Document:

EXHIBIT 4.1

 Exhibit 4.1 
  

DEPOSIT AGREEMENT 
  
 THIS DEPOSIT AGREEMENT, dated as of May 17, 2005 (this “Deposit Agreement”), is entered into by and among THE MILLS CORPORATION, a Delaware
corporation (the “Company”), EQUISERVE TRUST COMPANY, N.A., a national banking association, EQUISERVE, INC., a Delaware corporation, and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. EquiServe Trust
Company, N.A., and EquiServe, Inc. may be referred to individually and collectively herein as “Depositary.” 
  
 WITNESSETH: 
  
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of the Company’s Preferred Shares (as
hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of the Receipts (as defined below) evidencing Depositary Shares representing a fractional interest in the Preferred Shares
deposited; and 
  
 NOW, THEREFORE, in consideration of the
premises contained herein, it is agreed by and among the parties hereto as follows:  
  
 ARTICLE I 
  
 DEFINITIONS

  
 The following definitions shall apply to the respective terms (in the
singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 
  
 SECTION 1.01. “Certificate of Designations” shall mean the Certificate of Designations Classifying 92,000 Preferred Shares as 7.875% Series G Cumulative Redeemable Preferred Stock, par value $0.01 per share,
filed with the Secretary of State of the State of Delaware establishing the Preferred Shares as a series of the Company’s preferred stock, par value $0.01 per share. 
  
 SECTION 1.02. “Certificate of Incorporation” shall mean the Amended and Restated Certificate of Incorporation of
the Company, as amended and supplemented from time to time, and shall include the Certificate of Designations. 
  
 SECTION 1.03. “Common Shares” shall mean the Company’s common stock, par value $.01 per share. 
  
 SECTION 1.04. “Company” shall mean The Mills Corporation, a
Delaware corporation, and its successors. 
  
 SECTION 1.05.
“Corporate Office” shall mean the corporate office of the Depositary at which at any particular time its business in respect of matters governed by this Deposit Agreement shall be administered, which as of the date of this Deposit
Agreement is located at 250 Royall Street, Canton, MA 02021. 
  

 SECTION 1.06. “Deposit Agreement” shall mean this agreement, as the same may be amended,
modified or supplemented from time to time. 
  
 SECTION 1.07.
“Depositary” shall mean EquiServe Trust Company, N.A., and EquiServe, Inc., in each case, a company or corporation having its principal office in the United States, and any successor as depositary hereunder. 
  
 SECTION 1.08. “Depositary Share” shall mean a fractional interest
equal to 1/100 of one Preferred Share deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such Preferred Share and held under this Deposit Agreement, all
as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Share represented by such
Depositary Share, including the dividend and distribution, voting, redemption and liquidation rights contained in the Certificate of Designations. 
  
 SECTION 1.09. “Depositary’s Agent” shall mean one or more agents appointed by the Depositary as provided, and for the purposes specified,
in Section 7.05. 
  
 SECTION 1.10. “Existing Holder
Limit” shall have the meaning set forth in Section 12.1 of the Company’s Certificate of Incorporation. 
  
 SECTION 1.11. “Ownership Limit” shall have the meaning set forth in Section 12.1 of the Company’s Certificate of Incorporation, as adjusted
as permitted in Section 12.9 of such Certificate of Incorporation pursuant to certain resolutions of the Board of Directors of the Company adopted at a meeting of the Board of Directors on February 20, 2001. 
  
 SECTION 1.12. “Preferred Shares” shall mean the Company’s
7.875% Series G Cumulative Redeemable Preferred Stock, par value $.01 per share, heretofore validly issued, fully paid and nonassessable. 
  
 SECTION 1.13. “Receipt” shall mean a Depositary Receipt issued under this Deposit Agreement to evidence one or more Depositary Shares, whether
in definitive or temporary form, substantially in the form set forth as Exhibit A hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement. 
  
 SECTION 1.14. “record date” shall mean the date fixed pursuant to
Section 4.04. 
  
 SECTION 1.15. “record holder” or
“holder” as applied to a Receipt shall mean the person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 
  
 SECTION 1.16. “Registrar” shall mean EquiServe Trust Company, N.A., EquiServe, Inc. or any bank or trust company
appointed to register ownership and transfers of Receipts or the deposited Preferred Shares, as the case may be, as herein provided. 
  
 SECTION 1.17. “Securities Act” shall mean the Securities Act of 1933, as amended. 
  

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 SECTION 1.18. “Transfer Agent” shall mean EquiServe Trust Company, N.A., EquiServe, Inc. or any
bank or trust company appointed to transfer the Receipts or the deposited Preferred Shares, as the case may be, as herein provided. 
  
 ARTICLE II 
  
 FORM OF RECEIPTS, DEPOSIT OF PREFERRED SHARES, EXECUTION 
 AND DELIVERY,
TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 
  
 SECTION
2.01. Form and Transferability of Receipts. Definitive Receipts shall be engraved or printed or lithographed with steel-engraved borders and underlying tint and shall be substantially in the form set forth in Exhibit A annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, upon the written order of the Company, delivered in compliance with Section 2.02, the Depositary shall
execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the persons executing such Receipts may determine to be necessary, appropriate or desirable, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary
will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Corporate
Office or such other offices, if any, as the Depositary may designate. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same
number of Depositary Shares as are represented by the surrendered temporary Receipt or Receipts, and the Depositary shall cancel such surrendered temporary Receipts. Such exchange and cancellation shall be made at the Company’s expense and
without any charge to the holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Shares deposited, as definitive Receipts.

  
 Receipts shall be executed by the Depositary by the manual or
facsimile signature of a duly authorized signatory of the Depositary, provided that if a Registrar (other than the Depositary) shall have been appointed, such Receipts shall also be countersigned by manual signature of a duly authorized signatory of
the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books
each Receipt executed as provided above and delivered as hereinafter provided. 
  
 Except as the Depositary may otherwise determine, Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance. 
  
 Receipts may be endorsed with or have incorporated in the text thereof such
legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Company or to comply with any applicable law or regulation or with the rules and regulations of any securities exchange or
interdealer quotation system upon which the Preferred Shares, the Depositary Shares or the Receipts may be listed or quoted or to conform with any usage 

  

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with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject, in each case as directed by the
Company. 
  
 Title to any Receipt (and to the Depositary Shares
evidenced by such Receipt) that is properly endorsed or accompanied by a properly executed instrument of transfer or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however,
that until a Receipt shall be transferred on the books of the Depositary as provided in Section 2.05, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the
purpose of determining the person entitled to distribution of dividends or other distributions, the exercise of any redemption or voting rights or to any notice provided for in this Deposit Agreement and for all other purposes. 
  
 SECTION 2.02. Deposit of Preferred Shares; Execution and Delivery of
Receipts in Respect Thereof. Concurrently with the execution of this Deposit Agreement, the Company is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary and evidencing 92,000 Preferred Shares,
and from time to time the Company shall deliver to the Depositary such additional certificate or certificates evidencing additional Preferred Shares (in respect of splits, combinations or other reclassifications that may affect the Preferred
Shares), in each case properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by
the Depositary in accordance with the provisions of this Deposit Agreement, including the resolutions of the Board of Directors of the Company, as certified by the Secretary or any Assistant Secretary of the Company on the date hereof as being
complete, accurate and in effect, relating to issuance and sale of the Preferred Shares, (ii) an opinion letter of Company’s counsel to the Depositary relating to (A) the existence and good standing of the Company, (B) the due authorization of
the Depositary Shares and the status of the Preferred Shares represented by the Depositary Shares as validly issued, fully paid and non-assessable, and (C) the effectiveness under the Securities Act of the registration statement relating to the
Depositary Shares, and (iii) a written letter of instruction of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares
representing such deposited Preferred Shares. In lieu of executing and delivering Receipts for the Depositary Shares, upon written letter of instruction from the Company, the Depositary agrees to issue and deliver the Receipts for the Depositary
Shares in book-entry form and issue a single global security to The Depository Trust Company (“DTC”) (pursuant to the “FAST” delivery method or otherwise), which security will be deposited with and registered in the name of DTC
or its nominee, or such other successor securities depository as may be appointed by the Company if DTC discontinues to provide services as securities depository with respect to the Depositary Shares. Beneficial interests in the global security will
be shown on, and transfers of the global security will be made only through, records maintained by DTC and its participants. The Depositary acknowledges receipt of the deposited Preferred Shares and related documentation and agrees to hold such
deposited Preferred Shares in an account to be established by the Depositary at the Corporate Office or at such other office as the Depositary shall reasonably determine. The Company hereby appoints the Depositary as the Registrar and Transfer Agent
for the Preferred Shares deposited hereunder and the Depositary hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Shares held by it by notation,
book-entry or other appropriate method. 
  

