Document:

EX-4.2

 Exhibit 4.2 
  

 
 3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030 
 UMB
FINANCIAL CORPORATION, 
 as Issuer, 

and 
 WELLS FARGO BANK
NATIONAL ASSOCIATION, 
 as Trustee, 

FIRST SUPPLEMENTAL INDENTURE 

Dated as of September 17, 2020 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
		
	 Section 1.1 Relation to Base Indenture
	  	 	1	 
	 Section 1.2 Definition of Terms
	  	 	2	 
		
	 ARTICLE 2 GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	6	 
		
	 Section 2.1 Designation and Principal Amount
	  	 	6	 
	 Section 2.2 Maturity
	  	 	7	 
	 Section 2.3 Form, Payment and Appointment
	  	 	7	 
	 Section 2.4 Global Notes
	  	 	7	 
	 Section 2.5 Interest
	  	 	7	 
		
	 ARTICLE 3 REDEMPTION AND REPURCHASE OF THE NOTES
	  	 	8	 
		
	 Section 3.1 No Sinking Fund
	  	 	8	 
	 Section 3.2 Optional Redemption and Regulatory Event Redemption
	  	 	9	 
	 Section 3.3 Effect of Redemption
	  	 	10	 
	 Section 3.4 Redemption Procedures
	  	 	10	 
	 Section 3.5 No Other Redemption
	  	 	10	 
		
	 ARTICLE 4 FORM OF NOTE
	  	 	11	 
		
	 Section 4.1 Form of Note
	  	 	11	 
		
	 ARTICLE 5
	  	 	11	 
		
	 DEFAULTS AND REMEDIES
	  	 	11	 
		
	 Section 5.1 Events of Default
	  	 	11	 
	 Section 5.2 Acceleration of Maturity
	  	 	12	 
	 Section 5.3 Default
	  	 	13	 
		
	 ARTICLE 6 SUBORDINATION
	  	 	13	 
		
	 Section 6.1 Securities Subordinate to Senior Indebtedness
	  	 	13	 
	 Section 6.2 Payment Over of Proceeds Upon Dissolution, Etc.
	  	 	13	 
	 Section 6.3 Prior Payment to Senior Indebtedness Upon Acceleration of Notes
	  	 	14	 
	 Section 6.4 No Payment When Senior Indebtedness in Default
	  	 	14	 
	 Section 6.5 Payment Permitted If No Default
	  	 	15	 
	 Section 6.6 Subrogation to Rights of Holders of Senior Indebtedness
	  	 	15	 
	 Section 6.7 Provisions Solely to Define Relative Rights
	  	 	15	 
	 Section 6.8 Trustee to Effectuate Subordination
	  	 	16	 
	 Section 6.9 No Waiver of Subordination Provisions; Modifications of Terms of Senior
Indebtedness
	  	 	16	 
	 Section 6.10 Notice to Trustee
	  	 	16	 
	 Section 6.11 Reliance on Judicial Order or Certificate of Liquidating Agent
	  	 	17	 

  
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	 Section 6.12 Trustee Not Fiduciary for Holders of Senior Indebtedness
	  	 	17	 
	 Section 6.13 Rights of Trustee as Holder of Senior Indebtedness; Preservation of
Trustee’s Rights
	  	 	18	 
	 Section 6.14 Article Applicable to Paying Agents
	  	 	18	 
	 Section 6.15 Redemption
	  	 	18	 
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	18	 
		
	 Section 7.1 Ratification of Indenture
	  	 	18	 
	 Section 7.2 Trustee and Agent Not Responsible for Recitals
	  	 	18	 
	 Section 7.3 New York Law To Govern
	  	 	19	 
	 Section 7.4 Separability
	  	 	19	 
	 Section 7.5 Counterparts
	  	 	19	 
	 Section 7.6 Facsimile and PDF Delivery of Signature Pages
	  	 	19	 

  
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 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of September 17, 2020 (this
“Supplemental Indenture”), between UMB Financial Corporation, a corporation duly organized and existing under the laws of the State of Missouri (the “Company”), and Wells Fargo Bank, National Association, a national
banking association, as trustee (the “Trustee”), amending and supplementing the Indenture, dated as of September 17, 2020, between the Company and the Trustee, governing the issuance of subordinated debt securities (the
“Base Indenture”). The Base Indenture, as amended and supplemented by this Supplemental Indenture, shall be referred to herein as the “Indenture.” 

RECITALS 
 WHEREAS, the Company
has executed and delivered the Base Indenture to the Trustee to provide for the issuance of the Company’s debt securities or other evidence of Indebtedness, to be issued from time to time in one or more series as determined by the Company under
the Base Indenture; 
 WHEREAS, Section 9.1 of the Base Indenture provides for the Company and the Trustee to enter into an indenture
supplemental to the Base Indenture to establish the forms or terms of Securities of any series as permitted by Section 2.1 and Section 3.1 of the Base Indenture; 

WHEREAS, pursuant to Section 3.1 of the Base Indenture, the Company wishes to provide for the issuance of a new series of Securities to
be known as the Company’s 3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030 (the “Notes”), with the form, terms, provisions and conditions
thereof to be set forth as provided in this Supplemental Indenture; and 
 WHEREAS, the Company has requested that the Trustee execute and
deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated
and delivered by the Trustee, and the payment by the purchasers thereof of the agreed upon consideration therefor, the valid, binding and enforceable Obligations of the Company, have been done and performed, and the execution and delivery of this
Supplemental Indenture have been duly authorized in all respects. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Relation to Base Indenture. 

This Supplemental Indenture constitutes an integral part of the Base Indenture, and supplements and amends the Base Indenture solely with
respect to the Notes. 

 Section 1.2 Definition of Terms. 

For all purposes of this Supplemental Indenture: 

(a) a term not defined herein that is defined in the Base Indenture has the same meaning when used in this Supplemental Indenture; 

(b) the definition of any term in this Supplemental Indenture that is also defined in the Base Indenture shall supersede the definition of
such term in the Base Indenture; 
 (c) a term defined anywhere in this Supplemental Indenture has the same meaning throughout; 

(d) the singular includes the plural and vice versa and use of any gender includes each other gender; 

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

(f) the following terms have the meanings given to them in this Section 1.2: 

“1940 Act Event” means an event requiring the Company to register as an investment company pursuant to the Investment Company
Act of 1940. 
 “Bankruptcy Proceeding” means (i) any insolvency, bankruptcy, receivership, liquidation,
reorganization or other similar case or proceeding pursuant to any Bankruptcy Law, or any proceeding in connection therewith, relative to the Company or to its assets, (ii) any liquidation, dissolution or other winding up of the Company,
whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors or any other marshalling of assets or liabilities of the Company. 

“Coupon Rate” means, as of any date, the interest rate applicable on such date pursuant to Section 2.5(a) of this
Supplemental Indenture. 
 “Currency Agreement” means any foreign currency exchange contract. 

“Custodian” means, with respect to any Global Note, the Security Registrar, as custodian for DTC with respect to such Global
Note. 
 “Default” means, with respect to the Notes, any one of the following events (whatever the reason for such Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) an Event of Default with respect to the Notes specified in Section 5.1 of the Indenture, 

(b) the events referred to in Section 5.3 of the Indenture with respect to the Notes, or 

(c) default in the performance, or breach, of any covenant or warranty of the Company in the Indenture or the Notes (other than a covenant or
warranty a default the performance of which or the breach of which is specifically dealt with elsewhere in Section 

  
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5.3 of the Indenture); and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
under the Indenture. 
 “DTC” has the meaning set forth in Section 2.3(d) of this Supplemental Indenture. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

“Five-year U.S. Treasury Rate” means, as of the Reset Determination Date, (i) an interest rate (expressed as a decimal)
determined to be the per annum rate equal to the arithmetic mean of the five most recent daily yields to maturity for U.S. Treasury securities with a maturity of five years from the Reset Date and trading in the public securities markets or
(ii) if there is no such published U.S. Treasury security with a maturity of five years from the Reset Date and trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the five
most recent daily yields to maturity for each of the two series of U.S. Treasury securities trading in the public securities market, (a) one maturing as close as possible to, but earlier than, the Maturity Date, and (b) the other maturing
as close as possible to, but later than, the Maturity Date, in each case as published in the most recent H.15. If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described in clause (i) or (ii) above, then the
Five-year U.S. Treasury Rate will be 0.263%. 
 “Global Notes” has the meaning set forth in Section 2.4 of this
Supplemental Indenture. 
 “Government Obligations” means securities that are (i) direct obligations of the United
States of America or the other government or governments that issued the foreign currency in which the principal of or any premium or interest on such Security is payable, in each case where the payment or payments thereunder are supported by the
full faith and credit of such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case
where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, and which, in the case of (i) or (ii), are not
callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or
principal of or other amount with respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the
Government Obligation evidenced by such depository receipt. 
 “H.15” means the daily statistical release designated as
such, or any successor publication, published by the Federal Reserve Board, and “most recent H.15” means the H.15 published closest in time but prior to the close of business on the Reset Determination Date. 

  
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 “Indebtedness” means, with respect to any Person, such Person’s
obligations for all amounts due on obligations (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company) of the Company in connection with any of the following, whether
outstanding at the date of execution of this Indenture or hereafter incurred or created: (i) the principal of (and premium, if any) and interest due on the Company’s indebtedness for borrowed money and indebtedness evidenced by securities,
debentures, bonds or other similar instruments issued by the Company; (ii) all of the Company’s capital lease obligations; (iii) any of the Company’s obligations as lessee under leases required to be capitalized on the balance
sheet of the lessee under generally accepted accounting principles; (iv) all of the Company’s obligations for the reimbursement on any letter of credit, banker’s acceptance, security purchase facility or similar credit transaction;
(v) all obligations associated with derivative products including but not limited to securities contracts, foreign currency exchange contracts, swap agreements (including interest rate and foreign exchange rate swap agreements), cap agreements,
floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts, and similar financial instruments; (vi) all obligations of the types referred to
above of other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; and (vii) all obligations of the types referred to above of other persons secured by any lien on any property or asset of
the Company (whether or not such obligation is assumed by the Company); 
 For purposes of this Indenture, Indebtedness shall not include
(A) any indebtedness or liability for compensation to employees, any indebtedness, liability or obligations to trade creditors created or assumed in the ordinary course of business; (B) any obligation of the Company to any Subsidiary of
the Company or to any Person with respect to which the Company is a Subsidiary; (C) any liability for federal, state, local or other taxes owed or owing by the Company; (D) any indebtedness of such Person to the extent (I) such
indebtedness does not appear on the financial statements of such Person, (II) such indebtedness is recourse only to certain assets of such Person, and (III) the assets to which such indebtedness is recourse only appear on the financial
statements of such Person net of such indebtedness; or (E) any indebtedness or other obligations issued by any Person (or by a trust or other entity established by such Person or any of its affiliates) to the extent (I) primarily serviced
by the cash flows of a discrete pool of receivables, leases or other financial or operating assets which have been sold or transferred by the Company or any Subsidiary in securitization or secured financing transactions and (II) such sale or
transfer of receivables, leases or other financial or operating assets is treated as a true sale for legal purposes (irrespective of whether such sale or transfer is accounted for as a sale under generally accepted accounting principles or for tax
purposes). The amount of any Indebtedness described in clause (iii) for which recourse is limited to certain property of such Person shall be the lower of (x) the amount of the obligation and (y) the fair market value of the property
of such Person securing such obligation, and the amount of any obligation described in clause (vi) shall be the lower of (x) the stated or determinable amount of the primary obligation in respect of which such contingent obligation is
made, and (y) the maximum amount for which such Person may be liable pursuant to the terms of the agreement embodying such contingent obligation unless such primary obligation and the maximum amount for which such Person may be liable are not
stated or determinable, in which case the amount of such contingent obligation shall be such Person’s maximum, reasonably anticipated liability in respect thereof as determined by such Person in good faith. 

  
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 “Interest Payment Date” has the meaning set forth in Section 2.5(a) of
this Supplemental Indenture. 
 “Interest Rate Agreement” means any interest swap agreement (including any interest rate
and foreign exchange rate swap agreement), cap agreement, floor agreement, collar agreement, interest rate agreement, foreign exchange rate agreements, and similar financial instruments. 

“Issue Date” means the date of this Supplemental Indenture. 

