Document:

EX-4.H

Exhibit 4(h)

BANK OF AMERICA

 

FORM OF

CERTIFICATE OF DESIGNATIONS

Pursuant to Section 151 of the

General Corporation Law of the State of Delaware

 

8.625% NON-CUMULATIVE PREFERRED STOCK, SERIES 8

(Par Value $0.01 Per Share)

 

 

 

     Bank of America Corporation, a corporation organized and existing under the General
Corporation Law of the State of Delaware (the “Corporation”), hereby certifies that the following
resolutions were adopted by the Board of Directors of the Corporation (the “Board of Directors”)
pursuant to the authority of the Board of Directors as conferred by Section 151 of the General
Corporation Law of the State of Delaware, at a meeting duly convened and held on [ ], 2008:

     RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors by
the Amended and Restated Certificate of Incorporation of the Corporation, the Board of Directors
hereby creates a series of the Corporation’s previously authorized preferred stock, par value $0.01
per share (the “Preferred Stock”), and hereby states the designation and number of shares thereof
and establishes the voting powers, preferences and relative, participating, optional and other
special rights, and the qualifications, limitations and restrictions thereof, as follows:

     8.625% NON-CUMULATIVE PREFERRED STOCK, SERIES 8

     (1) Number of Shares and Designation. 89,100 shares of the preferred stock, par value
$0.01 per share, of the Corporation are hereby constituted as a series of preferred stock, par
value $0.01 per share, designated as 8.625% Non-Cumulative Preferred Stock, Series 8 (hereinafter
called the “Preferred Stock, Series 8”).

     (2) Dividends. (a) The holders of shares of the Preferred Stock, Series 8, shall be
entitled to receive, as, if and when declared by the Board of Directors of the Corporation (or a
duly authorized committee thereof), out of assets of the Corporation legally available under
Delaware law for the payment of dividends, non-cumulative cash dividends at the rate set forth
below in this Section (2) applied to the amount of $30,000 per share. Such dividends shall be
payable in arrears, as, if and when declared by the Board of Directors of the Corporation (or a
duly authorized committee thereof) quarterly, on February 28, May 28, August 28 and November 28 of
each year (the “Payment Dates”) commencing on [     ], 200[ ]; provided that if any
such Payment Date is not a New York Business Day, the Payment Date will be the next succeeding day
that is a New York Business Day. Each such dividend shall be payable to the holders of record of
shares of the Preferred Stock, Series 8, as they appear on the stock register of the Corporation on
such record dates, which shall be a date not more than 30 days nor less than 10 days preceding the
applicable Payment Dates, as shall be fixed by the Board of Directors of the Corporation (or a duly
authorized committee thereof). A “New York Business Day” means any day that is not a
Saturday or Sunday and that, in New York City, is not a day on which banking institutions generally
are authorized or obligated by law or executive order to be closed.

          (b) (i) Dividend periods (“Dividend Periods”) shall commence on each Payment Date
(other than the initial Dividend Period which shall be deemed to have commenced on [ ]) and
shall end on and exclude the next succeeding Payment Date. The dividend rate on the shares of
Preferred Stock, Series 8 for each Dividend Period shall be 8.625% per annum, of the $30,000
liquidation preference per share of Preferred Stock, Series 8.

               (ii) The amount of dividends payable for each full Dividend Period (including the initial
Dividend Period) for the Preferred Stock, Series 8, shall be computed by dividing the dividend rate
of 8.625% per annum by four and applying the resulting rate to the amount of $30,000 per share.
The amount of dividends payable for any period shorter than a full

 

 

Dividend Period on the Preferred Stock, Series 8, shall be computed on the basis of 30-day
months, a 360-day year and the actual number of days elapsed in any period of less than one month.
The amount of dividends payable on the Preferred Stock, Series 8, shall be rounded to the nearest
cent, with one-half cent being rounded upwards.

          (c) So long as any shares of the Preferred Stock, Series 8 are outstanding, the Corporation
may not declare or pay dividends on, make distributions with respect to, or redeem, purchase or
acquire (except for purchases by the Corporation or its affiliates in connection with transactions
effected by or for the account of customers of the Corporation or customers of any of its
subsidiaries or in connection with the distribution or trading of such stock), or make a
liquidation payment with respect to the preferred stock of the Corporation of any series and any
other stock of the Corporation ranking, as to dividends, on a parity with the Preferred Stock,
Series 8 unless for such Dividend Period full dividends on all outstanding shares of Preferred
Stock, Series 8 have been declared, paid or set aside for payment. When dividends are not paid in
full, as aforesaid, upon the shares of the Preferred Stock, Series 8, and any other preferred stock
and other stock of the Corporation ranking on a parity as to dividends with the Preferred Stock,
Series 8, all dividends declared upon shares of the Preferred Stock, Series 8, and any other
preferred stock and other stock of the Corporation ranking on a parity as to dividends (whether
cumulative or non-cumulative) shall be declared pro rata so that the amount of dividends declared
per share on the Preferred Stock, Series 8, and all such other stock of the Corporation shall in
all cases bear to each other the same ratio that accrued dividends per share on the shares of the
Preferred Stock, Series 8 (but without, in the case of any non-cumulative preferred stock,
accumulation of unpaid dividends for prior Dividend Periods) and all such other stock bear to each
other.

          (d) So long as any shares of the Preferred Stock, Series 8 are outstanding, the Corporation
may not, at any time, declare or pay dividends on, make distributions with respect to, or redeem,
purchase or acquire, or make a liquidation payment with respect to, any Common Stock or any other
stock of the Corporation ranking as to dividends or distribution of assets junior to the Preferred
Stock, Series 8 unless full dividends on all outstanding shares of Preferred Stock, Series 8 have
been declared, paid or set aside for payment for the immediately preceding Dividend Period (except
for (x) dividends or distributions paid in shares of, or options, warrants or rights to subscribe
for or purchase shares of, the Common Stock or other of the Corporation’s capital stock ranking
junior to Preferred Stock, Series 8 as to dividends and distribution of assets upon dissolution,
liquidation or winding up of the Corporation, (y) conversions or exchanges for the Corporation’s
capital stock ranking junior to Preferred Stock, Series 8 as to dividends and distribution of
assets upon dissolution, liquidation or winding up of the Corporation and (z) purchases by the
Corporation or its affiliates in connection with transactions effected by or for the account of
customers of the Corporation or customers of any of its subsidiaries or in connection with the
distribution or trading of such capital stock); provided, however, that the
foregoing dividend preference shall not be cumulative and shall not in any way create any claim or
right in favor of the holders of Preferred Stock, Series 8 in the event that dividends have not
been declared or paid on the Preferred Stock, Series 8 in respect of any prior Dividend Period. If
the full dividend on the Preferred Stock, Series 8 is not paid for any Dividend Period, the holders
of Preferred Stock, Series 8 will have no claim in respect of the unpaid amount so long as no
dividend (other than those referred to above) is paid on the Common Stock or other of the
Corporation’s capital stock ranking junior to Preferred Stock, Series 8 as to dividends and
distribution of assets upon dissolution, liquidation or winding up of the Corporation.

 

 

          (e) No dividends may be declared or paid or set aside for payment on any shares of Preferred
Stock, Series 8 if at the same time any arrears exists in the payment of dividends on any
outstanding class or series of stock of the Corporation ranking, as to the payment of dividends,
prior to the Preferred Stock, Series 8.

          (f) Holders of shares of the Preferred Stock, Series 8, shall not be entitled to any
dividends, whether payable in cash, property or stock, in excess of full dividends, as herein
provided, on the Preferred Stock, Series 8. No interest, or sum of money in lieu of interest,
shall be payable in respect of any dividend payment or payments on the Preferred Stock, Series 8,
which may be in arrears.

