISTRIBUTIONS; REDEMPTION 
 Section 4.1 Distributions. 
 (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and Distributions (including of Additional Amounts) will be made
on the Trust Securities at the rate and on the dates that payments of interest (including of Additional Interest, as defined in the Indenture) are made on the Junior Subordinated Notes. Distributions on the Trust Securities shall be cumulative, and
will accumulate whether or not there are funds of the Trust available for the payment of Distributions. Accordingly: 
 (i)
Distributions shall accrue from             ,              and, except in the event (and to the extent) that the
Sponsor exercises its right to defer the payment of interest on the Junior Subordinated Notes pursuant to the Supplemental Indenture, shall be payable on the same payment dates beginning on
            ,              (each such date on which Distributions are payable in accordance with this
Section 4.1(a), a “Distribution Date”). 
 (ii) Distributions on the Trust Securities shall be payable
on the Liquidation Amount of the Trust Securities at the rate per annum equal to the rate of interest on the Junior Subordinated Notes. The amount of Distributions payable shall be computed on the basis of (i) a 360-day year of twelve
30-day months until             ,              and (ii) a 360-day year and the actual number of days elapsed
thereafter. The amount of Distributions payable for any period shall include any Additional Amounts in respect of such period. In the event (and to the extent) that the Sponsor exercises its right under the Supplemental Indenture to defer the
payment of interest on the Junior Subordinated Notes, Distributions on the Trust Securities shall be deferred but shall continue to accumulate. 
 (iii) Distributions on the Trust Securities shall be made by the Paying Agent on behalf of the Property Trustee from the Payment Account and shall be payable on each Distribution Date only to the extent that the Trust
has funds then on hand and available in the Payment Account for the payment of such Distributions. 
 (b) Distributions on the Trust
Securities with respect to a Distribution Date shall be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities on the relevant record date, which shall be one Business Day prior to such Distribution Date;
provided, however, that in the event that the Trust Preferred Securities do not remain in book-entry-only form, the relevant record date shall be fifteen days prior to the relevant Distribution Date (whether or not such record date is a
Business Day). 
  

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 Section 4.2 Redemption. 
 (a) On each Note Redemption Date and on the repayment date of the Junior Subordinated Notes pursuant to Section
             of the Supplemental Indenture, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. 
 (b) Notice of redemption of the Trust Securities, other than any redemption relating to the repayment of the Junior Subordinated Notes, shall be given by
the Property Trustee by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Security
Register. Notice of any redemption of the Trust Securities relating to the repayment of the Junior Subordinated Notes, shall be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than 10 Business Days nor more than
30 Business Days prior to the Redemption Date to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Security Register; provided that the Sponsor will give the Property Trustee at least 15 Business Days
prior written notice of such request. All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) the CUSIP number; 
 (iv) if less than all the Outstanding Trust Securities are to be
redeemed, the identification and the total Liquidation Amount of the particular Trust Securities to be redeemed; 
 (v) that
on the Redemption Date the Redemption Price will become due and payable upon each such Trust Security to be redeemed and that Distributions thereon will cease to accrue on and after said date; 
 (vi) if the Trust Preferred Securities are no longer in book-entry-only form, the place and address where the Holders shall surrender
their Trust Preferred Securities Certificates; and 
 (vii) The Trust in issuing the Trust Securities may use
“CUSIP” numbers (if then generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that, any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Trust Securities or as contained in any notice of a redemption and related materials. 
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption of Junior Subordinated Notes. Redemptions of the Trust
Securities shall be made and the Redemption Price shall be payable on each Redemption Date only to the extent that the Trust has 

  

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funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
 (d) If the Property Trustee gives a notice of redemption in respect of any Trust Preferred Securities, then, by 12:00 noon, New York City time, on the
Redemption Date, subject to Section 4.2(c), the Property Trustee, or the Paying Agent on behalf of the Property Trustee, will, so long as the Trust Preferred Securities are in book-entry-only form, irrevocably deposit with the Clearing Agency
for the Trust Preferred Securities funds sufficient to pay the applicable Redemption Price and an Administrative Trustee will give such Clearing Agency irrevocable instructions and authority to pay the Redemption Price in immediately available funds
to the Owners thereof. If the Trust Preferred Securities are no longer in book-entry-only form, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit with the Paying Agent funds sufficient to pay the applicable Redemption
Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders thereof upon surrender of their Trust Preferred Securities Certificates. Notwithstanding the foregoing, Distributions payable on
or prior to the Redemption Date for any Trust Securities called for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities Register for the Trust Securities on the relevant record dates for the related
Distribution Dates. If notice of redemption shall have been given and funds deposited as required, then upon the date of such deposit, all rights of Holders holding Trust Securities so called for redemption will cease, except the right of such
Holders to receive the Redemption Price and any Distribution payable in respect of the Trust Securities on or prior to the Redemption Date, but without interest thereon, and such Trust Securities will cease to be outstanding. In the event that any
date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of
any such delay), except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, with the same force and effect as if made on such date. In the event that payment of the
Redemption Price in respect of any Trust Securities called for redemption is improperly withheld or refused and not paid either by the Trust or by the Sponsor pursuant to the Guarantee, Distributions on such Trust Securities will continue to
accumulate, at the then applicable rate, from the Redemption Date originally established by the Trust for such Trust Securities to the date such Redemption Price is actually paid, in which case the actual payment date will be the date fixed for
redemption for purposes of calculating the Redemption Price. 
 (e) Payment of the Redemption Price on the Trust Securities shall be made to
the recordholders thereof as they appear on the Securities Register for the Trust Securities on the relevant record date, which shall be one Business Day prior to the relevant Redemption Date; provided, however, that in the event that the
Trust Preferred Securities do not remain in book-entry-only form, the relevant record date shall be the date fifteen days prior to the relevant Redemption Date; provided, further that, Distributions to be paid on Distribution Dates on or
before the Redemption Date for any Trust Preferred Securities called for redemption shall be payable to the recordholders thereof for the related Distribution Dates. 
 (f) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be
allocated on a pro rata basis (based on Liquidation Amounts) 

  

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among the Trust Common Securities and the Trust Preferred Securities. The particular Trust Preferred Securities to be redeemed shall be determined on a
pro rata basis (based upon Liquidation Amounts) not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Trust Preferred Securities not previously called for redemption. The Property Trustee shall
promptly notify the Security Registrar in writing of the Trust Preferred Securities selected for redemption and, in the case of any Trust Preferred Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all
purposes of this Trust Agreement, unless the context otherwise requires, all provisions relating to the redemption of Trust Securities shall relate, in the case of any Trust Securities redeemed or to be redeemed only in part, to the portion of the
Liquidation Amount of Trust Securities that has been or is to be redeemed. 
 Section 4.3 Subordination of Trust Common
Securities. 
 (a) Payment of Distributions (including Additional Amounts, if applicable) on, and the Redemption Price of, the Trust
Securities, as applicable, shall be made, pro rata among the Trust Common Securities and the Trust Preferred Securities based on the Liquidation Amount of the Trust Securities; provided, however, that if on any Distribution Date or
Redemption Date any Event of Default resulting from a Note Event of Default shall have occurred and be continuing, no payment of any Distribution (including Additional Amounts, if applicable) on, or Redemption Price of, any Trust Common Security,
and no other payment on account of the redemption, liquidation or other acquisition of Trust Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including Additional Amounts, if applicable) on
all Outstanding Trust Preferred Securities for all Distribution Periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Trust Preferred Securities then
called for redemption, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including Additional Amounts, if applicable) on, or
the Redemption Price of, Trust Preferred Securities then due and payable. 
 (b) In the case of the occurrence of any Event of Default
resulting from any Note Event of Default the Holder of Trust Common Securities will be deemed to have waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with
respect to the Trust Preferred Securities has been cured, waived or otherwise eliminated, and until any such Event of Default under this Trust Agreement with respect to the Trust Preferred Securities has been so cured, waived or otherwise
eliminated, the Property Trustee shall act solely on behalf of the Holders of the Trust Preferred Securities and not the Holder of the Trust Common Securities, and only the Holders of the Trust Preferred Securities will have the right to direct the
Property Trustee. 
 Section 4.4 Payment Procedures. 
 Payments of Distributions (including Additional Amounts, if applicable) in respect of the Trust Preferred Securities shall be made by check mailed to the
address of the Person entitled thereto as such address shall appear on the Securities Register or, if the Trust Preferred Securities are held by a Clearing Agency, such Distributions shall be made to the 

  

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Clearing Agency in immediately available funds, which shall credit the relevant Owners’ accounts at such Clearing Agency on the applicable Distribution
Dates. Payments in respect of the Trust Common Securities shall be made in such manner as shall be mutually agreed between the Property Trustee and the Holder of Trust Common Securities. 
 Section 4.5 Tax Returns and Reports. 
 The Administrative Trustees shall prepare (or cause to be prepared), at the Sponsor’s expense, and file all United States federal, state and local tax and information returns and reports required to be filed by or in respect of the
Trust. In this regard, the Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal Revenue Service form required to be filed in respect of the Trust in each taxable year of the Trust and
(b) prepare and furnish (or cause to be prepared and furnished) to each Holder the appropriate Internal Revenue Service form and the information required to be provided on such form. The Administrative Trustees shall provide the Sponsor and the
Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. The Trustees shall comply with United States federal withholding and backup withholding tax laws and information reporting requirements with
respect to any payments to Holders under the Trust Securities. 
 Section 4.6 Payments under Supplemental Indenture or Pursuant to
Direct Actions. 
 Any amount payable hereunder to any Holder of Trust Preferred Securities (or any Owner with respect thereto) shall be
reduced by the amount of any corresponding payment such Holder (or Owner) has directly received pursuant to Section              of the Supplemental Indenture or Section 5.14 of
this Trust Agreement. 
 ARTICLE V 
 TRUST SECURITIES CERTIFICATES 
 Section 5.1 Initial Ownership. 
 Upon the formation of the Trust and the contribution by the Sponsor pursuant to Section 2.3 and until the issuance of the Trust Securities, and at
any time during which no Trust Securities are outstanding, the Sponsor shall be the sole beneficial owner of the Trust. 
 Section 5.2
The Trust Securities Certificates. 
 The Trust Preferred Securities Certificates shall be issued in minimum denominations of
$             Liquidation Amount and integral multiples thereof, and the Trust Common Securities Certificates shall be issued in minimum denominations of
$             Liquidation Amount and integral multiples thereof. The Trust Securities Certificates shall be executed on behalf of the Trust by manual signature of at least one
Administrative Trustee. Trust Securities Certificates bearing the manual signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to
the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices at the date of delivery of such
Trust Securities 

  