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 If required by the Depositary, Preferred Shares presented for deposit by the Company at any time, whether
or not the register of shareholders of the Company is closed, shall be accompanied by an agreement or assignment, or other instrument reasonably satisfactory to the Depositary, that will provide for the prompt transfer to the Depositary or its
nominee of any distribution or right to subscribe for additional Preferred Shares or to receive other property that any person in whose name the Preferred Shares are or have been registered may thereafter receive upon or in respect of such deposited
Preferred Shares, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 
  
 Upon receipt by the Depositary of a certificate or certificates for Preferred Shares deposited hereunder, together with the other documents specified
above, and upon registering such Preferred Shares in the name of the Depositary, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver to, or upon the order of, the person or persons named in the
written order delivered to the Depositary referred to in (iii) of the first paragraph of this Section 2.02, a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred Shares so deposited and registered in such name or
names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Corporate Office, except that, at the request, risk and expense of any person requesting such delivery, such delivery may
be made at such other place as may be designated by such person. 
  
 Other than in the case of splits, combinations or other reclassifications affecting the Preferred Shares, or in the case of dividends or other distributions of Preferred Shares, if any, there shall be deposited hereunder not more than the
number of shares constituting the Preferred Shares as set forth in the Certificate of Designations, as such may be amended. 
  
 The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to
perform its obligations under this Deposit Agreement. 
  
 SECTION
2.03. Optional Redemption of Preferred Shares for Cash. Whenever the Company shall elect to redeem deposited Preferred Shares for cash in accordance with the provisions of the Certificate of Designations, it shall (unless otherwise agreed in
writing with the Depositary) give the Depositary not less than 30 days’ prior written notice of the date of such proposed redemption and of the number of such Preferred Shares held by the Depositary to be redeemed and the applicable redemption
price, as set forth in the Certificate of Designations, plus the amount, if any, of accrued and unpaid dividends thereon ending on or prior to the date fixed for redemption. The Depositary shall mail, first-class postage prepaid, notice of the
redemption of Preferred Shares and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Shares to be redeemed, not less than 30 nor more than 60 days prior to the date fixed for redemption of such Preferred Shares
and Depositary Shares (the “redemption date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary. No failure to
give such notice or any defect thereto or in the mailing thereof shall affect the sufficiency of notice or validity of the proceedings for redemption except as to a holder to whom notice was defective or not given. A redemption notice that has been
mailed in the manner provided herein shall be conclusively presumed to have been duly given on the date mailed whether or not the holder 

  

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received the redemption notice. The Company shall provide the Depositary with such notice, and each such notice shall state: (i) the redemption date; (ii)
the redemption price per Depositary Share (as set forth below), plus the amount, if any, of accrued and unpaid dividends thereon ending on the redemption date; (iii) the number of deposited Preferred Shares and Depositary Shares to be redeemed; (iv)
if fewer than all the Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the place or places where Receipts evidencing the Depositary Shares to be redeemed are to
be surrendered for payment of the redemption price, plus any accrued and unpaid dividends payable thereon ending on the redemption date; and (vi) that from and after the redemption date dividends in respect of the Preferred Shares represented by the
Depositary Shares to be redeemed will cease to accrue. If fewer than all of the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be redeemed pro rata or by any other equitable method determined by the
Company that will not result in a violation of the Ownership Limit, the Existing Holder Limit or any other ownership restriction set forth in Section 12.2(a) of the Company’s Certificate of Incorporation. 
  
 In the event that notice of redemption has been made as described in the
immediately preceding paragraph and the Company shall then have paid or caused to be paid in full to EquiServe, Inc. the redemption price (determined pursuant to the Certificate of Designations) of the Preferred Shares deposited with EquiServe, Inc.
to be redeemed, plus any accrued and unpaid dividends thereon ending on the redemption date, the Depositary shall redeem the number of Depositary Shares representing such Preferred Shares so called for redemption by the Company, and from and after
the redemption date (unless the Company shall have failed to pay for the Preferred Shares to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the Preferred Shares
called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the
redemption price, plus any accrued and unpaid dividends thereon ending on the redemption date) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender of the Receipts evidencing such Depositary Shares (properly endorsed
or assigned for transfer, if the Depositary or applicable law shall so require) in accordance with such notice, such Depositary Shares shall be redeemed at a redemption price of $25.00 per Depositary Share, plus all accrued and unpaid dividends, if
any, thereon ending on or prior to the redemption date. The foregoing shall be further subject to the terms and conditions of the Certificate of Designations. In the event of any conflict between the provisions of this Deposit Agreement and the
provisions of the Certificate of Designations, the provisions of the Certificate of Designations will govern and the Company will instruct the Depositary accordingly. 
  
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, EquiServe, Inc. will deliver to
the holder of such Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing such holder’s
Depositary Shares that are not called for redemption. 
  
 The
Company acknowledges that the bank accounts maintained by EquiServe, Inc. in connection with the performance of the services described herein will be in the name of EquiServe, 

  

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Inc. and that EquiServe, Inc. may receive investment earnings in connection with the investment at the risk and for the benefit of EquiServe, Inc. of funds
held in those accounts from time to time. 
  
 SECTION 2.04.
Registration of Transfers of Receipts. The Company hereby appoints the Depositary as the Registrar and Transfer Agent for the Receipts and the Depositary hereby accepts such appointment and, as such, shall register on its books from time to
time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative, properly endorsed or accompanied by a properly executed instrument of transfer or endorsement and including a
guarantee of the signature thereon by a participant in a signature guarantee medallion program approved by the Securities Transfer Association (a “Signature Guarantee”), together with evidence of the payment of any transfer taxes as may be
required by applicable law. Upon such transfer and surrender of Receipts, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of
Depositary Shares evidenced by the Receipt or Receipts so transferred and surrendered. 
  
 SECTION 2.05. Combinations and Split-ups of Receipts. Upon surrender of a Receipt or Receipts at the Corporate Office or such other office as the Depositary may designate for the purpose of effecting a split-up
or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same aggregate number of
Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not issue any Depositary Receipt evidencing a fractional Depositary Share. 
  
 SECTION 2.06. Surrender of Receipts and Withdrawal of Preferred Shares. Any holder of a Receipt or Receipts may
withdraw any or all of the deposited Preferred Shares represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts
at the Corporate Office or at such other office as the Depositary may designate for such withdrawals. After such surrender, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such
holder as hereinafter provided, the number of whole or fractional Preferred Shares and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of
such whole or fractional Preferred Shares will not thereafter be entitled to deposit such Preferred Shares hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with
such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole or fractional deposited Preferred Shares to be withdrawn, the Depositary shall at the same time, in addition
to such number of whole or fractional Preferred Shares and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.04) upon his order, a new Receipt or Receipts evidencing such excess number of
Depositary Shares. Delivery of such Preferred Shares and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if
required by the Depositary, shall be properly endorsed or accompanied by a properly executed instrument of transfer or endorsement. 
  

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 If the deposited Preferred Shares and the money and other property being withdrawn are to be delivered to
a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Shares, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary
may require that the Receipt or Receipts surrendered by such holder for withdrawal of such Preferred Shares be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement in blank with a Signature
Guarantee. 
  
 The Depositary shall deliver the deposited
Preferred Shares and EquiServe, Inc. shall deliver the money and other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for withdrawal at the Corporate Office, except that, at the request, risk and expense of
the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated by such holder. 
  
 SECTION 2.07. Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of
Receipts. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following:
(i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge with respect thereto (including any such tax or
charge with respect to the Preferred Shares being deposited or withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature), including a Signature Guarantee; and
(iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange upon which the deposited Preferred Shares, the
Depositary Shares or the Receipts may be included for quotation or listed. 
  
