Document:

EX-4.1

 Exhibit 4.1 
 DEPOSIT AGREEMENT 
 among 

THE BANK OF NEW YORK MELLON CORPORATION, 
 as Issuer 
 and 

COMPUTERSHARE SHAREOWNER SERVICES LLC 
 as Depositary 
 and 

THE HOLDERS FROM TIME TO TIME OF THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of May 16, 2013 

 ARTICLE I 
 DEFINED TERMS 
  

							
	 Section 1.1.
	 	Definitions	  	 	1	  
	
	ARTICLE II	  
	FORM OF RECEIPTS, DEPOSIT OF THE SERIES D PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	   
	 Section 2.1.
	 	Form and Transfer of Receipts	  	 	3	  
	 Section 2.2.
	 	Deposit of the Series D Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	4	  
	 Section 2.3.
	 	Registration of Transfer of Receipts	  	 	5	  
	 Section 2.4.
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of the Series D Preferred Stock	  	 	6	  
	 Section 2.5.
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	7	  
	 Section 2.6.
	 	Lost Receipts, etc.	  	 	7	  
	 Section 2.7.
	 	Cancellation and Destruction of Surrendered Receipts	  	 	8	  
	 Section 2.8.
	 	Redemption of the Series D Preferred Stock	  	 	8	  
	 Section 2.9.
	 	Receipts Issuable in Global Registered Form.	  	 	9	  
	
	ARTICLE III	  
	 CERTAIN OBLIGATIONS OF HOLDERS OF

RECEIPTS AND THE CORPORATION
	   

  

	 Section 3.1.
	 	Filing Proofs, Certificates and Other Information	  	 	10	  
	 Section 3.2.
	 	Payment of Taxes or Other Governmental Charges	  	 	11	  
	 Section 3.3.
	 	Warranty as to the Series D Preferred Stock	  	 	11	  
	 Section 3.4.
	 	Warranty as to Receipts	  	 	11	  
	
	ARTICLE IV	  
	THE DEPOSITED SECURITIES; NOTICES	  
	 Section 4.1.
	 	Cash Distributions	  	 	11	  
	 Section 4.2.
	 	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	12	  
	 Section 4.3.
	 	Subscription Rights, Preferences or Privileges	  	 	12	  
	 Section 4.4.
	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	13	  
	 Section 4.5.
	 	Voting Rights	  	 	14	  
	 Section 4.6.
	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	14	  
	 Section 4.7.
	 	Delivery of Reports	  	 	15	  
	 Section 4.8.
	 	Lists of Receipt Holders.	  	 	15	  
	 Section 4.9.
	 	Withholding.	  	 	15	  

  
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 ARTICLE V 
 THE DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION

  

							
	 Section 5.1.
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	 	16	  
	 Section 5.2.
	 	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	  	 	17	  
	 Section 5.3.
	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar, Transfer Agent and the Corporation	  	 	17	  
	 Section 5.4.
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	21	  
	 Section 5.5.
	 	Corporate Notices and Reports	  	 	22	  
	 Section 5.6.
	 	Indemnification by the Corporation	  	 	22	  
	 Section 5.7.
	 	Fees, Charges and Expenses	  	 	23	  
	ARTICLE VI	  
	AMENDMENT AND TERMINATION	  
	 Section 6.1.
	 	Amendment	  	 	23	  
	 Section 6.2.
	 	Termination	  	 	24	  
	ARTICLE VII	  
	MISCELLANEOUS	  
	 Section 7.1.
	 	Counterparts	  	 	25	  
	 Section 7.2.
	 	Exclusive Benefit of Parties	  	 	25	  
	 Section 7.3.
	 	Invalidity of Provisions	  	 	25	  
	 Section 7.4.
	 	Notices	  	 	25	  
	 Section 7.5.
	 	Depositary’s Agents	  	 	27	  
	 Section 7.6.
	 	Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series D Preferred Stock	  	 	27	  
	 Section 7.7.
	 	Holders of Receipts are Parties.	  	 	27	  
	 Section 7.8.
	 	Governing Law	  	 	27	  
	 Section 7.9.
	 	Inspection of Deposit Agreement	  	 	27	  
	 Section 7.10.
	 	Headings	  	 	27	  
	 Section 7.11.
	 	Confidentiality.	  	 	28	  
	 Section 7.12.
	 	Protection of Personal Information.	  	 	28	  
	 Exhibit A
	 	Form of Series D Preferred Stock	  	 	A-1	  
	 Exhibit B
	 	Form of Receipt	  	 	B-1	  
	 Exhibit C
	 	List of Services	  	 	C-1	  
	 Exhibit D
	 	Fee Schedule	  	 	D-1	  

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of May 16, 2013, among (i) THE BANK OF NEW YORK MELLON CORPORATION, a Delaware corporation;
(ii) COMPUTERSHARE SHAREOWNER SERVICES LLC, a New Jersey limited liability company (“Computershare”); and (iii) the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Series D
Preferred Stock of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of shares of the Series D Preferred
Stock so deposited; and 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit B attached hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in
consideration of the premises, the parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
 Section 1.1. Definitions. 
 The following definitions shall for all
purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement: 

“Affiliate” shall mean, with respect to any person or entity, any person or entity directly or indirectly controlling,
controlled by, or under common control with, such other person or entity. For the purpose of this definition, “controlling,” “controlled by” or “under common control with” mean the ownership, direct or indirect, of the
power to direct or cause the direction of the operation or management and policies of a person or entity, whether through the ownership or control of voting interests, by contract or otherwise. 

