Document:

EX-4.3

 Exhibit 4.3 

SANTANDER HOLDINGS USA, INC. 

Company 
 to 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

Trustee 
 Twenty-Sixth
Supplemental Indenture 
 SENIOR DEBT SECURITIES 

Dated as of January 6, 2022 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 SCOPE OF TWENTY-SIXTH SUPPLEMENTAL INDENTURE
	  	 	2	 
			
	 Section 1.01
	 	Scope	  	 	2	 
		
	 ARTICLE 2 DEFINITIONS
	  	 	2	 
			
	 Section 2.01
	 	Definitions and Other Provisions of General Application	  	 	2	 
		
	 ARTICLE 3 FORM AND TERMS OF THE NOTES
	  	 	3	 
			
	 Section 3.01
	 	Form and Dating	  	 	3	 
			
	 Section 3.02
	 	Terms of the Notes	  	 	3	 
		
	 ARTICLE 4 SUPPLEMENTAL INDENTURES
	  	 	15	 
			
	 Section 4.01
	 	Supplemental Indentures	  	 	15	 
		
	 ARTICLE 5 MISCELLANEOUS
	  	 	15	 
			
	 Section 5.01
	 	Trust Indenture Act of 1939	  	 	15	 
			
	 Section 5.02
	 	Governing Law	  	 	15	 
			
	 Section 5.03
	 	Duplicate Originals	  	 	15	 
			
	 Section 5.04
	 	Separability	  	 	15	 
			
	 Section 5.05
	 	Ratification	  	 	16	 
			
	 Section 5.06
	 	Effectiveness	  	 	16	 
			
	 Section 5.07
	 	Successors	  	 	16	 
			
	 Section 5.08
	 	Trustee’s Disclaimer	  	 	16	 
	
	 EXHIBIT A – Form of 2.490% Fixed-to-Floating Rate Senior Note due 2028
	  

  
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 TWENTY-SIXTH SUPPLEMENTAL INDENTURE 

TWENTY-SIXTH SUPPLEMENTAL INDENTURE (this “Twenty-Sixth Supplemental Indenture”), dated as of January 6, 2022, between
SANTANDER HOLDINGS USA, INC., a corporation duly organized and existing under the laws of the Commonwealth of Virginia (the “Company”), having its principal office at 75 State Street, Boston, Massachusetts 02109, and Deutsche Bank
Trust Company Americas, a New York banking corporation, having a corporate trust office c/o Trust and Agency Services, 1 Columbus Circle, 17th Floor, Mail Stop: NYC01-1710, New York, NY 10019, as Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April 19, 2011 (the “Base
Indenture”) to provide for the issuance by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 

WHEREAS, the Company amended the Base Indenture pursuant to the Eighth Supplemental Indenture, dated as of March 1, 2017, between
the Company and the Trustee (the “Eighth Supplemental Indenture,” and the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this Twenty-Sixth Supplemental Indenture, the
“Indenture”); 
 WHEREAS, Sections 2.01, 3.01 and 9.01 of the Base Indenture provide that 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 to the Indenture, without the consent of any Holders, to, among other things, establish the terms of Securities
of any series as permitted by the Indenture; 
 WHEREAS, the issuance and sale of $1,000,000,000 aggregate principal amount of a new
series of the Securities of the Company designated as its 2.490% Fixed-to-Floating Rate Senior Notes due 2028 (the “Notes”) have been authorized by
resolutions adopted by the board of directors of the Company; 
 WHEREAS, the Company desires to issue and sell $1,000,000,000
aggregate principal amount of the Notes as of the date hereof; 
 WHEREAS, the Company desires to establish the terms of the Notes;

 WHEREAS, all things necessary to make this Twenty-Sixth Supplemental Indenture a legal and binding supplement to the Base
Indenture in accordance with its terms and the terms of the Base Indenture have been done; 
 WHEREAS, the Company has complied with
all conditions precedent provided for in the Base Indenture relating to this Twenty-Sixth Supplemental Indenture; and 
 WHEREAS, the
Company has requested that the Trustee execute and deliver this Twenty-Sixth Supplemental Indenture. 

 NOW, THEREFORE: 

For and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee
covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 

SCOPE OF TWENTY-SIXTH SUPPLEMENTAL INDENTURE 

Section 1.01 Scope. This Twenty-Sixth Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part
of the Indenture and shall be read together with the Base Indenture and Eighth Supplemental Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the Eighth Supplemental Indenture and
Twenty-Sixth Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the foregoing, this Twenty-Sixth Supplemental Indenture shall only apply to the Notes. 

ARTICLE 2 
 DEFINITIONS 

Section 2.01 Definitions and Other Provisions of General Application. For all purposes of this Twenty-Sixth Supplemental Indenture
unless otherwise specified herein: 
 (a) all terms used in this Twenty-Sixth Supplemental Indenture which are not otherwise defined herein
shall have the meanings they are given in the Base Indenture, as amended by the Eighth Supplemental Indenture; 
 (b) the provisions of
general application stated in Sections 1.02 through 1.15 of the Base Indenture shall apply to this Twenty-Sixth Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this Twenty-Sixth Supplemental Indenture as a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this
Twenty-Sixth Supplemental Indenture and the phrases “in writing” or “written” as used herein shall be deemed to include PDFs, e-mails and other electronic means of transmission, unless
otherwise indicated; 
 (c) Section 1.01 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting
the following additional defined terms in its appropriate alphabetical position: 
 “Business Day” means any day, other
than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York are authorized or required by law, regulation or executive order to close. 

“Fixed Rate Period” means from (and including) the Issue Date to (but excluding) January 6, 2027. 

“Fixed Rate Period Interest Payment Date” means semi-annually in arrears each January 6 and July 6, commencing on
July 6, 2022 and ending on January 6, 2027. 