“Maturity Date” means September 17, 2030. 

“Notes” has the meaning set forth in the recitals hereto. 

“Obligations” means any principal, interest (including interest that, but for the filing of a petition in bankruptcy with
respect to an obligor, would have accrued on any obligation, whether or not a claim is allowed against such obligor for such interest in the related proceeding), penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness. 
 “Regular Record Date” means, with respect to a March 17th
Interest Payment Date, the immediately preceding March 1st, and with respect to a September 17th Interest Payment Date, the immediately preceding September 1st. 
 “Reset Date” means September 17, 2025. 

“Reset Determination Date” means the day falling two Business Days prior to the Reset Date. 

“Senior Indebtedness” of the Company means all Indebtedness of the Company other than (i) any indebtedness that
expressly provides (a) that such indebtedness will not be senior in right of payment to the Notes, or (b) that such indebtedness will be subordinated to any other indebtedness of the Company, unless such indebtedness expressly provides
that such indebtedness shall be senior in right of payment to the Notes and (ii) any indebtedness of the Company in respect of the Notes. Any series of Securities may be subordinated to another series of Securities, all as and to the extent
provided in the relevant documentation for each issue of Securities. 
 “Tax Event” means the receipt by the Company of an
opinion of independent tax counsel to the effect that as a result of: 
 (a) an amendment to or change (including any announced prospective
amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or taxing authorities; 

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

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

in each case, which change or amendment or challenge becomes effective or which pronouncement, or decision or challenge is announced on or after the Issue
Date, with respect to which there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or, within 90 days of the date after such opinion, will not be, deductible by the Company, in whole or in part, for United
States federal income tax purposes. 
 “Tier 2 Capital Event” means the Company’s good faith determination that, as a
result of: 
 (a) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of
doubt, any agency or instrumentality of the United States, including the Federal Reserve Board and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the Issue
Date; 
 (b) any proposed change in those laws, rules or regulations that is announced or becomes effective after the Issue Date; or 

(c) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or
applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the Issue Date; 
 in each case, there is more
than an insubstantial risk that the Company will not be entitled to treat the Notes then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve Board (or, as and
if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect and applicable to the Company, for so long as any Notes are outstanding. 

The terms “Company,” “Trustee,” “Indenture” and “Base Indenture” shall
have the respective meanings set forth in the paragraph preceding the recitals to this Supplemental Indenture. 
 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.1 Designation and Principal Amount. 

There is hereby authorized a series of Securities designated the “3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030,” initially offered in the aggregate principal amount of $200,000,000, which amount shall be as set forth in a Company Order for the authentication and
delivery of Notes pursuant to Section 3.3 of the Base Indenture. 

  
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 Section 2.2 Maturity. 

Unless earlier redeemed pursuant to Section 3.2 of this Supplemental Indenture, the date upon which the Notes shall become due and
payable at final maturity, together with any accrued and unpaid interest, is the Maturity Date. 
 Section 2.3 Form, Payment and
Appointment. 
 (a) Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than
the Company or one of its Subsidiaries, holds as of 11:00 a.m. New York City time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due. 
 (b) No service charge shall be made for any registration of transfer or exchange of the Notes, but the Company may require
payment from the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

(c) The Paying Agent, Authenticating Agent and Security Registrar for the Notes shall initially be the Trustee. 

(d) The Company initially appoints The Depository Trust Company (“DTC”) to act as Depository with respect to the Global
Notes. The Trustee shall act as Custodian with respect to the Global Notes. 
 (e) The Notes shall be issuable in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof in book-entry form only. 
 Section 2.4 Global Notes. 

The Notes shall be represented by a permanent global certificate (collectively, the “Global Notes”) deposited with, or on
behalf of, DTC and registered in the name of Cede & Co. Unless and until certificated notes are issued under the limited circumstances described in the Indenture or this Section 2.4, no Holder shall be entitled to receive a definitive
certificate representing the Notes. So long as DTC or any successor depositary or its nominee is the registered owner of the Global Note, DTC or any successor depositary, or such nominee, as the case may be, will be considered to be the sole owner
or holder of the notes for all purposes of the Indenture. Beneficial interests in the Global Note will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in
DTC. Investors may elect to hold interests in the Global Note through DTC either directly if they are participants in DTC or indirectly through organizations that are participants in DTC. In connection with any proposed transfer outside the book
entry only system, there shall be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal
Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

Section 2.5 Interest. 

(a) Interest on the Notes will accrue (i) during the period from and including the Issue Date, to, but excluding, the Reset Date, or to,
but excluding, the date of earlier redemption, at a fixed rate of 3.700% per annum and (ii) during the period from and including the Reset 

  
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Date, to, but excluding, the Maturity Date, or to, but excluding, the date of earlier redemption, at a rate per annum that will be the Five-year U.S. Treasury Rate as of the Reset Determination
Date plus 3.437% per annum. Interest will be payable semiannually in cash in arrears on September 17 and March 17 of each year, commencing on March 17, 2021. Each such date on which interest is payable is an “Interest Payment
Date.” 
 (b) Interest shall be computed on the basis of a 360-day year consisting of
twelve 30-day months. If any scheduled Interest Payment Date falls on a day that is not a Business Day, the Company shall postpone the interest payment to the next succeeding Business Day, but the payment made
on such date will be treated as having been made on the date that the payment was first due, and the Holders of the Notes will not be entitled to any further interest or other payments with respect to such postponement. 

(c) The Company shall be responsible for making calculations called for under the Indenture and the Notes, including but not limited to
determination of interest, Redemption Price, premium, if any, and any other amounts payable on the Notes. The Company shall make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders.
The Company shall provide a schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent verification. The Trustee
shall forward the Company’s calculations to any Holder upon the written request of such Holder. The Trustee, acting in any capacity hereunder, shall have no liability or responsibility for making any calculation called for under the Indenture
or the Notes, and shall be entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification thereof. 

(d) Unless the Company has delivered a notice of redemption for all outstanding Notes, with such redemption to occur on the Reset Date, the
Company shall appoint a calculation agent with respect to the Notes prior to the Reset Determination Date, which calculation agent may be the Company or an Affiliate of the Company. The Five-year U.S. Treasury Rate will be determined by the
calculation agent on the Reset Determination Date. Any determination, decision or election that may be made by the calculation agent hereunder, including any determination with respect to a rate, will be conclusive and binding absent manifest error,
may be made in the calculation agent’s sole discretion, and, notwithstanding anything to the contrary herein, shall become effective without consent from any other party. The calculation agent’s determination of any interest rate will be
on file at the Company’s principal offices, will be made available to any Holder upon request, and will be final and binding in the absence of manifest error. 

ARTICLE 3 

REDEMPTION AND REPURCHASE OF THE NOTES 

Section 3.1 No Sinking Fund. 

The Notes are not entitled to the benefit of any sinking fund. Article 12 of the Base Indenture shall not apply to the Notes. 

  
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 Section 3.2 Optional Redemption and Regulatory Event Redemption. 

(a) On at least 10 days but no more than 60 days prior written notice delivered to the Holders (which notice may be conditioned in our
discretion on one or more conditions precedent, and the redemption date may be delayed until such time as any or all of such conditions have been satisfied or revoked by the Company if the Company determines that such conditions will not be
satisfied; provided, however, that if any condition precedent has not been satisfied, the Company shall provide written notice to the Trustee no fewer than two Business Days prior to the Redemption Date stating that such condition has not
been satisfied, the notice of redemption is rescinded or delayed and the redemption shall not occur or shall be delayed), the Company may redeem the Notes in whole or in part, commencing (i) on the Reset Date, but not prior thereto (except upon
the occurrence of the events described in Section 3.2 (b)), and on any interest payment date thereafter, or (ii) at any time during the three-month period prior to the Maturity Date, in each case, at a redemption price equal to 100% of the
principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date. If fewer than all of the Notes are to be redeemed at any time, the Notes to be redeemed shall be selected in
accordance with 11.3 of the Base Indenture. 
 (b) The Notes may not otherwise be redeemed prior to the Maturity Date, except that the
Company may also, at its option, redeem the Notes, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date, upon the
occurrence of a Tax Event, Tier 2 Capital Event or a 1940 Act Event. 
 (c) Prior to giving any notice to the Holders pursuant to
Section 3.2(b), the Company shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate certifying that (i) a Tax Event, Tier 2 Capital Event or a 1940 Act Event has occurred and (ii) the Company is entitled
to redeem the Notes in accordance with Section 3.2(b), and the Trustee may conclusively rely on such Opinion of Counsel and Officers’ Certificate. 

(d) If the Company elects to have the Trustee deliver the notice of redemption on the Company’s behalf, then the Company shall have
delivered to the Trustee no fewer than 15 days prior to the date such redemption notice is to be delivered (unless the Trustee agrees to a shorter period) an Officer’s Certificate providing such direction. Any partial redemption will be made in
accordance with the DTC’s applicable procedures among all of the Holders. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. The
Company shall calculate the redemption price as described in the terms of the Notes to be redeemed and will deliver an Officer’s Certificate to the Trustee setting forth the redemption price no later than two Business Days prior to the
Redemption Date, and the Trustee will not be responsible for such calculation nor shall the Trustee have any duty to monitor the accuracy of any calculations made by the Company, which will be conclusive and binding on the Holders, absent manifest
error. A replacement Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. The Notes are not subject to redemption or prepayment at the option of the
Holders. 
 (e) Under the Federal Reserve Board’s risk-based capital regulations in effect on the Issue Date, any redemption of the
Notes will be subject to the prior approval of the Federal Reserve Board. In addition, prior to exercising the Company’s option to redeem any Notes, or immediately thereafter, the Company shall either replace the redeemed Notes with an
equivalent amount of a financial instrument that meets the Federal Reserve Board’s 

  
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regulatory capital criteria, or demonstrate to the satisfaction of the Federal Reserve Board that following redemption, the Company would continue to hold an amount of capital that is
commensurate with its risk. 
 (f) In addition to the Company’s right to redeem the Notes as set forth above in this Section 3.2,
the Company may at any time and from time to time purchase Notes in open market transactions, tender offers or otherwise, subject to the prior approval of the Federal Reserve Board, to the extent such approval is then required. 

Section 3.3 Effect of Redemption. 

Unless the Company defaults in the payment of the Redemption Price, on and after the Redemption Date, (a) interest shall cease to accrue
on the Notes immediately prior to the close of business on the Redemption Date, (b) the Notes shall become due and payable at the Redemption Price and (c) the Notes shall be void and all rights of the Holders in respect of the Notes shall
terminate and lapse (other than the right to receive the Redemption Price upon surrender of such Notes but without interest on such Redemption Price). Following the notice of a redemption, neither the Company nor the Security Registrar shall be
required to register the transfer of or exchange the Notes to be redeemed. The redemption provisions of Sections 11.5 and 11.6 of the Base Indenture shall not apply to the Notes. 

Section 3.4 Redemption Procedures. 

On or prior to 11:00 a.m. New York City time on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3 of the Base Indenture) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on, all the Notes that are to be redeemed on that date. If the Company gives an irrevocable notice of redemption with respect to the Notes pursuant to Section 3.2 of this Supplemental Indenture in connection with
an optional redemption, and the Company has deposited with the Trustee or with the Paying Agent the Redemption Price of the Notes to be redeemed, then, on the Redemption Date, the Paying Agent shall irrevocably deposit such funds with the
Depository. The Company shall also give the Depository irrevocable instructions and authority to pay the Redemption Price in immediately available funds to the Holders of beneficial interests in the Global Notes. If any Redemption Date is not a
Business Day, then the Redemption Price shall be payable on the next Business Day (and without any interest or other payment in respect of any such delay). Interest to be paid on or before the Redemption Date for any Notes called for redemption
shall be payable to the Holders on the Regular Record Date for the related Interest Payment Dates. If any Notes called for redemption are not so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from
the Redemption Date at the Coupon Rate then in effect. 
 Section 3.5 No Other Redemption. 

Except as set forth in this Article 3, the Notes shall not be redeemable by the Company prior to the Maturity Date. 

  
 -10- 

 ARTICLE 4 

FORM OF NOTE 

Section 4.1 Form of Note. 