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Certificates. A transferee of a Trust Securities Certificate shall become a Holder, and shall be entitled to the rights and subject to the obligations of a
Holder hereunder, upon due registration of such Trust Securities Certificate in such transferee’s name pursuant to Sections 5.4, 5.11 and 5.13. 
 Section 5.3 Execution and Delivery of Trust Securities Certificates. 
 On the Closing Date, one
or more of the Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as provided in Sections 2.4 and 2.5 with respect to Trust Preferred Securities and Trust Common Securities, respectively, to be
(i) executed manually or by facsimile on behalf of the Trust by at least one of the Administrative Trustees and (ii) delivered to the Property Trustee. Upon such delivery the Property Trustee shall, without further corporate action by the
Sponsor, authenticate such Trust Securities Certificates in authorized denominations. 
 Each Trust Securities Certificate shall be dated the
date of its authentication. 
 No Trust Preferred Securities Certificate shall be entitled to any benefit under this Trust Agreement or be
valid or obligatory for any purpose, unless there appears on such Trust Preferred Securities Certificate a certificate of authentication substantially in the form provided for in the form attached as Exhibit C executed by the Property Trustee by the
manual signature of one of its Authorized Officers, and such certificate upon any Trust Preferred Securities Certificate shall be conclusive evidence, and the only evidence, that such Trust Preferred Securities Certificate has been duly
authenticated and delivered hereunder. 
 Section 5.4 Registration of Transfer and Exchange of Trust Preferred Securities
Certificates. 
 The Administrative Trustees shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 5.8, a register or registers for the purpose of registering Trust Securities Certificates and transfers and exchanges of Trust Preferred Securities Certificates (the “Securities Register”) in which, the registrar
designated by the Administrative Trustees (the “Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Trust Preferred Securities Certificates and Trust Common
Securities Certificates (subject to Section 5.10 in the case of the Trust Common Securities Certificates) and registration of transfers and exchanges of Trust Preferred Securities Certificates as herein provided. The Bank shall be the initial
Securities Registrar. 
 Upon surrender for registration of transfer of any Trust Preferred Securities Certificate at the office or agency
maintained pursuant to Section 5.8, the Administrative Trustees or any one of them shall execute and deliver to the Property Trustee and the Property Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Trust Preferred Securities Certificates in authorized denominations of a like aggregate Liquidation Amount dated the date of execution by such Administrative Trustee or Trustees. 
 The Securities Registrar shall not be required to (i) register the transfer of or exchange any Trust Preferred Securities during a period beginning
at the opening of business 15 

  

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days before the day of selection for redemption of such Trust Preferred Securities pursuant to Article IV and ending at the close of business on the day of
mailing of the notice of redemption, or (ii) transfer or exchange any Trust Preferred Securities so selected for redemption in whole or in part, except, in the case of any such Trust Preferred Securities to be redeemed in part, any portion
thereof not to be redeemed. At the option of a Holder, Trust Preferred Securities Certificates may be exchanged for other Trust Preferred Securities Certificates in authorized denominations of the same terms and of a like aggregate Liquidation
Amount upon surrender of the Trust Preferred Securities Certificates to be exchanged at the office or agency maintained pursuant to Section 5.8. 
 Every Trust Preferred Securities Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to an Administrative Trustee
and the Securities Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Trust Preferred Securities Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by
an Administrative Trustee in accordance with such Person’s customary practice. 
 No service charge shall be made for any registration
of transfer or exchange of Trust Preferred Securities Certificates, but the Securities Registrar, on behalf of the Trust, may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Trust Preferred Securities Certificates. 
 A Trust Preferred Securities Certificate that is not a Book-Entry
Trust Preferred Securities Certificate may be transferred, in whole or in part, to a Person who takes delivery in the form of another Trust Preferred Securities Certificate that is not a Book-Entry Trust Preferred Securities Certificate as provided
in this Section 5.4. 
 Section 5.5 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. 
 If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities Registrar, or if the Securities Registrar shall receive
evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to the Securities Registrar and the Administrative Trustees such security or indemnity as may be required by
them to save each of them harmless, then in the absence of notice that such Trust Securities Certificate shall have been acquired by a bona fide purchaser, the Administrative Trustees, or any one of them, on behalf of the Trust shall execute and
make available for delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination. In connection with the issuance of any
new Trust Securities Certificate under this Section, the Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any
duplicate Trust Securities Certificate issued pursuant to this Section shall constitute conclusive evidence of an undivided beneficial interest in the assets of the Trust corresponding to that evidenced by the lost, stolen or destroyed Trust
Securities Certificate, as if originally issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at any time. 
  

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 Section 5.6 Persons Deemed Holders. 
 The Trustees and the Securities Registrar shall each treat the Person in whose name any Trust Securities Certificate shall be registered in the Securities
Register as the owner of such Trust Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and none of the Trustees and the Securities Registrar shall be bound by any notice to the contrary.

 Section 5.7 Access to List of Holders’ Names and Addresses. 
 Each Holder and each Owner shall be deemed to have agreed not to hold the Sponsor, the Property Trustee, the Delaware Trustee, the Administrative Trustees
or the Securities Registrar accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 5.8 Maintenance of Office or Agency. 
 The Administrative Trustees shall maintain an
office or offices or agency or agencies where Trust Preferred Securities Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Trustees in respect of the Trust Securities Certificates
may be served. The Administrative Trustees initially designate The Bank of New York Mellon Trust Company, N.A., 700 South Flower Street, Suite 500, Los Angeles, California 90017, Attn: Corporate Unit, as an office for such purposes. The
Administrative Trustees shall give prompt written notice to the Sponsor, the Bank and the Holders of any change in the location of the Securities Register or any such office or agency. 
 The Sponsor may at any time rescind the designation or approve a change in the location of any office or agency, in addition to the Securities Registrar,
designated by it where Holders can surrender the Trust Preferred Securities for registration of transfer or exchange. However, the Trust will be required to maintain an office or agency for such purpose. 
 Section 5.9 Appointment of Paying Agent. 
 The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the
revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent if such Trustees determine in their sole
discretion that the Paying Agent shall have failed to perform its obligations under this Trust Agreement in any material respect. The Paying Agent shall initially be the Bank, and any co-paying agent chosen by the Property Trustee, and acceptable to
the Administrative Trustees and the Sponsor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Administrative Trustees, the Property Trustee and the Sponsor. In the event that the
Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor that is acceptable to the Property Trustee and the Sponsor to act as Paying
Agent (which shall be a bank or trust company). The Administrative Trustees shall cause such successor Paying Agent or any additional Paying Agent appointed by the Administrative 

  

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Trustees to execute and deliver to the Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees
that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders.
The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 shall
apply to the Bank also in its role as Paying Agent, for so long as the Bank shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise. 
 Section 5.10 Ownership of Trust Common Securities by
Sponsor. 
 On the Closing Date, the Sponsor shall acquire and retain beneficial and record ownership of the Trust Common Securities. To
the fullest extent permitted by applicable law, the Sponsor may not transfer the Trust Common Securities except (i) in connection with a consolidation or merger of the Sponsor into another Person or any conveyance, transfer or lease by the
Sponsor of its properties and assets substantially as an entirety to any Person, pursuant to Article VIII of the Base Indenture, or (ii) to an Affiliate of the Sponsor in compliance with applicable law (including the Securities Act and
applicable state securities and blue sky laws). To the fullest extent permitted by law, any attempted transfer of the Trust Common Securities other than as set forth in the preceding sentence shall be void. The Administrative Trustees shall cause
each Trust Common Securities Certificate issued to the Sponsor to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND THE TRUST AGREEMENT.” 
 Section 5.11 Book-Entry Trust Preferred Securities Certificates; Trust Common Securities Certificate. 
 (a) The Trust Preferred Securities Certificates, upon original issuance, will be issued in the form of a typewritten Trust Preferred Securities
Certificate or Certificates representing Book-Entry Trust Preferred Securities Certificates, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Trust. Such Trust Preferred Securities Certificate or
Certificates shall initially be registered on the Securities Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner will receive a Definitive Trust Preferred Securities Certificate representing such
Owner’s interest in such Trust Preferred Securities, except as provided in Section 5.13. Unless and until Definitive Trust Preferred Securities Certificates have been issued to Owners pursuant to Section 5.13: 
 (i) the provisions of this Section 5.11(a) shall be in full force and effect; 
 (ii) the Securities Registrar and the Trustees shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement
relating to the Book-Entry Trust Preferred Securities Certificates (including the payment of the Distributions on, and the Redemption Price and Liquidation Amount of, or 

  

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Liquidation Distribution with respect to, the Trust Preferred Securities evidenced by Book-Entry Trust Preferred Securities Certificates and the giving of
instructions or directions to Owners of Trust Preferred Securities evidenced by Book-Entry Trust Preferred Securities Certificates) as the sole Holder of Trust Preferred Securities evidenced by Book-Entry Trust Preferred Securities Certificates and
shall have no obligations to the Owners thereof; 
 (iii) to the extent that the provisions of this Section 5.11 conflict
with any other provisions of this Trust Agreement, the provisions of this Section 5.11 shall control; 
 (iv) the rights
of the Owners of the Book-Entry Trust Preferred Securities Certificates shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Owners and the Clearing Agency and/or the
Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and until Definitive Trust Preferred Securities Certificates are issued pursuant to Section 5.13, the initial Clearing Agency will make book-entry transfers
among the Clearing Agency Participants and receive and transmit payments on the Trust Preferred Securities to such Clearing Agency Participants; and 
 (v) The Trust, the Property Trustee, the Administrative Trustees and any agent of the Trust or the Property Trustee shall not be responsible for any acts or omissions of a Clearing Agency, for any Clearing Agency
records of beneficial ownership interests or for any transactions between a Clearing Agency and its direct or indirect member participants or between any such participants and beneficial owners of Trust Preferred Securities or between or among any
such participants and such beneficial owners. 
 (b) A single Trust Common Securities Certificate representing the Trust Common Securities
shall be issued to the Sponsor in the form of a definitive Trust Common Securities Certificate. 
 Section 5.12 Notices to
Clearing Agency. 
 To the extent that a notice or other communication to the Owners is required under this Trust Agreement, unless and
until Definitive Trust Preferred Securities Certificates shall have been issued to Owners pursuant to Section 5.13, the Trustees shall give all such notices and communications specified herein to be given to Owners to the Clearing Agency, and
shall have no obligations to the Owners. 
 Section 5.13 Definitive Trust Preferred Securities Certificates. 
 If (a) the Sponsor advises the Trustees in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities
with respect to the Trust Preferred Securities Certificates, and the Sponsor is unable to locate a qualified successor, (b) the Sponsor at its option advises the Trustees in writing that it elects to terminate the book-entry system through the
Clearing Agency or (c) after the occurrence of a Note Event of Default, Owners of 