  
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 “Floating Rate Period” means from (and including) January 6, 2027 to
(but excluding) the Maturity Date. 
 “Floating Rate Period Interest Payment Date” means quarterly in arrears on
April 6, 2027, July 6, 2027, October 6, 2027 and the Maturity Date. 
 “Interest Determination Date” means
the second Business Day preceding the applicable Floating Rate Interest Period Payment Date. 
 “Issue Date” means
January 6, 2022. 
 (d) Section 2.02 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by revising
the second to last paragraph of the “Form of Face of Security” to read in its entirety as follows: 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

ARTICLE 3 
 FORM AND TERMS OF THE
NOTES 
 Section 3.01 Form and Dating. 

(a) The Notes and the Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Notes may have
notations, a legend or legends or endorsements as may be required to comply with any law or with any rules of any securities exchange or usage. Each Note shall be dated the date of its authentication. 

(b) The terms contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this
Twenty-Sixth Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Twenty-Sixth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.02 Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) Title. The Notes shall constitute a series of Securities having the title “Santander Holdings USA, Inc. 2.490% Fixed-to-Floating Rate Senior Notes due 2028,” and the CUSIP number shall be “80282K BC9”. 

(b) Principal Amount. The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture, as
amended hereby, shall be $1,000,000,000 on the Issue Date. Provided that no Covenant Breach or Event of Default has occurred and is continuing with respect to the Notes, the Company may, without notice to or the consent of the Holders, create and
issue additional Securities having the same terms as, and ranking equally and ratably with, the Notes in all respects and so that such additional Notes will be consolidated and form a single series with, and have the same terms as to status,
redemption or otherwise as, the Notes initially issued. 

  
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 (c) Person to Whom Interest is Payable. Interest payable, and punctually paid or duly
provided for, on any Interest Payment Date will be paid to the Person in whose name the Notes are registered at the close of business on the Regular Record Date for such interest, which shall be the close of business fifteen (15) calendar days
(whether or not a Business Day) immediately preceding a Fixed Rate Period Interest Payment Date or a Floating Rate Period Interest Payment Date (together, the “Interest Payment Dates” and, each, an “Interest Payment
Date”). Any such interest not so punctually paid or duly provided for will 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 Note 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 Notes 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 and as provided for in the Base Indenture. 
 (d) Maturity Date. The entire outstanding principal of the
Notes shall be payable on January 6, 2028 (the “Maturity Date”). If the Maturity Date or the date of any repayment of Notes falling within the Fixed Rate Period is not a Business Day, interest and principal shall be payable on
the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after the Maturity Date or date of repayment. 

(e) Interest. 

(1) During the Fixed Rate Period, the rate at which the Notes shall bear interest shall be 2.490% per annum (the
“Initial Interest Rate”). Interest will be calculated on the basis of twelve 30-day months or, in the case of an incomplete month, the actual number of days elapsed, in each case assuming a 360-day year. 
 (2) During the Floating Rate Period, the rate at which the Notes shall
bear interest shall be equal to the Benchmark (as defined below) plus 1.249% per annum (the “Margin”). Interest will be calculated on the basis of the actual number of days in each Floating Rate Interest Period, assuming a 360-day year, on a quarterly basis on each Interest Determination Date. In no event will the interest payable on the Notes be less than zero. 

(3) In the event that any scheduled Interest Payment Date (other than the Maturity Date) for the Notes falls on a day that is
not a Business Day, then payment of interest payable on such Interest Payment Date shall be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled
Interest Payment Date); provided that, during the Floating Rate Period, if that Business Day falls in the next succeeding calendar month, such Floating Rate Period Interest Payment Date will be the immediately preceding Business Day. If any
such Floating Rate Period Interest Payment Date (other than the Maturity Date) is postponed or brought forward as described above, the payment of interest due on such postponed or brought forward Floating Rate Period Interest Payment Date will
include interest accrued to but excluding such postponed or brought forward Floating Rate Period Interest Payment Date. 

  
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 (4) If a Redemption Date or repayment of the Notes falls within the Floating
Rate Period but does not occur on a Floating Rate Period Interest Payment Date, (i) the related Interest Determination Date shall be deemed to be the date that is two Business Days prior to such Redemption Date or repayment, (ii) the
related Observation Period shall be deemed to end on (but exclude) the last U.S. Government Securities Business Day falling prior to the Interest Determination Date for such Redemption Date or repayment, (iii) the Floating Rate Interest Period
will be deemed to be shortened accordingly and (iv) corresponding adjustments will be deemed to be made to the Compounded SOFR Index Rate formula. 

(f) Calculation of Benchmark; Definitions. For the purposes of this Section 3.02, capitalized terms used but not otherwise defined
in this section shall have the following meanings: 
 (1) “Benchmark” means, initially, the Compounded SOFR
Index Rate; provided that if a Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

(2) “Benchmark Replacement” means the first alternative set forth in the order below that shall be determined
by the Company or its designee (in consultation with the Company) as of the Benchmark Replacement Date: 
 a. the sum of:
(a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement
Adjustment; 
 b. the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and 

c. the sum of: (a) the alternate rate of interest that has been selected by the Company or its designee (in consultation
with the Company) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated
floating rate notes at such time and (b) the Benchmark Replacement Adjustment. 
 (3) “Benchmark Replacement
Adjustment” means the first alternative set forth in the order below that can be determined by the Company or its designee (in consultation with the Company) as of the Benchmark Replacement Date: 

a. the spread adjustment (which may be a positive or negative value or zero) that has been (i) selected or recommended by
the Relevant Governmental Body or (ii) determined by the Company or its designee (in consultation with the Company) in accordance with the method for calculating or determining such spread adjustment that has been selected or recommended by the
Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 

  
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 b. if the applicable Unadjusted Benchmark Replacement is equivalent to the
ISDA Fallback Rate, then the ISDA Fallback Adjustment; or 
 c. the spread adjustment (which may be a positive or negative
value or zero) that has been selected by the Company or its designee (in consultation with the Company) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating or determining such spread adjustment, for
the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time 