The Notes and the Authenticating Agent’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms
attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 

ARTICLE 5 
 DEFAULTS
AND REMEDIES 
 Section 5.1 Events of Default. This Section 5.1 shall replace Section 5.1 of the Base
Indenture with respect to the Notes only. 
 Each of the following is an “Event of Default” with respect to the Notes
(whatever the reason for such Event of Default and whether it is voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (1) the entry by a court having jurisdiction in the premises of (a) a decree or order for relief in respect of
the Company in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or (b) a decree or order appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or all or substantially all of its property (other than the appointment of a conservator with respect to any depository institution subsidiary of the Company), or ordering the winding up or
liquidation of its affairs, and, in the case of either clause (a) or (b), the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

(2) the commencement by the Company of a voluntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency,
reorganization or other similar law, or of a voluntary proceeding seeking to be adjudicated insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any
applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law, or to the commencement of any insolvency proceedings against it, or the filing by the Company of a petition or answer or consent seeking reorganization,
arrangement, adjustment or composition of the Company under any such applicable law, or the consent by it to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Company or of all or substantially all of its property (other than the appointment of a conservator with respect to any depository institution subsidiary of the Company), or the 

  
 -11- 

 
making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any such action. 
 The Base Indenture contains a number of other defaults but no other defaults under, or
breaches of, the Base Indenture or the Notes will result in an Event of Default, whether after notice, the passage of time or otherwise. 

Section 5.2 Acceleration of Maturity. This Section 5.2 shall replace Section 5.2 of the Base Indenture with respect to
the Notes only. 
 In the case of an Event of Default specified in clause (2) of Section 5.1, the principal amount of all Notes and
premium, if any, together with accrued and unpaid interest, if any, thereon, with respect thereto, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. In the
case of an Event of Default specified in clause (1) of Section 5.1, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes may declare the principal amount of all the Notes and premium, if any, together with
accrued and unpaid interest, if any, thereon, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal amount (or specified amount) and
premium, if any, together with accrued and unpaid interest, if any, thereon, with respect thereto, shall become immediately due and payable. 

At any time after such an acceleration has occurred with respect to the Notes and before a judgment or decree based on such acceleration has
been obtained by the Trustee as provided below in this Article 5, the Holders of not less than a majority in principal amount of the Outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such acceleration and its
consequences if: 
 (i) the Company has paid or deposited with the Trustee a sum sufficient to pay (A) all overdue interest on all
Notes, (B) the principal of or premium (if any) on any Notes that have become due otherwise than by such acceleration and interest thereon at the rate or rates prescribed therefor in such Notes, (C) to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate prescribed therefor in the Notes, and (D) all sums paid or advanced by the Trustee hereunder, the reasonable compensation, expenses, disbursements and advances due to Trustee under
Section 6.7 of the Base Indenture, and all other amounts due under Section 6.7 of the Base Indenture; 
 (ii) all Events of Default
with respect to the Notes, other than the nonpayment of the principal of the Notes that have become due solely by such acceleration, have been cured, waived or otherwise remedied as provided in Section 5.13 of the Base Indenture; and 

(iii) the rescission would not conflict with any final judgment or decree of a court of competent jurisdiction. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

  
 -12- 

 Section 5.3 Default. This Section 5.3 shall replace Section 5.3 of the
Base Indenture with respect to the Notes only. 
 In the case of a default (not constituting an Event of Default) in the payment of interest
or principal, or premium, if any, which failure to pay continues for 30 days, the Company shall, upon the demand of the Trustee, pay to the Trustee, for the benefit of the Holders, the amount then due and payable on such Notes for principal, and
premium, if any, and interest and, to the extent that payment of such interest is legally enforceable, interest on any overdue principal, and premium, if any, and on any overdue interest. 

If a Default with respect to Notes (other than a Default constituting an Event of Default) occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in the Indenture or the Notes or in aid of the exercise of any power granted therein, or to enforce any other proper remedy. 

ARTICLE 6 

SUBORDINATION 

Section 6.1 Securities Subordinate to Senior Indebtedness. 

(a) The Notes shall be subject to Article 14 of the Base Indenture. In addition, this Article 6 shall be applicable to the Notes. 

(b) The Company covenants and agrees, and each Holder of the Notes, by its acceptance of any Notes, likewise covenants and agrees, that, to
the extent and in the manner hereinafter set forth in this Article 6, the payment of the principal of (and premium, if any) and interest on the Notes are hereby expressly made subordinate and subject in right of payment to the prior payment in full
of all existing and future Senior Indebtedness. 
 (c) This Article 6 shall constitute a continuing offer to all Persons who become holders
of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness and such holders are made obligees hereunder and any one or more of them may enforce such provisions. Holders of Senior
Indebtedness need not prove reliance on the subordination provisions of this Supplemental Indenture. 
 (d) Notwithstanding anything to the
contrary in this Section 6, if a deposit referred to in Section 4.1 of the Base Indenture is made with respect to the Notes (and provided all conditions set out in Section 4.1 of the Base Indenture shall have been satisfied with
respect to the Notes), then, following the 90th day after such deposit, no money or U.S. Government Obligations so deposited, and no proceeds thereon, shall be subject to any rights of holders of Senior Indebtedness, including any such rights
arising under this Article 6. 
 Section 6.2 Payment Over of Proceeds Upon Dissolution, Etc. 

(a) In the event of a Bankruptcy Proceeding, then and in any such event the holders of Senior Indebtedness shall be entitled to receive
payment in full of all amounts due on or to become due on or in respect of all Senior Indebtedness, before the Holders of the Notes are 

  
 -13- 

 
entitled to receive any payment or distribution of any kind or character whether in cash, property or securities, on account of the Notes, and to that end holders of Senior Indebtedness shall be
entitled to receive, for application to the payment thereof, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, by set-off or otherwise,
which may be payable or deliverable in respect of the Notes in any such Bankruptcy Proceeding. 
 (b) If, notwithstanding the foregoing
provisions of this Section 6.2, the Trustee or the Holder of any Notes shall have received any payment or distribution of any kind or character whether in cash, property or securities before all Senior Indebtedness is paid in full or payment
thereof provided for in cash, then and in such event such payment or distribution shall be paid over or delivered promptly to any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law or other Person making
payment or distribution of assets of the Company for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full in cash after giving effect to any concurrent payment to or
for the holders of Senior Indebtedness. 
 (c) The consolidation of the Company with, or the merger of the Company into, another Person, or
the liquidation or dissolution of the Company following the conveyance or transfer of all or substantially all of its properties and assets as an entirety to another Person upon the terms and conditions set forth in Article 8 of the Base Indenture
shall not be deemed an insolvency case, proceeding, receivership, liquidation, reorganization, liquidation, dissolution, winding up or other similar case pursuant to any Bankruptcy Law for the purposes of this Section 6.2 if the Person formed
by such consolidation or into which the Company is merged or the Person that acquires by conveyance or transfer such properties and assets as an entirety, as the case maybe, shall, as a part of such consolidation, merger, conveyance or transfer,
comply with the conditions set forth in Article 8 of the Base Indenture. 
 Section 6.3 Prior Payment to Senior Indebtedness Upon
Acceleration of Notes. 
 (a) If the Notes become due and payable before their Stated Maturity, then and in such event the holders of
Senior Indebtedness shall be entitled to receive payment in full of all amounts due or to become due on, or in respect of, all Senior Indebtedness, or provision shall be made for such payment in cash, before the Holders of the Notes are entitled to
receive any payment by the Company on account of the Notes. 
 (b) If, notwithstanding the foregoing, the Company shall make any payment to
the Trustee or the Holder of any Notes prohibited by the foregoing provisions of this Section 6.3, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then
and in such event such payment shall be paid over and delivered promptly to the Company. 
 Section 6.4 No Payment When Senior
Indebtedness in Default. 
 The Company shall not make any payment on account of the Notes unless full payment of amounts then due for
principal (and premium, if any), sinking funds, and interest on Senior Indebtedness has been made or duly provided for in money or Government Obligations in accordance with its terms. No payment on account of the Notes shall be made by the Company
if, at the time of such payment or immediately after giving effect thereto, there shall have occurred an event of default with respect to any Senior Indebtedness or in 

  
 -14- 

 
any instrument under which the same is outstanding, permitting the holders thereof (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, or an event that, with the
giving of notice or the passage of time or both, would constitute such event of default, and such event of default shall not have been cured or waived. 

Section 6.5 Payment Permitted If No Default. 

Nothing contained in Article 6 or elsewhere in this Indenture, or in any of the Notes or any series, shall prevent (a) the Company, at
any time except during any Bankruptcy Proceeding, or under the conditions described in Section 6.3 or 6.4, from making payments at any time of principal of (or premium, if any) or interest on the Notes or (b) the application by the Trustee
or any Paying Agent of any moneys deposited with it hereunder to the payment of (or premium, if any) or on account of the principal of or interest on the Notes, if, at the time of such application, the Trustee or such Paying Agent, as the case may
be, did not have the written notice described in Section 6.10 or 6.14, as applicable, of any event prohibiting the making of such deposit or if, at the time of such deposit (whether or not in trust) by the Company with the Trustee or any Paying
Agent (other than the Company), such payment would not have been prohibited by the provisions of this Section. 
 Section 6.6
Subrogation to Rights of Holders of Senior Indebtedness. 
 Subject to the payment in full of all Senior Indebtedness, the Holders of
the Notes shall be subrogated (equally and ratably with the Holders of all Indebtedness of the Company that by its express terms is subordinated in right of payment to Senior Indebtedness to substantially the same extent as the Notes are
subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of,
premium (if any) and interest on the Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the Holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Notes or the
Trustee would be entitled except for the provisions of this Article 6, and no payments over pursuant to the provisions of this Article 6 to the holders of Senior Indebtedness by Holders of the Notes or the Trustee, shall, as among the Company, its
creditors other than holders of Senior Indebtedness and the Holders of the Notes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness. 

Section 6.7 Provisions Solely to Define Relative Rights. 

The provisions of this Article 6 are and are intended solely for the purpose of defining the relative rights of the Holders of the Notes, on
the one hand, and the holders of Senior Indebtedness, on the other hand. Nothing contained in this Section 6 or elsewhere in this Indenture or in the Notes is intended to or shall (a) impair, as among the Company, its creditors other than
holders of Senior Indebtedness and the Holders of the Notes, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this Article 6 of the holders of Senior Indebtedness, is intended to rank equally
in right of payment with all other general obligations of the Company), to pay to the Holders of the Notes the principal of, premium (if any) and interest on the Notes as and when the same shall become due and payable in accordance with their terms;
or (b) affect the relative rights against the Company of the Holders of the Notes and creditors of the Company other than the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any Notes from exercising all
remedies otherwise permitted by applicable law upon default under the 

  
 -15- 

 
Indenture, subject to the rights, if any, under this Article 6 of the holders of Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable to the Trustee or
such Holder. 
 Section 6.8 Trustee to Effectuate Subordination. 

Each Holder of the Notes by its acceptance thereof authorizes and directs the Trustee on its behalf to take such action as it directs to
effectuate the subordination provided in this Article 6 and appoints the Trustee its attorney-in-fact for any and all such purposes, including, in the event of any
dissolution, winding up, liquidation or reorganization of the Company whether in bankruptcy, insolvency, receivership proceedings, or otherwise, the timely filing of a claim for the unpaid balance of the Indebtedness of the Company owing to such
Holder in the form required in such proceedings and the causing of such claim to be approved. 
 If the Trustee does not file a proper claim
to effectuate the subordination provided in this Article 6 or proof of debt at least 30 days before the expiration of the time to file such claim, then any holders of the Senior Indebtedness and their agents, trustees or other representatives are
authorized to do so (but shall in no event be liable for any failure to do so) for and on behalf of the Holders of the Notes. 

Section 6.9 No Waiver of Subordination Provisions; Modifications of Terms of Senior Indebtedness. 