  

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Trust Preferred Securities Certificates representing beneficial interests aggregating at least a majority of the Liquidation Amount advise the Administrative
Trustees in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interest of the Owners of Trust Preferred Securities Certificates, then the Administrative Trustees shall notify the Clearing
Agency and the other Trustees and the Clearing Agency shall notify all Owners of Trust Preferred Securities Certificates of the occurrence of any such event and of the availability of the Definitive Trust Preferred Securities Certificates to Owners
of such class or classes, as applicable, requesting the same. Upon surrender to the Administrative Trustees of the typewritten Trust Preferred Securities Certificate or Certificates representing the Book-Entry Trust Preferred Securities Certificates
by the Clearing Agency, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Trust Preferred Securities Certificates in accordance with the instructions of the Clearing Agency.
Neither the Securities Registrar nor the Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Trust
Preferred Securities Certificates, the Trustees shall recognize the Holders of the Definitive Trust Preferred Securities Certificates as Holders. The Definitive Trust Preferred Securities Certificates shall be typewritten, printed, lithographed or
engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees that meets the requirements of any stock exchange or automated quotation system on which the Trust Preferred Securities are then listed or
approved for trading, as evidenced by the execution thereof by the Administrative Trustees or any one of them. 
 Section 5.14 Rights of Holders. 
 (a) Legal title to all Trust Property shall be vested at all times exclusively in
the Property Trustee (in its capacity as such) in accordance with Section 2.9, and the Holders shall not have any right or title therein other than the undivided beneficial interest in the assets of the Trust conferred by their Trust Securities
and they shall have no right to call for any partition or division of property, profits or rights of the Trust except as described below. The Trust Securities shall be personal property giving only the rights specifically set forth therein and in
this Trust Agreement. The Trust Securities shall have no preemptive or similar rights and when issued and delivered to Holders against payment of the purchase price therefor will be fully paid and nonassessable by the Trust. The Holders of the Trust
Preferred Securities, in their capacities as such, shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware.

 (b) For so long as any Trust Preferred Securities remain Outstanding, if, upon a Note Event of Default, the Indenture Trustee fails or the
holders of at least 25% in principal amount of the outstanding Junior Subordinated Notes fail to declare the principal of all of the Junior Subordinated Notes to be immediately due and payable as set forth in the Supplemental Indenture and the
Junior Subordinated Notes are beneficially owned by the Trust or the Property Trustee, the Property Trustee or the Holders of at least 25% in Liquidation Amount of the Trust Preferred Securities then Outstanding shall have such right by a notice in
writing to the Sponsor and the Indenture Trustee; and upon any such declaration such principal amount of and the accrued interest on all of the Junior Subordinated Notes shall become immediately due and 

  

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payable, provided that the payment of principal, premium and interest on such Junior Subordinated Notes shall remain subordinated to the extent
provided in the Indenture. 
 At any time after such a declaration of acceleration with respect to the Junior Subordinated Notes has been
made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as in the Supplemental Indenture provided, if the holders of not less than a majority of the aggregate principal amount of outstanding
Junior Subordinated Notes do not rescind and annul such declaration and the Junior Subordinated Notes are beneficially owned by the Trust or the Property Trustee, the Holders of a majority in Liquidation Amount of the Trust Preferred Securities, by
written notice to the Property Trustee, the Sponsor and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Sponsor has paid or deposited with the Indenture Trustee a sum sufficient to pay: 
 (A) all overdue installments of interest (including any Additional Interest (as defined in the Indenture)) on all of the Junior Subordinated Notes, 
 (B) the principal of (and premium, if any, on) any Junior Subordinated Notes which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate borne by the Junior Subordinated Notes, and 
 (C) all sums paid or advanced by
the Indenture Trustee under the Base Indenture and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and the Property Trustee, their agents and counsel; and 
 (ii) all Events of Default with respect to the Junior Subordinated Notes, other than the non-payment of the principal of the Junior
Subordinated Notes which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Base Indenture and Section              of the
Supplemental Indenture. 
 The holders of a majority in aggregate Liquidation Amount of the Trust Preferred Securities may, on behalf of the
Holders of all the Trust Preferred Securities, waive any past default under the Supplemental Indenture, except a default in the payment of principal, premium or interest (unless all Events of Default with respect to the Junior Subordinated Notes,
other than the non-payment of the principal of the Junior Subordinated Notes which has become due solely by such acceleration, have been cured or annulled as provided in Section 5.13 of the Base Indenture and Section
             of the Supplemental Indenture and the Sponsor has paid or deposited with the Indenture Trustee a sum sufficient to pay all overdue installments of interest (including
any Additional Interest (as defined in the Indenture)) on the Junior Subordinated Notes, the principal of (and premium, if any, on) any Junior Subordinated Notes which have become due otherwise than by such declaration of acceleration and interest
thereon at the rate 

  

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borne by the Junior Subordinated Notes, and all sums paid or advanced by the Indenture Trustee under the Base Indenture and the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and the Property trustee, their agents and counsel) or a default in respect of a covenant or provision which under the Base Indenture cannot be modified or amended without the consent of
the holder of each outstanding Junior Subordinated Note. No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Upon receipt by the Property Trustee of written notice declaring such an acceleration, or rescission and annulment thereof, by Holders of the Trust Preferred Securities all or part of which is represented by
Book-Entry Trust Preferred Securities Certificates, a record date shall be established for determining Holders of Outstanding Trust Preferred Securities entitled to join in such notice, which record date shall be at the close of business on the day
the Property Trustee receives such notice. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date;
provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day which is 90 days after
such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent
a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new written notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice which has been
canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 5.14(b). 
 (c) For so long as any Trust Preferred Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement, the Indenture, upon (i) a breach by the Sponsor of
its obligations under Section              of the Supplemental Indenture to sell Qualifying Capital Securities (as defined therein) or Section
             of the Supplemental Indenture to issue Qualifying APM Securities (as defined therein), (ii) a Note Event of Default specified in Section
             of the Supplemental Indenture or (iii) the failure of the Sponsor to make any payments on the Junior Subordinated Notes when due, any Holder of Trust Preferred
Securities shall have the right to institute a proceeding directly against the Sponsor, pursuant to Section              of the Supplemental Indenture, for enforcement of payment to
such Holder of any amounts payable in respect of the principal amount of or premium or interest on Junior Subordinated Notes having an aggregate principal amount equal to the aggregate Liquidation Amount of the Trust Preferred Securities of such
Holder (a “Direct Action”). Except as set forth in Section 5.14(b) and this Section 5.14(c), the Holders of Trust Preferred Securities shall have no right to exercise directly any right or remedy available to the holders
of, or in respect of, the Junior Subordinated Notes. 
  

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 ARTICLE VI 
 ACTS OF HOLDERS; MEETINGS; VOTING 
 Section 6.1 Limitations on Voting Rights.

 (a) Except as provided in this Section, the Guarantee and as otherwise required by law, no Holder of Trust Preferred Securities shall have
any right to vote or in any manner otherwise control the administration, operation and management of the Trust or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Trust Securities
Certificates, be construed so as to constitute the Holders from time to time as partners or members of an association. 
 (b) So long as any
Junior Subordinated Notes are held by the Property Trustee, the Trustees shall not (i) direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or executing any trust or power conferred
on the Indenture Trustee with respect to such Junior Subordinated Notes, (ii) waive any past default which is waivable under Section 5.13 of the Base Indenture and Section
             of the Supplemental Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the Junior Subordinated Notes shall be due and
payable or (iv) consent to any amendment, modification or termination of the Base Indenture or the Junior Subordinated Notes, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of at least a
majority in Liquidation Amount of all Outstanding Trust Preferred Securities, provided, however, that where a consent under the Supplemental Indenture would require the consent of each holder of Junior Subordinated Notes affected thereby, no
such consent shall be given by the Property Trustee without the prior written consent of each Holder of Trust Preferred Securities. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of Trust
Preferred Securities, except by a subsequent vote of the Holders of Trust Preferred Securities. The Property Trustee shall notify all Holders of the Trust Preferred Securities of any notice of default received from the Indenture Trustee with respect
to the Junior Subordinated Notes. In addition to obtaining the foregoing approvals of the Holders of the Trust Preferred Securities, prior to taking any of the foregoing actions, the Trustees shall, at the expense of the Sponsor, obtain an Opinion
of Counsel experienced in such matters to the effect that such action shall not cause the Trust to be classified as other than a grantor trust for United States federal income tax purposes. 
 (c) If any proposed amendment to this Trust Agreement provides for, or the Trustees otherwise propose to effect, (i) any action that would adversely
affect in any material respect the powers, preferences or special rights of the Trust Preferred Securities, whether by way of amendment to this Trust Agreement or otherwise, or (ii) the dissolution, winding-up or termination of the Trust, other
than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Trust Preferred Securities as a class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the
approval of the Holders of at least a majority in Liquidation Amount of the Outstanding Trust Preferred Securities. Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement may be made if, as a result of such
amendment, it would cause the Trust to be classified as other than a grantor trust for United States federal income tax purposes. 
  

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 Section 6.2 Notice of Meetings and Actions by Written Consent. 
 Notice of all meetings of the Holders of Trust Preferred Securities, or of any matter upon which action by written consent of the Holders of Trust
Preferred Securities is to be taken, stating the time, place and purpose of the meeting or describing such matter in full, as applicable, shall be given by the Property Trustee pursuant to Section 11.8 to each Holder of Trust Preferred
Securities of record, at his registered address, at least 15 days and not more than 90 days before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the meeting.
Any adjourned meeting may be held as adjourned without further notice. 
 Section 6.3 Meetings of Holders of Trust Preferred
Securities. 
 No annual meeting of Holders is required to be held. The Administrative Trustees, however, shall call a meeting of Holders
of Trust Preferred Securities to vote on any matter upon the written request of the Holders of Trust Preferred Securities of record of 25% of the Outstanding Trust Preferred Securities (based upon their Liquidation Amount) and the Administrative
Trustees or the Property Trustee may, at any time in their discretion, call a meeting of Holders of Trust Preferred Securities to vote on any matters as to which Holders of Trust Preferred Securities are entitled to vote. 
 Holders of at least a majority of the Outstanding Trust Preferred Securities (based upon their Liquidation Amount), present in person or by proxy, shall
constitute a quorum at any meeting of Holders. 
 If a quorum is present at a meeting, an affirmative vote by the Holders, in person or by
proxy, holding at least a majority of the Trust Preferred Securities (based upon their Liquidation Amount) held by the Holders present, either in person or by proxy, at such meeting shall constitute the action of the Holders of Trust Preferred
Securities, unless this Trust Agreement requires a greater number of affirmative votes. 
 Section 6.4 Voting Rights.