(4) “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark: 
 a. in the case of clause (a) or (b) of the definition of “Benchmark Transition
Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 b. in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the
Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

(5) “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to
the then-current Benchmark: 
 a. a public statement or publication of information by or on behalf of the administrator of
the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Benchmark; 
 b. a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

  
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 c. a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 
 (6)
“Compounded SOFR Index Rate” means, in relation to a Floating Rate Interest Period, the rate computed by the calculation agent in accordance with the following formula (and the resulting percentage will be rounded if necessary to
the nearest seventh decimal place, with 0.00000005 being rounded upwards): 
  
 

 
 Where: 

“d” is the number of calendar days from (and including) SOFR IndexStart
to (but excluding) SOFR IndexEnd (being the number of calendar days in the Observation Period); 

“SOFR IndexStart” is the SOFR Index value for the day which is
two U.S. Government Securities Business Days preceding the first date of the relevant Floating Rate Interest Period; and 
 “SOFR
IndexEnd” is the SOFR Index value for the day which is two U.S. Government Securities Business Days preceding the Floating Rate Period Interest Payment Date relating to such
Floating Rate Interest Period. 
 (7) “Corresponding Tenor” with respect to a Benchmark Replacement means a
tenor (including overnight) having approximately the same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark. 

(8) “designee” means an affiliate or any other agent of the Company. 

(9) “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

(10) “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or
zero) that would apply for derivatives transactions referencing the ISDA. 

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

(12) “NY Federal Reserve’s website” means the website of the Federal Reserve Bank of New York (the
“NY Federal Reserve”) at http://www.newyorkfed.org, or any successor website of the NY Federal Reserve or the website of any successor administrator of the Secured Overnight Financing Rate. 

(13) “Observation Period” means, in respect of each Floating Rate Interest Period, means the period from (and
including) the day falling two U.S. Government Securities Business Days prior to the first day of the relevant Floating Rate Interest Period to (but excluding) the day falling two U.S. Government Securities Business Days prior to the relevant
Floating Rate Period Interest Payment Date for such Floating Rate Interest Period. 
 (14) “Reference Time”
means (1) if the Benchmark is Compounded SOFR Index Rate, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR Index Rate, the time determined by the Company or its designee (in consultation with the Company) in
accordance with the Benchmark Replacement Conforming Changes (defined in Section 3.02(h)(2) below). 
 (15) “Relevant
Governmental Body” means the Federal Reserve and/or the NY Federal Reserve, or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto. 

(16) “Relevant Rules” means, at any time, the laws, regulations, requirements, guidelines and policies
relating to capital adequacy (including, without limitation, as to leverage, TLAC, or regulatory long term debt requirements) then in effect in the United States and applicable to the Company from time to time and any regulations, requirements,
guidelines and policies relating to capital adequacy adopted from time to time (whether or not such requirements, guidelines or policies are applied generally or specifically to the Company or to the Company and any of its holding or subsidiary
companies or any subsidiary of any such holding company). 
 (17) “SOFR” means, with respect to any U.S.
Government Securities Business Day, the rate determined by the calculation agent in accordance with the following provisions: 

a. the Secured Overnight Financing Rate published for such U.S. Government Securities Business Day as such rate appears on the
NY Federal Reserve’s website on the immediately following U.S. Government Securities Business Day at the SOFR Determination Time. 

b. if the rate does not so appear, the Secured Overnight Financing Rate published on the NY Federal Reserve’s website for
the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was published on the NY Federal Reserve’s website. 

  
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 (18) “SOFR Administrator” means the NY Federal Reserve (or
a successor administrator of SOFR). 
 (19) “SOFR Administrator’s Website” means the website of the NY
Federal Reserve at http://www.newyorkfed.org, or any successor source. 
 (20) “SOFR Determination Time”
means, with respect to any U.S. Government Securities Business Day, 3:00 p.m. (New York City time) on such U.S. Government Securities Business Day. 

(21) “SOFR Index” means, with respect to any U.S. Government Securities Business Day: 

a. the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s Website
at the SOFR Determination Time; provided that 
 b. if a SOFR Index value does not so appear as specified in
(a) above at the SOFR Determination Time, then (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, then Compounded SOFR Index Rate shall be the rate determined pursuant to
Section 3.02(g) or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred in respect of SOFR, then Compounded SOFR Index Rate shall be the rate determined pursuant to Section 3.02(h). 

(22) “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment. 
 (23) “U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or
a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Notwithstanding clauses (a) and (b) of the definition of “SOFR” above, if the Company or its designee (in
consultation with the Company) determines on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR, then the “Benchmark Transition”
provisions set forth in Section 3.02(h) below will thereafter apply to all determinations of the rate of interest payable on the Notes during the Floating Rate Interest Period. 

In accordance with and subject to the Benchmark Transition provisions, after a Benchmark Transition Event and related Benchmark
Replacement Date have occurred, the amount of interest that will be payable for each interest period on the notes during the Floating Rate Period will be determined by reference to a rate per annum equal to the Benchmark Replacement plus the Margin.

  
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 (g) SOFR Index Unavailability. If SOFR IndexStart or SOFR IndexEnd is not published on the relevant interest determination date and a Benchmark Transition Event and its related Benchmark
Replacement Date have not occurred with respect to SOFR, “Compounded SOFR Index Rate” shall mean, for the relevant interest period for which such index is not available, the rate of return on a daily compounded interest investment
calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the SOFR Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information (or such
successor website). For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If the daily SOFR (“SOFRi”) does not so appear for any day,
“i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website. 

(h) Benchmark Transition. 