     (3) Liquidation Preference. (a) In the event of any liquidation, dissolution or
winding up of the Corporation, whether voluntary or involuntary, before any payment or distribution
of the assets of the Corporation or proceeds thereof (whether capital or surplus) shall be made to
or set apart for the holders of any series or class or classes of stock of the Corporation ranking
junior to the Preferred Stock, Series 8, upon liquidation, dissolution, or winding up, the holders
of the shares of the Preferred Stock, Series 8, shall be entitled to receive $30,000 per share plus
an amount equal to declared and unpaid dividends, without accumulation of undeclared dividends.
If, upon any liquidation, dissolution, or winding up of the Corporation, the assets of the
Corporation, or proceeds thereof, distributable among the holders of the shares of the Preferred
Stock, Series 8, shall be insufficient to pay in full the preferential amount aforesaid and
liquidating payments on any other shares of preferred stock ranking, as to liquidation, dissolution
or winding up, on a parity with the Preferred Stock, Series 8, then such assets, or the proceeds
thereof, shall be distributed among the holders of shares of Preferred Stock, Series 8, and any
such other preferred stock ratably in accordance with the respective amounts which would be payable
on such shares of Preferred Stock, Series 8, and any such other preferred stock if all amounts
payable thereon were paid in full. For the purposes of this Section (3), neither the sale, lease
or exchange (for cash, shares of stock, securities or other consideration) of all or substantially
all of the property and assets of the Corporation, nor the consolidation, merger or combination of
the Corporation into or with one or more corporations or the consolidation, merger or combination
of any other corporation or entity into or with the Corporation, shall be deemed to be a voluntary
or involuntary liquidation, dissolution or winding up of the Corporation.

          (b) After payment shall have been made in full to the holders of Preferred Stock, Series 8, as
provided in this Section (3), the holders of Preferred Stock, Series 8 will not be entitled to any
further participation in any distribution of assets of the Corporation. Subject to the rights of
the holders of shares of any series or class or classes of stock ranking on a parity with or prior
to the Preferred Stock, Series 8, upon liquidation, dissolution or winding up, upon any
liquidation, dissolution or winding up of the Corporation, after payment shall have been made in
full to the holders of Preferred Stock, Series 8, as provided in this Section (3), but not prior
thereto, any other series or class or classes of stock ranking junior to the Preferred Stock,
Series 8, shall, subject to the respective terms and provisions (if any) applying thereto, be
entitled to receive any and all assets remaining to be paid or distributed, and the holders of the
Preferred Stock, Series 8, shall not be entitled to share therein.

     (4) Redemption. (a) The Preferred Stock, Series 8, may not be redeemed prior to May
28, 2013. On and after May 28, 2013, the Corporation, at its option, may redeem shares of the

 

 

Preferred Stock, Series 8, as a whole at any time or in part from time to time, at a
redemption price of $30,000 per share, together in each case with declared and unpaid dividends,
without accumulation of any undeclared dividends. The Chief Financial Officer or the Treasurer may
exercise the Corporation’s right to redeem the Preferred Stock, Series 8 as a whole at any time
without further action of the Board of Directors or a duly authorized committee thereof. The
Corporation may only elect to redeem the Preferred Stock, Series 8 in part pursuant to a resolution
by the Board of Directors or a duly authorized committee thereof.

          (b) In the event the Corporation shall redeem shares of Preferred Stock, Series 8, notice of
such redemption shall be given by first class mail, postage prepaid, mailed not less than 30 days
nor more than 60 days prior to the redemption date, to each holder of record of the shares to be
redeemed, at such holder’s address as the same appears on the stock register of the Corporation.
Each such notice shall state: (i) the redemption date; (ii) the number of shares of Preferred
Stock, Series 8, to be redeemed and, if less than all the shares held by such holder are to be
redeemed, the number of such shares to be redeemed from such holder; (iii) the redemption price;
and (iv) the place or places where certificates for such shares are to be surrendered for payment
of the redemption price. Notice having been mailed as aforesaid, from and after the redemption
date (unless default shall be made by the Corporation in providing money for the payment of the
redemption price) said shares shall no longer be deemed to be outstanding, and all rights of the
holders thereof as stockholders of the Corporation (except the right to receive from the
Corporation the redemption price) shall cease. The Corporation’s obligation to provide moneys in
accordance with the preceding sentence shall be deemed fulfilled if, on or before the redemption
date, the Corporation shall deposit with a bank or trust company (which may be an affiliate of the
Corporation) having an office in the Borough of Manhattan, City of New York, having a capital and
surplus of at least $50,000,000, funds necessary for such redemption, in trust, with irrevocable
instructions that such funds be applied to the redemption of the shares of Preferred Stock, Series
8, so called for redemption. Any interest accrued on such funds shall be paid to the Corporation
from time to time. Any funds so deposited and unclaimed at the end of two years from such
redemption date shall be released or repaid to the Corporation, after which the holder or holders
of such shares of Preferred Stock, Series 8, so called for redemption shall look only to the
Corporation for payment of the redemption price.

     Upon surrender, in accordance with said notice, of the certificates for any such shares so
redeemed (properly endorsed or assigned for transfer, if the Board of Directors of the Corporation
shall so require and the notice shall so state), such shares shall be redeemed by the Corporation
at the applicable redemption price aforesaid. If less than all the outstanding shares of Preferred
Stock, Series 8, are to be redeemed, shares to be redeemed shall be selected by the Board of
Directors of the Corporation (or a duly authorized committee thereof) from outstanding shares of
Preferred Stock, Series 8, not previously called for redemption by lot or pro rata or by any other
method determined by the Board of Directors of the Corporation (or a duly authorized committee
thereof) to be equitable. If fewer than all the shares represented by any certificate are
redeemed, a new certificate shall be issued representing the unredeemed shares without charge to
the holder thereof.

     The Preferred Stock, Series 8 will not be subject to any mandatory redemption, sinking fund or
other similar provisions. Holders of Preferred Stock, Series 8 will have no right to require
redemption of any shares of Preferred Stock, Series 8.

 

 

     (5) Terms Dependent on Regulatory Changes. If, (a) the Corporation (by election or
otherwise) is subject to any law, rule, regulation or guidance (together, “Regulations”)
relating to its capital adequacy which Regulation (x) provides for a type or level of capital
characterized as “Tier 1” in, or pursuant to Regulations of any governmental agency, authority or
body having regulatory jurisdiction over the Corporation and implementing, the capital standards
published by the Basel Committee on Banking Supervision, the Securities and Exchange Commission,
the Board of Governors of the Federal Reserve System, or any other United States national
governmental agency, authority or body, or (y) provides for a type or level of capital that in the
judgment of the Board of Directors (or a duly authorized committee thereof) after consultation with
legal counsel of recognized standing is substantially equivalent to such “Tier 1” capital (such
capital described in either (x) or (y) is referred to below as “Tier 1 Capital”), and (b)
the Board of Directors (or a duly authorized committee thereof) affirmatively elects to qualify the
Preferred Stock, Series 8 for such Tier 1 Capital treatment without any sublimit or other
quantitative restrictions on the inclusion of such Preferred Stock, Series 8 in Tier 1 Capital
(other than any limitation requiring that common equity or a specified form of common equity
constitute the dominant form of Tier 1 Capital) under such Regulations, then, upon such affirmative
election, the terms of the Preferred Stock, Series 8 shall automatically be amended to reflect the
following modifications (without any action or consent by the holders of the Preferred Stock,
Series 8 or any other vote of stockholders of the Corporation):

               (i) If and to the extent such modification is a Required Unrestricted Tier 1 Provision (as
defined below), the Corporation’s right to redeem the Preferred Stock, Series 8 on and after May
28, 2013 pursuant to Section (5) hereof shall be restricted (such restrictions including but not
limited to any requirement that the Corporation receive prior approval for such redemption from any
applicable governmental agency, authority or body or that such redemption be prohibited);

               (ii) If and to the extent such modification is a Required Unrestricted Tier 1 Provision, the
Corporation’s right to make distributions with respect to, or redeem, purchase or acquire or make
payments on, securities junior to the Preferred Stock, Series 8 (upon a non-payment of dividends on
the Preferred Stock, Series 8) shall become subject to additional restrictions (other than those
set forth in Section (2)(d) hereof) pursuant to the terms of the Preferred Stock, Series 8; and

               (iii) If and to the extent such modification is a Required Unrestricted Tier 1 Provision, any
other new provisions or terms shall be added to the Preferred Stock, Series 8, or existing terms
shall be modified; provided, however, that no such provision or term shall be
added, and no such modification shall be made pursuant to the terms of this Section (5)(iii), if it
would alter or change the rights, powers or preferences of the shares of the Preferred Stock,
Series 8 so as to affect the shares of the Preferred Stock, Series 8 adversely.