No right of any present or future holder of any Senior Indebtedness to enforce subordination as provided in this Article 6 shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of the
Indenture, regardless of any knowledge thereof that any such holder may have or be otherwise charged with. 
 Section 6.10 Notice to
Trustee. 
 (a) The Company shall give prompt written notice to the Trustee of any fact known to the Company that would prohibit the
making of any payment to or by the Trustee in respect of the Notes or that would end such prohibition. Notwithstanding the provisions of this Article 6 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment to or by the Trustee in respect of the Notes or that would end such prohibition, unless and until a Responsible Officer of the Trustee shall have received written notice thereof
from the Company, from any holder of Senior Indebtedness or from any trustee, fiduciary or agent therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section 6.1 of the Base Indenture, shall
be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice of any prohibition provided for in this Section 6.10 at least three Business Days prior to the date upon
which by the terms of this Supplemental Indenture any money may become payable for any purpose (including, without limitation, the payment of the principal of, premium (if any) or interest on the Notes), then, anything herein contained to the
contrary notwithstanding, but without limiting the rights and remedies of the holders of Senior Indebtedness or any trustee, fiduciary or agent therefor, the Trustee shall have full power and authority to receive such money and to apply the same to
the purpose for which such money 

  
 -16- 

 
was received and shall not be affected by any notice to the contrary which may be received by it within two Business Days prior to such date. Any notice required or permitted to be given to the
Trustee by a holder of Senior Indebtedness or by any agent, trustee or representative thereof shall be in writing and shall be sufficient for every purpose hereunder if in writing and either (i) sent via facsimile to the Trustee, the receipt of
which shall be confirmed via telephone, or (ii) personally delivered, or mailed, first class postage prepaid, or sent by overnight carrier, to the Trustee addressed to its Corporate Trust Office or to any other address furnished in writing to
such holder of Senior Indebtedness by the Trustee. 
 (2) Subject to the provisions of Section 6.1 of the Base Indenture, the Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person representing that such Person is a holder of Senior Indebtedness (or a trustee, fiduciary or agent therefor) to establish that such notice has been given by a holder of
Senior Indebtedness or a trustee, fiduciary or agent therefor. If the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article 6, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article 6, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment. 
 (3) Notwithstanding anything else contained herein, no notice, request or other
communication to or with the Trustee shall be deemed given unless received by a Responsible Officer at its Corporate Trust Office. 

Section 6.11 Reliance on Judicial Order or Certificate of Liquidating Agent. 

Upon any payment or distribution of assets of the Company referred to in this Article 6, the Trustee, subject to the provisions of
Section 6.1 of the Base Indenture, and the Holders of the Notes shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such Bankruptcy Proceeding is pending, or a certificate of any receiver,
trustee, assignee, liquidator or other similar official under any Bankruptcy Law, or any agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Notes, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article 6, provided that the foregoing shall apply only if such court has been apprised of the provisions of this Article 6. 

Section 6.12 Trustee Not Fiduciary for Holders of Senior Indebtedness. 

The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness (or any Person) and shall not be liable to any
such holders if it shall in good faith mistakenly pay over or distribute to Holders of Notes or to the Company or to any other Person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this
Article 6 or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article 6 and no implied covenants or
obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. 

  
 -17- 

 Section 6.13 Rights of Trustee as Holder of Senior Indebtedness; Preservation of
Trustee’s Rights. 
 (1) The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article 6 with respect to any Senior Indebtedness that may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. 

(2) Nothing in this Article 6 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7 of the Base
Indenture. 
 Section 6.14 Article Applicable to Paying Agents. 

In case at any time any Paying Agent other than the Trustee shall be then acting hereunder, the term “Trustee” as used in this
Article 6 shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Section in addition
to or in place of the Trustee; provided, however, that Section 6.12 of this Supplemental Indenture shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 

Section 6.15 Redemption. 

Amounts deposited in trust with the Trustee pursuant to and in accordance with Article 11 of the Base Indenture, and not prohibited to be
deposited under Section 6.2 or 6.4 of this Supplemental Indenture when deposited, shall not be subject to this Article 6. 

ARTICLE 7 

MISCELLANEOUS 

Section 7.1 Ratification of Indenture. 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture
shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
 Section 7.2 Trustee and Agent
Not Responsible for Recitals. 
 The recitals herein contained are made by the Company and not by the Trustee or Agent, and the Trustee
and Agent assume no responsibility for the correctness thereof. The Trustee and Agent make no representation as to the validity or sufficiency of this Supplemental Indenture. 

  
 -18- 

 Section 7.3 New York Law To Govern. 

THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 7.4 Separability. 

In case any one or more of the provisions contained in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 7.5 Counterparts. 

This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument. 
 Section 7.6 Facsimile and PDF Delivery of Signature Pages. 

This Supplemental Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual
on behalf of the party by means of (i) an original manual signature; or (ii) a faxed, scanned, photocopied, or portable document format (“PDF”) of a manual signature. Each faxed, scanned, photocopied, or PDF manual
signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any
faxed, scanned, photocopied, or PDF manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for
execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 

[Signature pages follow] 

  
 -19- 

 The parties hereto have duly executed this Supplemental Indenture as of the day and year
first written above. 
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Gregory S. Clarke

		 	Name:	 	Gregory S. Clarke
		 	Title:	 	Vice President

  
 [Signature Page to
First Supplemental Indenture] 

 
					
	UMB FINANCIAL CORPORATION
		
	By:	 	 /s/ Ram Shankar

		 	Name:	 	Ram Shankar
		 	Title:	 	 Chief Financial Officer and
 Executive Vice
President

  
 [Signature Page to
First Supplemental Indenture] 

 Exhibit A 

[FORM OF FACE OF SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Definitive Securities Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITY REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION
AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 Exhibit A-1 

 CUSIP No. 902788 AA6 

ISIN No. US902788AA60 
  

			
	No.        	  	$            

 3.700% Fixed-to-Fixed Rate
Subordinated Notes due 2030 (the “Notes”) 
 UMB Financial Corporation, a Missouri corporation, promises to pay to
Cede & Co., or registered assigns, the principal sum of $200,000,000 Dollars on September 17, 2030. 
 Interest Payment Dates:
September 17 and March 17. 
 Record Dates: September 1 and March 1. 

  
 Exhibit A-2 

 Additional provisions of this Note are set forth on the other side of this Note. 

Dated: 
  

			
	UMB FINANCIAL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A-3 

 CERTIFICATION OF AUTHENTICATION 

This is one of the 3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030
described in the within-mentioned Supplemental Indenture. 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	  

		 	Authorized Signatory
		
	Date:	 	  

  
 Exhibit A-4 

 [FORM OF REVERSE SIDE OF SECURITY] 

 

	1.	 Interest 

UMB FINANCIAL CORPORATION, a Missouri corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred
to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company shall pay interest semiannually in cash in arrears on September 17 and
March 17 of each year, commencing on March 17, 2021. Interest on the Notes shall accrue (i) during the period from and including September 17, 2020, to, but excluding, September 17, 2025 (the “Reset Date”),
or to, but excluding, the date of earlier redemption, at a rate of 3.700% per annum and (ii) during the period from and including the Reset Date to, but excluding, the Maturity Date, or to, but excluding, the date of earlier redemption, at a
rate per annum that will be the Five-year U.S. Treasury Rate as of the Reset Determination Date plus 3.437% per annum. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	 Method of Payment 

The Company shall pay interest on the Notes (except defaulted interest, if any) to the Persons who are registered holders of Notes at the close
of business on the Regular Record Date, whether or not a Business Day, immediately preceding the applicable Interest Payment Date, even if Notes are canceled after the record date and on or before the Interest Payment Date. Holders must surrender
Notes to the Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes
represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer in immediately available funds in U.S. dollars at the office of the Paying Agent or, if the Notes are not represented by a Global Note,
at the office or agency of the Company maintained for such purpose in Kansas City, Missouri. 
  

	3.	 Indenture 

The Company issued the Notes under an Indenture (the “Base Indenture”) dated as of September 17, 2020, as amended and
supplemented by a First Supplemental Indenture (the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”) dated as of September 17, 2020, between the Company and the Trustee. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”).
Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those terms. 

The Notes are unsecured obligations of the Company. The Company shall be entitled to issue Additional Notes pursuant to Section 3.1 of
the Base Indenture. The Notes issued on the Issue Date and any additional Notes shall be treated as a single series for all purposes under the Indenture. 

  
 Exhibit A-5 

	4.	 Optional Redemption and Regulatory Event Redemption 

The Company may, at its option, redeem the Notes in whole or in part, commencing (i) on the Reset Date, but not prior thereto (except upon
the occurrence of certain events specified below), and on any interest payment date thereafter, or (ii) at any time during the three month period prior to the Maturity Date, in each case, at a redemption price equal to 100% of the principal
amount of the Notes to being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date, in accordance with Section 3.2 of the Supplemental Indenture. 

The Notes may not otherwise be redeemed prior to their maturity date, except that the Company may also, at its option and subject to any prior
required approval of the Federal Reserve Board, redeem the Notes, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but excluding, the Redemption
Date, upon the occurrence of a Tax Event, Tier 2 Capital Event or a 1940 Act Event, in accordance with Section 3.2 of the Supplemental Indenture. 
  

	5.	 Mandatory Redemption. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

 

	6.	 Amendment, Supplement and Waiver. 

The Indenture or the Notes may be amended or supplemented only as provided in the Indenture. 

 

	7.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess
thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company, Security Registrar or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Security Registrar or the Trustee, as the case may be, duly executed, by the Holder thereof or its attorney duly authorized in writing. 

 

	8.	 Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

 

	9.	 Discharge 

The Company may discharge its obligations under the Notes and the Indenture in accordance with Article 4 of the Base Indenture. 

 

	10.	 Defaults and Remedies 

The Events of Default relating to the Notes are defined in Section 5.1 of the Supplemental Indenture. Upon the occurrence of an Event of
Default, the rights and obligations of the Company and the Holders shall be as set forth in the Indenture. 

  
 Exhibit A-6 

	11.	 No Recourse Against Others 

No recourse for the payment of the principal of or premium, if any, or interest on any Note, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had, directly or indirectly, against
any incorporator, subscriber to the shares of beneficial interest (or capital stock or membership interests (as applicable)), shareholder, stockholder, member, employee, agent, manager, officer, trustee or director, as such, past, present or future,
of the Company or the Trustee or of any predecessor or successor corporation, either directly or through the Company or the Trustee or any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly understood that this Note and the Indenture and the obligations issued hereunder and thereunder are solely corporate obligations and that no such personal liability whatever
shall attach to, or is or shall be incurred by, any incorporator, subscriber to the shares of beneficial interest (or capital stock or membership interests (as applicable)), shareholder, stockholder, member, employee, agent, manager, officer,
trustee or director, as such, of the Company or the Trustee or of any predecessor or successor corporation, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in
this Note or the Indenture or implied herefrom or therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against,
every such incorporator, subscriber to the shares of beneficial interest (or capital stock or membership interests (as applicable)), shareholder, stockholder, member, employee, agent, manager, officer, trustee or director, as such, because of the
creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Note and the Indenture, any certificate or other writing delivered in connection herewith or therewith, or implied
herefrom or therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of the Indenture and the issuance of the Notes. By accepting this Note, each Holder of this Note agrees to the provisions of
this Section 11 and waives and releases all such liability. Such waiver and release is part of the consideration for the issuance of the Notes. 
  

	12.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee, or any Authenticating Agent appointed by the Trustee, manually signs
the certificate of authentication on the other side of this Note. 
  

	13.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	14.	 CUSIP Numbers 

The Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 Exhibit A-7 

	15.	 Governing Law 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 Exhibit A-8 

 ASSIGNMENT FORM 
  

			
	To assign this Note, fill in the form below:	 	  

			
	I or we assign and transfer this Note to	 	  

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

  
  

(Insert assignee’s sec. sec. or tax I.D. No.) 

and irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act for him/her. 

 

							
	Date:	 		 	Your Signature:	 	  

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

  
 Exhibit A-9 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 
  

																			
	Date of
Exchange	 	 	Amount of decrease
in Principal amount
of this Global
Security	 	 	Amount of increase
in Principal amount
of this Global
Security	 	 	Principal amount of
this Global Note
following such
decrease or
increase	 	 	Signature of
authorized officer of
Trustee or Securities
CustodianExhibit
4.1

 

Amended
2020 Ehave Inc. Equity Incentive Plan

 

1.
Purpose of the Plan

 

This
Plan is intended to promote the interests of the Company (as defined below), its shareholders and its Subsidiaries (as defined
below), by providing employees, non-employee directors, consultants, and other selected service providers of the Company, as well
as key employees of any Company Subsidiaries, who are largely responsible for the management, growth, and protection of the business
of the Company or Subsidiary, as applicable, with incentives and rewards to encourage them to continue in the service of the Company
or applicable Subsidiary.