(1) If the Company or its designee (in consultation with the Company) determine that a Benchmark Transition Event and related
Benchmark Replacement Date have occurred prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement shall replace the then-current Benchmark for all purposes relating to
the notes during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates; provided that, if the Company or its designee (in consultation with the Company) are unable to or do not
determine a Benchmark Replacement in accordance with this Section 3.02 prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related Floating Rate Interest Period shall be equal to the
interest rate in effect for the immediately preceding Floating Rate Interest Period or, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date, the Initial Interest Rate. 

(2) In connection with the implementation of a Benchmark Replacement, the Company or its designee (in consultation with the
Company) shall have the right to make changes to (1) any Interest Determination Date, Floating Rate Period Interest Payment Date, Reference Time, business day convention or Floating Rate Interest Period, (2) the manner, timing and
frequency of determining the rate and amounts of interest that are payable on the Notes during the Floating Rate Period and the conventions relating to such determination and calculations with respect to interest, (3) rounding conventions,
(4) tenors and (5) any other terms or provisions of the Notes during the Floating Rate Period, in each case that the Company or its designee (in consultation with the Company) determines, from time to time, to be appropriate to reflect the
determination and implementation of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company or its designee (in consultation with the Company) decides that implementation of any portion of such market
practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company or its designee (in consultation with the Company) determines is appropriate (acting in
good faith)) (the “Benchmark Replacement Conforming Changes”). Any Benchmark Replacement Conforming Changes will apply to the Notes for all future Floating Rate Interest Periods. 

  
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 (3) The Company shall promptly give notice of the determination of the
Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the paying agent, the calculation agent and the holders of notes; provided that failure to provide such notice will
have no impact on the effectiveness of, or otherwise invalidate, any such determination. 
 (4) All determinations,
decisions, elections and any calculations made by the Company or its designee for the purposes of determining the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes will be conclusive and
binding on the holders of Notes, the Company, the calculation agent, the Trustee and the paying agent, absent manifest error. If made by the Company’s designee, such determinations, decisions, elections and calculations will be made after
consulting with the Company, and its designees will not make any such determination, decision, election or calculation to which the Company objects. Notwithstanding anything to the contrary in this Twenty-Sixth Supplemental Indenture or the Notes,
any determinations, decisions, calculations or elections made in accordance with this Section 3.02(h) shall become effective without consent from the holders of Notes or any other party. 

(5) Any determination, decision or election relating to the Benchmark will be made by the Company on the basis described above.
The calculation agent shall have no liability for not making any such determination, decision or election. In addition, the Company may designate an entity (which may be an affiliate of the Company) to make any determination, decision or election
that the Company has the right to make in connection with the determination of the Benchmark. 
 (6) Notwithstanding any
other provision set forth herein, no Benchmark Replacement shall be adopted, nor shall the applicable Benchmark Replacement Adjustment be applied, nor shall any Benchmark Replacement Conforming Changes be made, if in the Company’s
determination, the same could reasonably be expected to prejudice the qualification of the Notes as eligible liabilities or loss absorbing capacity instruments for the purposes of the Relevant Rules. 

(7) By its acquisition of the Notes, each holder of the Notes (including each holder of a beneficial interest in the
Notes) (i) acknowledges, accepts, consents and agrees to be bound by the Company’s or its designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement
Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from the Company and without the need for the Company to obtain any further consent from such holder of the Notes, (ii) shall waive any
and all claims, in law and/or in equity, against the Trustee, the paying agent and the calculation agent or the Company’s designee for, agree not to initiate a suit 

  
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against the Trustee, the paying agent and the calculation agent or the Company’s designee in respect of, and agree that none of the Trustee, the paying agent or the calculation agent or the
Company’s designee shall be liable for, the determination of or the Company’s failure or delay to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and
any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) shall agree that none of the Trustee, the paying agent or the calculation agent or the Company’s designee shall have any obligation to
determine, confirm or verify any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto),
including in the event of any failure or delay by the Company to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming
Changes. 
 (8) Except as set forth therein, all percentages resulting from any calculation of any interest rate for the
Notes shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded
to 9.87655% (or .0987655)), and all dollar amounts shall be rounded to the nearest cent, with one-half cent being rounded upward. 

(i) Place of Payment of Principal and Interest. Payment of the principal of (and premium, if any) and interest on the Notes will be
made at the office or agency of the Company maintained for that purpose in New York, New York, 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 against
surrender of any Note in the case of any payment due at the Maturity Date; provided, however, that (i) if any Note is a Global Security, payments shall be made in respect of such Note pursuant to the Applicable Procedures of the Depositary as
in effect from time to time, and (ii) if any Note is not a Global Security, payment of interest in respect of such Note will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register at the close of business on the Regular Record Date for such interest. Notwithstanding the foregoing, if any Note is not a Global Security and has a principal amount of at least $1,000,000, upon request, the Company will pay any amount that
becomes due on such Note by wire transfer of immediately available funds to an account at a bank in New York City, on the due date. To request such a wire payment, the Holder of such Note must give the Paying Agent appropriate wire transfer
instructions at least five Business Days before the requested wire payment is due. In the case of any interest payment due on an Interest Payment Date, the instructions must be given by the person or entity who is the Holder on the relevant Regular
Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above. 

  
 12 

 (j) Redemption. 

(1) The Notes will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, on or
after July 5, 2022 (180 days after the Issue Date) (or, if additional Notes are issued, beginning 180 days after the issue date of such additional Notes), and prior to the Applicable Notes Par Call Date, in each case at a Redemption Price, plus
accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date, equal to the greater of: 
 a. 100% of
the aggregate principal amount of the Notes being redeemed on that redemption date; and 
 b. The sum of the present values
of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if the Notes to be redeemed matured on the Applicable Notes Par Call Date (not including any portion of such payments of interest accrued to
the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury
Rate plus the Applicable Spread for the Notes to be redeemed, as such amount shall be certified to the Trustee by the Company. 