 The deposit of Preferred Shares may be refused, the delivery of Receipts against Preferred Shares may be suspended, the transfer of Receipts may be refused, and the transfer, split-up, combination, surrender, exchange
or redemption of outstanding Receipts may be suspended (i) during any period when the register of shareholders of the Company is closed or (ii) if any such action is deemed reasonably necessary, appropriate or desirable by the Depositary, any of the
Depositary’s Agents or the Company at any time or from time to time because of any requirement of applicable law or of any government or governmental body or commission, or under any provision of this Deposit Agreement; provided, however, that
the Depositary and the Depositary’s Agents shall first notify the Company in writing prior to making such determination. 
  
 SECTION 2.08. Lost Receipts, etc. In case any Receipt shall be mutilated or destroyed or lost or stolen, the Depositary in its discretion may
execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt, provided that the holder thereof provides the Depositary with
(i) evidence reasonably satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of his ownership thereof and (ii) reasonable indemnification and the provision of an open penalty surety bond,
in each case satisfactory to the Depositary and the Company and holding the Depositary and the Company harmless. 
  

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 SECTION 2.09. Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to
the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized to destroy such Receipts so cancelled. 
  
 ARTICLE III 
  
 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 

 
 SECTION 3.01. Filing Proofs, Certificates and Other Information.
Any person presenting Preferred Shares for deposit or any holder of a Receipt may be required from time to time to file such proof of residence or other information, to execute such certificates and to make such representations and warranties as the
Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Shares
represented by the Depositary Shares evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed, such certificates are
executed or such representations and warranties are made. 
  
 SECTION 3.02. Payment of Fees and Expenses. Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses, as provided in Section 5.09, or provide evidence reasonably satisfactory to the
Depositary that such fees and expenses have been paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Shares or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt
may be refused, any dividend or other distribution may be withheld, and any part or all of the Preferred Shares or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after
attempting by reasonable means to notify such holder a reasonable number of days prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder
of such Receipt remaining liable for any deficiency. 
  
 SECTION
3.03. Representations and Warranties as to Preferred Shares. In the case of the initial deposit of the Preferred Shares hereunder, the Company and, in the case of any subsequent deposits thereof permitted hereunder, each person so depositing
Preferred Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Preferred Shares and each certificate therefor are valid and that the person making such deposit is duly authorized to do so. The Company hereby
further represents and warrants that such Preferred Shares, when issued, will be validly issued, fully paid and non-assessable. Such representations and warranties shall survive the deposit of the Preferred Shares and the issuance of Receipts.

  
 SECTION 3.04. Representation and Warranty as to Receipts
and Depositary Shares. The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid 1/100 fractional
interest in one deposited Preferred Share. Such representation and warranty shall survive the deposit of the Preferred Shares and the issuance of Receipts evidencing the Depositary Shares. 
  

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 ARTICLE IV 
  

THE PREFERRED SHARES; NOTICES 
  
 SECTION 4.01. Dividends and Other Cash Distributions. Whenever EquiServe, Inc. shall receive any cash dividend or other cash distributions on the
deposited Preferred Shares, including any cash received upon redemption of any Preferred Shares pursuant to Section 2.03, EquiServe, Inc. shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.04 (if applicable) such amounts of such sum as are in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that, in case the Company or EquiServe, Inc. shall be
required by law to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Shares an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available
for distribution or distributed in respect of Depositary Shares or Receipts, as applicable, shall be reduced accordingly. EquiServe, Inc. shall distribute or make available for distribution, as the case may be, only such amount, however, as can be
distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by EquiServe, Inc. (without liability for interest thereon) and shall be added to and be treated as part of the next
sum received by EquiServe, Inc. for distribution to record holders of Receipts then outstanding. 
  
 SECTION 4.02. Distributions Other Than Cash. Whenever the Depositary shall receive any dividend or other distribution other than cash on the
deposited Preferred Shares, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or property received by it as are in proportion to
the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. If, in the opinion of the
Depositary after consultation with the Company, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of
taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such
distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to
Section 3.02, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01in the case of a distribution received in cash. The Company shall not make any
distribution of such securities or property to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities or property have been registered under the Securities Act or do not
need to be registered in order to be freely transferable. 
  
 SECTION 4.03. Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names deposited Preferred Shares are registered on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, the offering of such rights, preferences or privileges shall in each such instance be communicated to the

  

 -10- 

 
Depositary and thereafter made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the
issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its legal
counsel that it is not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by holders of Receipts who do not desire to
exercise such rights, preferences or privileges, the Depositary shall then, if so instructed by the Company, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such
holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Section 3.01 and Section 3.02, be distributed by EquiServe, Inc. to the record holders of
Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Company shall not make any distribution of such rights, preferences or privileges, unless the Company shall have provided to the Depositary an
opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered in order to be freely transferable. 
  
 If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required
in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly file a registration statement pursuant to the Securities Act with respect to such
rights, preferences or privileges and securities and use its reasonable best efforts to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders
to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such a registration
statement shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and the Company shall have provided to the Depositary an opinion of
counsel to such effect. 
  
 If any other action under the law of
any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees to use its commercially
reasonable efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges.

  
 SECTION 4.04. Notice of Distributions; Fixing of Record
Date for Holders of Receipts. Whenever any cash dividend or other cash distributions shall become payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the
deposited Preferred Shares, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Preferred Shares are entitled to vote or of which holders of such Preferred Shares are entitled to notice or (ii) any election on
the part of the Company to redeem any such Preferred Shares, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date, if any, fixed by the Company with respect to the Preferred Shares) for the
determination of the holders of Receipts (a) who shall be entitled to 

  

 -11- 

 
receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, (b) who shall be entitled to give
instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or (c) whose Depositary Shares are to be so redeemed. 
  
 SECTION 4.05. Voting Rights. Upon receipt of notice of any meeting at which the holders of deposited Preferred Shares are entitled to vote, the
Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement
that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the exercise of the voting rights
pertaining to the amount of Preferred Shares represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of a Receipt on such record
date, the Depositary shall vote or cause to be voted the amount of Preferred Shares represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. To the extent any such instructions
request the voting of a fractional interest of a deposited Preferred Share, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting instructions and shall vote the number of whole
votes resulting from such aggregation in accordance with the instructions received in such requests. Accordingly, for each vote that a Preferred Share is entitled to pursuant to the Certificate of Designations, each Depositary Share is entitled to
1/100th of such vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the
Depositary in order to enable the Depositary to vote such Preferred Shares or cause such Preferred Shares to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of the
Preferred Shares represented by the Depositary Shares evidenced by such Receipt. The Depositary shall not be required to exercise discretion in voting any Preferred Shares represented by the Depositary Shares evidenced by such Receipt. 

 
 SECTION 4.06. Changes Affecting Preferred Shares and Reclassifications,
Recapitalizations, etc. Upon any change in par or stated value, split-up, combination or any other reclassification of Preferred Shares, or upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting the Company or
to which it is a party or sale of all or substantially all of the Company’s assets, the Depositary shall, upon the instructions of the Company, (i) make such adjustments in (a) the fraction of an interest represented by one Depositary Share in
one Preferred Share and (b) the ratio of the redemption price per Depositary Share to the redemption price of a Preferred Share, in each case as may be required by or as is consistent with the provisions of the Certificate of Designations to fully
reflect the effects of such change in liquidation preference, split-up, combination or other reclassification of shares, or of such recapitalization, reorganization, merger, amalgamation, consolidation or sale of all or substantially all of the
Company’s assets and (ii) treat any shares or other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of the Preferred Shares as new deposited property under this Deposit Agreement,
and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in respect of such Preferred Shares. In any such case, the Depositary may, in its
discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for 

  

 -12- 

 
new Receipts specifically describing such new deposited property. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right
from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Preferred Shares or any such recapitalization, reorganization, merger, amalgamation or consolidation or sale of all
or substantially all of the Company’s assets to surrender such Receipts to the Depositary with instructions to exchange or surrender the Preferred Shares represented thereby only into or for, as the case may be, the kind and amount of shares
and other securities and property and cash for which such Preferred Shares might have been exchanged or surrendered immediately prior to the effective date of such transaction, subject to any subsequent change in par or stated value, split-up,
combination or other reclassification or any subsequent recapitalization, reorganization, merger, amalgamation or consolidation or sale of substantially all the assets. The Company shall cause effective provision to be made in the charter of the
resulting or surviving corporation (if other than the Company) for protection of such rights as may be applicable upon exchange of the deposited Preferred Shares for securities or property or cash of the surviving corporation in connection with the
transactions set forth above. The Company shall cause any such surviving corporation (if other than the Company) expressly to assume the obligations of the Company hereunder. 
  