 

2.
Definitions

 

As
used in the Plan or in any instrument governing the terms of any award granted under the Plan, the following definitions apply
to the terms indicated below:

 

	 	a.	“Award”
    means any award granted by the Committee under this Plan that is evidenced by an Award Agreement.
	 	 	 
	 	b.	“Award
    Agreement” means a written agreement, in a form determined by the Committee from time to time, entered into
    by each Participant and the Company, evidencing the grant of a Stock Incentive Award under the Plan.
	 	 	 
	 	c.	“Board
    of Directors” means the Board of Directors of Ehave Inc.
	 	 	 
	 	d.	“Change
    in Control means (i) any Person (as this term is used in sections 3(a)(9) and 13(d)(3) of the Exchange Act, but excluding
    any person described in and satisfying the conditions of Rule 13d-1(b)(1)(i) thereunder) (an “Acquiring Person”)
    becomes the “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) (a “Beneficial
    Owner”), directly or indirectly, of securities of the Company representing 51% or more of the combined voting
    power of the Company’s then outstanding securities, other than beneficial ownership by a Participant, the Company, any
    employee benefit plan of the Company, or any Person organized, appointed, or established pursuant to the terms of any such
    benefit plan; (ii) during any two-year period, commencing after the Effective Date, individuals who at the date on which the
    period commences constitute a majority of the Board of Directors (the “Incumbent Directors”) cease
    to constitute a majority thereof for any reason; provided, however, that a director who was not an Incumbent Director shall
    be deemed to be an Incumbent Director if such director was elected by, or on the recommendation of, at least two-thirds of
    the Incumbent Directors (either actually or by prior operation of this provision), other than any director who is so approved
    in connection with any actual or threatened contest for election to positions on the Board of Directors; or (iii) the consummation
    of:

 

	 	1.	a
    merger, consolidation, reorganization, or similar transaction with or into the Company or any Subsidiary in which securities
    of the Company or any Subsidiary are issued, as a result of which the holders of Voting Securities immediately before such
    event own, directly or indirectly, immediately after such event less than 50% percent of the combined voting power of the
    outstanding voting securities of the parent corporation resulting from, or issuing its voting securities as part of, such
    event;
	 	 	 
	 	2.	a
    complete liquidation or dissolution of the Company or applicable Subsidiary; or
	 	 	 
	 	3.	 the
    sale or other disposition of all or substantially all of the assets of the Company (on a consolidated basis) or Subsidiary
    to any Person other than the Company or Subsidiary or an employee benefit plan (or a trust forming a part thereof) maintained
    by the Company or Subsidiary or by a Person which, immediately thereafter, will have all its voting securities owned by the
    holders of the Voting Securities immediately prior thereto, in substantially the same proportions.

 

Notwithstanding
the foregoing, with respect to an Award that is subject to Section 409A of the Code and the payment or settlement of the Award
will accelerate upon a Change of Control, no event set forth herein will constitute a Change of Control for purposes of the Plan
or any Award Agreement unless such event also constitutes a “change in ownership,” “change in effective control,”
or “change in the ownership of a substantial portion of the Company’s assets” as defined under Section 409A
of the Code.

 

    	1

    	 

    

 

	 	e.	“Code”
    means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations, and administrative
    guidance issued thereunder.
	 	 	 
	 	f.	“Committee”
    means the Compensation Committee of the Board of Directors or such other committee as the Board of Directors shall appoint
    from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the
    Committee under the terms of the Plan, which committee shall meet the requirements of Section 162(m) of the Code, Section
    16(b) of the Exchange Act and the applicable rules of the NASDAQ; provided, however, that, if any Committee
    member is found not to have met the qualification requirements of Section 162(m) of the Code and Section 16(b) of the Exchange
    Act, any actions taken or Awards granted by the Committee shall not be invalidated by such failure to so qualify.
	 	 	 
	 	g.	“Common
    Stock” means Ehave’s common stock, or any other security into which the common stock shall be changed
    pursuant to the adjustment provisions of the Plan.
	 	 	 
	 	h.	“Company”
    means Ehave Inc., an Ontario corporation or any successor to all or substantially all of the Company’s business that
    adopts the Plan.
	 	 	 
	 	i.	“Deferred
    Compensation Plan” means any plan, agreement, or arrangement maintained by the Company from time to time that
    provides opportunities for deferral of compensation.
	 	 	 
	 	j.	“Effective
    Date” means the date the Plan is adopted.
	 	 	 
	 	k.	“Employment”
    means the period during which an individual is classified or treated by the Company or Subsidiary as an employee, non-employee
    director, consultant, or other service provider of the Company or Subsidiary, as applicable.
	 	 	 
	 	l.	“Exchange
    Act” means the Securities Exchange Act of 1934, as amended.
	 	 	 
	 	m.	“Fair
    Market Value” means, with respect to a share of Common Stock, the fair market value on the date of valuation
    of such Award as determined by the Compensation Committee; provided, however, that with respect to an incentive stock option
    issued to a 10% or more shareholder, Fair Market Value shall mean 110% of the fair market value or such other percentage as
    may be permitted by the Code and regulations promulgated thereunder.
	 	 	 
	 	n.	 “Investor
    Relations Activities” means any activities or oral or written communications, by or on behalf of the Company
    or a shareholder of the Company that promote or reasonably could be expected to promote the purchase, or sale of securities
    of the Company, but does not include:

 

(a)
the dissemination of information provided, or records prepared, in the ordinary course of business of the Company:

 

(i)
to promote the sale of its products or services, or

 

(ii)
to raise public awareness of the Company,

 

that
cannot reasonably be considered to promote the purchase, or sale of securities of the Company;

 

(b)
activities or communications necessary to comply with

 

(i)
applicable securities legislation, or

 

(ii)
stock exchange requirements or the requirements of any other regulatory body having jurisdiction over the Company;

 

(c)
communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication that is of general
and regular circulation if

 

(i)
the communication is only through the newspaper, magazine or publication, and

 

(ii)
the publisher or writer receives no commission or other consideration other than for acting in the capacity of publisher or writer;
or

 

    	2

    	 

    

 

(d)
such other activities or communications that may be specified by a stock exchange on which the Company’s Common Stock may
be listed from time to time.

 

	 	o.	 “Option”
    means a stock option to purchase shares of Common Stock granted to a Participant pursuant to Section 6.
	 	 	 
	 	p.	“Optionee”
    means any employee, non-employee director, consultant, and other selected service providers of the Company, as well as key
    employees of any Company Subsidiaries, that receive an Option or other Award under the Plan.
	 	 	 
	 	q.	“Other
    Stock-Based Award” means an award granted to a Participant pursuant to Section 7.
	 	 	 
	 	r.	“Participant”
    means an employee, consultant or director of the Company or key employee of a Subsidiary who is eligible to participate in
    the Plan and to whom one or more Stock Incentive Awards have been granted pursuant to the Plan and have not been fully settled
    or cancelled and, following the death of any such Person, his successors, heirs, executors, and administrators, as the case
    may be.
	 	 	 
	 	s.	“Person”
    means any person, entity or “group” within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange
    Act, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary
    holding securities under an employee benefit plan of the Company, (iii) an underwriter temporarily holding securities pursuant
    to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in
    substantially the same proportions as their ownership of stock of the Company, or (v) a person or group as used in Rule 13d-1(b)
    under the Exchange Act.
	 	 	 
	 	t.	“Plan”
    means this 2020 Ehave Inc. Equity Incentive Plan, as it may be amended from time to time.
	 	 	 
	 	u.	“Securities
    Act” means the Securities Act of 1933, as amended.
	 	 	 
	 	v.	“Stock
    Incentive Award” means an Option or Other Stock-Based Award granted pursuant to the terms of the Plan.
	 	 	 
	 	w.	“Subsidiary”
    means any “subsidiary” within the meaning of Rule 405 under the Securities Act and (i) a corporation or other
    entity with respect to which the Company, directly or indirectly, has the power, whether through the ownership of voting securities,
    by contract or otherwise, to elect at least a majority of the members of such corporation’s board of directors or analogous
    governing body, or (ii) any other corporation or other entity in which the Company, directly or indirectly, has an equity
    or similar interest and which the Committee designates as a Subsidiary for purposes of the Plan. For purposes of determining
    eligibility for the grant of Incentive Stock Options under the Plan, the term “Subsidiary” shall be defined in
    the manner required by Section 424(f) of the Code.
	 	 	 
	 	x.	“Voting
    Power” means the number of votes available to be cast (determined by reference to the maximum number of votes
    entitled to be cast by the holders of Voting Securities, or by the holders of any Voting Securities for which other Voting
    Securities may be convertible, exercisable, or exchangeable, upon any matter submitted to shareholders where the holders of
    all Voting Securities vote together as a single class) by the holders of Voting Securities.
	 	 	 
	 	y.	“Voting
    Securities” means any securities or other ownership interests of an entity entitled, or which may be entitled,
    to matters submitted to Persons holding such securities or other ownership interests in such entity generally (whether or
    not entitled to vote in the general election of directors), or securities or other ownership interests which are convertible
    into, or exercisable in exchange for, such Voting Securities, whether or not subject to the passage of time or any contingency.

 

    	3

    	 

    

 

3.
Stock Subject to the Plan

 

	 	a.	Stock
    Subject to the Plan

 

The
maximum number of shares of Common Stock that may be covered by Stock Incentive Awards granted under the Plan shall not exceed
the lower of (a) 10% of the issued and outstanding Common Stock of the Company from time to time and (b) 10,000,000 shares of
Common Stock in the aggregate. Out of such aggregate, the maximum number of shares of Common Stock that may be covered by Options
that are designated as “incentive stock options” within the meaning of section 422 of the Code shall not exceed 1,000,000
shares of Common Stock. The maximum number of shares referred to in the preceding sentences of this Section 3(a) shall in each
case be subject to adjustment as provided herein and the following provisions of this Section 3. Of the shares described, one
hundred percent may be delivered in connection with “full-value Awards,” meaning Stock Incentive Awards other than
Options or stock appreciation rights; provided, however, that any shares granted under Options or stock appreciation rights shall
be counted against the share limit on a one-for-one basis and any shares granted as full-value Stock Incentive Awards shall be
counted against the share limit as three shares for every one share subject to such Stock Incentive Award. shares of Common Stock
issued under the Plan may be authorized and unissued shares, treasury shares, shares purchased by the Company in the open market,
or any combination of the preceding categories as the Committee determines in its sole discretion.

 

For
purposes of the preceding paragraph, shares of Common Stock covered by Stock Incentive Awards shall only be counted as used to
the extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described
in the Plan) pursuant to the Plan; provided, however, that if a Stock Incentive Award is settled for cash or if shares of Common
Stock are withheld to pay the exercise price of an Option or to satisfy any tax withholding requirement in connection with a Stock
Incentive Award, the shares issued (if any) in connection with such settlement, the shares in respect of which the Stock Incentive
Award was cash-settled, and the shares withheld, will be deemed delivered for purposes of determining the number of shares of
Common Stock that are available for delivery under the Plan. In addition, if shares of Common Stock are issued subject to conditions
which may result in the forfeiture, cancellation, or return of such shares to the Company, any portion of the shares forfeited,
cancelled or returned shall be treated as not issued pursuant to the Plan. In addition, if shares of Common Stock owned by a Participant
(or such Participant’s permitted transferees as described in the Plan) are tendered (either actually or through attestation)
to the Company in payment of any obligation in connection with a Stock Incentive Award, the number of shares tendered shall be
added to the number of shares of Common Stock that are available for delivery under the Plan.

 

shares
of Common Stock covered by Stock Incentive Awards granted pursuant to the Plan in connection with the assumption, replacement,
conversion, or adjustment of outstanding equity-based awards in the context of a corporate acquisition or merger (as determined
by the Committee) shall not count as used under the Plan for purposes of this Section 3.

 

	 	b.	Individual
    Award Limits

 

Subject
to adjustment as provided in Section 8, the maximum number of shares of Common Stock that may be covered by Stock Incentive Awards
granted under the Plan to any Participant in any calendar year shall not exceed fifteen percent of the shares available under
the Plan measured as of the date of grant (with respect to Awards denominated in shares). Any shares underlying a substitute award
shall not be counted against the number of shares remaining for issuance.