(2) The Company may at its option, redeem the Notes (i) in whole but not in part, on January 6, 2027, or (ii) in
whole or in part, at any time on or after December 6, 2027 (which is the date that is one month prior to the Maturity Date), in each case at a Redemption Price equal to 100% of the aggregate principal amount of such notes being redeemed, plus
accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date. 
 (3) Solely for the purposes of this
Section 3.02(j), the following terms shall have the following meanings: 
 a. “Applicable Notes Par Call
Date” means January 6, 2027 (one year prior to the Maturity Date). 
 b. “Applicable Spread”
means 20 basis points. 
 c. “Comparable Treasury Issue” means the United States Treasury security selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming the notes matured on January 6, 2027) that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to such remaining term. 

d. “Comparable Treasury Price” means, with respect to any redemption date for notes to be redeemed,
(A) if the Independent Investment Banker obtains four or more applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations after excluding the highest and lowest of such applicable Reference
Treasury Dealer Quotations or (B) if the Independent Investment Banker obtains fewer than four applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

  
 13 

 e. “Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Company to act as the “Independent Investment Banker.” 
 f.
“Reference Treasury Dealers” mean, with respect to the notes offered hereby, (A) Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc. and a primary U.S. Government securities dealer in the United
States (a “Primary Treasury Dealer”) selected by Santander Investment Securities Inc. (or their respective affiliates which are Primary Treasury Dealers (as defined below)), and their respective successors; provided,
however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Company. 

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

h. “Treasury Rate” means, with respect to any redemption date applicable to the notes, the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue for the notes to be redeemed on such redemption date, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its aggregate principal
amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 (4) If the Redemption Date is not a
Business Day, interest and principal shall be payable on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after the Redemption Date. 

(k) Sinking Fund. There shall be no sinking fund for the Notes. 

(l) Denomination. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(m) Currency of the Notes. The Notes shall be denominated, and payment of principal and interest of the Notes shall be payable in, the
currency of the United States of America. 
 (n) Currency of Payment. The principal of and interest on the Notes shall be payable in
the currency of the United States of America. 
 (o) Defeasance. Article 13 of the Base Indenture shall apply to the Notes. 

  
 14 

 (p) Registered Form. The Notes shall be issuable as registered Global Securities, and
the depositary for the Notes shall be the Depository Trust Company in The City of New York (“DTC”) or any successor depositary appointed by the Company within 90 days of the termination of services of DTC (or any successor to DTC).
Sections 2.04 and 3.05 of the Base Indenture shall apply to the Notes. 
 (q) Covenants. The covenants set forth in Article 10 of the
Base Indenture shall apply to the Notes. 
 (r) Additional Terms. Other terms applicable to the Notes are as otherwise provided for
below. 
 ARTICLE 4 

SUPPLEMENTAL INDENTURES 

Section 4.01 Supplemental Indentures. The following paragraph shall be added to the end of Section 9.01 of the
Base Indenture and shall only apply to the Notes: 
 Notwithstanding the foregoing, without the consent of any Holder of Securities, the
Company and the Trustee may (a) amend or supplement the Indenture or the Securities to conform the terms of the Indenture and the Securities to the description of the Securities in the prospectus supplement dated January 3, 2022 relating
to the offering of the Securities and (b) amend or supplement the Indenture or the Securities or waive any provision of the Indenture or the Securities without the consent of any holders of the Notes to implement any Benchmark Transition
provisions after a Benchmark Transition Event or its related Benchmark Replacement date have occurred (or in anticipation thereof). 

ARTICLE 5 
 MISCELLANEOUS 

Section 5.01 Trust Indenture Act of 1939. This Twenty-Sixth Supplemental Indenture shall incorporate and be governed by the
provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 

Section 5.02 Governing Law. This Twenty-Sixth Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the law of the State of New York, without regard to principles of conflicts of law. 
 Section 5.03 Duplicate
Originals. The parties may sign any number of copies of this Twenty-Sixth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 5.04 Separability. In case any provision in this Twenty-Sixth Supplemental Indenture or the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 15 

 Section 5.05 Ratification. The Base Indenture, as amended by the Eighth
Supplemental Indenture and as supplemented and amended by this Twenty-Sixth Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture, the Eighth Supplemental Indenture and this Twenty-Sixth Supplemental Indenture shall
be read, taken and construed as one and the same instrument. All provisions included in this Twenty-Sixth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted by law. The Trustee accepts the
trusts created by the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this Twenty-Sixth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as amended by
the Eighth Supplemental Indenture and as supplemented by this Twenty-Sixth Supplemental Indenture. 
 Section 5.06
Effectiveness. The provisions of this Twenty-Sixth Supplemental Indenture shall become effective as of the date hereof. 

Section 5.07 Successors. All agreements of the Company in this Twenty-Sixth Supplemental Indenture shall bind its successors. All
agreements of the Trustee in this Twenty-Sixth Supplemental Indenture shall bind its successors. 
 Section 5.08
Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Twenty-Sixth Supplemental Indenture, the Notes, or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. 

  
 16 

 EXHIBIT A 

FORM OF NOTE 
 [FORM OF
FACE OF NOTE] 
 [Global Notes Legend] 

[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 THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE DEPOSIT INSURANCE FUND OR ANY OTHER
GOVERNMENTAL AGENCY OR FUND. 

  
 A-1 

 SANTANDER HOLDINGS USA, INC. 