     As used above, the term “Required Unrestricted Tier 1 Provision” means a term which is, in the
written opinion of legal counsel of recognized standing and delivered to the Corporation, required
for the Preferred Stock, Series 8 to be treated as Tier 1 Capital of the Corporation without any
sublimit or other quantitative restriction on the inclusion of such Preferred Stock, Series 8 in
Tier 1 Capital (other than any limitation requiring that common equity or a specified form of
common equity constitute the dominant form of Tier 1 Capital) pursuant to the applicable

 

 

Regulations. The Corporation shall provide notice to holders of any Preferred Stock, Series 8
of any such changes in the terms of the Preferred Stock, Series 8 made pursuant to the terms of
this Section (5) on or about the date of effectiveness of any such modification and shall maintain
a copy of such notice on file at the principal offices of the Corporation. A copy of the relevant
Regulations shall also be on file at the principal offices of the Corporation and, upon request,
will be made available to such holders.

     For the avoidance of doubt, “amend”, “modify”, “change” and words of similar effect used in
this Section (5) mean that the Preferred Stock, Series 8 shall have such additional or different
rights, powers and preferences, and such qualifications, limitations and restrictions as may be
established by the Board of Directors (or a duly authorized committee thereof) pursuant to this
Section (5), subject to the limitations set forth herein.

     (6) Voting Rights. The Preferred Stock, Series 8, shall have no voting rights, except
as hereinafter set forth or as otherwise from time to time required by law.

     The holders of the Preferred Stock shall be entitled to vote on all matters submitted to a
vote of the holders of Common Stock of the Corporation, voting together with the holders of Common
Stock as one class. Each share of Preferred Stock shall be entitled to 150 votes.

     Whenever dividends payable on the Preferred Stock, Series 8, have not been declared or paid
for such number of Dividend Periods, whether or not consecutive, which in the aggregate is
equivalent to six Dividend Periods (a “Nonpayment”), the holders of outstanding shares of
the Preferred Stock, Series 8, shall have the exclusive right, voting as a class with holders of
shares of all other series of preferred stock ranking on a parity with the Preferred Stock, Series
8, either as to dividends or the distribution of assets upon liquidation, dissolution or winding up
and upon which like voting rights have been conferred and are exercisable (to the extent such other
series of preferred stock are entitled to vote pursuant to the terms thereof), to vote for the
election of two additional directors to the Board of Directors of the Corporation at the next
annual meeting of stockholders and at each subsequent annual meeting of stockholders on the terms
set forth below. At elections for such directors, or on any other matters requiring their consent
and approval, each holder of the Preferred Stock, Series 8, shall be entitled to three votes for
each share of Preferred Stock, Series 8 held (the holders of shares of any other series of
preferred stock ranking on such a parity being entitled to such number of votes, if any, for each
share of stock held as may be granted to them). Upon the vesting of such right of such holders,
the maximum authorized number of members of the Board of Directors shall automatically be increased
by two and the two vacancies so created shall be filled by vote of the holders of such outstanding
shares of Preferred Stock, Series 8 (either alone or together with the holders of shares of all
other series of preferred stock ranking on such a parity) as hereinafter set forth. The right of
such holders of such shares of the Preferred Stock, Series 8, voting as a class with holders of
shares of all other series of preferred stock ranking on such a parity, to elect members of the
Board of Directors of the Corporation as aforesaid shall continue until all dividends on such
shares of Preferred Stock, Series 8, shall have been paid in full for at least four Dividend
Periods following the Nonpayment. Upon payment in full of such dividends, such voting rights shall
terminate except as expressly provided by law, subject to re-vesting in the event of each and every
subsequent Nonpayment in the payment of dividends as aforesaid.

 

 

     Upon termination of the right of the holders of the Preferred Stock, Series 8, to vote for
directors as provided in the previous paragraph, the term of office of all directors then in office
elected by such holders will terminate immediately. If the office of any director elected by such
holders voting as a class becomes vacant by reason of death, resignation, retirement,
disqualification, removal from office or otherwise, the remaining director elected by such holders
voting as a class may choose a successor who shall hold office for the unexpired term in respect of
which such vacancy occurred. Whenever the term of office of the directors elected by such holders
voting as a class shall end and the special voting rights shall have expired, the number of
directors shall be such number as may be provided for in the By-laws irrespective of any increase
made pursuant to the provisions hereof.

     So long as any shares of the Preferred Stock, Series 8, remain outstanding, the affirmative
vote or consent of the holders of at least two-thirds of the shares of the Preferred Stock, Series
8, outstanding at the time (voting as a class with all other series of preferred stock ranking on a
parity with the Preferred Stock, Series 8, either as to dividends or the distribution of assets
upon liquidation, dissolution or winding up and upon which like voting rights have been conferred
and are exercisable), given in person or by proxy, either in writing or at any meeting called for
the purpose, shall be necessary to permit, effect or validate any one or more of the following:

               (i) the authorization, creation or issuance, or any increase in the authorized or issued
amount, of any class or series of stock ranking prior to the Preferred Stock, Series 8, with
respect to payment of dividends or the distribution of assets upon liquidation, dissolution or
winding up; or

               (ii) the amendment, alteration or repeal, whether by merger, consolidation or otherwise, of
any of the provisions of the Amended and Restated Certificate of Incorporation, as amended, or of
the resolutions set forth in a Certificate of Designations for such Preferred Stock, Series 8,
which would adversely affect any right, preference, privilege or voting power of the Preferred
Stock, Series 8, or of the holders thereof;

provided, however, that (a) any increase in the amount of issued Preferred Stock,
Series 8 or authorized preferred stock or the creation and issuance, or an increase in the
authorized or issued amount, of other series of preferred stock, in each case ranking on a parity
with or junior to the Preferred Stock, Series 8, with respect to the payment of dividends (whether
such dividends were cumulative or non-cumulative) and the distribution of assets upon liquidation,
dissolution or winding up and (b) a conversion of the Offered Preferred Stock in a merger or
consolidation transaction into shares of the surviving or successor corporation or the direct or
indirect parent of the surviving or successor corporation having terms substantially identical to
the terms of the Offered Preferred Stock shall not be deemed to adversely affect such rights,
preferences, privileges or voting powers.

     Without the consent of the holders of the Preferred Stock, Series 8, so long as such action
does not adversely affect the interests of holders of Preferred Stock, Series 8, the Corporation
may amend, alter, supplement or repeal any terms of the Preferred Stock, Series 8:

 

 

               (i) to cure any ambiguity, or to cure, correct or supplement any provision contained in a
Certificate of Designations for such Preferred Stock, Series 8 that may be defective or
inconsistent; or

               (ii) to make any provision with respect to matters or questions arising with respect to the
Preferred Stock, Series 8 that is not inconsistent with the provisions of a Certificate of
Designations for such Preferred Stock, Series 8.

     The rules and procedures for calling and conducting any meeting of the holders of Preferred
Stock, Series 8 (including, without limitation, the fixing of a record date in connection
therewith), the solicitation and use of proxies at such a meeting, the obtaining of written
consents, and any other aspect or matter with regard to such a meeting or such consents shall be
governed by any rules the Board of Directors of the Corporation, or a duly authorized committee
thereof, in its discretion, may adopt from time to time, which rules and procedures shall conform
to the requirements of any national securities exchange on which the Preferred Stock, Series 8 are
listed at the time.

     The foregoing voting provisions shall not apply if, at or prior to the time when the act with
respect to which such vote would otherwise be required shall be effected, all outstanding shares of
Preferred Stock, Series 8, shall have been redeemed or sufficient funds shall have been deposited
in trust to effect such a redemption which is scheduled to be consummated within three months after
the time that such rights would otherwise be exercisable.

     (7) Record Holders. The Corporation and the transfer agent for the Preferred Stock,
Series 8, may deem and treat the record holder of any share of such Preferred Stock as the true and
lawful owner thereof for all purposes, and neither the Corporation nor such transfer agent shall be
affected by any notice to the contrary.