 SECTION 4.07. Inspection of Reports. The Depositary shall make available for inspection by holders of Receipts at the
Corporate Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications received from the Company that are both received by the Depositary as the holder of deposited Preferred
Shares and made generally available to the holders of the Preferred Shares. In addition, the Depositary shall transmit certain notices and reports to the holders of Receipts as provided in Section 5.05. 
  
 SECTION 4.08. Lists of Receipt Holders. Promptly upon request from
time to time by the Company, the Depositary shall furnish to the Company a list, as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the
books of the Depositary. 
  
 SECTION 4.09. Tax and Regulatory
Compliance. EquiServe, Inc. shall be responsible for (i) preparing and mailing of Forms 1099 for all open and closed accounts, (ii) all applicable withholding related to payments made with respect to the Receipts, including, without limitation,
withholding required pursuant to Sections 1441, 1442, 1445 and 3406 of the Internal Revenue Code of 1986, as amended, (iii) mailing Forms W-9 to new holders of Receipts without a certified taxpayer identification number, (iv) processing certified
Forms W-9, (v) preparing and filing of state information returns and (vi) providing escheatment services. 
  
 SECTION 4.10. Withholding. Notwithstanding any other provision of this Deposit Agreement to the contrary, in the event that the Depositary
determines that any distribution in property is subject to any tax which the Depositary is obligated by applicable law to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the holders of Receipts entitled
thereto in proportion to the number of Depositary Shares held by them, respectively; provided, however, that in the event the 

  

 -13- 

 
Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not all holders of Receipts, the
Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such sale in such a manner so as to
avoid affecting the rights of any other holders of Receipts to receive such distribution in property. 
  
 ARTICLE V 
  
 THE DEPOSITARY AND THE COMPANY 
  
 SECTION 5.01.
Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar. The Depositary shall maintain at the Corporate Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination
and redemption of Receipts and deposit and withdrawal of Preferred Shares and at the offices of the Depositary’s Agents, if any, facilities for the delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and
deposit and withdrawal of Preferred Shares, all in accordance with the provisions of this Deposit Agreement. 
  
 The Depositary shall keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be open
for inspection by the record holders of Receipts as provided by applicable law. The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. The
Depositary may maintain such books in customary electronic form. 
  
 If the Receipts or the Depositary Shares evidenced thereby or the Preferred Shares represented by such Depositary Shares shall be listed on the New York Stock Exchange, Inc. or any other stock exchange, or quoted on any interdealer
quotation system, the Depositary may, with the approval of the Company, appoint a Registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with the requirements of such stock exchange or quotation
system. Such Registrar (which may be the Depositary if so permitted by the requirements of such stock exchange or quotation system) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the
Company. If the Receipts, such Depositary Shares or such Preferred Shares are listed on one or more other stock exchanges or quotation systems, the Depositary will, at the request and expense of the Company, arrange such facilities for the delivery,
transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Shares as may be required by applicable law or applicable stock exchange or quotation system regulations. 
  
 SECTION 5.02. Prevention or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Company. None of the Depositary, any Depositary’s Agent, any Registrar or the Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or
future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the
Certificate of Incorporation or the Certificate of Designations or, in the case of the Company, the Depositary, the Depositary’s Agent or the Registrar, by reason of any act of God or war or terrorism or other circumstance beyond the 

  

 -14- 

 
control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from or delayed in
doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Company incur any liability to any holder of a Receipt by
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement. 
  
 SECTION
5.03. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. Each of the Depositary, any Depositary’s Agent and any Registrar shall at all times act in good faith and shall use its best efforts within
reasonable time limits to insure the accuracy of all services performed pursuant to this Deposit Agreement. None of the Depositary, any Depositary’s Agent, any Registrar or the Company assumes any obligation or shall be subject to any liability
under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance of such duties as are specifically set
forth in this Deposit Agreement. 
  
 None of the Depositary, any
Depositary’s Agent, any Registrar or the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Shares, Depositary Shares or Receipts that in its
reasonable opinion may involve it in expense or liability, unless indemnity reasonably satisfactory to it against all expense and liability be furnished as often as may be required. 
  
 None of the Depositary, any Depositary’s Agent, any Registrar or the Company shall be liable for any action or any
failure to act by it in reliance upon the written advice of legal counsel or accountants, or information provided by any person presenting Preferred Shares for deposit, any holder of a Receipt or any other person believed by it in good faith to be
competent to give such advice or information. The Depositary, any Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it
in good faith to be genuine and to have been signed or presented by the proper party or parties. 
  
 In the event the Depositary shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on
the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall be entitled to the full indemnification set forth in Section 5.06 hereof in connection with any action so taken.

  
 The Depositary shall not be responsible for any failure to
carry out any instruction to vote any of the deposited Preferred Shares or for the manner or effect of any such vote made, as long as any such action or non-action is in good faith and does not result from bad faith, gross negligence or willful
misconduct of the Depositary. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations
shall be read into this Deposit Agreement against the Depositary or any Registrar. 
  

 -15- 

 The Depositary, its parent, affiliate, or subsidiaries, any Depositary’s Agent, and any Registrar
may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be interested or contract
with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the Depositary’s Agent hereunder. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its
affiliates or act in any other capacity for the Company or its affiliates. 
  
 It is intended that neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being
expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred Shares; provided, however, that the Depositary agrees to comply with all
information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 
  
 Neither the Depositary (or its officers, directors, employees or agents) nor any Depositary’s Agent makes any representation or has any
responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred Shares, the Depositary Shares, the Receipts (except its countersignature
thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement and for the validity
of any action taken or required to be taken by the Depositary in connection with this Deposit Agreement. 
  
 The Company represents that it has registered the deposited Preferred Shares and the Depositary Shares for sale in accordance with applicable securities
laws. 
  
 SECTION 5.04. Resignation and Removal of the
Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided. 
  
 The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor depositary and its acceptance of such
appointment as hereinafter provided. 
  
 In case at any time the
Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be a bank or trust company having
its principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning Depositary may petition a court of competent
jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without
any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due
it and on the written 

  

 -16- 

 
request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder,
shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Shares and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding
Receipts. Any successor depositary shall promptly mail notice of its appointment to the record holders of Receipts. 
  
 Any corporation into or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the execution
or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 
  
 SECTION 5.05. Notices, Reports and Documents. The Company agrees that
it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and reports (including
financial statements) required by law, by the rules of any national securities exchange or interdealer quotation system upon which the Preferred Shares, the Depositary Shares or the Receipts are listed or quoted or by the Certificate of
Incorporation and the Certificate of Designations to be furnished by the Company to holders of the deposited Preferred Shares and, if requested by the holder of any Receipt, a copy of this Deposit Agreement, the form of Receipt, the Certificate of
Designations and the form of Preferred Shares. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition,
the Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the Company. 
  
 SECTION 5.06. Indemnification by the Company. The Company agrees to indemnify the Depositary, any Depositary’s Agent and any Registrar
against, and hold each of them harmless from, any liability, costs and expenses (including reasonable attorneys’ fees) that may arise out of, or in connection with, its acting as Depositary, Depositary’s Agent or Registrar, respectively,
under this Deposit Agreement and the Receipts, except for any liability arising out of the willful misconduct, gross negligence, negligence or bad faith on the part of any such person or persons. The obligations of the Company set forth in this
Section 5.06 shall survive any succession of any Depositary, Registrar or Depositary’s Agent or termination of this Deposit Agreement. 
  