2.490% Fixed-to-Floating Rate Senior Notes due 2028 

CUSIP No.: 80282K BC9 
 ISIN: US80282KBC99 

 

					
	No.             	  		  	$                     

 Santander Holdings USA, Inc., a corporation duly organized and existing under the laws of the Commonwealth of Virginia (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
$             on January 6, 2028, and to pay interest thereon, semi-annually each January 6 and July 6, commencing on July 6, 2022 and ending on January 6, 2027, at
the rate of 2.490% per annum, and from (and including) January 6, 2027 to (but excluding) the Maturity Date, quarterly on April 6, 2027, July 6, 2027, October 6, 2027 and the Maturity Date, at the rate equal to the Benchmark (as
provided in such Indenture) plus 1.249% per annum, until the principal hereof is paid or made available for payment, provided that any premium, and any such installment of interest, which is overdue shall bear interest at the rate of 2.490%
per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such overdue amounts are due until they are paid or duly provided for, and such interest on any overdue installment shall be payable on demand.
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such 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, which shall be the close of business fifteen (15) calendar days (whether or not a Business Day) immediately prior to an Interest Payment Date. Any such interest so payable, but not
punctually paid or duly provided for will 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, as more fully
provided in said Indenture. 
 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 New York, New York, 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 against surrender of this Security in the case of
any payment due at the Maturity Date; provided, however, that (i) if this Security is a Global Security, payments shall be made pursuant to the Applicable Procedures of the Depositary as in effect from time to time, and
(ii) if this Security is not a Global Security, payment of interest will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register at the close of business on the Regular Record
Date for such interest. Notwithstanding the foregoing, if this Security is not a Global Security and has a principal amount of at least $1,000,000, upon request, the Company will pay any amount that becomes due on this Security by wire transfer of
immediately available funds to an account at a bank in New York City, on the due date. To request wire payment, the Holder must give the 

  
 A-2 

 
Paying Agent appropriate wire transfer instructions at least five Business Days before the requested wire payment is due. In the case of any interest payment due on an Interest Payment Date, the
instructions must be given by the person or entity who is the Holder on the relevant Regular Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above.

 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 or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Signature Page Follows] 

  
 A-3 

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

Dated: January 6, 2022 
  

									
	Attest	 		 	SANTANDER HOLDINGS USA, INC.
		 		 		 	as the Company
					
	By:	 	 /s/ Gerard A. Chamberlain
	 		 	By:	 	 /s/ Vikas Gupta

	Name:	 	Gerard A. Chamberlain	 		 	Name:	 	Vikas Gupta
	Title:	 	Executive Vice President and Assistant Secretary	 		 	Title:	 	Executive Vice President and Treasurer

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein and referred to in the Indenture referred to hereinafter. 

Dated: January 6, 2022 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Trustee By:
		
	By:	 	 /s/ Jeffrey Schoenfeld

	Name:	 	Jeffrey Schoenfeld
	Title:	 	Vice President
		
	By:	 	 /s/ Luke Russell

	Name:	 	Luke Russell
	Title:	 	Vice President

  
 A-4 

 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 an Indenture, dated as of April 19, 2011 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such
instrument), between the Company and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as amended by an Eighth Supplemental Indenture,
dated as of March 1, 2017, between the Company and the Trustee (herein called the “Eighth Supplemental Indenture”), and as supplemented by a Twenty-Sixth Supplemental Indenture, dated as of January 6, 2022, between the
Company and the Trustee (herein called the “Twenty-Sixth Supplemental Indenture” and, together with the Base Indenture and Eighth Supplemental Indenture, the “Indenture”), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee 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, initially limited in aggregate principal amount of $1,000,000,000. 
 The
Securities of this series shall be redeemable, in whole or in part, by the Company at any time or from time to time, on or after July 5, 2022 (180 days after the Issue Date), and one year prior to the Maturity Date (January 6, 2027), in each
case at a redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of: (1) 100% of the aggregate principal amount of the Securities being redeemed on that redemption date;
and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed that would be due if the Securities to be redeemed on January 6, 2027 (not including any portion of such
payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate (as defined in the Indenture) plus 20 basis points. 
 The Securities of this series shall also be redeemable by the
Company (i) in whole but not in part, on January 6, 2027 or (ii) in whole or in part, at any time on or after the December 6, 2027, in each case at a redemption price of 100% of the principal amount of the Securities of this
series to be redeemed (par), plus accrued and unpaid interest thereon to the Redemption Date. The Securities of this series are not entitled to the benefit of any sinking fund. 

The Securities of this series will not be listed on any national securities exchange or included in any automated quotation system. Currently there is no
market for the Securities of this series. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal
of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants, Covenant Breaches and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth
in the Indenture. 

  
 A-5 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount
of all Securities at the time Outstanding to be affected, considered together as one class for this purpose (such Securities to be affected may be Securities of the same or different series and, with respect to any series, may comprise fewer than
all the Securities of such series). The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected under the Indenture, considered together as one
class for this purpose (such affected Securities may be Securities of the same or different series and, with respect to any particular series, may comprise fewer than all the Securities of such series), on behalf of the Holders of all Securities so
affected, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture
(with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive 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 therefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have
the right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing
Covenant Breach or Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Covenant Breach or Event of Default as Trustee and offered the Trustee indemnity and/or security satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount
of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity and/or security. The
foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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 any premium 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 Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 A-6 

 The Securities of this series are issuable only in registered form without coupons in denominations of
$2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for
any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this 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. 

This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations in
Section 3.05 thereof on transfers and exchanges of Global Securities. 
 The Indenture and this Security shall be governed by and construed in
accordance with the law of the State of New York, without regard to principles of conflicts of law. 
 All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably
appoint                    agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 
  
  

			
	Date:                     
                                         
       Your Signature:	 	  

  
  

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

			
	Signature Guarantee:	  	
		
	 Date:
                                         
                                         
              
 Signature must be guaranteed by a participant in a recognized
signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee
	  	  
 Signature of Signature
Guarantee

  
 A-8 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

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

 

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of
this Global Note
following such
decrease or increase	  	Signature of
authorized signatory
of Trustee or
Securities Custodian

  
 A-9Exhibit
10.12

 

PROMISSORY
NOTE

 

	$30,000,000.00	Greenwich,
    Connecticut
	 	January
    3, 2022

 