 Holders shall be entitled to one vote for each $             of
Liquidation Amount represented by their Trust Securities in respect of any matter as to which such Holders are entitled to vote. 
 Section 6.5 Proxies, Etc. 
 At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy,
provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the Administrative Trustees may direct, for verification prior
to the time at which such vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall be entitled
to vote. When Trust Securities are held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in person or by
proxy, and such joint owners or their 

  

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proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed
by or on behalf of a Holder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. No proxy shall be valid more than three years after its date of execution.

 Section 6.6 Holder Action by Written Consent. 
 Any action which may be taken by Holders at a meeting may be taken without a meeting if Holders holding at least a majority of all Outstanding Trust
Securities (based upon their Liquidation Amount) entitled to vote in respect of such action (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement) shall consent to the action in writing. 

Section 6.7 Record Date for Voting and Other Purposes. 
 For the purposes of determining the Holders who are entitled to notice of and to vote at any meeting or by written consent, or to participate in any Distribution on the Trust Securities in respect of which a record
date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees may from time to time fix a date, not more than 90 days prior to the date of any meeting of Holders or the payment of a
Distribution or other action, as the case may be, as a record date for the determination of the identity of the Holders of record for such purposes. 
 Section 6.8 Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Trust Agreement to be given, made or taken by Holders or Owners may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders or Owners
in person or by an agent duly appointed in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to an Administrative Trustee. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders or Owners signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Trust Agreement and (subject to Section 8.1) conclusive in favor of the Trustees, if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or
by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer
acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which any Trustee receiving the same deems sufficient. 
  

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 (c) The ownership of Trust Preferred Securities shall be proved by the Securities Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Trust Security shall bind every future
Holder of the same Trust Security and the Holder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees or the
Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
 (e) Without limiting the foregoing, a
Holder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation Amount of such Trust Security or by one or more duly appointed agents each of which may
do so pursuant to such appointment with regard to all or any part of such Liquidation Amount. 
 (f) If any dispute shall arise between the
Holders and the Administrative Trustees or among such Holders or Trustees with respect to the authenticity, validity or binding nature of any request, demand, authorization, direction, consent, waiver or other Act of such Holder or Trustee under
this Article VI, then the determination of such matter by the Property Trustee shall be conclusive with respect to such matter. 
 (g) A
Holder may institute a legal proceeding directly against the Sponsor under the Guarantee to enforce its rights under the Guarantee without first instituting a legal proceeding against the Trust or any person or entity.  
 Section 6.9 Inspection of Records. 
 Upon reasonable notice to the Administrative Trustees and the Property Trustee, the records of the Trust shall be open to inspection by Holders during normal business hours for any purpose reasonably related to such Holder’s interest
as a Holder. 
 ARTICLE VII 
 REPRESENTATIONS AND WARRANTIES 
 Section 7.1 Representations and Warranties of the Property Trustee and the
Delaware Trustee. 
 The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby represents and
warrants for the benefit of the Sponsor and the Holders that: 
 (a) the Property Trustee is a banking corporation, duly organized, validly
existing and in good standing under the laws of the State of New York; 
 (b) the Property Trustee has full corporate power, authority and
legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
  

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 (c) the Delaware Trustee is a Delaware banking corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware; 
 (d) the Delaware Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (e) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and the Delaware Trustee and constitutes the valid and
legally binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general equity principles; and 
 (f) the execution, delivery
and performance of this Trust Agreement has been duly authorized by all necessary corporate or other action on the part of the Property Trustee and the Delaware Trustee and does not require any approval of stockholders of the Property Trustee and
the Delaware Trustee and such execution, delivery and performance will not (i) violate the Charter or By-laws of the Property Trustee or the Delaware Trustee, (ii) violate any provision of, or constitute, with or without notice or lapse of
time, a default under, or result in the creation or imposition of, any Lien on any properties included in the Trust Property pursuant to the provisions of, any indenture, mortgage, credit agreement, license or other agreement or instrument to which
the Property Trustee or the Delaware Trustee is a party or by which it is bound, or (iii) violate any law, governmental rule or regulation of the United States of America governing the banking, trust or general powers of the Property Trustee or
the Delaware Trustee (as appropriate in context) or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
 (g) to their knowledge, neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of any of the transactions by the Property Trustee or the Delaware Trustee
(as appropriate in context) contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any existing law of the
United States of America governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee, as the case may be; and 
 (h) there are no proceedings pending or, to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge without independent investigation, threatened against or affecting the Property Trustee or the Delaware
Trustee in any court or before any governmental authority, agency or arbitration board or tribunal that, individually or in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the
Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
  

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 Section 7.2 Representations and Warranties of Sponsor. 
 The Sponsor hereby represents and warrants for the benefit of the Holders that: 
 (a) the Trust Securities Certificates issued on the Closing Date on behalf of the Trust have been duly authorized and will have been, duly and validly
executed, issued and delivered by the Trustees pursuant to the terms and provisions of, and in accordance with the requirements of, this Trust Agreement and the Holders will be, as of each such date, entitled to the benefits of this Trust Agreement;
and 
 (b) there are no taxes, fees or other governmental charges payable by the Trust (or the Trustees on behalf of the Trust) under the
laws of the State of Delaware or any political subdivision thereof in connection with the execution, delivery and performance by the Property Trustee or the Delaware Trustee, as the case may be, of this Trust Agreement. 
 ARTICLE VIII 
 THE TRUSTEES

 Section 8.1 Certain Duties and Responsibilities. 
 (a) The rights, duties and responsibilities of the Trustees shall be as provided by this Trust Agreement and, in the case of the Property Trustee, by the
Trust Indenture Act. For purposes of Sections 315(a) and 315(c) of the Trust Indenture Act, the term “default” is hereby defined to mean an Event of Default has occurred and is continuing. Notwithstanding the foregoing, no provision of
this Trust Agreement shall require the Trustees to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder, or in the exercise of any of their rights or powers, if they shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The Delaware Trustee shall have no liability under this Trust Agreement except for its gross
negligence or willful misconduct. The Property Trustee shall have no liability under this Trust Agreement except for its negligence or willful misconduct. Whether or not therein expressly so provided, every provision of this Trust Agreement relating
to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section. Nothing in this Trust Agreement shall be construed to release an Administrative Trustee from liability for its
own gross negligent action, its own gross negligent failure to act, or its own willful misconduct. To the extent that, at law or in equity, the Delaware Trustee or an Administrative Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Trust or to the Holders, the Delaware Trustee or such Administrative Trustee shall not be liable to the Trust or to any Holder for such Trustee’s good faith reliance on the provisions of this Trust Agreement. The
provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Delaware Trustee or the Administrative Trustees otherwise existing at law or in equity, are agreed by the Sponsor and the Holders to replace such
other duties and liabilities of the Administrative Trustees. 
 (b) All payments made by the Property Trustee or a Paying Agent in respect of
the Trust Securities shall be made only from the income and proceeds from the Trust Property and only to the extent that there shall be sufficient income or proceeds from the Trust Property to 

  

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enable the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Holder, by its acceptance of a Trust Security,
agrees that it will look solely to the income and proceeds from the Trust Property to the extent legally available for distribution to it as herein provided and that the Trustees, their officers, directors, shareholders and agents are not personally
liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This Section 8.1(b) does not limit the liability of the Trustees expressly set forth elsewhere in this Trust
Agreement or, in the case of the Property Trustee, in the Trust Indenture Act. 
 (c) If an Event of Default has occurred and is continuing,
the Property Trustee shall enforce this Trust Agreement for the benefit of the Holders. 
 (d) No provision of this Trust Agreement shall be
construed to relieve the Property Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) the Property Trustee shall not be liable for any error of judgment made in good faith by the Responsible Officer of the Property
Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
 (ii) the
Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority in Liquidation Amount of the Trust Securities relating to
the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
 (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Junior Subordinated
Notes and the Payment Account shall be, (A) before the occurrence of any Event of Default and after the curing of all Events of Default that may have occurred, to undertake to perform only such duties as are specifically set forth in this Trust
Agreement and the Trust Indenture Act, and (B) in case an Event of Default has occurred (that has not been cured or waived pursuant hereto), to exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree
of care and skill in its exercise thereof, as a prudent person would exercise or use in the conduct of his or her own affairs, subject to the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement and
the Trust Indenture Act; 
 (iv) the Property Trustee shall not be liable for any interest on any money received by it except
as it may otherwise agree with the Sponsor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Payment Account maintained by the Property Trustee pursuant to Section 3.1 and
except to the extent otherwise required by law; 
  

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 (v) the Property Trustee shall not be responsible for monitoring the compliance by the
Administrative Trustees or the Sponsor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default, negligence or misconduct of the Administrative Trustees or the Sponsor; 
 (vi) Notwithstanding anything contained in this Trust Agreement to the contrary, the duties and responsibilities of the Property Trustee
under this Trust Agreement shall be subject to the protections, exculpations and limitations on liability afforded to an indenture trustee under the provisions of the Trust Indenture Act. For the purposes of Sections 315(b) and 315(d)(2) of the
Trust Indenture Act, the term “responsible officer” is hereby defined as a Responsible Officer; and 
 (vii) Whether
or not therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Property Trustee shall be subject to the provisions of this Section. 
 Section 8.2 Certain Notices. 
 Within 30 days after the occurrence of any Event of Default actually known to a Responsible Officer of the Property Trustee, the Property Trustee shall transmit, in the manner and to the extent provided in Section 11.8, notice of such
Event of Default to the Holders, the Administrative Trustees and the Sponsor, unless such Event of Default shall have been cured or waived. 
 Promptly after the receipt of notice of the Sponsor’s exercise of its right to defer the payment of interest on the Junior Subordinated Notes pursuant to the Supplemental Indenture, the Property Trustee shall transmit, in the manner
and to the extent provided in Section 11.8, notice of such exercise to the Holders and the Property Trustee, unless such exercise shall have been revoked. For the purpose of this Section 8.2, the term “default” means any event
which is, or after notice or lapse of time or both would become, an Event of Default. 
 Section 8.3 Certain Rights of Property
Trustee. 
 Subject to the provisions of Section 8.1: 
 (a) the Property Trustee may conclusively rely and shall be fully protected in acting or refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or
transferee, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties; 
 (b) if (i) in performing its duties under this Trust
Agreement the Property Trustee is required to decide between alternative courses of action or (ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds the same ambiguous or inconsistent with any other
provisions contained herein or (iii) the Property Trustee is unsure of 