 

Additionally:

 

	 	(a)	No
    one Optionee shall be granted an Option or other type of Award which exceeds the maximum number permitted by any stock exchange
    on which the Company’s securities may be listed from time to time and other applicable laws.
	 	 	 
	 	(b)	No
    single Optionee may be granted Options to purchase a number of Common Stock equaling more than 5% of the issued and outstanding
    Common Stock of the Company in any twelve-month period, unless the Company meets requirements under applicable laws including
    applicable stock exchange requirements.
	 	 	 
	 	(c)	Options
    shall not be granted if the exercise thereof would result in the issuance of more than 2% of the issued and outstanding Common
    Stock of the Company in any twelve-month period to any one consultant of the Company (or any of its Subsidiaries).
	 	 	 
	 	(d)	Options
    shall not be granted if the exercise thereof would result in the issuance of more than 1% of the issued and outstanding Common
    Stock of the Company in any twelve-month period to employees conducting Investor Relations Activities. Options granted to
    persons performing Investor Relations Activities will contain vesting provisions such that vesting occurs over at least twelve
    months with no more than 1⁄4 of the Options vesting in any three-month period.

 

    	4

    	 

    

 

4.
Administration of the Plan

 

The
Plan shall be administered by a Committee of the Board of Directors consisting of two or more persons, each of whom qualifies
as a “non-employee director” (within the meaning of Rule 16b-3 promulgated under section 16 of the Exchange Act) and
as “independent” as may be required by any security exchange on which the Common Stock is listed, in each case if
and to the extent required by applicable law or necessary to meet the requirements of such rule, section or listing requirement
at the time of determination. The Committee shall, consistent with the terms of the Plan, from time to time designate those individuals
who shall be granted Stock Incentive Awards under the Plan and the amount, type, and other terms and conditions of such Stock
Incentive Awards. All of the powers and responsibilities of the Committee under the Plan may be delegated by the Committee, in
writing, to any subcommittee thereof, in which case the acts of such subcommittee shall be deemed to be acts of the Committee
hereunder. Subject to the bylaws of the Company and applicable laws then in effect, the Committee may also from time to time authorize
a subcommittee consisting of one or more members of the Board of Directors (including members who are employees of the Company)
or employees of the Company to grant Stock Incentive Awards to persons who are not “executive officers” of the Company
(within the meaning of Rule 16a-1 under the Exchange Act), subject to such restrictions and limitations as the Committee may specify.

 

The
Committee shall have full discretionary authority to administer the Plan, including, without limitation, discretionary authority
to interpret and construe any and all provisions of the Plan and any Award Agreement thereunder, and to adopt, amend, and rescind
from time to time such rules and regulations for the administration of the Plan, including rules and regulations related to sub-plans
established for the purpose of satisfying applicable foreign laws and/or qualifying for preferred tax treatment under applicable
foreign tax laws, as the Committee may deem necessary or appropriate, correct any defects, supply any omission or reconcile any
inconsistency in any Award Agreement or the Plan, construe or implement properly the provisions of the Plan or any Award Agreement,
make factual determinations in connection with the administration or interpretation of the Plan and make all other determinations
and take any other action desirable or necessary to interpret. Decisions of the Committee shall be final, binding, and conclusive
on all parties. For the avoidance of doubt, the Committee may exercise all discretion granted to it under the Plan in a non-uniform
manner among Participants.

 

The
Committee may delegate the administration of the Plan to one or more officers or employees of the Company, and such administrator(s)
may have the authority to execute and distribute Award Agreements, to maintain records relating to Stock Incentive Awards, to
process or oversee the issuance of Common Stock under Stock Incentive Awards, to interpret and administer the terms of Stock Incentive
Awards, and to take such other actions as may be necessary or appropriate for the administration of the Plan and of Stock Incentive
Awards under the Plan, provided that in no case shall any such administrator be authorized (i) to grant Stock Incentive Awards
under the Plan (except in connection with any delegation made by the Committee pursuant to the first paragraph of this Section
4), (ii) to take any action inconsistent with section 409A of the Code, or (iii) to take any action inconsistent with applicable
provisions of applicable corporate or securities laws as determined by the Committee. Any action by any such administrator within
the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise specifically
provided, references in this Plan to the Committee shall include any such administrator. The Committee and, to the extent it so
provides, any subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any
such administrator, and if the Committee shall decide to conduct such a review, any such actions and/or interpretations of any
such administrator shall be subject to approval, disapproval, or modification by the Committee.

 

On
or after the date of grant of a Stock Incentive Award under the Plan, the Committee may (i) accelerate the date on which any such
Stock Incentive Award becomes vested, exercisable, or transferable, as the case may be, (ii) extend the term of any such Stock
Incentive Award, including, without limitation, extending the period following a termination of a Participant’s Employment
during which any such Stock Incentive Award may remain outstanding, (iii) waive any conditions to the vesting, exercisability,
or transferability, as the case may be, of any such Stock Incentive Award or (iv) provide for the payment of dividends or dividend
equivalents with respect to any such Stock Incentive Award; provided, that the Committee shall not have any such authority
to the extent that the grant of such authority would cause any tax to become due under section 409A of the Code.

 

    	5

    	 

    

 

No
member of the Committee shall be liable for any action, omission, or determination relating to the Plan, and Ehave shall indemnify
and hold harmless each member of the Committee and each other director or employee of the Company to whom any duty or power relating
to the administration or interpretation of the Plan has been delegated, against any cost or expense (including counsel fees) or
liability (including any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission,
or determination relating to the Plan, unless, in either case, such action, omission, or determination was taken or made by such
member, director, or employee in bad faith and without reasonable belief that it was in the best interests of the Company.

 

Anything
in the Plan to the contrary notwithstanding, subject to applicable laws, rules and regulations, any authority or responsibility
that, under the terms of the Plan, may be exercised by the Committee may alternatively be exercised by the Board.

 

5.
Eligibility

 

The
Persons who shall be eligible to receive Stock Incentive Awards pursuant to the Plan shall be those employees, non-employee directors,
consultants and other selected service providers of the Company as well as key employees of any Company Subsidiary whom the Committee
shall select from time to time. Each Stock Incentive Award granted under the Plan shall be evidenced by an Award Agreement. Under
the Plan, references to “employment” or “employed” include the engagement of Participants who are consultants,
advisors and independent contractors of the Company or its Subsidiaries and the service of Participants who are non-employee Directors,
except for purposes of determining eligibility to be granted Incentive Stock Options. The Committee shall have no obligation to
grant any eligible individual an Award or to designate an eligible individual as a Participant solely by reason of such eligible
individual having received a prior Award or having been previously designated as a Participant. The Committee may grant more than
one Award to a Participant and may designate an eligible individual as a Participant for overlapping periods of time.

 

6.
Options

 

The
Committee may from time to time grant Options on such terms as it shall determine, subject to the terms and conditions set forth
in the Plan. The Award Agreement shall clearly identify such Option as either an “incentive stock option” within the
meaning of section 422 of the Code or as a non-qualified stock option.

 

	 	a.	Exercise
    Price

 

Subject
to any stock exchange requirements at the relevant time that the Company’s securities may be listed on, the exercise price
per share of Common Stock covered by any Option shall be not less than one hundred percent of the Fair Market Value of a share
of Common Stock on the date on which such Option is granted, other than assumptions in accordance with a corporate acquisition
or merger as described in Section 3 or in respect of any substitute award as determined by the Committee. For clarity, in the
event that the Common Stock of the Company is listed on any exchange, then the Company shall not grant any Options with an exercise
price lower than the greater of the closing market prices of the underlying securities on (a) the trading day prior to the date
of grant of the stock options; and (b) the date of grant of the stock options.

 

	 	b.	Term
    and Exercise of Options

 

	 	i.	Each
    Option shall become vested and exercisable on such date or dates, during such period and for such number of shares of Common
    Stock as shall be determined by the Committee on or after the date such Option is granted; provided, however
    that no Option shall be exercisable after the expiration of ten years from the date such Option is granted; and, provided,
    further, that each Option shall be subject to earlier termination, expiration, or cancellation as provided in the Plan
    or the Award Agreement. All Option and Award grants under the Plan are subject to laws applicable to the same and the Company
    in effect from time to time, including any stock exchange rules or policies that may limit the expiration or term of any Option
    or Award, in which case, notwithstanding the original term or expiration of any Option or Award, such original term or expiration
    shall be modified to be in compliance with the requirements of such applicable law (which for clarity may include a reduction
    of the original term or the requirement of an earlier date of expiration) in which case the Company shall not be liable to
    any party for such modification and such modification shall take effect without the consent or any approval of the relevant
    securityholder.

 

    	6

    	 

    

 

	 	ii.
    	Each
    Option shall be exercisable in whole or in part by delivery of a notice of exercise in a form approved by the Company; provided,
    however that no partial exercise of an Option shall be for an aggregate exercise price of less than $1,000. The partial
    exercise of an Option shall not cause the expiration, termination, or cancellation of the remaining portion thereof.
	 	 	 
	 	iii.
    	Subject
    to the receipt of consideration by the Company under applicable corporate laws, an Option shall be exercised by such methods
    and procedures as the Committee determines from time to time, including, without limitation, through net physical settlement
    or other method of cashless exercise.

 

	 	c.	Special
    Rules for Incentive Stock Options

 

	 	i.	The
    aggregate Fair Market Value of shares of Common Stock with respect to which “incentive stock options” (within
    the meaning of section 422 of the Code) are exercisable for the first time by a Participant during any calendar year under
    the Plan and any other stock option plan of Ehave or any of its “subsidiaries” (within the meaning of section
    424 of the Code) shall not exceed $100,000. Such Fair Market Value shall be determined as of the date on which each such stock
    option is granted. In the event that the aggregate Fair Market Value of shares of Common Stock with respect to such incentive
    stock options exceeds $100,000, then incentive stock options granted hereunder to such Participant shall, to the extent and
    in the order required by regulations promulgated under the Code (or any other authority having the force of regulations),
    automatically be deemed to be non-qualified stock options, but all other terms and provisions of such stock options shall
    remain unchanged. In the absence of such regulations (and authority), or in the event such regulations (or authority) require
    or permit a designation of the Options which shall cease to constitute incentive stock options, incentive stock options granted
    hereunder shall, to the extent of such excess and in the order in which they were granted, automatically be deemed to be non-qualified
    stock options, but all other terms and provisions of such stock options shall remain unchanged.
	 	 	 
	 	ii.	Incentive
    stock options may only be granted to individuals who are employees of the Company or key employee of a Subsidiary or as otherwise
    determined by the Committee. No incentive stock option may be granted to an individual if, at the time of the proposed grant,
    such individual owns stock possessing more than ten percent of the total combined Voting Power of all classes of stock of
    Ehave or any of its “subsidiaries” (within the meaning of section 424 of the Code), unless (i) the exercise price
    of such incentive stock option is at least 110 percent of the Fair Market Value of a share of Common Stock at the time such
    incentive stock option is granted and (ii) such incentive stock option is not exercisable after the expiration of five years
    from the date such incentive stock option is granted.
	 	 	 
	 	iii.	No
    Participant shall be granted any Incentive Stock Option which would result in such Participant receiving a grant of Incentive
    Stock Options that would have an aggregate Fair Market Value in excess of one hundred thousand dollars ($100,000), determined
    as of the time of grant, that would be exercisable for the first time by such Participant during any calendar year. No Incentive
    Stock Option may be granted under the Plan after the tenth anniversary of the Effective Date. The terms of any Incentive Stock
    Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, or any successor
    provision thereto, as amended from time to time.

 

7.
Other Stock-Based Awards

 

	 	a.	The
    Committee may from time to time grant equity-based or equity-related awards not otherwise described herein in such amounts
    and on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. Without limiting the generality
    of the preceding sentence, each such Other Stock-Based Award may (i) involve the transfer of actual shares of Common Stock
    to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value
    of shares of Common Stock, (ii) be subject to performance-based and/or service-based conditions, (iii) be in the form of stock
    appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units, or
    share-denominated performance units, and (iv) be designed to comply with applicable laws of jurisdictions other than the United
    States; provided, that each Other Stock-Based Award shall be denominated in, or shall have a value determined by reference
    to, a number of shares of Common Stock that is specified at the time of the grant of such Stock Incentive Award.