 SECTION 5.07. Indemnification by the Depositary. The Depositary agrees to indemnify the Company against, and hold the Company harmless from, any
liability, costs and expenses (including reasonable attorneys’ fees) that may arise out of, or in connection with, the refusal or failure of any of the Depositary, any Depositary’s Agent or the Registrar to comply with the terms of this
Deposit Agreement, or which arise out of the willful misconduct, gross negligence, negligence or bad faith on the part of any such person or persons; provided, however, that the Depositary’s aggregate liability hereunder with respect to,
arising from, or arising in connection with this Deposit Agreement, or from all services provided or omitted to be provided under this Deposit Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts
paid hereunder by the Company to the Depositary as fees and charges under this Agreement or otherwise, but not including reimbursable expenses, during the twelve (12) calendar months immediately preceding the event for which recovery from the
Depositary is being sought. 

  

 -17- 

 
The obligations of the Depositary set forth in this Section 5.07 shall survive any succession of the Company or termination of this Deposit Agreement.

  
 SECTION 5.08. Damages. The Depositary shall not be
liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits (collectively, “Special Damages”), occasioned by breach of any provision of this
Deposit Agreement by the Depositary even if apprised of the possibility of such damages. The Company shall not be liable to the Depositary for Special Damages occasioned by breach of any provision of this Deposit Agreement by the Company even if
apprised of the possibility of such damages. 
  
 SECTION 5.09.
Fees, Charges and Expenses. No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as provided in this Section 5.09. The Company shall pay all transfer and other taxes and
governmental charges arising solely from the existence of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in connection with the initial deposit of the Preferred Shares and the initial issuance of the
Depositary Shares evidenced by the Receipts, any redemption of the Preferred Shares at the option of the Company, and all withdrawals of the Preferred Shares by holders of Receipts, in each case, in the amount and manner set forth in that certain
Transfer Agency and Service Agreement, to be entered into by and between the Company and the Depositary (as the same may be amended, modified, supplemented or replaced from time to time by the parties, the “Transfer Agency and Service
Agreement”). If a holder of Receipts requests the Depositary to perform duties not required under this Deposit Agreement, the Depositary shall notify the holder of the cost of the performance of such duties prior to the performance thereof.
Upon approval of such cost by such holder, such holder will thereafter be liable for the charges and expenses related to such performance. All other fees and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar
(including, in each case, fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be promptly paid by the Company pursuant to the terms of the Transfer Agency and Service Agreement (or, if such
agreement is no longer in effect, pursuant to such terms as the Company and the Depositary shall agree to in good faith, which terms shall be at least as favorable to the Depositary as those contained in such agreement as last in effect). The
Depositary shall present its statement for fees and expenses to the Company every month or at such other intervals as the Company and the Depositary may agree. 
  

ARTICLE VI 
  
 AMENDMENT AND TERMINATION 
  
 SECTION 6.01. Amendment. The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect
that they may deem necessary, appropriate or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the Company) which (i) shall materially and
adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Shares pursuant to the Certificate of Designations shall be effective unless such
amendment shall have been approved by 

  

 -18- 

 
the holders of Receipts evidencing at least two-thirds of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject
to the provisions of Section 2.07 and Section 2.08 and Article III, of any holder of any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions to the Depositary to deliver to the holder the deposited
Preferred Shares and all money and other property if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. 
  
 SECTION 6.02. Termination. This Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the
Depositary if (i) such termination is necessary to preserve the Company’s status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (or any successor provisions), or (ii) the holders of Receipts evidencing at
least a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or
fractional deposited Preferred Shares as are represented by the Depositary Shares evidenced by such Depositary Receipt, together with any other property held by the Depositary in respect of such Receipt. In the event that this Deposit Agreement is
terminated pursuant to clause (i) of the immediately preceding sentence, the Company hereby agrees to use its best efforts to list or quote the Preferred Shares issued upon surrender of the Receipt evidencing the Depositary Shares represented
thereby on a national securities exchange or interdealer quotation system. This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.03, or (ii) there shall have been
made a final distribution in respect of the deposited Preferred Shares in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts entitled thereto.

  
 Upon the termination of this Deposit Agreement, (i) the
Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Section 5.06 and Section 5.09 and (ii) the Depositary shall be discharged
from all obligations under this Deposit Agreement except for its obligations to the Company under Section 5.07. 
  

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 ARTICLE VII 
  
 MISCELLANEOUS 
  
 SECTION 7.01. Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to
this Deposit Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and
shall be open to inspection during business hours at the Corporate Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
  
 SECTION 7.02. Exclusive Benefits of Parties. This Deposit Agreement is for the exclusive benefit of the parties
hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
  

SECTION 7.03. Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 
  
 SECTION 7.04. Notices. Any and all notices to be given to the Company
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to the Company at: 
  
 THE MILLS CORPORATION 
 1300 Wilson Boulevard, Suite 400 
 Arlington,
VA 22209 
 Attention: General Counsel 
 Telephone No.: (703) 526-5000 
  
 or at any other address of which the
Company shall have notified the Depositary in writing. 
  
 Any
notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile transmission confirmed by letter, addressed to
the Depositary at the Corporate Office to the attention of the General Counsel. 
  
 Any notices given to any record holder or a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile
transmission confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary or, if such holder shall have filed with the Depositary in a timely manner a written request that
notices intended for such holder be mailed to some other address, at the address designated in such request. 
  

 -20- 

 Delivery of a notice sent by mail, or by telegram or facsimile transmission shall be deemed to be
effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a telegram or facsimile transmission ) is deposited, postage prepaid, in a post office letter box. The Depositary or the Company may,
however, act upon any telegram or facsimile transmission message received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or facsimile transmission message shall not subsequently be confirmed by letter as
aforesaid. 
  
 SECTION 7.05. Depositary’s Agents. The
Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the
appointment of such Depositary’s Agents. The Depositary will notify the Company of any such action. 
  
 SECTION 7.06. Holders of Receipts Are Parties. The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement
and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof. 
  
 SECTION 7.07. Governing Law. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof
shall be governed by, and construed in accordance with, the law of the State of New York, without regard to the conflict or choice of law provisions thereof. 
  
 SECTION 7.08. Inspection of Deposit Agreement and Certificate of Designations. Copies of this Deposit Agreement and the Certificate of Designations
shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Corporate Office and the respective offices of the Depositary’s Agents, if any, by any holder of any Receipt.

  
 SECTION 7.09. Headings. The headings of articles and
sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts. 
  
 [Signatures appear on the following page.] 
  

 -21- 

 IN WITNESS WHEREOF, The Mills Corporation, EquiServe Trust Company, N.A., and EquiServe, Inc. have caused
this Deposit Agreement to be duly executed and delivered on their behalf as of the day and year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance
with the terms hereof. 
  

			
	 THE MILLS CORPORATION

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 EQUISERVE TRUST COMPANY, N.A.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 EQUISERVE, INC.

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 -22- 

 EXHIBIT A 
  
 Form of Receipt 
  
  

 [THE MILLS CORPORATION GRAPHIC] 
  
 Temporary Receipt Exchangeable for Definitive Engraved Receipt When Ready for Delivery 
  
 IMPORTANT NOTICE - RESTRICTIONS ON TRANSFER AND OWNERSHIP 
  
 The Preferred Shares represented by the Depositary Shares that are evidenced
by this Depositary Receipt are subject to restrictions on transfer and ownership. See the reverse hereof for important information regarding these restrictions. 
  

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH REPRESENTING 1/100 OF A 
 SHARE OF 7.875% SERIES G CUMULATIVE REDEEMABLE PREFERRED SHARES 
 OF 
 THE MILLS CORPORATION 
 (a Delaware corporation)

  
 DEPOSITARY SHARES 
  
 THIS DEPOSITARY RECEIPT IS TRANSFERABLE IN
                                        
         
  
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
  
 CUSIP 601148 78 7 
  
 EQUISERVE TRUST COMPANY, N.A. and EQUISERVE, INC., as Depositary (individually and
collectively, the “Depositary”), hereby certify that
                                        
                                     is the registered owner of
                             Depositary Shares (“Depositary Shares”), each Depositary Share
representing a fractional interest equal to 1/100 of a share of 7.875% Series G Cumulative Redeemable Preferred Stock, par value $.01 per share (the “Preferred Shares”), of The Mills Corporation, a Delaware corporation (the
“Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of May 17, 2005 (the “Deposit Agreement”), among the Corporation, the Depositary and all holders
from time to time of Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or
obligatory for any purpose or be entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual and/or facsimile signature of a duly authorized officer or, if a Registrar in respect of the
Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized representative of such Registrar. 
  