  

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the application of any provision of this Trust Agreement, then, except as to any matter as to which the Holders of Trust Preferred Securities are entitled to
vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Sponsor requesting written instructions of the Sponsor as to the course of action to be taken and the Property Trustee shall take such action, or
refrain from taking such action, as the Property Trustee shall be instructed in writing to take, or to refrain from taking, by the Sponsor; provided, however, that if the Property Trustee does not receive such instructions of the Sponsor
within ten Business Days after it has delivered such notice, or such reasonably shorter period of time set forth in such notice (which to the extent practicable shall not be less than two Business Days), it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Trust Agreement as it shall deem advisable and in the best interests of the Holders, in which event the Property Trustee shall have no liability except for its own bad faith, negligence
or willful misconduct; 
 (c) any direction or act of the Sponsor or the Trustees contemplated by this Trust Agreement shall be sufficiently
evidenced by an Officers’ Certificate; 
 (d) whenever in the administration of this Trust Agreement, the Property Trustee shall deem it
desirable that a matter be established before undertaking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Sponsor or the Administrative Trustees; 
 (e) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws) or any
rerecording, refiling or re-registration thereof; 
 (f) the Property Trustee may consult with counsel of its own selection (which may be
outside counsel to the Sponsor) and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in accordance with
such advice, such counsel may be counsel to the Sponsor or any of its Affiliates, and may include any of its employees; the Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement
from any court of competent jurisdiction; 
 (g) the Property Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Trust Agreement at the request or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property Trustee security or indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (h) the Property Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or
other paper or document, unless requested in writing to do so by one or more Holders, but the Property Trustee may make such further inquiry or investigation into such facts or matters as it may see fit; 
  

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 (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through its agents or attorneys and the Property Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 
 (j) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable to receive instructions with respect to enforcing
any remedy or right or taking any other action hereunder the Property Trustee (i) may request instructions from the Holders of the Trust Securities which instructions may only be given by the Holders of the same proportion in Liquidation Amount
of the Trust Securities as would be entitled to direct the Property Trustee under the terms of the Trust Securities in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or right or taking such other action
until such instructions are received, and (iii) shall be fully protected in acting in accordance with such instructions; 
 (k) except
as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Trust Agreement; 
 (l) no provision of this Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or acts or exercise
any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or
acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Property Trustee shall be construed to be a duty; 
 (m) the Property Trustee shall not be deemed to have notice or be charged with knowledge of any default or Event of Default unless a Responsible Officer of the Property Trustee shall have received written notice
thereof at the Corporate Trust Office of the Property Trustee from the Sponsor; 
 (n) the rights, privileges, protections, immunities and
benefits given to the Property Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Property Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder; 
 (o) the Property Trustee may conclusively assume that any funds held by it hereunder are legally available
unless a Responsible Officer of the Property Trustee shall have received written notice from the Sponsor, any Holder or any other Trustee that such funds are not legally available; and 
 (p) in no event shall the Property Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not
limited to, lost profits), irrespective of whether the Property Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
  

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 Section 8.4 Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Trust, and the Trustees do not assume any
responsibility for their correctness. The Trustees shall not be accountable for the use or application by the Sponsor of the proceeds of the Junior Subordinated Notes. 
 Section 8.5 May Hold Securities. 
 Except as provided in the definition of the term
“Outstanding” in Article I, any Trustee or any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities and, subject to Sections 8.8 and 8.13, may
otherwise deal with the Trust with the same rights it would have if it were not a Trustee or such other agent. 
 Section 8.6 Compensation; Indemnity; Fees. 
 The Sponsor agrees: 
 (a) to pay to the Trustees from time to time reasonable compensation for all services rendered by them hereunder (which compensation shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly provided
herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses
and disbursements of their agents and counsel), except any such expense, disbursement or advance as shall be caused by its negligence or willful misconduct (or, in the case of the Administrative Trustees or the Delaware Trustee, any such expense,
disbursement or advance caused by their gross negligence); and 
 (c) to the fullest extent permitted by applicable law, to indemnify and
hold harmless (i) each Trustee (and any predecessor Trustee), (ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any Trustee, and (iv) any employee or agent of the
Trust or its Affiliates, (referred to herein as an “Indemnified Person”) from and against any loss, damage, liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by such Indemnified Person in connection
with the creation, operation or termination of the Trust or any act or omission performed or omitted by such Indemnified Person on behalf of the Trust, except that no Indemnified Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Indemnified Person by reason of gross negligence or willful misconduct with respect to such acts or omissions. 
 The provisions of this Section 8.6 shall survive the termination of this Trust Agreement for any reason or the termination, resignation or removal of any Trustee. 
 In addition to and without prejudice to its rights hereunder, when the Property Trustee incurs expenses or renders services in connection with a
Bankruptcy Event, the expenses 

  

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and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, receivership,
insolvency or similar law. 
 “Property Trustee” for the purposes of this Section shall include any predecessor Property
Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Property Trustee hereunder shall not affect the rights of any other Property Trustee hereunder. 
 No Trustee may claim any Lien or charge on any Trust Property as a result of any amount due pursuant to this Section 8.6. 
 The Sponsor and any Trustee may engage in or possess an interest in other business ventures of any nature or description, independently or with others,
similar or dissimilar to the business of the Trust, and the Trust and the Holders of Trust Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the
pursuit of any such venture, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. Neither the Sponsor, nor any Trustee, shall be obligated to present any particular investment or other opportunity to the
Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and the Sponsor or any Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to
recommend to others any such particular investment or other opportunity. Any Trustee may engage or be interested in any financial or other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depository for, trustee or agent
for, or act on any committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates. 
 Section 8.7 Corporate Property Trustee Required; Eligibility of Trustees. 
 (a) There shall at all times be a
Property Trustee hereunder with respect to the Trust Securities. The Property Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If any such
Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Property Trustee with respect to the Trust Securities shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 (b) There shall at all times be one
or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized to
bind that entity. 
 (c) There shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall
either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity with its principal place of 

  

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business in the State of Delaware and that otherwise meets the requirements of applicable Delaware law that shall act through one or more persons authorized
to bind such entity. 
 Section 8.8 Conflicting Interests. 
 If the Property Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the Trust Indenture Act, the Property
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, Section 310(b) of the Trust Indenture Act and this Trust Agreement; provided, however, that there
shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act (i) the Guarantee and (ii) any indenture or indentures under which other securities or certificates of interest or participation in other securities
of the Trust or the Sponsor are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. Nothing herein shall preclude the Property Trustee from submitting an application or
applications contemplated by the second to the last paragraph of Section 310(b) of the Trust Indenture Act. 
 Section 8.9 Co-Trustees and Separate Property Trustee. 
 Unless a Note Event of Default shall have occurred and be
continuing, at any time or from time to time, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Sponsor and the Administrative
Trustees, by agreed action of the majority of such Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Sponsor shall for such purpose join with the Administrative Trustees in the execution,
delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust
Property, or to the extent required by law to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any
property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Sponsor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Note Event of
Default has occurred and is continuing, the Property Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.7. 
 Should any written instrument from the Sponsor be required by any co-trustee or separate trustee so appointed for more fully confirming to such
co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Sponsor. 
 Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:

 (a) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations hereunder in respect of the
custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified 

  

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hereunder shall be exercised solely by such Trustees and not by such co-trustee or separate trustee. 
 (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such
appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or
separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties
and obligations shall be exercised and performed by such co-trustee or separate trustee. 
 (c) The Property Trustee at any time, by an
instrument in writing executed by it, with the written concurrence of the Sponsor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case a Note Event of Default has occurred and is
continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Sponsor. Upon the written request of the Property Trustee, the Sponsor shall join with
the Property Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be
appointed in the manner provided in this Section. 
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of
any act or omission of the Property Trustee or any other trustee hereunder. 
 (e) The Trustees shall not be liable by reason of any act or
omission of a co-trustee or separate trustee. 
 (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee. 
 Section 8.10 Resignation and Removal; Appointment of Successor.

 No resignation or removal of any Trustee (the “Relevant Trustee”) and no appointment of a successor Relevant Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the successor Relevant Trustee in accordance with the applicable requirements of Section 8.11. 
 Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by giving written notice thereof to the Holders. If the
instrument of acceptance by the successor Relevant Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30 days after the giving of such notice of resignation, the resigning Relevant Trustee may
petition, any court of competent jurisdiction for the appointment of a successor Relevant Trustee. 
 The Administrative Trustees, or any of
them, may be removed at any time by Act of the Holder of Trust Common Securities delivered to the Relevant Trustee. 
  

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 The Property Trustee or the Delaware Trustee, or both of them, may be removed by Act of the Holders of at
least a majority in Liquidation Amount of the Trust Preferred Securities, delivered to the Relevant Trustee (in its individual capacity and, in the case of the Property Trustee, on behalf of the Trust) at any time if a Note Event of Default shall
have occurred and be continuing. Unless and until a Note Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed at any time by Act of the Holder of Trust Common
Securities. 
 If any Trustee shall resign, be removed or become incapable of acting as Trustee, or if a vacancy shall occur in the office of
any Trustee for any cause, at a time when no Note Event of Default shall have occurred and be continuing, the Holder of Trust Common Securities, by Act of the Holder of Trust Common Securities delivered to the retiring Trustee, shall promptly
appoint a successor Trustee or Trustees, and the retiring Trustee shall comply with the applicable requirements of Section 8.11. If the Property Trustee or the Delaware Trustee shall resign, be removed or become incapable of continuing to act
as the Property Trustee or the Delaware Trustee, as the case may be, at a time when a Note Event of Default shall have occurred and be continuing, the Holders of Trust Preferred Securities, by Act of the Holders of a majority in Liquidation Amount
of the Trust Preferred Securities then Outstanding delivered to the retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and such successor Trustee shall comply with the applicable requirements of
Section 8.11. If an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when a Note Event of Default shall have occurred and be continuing, the Holder of Trust Common Securities by
Act of the Holder of Trust Common Securities delivered to the Administrative Trustee shall promptly appoint a successor Administrative Trustee or Administrative Trustees and such successor Administrative Trustee or Trustees shall comply with the
applicable requirements of Section 8.11. If, more than one year after the occurrence of such vacancy, no successor Relevant Trustee shall have been so appointed by the Holder of Trust Common Securities or the Holders of Trust Preferred
Securities and accepted appointment in the manner required by Section 8.11, any Holder who has been a Holder of Trust Securities for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Relevant Trustee. 
 The resigning Trustee shall give notice of its resignation or
removal and the appointment of a successor Trustee to all Holders in the manner provided in Section 11.8 and shall give notice to the Sponsor. Each notice shall include the name of the successor Relevant Trustee and the address of its Corporate
Trust Office if it is the Property Trustee. 
 Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any
Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Sponsor, incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by (a) the unanimous
act of the remaining Administrative Trustees if there are at least two of them or (b) otherwise by the Sponsor (with the successor in each case being a Person who satisfies the eligibility requirement for Administrative Trustees or Delaware
Trustee, as the case may be, set forth in Section 8.7). 
  