“Certificate of Designations” shall mean the relevant Certificate of Designations filed with the Secretary of State of
the State of Delaware establishing the Series D Preferred Stock as a series of preferred stock of the Corporation. 

“Corporation” shall mean The Bank of New York Mellon Corporation, a Delaware corporation, and its successors.

 “Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in
accordance with the terms hereof. 
 “Depositary” shall mean Computershare and any successor as Depositary
hereunder. 

 “Depositary Shares” shall mean the depositary shares,
each representing one-hundredth (1/100th) of one
share of the Series D Preferred Stock, and evidenced by a Receipt. 
 “Depositary’s Agent” shall mean an
agent appointed by the Depositary pursuant to Section 7.5. 
 “Depositary’s
Office” shall mean the office of the Depositary at which at any particular time its depositary receipt business shall be administered, which at the date of this Deposit Agreement is located at 480 Washington Blvd., 29th Floor, Jersey City, NJ 07310. 

“DTC” shall mean The Depositary Trust Company. 
 “Exchange Event” shall mean with respect to any Global Registered Receipt: 
 (1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt notifies the Corporation that it is no longer willing or able to properly discharge its responsibilities
under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and (B) the Corporation has not appointed a qualified successor Global Receipt Depository within
ninety (90) calendar days after the Corporation received such notice, or 
 (2) the Corporation in its sole discretion
notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Registered Receipt. 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity
designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of
1934, as amended. 
 “Global Registered Receipt” shall mean a global registered Receipt registered in the name
of a nominee of DTC. 
 “Letter of Representations” shall mean any applicable agreement among the Corporation,
the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipt, as the same may be amended, supplemented, restated or otherwise modified from
time to time and any successor agreement thereto. 
 “Person” shall mean any natural person, partnership, joint
venture, firm, corporation, limited liability company, limited liability partnership, unincorporated association, trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as
Exhibit B hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to shares of the Series D Preferred Stock held of record by the Record Holder of such Depositary Shares. 

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

“Registrar” shall mean the Depositary or such other successor bank or trust company which shall be appointed by the
Corporation to register ownership and transfers of Receipts as herein provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depository shall be deemed, as applicable, to refer
as well to the register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the
Securities Act of 1933, as amended. 
 “Series D Preferred Stock” shall mean the shares of the
Corporation’s Series D Noncumulative Perpetual Preferred Stock, $100,000 liquidation preference per share, designated in the Certificate of Designations. 
 “Transfer Agent” shall mean the Depositary or such other successor bank or trust company which shall be appointed by the Corporation to transfer the Receipts or the deposited shares of
Series D Preferred Stock, as the case may be, as herein provided. 
 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF THE SERIES D PREFERRED STOCK, 
 EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF 
 RECEIPTS

 Section 2.1. Form and Transfer of Receipts. 

The definitive Receipts shall be substantially in the form set forth in Exhibit B attached to this Deposit Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided (but which do not affect the rights, duties, obligations or immunities of the Depositary as set forth in this Deposit Agreement without the Depositary’s consent).
Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance with Section 2.2, shall be authorized and instructed to, and shall execute and deliver temporary Receipts which
may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the
Persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the
preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as
represented by the surrendered temporary Receipt or Receipts registered in the name (and only in the name) of the holder of the temporary Receipt(s); provided that, the Depositary has been provided with all necessary information that it may request
in order to execute and deliver such definitive 

  
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Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same
benefits under this Deposit Agreement, and with respect to the Series D Preferred Stock, as definitive Receipts. 
 Any Receipt
to be executed by the Depositary pursuant to this Deposit Agreement shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by the facsimile signature of a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary)
shall have been appointed, by manual or facsimile signature of a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 

Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.

 Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent
with the provisions of this Deposit Agreement, all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities
exchange upon which the Series D Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipt is
subject (but which do not affect the rights, duties, obligations or immunities of the Depositary as set forth in this Deposit Agreement without the Depositary’s consent). 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery of such Receipt with the same
effect as if such Receipt were a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may,
notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the Person entitled to distributions of dividends or other distributions or to any notice provided
for in this Deposit Agreement and for all other purposes. 
 Section 2.2. Deposit of the Series D Preferred Stock;
Execution and Delivery of Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement,
the Corporation may from time to time deposit shares of the Series D Preferred Stock under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for such shares of the Series D Preferred Stock to be deposited,
properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form reasonably satisfactory to the Depositary, together with (i) all such certifications as may be required by the
Depositary pursuant to this Deposit Agreement and (ii) an instruction letter from the Corporation authorizing the Depositary to register such shares of the Series D Preferred Stock in book-entry

  
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form, each in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the Person or Persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary
Shares representing such deposited shares of the Series D Preferred Stock. 
 The shares of the Series D Preferred Stock that is
deposited shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any shares of the Series D Preferred Stock deposited hereunder. 