     (8) Ranking. Any class or classes of stock of the Corporation shall be deemed to
rank:

               (i) on a parity with the Preferred Stock, Series 8, as to dividends or as to distribution of
assets upon liquidation, dissolution or winding up, whether or not the dividend rates, dividend
payment dates, or redemption or liquidation prices per share thereof be different from those of the
Preferred Stock, Series 8, if the holders of such class of stock and the Preferred Stock, Series 8,
shall be entitled to the receipt of dividends or of amounts distributable upon liquidation,
dissolution or winding up, as the case may be, in proportion to their respective dividend rates
(whether cumulative or non-cumulative) or liquidation prices, without preference or priority one
over the other; and

               (ii) junior to the Preferred Stock, Series 8, as to dividends or as to the distribution of
assets upon liquidation, dissolution or winding up, if such stock shall be Common Stock or if the
holders of Preferred Stock, Series 8, shall be entitled to receipt of dividends or of amounts
distributable upon dissolution, liquidation or winding up, as the case may be, in preference or
priority to the holders of shares of such stock.

               (iii) The Shares of Preferred Stock of the Corporation designated “Floating Rate Non-Cumulative
Preferred Stock, Series 1,” “Floating Rate Non-Cumulative Preferred Stock, Series 2,” “6.375%
Non-Cumulative Preferred Stock, Series 3,” “Floating Rate Non-Cumulative

 

 

Preferred Stock, Series 4,” “Floating Rate Non-Cumulative Preferred Stock, Series 5,” “6.70%
Non-Cumulative Perpetual Preferred Stock, Series 6,” “6.25% Non-Cumulative Perpetual Preferred
Stock, Series 7,” “Cumulative Redeemable Preferred Stock, Series B,” “Floating Rate Non-Cumulative
Preferred Stock, Series E,” “6.204% Non-Cumulative Preferred Stock, Series D” “Floating Rate
Non-Cumulative Preferred Stock, Series F,” “Adjustable Rate Non-Cumulative Preferred Stock, Series
G,” “8.20% Non-Cumulative Preferred Stock, Series H,” “6.625% Non-Cumulative Preferred Stock,
Series I,” “7.25% Non-Cumulative Preferred Stock, Series J,” “7.25% Non-Cumulative Perpetual
Convertible Preferred Stock, Series L,” “Fixed-to-Floating Rate Non-Cumulative Preferred Stock,
Series K,” “Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M,” and any other class
or series of stock of the Corporation hereafter authorized that ranks on parity with the Preferred
Stock, Series 8, as to dividends and distribution of assets upon liquidation, dissolution or
winding up of the Corporation, shall be deemed to rank on a parity with the shares of the
Preferred Stock, Series 8, as to dividends and distribution of assets upon the liquidation,
dissolution or winding up of the Corporation.

     (9) Exclusion of Other Rights. Unless otherwise required by law, shares of Preferred
Stock, Series 8, shall not have any rights, including preemptive rights, or preferences other than
those specifically set forth herein or as provided by applicable law.

     (10) Notices. All notices or communications unless otherwise specified in the By-laws
of the Corporation or the Amended and Restated Certificate of Incorporation, as amended, shall be
sufficiently given if in writing and delivered in person or by first class mail, postage prepaid.
Notice shall be deemed given on the earlier of the date received or the date such notice is
mailed.”

     IN WITNESS WHEREOF, the undersigned, being duly authorized thereto, does hereby affirm, under
penalties of perjury, that this certificate is the act and deed of the Corporation and that the
facts herein stated are true, and accordingly has hereunto set her hand this 25th day of April,
2008.

	 	 	 	 	 
	BANK OF AMERICA CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name: Teresa M. Brenner
	 	 
	 

	 	Title: Associate General CounselEX-4.I

Exhibit 4(i)

 

MERRILL LYNCH & CO., INC.,

JPMORGAN CHASE BANK, As Depositary

AND

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

DEPOSIT AGREEMENT

 

Dated as of November 1, 2004

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I

	 
	 	 	 	 	 	 
	Definitions

	 
	 	 	 	 	 	 
	ARTICLE II

	 
	 	 	 	 	 	 
	Form of Receipts, Deposit of Stock, 

Execution and Delivery, Transfer, 

Surrender and Redemption of Receipts

	 
	 	 	 	 	 	 
	SECTION 2.01.
	 	Form and Transfer of Receipts 	 	 	2	 
	SECTION 2.02.
	 	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof 	 	 	3	 
	SECTION 2.03.
	 	Registration of Transfer of Receipts 	 	 	4	 
	SECTION 2.04.
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	 	 	4	 
	SECTION 2.05.
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	 	 	5	 
	SECTION 2.06.
	 	Lost Receipts, etc. 	 	 	5	 
	SECTION 2.07.
	 	Cancellation and Destruction of Surrendered Receipts 	 	 	5	 
	SECTION 2.08.
	 	Redemption of Stock 	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE III

	 
	 	 	 	 	 	 
	Certain Obligations of Holders of
Receipts and the Company

	 
	 	 	 	 	 	 
	SECTION 3.01.
	 	Filing Proofs, Certificates and Other Information 	 	 	7	 
	SECTION 3.02.
	 	Payment of Taxes or Other Governmental Charges 	 	 	7	 
	SECTION 3.03.
	 	Warranty as to Stock 	 	 	7	 
	SECTION 3.04.
	 	Warranty as to Receipts 	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 	 	 
	The Deposited Securities; Notices

	 
	 	 	 	 	 	 
	SECTION 4.01.
	 	Cash Distributions 	 	 	7	 

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	 	 	 	 	Page	 
	SECTION 4.02.
	 	Distributions Other than Cash, Rights, Preferences or Privileges 	 	 	8	 
	SECTION 4.03.
	 	Subscription Rights, Preferences or Privileges 	 	 	8	 
	SECTION 4.04.
	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts 	 	 	9	 
	SECTION 4.05.
	 	Voting Rights 	 	 	9	 
	SECTION 4.06.
	 	Changes Affecting Deposited
Securities and Reclassifications, Recapitalizations, etc.	 	 	10	 
	SECTION 4.07.
	 	Delivery of Reports 	 	 	10	 
	SECTION 4.08.
	 	Lists of Receipt Holders 	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE V

	 
	 	 	 	 	 	 
	The Depositary, the Depositary’s

Agents, the Registrar and the Company

	 
	 	 	 	 	 	 
	SECTION 5.01.
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	 	 	11	 
	SECTION 5.02.
	 	Prevention of or Delay in Performance by the Depositary, the Depositary's Agents, the Registrar or the Company	 	 	11	 
	SECTION 5.03.
	 	Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company	 	 	12	 
	SECTION 5.04.
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	 	 	13	 
	SECTION 5.05.
	 	Corporate Notices and Reports 	 	 	14	 
	SECTION 5.06.
	 	Indemnification by the Company 	 	 	14	 
	SECTION 5.07.
	 	Fees, Charges and Expenses 	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 	 	 
	Amendment and Termination

	 
	 	 	 	 	 	 
	SECTION 6.01.
	 	Amendment 	 	 	15	 
	SECTION 6.02.
	 	Termination 	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 	 	 
	Miscellaneous

	 
	 	 	 	 	 	 
	SECTION 7.01.
	 	Counterparts 	 	 	16	 
	SECTION 7.02.
	 	Exclusive Benefit of Parties 	 	 	16	 
	SECTION 7.03.
	 	Invalidity of Provisions 	 	 	16	 

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	 	 	 	 	Page	 
	SECTION 7.04.
	 	Notices 	 	 	16	 
	SECTION 7.05.
	 	Depositary’s Agents 	 	 	17	 
	SECTION 7.06.
	 	Holders of Receipts Are Parties 	 	 	17	 
	SECTION 7.07.
	 	Governing Law 	 	 	17	 
	SECTION 7.08.
	 	Inspection of Deposit Agreement 	 	 	17	 
	SECTION 7.09.
	 	Headings 	 	 	18	 
	 
	 	 	 	 	 	 
	FORM OF FACE OF RECEIPT	 	 	A-1	 
	FORM OF REVERSE OF RECEIPT	 	 	A-2	 

-iii-

 

     DEPOSIT AGREEMENT dated as of November 1, 2004, among MERRILL LYNCH & CO., INC., a Delaware
corporation, JPMorgan Chase Bank, a banking corporation organized pursuant to the laws of the State
of New York, and the holders from time to time of the Receipts described herein.

     WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the
deposit of shares of Floating Rate Non-Cumulative Preferred Stock, Series 1, of the Company with
the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder
of Receipts evidencing Depositary Shares in respect of the Stock so deposited; and

     WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit
Agreement;

     NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:

ARTICLE I

Definitions

     The following definitions shall for all purposes, unless otherwise indicated, apply to the
respective terms used in this Deposit Agreement:

     “Certificate” shall mean the Certificate of Designations filed with the Secretary of State of
the State of Delaware establishing the Stock as a series of preferred stock of the Company.

     “Company” shall mean Merrill Lynch & Co., Inc., a Delaware corporation, and its successors.

     “Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to
time in accordance with the terms hereof.

     “Depositary” shall mean JPMorgan Chase Bank, and any successor as Depositary hereunder.

     “Depositary Shares” shall mean Depositary shares, each representing one-twelve hundredth of
one share of Stock and evidenced by a Receipt.

     “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.05.

     “Depositary’s Office” shall mean the principal office of the Depositary, at which at any
particular time its depositary receipt business shall be administered.

 

 

     “Receipt” shall mean one of the depositary receipts, substantially in the form set forth as
Exhibit A hereto, issued hereunder, whether in definitive or temporary form and evidencing the
number of Depositary Shares held of record by the record holder of such Depositary Shares.

     “record holder” or “holder” as applied to a Receipt shall mean the person in whose name a
Receipt is registered on the books of the Depositary maintained for such purpose.

     “Registrar” shall mean the Depositary or such other bank or trust company which shall be
appointed by the Company to register ownership and transfers of Receipts as herein provided and if
a Registrar shall be so appointed, references herein to “the books” of or maintained by the
Depository shall be deemed, as applicable, to refer as well to the register maintained by such
Registrar for such purpose.

     “Securities Act” shall mean the Securities Act of 1933, as amended.

     “Stock” shall mean shares of the Company’s Floating Rate Non-Cumulative Preferred Stock,
Series 1, par value $1.00 per share, $30,000 liquidation preference per share.

ARTICLE II

Form of Receipts, Deposit of Stock,

Execution and Delivery, Transfer,

Surrender and Redemption of Receipts

     SECTION 2.01. Form and Transfer of Receipts. Definitive Receipts shall be engraved
or printed or lithographed on steel-engraved borders, with appropriate insertions, modifications
and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the
Depositary, upon the written order of the Company, delivered in compliance with Section 2.02, shall
execute and deliver temporary Receipts which are 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, 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
an office described in the penultimate paragraph of Section 2.02, without charge to the holder.
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 represented by the surrendered temporary Receipt or Receipts. Such exchange shall be
made at the Company’s expense and without any charge therefor. Until so exchanged, the temporary
Receipts shall in all respects be entitled to the same benefits under this Agreement, and with
respect to the Stock, as definitive Receipts.

     Receipts shall be executed by the Depositary by the manual signature of a duly authorized
officer of the Depositary; provided, that such signature may be a facsimile if a Registrar
for the Receipts (other than the Depositary) shall have been appointed and such

-2-

 

Receipts are
countersigned by a duly authorized officer 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 manually by a duly authorized officer of the Depositary or, if a Registrar for
the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile
signature of a duly authorized officer of the Depositary and countersigned by a duly authorized
officer of such Registrar. The Depositary shall record on its books each Receipt so signed and
delivered as hereinafter provided.

     Receipts shall be in denominations of any number of whole Depositary Shares.

     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 all as may be
required by the Depositary and approved by the Company or required to comply with any applicable
law or any regulation thereunder or with the rules and regulations of any securities exchange upon
which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage
with respect thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject.

     Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by
a properly executed instrument of transfer, shall be transferable by delivery with the same effect
as in the case of a negotiable instrument; provided, however, that until transfer
of a Receipt shall be registered on the books of the Depositary as provided in Section 2.03, 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
distributions of dividends or other distributions or to any notice provided for in this Deposit
Agreement and for all other purposes.

     SECTION 2.02. Deposit of Stock; Execution and Delivery of Receipts in Respect
Thereof. Subject to the terms and conditions of this Deposit Agreement, the Company may from
time to time deposit shares of the Stock under this Deposit Agreement by delivery to the Depositary
of a certificate or certificates for the Stock to be deposited, 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 all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement, and together with a written
order 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 evidencing in the aggregate
the number of Depositary Shares representing such deposited Stock.

     Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other
place or places as the Depositary shall determine. The Depositary shall not lend any Stock
deposited hereunder.

     Upon receipt by the Depositary of a certificate or certificates for Stock deposited in
accordance with the provisions of this Section, together with the other documents required as above
specified, and upon recordation of the Stock on the books of the Company in the name of the
Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit
Agreement, shall execute and deliver to or upon the order of the person or persons named in the

-3-

 

written order delivered to the Depositary referred to in the first paragraph of this Section, a
Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the
Stock 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 Depositary’s
Office or such other offices, if any, as the Depositary may designate. Delivery at other offices
shall be at the risk and expense of the person requesting such delivery.

     SECTION 2.03. Registration of Transfer of Receipts. Subject to the terms and
conditions of this Deposit Agreement, the Depositary shall register on its books from time to time
transfers of Receipts upon any surrender thereof by the holder in person or by duly authorized
attorney, properly endorsed or accompanied by a properly executed instrument of transfer.
Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate
number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver
such new Receipt or Receipts to or upon the order of the person entitled thereto.

     The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a
period beginning at the opening of business fifteen days next preceding any selection of Depositary
Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of
notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called or
being called for redemption in whole or in part except as provided in Section 2.08.

     SECTION 2.04. Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Stock. Upon surrender of a Receipt or Receipts at the Depositary’s Office or at
such other offices as it may designate for the purpose of effecting a split-up or combination of
such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the
Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations
requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or
Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the
holder of the Receipt or Receipts so surrendered.

     Any holder of a Receipt or Receipts may withdraw the number of whole shares of Stock and all
money and other property, if any, represented thereby by surrendering such Receipt or Receipts, at
the Depositary’s Office or at such other offices as the Depositary may designate for such
withdrawals. Thereafter, 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
shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so
surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be
entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares
therefor. If a Receipt 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 shares of Stock to be so withdrawn, the
Depositary shall at the same time, in addition to such number of whole shares of Stock and such
money and other property, if any, to be so withdrawn, deliver to such holder, or subject to Section
2.03 upon his order, a new Receipt evidencing such excess number of Depositary Shares. In no event
will fractional shares of Stock (or any cash payment in lieu thereof) be delivered by the
Depositary. Delivery of the Stock and money and other property, if any, being withdrawn

-4-

 

may be
made by the delivery of such certificates, documents of title and other instruments as the
Depositary may deem appropriate.

     If the Stock and the money and other property, if any, 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 Stock, 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 shares of Stock be properly endorsed in blank or accompanied by
a properly executed instrument of transfer in blank.

     Delivery of the Stock and the money and other property, if any, represented by Receipts
surrendered for withdrawal shall be made by the Depositary at the Depositary’s 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 2.05. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of
Receipts. As a condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the
Depositary’s Agents or the Company may require 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 charges or expenses payable by the holder of a Receipt pursuant to
Section 5.07, may require the production of evidence satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with such regulations, if any, as the
Depositary or the Company may establish consistent with the provisions of this Deposit Agreement
and/or applicable law.

     The deposit of Stock may be refused, the delivery of Receipts against Stock may be suspended,
the registration of transfer of Receipts may be refused and the registration of transfer, surrender
or exchange of outstanding Receipts may be suspended (i) during any period when the register of
stockholders of the Company is closed or (ii) if any such action is deemed necessary or advisable
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 law or of any government or governmental body or commission or under
any provision of this Deposit Agreement.

     SECTION 2.06. Lost Receipts, etc. In case any Receipt shall be mutilated, destroyed,
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, upon (i) the filing by the holder thereof with the
Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof
and of his or her ownership thereof and (ii) the holder thereof furnishing of the Depositary with
reasonable indemnification satisfactory to the Depositary.

     SECTION 2.07. 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 and directed to
destroy all Receipts so cancelled.