 The Corporation is authorized to issue common shares and one or more series or classes of preferred shares. The Corporation will furnish without charge to
each receiptholder, who so 

  

 A-1 

 
requests in writing, a statement of the rights, preferences, privileges and restrictions granted to or imposed upon the respective classes of shares and upon
the holders thereof, a copy of the Corporation’s Amended and Restated Certificate of Incorporation, as amended, and Amended and Restated Bylaws, as amended, and a copy of the Deposit Agreement. Any such request shall be made to the Corporation
at the principal office of the Corporation at 1300 Wilson Boulevard, Suite 400, Arlington, Virginia 22209, Attention: Secretary. 
  
 This Depositary Receipt is continued on the reverse hereof and the additional provisions therein set forth (including, without limitation, those relating to redemption)
for all purposes have the same effect as if set forth at this place. 
  
 Dated: ____________ 
  

									
	 	 	 	 	 Countersigned
 EquiServe Trust Company, N.A.
 Equiserve, Inc.
 Depositary, Transfer Agent and Registrar

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 AUTHORIZED OFFICER

  

 A-2 

 THE MILLS CORPORATION 
  
 IMPORTANT NOTICE REGARDING RESTRICTIONS ON TRANSFER AND OWNERSHIP. The Preferred Shares represented by the Depositary Shares that are
evidenced by this Depositary Receipt are subject to restrictions on transfer and ownership for the purpose of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended (the
“Code”). Accordingly, the Depositary Shares are subject to these restrictions on transfer and ownership based on the value of Preferred Shares represented by such Depositary Shares. Except as otherwise provided by the Corporation’s
Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), no Person may Acquire Beneficial Ownership of shares of capital stock in excess of 9.225% (or such greater percentage as may be determined by the Board
of Directors of the Corporation) in value of the outstanding capital stock of the Corporation (unless such Person is an Existing Holder). Separate restrictions regarding Existing Holders are set forth in Article XII of the Certificate of
Incorporation. In addition, the Certificate of Incorporation further prohibits any Person from Acquiring shares of the Corporation’s capital stock if, as a result of the Acquisition: (i) the Corporation would be “closely held” within
the meaning of Section 856(h) of the Code; (ii) the capital stock would be directly or indirectly owned by fewer than 100 Persons; or (iii) the Corporation would fail to qualify as a “domestically controlled REIT” under the Code. Any
Person who Acquires or attempts to Acquire Beneficial Ownership of shares of capital stock in excess of the above limitations must immediately notify the Corporation. Any such Person who is a stockholder of record, an Actual Owner, or a Beneficial
Owner of capital stock and each Person who is holding capital stock for an Actual Owner or a Beneficial Owner, as defined in Article XII of the Certificate of Incorporation shall provide to the Corporation written ownership information as required
by Article XII of the Certificate of Incorporation. Any shares of capital stock so held may be subject to mandatory redemption or sale in certain events, and certain purported Transfers of shares of capital stock in violation of the restrictions in
Section 12.2 of the Certificate of Incorporation shall be void ab initio and shall result in the automatic exchange of the shares of capital stock in excess of such limitations for shares of Excess Stock which shall be held in trust by the
Corporation. A Person who attempts to Beneficially Own shares in violation of the ownership provisions set forth in Section 12.2 of the Certificate of Incorporation shall have no claim, cause of action or any other recourse whatsoever against a
transferor of such shares. All capitalized terms in this legend, not otherwise defined in this Depositary Certificate, shall have the meanings set forth in the Certificate of Incorporation, a copy of which, including the restrictions on transfer,
will be sent without charge to each stockholder who so requests.  
  
 1. THE DEPOSIT AGREEMENT. Depositary Receipts, of which this Depositary Receipt is one, are made available upon the terms and conditions set forth in the Deposit Agreement, dated as of May 17, 2005 (the “Deposit
Agreement”), among the Corporation, the Depositary and all holders from time to time of Depositary Receipts. The Deposit Agreement (copies of which are on file at the principal office maintained by the Depositary which at the time of the
execution of the Deposit Agreement is located at 250 Royall Street, Canton, MA 02021 (the “Depositary’s Office”) and at the office of any agent of the Depositary) sets forth the rights of holders of Depositary Receipts and the rights
and duties of the Depositary. The statements made on the face and the reverse of this Depositary Receipt are summaries of certain provisions of the 

  

 A-3 

 
Deposit Agreement and are subject to the detailed provisions thereof, to which reference is hereby made. In the event of any conflict between the provisions
of this Depositary Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement will govern. 
  
 2. DEFINITIONS. Unless otherwise expressly herein provided, all defined terms used in this summary of the Deposit Agreement shall have the meanings
ascribed thereto in the Deposit Agreement. 
  
 3. REDEMPTION OF
PREFERRED SHARES. Whenever the Corporation shall elect to redeem Preferred Shares, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30 days’ prior written notice of the date of such proposed
redemption and of the number of such Preferred Shares held by the Depositary to be so redeemed and the applicable redemption price, plus the amount, if any, of accrued and unpaid dividends thereon ending on the date fixed for redemption. The
Depositary shall mail, first-class postage prepaid, notice of the redemption of Preferred Shares and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Shares to be redeemed, not less than 30 nor more than 60
days prior to the date fixed for redemption of such Preferred Shares and Depositary Shares, to the record holders of the Depositary Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on
the records of the Depositary. On the date of such redemption, the Depositary shall redeem the number of Depositary Shares representing such redeemed Preferred Shares; provided, that the Corporation shall then have paid or caused to be paid in full
to the Depositary the redemption price of the Preferred Shares to be redeemed, plus any accrued and unpaid dividends payable with respect thereto to the date of any such redemption. If fewer than all the outstanding Depositary Shares are to be
redeemed, the Depositary Shares to be redeemed shall be determined pro rata or by any other equitable method determined by the Corporation that will not result in a violation of the Ownership Limit, the Existing Holder Limit or any other ownership
restriction set forth in Section 12.2(a) of the Certificate of Incorporation. Notice having been mailed as aforesaid, from and after the redemption date (unless the Corporation shall have failed to provide the funds necessary to redeem the Preferred
Shares represented by the Depositary Shares called for redemption), all dividends on the Preferred Shares so called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all
rights of the holders of Depositary Receipts evidencing such Depositary Shares (except the right to receive the redemption price, plus any accrued and unpaid dividends) shall, to the extent of such Depositary Shares, cease and terminate. Upon
surrender in accordance with said notice of the Depositary Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed at a
redemption price per Depositary Share equal to the same fraction of the redemption price per share paid with respect to the Preferred Shares as the fraction each Depositary Share represents of a Preferred Share, plus the same fraction of all money
and other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect of dividends which on the redemption date have accumulated on the Preferred Shares to be so redeemed and have not theretofore
been paid. The foregoing is further subject to the terms and conditions of the Certificate of Designations. If fewer than all of the Depositary Shares evidenced by this Depositary Receipt are called for redemption, the Depositary will deliver to the
holder of this Depositary Receipt upon its surrender to the Depositary, together with the redemption payment, a 

  

 A-4 

 
new Depositary Receipt evidencing the Depositary Shares evidenced by such prior Depositary Receipt that are not called for redemption. 
  
 4. SURRENDER OF DEPOSITARY RECEIPTS AND WITHDRAWAL OF PREFERRED SHARES. The
holder hereof may withdraw any or all of the deposited Preferred Shares represented by the Depositary Shares evidenced hereby and all money and other property, if any, represented by such Depositary Shares by surrendering this Depositary Receipt at
the corporate office or at such other office as the Depositary may designate for such withdrawals. After such surrender, without unreasonable delay, the Depositary shall deliver to the holder hereof, or to the person or persons designated by the
holder hereof in accordance with the Deposit Agreement, the number of whole or fractional shares of such Preferred Shares and all such money and other property, if any, represented by the Depositary Shares evidenced by this Depositary Receipt
surrendered for withdrawal, but the holder of such whole or fractional Preferred Shares shall not thereafter be entitled to deposit such Preferred Shares under the Deposit Agreement or to receive Depositary Shares therefor. However, if this
Depositary Receipt evidences a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole or fractional deposited Preferred Shares to be withdrawn, the Depositary shall at the same time, in addition to
such number of whole or fractional Preferred Shares and such money and other property, if any, to be withdrawn, deliver to such holder a new Depositary Receipt or Depositary Receipts evidencing such excess number of Depositary Shares. 
  