FOR
VALUE RECEIVED, NORPOINTE, LLC, a Delaware limited liability company with an address at 255 Glenville Road, Greenwich, Connecticut
06831 (“Borrower”) promises to pay to the order of BELPOINTE PREP FINANCING, LLC, a Connecticut limited liability
company (“Lender”), with an address at 255 Glenville Road, Greenwich, Connecticut 06831, the principal sum of THIRTY
MILLION AND 00/100 ($30,000,000.00) DOLLARS (the “Loan”), plus interest, payable at the rate provided in Paragraphs
1 of this note (this “Note”), on an accrued interest only basis in equal monthly payments of $125,000.00 payable on
the first day of each month hereafter, together with any costs and expenses, including reasonable attorneys’ fees, incurred in
the collection of this Note or in protecting or sustaining the lien of the hereinafter-described Mortgage (as hereinafter defined) securing
this Note. Such amounts of principal, interest, fees, costs and expenses are collectively referred to in this Note as the “Entire
Note Balance”.

 

	1.	INTEREST
                                            RATE. This Loan shall bear interest from the date of this Note until adjusted in
                                            accordance with the terms hereof, whether before or after maturity, by acceleration or otherwise,
                                            at the rate of five percent (5.00%) per annum (plus any default rate which may be in effect).
                                            
	 	 
	2.	REPAYMENT.
                                            The Entire Note Balance, if not sooner paid, shall be due and payable, without notice
                                            or demand, on December 31, 2022 (the “Maturity Date”).
	 	 
	3.	LATE
                                            CHARGE. Borrower shall pay Lender a late charge of two percent (2.00%) of the principal
                                            balance of the Loan if the Entire Note Balance is not received by Lender within ten business
                                            (10) days after the Maturity Date. This charge shall be in addition to, and not in lieu of,
                                            any other remedy Lender may have and is in addition to any fees and charges of any agents
                                            or attorneys which Lender is entitled to employ in an Event of Default (as hereinafter defined)
                                            hereunder, whether authorized herein or by law or at equity. Borrower will pay this late
                                            charge within fifteen (15) days after the Maturity Date.
	 	 
	4.	DEFAULT.
                                            Upon the occurrence of any Event of Default, the Entire Note Balance shall, at the option
                                            of Lender, become immediately due and payable without presentment, demand, protest or any
                                            other notice of any kind, all of which are hereby expressly waived, and in any event, interest
                                            shall immediately accrue at a “default rate” which means a rate of interest which
                                            is five (5.00%) percent above the rate which would otherwise be payable under the terms of
                                            Paragraph 1 hereof.
	 	 
	 	An
Event of Default is defined as the occurrence or continuation of any one of the following: (i) default in the payment of any principal,
interest or other amounts due at the Maturity Date, (ii) default in the performance of any of the other conditions or stipulations of
this Note, thirty (30) days after notice thereof; or (iii) the occurrence of any Event of Default as defined in the Mortgage securing
this Note or any other document evidencing the obligation of Borrower to Lender in connection with the indebtedness evidenced by this
Note of even date herewith or the breach beyond applicable notice and cure periods of any provision of any other instrument securing
this Note or any other agreement presently or hereafter existing between Borrower and Lender.
	 	 
	5.	PREPAYMENT;
                                            APPLICATION OF PAYMENTS. Borrower may prepay this Note in whole or in part at any
                                            time or from time to time without penalty. Payments will be applied as prescribed in the
                                            Mortgage securing this Note.
	 	 
	6.	DELAY
                                            IN ENFORCEMENT. The liability of Borrower and any subsequent endorser, guarantor
                                            or other accommodation maker under this Note is unconditional and shall not be affected by
                                            an extension of time, renewal, waiver or any other modification whatsoever, granted or consented
                                            to by Lender. Any failure by Lender to exercise any right it may have under this Note is
                                            not a waiver of Lender’s right to exercise the same or any other right at any other
                                            time.

 

    	1

    	 

    

 

	7.	CHANGES.
                                            No agreement by Lender to change, waive or release the terms of this Note will be valid
                                            unless it is in writing and signed by Borrower and Lender.
	 	 
	8.	WAIVER,
                                            JURY TRIAL WAIVER. BORROWER AND ANY SUBSEQUENT ENDORSER, GUARANTOR OR OTHER ACCOMMODATION
                                            PARTY HEREBY VOLUNTARILY WAIVE ANY RIGHTS TO NOTICE OR HEARING UNDER APPLICABLE LAWS, PRESENTMENT,
                                            DEMAND FOR PAYMENT AND NOTICE OF DISHONOR, TOGETHER WITH ANY RIGHT TO A TRIAL BY JURY IN
                                            ANY ACTION WITH RESPECT TO THIS NOTE AND AS TO ANY ISSUES ARISING RELATING TO THIS NOTE OR
                                            TO THE INSTRUMENTS SECURING THIS NOTE.
	 	 
	9.	GOVERNING
                                            LAW. The parties expressly agree that this Note shall be governed and construed in
                                            accordance with the laws of the State of Connecticut. Borrower further agrees that Lender
                                            may enforce its rights under the Note prior to or following foreclosure of the Mortgage securing
                                            this Note in accordance with the law of any state in which such actions are permitted. If
                                            Lender obtains a deficiency judgment in any state other than Connecticut, Lender shall have
                                            the right to enforce such judgment in Connecticut as well as in other states.
	 	 
	10.	INVALIDITY.
                                            If any provision of this Note or the application of any provision to any person or circumstance
                                            shall be invalid or unenforceable, neither the balance of this Note nor the application of
                                            the provision to other persons or circumstances shall be affected.
	 	 
	11.	NOTE
                                            SECURED BY MORTGAGE. This Note is secured by a Mortgage and Security Agreement of
                                            even date herewith (the “Mortgage”) executed and delivered by Borrower
                                            to Lender, conveying certain real estate and property therein described and known as 41 Wolfpit
                                            Avenue, Norwalk, Connecticut 06851 (the “Mortgaged Property”), to be duly
                                            recorded in the Norwalk Land Records in the State of Connecticut.
	 	 