-5-

 

     SECTION 2.08. Redemption of Stock. Whenever the Company shall be permitted and shall
elect to redeem shares of Stock in accordance with the provisions of the Certificate, it shall
(unless otherwise agreed to in writing with the Depositary) give or cause to be given to the
Depositary, not less than 25 days and not more than 75 days prior to the Redemption Date (as
defined below), notice of the date of such proposed redemption of Stock and of the number of such
shares held by the Depositary to be so redeemed and the applicable redemption price, which notice
shall be accompanied by a certificate from the Company stating that such redemption of Stock is in
accordance with the provisions of the Certificate. On the date of such redemption,
provided that the Company shall then have paid or caused to be paid in full to the
Depositary the redemption price of the Stock to be redeemed, plus an amount equal to any accrued
and unpaid dividends thereon to the date fixed for redemption, in accordance with the provisions of
the Certificate, the Depositary shall redeem the number of Depositary Shares representing such
Stock. The Depositary shall mail notice of the Company’s redemption of Stock and the proposed
simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by
first-class mail, postage prepaid, not less than 30 and not more than 60 days prior to the date
fixed for redemption of such Stock 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 they appear on the records of the Depositary; but neither failure to mail any
such notice of redemption of Depositary Shares to one or more such holders nor any defect in any
notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency
of the proceedings for redemption as to the other holders. Each such notice shall be prepared by
the Company and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be
redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed,
the number of such Depositary Shares held by such holder to be so redeemed; (iii) the redemption
price; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered
for payment of the redemption price; and (v) that dividends in respect of the Stock represented by
the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less
than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so
redeemed shall be selected by the Depositary by lot or pro rata (as nearly as may be), as
determined by the Depositary in its sole discretion to be equitable.

     Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date
(unless the Company shall have failed to provide the funds necessary to redeem the Stock evidenced
by the Depositary Shares called for redemption) (i) dividends on the shares of Stock so called for
Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being
redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all
rights of the holders of Receipts evidencing such Depositary Shares (except the right to
receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate,
and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any
such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the
Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the
Depositary at a redemption price per Depositary Share equal to one-twelve hundredth of the
redemption price per share of Stock so redeemed plus all money and other property, if any,
represented by such Depositary Shares, including all amounts paid by the Company in respect of
dividends which on the Redemption Date have accrued on the shares of Stock to be so redeemed and
have not therefore been paid.

-6-

 

     If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption,
the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by
such prior Receipt and not called for redemption.

ARTICLE III

Certain Obligations of

Holders of Receipts and the Company

     SECTION 3.01. Filing Proofs, Certificates and Other Information. Any holder of a
Receipt may be required from time to time to file such proof of residence, or other matters 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 the delivery, or delay the registration of transfer or redemption, of any
Receipt or the withdrawal of the Stock represented by the Depositary Shares evidenced by any
Receipt or 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 or such certificates are
executed or such representations and warranties are made.

     SECTION 3.02. Payment of Taxes or Other Governmental Charges. Holders of Receipts
shall be obligated to make payments to the Depositary of certain charges and expenses, as provided
in Section 5.07. Registration of transfer of any Receipt or any withdrawal of Stock and all money
or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be
refused until any such payment due is made, and any dividends, interest payments or other
distributions may be withheld or any part of or all the Stock or other property represented by the
Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of
the holder thereof (after attempting by reasonable means to notify such holder prior to such sale),
and such dividends, interest payments or other distributions or the proceeds of any such sale may
be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable
for any deficiency.

     SECTION 3.03. Warranty as to Stock. The Company hereby represents and warrants that
the Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable.
Such representation and warranty shall survive the deposit of the Stock and the issuance of
Receipts.

     SECTION 3.04. Warranty as to Receipts. The Company hereby represents and warrants
that the Receipts, when issued, will represent legal and valid interests in the Stock. Such
representation and warranty shall survive the deposit of the Stock and the issuance of Receipts.

ARTICLE IV

The Deposited Securities; Notices

     SECTION 4.01. Cash Distributions. Whenever the Depositary shall receive any cash
dividend or other cash distribution on Stock, the Depositary shall, subject to Sections 3.01 and

-7-

 

3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04
such amounts of such dividend or distribution as are, as nearly as practicable, 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 the Depositary shall be required to
withhold and shall withhold from any cash dividend or other cash distribution in respect of the
Stock an amount on account of taxes, 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 Shares a fraction of one cent, and any balance not
so distributable shall be held by the Depositary (without liability for interest 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 Receipts then outstanding.

     SECTION 4.02. Distributions Other than Cash, Rights, Preferences or Privileges.
Whenever the Depositary shall receive any distribution other than cash, rights, preferences or
privileges upon Stock, the Depositary shall, subject to Sections 3.01 and 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, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any
manner that the Depositary may deem equitable and practicable for accomplishing such distribution.
If in the opinion of the Depositary 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, in a commercially reasonable manner.
The net proceeds of any such sale shall, subject to Sections 3.01 and 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 4.01 in the case of a distribution received in cash. The Company
shall not make any distribution of such securities or property to the Depositary and the Depositary
shall not make any distribution of such securities or property to the holders of Receipts unless
the Company shall have provided 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 connection with such
distributions.

     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 Stock is recorded 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, such rights, preferences
or privileges shall in each such instance be made available by the Depositary to the record holders
of Receipts in such manner as the Depositary may determine, either by the issue to such record
holders of warrants representing such rights, preferences or privileges or by such other method as
may be approved by the Depositary in its discretion with the approval of the Company;
provided, however, that (i) if at the time of issue or offer of any such rights,
preferences or privileges the Depositary determines that it is not lawful or (after consultation
with the Company) not feasible to make such rights, preferences or privileges available to holders
of Receipts by the issue of

-8-

 

warrants or otherwise, or (ii) if and to the extent so instructed by
holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the
Depositary, in its discretion (with approval of the Company, in any case where the Depositary has
determined that it is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit such transfer,
sell such rights, preferences or privileges 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
Sections 3.01 and 3.02, be distributed by the Depositary 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 notify the Depositary whether 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, and the Company agrees with the Depositary that it will file promptly a registration
statement pursuant to such Act with respect to such rights, preferences or privileges and
securities and use its best efforts and take all steps available to it 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 registration
statement shall have become effective, or the Company shall have provided to the Depositary an
opinion of counsel to the effect that the offering and sale of such securities to such holders are
exempt from registration under the provisions of the Securities Act.

     The Company shall notify the Depositary whether any other action under the laws 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,
and the Company agrees with the Depositary that the Company will use its reasonable best 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 Dividends, etc.; Fixing Record Date for Holders of Receipts.
Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or if rights, preferences or privileges shall at any time be
offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting at
which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or
whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in
each such instance fix a record date (which shall be the same date as the record date fixed by the
Company with respect to or otherwise in accordance with the terms of the Stock) for the
determination of the holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give
instructions for the exercise of voting rights at any such meeting, or who shall be entitled to
notice of such meeting or for any other appropriate reasons.

     SECTION 4.05. Voting Rights. Upon receipt of notice of any meeting at which the
holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter,
mail

-9-

 

to the record holders of Receipts a notice prepared by the Company which shall contain (i)
such information as is contained in such notice of meeting and (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 amount of Stock represented by their respective Depositary Shares
(including an express indication that instructions may be given to the Depositary to give a
discretionary proxy to a person designated by the Company) and a brief statement as to the manner
in which such instructions may be given. Upon the written request of the holders of Receipts on
the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to
be voted, in accordance with the instructions set forth in such requests, the maximum number of
whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which
any particular voting instructions are received. The Company hereby agrees to take all reasonable
action which may be deemed necessary by the Depositary in order to enable the Depositary to vote
such Stock or cause such Stock to be voted. In the absence of specific instructions from the
holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any
meeting with respect to such Stock unless directed to the contrary by the holders of all the
Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by such
Receipt.

     SECTION 4.06. Changes Affecting Deposited Securities and Reclassifications,
Recapitalizations, etc. Upon any change in par or stated value, split-up, combination or any
other reclassification of the Stock, or upon any recapitalization, reorganization, merger or
consolidation affecting the Company or to which it is a party, the Depositary may in its discretion
with the approval of, and shall upon the instructions of, the Company, and (in either case) in such
manner as the Depositary may deem equitable, (i) make
such adjustments as are certified by the Company in the fraction of an interest represented by
one Depositary Share in one share of Stock as may be necessary fully to reflect the effects of such
change in par or stated value, split-up, combination or other reclassification of Stock, or of such
recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall
be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as
new deposited securities so received in exchange for or upon conversion or in respect of such
Stock. 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 new Receipts specifically describing such new deposited securities. 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 Stock or any such recapitalization, reorganization, merger or consolidation
to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender
the Stock represented thereby only into or for, as the case may be, the kind and amount of shares
of stock and other securities and property and cash into which the Stock represented by such
Receipts might have been converted or for which such Stock might have been exchanged or surrendered
immediately prior to the effective date of such transaction.