 5. TRANSFERS, SPLIT-UPS, COMBINATIONS. Subject to the Deposit Agreement, this
Depositary Receipt is transferable on the books of the Depositary upon surrender of this Depositary Receipt to the Depositary, properly endorsed or accompanied by a properly executed instrument of transfer or endorsement, and upon such transfer the
Depositary shall sign and deliver a Depositary Receipt or Depositary Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit Agreement. This Depositary Receipt may be split into other Depositary
Receipts or combined with other Depositary Receipts into one Depositary Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Depositary Receipt or Depositary Receipts surrendered; provided, however, that the Depositary
shall not issue any Depositary Receipt evidencing a fractional Depositary Share. 
  
 6. CONDITIONS TO SIGNING AND DELIVERY, TRANSFER, ETC., OF DEPOSITARY RECEIPTS. Prior to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of this Depositary Receipt,
the Depositary, any of the Depositary’s Agents or the Corporation may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such
payment, the reimbursement to it) of any tax or other governmental charge with respect thereto; (ii) production of proof satisfactory to it as to the identity and genuineness of any signature; and (iii) compliance with such regulations, if any, as
the Depositary or the Corporation may establish consistent with the Deposit Agreement. 
  
 7. SUSPENSION OF DELIVERY, TRANSFER, ETC. The deposit of Preferred Shares may be refused, the delivery of this Depositary Receipt against Preferred Shares may be suspended, the registration of transfer of Depositary
Receipts may be refused and the registration of transfer, split-up, combination, surrender, exchange or redemption of this Depositary Receipt may be suspended (i) during any period when the register of shareholders of 

  

 A-5 

 
the Corporation is closed or (ii) if any such action is deemed reasonably necessary, appropriate or desirable by the Depositary, any of the Depositary’s
Agents or the Corporation at any time or from time to time because of any requirement of applicable law or of any government or governmental body or commission, or under any provision of the Deposit Agreement. 
  
 8. AMENDMENT. The form of the Depositary Receipts and any provision of the
Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect that they may deem necessary, appropriate or desirable; provided, however, that no such amendment (other than
any changes in the fees of any Depositary or Registrar or Transfer Agent payable by the Corporation) which (i) shall materially adversely alter the rights of holders of Depositary Receipts or (ii) would be materially and adversely inconsistent with
the rights granted to the holders of the Preferred Shares pursuant to the Certificate of Designations shall be effective unless such amendment shall have been approved by the holders of Depositary Receipts evidencing at least two-thirds of the
Depositary Shares then outstanding. The holder of this Depositary Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold this Depositary Receipt, to consent and agree to such amendment and to be bound by the
Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the holder of the Depositary Shares to surrender this Depositary Receipt evidencing the Depositary Shares with instructions to the Depositary to deliver to the
holder the Preferred Shares and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. 
  
 9. CHARGES AND EXPENSES. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from
the existence of the depositary arrangement, except such charges as are expressly provided in the Deposit Agreement to be at the expense of holders of Depositary Receipts. 
  
 10. TITLE TO DEPOSITARY RECEIPTS. Title to this Depositary Receipt, when properly endorsed or accompanied by a properly
executed instrument of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Depositary may, notwithstanding any notice to the contrary, treat the record holder hereof at
such time as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions, the exercise of any redemption, or to any notice provided for in the Deposit Agreement and for all other
purposes. 
  
 11. DIVIDENDS AND DISTRIBUTIONS. Whenever the
Depositary shall receive any cash dividend or other cash distributions on the Preferred Shares, the Depositary shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Depositary Receipts such amounts of such sums
as are in proportion to the respective numbers of Depositary Shares evidenced by the Depositary Receipts held by such holders; provided, however, that in case the Corporation or the Depositary shall be required by law to withhold and does withhold
from any cash distribution in respect of the Preferred Shares an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Depositary Receipts a fraction of one cent, and any
balance not so distributable shall be held by the Depositary (without liability for interest 

  

 A-6 

 
thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Depositary Receipts
then outstanding. 
  
 12. SUBSCRIPTION RIGHTS, PREFERENCES OR
PRIVILEGES. If the Corporation shall at any time offer or cause to be offered to the persons in whose name Preferred Shares are registered on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the record
holders of Depositary Receipts in such manner as the Corporation shall instruct. 
  
 13. NOTICE OF DISTRIBUTIONS, FIXING OF RECORD DATE. Whenever (i) any dividend or other distributions shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges
shall at any time be offered, with respect to the Preferred Shares, (ii) the Depositary shall receive notice of any meeting at which holders of Preferred Shares are entitled to vote or of which holders of Preferred Shares are entitled to notice or
(iii) the Depositary shall receive notice of any election on the part of the Corporation to redeem any Preferred Shares, the Depositary shall in each such instance fix a record date (which shall be the same date, if any, as the record date fixed by
the Corporation with respect to the Preferred Shares) for the determination of the holders of Depositary Receipts (A) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale
thereof, or (B) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or (C) whose Depositary Shares are to be so redeemed. 
  
 14. VOTING RIGHTS. Upon receipt of notice of any meeting at which the holders
of Preferred Shares are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Depositary Receipts a notice, which shall contain (i) such information as is contained in such notice of meeting, (ii) a
statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the Preferred Shares represented by their respective Depositary Shares, and (iii) a brief statement
as to the manner in which such instructions may be given. Upon the written request of a holder of this Depositary Receipt on such record date, the Depositary shall vote or cause to be voted the Preferred Shares represented by the Depositary Shares
evidenced by this Depositary Receipt in accordance with the instructions set forth in such request. The Corporation hereby agrees to take all action that may be deemed reasonably necessary by the Depositary in order to enable the Depositary to vote
such Preferred Shares or cause such Preferred Shares to be voted. In the absence of specific instructions from the holder of this Depositary Receipt, the Depositary will abstain from voting to the extent of the Preferred Shares represented by the
Depositary Preferred Shares evidenced by this Depositary Receipt. 
  
 15. REPORTS, INSPECTION OF TRANSFER BOOKS. The Depositary shall make available for inspection by holders of Depositary Receipts at such places as it may from time to time deem advisable during normal business hours any reports and
communications received from the Corporation that are both received by the Depositary as the holder of deposited Preferred Shares and made generally available to the holders of the Preferred Shares. In addition, the Depositary shall transmit copies
of all notices and reports (including financial statements) required 

  

 A-7 

 
by law, by the rules of any national securities exchange or interdealer quotation system upon which the Preferred Shares, the Depositary Shares or the
Receipts are listed or quoted or by the Certificate of Incorporation and the Certificate of Designations to be furnished by the Corporation to holders of the deposited Preferred Shares and, if requested by the holder of any Depositary Receipts, a
copy of this Deposit Agreement, the form of Depositary Receipts, the Certificate of Designations and the form of Preferred Shares. 
  
 16. LIABILITY OF THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION. None of the Depositary, any Depositary’s Agent, the
Registrar or the Corporation shall incur any liability to any holder of this Depositary Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States of America or of any governmental authority or,
in the case of the Depositary, any Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Certificate of Incorporation or the Certificate of Designations or, in the case of the Corporation, the Depositary,
any Depositary’s Agent or the Registrar, by reason of any act of God or war or other circumstances beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Corporation shall be prevented or
forbidden from doing or performing any act or thing that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Corporation incur any liability to any holder
of this Depositary Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide shall or may be done or performed, or (ii) by reason of any exercise
of, or failure to exercise, any discretion provided for in the Deposit Agreement. 
  
 17. OBLIGATIONS OF THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE TRUST. None of the Depositary, any Depositary’s Agent, the Registrar or the Corporation assumes any obligation or shall be
subject to any liability under the Deposit Agreement or this Depositary Receipt to the holder hereof or other persons, other than for its gross negligence, willful misconduct or bad faith. None of the Depositary, any Depositary’s Agent, the
Registrar or the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to Preferred Shares, Depositary Shares or Depositary Receipts that in its reasonable opinion may involve
it in expense or liability, unless indemnity reasonably satisfactory to it against all expense and liability be furnished as often as may be required. None of the Depositary, any Depositary’s Agent, the Registrar or the Corporation will be
liable for any action or failure to act by it in reliance upon the written advice of or information from legal counsel or accountants or information provided by any person presenting Preferred Shares for deposit, any holder of this Depositary
Receipt or any other person believed by it in good faith to be competent to give such advice or information. 
  