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 Section 8.11 Acceptance of Appointment by Successor. 
 In case of the appointment hereunder of a successor Trustee such successor Trustee so appointed shall execute, acknowledge and deliver to the Trust and to
the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Sponsor or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and if the Property Trustee is the resigning Trustee shall duly assign, transfer and deliver to the successor Trustee all property and money held by such retiring Property
Trustee hereunder. 
 In case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant Trustee and each successor
Relevant Trustee with respect to the Trust Securities shall execute and deliver an amendment hereto wherein each successor Relevant Trustee shall accept such appointment and which (a) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the retiring Relevant Trustee with respect to the Trust Securities and the Trust and (b) shall add to or change
any of the provisions of this Trust Agreement as shall be necessary to provide for or facilitate the administration of the Trust by more than one Relevant Trustee, it being understood that nothing herein or in such amendment shall constitute such
Relevant Trustees co-trustees and upon the execution and delivery of such amendment the resignation or removal of the retiring Relevant Trustee shall become effective to the extent provided therein and each such successor Relevant Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Relevant Trustee; but, on request of the Trust or any successor Relevant Trustee such retiring Relevant Trustee shall duly
assign, transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held by such retiring Relevant Trustee hereunder with respect to the Trust Securities and the Trust. 
 Upon request of any such successor Relevant Trustee, the Trust shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Relevant Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
 No successor Relevant Trustee shall accept its appointment unless at the time of such acceptance such successor Relevant Trustee shall be qualified and eligible under this Article. 
 Section 8.12 Merger, Conversion, Consolidation or Succession to Business. 
 Any Person into which the Property Trustee or the Delaware Trustee or any Administrative Trustee that is not a natural person may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Relevant Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of such
Relevant Trustee, shall be the successor of such Relevant 

  

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Trustee hereunder, provided that such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. 
 Section 8.13 Preferential Collection of Claims Against
Sponsor or Trust. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other similar judicial proceeding relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether
any Distributions on the Trust Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due
Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall consent to
the making of such payments directly to the Holders, to pay to the Property Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due
the Property Trustee. 
 Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
 Section 8.14 Reports by Property Trustee. 
 (a) Within 60 days after              of each year commencing with
            ,             , if required by Section 313(a) of the Trust Indenture Act, the Property Trustee
shall transmit a brief report with respect to any of the events specified in Section 313(a) of the Trust Indenture Act that may have occurred since the later of the date of this Trust Agreement or the immediately preceding
            . 
 (b) The Property Trustee shall transmit to Holders the
reports required by Section 313(b) of the Trust Indenture Act at the times specified therein. 
  

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 (c) Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by
Section 313(c) and (d) of the Trust Indenture Act. 
 Section 8.15 Reports to the Property Trustee. 
 The Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such documents, reports and information as
required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act. The Sponsor shall provide to the Property Trustee such documents, reports and information as required by Section 312(a) of the Trust Indenture Act in the form, in the manner and at the times required by Section 312(a) of the
Trust Indenture Act. The Sponsor shall give prompt written notice to the Property Trustee and any Paying Agent of (i) any Bankruptcy Event, (ii) any Event of Default or any event which is, or after notice or passage of time would be, a
default hereunder, and any cure or waiver of such Event of Default or default, and (iii) if and when the Trust Preferred Securities are listed on any stock exchange. Delivery of such documents, reports and information is for information
purposes only and the Property Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including compliance with any covenants hereunder (as to
which the Property Trustee is entitled to rely exclusively on an Officers’ Certificate). 
 Section 8.16 Evidence of
Compliance with Conditions Precedent. 
 Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the
Property Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act shall be given in the form of an Officers’ Certificate. 
 Section 8.17 Number of Trustees. 
 (a) The number of Trustees shall be five, provided
that the Holder of all of the Trust Common Securities by written instrument may increase or decrease the number of Administrative Trustees. The Property Trustee and the Delaware Trustee may be the same Person. 
 (b) If a Trustee ceases to hold office for any reason and the number of Administrative Trustees is not reduced pursuant to Section 8.17(a), or if
the number of Trustees is increased pursuant to Section 8.17(a), a vacancy shall occur. The vacancy shall be filled with a Trustee appointed in accordance with Section 8.10. 
 (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall not operate to dissolve,
terminate or annul the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 8.10, the Administrative Trustees in
office, regardless of their number (and notwithstanding any 

  

 46 

 
other provision of this Trust Agreement), shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon
the Administrative Trustees by this Trust Agreement. 
 Section 8.18 Delegation of Power. 
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or
her power for the purpose of executing any documents contemplated in Section 2.7(a), including any registration statement or amendment thereto filed with the Commission, or making any other governmental filing; and 
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number or to the Sponsor the doing of such things and the
execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary
to the provisions of this Trust Agreement, as set forth herein. 
 ARTICLE IX 
 TERMINATION, LIQUIDATION AND MERGER. 
 Section 9.1 Termination Upon
Expiration Date 
 Unless earlier terminated pursuant to Section 9.2, the Trust shall automatically terminate on
            ,             (the “Expiration Date”), following the distribution of the Trust
Property in accordance with Section 9.4. 
 Section 9.2 Early Termination. 
 Upon the occurrence of the first of any of the following events to occur (an “Early Termination Event”), the Trust shall terminate:

 (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Holder of the Trust Common Securities;

 (b) the written direction to the Property Trustee from the Sponsor as the holder of the Trust Common Securities at any time to terminate
the Trust and distribute Junior Subordinated Notes to Holders in an amount equivalent to the amount of the Trust Preferred Securities and Trust Common Securities held by such holders (which, except as set forth in this Section 9.2, direction is
optional and wholly within the discretion of the Sponsor); 
 (c) the redemption of all of the Trust Preferred Securities in connection with
the redemption of all the Junior Subordinated Notes; 
 (d) the entry of an order for dissolution of the Trust by a court of competent
jurisdiction; or 
  

 47 

 (e) the termination of the term specified in this Trust Agreement or any extension of that term set forth
in an amendment of this Trust Agreement. 
 Notwithstanding the preceding, any Early Termination Event as set forth in Sections (b) and
(c) shall be subject to the Sponsor obtaining prior approval from the Federal Reserve if then required under applicable capital adequacy guidelines, regulations or policies of the Federal Reserve; provided that this approval requirement
shall be applicable only so long as the Sponsor is subject to the supervision and regulation of the Federal Reserve. If such approval requirement shall be applicable, the determination of whether approval shall be required by the Federal Reserve
shall be made by the Sponsor. 
 Section 9.3 Termination. 
 The respective obligations and responsibilities of the Trustees and the Trust continued hereby shall terminate upon the latest to occur of the following:
(a) the distribution by the Property Trustee to Holders upon the liquidation of the Trust pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2, of all amounts required to be
distributed hereunder upon the final payment of the Trust Securities; (b) the payment of any expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of any
tax reporting obligations with respect to the Trust or the Holders. 
 In connection with any such termination, the Administrative Trustees
shall prepare, execute and file the certificate of cancellation with the Secretary of State of the State of Delaware. 
 Section 9.4 Liquidation. 
 (a) If an Early Termination Event specified in clause (a), (b) or (d) of
Section 9.2 occurs or upon the Expiration Date, the Trust shall be liquidated by the Trustees as expeditiously as the Trustees determine to be possible by distributing, after satisfaction or the making of reasonable provision for the payment of
liabilities to creditors of the Trust as provided by applicable law, to each Holder a Like Amount of Junior Subordinated Notes, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee by first-class mail, postage
prepaid mailed at least 30 days, but not more than 60 days, prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the Securities Register. All such notices of liquidation shall: 
 (i) state the CUSIP number of the Trust Securities; 
 (ii) state the Liquidation Date; 
 (iii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a
Like Amount of Junior Subordinated Notes; or if Section 9.4(d) applies, a right to receive a Liquidation Distribution; and 
  

 48 

 (iv) provide such information with respect to the mechanics by which Holders may exchange
Trust Securities Certificates for Junior Subordinated Notes, or if Section 9.4(d) applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. 
 (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the Trust and distribution of the Junior Subordinated Notes
to Holders, the Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange
agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Notes in exchange for the Outstanding Trust Securities Certificates. 
 (c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be
Outstanding, (ii) certificates representing a Like Amount of Junior Subordinated Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such certificates to the Administrative Trustees or their agent for exchange,
(iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Notes, accruing interest at the rate provided for in the Junior Subordinated Notes from the last
Distribution Date on which a Distribution was made on such Trust Securities Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of
Trust Securities Certificates with respect to such Junior Subordinated Notes) and (iv) all rights of Holders holding Trust Securities will cease, except the right of such Holders to receive Junior Subordinated Notes upon surrender of Trust
Securities Certificates. 
 (d) In the event that, notwithstanding the other provisions of this Section 9.4, whether because of an order
for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Junior Subordinated Notes in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated,
and the Trust shall be dissolved, wound-up or terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event, on the date of the dissolution, winding-up or other termination of the Trust, Holders will be
entitled to receive out of the assets of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus
accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any such dissolution, winding up or termination, the Liquidation Distribution can be paid only in part
because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata
basis (based upon Liquidation Amounts). The Holder of the Trust Common Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of
Trust Preferred Securities, except that, if a Note Event of Default has occurred and is continuing, the Trust Preferred Securities shall have a priority over the Trust Common Securities. 
  

 49 

 Section 9.5 Mergers, Consolidations, Amalgamations or Replacements of the Trust.