 

    	7

    	 

    

	 	b.	Stock
    Appreciation Rights

 

The
Committee, in its discretion, may grant stock appreciation rights to eligible individuals. A stock appreciation right shall entitle
a Participant to receive, upon satisfaction of the conditions to payment specified in the applicable Award Agreement, an amount
equal to the excess, if any, of the Fair Market Value on the exercise date of the number of shares for which the stock appreciation
right is exercised over the grant price for such stock appreciation right specified in the applicable Award Agreement. The grant
price per share of shares covered by a stock appreciation right shall be fixed by the Committee at the time of grant or, alternatively,
shall be determined by a method specified by the Committee at the time of grant, but in no event shall the grant price of a stock
appreciation right be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant; provided,
however, that the grant price of a substitute Award granted as a stock appreciation right sshall be in accordance with
Section 409A of the Code and may be less than one hundred percent (100%) of the Fair Market Value. Payments to a Participant upon
exercise of a stock appreciation right may be made in cash or shares, having an aggregate Fair Market Value as of the date of
exercise equal to the excess, if any, of the Fair Market Value on the exercise date of the number of shares for which the stock
appreciation right is exercised over the grant price for such stock appreciation right. The term of a stock appreciation right
settled in shares shall not exceed seven (7) years.

 

i.
Stock Appreciation Rights in Tandem with Options. A stock appreciation right granted in tandem with an Option may be granted
either at the same time as such Option or subsequent thereto. If granted in tandem with an Option, a stock appreciation right
shall cover the same number of shares as covered by the Option (or such lesser number of shares as the Committee may determine)
and shall be exercisable only at such time or times and to the extent the related Option shall be exercisable, and shall have
the same term as the related Option. The grant price of a stock appreciation right granted in tandem with an Option shall equal
the per-share exercise price of the Option to which it relates. Upon exercise of a stock appreciation right granted in tandem
with an Option, the related Option shall be canceled automatically to the extent of the number of shares covered by such exercise;
conversely, if the related Option is exercised as to some or all of the shares covered by the tandem grant, the tandem stock appreciation
right shall be canceled automatically to the extent of the number of shares covered by the Option exercise.

 

7.1
Necessary Approvals

 

Notwithstanding
anything to the contrary, the ability of an Optionee or other Award recipient to exercise Options and/or receive Common Stock
under an Award and the obligation of the Company to issue and deliver Common Stock in accordance with the Plan is subject to any
approvals which may be required from any regulatory authority or stock exchange having jurisdiction over the securities of the
Company and subject to applicable laws. If any Common Stock cannot be issued to any Optionee or other Award recipient for whatever
reason, the obligation of the Company to issue such Common Stock shall terminate and any Option exercise price paid to the Company
and/or other consideration paid with respect of an Award by an Award recipient will be returned to the Optionee or such Award
recipient as applicable.

 

8.
Adjustment upon Certain Changes

 

Subject
to any action by the shareholders of Ehave required by law, applicable tax rules or the rules of any exchange on which shares
of common stock of Ehave are listed for trading:

 

	 	a.	Shares
    Available for Grants

 

In
the event of any change in the number of shares of Common Stock outstanding by reason of any stock dividend or split, recapitalization,
merger, consolidation, combination, or exchange of shares or similar corporate change, the maximum aggregate number or type of
shares of Common Stock with respect to which the Committee may grant Stock Incentive Awards, the maximum number of shares of Common
Stock that may be covered by Options that are designated as “incentive stock options” within the meaning of section
422 of the Code and the maximum aggregate number of shares of Common Stock with respect to which the Committee may grant Stock
Incentive Awards to any individual Participant in any year and to any non-employee director shall be appropriately adjusted or
substituted by the Committee. In the event of any change in the type or number of shares of Common Stock of Ehave outstanding
by reason of any other event or transaction, the Committee shall, to the extent deemed appropriate by the Committee, make such
adjustments to the type or number of shares of Common Stock with respect to which Stock Incentive Awards may be granted.

 

    	8

    	 

    

 

	 	b.	Increase
    or Decrease in Issued Shares Without Consideration

 

In
the event of any increase or decrease in the number of issued shares of Common Stock resulting from a subdivision or consolidation
of shares of Common Stock or the payment of a stock dividend (but only on the shares of Common Stock), or any other increase or
decrease in the number of such shares effected without receipt or payment of consideration by the Company, the Committee shall,
to the extent deemed appropriate by the Committee, adjust the type or number of shares of Common Stock subject to each outstanding
Stock Incentive Award and the exercise price per share of Common Stock of each such Stock Incentive Award.

 

	 	c.	Certain
    Mergers and Other Transactions

 

In
the event of any merger, consolidation, or similar transaction as a result of which the holders of shares of Common Stock receive
consideration consisting exclusively of securities of the surviving corporation in such transaction, the Committee shall, to the
extent deemed appropriate by the Committee, adjust each Stock Incentive Award outstanding on the date of such merger or consolidation
so that it pertains and applies to the securities which a holder of the number of shares of Common Stock subject to such Stock
Incentive Award would have received in such merger or consolidation.

 

In
the event of (i) a dissolution or liquidation of Ehave, (ii) a sale of all or substantially all of the Company’s or a Subsidiary’s
assets (on a consolidated basis), (iii) a merger, consolidation, or similar transaction involving Ehave in which the holders of
shares of Common Stock receive securities and/or other property, including cash, other than shares of the surviving corporation
in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, have the power to:

 

	 	i.	determine
the effect, if any, of a Change of Control of the Company or any Subsidiary on the vesting, exercisability, settlement, payment
or lapse of restrictions applicable to an Award, which effect may be specified in the applicable Award Agreement or determined
at a subsequent time. Subject to applicable laws, rules and regulations, the Board or the Committee shall, at any time prior to,
coincident with or after the effective time of a Change of Control, take such actions as it may consider appropriate, including,
without limitation: (A) providing for the acceleration of any vesting conditions relating to the exercise or settlement of an
Award or that an Award shall terminate or expire unless exercised or settled in full on or before a date fixed by the Committee;
(B) making such adjustments to the Awards then outstanding as the Committee deems appropriate to reflect such Change of Control;
(C) causing the Awards then outstanding to be assumed, or new rights substituted therefor, by the surviving corporation in such
Change of Control; or (D) permit or require Participants to surrender outstanding Options and stock appreciation rights in exchange
for a cash payment, if any, equal to the difference between the highest price paid for a Share in the Change of Control transaction
and the Exercise Price of the Award.

 

Subject
to applicable laws, rules and regulations, the Committee may provide, in an Award Agreement or subsequent to the grant of an Award
for the accelerated vesting, exercisability and/or the deemed attainment of a performance target with respect to an Award upon
specified events similar to a Change of Control.

 

Notwithstanding
any other provision of the Plan or any Award Agreement, the provisions of this Section 8 may not be terminated, amended, or modified
upon or after a Change of Control in a manner that would adversely affect a Participant’s rights with respect to an outstanding
Award without the prior written consent of the Participant. Subject to Section 23 hereof, the Board, upon recommendation of the
Committee, may terminate, amend or modify this Section 9 at any time and from time to time prior to a Change of Control.

 

    	9

    	 

    

 

	 	d.	Other
    Changes

 

Notwithstanding
any provision of the Plan or any Award Agreement, the number and kind of shares authorized for issuance under the Plan, may be
equitably adjusted in the sole discretion of the Committee in the event of a stock split, reverse stock spit, stock dividend,
recapitalization, reorganization, partial or complete liquidation, reclassification, merger, consolidation, separation, extraordinary
cash dividend, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase shares at a price
substantially below Fair Market Value, or any other corporate event or distribution of stock or property of the Company affecting
the shares in order to preserve, but not increase, the benefits or potential benefits intended to be made available under the
Plan. In addition, upon the occurrence of any of the foregoing events, the number and kind of shares subject to any outstanding
Award and the exercise price per Share (or the grant price per share, as the case may be), if any, under any outstanding Award
may be equitably adjusted (including by payment of cash to a Participant) in the sole discretion of the Committee in order to
preserve the benefits or potential benefits intended to be made available to Participants. Such adjustments shall be made by the
Committee. Unless otherwise determined by the Committee, such adjusted Awards shall be subject to the same restrictions and vesting
or settlement schedule to which the underlying Award is subject.

 

	 	e.	No
    Other Rights

 

Except
as expressly provided in the Plan or any Award Agreement, no Participant shall have any rights by reason of any subdivision or
consolidation of shares of stock of any class, the payment of any dividends or dividend equivalents, any increase or decrease
in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of Ehave or any other
corporation. Except as expressly provided in the Plan, no issuance by Ehave of shares of stock of any class, or securities convertible
into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number
of shares or amount of other property subject to, or the terms related to, any Stock Incentive Award, except as otherwise permitted
herein or determined by the Committee.

 

	 	f.	Savings
    Clause

 

No
provision of this Section 8 shall be given effect to the extent that such provision would cause any tax to become due under section
409A of the Code.

 

9.
Change in Control; Termination of Employment

 

	 	a.	Change
    in Control

 

	 	i.	The consequences
of a Change in Control, if any, will be set forth in the Award Agreement in addition to what is provided in Section 8 hereof.

 

	 	b.	Termination
    of Employment

 

	 	i.	Except as
to any awards constituting stock rights subject to section 409A of the Code, termination of Employment shall mean a separation
from service within the meaning of section 409A of the Code, unless the Participant is retained as a consultant pursuant to a
written agreement and such agreement provides otherwise. Without limiting the generality of the foregoing, the Committee shall
determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination of
Employment, provided that a Participant who is an employee will not be deemed to cease employment in the case of any leave of
absence approved by the Company. Furthermore, no payment shall be made with respect to any Stock Incentive Awards under the Plan
that are subject to section 409A of the Code as a result of any such authorized leave of absence or absence in military or government
service unless such authorized leave or absence constitutes a separation from service for purposes of section 409A of the Code
and the regulations promulgated thereunder.
	 	 	 
	 	ii.	The Award
Agreement shall specify the consequences with respect to such Stock Incentive Awards of the termination of Employment of the Participant
holding the Stock Incentive Awards. Subject to applicable laws, rules and regulations, in
connection with a Participant’s termination of employment, the Committee shall have the discretion to accelerate the vesting,
exercisability or settlement of, eliminate the restrictions and conditions applicable to, or extend the post-termination exercise
period of an outstanding Award. Such provisions may be specified in the applicable Award Agreement or determined at a subsequent
time.

 

    	10

    	 

    

 

10.
Rights Under the Plan; Unfunded Plan

 

No
Person shall have any rights as a shareholder with respect to any shares of Common Stock covered by or relating to any Stock Incentive
Award until the date of the issuance of such shares on the books and records of Ehave. Except as otherwise expressly provided
herein, no adjustment of any Stock Incentive Award shall be made for dividends or other rights for which the record date occurs
prior to the date of such issuance. Nothing in this Section 10 is intended, or should be construed, to limit authority of the
Committee to cause the Company to make payments based on the dividends that would be payable with respect to any share of Common
Stock if it were issued or outstanding, or from granting rights related to such dividends or to permit reinvestment of any dividends;
provided, however, that the terms of any reinvestment of dividends must comply with all applicable laws, rules and
regulations, including, without limitation, Section 409A of the Code.

 

The
Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments
under the Plan. To the extent any person acquires any rights to receive payments hereunder from the Company, such rights shall
be no greater than those of an unsecured creditor.

 

11.
No Special Employment Rights; No Right to Stock Incentive Awards

 

No
Person shall have any claim or right to receive Awards under the Plan. Neither the Plan, the grant of Awards under the Plan nor
any action taken or omitted to be taken under the Plan shall be deemed to create or confer on any eligible individual any right
to be retained in the employ of the Company or any Subsidiary or other affiliate thereof, or to interfere with or to limit in
any way the right of the Company or any Subsidiary or other affiliate thereof to terminate the employment of such eligible individual
at any time. No Award shall constitute salary, recurrent compensation or contractual compensation for the year of grant, any later
year or any other period of time. Payments received by a Participant under any Award made pursuant to the Plan shall not be included
in, nor have any effect on, the determination of employment-related rights or benefits under any other employee benefit plan or
similar arrangement provided by the Company and the Subsidiaries, unless otherwise specifically provided for under the terms of
such plan or arrangement or by the Committee.