 18. TERMINATION OF DEPOSIT AGREEMENT. The Deposit Agreement may be terminated by the Corporation upon not less than 30 days’ prior written notice to
the Depositary if (i) such termination is necessary to preserve the Corporation’s status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (or any successor provisions) or (ii) the holders of Depositary
Receipts evidencing at least a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or make available to each holder of a Depositary Receipt, upon surrender of the Depositary Receipt
held by such holder, such number of whole or fractional deposited Preferred Shares as are 

  

 A-8 

 
represented by the Depositary Shares evidenced by such Depositary Receipt, together with any other property held by the Depositary in respect of such
Depositary Receipt. Upon the termination of the Deposit Agreement, (i) the Corporation shall be discharged to all obligations thereunder except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.06
and 5.09 of the Deposit Agreement and (ii) the Depositary shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Corporation under Section 5.07 of the Deposit Agreement. 
  
 19. GOVERNING LAW. The Deposit Agreement and this Depositary Receipt and all
rights thereunder and hereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the law of the State of New York without giving effect to choice or conflict of laws principles thereof. 
  
 The following abbreviations, when used in the inscription on the face of this
Depositary Receipt, shall be construed as though they were written out in full according to applicable laws or regulations: 
  
 TEN COM = as tenants in common 
 TEN ENT = as tenants by the entireties

 JT TEN = as joint tenants with right of survivorship and not as tenants in common 
  

							
	 UNIF GIFT MIN ACT –
	 	 	 	 Custodian ______________
	 	 
	 	 	(Cust)	 	(Minor)	 	 
				
	 	 	 under Uniform Gifts to Minors
	 	 	 	 
	 	 	 Act _____________________
	 	 	 	 
	 	 	(State)	 	 	 	 
			
	 UNIF TRF MIN ACT –
	 	 ___________________________
	 	 Custodian (until age______________________________)

	 	 	(Cust)	 	 
	 	 	 ___________________________
	 	 under Uniform Transfers

	 	 	(Minor)	 	 	 	 
	 	 	 to Minors Act __________________________
	 	 
	 	 	(State)            	 	 
	
	Additional abbreviations may also be used though not in the above list.
	
	For Value Received,
                                        
hereby sell(s), assign(s) and transfer(s) unto

  

 (Please insert social security or other identifying number of assignee) 
  

  

  

 A-9 

 (Please print or typewrite name and address including
postal zip code of assignee) 
  
                                       
   Depositary Shares represented by the within Depositary Receipt, and do(es) hereby irrevocably constitute and appoint
                                        
Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 
  

			
	 Dated _______________________________________
	 	 Signed __________________________________

		
	 	 	 Signed __________________________________

  
 NOTICE: THE SIGNATURE TO THIS
ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS DEPOSITARY RECEIPT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
  
 Signature(s) Guaranteed:
                                        
                                        
                                        
                                     
  
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
  

 A-10EXHIBIT 4.2

 Exhibit 4.2 
  

[FORM OF STOCK CERTIFICATE] 
  

					
	1                	 	INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE	 	                92,000

  
 THIS CERTIFICATE IS
TRANSFERABLE IN CANTON, MA, JERSEY CITY, NJ AND NEW YORK CITY, NY 
  
 See Reverse for 
 Certain Definitions 
  
 THE MILLS CORPORATION 
 Incorporated
under the Laws of the State of Delaware 
  
 7.875% SERIES G
CUMULATIVE REDEEMABLE 
 PREFERRED STOCK, PAR VALUE $0.01 PER SHARE 
 (LIQUIDATION PREFERENCE $2,500 PER SHARE) 
  

			
	 SE REVERSE SIDE FOR CERTAIN
 RESTRICTIONS AND
DEFINITIONS
	 	CUSIP 601148 88 5

  
 This is to Certify that EquiServe
Trust Company, N.A., as depositary is the owner of Ninety-Two Thousand (92,000) shares of Series G Cumulative Redeemable Preferred Stock of The Mills Corporation Transferable on the books of the Corporation by the holder hereof in person or by duly
authorized Attorney upon surrender of this Certificate properly endorsed. 
  
 Witness, the seal of the Corporation and the signatures of its duly authorized officers. 
  
 Dated May 17, 2005 
  

					
			
	 /s/ Thomas Frost
	 	 	 	 /s/ Mary Ellen Seravalli

	 Executive Vice President
	 	 	 	 Assistant Secretary

 [FORM OF REVERSE OF CERTIFICATE] 
  
 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

							
	 TEN COM    
	 	 —     as tenants in common
	 	                     UNIF GIFT MIN ACT
—
	  	_______Custodian________    
	 TEN ENT
	 	 —     as tenants by the entireties
	 	 	  	(Cust.)                    (Minor)      
	 JT TEN
	 	 —     as joint tenants with right
          of survivorship and not as
          tenants in common
	 	 	  	 under Uniform Gifts to Minors
 Act____________________    
                         (State)

  
 Additional
abbreviations may also be used though not in the above list. 
  
 For Value
Received,
                                        
     hereby sell, assign and transfer unto 
  
 PLEASE
INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
 __________________________________ 
  

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

  

  

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

									
			
	Dated	 	 _________________
	 	 
	 	 	 	 	  
 In presence of
  

  
 NOTICE: THE
SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
  
 THE MILLS CORPORATION 
  
 The shares represented by this certificate are subject to restrictions on transfer and ownership for the purpose of the Corporation’s maintenance of its status as a
Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended (the “Code”). Except as otherwise provided by the Corporation’s Amended and Restated Certificate of Incorporation (the “Certificate of
Incorporation”), no Person may Acquire Beneficial Ownership of shares of capital stock in excess of 9.225% (or such greater percentage as may be determined by the Board of Directors of the Corporation) in value of the outstanding capital stock
of the Corporation (unless such Person is an Existing Holder). Separate restrictions regarding Existing Holders are set forth in Article XII of the Certificate of Incorporation. In addition, the Certificate of Incorporation further prohibits any
Person from Acquiring shares of the Corporation’s capital stock if, as a result of the Acquisition: (i) the Corporation would be “closely held” within the meaning of Section 856(h) of the Code; (ii) the capital stock would be directly
or indirectly owned by fewer than 100 Persons; or (iii) the Corporation would fail to qualify as a “domestically controlled REIT” under the Code. Any Person who Acquires or attempts to Acquire Beneficial Ownership of shares of capital
stock in excess of the above limitations must immediately notify the Corporation. Any such Person who is a stockholder of record, an Actual Owner, or a Beneficial Owner of capital stock and each Person who is holding capital stock for an Actual
Owner or a Beneficial Owner, as defined in Article XII of the Certificate of Incorporation shall provide to the Corporation written ownership information as required by Article XII of the Certificate of Incorporation. Any shares of capital stock so
held may be subject to mandatory redemption or sale in certain events, and certain purported Transfers of shares of capital stock in violation of the restrictions in Section 12.2 of the Certificate of Incorporation shall be void ab initio and shall
result in the automatic exchange of the shares of capital stock in excess of such limitations for shares of Excess Stock which shall be held in trust by the Corporation. A Person who attempts to Beneficially Own shares in violation of the ownership
provisions set forth in Section 12.2 of the Certificate of Incorporation shall have no claim, cause of action or any other recourse whatsoever against a transferor of such shares. All capitalized terms in this legend, not otherwise defined in this
certificate, shall have the meanings set forth in the Certificate of Incorporation, a copy of which, including the restrictions on transfer, will be sent without charge to each stockholder who so requests. 
  
 The Corporation is authorized to issue 20 million shares of Preferred Stock, which may be
issued in one or more series with such terms as the Board of Directors may determine. The Corporation will furnish to any stockholder without charge, upon request to any Transfer Agent named on the face of this certificate, a full statement of the
powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights, and the authority of the
Board of Directors to fix and determine the designations, voting rights and preferences, limitations and special rights of the classes and series of shares of the Corporation.

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