 The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other body, except pursuant to this Section 9.5. At the request of the Sponsor, with the consent of the Administrative Trustees and without the consent of the Holders of the Trust Preferred
Securities, the Property Trustee or the Delaware Trustee, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a trust organized as such
under the laws of any state; provided, that (i) such successor entity either (a) expressly assumes all of the obligations of the Trust with respect to the Trust Preferred Securities or (b) substitutes for the Trust Preferred
Securities other securities having substantially the same terms as the Trust Preferred Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Trust Preferred Securities rank in priority with
respect to distributions and payments upon liquidation, redemption and otherwise, (ii) the Sponsor expressly appoints a trustee of such successor entity possessing the same powers and duties as the Property Trustee as the holder of the Junior
Subordinated Notes, (iii) such transaction does not cause the Trust Preferred Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization, (iv) such transaction does not
adversely affect the rights, preferences and privileges of the Holders of the Trust Preferred Securities (including any Successor Securities) in any material respect, (v) such successor entity has purposes substantially identical to that of the
Trust, (vi) prior to such transaction, the Sponsor and the Property Trustee have received an Opinion of Counsel experienced in such matters to the effect that (a) such transaction does not adversely affect the rights, preferences and
privileges of the Holders of the Trust Preferred Securities (including any Successor Securities) in any material respect, (b) following such transaction, neither the Trust nor such successor entity will be required to register as an investment
company under the Investment Company Act and (c) such transaction will not cause the Trust or the successor entity to be classified as other than a grantor trust for United States federal income tax purposes, and (vii) the Sponsor or its
permitted successor or assignee owns all of the trust common securities of such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee. Notwithstanding
the foregoing, the Trust shall not, except with the consent of Holders of 100% in Liquidation Amount of the Trust Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to any other entity or permit any other entity to consolidate, amalgamate, merge with or into, or replace it if such transaction would cause the Trust or the successor entity to be classified as other than a
grantor trust for United States federal income tax purposes. 
 ARTICLE X 
 EXPENSES 
 Section 10.1 Expenses. In connection with the
offering, sale and issuance of the Junior Subordinated Notes to the Property Trustee on behalf of the Trust and in connection with the sale of the Trust Securities by the Trust, the Sponsor, in its capacity as borrower with respect to the Junior
Subordinated Notes and Holder of the Trust Common Securities, will: 
  

 50 

 (a) pay, and reimburse the Trust in full for, all costs and expenses relating to the offering, sale and
issuance of the Junior Subordinated Notes, including commissions to the underwriters payable pursuant to the Underwriting Agreement and compensation and indemnification of the Indenture Trustee under the Base Indenture in accordance with the
provisions of the Base Indenture; 
 (b) be responsible for and will pay, and reimburse the Trust in full for, all debts and obligations
(except for any obligations of the Trust to pay to the holders of any Trust Preferred Securities the amounts due such holders pursuant to the terms of the Trust Preferred Securities) and all costs and expenses of the Trust (including, but not
limited to, costs and expenses relating to the organization, maintenance and dissolution of the Trust), the offering, sale and issuance of the Trust Securities (including commissions to the underwriters in connection therewith), the indemnities,
fees and expenses (including counsel fees and expenses) of the Property Trustee, the Delaware Trustee, the Administrative Trustees, the Securities Registrar and the Paying Agent, the costs and expenses relating to the operation of the Trust,
including, without limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping services, expenses for printing and engraving and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s),
duplicating, travel and telephone and other telecommunications expenses and costs and expenses incurred in connection with the acquisition, financing, and disposition of Trust assets and the enforcement by the Property Trustee of the rights of the
Holders of the Junior Subordinated Notes; and 
 (c) pay, and reimburse the Trust in full for, any and all taxes (other than United States
withholding taxes attributable to the Trust or its assets) and all liabilities, costs and other expenses with respect to such taxes of the Trust. 
 Such payment obligation includes any such costs, expenses or liabilities of the Trust that are required by applicable law to be satisfied in connection with a termination of the Trust. 
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS

 Section 11.1 Limitation of Rights of Holders. 
 The death, incapacity, liquidation, dissolution, termination or bankruptcy of any Person having an interest, beneficial or otherwise, in Trust Securities
shall not operate to terminate this Trust Agreement, nor entitle the legal representatives or heirs of such Person or any Holder for such Person, to claim an accounting, take any action or bring any proceeding in any court for a partition or winding
up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
 Section 11.2 Amendment. 
 (a) This Trust Agreement may be amended from time to time by the Sponsor, the Property
Trustee and the Administrative Trustees, without the consent of any Holder of the Trust Preferred Securities or the Delaware Trustee (i) to cure any ambiguity, correct or supplement any provision herein that may be defective or inconsistent
with any other provision herein; provided, that such modification shall not adversely affect the interests of the Holders of 

  

 51 

 
the Trust Preferred Securities in any material respect; and (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such extent as
shall be necessary to ensure that the Trust will not be classified as other than a grantor trust for United States federal income tax purposes at all times that any Trust Preferred Securities are outstanding, or to ensure that the Trust will not be
required to register as an “investment company” under the Investment Company Act or, so long as the Sponsor is subject to the supervision and regulation of the Federal Reserve, to ensure the treatment of the Trust Preferred Securities as
Tier 1 capital under the prevailing Federal Reserve Board rules and regulations; provided, however, that such action shall not adversely affect in any material respect the interests of any Holder of Trust Preferred Securities. 
 (b) The Sponsor and the Administrative Trustees may amend this Trust Agreement without the consent of any Holder of Trust Preferred Securities, the
Property Trustee or the Delaware Trustee (i) to require that Holders that are not U.S. Persons for U.S. federal income tax purposes irrevocably appoint a U.S. Person to exercise any voting rights to ensure that the Trust will not be treated as
a foreign trust for U.S. federal income tax purposes, and (ii) to conform the terms of this Trust Agreement to the description of this Trust Agreement and the Trust Securities in the Prospectus Supplement. 
 (c) Except as provided in Section 11.2(e), any provision of this Trust Agreement may be amended by the Sponsor, the Administrative Trustees, the
Property Trustee and the Delaware Trustee with the consent of Holders of at least a majority in aggregate Liquidation Amount of the Trust Preferred Securities; provided that the Trustees have received an Opinion of Counsel to the effect that
such amendment or the exercise of any power granted to the Trustees in accordance with such amendment will not affect the Trust’s status as a grantor trust for U.S. federal income tax purposes or affect the Trust’s exemption from status as
an “investment company” under the Investment Company Act. 
 (d) In addition to and notwithstanding any other provision in this
Trust Agreement, without the consent of each affected Holder of Trust Preferred Securities, this Trust Agreement may not be amended to (i) change the amount or timing of any Distribution on the Trust Securities or otherwise adversely affect the
amount of any Distribution required to be made in respect of the Trust Securities as of a specified date; (ii) restrict the right of a Holder of Trust Preferred Securities to institute a suit for the enforcement of any such payment on or after
such date; or (iii) impair the rights of the holders of the Trust Preferred Securities to institute a Direct Action; and notwithstanding any other provision herein, without the unanimous consent of the Holders, this Section 11.2(d) may not
be amended. 
 (e) Any such amendment shall become effective when notice thereof is given to the Property Trustee, the Delaware Trustee and
the Holders of Trust Preferred Securities. 
 (f) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any
amendment to this Trust Agreement that affects its own rights, duties or indemnities under this Trust Agreement. The Property Trustee shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to
this Trust Agreement is in compliance with this Trust Agreement. 
  

 52 

 Section 11.3 Separability. 
 In case any provision in this Trust Agreement or in the Trust Securities Certificates 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 11.4 Governing
Law. 
 THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE TRUST, THE SPONSOR AND THE TRUSTEES WITH RESPECT
TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. THE PROVISIONS OF SECTIONS 3540 AND 3561 OF TITLE 12 OF THE
DELAWARE CODE ANNOTATED SHALL NOT APPLY TO THE TRUST. 
 Section 11.5 Payments Due on Non-Business Day. 
 If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on such date but may
be made on the next succeeding day that is a Business Day (except as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date fixed for such payment, and no Distributions shall accumulate on such
unpaid amount for the period after such date. 
 Section 11.6 Successors. 
 This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to the Sponsor, the Trust and the Relevant Trustee, including
any successor by operation of law. Except in connection with a consolidation, merger or sale involving the Sponsor that is permitted under Article Eight of the Base Indenture and pursuant to which the assignee agrees in writing to perform the
Sponsor’s obligations hereunder, the Sponsor shall not assign its obligations hereunder. 
 Section 11.7 Headings.

 The Article and Section headings are for convenience only and shall not affect the construction of this Trust Agreement. 
 Section 11.8 Reports, Notices and Demands. 
 Any report, notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon any Holder or the Sponsor may be given or served in writing by
deposit thereof, first-class postage prepaid, in the United States mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Holder of Trust Preferred Securities, to such Holder of Trust Preferred Securities
as such Holder’s name and address may appear on the Securities Register; and (b) in the case of a Holder of Trust Common Securities or the Sponsor, to 101 Montgomery Street, San Francisco, California 94104, Attention: Corporate Treasurer,
facsimile no.:         . Such notice, demand or 

  

 53 

 
other communication to or upon a Holder shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or
transmission. 
 Any notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be
given or served to or upon the Property Trustee, the Delaware Trustee or the Administrative Trustees shall be given in writing addressed (until another address is published by the Trust) as follows: (a) with respect to the Property Trustee to
its Corporate Trust Office; (b) with respect to the Delaware Trustee, to its address specified in Section 2.2; (c) with respect to the Administrative Trustees, to them at the address above for notices to the Sponsor, marked
“Attention: Administrative Trustees of Schwab Capital Trust          and Corporate Treasurer of The Charles Schwab Corporation”; and (d) with respect to the Trust, to its principal office
specified in Section 2.2, with copy to the Property Trustee. Such notice, demand or other communication to or upon the Trust or the Property Trustee shall be deemed to have been sufficiently given or made only upon actual receipt of the writing
by the Trust or the Property Trustee. 
 The Property Trustee agrees to accept and act upon facsimile transmission of written instructions
and/or directions pursuant to this Trust Agreement given by the Sponsor, provided, however, that: (i) the Sponsor, subsequent to such facsimile transmission of written instructions and/or directions, shall provide the originally executed
instructions and/or directions to the Property Trustee in a timely manner and (ii) such originally executed instructions and/or directions shall be signed by an Authorized Officer of the Sponsor. 
 Section 11.9 Agreement Not to Petition. 
 Each of the Trustees and the Sponsor agree for the benefit of the Holders that, until at least one year and one day after the Trust has been terminated in accordance with Article IX, they shall not file, or join in
the filing of, a petition against the Trust under any bankruptcy, insolvency, reorganization or other similar law (including, without limitation, the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join
in the commencement of any proceeding against the Trust under any Bankruptcy Law. In the event the Sponsor takes action in violation of this Section 11.9, the Property Trustee agrees, for the benefit of Holders, that at the expense of the
Sponsor, it shall file an answer with the bankruptcy court or otherwise properly contest the filing of such petition by the Sponsor against the Trust or the commencement of such action and raise the defense that the Sponsor has agreed in writing not
to take such action and should be stopped and precluded therefrom and such other defenses, if any, as counsel for the Trustee or the Trust may assert. The provisions of this Section 11.9 shall survive the termination of this Trust Agreement.