	12.	JOINT
                                            AND SEVERAL LIABILITY, BINDING EFFECT. This Note and all obligations hereunder, shall
                                            be the joint and several obligations of Borrower, and any endorsers or other accommodation
                                            maker, and each provision hereof shall apply to each and all jointly and severally. The provisions
                                            of this Note are binding on the successors and assigns of Borrower and shall inure to the
                                            benefit of Lender, its successors and assigns and to subsequent holders of this Note.
	 	 
	13.	INTERPRETATION.
                                            Captions and headings used in this Note are for convenience only. The term “Borrower”
                                            and any pronoun referring thereto as used herein shall be construed in the masculine, feminine
                                            or neuter as the context may require. The singular includes the plural and the plural includes
                                            the singular. “Any” means any and all.
	 	 
	14.	OTHER
                                            OBLIGATIONS. To the extent the Entire Note Balance is reduced or paid in full by
                                            reason of any payment to Lender by any subsequent accommodation maker, endorser or guarantor,
                                            and all or any part of such payment is rescinded, avoided or recovered from Lender for any
                                            reason whatsoever, including, without limitation, any proceedings in connection with the
                                            insolvency, bankruptcy or reorganization of such accommodation maker, endorser or guarantor,
                                            the amount of such rescinded, avoided or returned payment shall be added to or, in the event
                                            the Note has been previously paid in full, shall revive the principal balance of this Note
                                            upon which interest may be charged at the applicable rate set forth in this Note and shall
                                            be considered part of the Entire Note Balance and all terms and provisions herein shall thereafter
                                            apply to same.
	 	 
	15.	USURY.
                                            Notwithstanding any other provision of this Note, Borrower shall not be required to pay
                                            any amount pursuant to this Note which is in excess of the amount permitted under applicable
                                            law. It is the intention of the parties hereto to conform strictly to any applicable usury
                                            law, and, it is agreed that in the event that Lender ever receives, collects or applies as
                                            interest any amount is excess of the maximum rate of interest permitted to be charged by
                                            applicable law, such amount which would be excessive interest shall be applied to the reduction
                                            of the unpaid principal balance of this Note, and, if the principal balance of this Note
                                            is paid in full, any remaining excess shall forthwith be paid to Borrower. 

 

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	16.	PREJUDGMENT
                                            REMEDY WAIVER. BORROWER ACKNOWLEDGES AND REPRESENTS THAT THE LOAN EVIDENCED BY THIS NOTE
                                            IS A COMMERCIAL TRANSACTION AND THAT THE PROCEEDS OF THE LOAN SHALL NOT BE USED FOR PERSONAL,
                                            FAMILY OR HOUSEHOLD PURPOSES. BORROWER HEREBY REPRESENTS, COVENANTS AND AGREES THAT THE TRANSACTION
                                            TO WHICH THIS NOTE RELATES IS A “COMMERCIAL TRANSACTION” AS DEFINED BY THE STATUTES
                                            OF THE STATE OF CONNECTICUT. BORROWER HEREBY WAIVES ALL RIGHTS TO NOTICE AND PRIOR COURT
                                            HEARING OR COURT ORDER UNDER CONNECTICUT GENERAL STATUTES, SECTIONS 52-278a et seq., AS AMENDED,
                                            OR UNDER ANY OTHER STATE OR FEDERAL LAW WITH RESPECT TO ANY AND ALL PREJUDGMENT REMEDIES
                                            LENDER MAY EMPLOY TO ENFORCE ITS RIGHTS AND REMEDIES HEREUNDER. MORE SPECIFICALLY, BORROWER
                                            ACKNOWLEDGES THAT LENDER’S ATTORNEY MAY, PURSUANT TO CONNECTICUT GENERAL STATUTES, SECTION
                                            52-278f, ISSUE A WRIT FOR A PREJUDGMENT REMEDY WITHOUT SECURING A COURT ORDER. BORROWER ACKNOWLEDGES
                                            AND RESERVES ITS RIGHT TO NOTICE AND A HEARING SUBSEQUENT TO THE ISSUANCE OF A WRIT FOR PREJUDGMENT
                                            REMEDY BY LENDER’S ATTORNEY, AND LENDER ACKNOWLEDGES BORROWER’S RIGHT TO SAID HEARING SUBSEQUENT
                                            TO THE ISSUANCE OF SAID WRIT. BORROWER FURTHER HEREBY WAIVES ANY REQUIREMENT OR OBLIGATION
                                            OF TO POST A BOND OR OTHER SECURITY IN CONNECTION WITH ANY PREJUDGMENT REMEDY OBTAINED BY
                                            LENDER AND WAIVES ANY OBJECTIONS TO ANY PREJUDGMENT REMEDY OBTAINED BY LENDER BASED ON ANY
                                            OFFSETS, CLAIMS, DEFENSES OR COUNTERCLAIMS OF BORROWER OR ANY OTHER OBLIGATED PARTY TO ANY
                                            ACTION BROUGHT BY LENDER.
	 	 
	17.	RIGHT
                                            OF SETOFF. During the continuance of any Event of Default as defined in this Note,
                                            Lender shall have the right to set-off all or any part of Borrower’s deposits, credit
                                            and property now or hereafter in the possession or control of Lender, its agent or bailee
                                            or in transit to it and may apply the same, or any part thereof, to the Entire Note Balance
                                            without prior notice or demand.

 

	NORPOINTE,
    LLC	 
	 	 	 
	By:
    	Belpointe
    Capital Norpointe, LLC	 
	its
    	Manager	 
	 	 	 
	By:	/s/
    Brandon E. Lacoff	 
	 	Brandon
    E. Lacoff, a Member	 

 

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