     SECTION 4.07. Delivery of Reports. The Depositary shall furnish to holders of
Receipts any reports and communications received from the Company which are received by the
Depositary and which the Company is required to furnish to the holders of the Stock.

-10-

 

     SECTION 4.08. Lists of Receipt Holders. Promptly upon request from time to time by
the Company, the Depositary shall furnish to it a list, as of the most recent practicable date, of
the names, addresses and holdings of Depositary Shares of all record holders of Receipts.

ARTICLE V

The Depositary, the Depositary’s

Agents, the Registrar and the Company

     SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the Depositary;
Registrar. Upon execution of this Deposit Agreement, the Depositary shall maintain at the
Depositary’s Office, facilities for the execution and delivery, registration and registration of
transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if
any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all
in accordance with the provisions of this Deposit Agreement.

     The Depositary shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts, which books at all reasonable times shall be open for
inspection by the record holders of Receipts; provided that any such holder requesting to
exercise
such right shall certify to the Depositary that such inspection shall be for a proper purpose
reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the
Receipts.

     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, with the approval of the Company, appoint a Registrar for registration of
the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares
evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more
national stock exchanges, the Depositary will appoint a Registrar (acceptable to the Company) for
registration of such Receipts or Depositary Shares in accordance with any requirements of such
exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any
such exchange) 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 Stock
are listed on one or more other stock exchanges, the Depositary will, at the request of the
Company, arrange such facilities for the delivery, registration, registration of transfer,
surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by
law or applicable stock exchange regulation.

     SECTION 5.02. Prevention of or Delay in Performance by the Depositary, the Depositary’s
Agents, the Registrar or the Company. Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor 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 Company’s Restated
Certificate of Incorporation (including the Certificate) or by

-11-

 

reason of any act of God or war or
other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s
Agent, the Registrar or the Company shall be prevented or forbidden from, or subjected to any
penalty on account of, doing or performing any act or thing which 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 liability to any holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the
terms of this Deposit Agreement shall 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 this Deposit Agreement
except as otherwise set forth in this Deposit Agreement.

     SECTION 5.03. Obligations of the Depositary, the Depositary’s Agents, the Registrar and
the Company. Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to
holders of Receipts other than for its negligence, willful misconduct or bad faith.
Notwithstanding anything in this Agreement to the contrary, neither the Depositary, nor the
Depositary’s Agent nor any Registrar nor the Company shall be
liable in any event for special, punitive, incidental, indirect or consequential losses or
damages of any kind whatsoever (including but not limited to lost profits).

     Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be
under, any obligation to appear in, prosecute or defend any action, suit or other proceeding in
respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in
expense or liability unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required.

     Neither the Depositary nor any Depositary’s Agent nor any Registrar nor 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 from any person presenting Stock for deposit, any holder of
a Receipt or any other person believed by it in good faith to be competent to give such
information. The Depositary, any Depositary’s Agent, any Registrar and the Company may each rely
and shall each be protected in acting upon or omitting to act upon any written notice, request,
direction or other document believed by it to be genuine and to have been signed or presented by
the proper party or parties.

     The Depositary shall not be responsible for any failure to carry out any instruction to vote
any of the shares of stock or for the manner or effect of any such vote made, as long as any such
action or non-action is not taken in bad faith. 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 Agreement, and no implied covenants or obligations shall be read into this Agreement
against the Depositary or any Registrar.

     The Depositary, the Depositary’s Agents, and any Registrar may own and deal in any class of
securities of the Company and its affiliates and in Receipts. The Depositary may also act as
transfer agent or registrar of any of the securities of the Company and its affiliates.

-12-

 

     The Depositary shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the Receipts, the
Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies
held by it, except as required by law. The Depositary shall not be responsible for advancing funds
on behalf of the Company and shall have no duty or obligation to make any payments if it has not
timely received sufficient funds to make timely payments.

     In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any
notice, instruction, direction, request or other communication, paper or document received by the
Depositary hereunder, or in the administration of any of the provisions of this Agreement, the
Depositary shall deem it necessary or desirable that a matter be proved or established prior to
taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole
discretion upon written notice to the Company, refrain from taking any action and shall be fully
protected and shall not be liable in any way to the Company, any holders of Receipts or any other
person or entity for refraining from taking such action, unless the Depositary receives written
instructions or a certificate signed by the Company which eliminates such ambiguity or uncertainty
to the satisfaction of the Depositary or which proves or establishes the applicable matter to the
satisfaction of the Depositary.

     SECTION 5.04. Resignation and Removal of the Depositary; Appointment of Successor
Depositary. The Depositary may at any time resign as Depositary hereunder by delivering notice
of its election to do so 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
hereunder 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 no successor Depositary shall have been so appointed and have accepted appointment
within 60 days after delivery of such notice, the resigning or removed Depositary may petition any
court of competent jurisdiction for the appointment of 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 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 right, title and interest
in the Stock 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 and such records, books and
other information in its possession relating thereto. Any successor Depositary shall promptly mail
notice of its appointment to the record holders of Receipts.

-13-

 

     Any entity 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, and notice thereof shall not be required hereunder. Such successor Depositary may
authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor
Depositary.

     SECTION 5.05. Corporate Notices and Reports. 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 addresses recorded in the Depositary’s books, copies of
all notices and reports (including without limitation financial statements) required by law, by the
rules of any national securities exchange upon which the Stock, the Depositary Shares or the
Receipts are listed or by the Company’s Restated Certificate of Incorporation (including the
Certificate), to be furnished to the record holders of Receipts. 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. Notwithstanding Section 5.03 to the
contrary, the Company shall indemnify the Depositary, any Depositary’s Agent and any Registrar
(including each of their officers, directors, agents and employees) against, and hold each of them
harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable
costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted
to be taken in connection with this Agreement and the Receipts by the Depositary, any Registrar or
any of their respective agents (including any Depositary’s Agent) and any transactions or documents
contemplated hereby, except for any liability arising out of negligence, willful misconduct or bad
faith on the respective parts 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.

     SECTION 5.07. Fees, Charges and Expenses. The Company agrees promptly to pay the
Depositary the compensation to be agreed upon with the Company for all services rendered by the
Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses
(including reasonable counsel fees and expenses) incurred by the Depositary without negligence,
willful misconduct or bad faith on its part in connection with the services rendered by it
hereunder. The Company shall pay all charges of the Depositary in connection with the initial
deposit of the Stock and the initial issuance of the Depositary Shares, all withdrawals of shares
of the Stock by owners of Depositary Shares, and any redemption or exchange of the Stock at the
option of the Company. The Company shall pay all transfer and other taxes and governmental charges
arising solely from the existence of the depositary arrangements. All other transfer and other
taxes and governmental charges shall be at the expense of holders of Depositary Shares evidenced by
Receipts. If, at the request of a holder of Receipts, the Depositary incurs charges or expenses
for which the Company is not otherwise liable hereunder, such holder will be liable for such
charges and expenses. The Depositary shall present its statement for charges and expenses to the
Company at such intervals as the Company and the Depositary may agree.

-14-

 

ARTICLE VI

Amendment and Termination

     SECTION 6.01. Amendment. The form of the Receipts and any provisions 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 which they may deem necessary or desirable; provided,
however, that no such amendment which shall materially and adversely alter the rights of
the holders of Receipts shall be effective unless such amendment shall have been approved by the
holders of at least a majority (or, in the case of amendments relating to or affecting rights to
receive dividends or distributions or voting or redemption rights, two-thirds of the holders) of
the Depositary Shares then outstanding. 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 the Depositary Agreement as amended thereby. In no event shall any amendment impair the right,
subject to the provisions of Sections 2.05 and 2.06 and Article III, of any owner of Depositary
Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with
instructions to deliver to the holder the Stock and all money and other property, if any,
represented thereby, except in order to comply with mandatory provisions of applicable law or the
rules and regulations of any governmental body, agency or commission, or applicable stock exchange.