 Section 11.10 Trust Indenture Act; Conflict with Trust Indenture Act. 
 (a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that are required or deemed to be part of this Trust Agreement and shall,
to the extent applicable, be governed by such provisions. 
 (b) The Property Trustee shall be the only Trustee which is a trustee for the
purposes of the Trust Indenture Act. 
  

 54 

 (c) If any provision hereof limits, qualifies or conflicts with another provision hereof which is
required or deemed to be included in this Trust Agreement by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. If any provision of this Trust Agreement modifies or excludes any provision of the Trust
Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Trust Agreement as so modified or excluded, as the case may be. 
 (d) The application of the Trust Indenture Act to this Trust Agreement shall not affect the nature of the Trust Securities as equity securities representing undivided beneficial interests in the assets of the Trust.

 Section 11.11 Acceptance of Terms of Trust Agreement, Guarantee and Indenture. 
 THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE
SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE
AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH OTHERS. 
 Section 11.12 Waiver of Jury Trial. 
 EACH OF THE SPONSOR AND THE PROPERTY TRUSTEE 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 AGREEMENT, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 11.13 Force Majeure. 
 In no event shall the Property Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services affecting the banking industry generally; it being understood that the
Property Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

 55 

 Section 11.14 Counterparts. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
 * * * * 
  

 56 

 IN WITNESS WHEREOF, the parties hereof have entered into this Trust Agreement as of the date first
above written. 
  

			
	 THE CHARLES SCHWAB CORPORATION

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Property Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BNY MELLON TRUST OF DELAWARE,
 as
Delaware Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 57 

			
	By:	 	 
	 Name:
	 	
		 	Administrative Trustee
		
	 By:
	 	  

	 Name:
	 	
		 	Administrative Trustee
		
	 By:
	 	  

	 Name:
	 	
		 	Administrative Trustee

  

 58 

 EXHIBIT A 
 CERTIFICATE OF TRUST 
  

 A-1 

 EXHIBIT B 
 FORM OF TRUST COMMON SECURITY CERTIFICATE 
 THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE
LAW AND THE TRUST AGREEMENT 
  

			
	Certificate Number:            	 	Number of Trust Common Securities:            

 Certificate Evidencing Trust Common Securities 
 of 
 Schwab Capital Trust
         
      % Trust Common Securities 
 (liquidation amount $         per Trust Common Security) 
 Schwab Capital Trust         , a statutory trust formed under the laws of the State of Delaware (the
“Trust”), hereby certifies that The Charles Schwab Corporation, a Delaware corporation (the “Sponsor”), is the registered owner of         trust common securities of
the Trust representing undivided beneficial interests in the assets of the Trust designated the      % Trust Common Securities (the “Trust Common Securities”) (liquidation amount of
$         per Trust Common Security). Except in accordance with Section 5.10 of the Trust Agreement (as defined below), the Trust Common Securities are not transferable and any attempted transfer
hereof shall be void. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Trust Common Securities represented hereby are issued and shall in all respects be subject to the provisions of the Second
Amended and Restated Trust Agreement dated as of         ,          as the same may be amended from time to time, among The Charles Schwab Corporation, as
Sponsor, The Bank of New York Mellon Trust Company, N.A., as Property Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee, the Administrative Trustees named therein, and the Holders (the “Trust Agreement”). The Holder is
entitled to the benefits of the Guarantee Agreement, dated as of         ,         (the “Guarantee”), entered into by the Sponsor, as
Guarantor, and the Bank of New York Mellon Trust Company, N.A., as guarantee trustee, to the extent provided therein. Capitalized terms used herein but not defined shall have the meaning given to them in the Trust Agreement. The Trust will provide a
copy of the Trust Agreement and the Guarantee to a Holder without charge upon written request to the Trust at its principal place of business. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
  

 B-1 

 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed this certificate
on behalf of the Trust this                     day of         ,
        . 
  

			
	SCHWAB CAPITAL TRUST
		
	 By:
	 	  

	 Name:
	 	
		 	Administrative Trustee

 This is one of the Trust Common Securities referred to in the within-mentioned Trust
Agreement. 
  

			
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A.,
	 as Property Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	Authorized Officer

  

 B-2 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto: 
  

					
		 	  
	 	

 PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER OF ASSIGNEE: 
  

					
		 	  
	 	

 PLEASE PRINT OR TYPEWRITE NAME AND 
 ADDRESS INCLUDING ZIP CODE OF ASSIGNEE: 
 the within Trust Common Security and all rights thereunder,
hereby irrevocably constituting and appointing attorney to transfer said Trust Common Security on the Security Register of the Trust, with full power of substitution in the premises. 
 If an individual:
                                         
        
 If executed by an entity (list entity):
                                         
             
 NOTICE: The signature to this assignment must correspond with the name as written
upon the face of this Trust Common Security in every particular, without alteration or enlargement or any change whatever. 
  

 B-3 

 EXHIBIT C 
 FORM OF TRUST PREFERRED SECURITY CERTIFICATE 
 THIS TRUST PREFERRED SECURITIES CERTIFICATE IS A
BOOK-ENTRY TRUST PREFERRED SECURITIES CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”) OR A NOMINEE OF THE DEPOSITORY.
THIS TRUST PREFERRED SECURITY IS EXCHANGEABLE FOR TRUST PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS TRUST
PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS TRUST PREFERRED SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT
IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS TRUST PREFERRED SECURITIES CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK) TO SCHWAB CAPITAL TRUST              OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY TRUST PREFERRED
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	Certificate Number:             	  	Number of Trust Preferred Securities:             
		
	CUSIP NO.	  	

 Certificate Evidencing Trust Preferred Securities 
 of 
 Schwab Capital Trust
             
             % Trust Preferred Securities 
 (liquidation amount
$             per Trust Preferred Security) 
 Schwab Capital Trust
            , a statutory trust formed under the laws of the State of Delaware (the “Trust”), hereby certifies that Cede & Co. (the
“Holder”) is the registered 

  

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owner of              trust preferred securities of the Trust representing an undivided
beneficial interest in the assets of the Trust and designated the Schwab Capital Trust                          %
Trust Preferred Securities (liquidation amount $             per Trust Preferred Security) (the “Trust Preferred Securities”). The Trust Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined
below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Trust Preferred Securities are set forth in, and this certificate and the Trust Preferred Securities represented hereby are issued and
shall in all respects be subject to the terms and provisions of, the Second Amended and Restated Trust Agreement of the Trust, dated as of             ,
            , as the same may be amended from time to time, among The Charles Schwab Corporation, as Sponsor, The Bank of New York Mellon Trust Company, N.A., as Property Trustee,
BNY Mellon Trust of Delaware, as Delaware Trustee, the Administrative Trustees named therein, and the Holders (the “Trust Agreement”) including the designation of the terms of Trust Preferred Securities as set forth therein. The
Holder is entitled to the benefits of the Guarantee Agreement, dated as of             ,              (the
“Guarantee”), entered into by the Sponsor, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as guarantee trustee, to the extent provided therein. Capitalized terms used herein but not defined shall have the meaning
given to them in the Trust Agreement. The Trust will furnish a copy of the Trust Agreement and the Guarantee to the Holder without charge upon written request to the Trust at its principal place of business or registered office. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed this certificate on behalf of the Trust this
             day of             ,             .

  

			
	SCHWAB CAPITAL TRUST             
		
	By:	 	  

	Name:	 	
		 	Administrative Trustee

 This is one of the Trust Preferred Securities referred to in the within-mentioned Trust
Agreement. 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Property Trustee
		
	By:	 	  

	Name:	 	

  

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	Title:	 	Authorized Officer

  

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 ASSIGNMENT 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations. 
 TEN COM—as tenants in common 
 TEN ENT—as tenants by the
entireties 
 JT TEN—as joint tenants with right if survivorship and not as tenants in common 
  

					
	UNIF GIFT MIN ACT—	  	Custodian
			
		  	(Cust)                                (Minor)	  	
		
		  	Under Uniform Gifts to Minors Act
			
		  	(State)	  	

 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto: 
  

					
		  	  
	  	
	PLEASE INSERT SOCIAL SECURITY
	OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:
			
		  	  
	  	

 PLEASE PRINT OR TYPEWRITE NAME AND 
 ADDRESS INCLUDING ZIP CODE OF ASSIGNEE: 
 the within Trust Preferred Security and all rights
thereunder, hereby irrevocably constituting and appointing attorney to transfer said Trust Preferred Security on the Security Register of the Trust, with full power of substitution in the premises. 
 If an individual:
                                         
        
  

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 If executed by an entity (list entity):
                                         
    
  

			
	By:	 	  

	 Title:
	 	

			
	 Print Name:
	 	

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Trust
Preferred Security in every particular, without alteration or enlargement or any change whatever. 
  

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 SCHWAB CAPITAL TRUST             

 Certain Sections of this Trust Agreement relating to 
 Sections 310 through 318 of the 
 Trust Indenture Act of 1939: 
  

			
	 Trust Indenture Act Section
	 	 Trust Agreement Section

	 (S) 310(a)(1)
	 	8.7
	  (a)(2)
	 	8.7
	  (a)(3)
	 	8.9
	  (a)(4)
	 	2.7(a)(ii)(E)
	  (b)
	 	8.8
	 (S) 311(a)
	 	8.13
	  (b)
	 	8.13
	  (c)
	 	Not Applicable
	 (S) 312(a)
	 	8.15
	  (b)
	 	8.15
	  (c)
	 	5.7
	 (S) 313(a)
	 	8.14(a)
	  (b)
	 	8.14(b)
	  (c)
	 	8.14(c)
	  (d)
	 	8.14(c)
	 (S) 314(a)
	 	8.15
	  (b)
	 	Not Applicable
	  (c)(1)
	 	8.16
	  (c)(2)
	 	8.16
	  (c)(3)
	 	Not Applicable
	  (d)
	 	Not Applicable
	  (e)
	 	1.1, 8.16
	  (f)
	 	Not Applicable
	 (S) 315(a)
	 	8.1(a), 8.3(a)
	  (b)
	 	8.2,
	  (c)
	 	8.1(d)(iii)(B)
	  (d)
	 	8.1(d), 8.1(a), 8.3(a)
	  (e)
	 	Not Applicable
	 (S) 316(a)
	 	Not Applicable
	  (a)(1)(A)
	 	Not Applicable
	  (a)(1)(B)
	 	Not Applicable
	  (a)(2)
	 	Not Applicable
	  (b)
	 	5.14

			
	 Trust Indenture Act Section
	 	 Trust Agreement Section

	   (c)
	 	6.7
	 (S) 317(a)(1)
	 	Not Applicable
	   (a)(2)
	 	Not Applicable
	   (b)
	 	5.9
	 (S) 318(a)
	 	11.10

  
 Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the Trust Agreement.

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