 

12.
Securities Matters

 

	 	a.	Ehave
                                         shall be under no obligation to affect the registration pursuant to the Securities Act
                                         of any shares of Common Stock to be issued hereunder or to effect similar compliance
                                         under any state or local laws. Notwithstanding anything herein to the contrary, Ehave
                                         shall not be obligated to cause to be issued shares of Common Stock pursuant to the Plan
                                         unless and until Ehave is advised by its counsel that the issuance is in compliance with
                                         all applicable laws, regulations of governmental authority, and the requirements of any
                                         securities exchange on which shares of Common Stock are traded. The Committee may require,
                                         as a condition to the issuance of shares of Common Stock pursuant to the terms hereof,
                                         that the recipient of such shares make such covenants, agreements, and representations,
                                         and that any related certificates representing such shares bear such legends, as the
                                         Committee, in its sole discretion, deems necessary or desirable.

 

	 	b.	The
                                         exercise or settlement of any Stock Incentive Award (including, without limitation, any
                                         Option) granted hereunder shall only be effective at such time as counsel to Ehave shall
                                         have determined that the issuance and delivery of shares of Common Stock pursuant to
                                         such exercise is in compliance with all applicable laws, regulations of governmental
                                         authority, and the requirements of any securities exchange on which shares of Common
                                         Stock are traded. Ehave may, in its sole discretion, defer the effectiveness of any exercise
                                         or settlement of a Stock Incentive Award granted hereunder in order to allow the issuance
                                         of shares pursuant thereto to be made pursuant to registration or an exemption from registration
                                         or other methods for compliance available under federal or state or local securities
                                         laws. Ehave shall inform the Participant in writing of its decision to defer the effectiveness
                                         of the exercise or settlement of a Stock Incentive Award granted hereunder. During the
                                         period that the effectiveness of the exercise of a Stock Incentive Award has been deferred,
                                         the Participant may, by written notice, withdraw such exercise and obtain the refund
                                         of any amount paid with respect thereto.

 

	 	c.	In
                                         accordance with the procedures authorized by, and subject to the approval of, the Committee,
                                         Participants may be given the opportunity to defer the payment or settlement of an Award
                                         to one or more dates selected by the Participant; provided, however, that
                                         the terms of any deferrals must comply with all applicable laws, rules and regulations,
                                         including, without limitation, Section 409A of the Code. No deferral opportunity shall
                                         exist with respect to an Award unless explicitly permitted by the Committee on or after
                                         the time of grant.

 

    	11

    	 

    

 

13.
Withholding Taxes

 

The
Company or a Subsidiary, as appropriate, may require any individual entitled to receive a payment of an Award to remit to the
Company, prior to payment, an amount sufficient to satisfy any applicable tax withholding requirements. In the case of an Award
payable in Shares, the Company or a Subsidiary, as appropriate, may permit or require a Participant to satisfy, in whole or in
part, such obligation to remit taxes by directing the Company to withhold shares that would otherwise be received by such individual
or to repurchase shares that were issued to the Participant to satisfy the minimum statutory withholding rates for any applicable
tax withholding purposes, in accordance with all applicable laws and pursuant to such rules as the Committee may establish from
time to time. The Company or a Subsidiary, as appropriate, shall also have the right to deduct from all cash payments made to
a Participant (whether or not such payment is made in connection with an Award) any applicable taxes required to be withheld with
respect to such payments..

 

14.
No Obligation to Exercise

 

The
grant to a Participant of a Stock Incentive Award shall impose no obligation upon such Participant to exercise such Stock Incentive
Award. During the lifetime of a Participant, an Award shall be exercisable only by the Participant
or by a permitted transferee to whom such Award has been transferred in accordance herewith.

 

15.
Transfers

 

Stock
Incentive Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will
or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant;
provided, however that the Committee may permit Options or other Stock Incentive Awards that are not incentive stock
options to be sold, pledged, assigned, hypothecated, transferred, or disposed of, on a general or specific basis, subject to such
conditions and limitations as the Committee may determine. Upon the death of a Participant, outstanding Stock Incentive Awards
granted to such Participant may be exercised only by the executors or administrators of the Participant’s estate or by any
person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer
by will or the laws of descent and distribution of any Stock Incentive Award, or the right to exercise any Stock Incentive Award,
shall be effective to bind the Company unless the Committee shall have been furnished with (a) written notice thereof and with
a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b)
an agreement by the transferee to comply with all the terms and conditions of the Stock Incentive Award that are or would have
been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with the grant
of the Stock Incentive Award.

 

16.
Expenses and Receipts

 

The
expenses of the Plan shall be paid by the Company. Any proceeds received by the Company in connection with any Stock Incentive
Award will be used for general corporate purposes.

 

17.
Failure to Comply

 

In
addition to the remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the terms
and conditions of the Plan or any Award Agreement, unless such failure is remedied by such Participant within ten days after having
been notified of such failure by the Committee, shall be grounds for the cancellation and forfeiture of such Stock Incentive Award,
in whole or in part, as the Committee, in its absolute discretion, may determine.

 

18.
Relationship to Other Benefits

 

No
payment with respect to any Stock Incentive Awards under the Plan shall be taken into account in determining any benefits under
any pension, retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically
provided in such other plan.

 

19.
Governing Law

 

The
Plan and the rights of all persons under the Plan shall be construed and administered in accordance with the laws of the State
of Florida without regard to its conflict of law principles.

 

    	12

    	 

    

 

20.
Arbitration

 

Any
dispute, controversy or claim arising out of or relating to the Plan that cannot be resolved by the Participant on the one hand,
and the Company on the other, shall be submitted to arbitration in the State of Florida under the National Rules for the Resolution
of Employment Disputes of the American Arbitration Association; provided, however, that any such submission by the
Participant must be made within one (1) year of the date of the events giving rise to such dispute, controversy or claim. The
determination of the arbitrator shall be conclusive and binding on the Company and the Participant, and judgment may be entered
on the arbitrator’s award in any court having jurisdiction. The expenses of such arbitration shall be borne by the Company;
provided, however, that each party shall bear its own legal expenses unless the Participant is the prevailing party,
in which case the Company shall promptly pay or reimburse the Participant for the reasonable legal fees and expenses incurred
by the Participant in connection with such contest or dispute (excluding any fees payable pursuant to a contingency fee arrangement).

 

21.
Severability

 

If
all or any part of this Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or
invalidity shall not serve to invalidate any portion of this Plan not declared to be unlawful or invalid. Any Section or part
of a Section so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms
of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

22.
Effective Date and Term of Plan

 

The
Effective Date of the Plan is July 27, 2020. No grants of Stock Incentive Awards may be made under the Plan after July 26, 2030.
The effectiveness of the Plan is subject to applicable laws (including any stock exchange policies) and related approvals from
time to time.

 

23.
Amendment or Termination of the Plan

 

The
Board of Directors may at any time suspend or discontinue/terminate the Plan or revise or amend it or any Stock Incentive Award
in any respect whatsoever; provided, however, that to the extent that any applicable law, tax requirement, or rule
of a stock exchange requires shareholder or stock exchange approval or compliance with other requirements in order for any such
revision, amendment, or discontinuance/termination to be effective, then such revision, amendment, or discontinuance/termination
shall not be effective without such approval(s) and/or requirements having been met. The preceding sentence shall not restrict
the Committee’s ability to exercise its discretionary authority hereunder pursuant to the terms hereof, which discretion
may be exercised without amendment to the Plan. No provision of this Section 23 shall be given effect to the extent that such
provision would cause any tax to become due under section 409A of the Code. Except as expressly provided in the Plan, no action
hereunder may, without the consent of a Participant, adversely affect the Participant’s rights under any previously granted
and outstanding Stock Incentive Award. Nothing in the Plan shall limit the right of the Company to pay compensation of any kind
outside the terms of the Plan. Notwithstanding the foregoing, the Board shall have broad
authority to amend the Plan or any Award under the Plan without the consent of a Participant to the extent it deems necessary
or desirable (a) to comply with, take into account changes in, or interpretations of, applicable tax laws, securities laws (including
stock exchange rules and policies), employment laws, accounting rules and other applicable laws, rules and regulations, (b) to
take into account unusual or nonrecurring events or market conditions (including, without limitation, the events described in
Section 13(b)), or (c) to take into account significant acquisitions or dispositions of assets or other property by the Company.

 

Notwithstanding
the foregoing, in the event that the Common Stock are listed on any exchange, then:

 

	 	(a)	the
terms of an Option may not be amended once issued unless with the express consent of such exchange; and

 

	 	(b)	If
an Option is cancelled prior to its expiry date, the Company must post notice of the Cancellation in accordance with applicable
exchange requirements and shall not grant new Options to the same person until 30 days have elapsed from the date of cancellation.

 

24.
Section 162(m) of the Code

 

The
Plan is intended to comply in all respects with Section 162(m) of the Code; provided, however, that in the event
the Committee determines that compliance with Section 162(m) of the Code is not desired with respect to a particular Award, compliance
with Section 162(m) of the Code will not be required. In addition, if any provision of this Plan would cause Awards that are intended
to constitute “qualified performance-based compensation” under Section 162(m) of the Code, to fail to so qualify,
that provision shall be severed from, and shall be deemed not to be a part of, the Plan, but the other provisions hereof shall
remain in full force and effect.

 

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25.
Section 409A of the Code

 

Notwithstanding
any contrary provision in the Plan or an Award Agreement, if any provision of the Plan or an Award Agreement contravenes any regulations
or guidance promulgated under Section 409A of the Code or would cause an Award to be subject to additional taxes, accelerated
taxation, interest and/or penalties under Section 409A of the Code, such provision of the Plan or Award Agreement may be modified
by the Committee without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such
modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original
intent of the applicable provision without contravening the provisions of Section 409A of the Code. Moreover, any discretionary
authority that the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A
of the Code to the extent such discretionary authority would contravene Section 409A of the Code or the guidance promulgated thereunder.

 

26.
Awards to Individuals Subject to Laws of a Jurisdiction Outside of the United States

 

To
the extent that Awards under the Plan are awarded to eligible individuals who are domiciled or resident outside of the United
States or to persons who are domiciled or resident in the United States but who are subject to the tax laws of a jurisdiction
outside of the United States, the Committee may adjust the terms of the Awards granted hereunder to such person (i) to comply
with the laws, rules and regulations of such jurisdiction and (ii) to permit the grant of the Award not to be a taxable event
to the Participant. The authority granted under the previous sentence shall include the discretion for the Committee to adopt,
on behalf of the Company, one or more sub-plans applicable to separate classes of eligible individuals who are subject to the
laws of jurisdictions outside of the United States.

 

27.
No Limitation on Corporate Actions

 

Nothing
contained in the Plan shall be construed to prevent the Company or any Subsidiary from taking any corporate action, whether or
not such action would have an adverse effect on any Awards made under the Plan. No Participant, beneficiary or other person shall
have any claim against the Company or any Subsidiary as a result of any such action.

 

28.
Satisfaction of Obligations

 

Subject
to applicable law, the Company may apply any cash, shares, securities or other consideration received upon exercise or settlement
of an Award to any obligations a Participant owes to the Company and the Subsidiaries in connection with the Plan or otherwise,
including, without limitation, any tax obligations or obligations under a currency facility established in connection with the
Plan.

 

29.
Headings

 

The
headings of Sections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions
of the Plan.

 

30.
Award Agreement

 

The
terms and conditions of each Award shall be set forth in an Award Agreement in a form approved by the Committee for such Award,
which Award Agreement shall contain terms and conditions not inconsistent with the Plan. Notwithstanding the foregoing, and subject
to applicable laws, the Committee may accelerate (i) the vesting or payment of any Award, (ii) the lapse of restrictions on any
Award or (iii) the date on which any Award first becomes exercisable. The terms of Awards may vary among Participants, and the
Plan does not impose upon the Committee any requirement to make Awards subject to uniform terms. Accordingly, the terms of individual
Award Agreements may vary. In the event of any conflict or inconsistency between the Plan and any Award Agreement, the Plan shall
govern and the Award Agreement shall be interpreted to minimize or eliminate any such conflict or inconsistency.

 

31.
Successors

 

All
obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of
all or substantially all of the business and/or assets of the Company.

 

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