     SECTION 6.02. Termination. This Agreement may be terminated by the Company at any
time upon not less than 60 days prior written notice to the Depositary, in which case, at least 30
days prior to the date fixed in such notice for such termination, the Depositary will mail notice
of such termination to the record holders of all Receipts then outstanding.

     If any Receipts shall remain outstanding after the date of termination of this Deposit
Agreement, the Depositary thereafter shall discontinue the transfer of Receipts, shall suspend the
distribution of dividends to the holders thereof and shall not give any further notices (other than
notice of such termination) or perform any further acts under this Deposit Agreement, except that
the Depositary shall continue to collect dividends and other distributions pertaining to Stock,
shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall
continue to deliver the Stock and any money and other property, if any, represented by Receipts
upon surrender thereof by the holders thereof. At any time after the expiration of two years from
the date of termination, the Depositary may sell Stock then held hereunder at public or private
sale, at such places and upon such terms as it deems proper and may thereafter hold the net
proceeds of any such sale, together with any money and other property held by it hereunder, without
liability for interest, for the benefit, pro rata in accordance with their holdings, of the holders
of Receipts that have not theretofore been surrendered. After making such sale, the Depositary
shall be discharged from all obligations under this Deposit Agreement except to account for such
net proceeds and money and other property.

     This Agreement may be terminated by the Company or the Depositary only if (i) all outstanding
Depositary Shares have been redeemed pursuant to Section 2.08, (ii) there shall have been made a
final distribution in respect of the Stock in connection with any liquidation, dissolution or
winding up of the Company and such distribution shall have been distributed to the holders of
Depositary Shares pursuant to Section 4.01 or 4.02, as applicable or (iii) upon the

-15-

 

consent of
holders of Depositary Receipts representing not less than two-thirds of the Depositary Shares
outstanding.

     Upon the termination of this Deposit Agreement, 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 Sections 5.06 and 5.07.

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.

     SECTION 7.02. Exclusive Benefit 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

Merrill Lynch & Co., Inc.

4 World Financial Center, 24 Floor

New York, New York 10007

Attention: Treasurer

Facsimile No.: (212) 449-7481

with a copy to:

Merrill Lynch & Co., Inc.

222 Broadway, 17th Floor

New York, New York 10038

Attention: Corporate Secretary

Facsimile No.: (212) 670-4703

or at any other addresses of which the Company shall have notified the Depositary in writing.

     Any and all 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

-16-

 

by
facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office
at

JPMorgan Chase Bank

4 New York Plaza, 15th Floor

New York, New York 10004

Attention: Institutional Trust Services

Facsimile No.: (212) 623-6274

or at any other address of which the Depositary shall have notified the Company in writing.

     Any and all notices to be given to any record holder of 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 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 timely filed with the Depositary a written request that notices intended for such holder be
mailed to some other address, at the address designated in such request.

     Delivery of a notice sent by mail or by 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 facsimile transmission) is deposited, postage prepaid, in a post office letter box. The
Depositary or the Company may, however, act upon any facsimile transmission received by it from the
other or from any holder of a Receipt, notwithstanding that such facsimile transmission shall not
subsequently be confirmed by letter or 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 promptly notify the Company of any
such action.

     The Company hereby also appoints the Depositary as Registrar and Transfer Agent in respect of
the Receipts and the Depositary hereby accepts such appointments.

     SECTION 7.06. Holders of Receipts Are Parties. The holders of Receipts from time to
time shall 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 laws of the State of New York without giving effect to applicable conflicts of
law principles.

     SECTION 7.08. Inspection of 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 Depositary’s Office and the respective offices of the Depositary’s
Agents, if any, by any holder of a Receipt.

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     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 the Receipts or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

-18-

 

     IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Agreement 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.

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Attested by	 	 	 	MERRILL LYNCH & CO., INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by	 	 	 	 
	 

Secretary

	 	 	 	 	 	 

Assistant Treasurer
	 	 
	 
	 	 	 	 	 	 	 	 
	[SEAL]
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Attested by	 	 	 	JPMORGAN CHASE BANK	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	by	 	 	 	 
	 

[SEAL]

	 	 	 	 	 	 

	 	 

-19-

 

Exhibit A

[FORM OF FACE OF RECEIPT]

			
	NUMBER
	 	DEPOSITARY SHARES
	 	 	 
	DR	 	 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH

REPRESENTING ONE-TWELVE HUNDREDTH OF ONE SHARE OF FLOATING RATE

NON-CUMULATIVE

PREFERRED STOCK,

SERIES 1,

OF

MERRILL LYNCH & CO., INC.

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

CUSIP                    

SEE
REVERSE FOR CERTAIN DEFINITIONS

JPMORGAN CHASE BANK, as Depositary (the “Depositary”), hereby certifies that
is the registered owner of            DEPOSITARY SHARES

     (“Depositary Shares”), each Depositary Share representing one-twelve hundredth of one share of
Floating Rate Non-Cumulative Preferred Stock, Series 1, par value $1.00 per share (the “Stock”), of
Merrill Lynch & Co., Inc., 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
November 1, 2004 (the “Deposit Agreement”), among the Corporation, the Depositary and the holders
from time to time of the 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 entitled to
any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by
the manual signature of a duly authorized officer or, if executed in facsimile by the Depositary,
countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a
duly authorized officer thereof.

Dated:

JPMORGAN CHASE BANK, Depositary

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Officer
	 	 

A-1

 

[FORM OF REVERSE OF RECEIPT]

MERRILL LYNCH & CO., INC.

     MERRILL LYNCH & CO., INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A
COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF THE
FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES 1, OF MERRILL LYNCH & CO., INC. ANY SUCH
REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

     The Corporation will furnish without charge to each stockholder who so requests the powers,
designations, preferences and relative, participating, optional or other special rights of each
class of stock or series thereof of the Corporation, and the qualifications, limitations or
restrictions of such preferences and/or rights. Such request may be made to the Corporation or to
the Transfer Agent or Registrar.

     EXPLANATION OF ABBREVIATIONS

     The following abbreviations when used in the form of ownership on the face of this certificate
shall be construed as though they were written out in full according to applicable laws or
regulations. Abbreviations in addition to those appearing below may be used.

	 	 	 	 	 	 	 
	Phrase Abbreviation	 	Equivalent	 	Phrase Abbreviation	 	Equivalent
	JT TEN

	 	As joint tenants,
with right of
survivorship and
not as tenants in
common
	 	TEN BY ENT
	 	As tenants by the entireties
	 
	 	 	 	 	 	 
	TEN IN COM

	 	As tenants in common
	 	UNIF GIFT MIN ACT
	 	Uniform Gifts to Minors Act

	 	 	 	 	 	 	 	 	 	 	 
	Word	 	 	 	Word	 	 	 	Word	 	 
	Abbreviation	 	Equivalent	 	Abbreviation	 	Equivalent	 	Abbreviation	 	Equivalent
	ADM

	 	Administrator(s)
	 	EST
	 	Estate, of Estate of
	 	PAR	 	Paragraph
	 

	 	Administratrix
	 	EX
	 	Executor(s), Executrix
	 	PL	 	Public Law
	AGMT

	 	Agreement
	 	FBO
	 	For the benefit of
	 	TR	 	(As) trustee(s), for, of
	ART

	 	Article
	 	FDN
	 	Foundation
	 	U	 	Under
	CH

	 	Chapter
	 	GDN
	 	Guardian(s)
	 	UA	 	Under agreement
	CUST

	 	Custodian for
	 	GDNSHP
	 	Guardianship
	 	UW 	 	Under will of, Of will of,
	DEC

	 	Declaration
	 	MIN
	 	Minor(s)
	 	 	 	Under last will & testament

     For
value received,                                          hereby sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

A-2

 

 

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

 

                    Depositary Shares represented by the within 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                                         

	 	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	NOTICE: The signature to the assignment
must correspond with the name as written
upon the face of this Receipt in every
particular, without alteration or
enlargement or any change whatsoever.	 	 
	SIGNATURE GUARANTEED
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

NOTICE: 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 Rule 17Ad-15 under
the Securities Exchange Act of 1934.

	 	 	 	 	 	 

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