Upon receipt by the Depositary of a certificate or certificates for shares of the Series D Preferred Stock deposited in accordance with
the provisions of this Section 2.2, together with the other documents required as above specified, and upon recordation of the shares of the Series D Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the
name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the Person or Persons named in the written order delivered to the Depositary
referred to in the first paragraph of this Section 2.2, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the shares of the Series D Preferred Stock so deposited and registered in such name or names
as may be requested by such Person or Persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at
the risk and expense of the Person requesting such delivery. 
 Section 2.3. Registration of Transfer of Receipts.

 The Corporation hereby appoints Computershare as the Registrar and Transfer Agent for the Receipts and Computershare hereby
accept such appointment, subject to the express terms and conditions of this Deposit Agreement (and no implied terms or conditions) and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the
Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer or endorsement, including a guarantee of the signature thereon by a participant in a Medallion Signature Guarantee
Program at a guarantee level acceptable to the Transfer Agent (a “Signature Guarantee”), together with evidence of the payment of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt
or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the Person entitled thereto. With respect to the
appointment of the Depositary as Registrar and Transfer Agent in respect of the Receipts, the Depositary, in its respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the
Depositary hereunder as if explicitly named in each such provision, and shall provide the services listed in Exhibit C hereto, in the performance of its duties in such respective capacities. Any references to the Depositary herein shall, to the
extent applicable, mean the Depositary as the Transfer Agent and Registrar. 

  
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 Section 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of the Series D Preferred Stock. 
 Upon surrender of a Receipt or Receipts at the Depositary’s Office
or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and the receipt by the Depositary of all other necessary information and documents, and subject to the terms and
conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts
surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of the Series D Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or
Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals; provided, however, that a Holder of Receipt or Receipts may not withdraw such whole shares of Series D Preferred Stock (or money
and other property, if any, represented thereby) which has previously been called for redemption. After such surrender and upon the receipt of written instructions from the Holder of such Receipt or Receipts, without unreasonable delay (provided the
Corporation has provided the Depositary with all necessary documentation), the Depositary shall deliver to such Holder, or to the Person or Persons designated by such Holder as hereinafter provided, the number of whole shares of the Series D
Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of the Series D Preferred Stock will not thereafter be entitled to deposit such shares
of the Series D Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. Delivery of such shares of the Series D Preferred Stock and such money and other property being withdrawn may be made by the delivery of such
certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. If a Receipt delivered by the Holder to
the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of the Series D Preferred Stock to be withdrawn, the Depositary shall
at the same time, in addition to such number of whole shares of the Series D Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt
evidencing such excess number of Depositary Shares. 
 In no event will fractional shares of the Series D Preferred Stock (or
any cash payment in lieu thereof) be delivered by the Depositary. Delivery of shares of the Series D Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate. 
 If shares of the Series D Preferred Stock and the money and other
property, if any, being withdrawn are to be delivered to a Person or Persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such shares of the Series D Preferred Stock, such Holder shall execute
and deliver to the Depositary a written order so 

  
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directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of the Series D Preferred Stock be properly endorsed
in blank or accompanied by a properly executed instrument of transfer in blank. 
 Delivery of shares of the Series D Preferred
Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt
or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder. 
 Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. 
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the
Corporation may require (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges, taxes or expenses payable by the
Holder of a Receipt pursuant to Section 5.7 (including any such tax or charge with respect to the shares of Series D Preferred Stock being deposited or withdrawn or any charges or expense pursuant to Section 3.2), (ii) the production
of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence may include a Signature Guarantee), and (iii) any other reasonable evidence of authority that may be required by the Depositary, and may also
require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

The deposit of shares of the Series D Preferred Stock may be refused, the delivery of Receipts against shares of the Series D Preferred
Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the
Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government
or governmental body or commission or under any provision of this Deposit Agreement. 
 Section 2.6. Lost Receipts,
etc. 
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute
and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, only upon (i) the filing by the Holder thereof with the
Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof; and (ii) the Holder thereof furnishing of the Depositary with
indemnification satisfactory to the Depositary. Such Holder shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform
Commercial Code in effect in the State of New York. 

  
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 Section 2.7. Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
 Section
2.8. Redemption of the Series D Preferred Stock. 
 Whenever the Corporation shall be permitted and shall elect to
redeem shares of the Series D Preferred Stock in accordance with the terms of the Certificate of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than thirty
(30) days and not more than sixty (60) days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of shares of the Series D Preferred Stock and of the number of such shares held by the Depositary
to be so redeemed and the applicable redemption price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of shares of the Series D Preferred Stock is in accordance with the provisions of the
Certificate of Designations. On the date of such redemption, provided that the Corporation shall then have paid or caused to be paid in full to the Depositary the redemption price of $100,000 per share of the Series D Preferred Stock to be
redeemed, plus an amount equal to any declared and unpaid dividends thereon to the date fixed for redemption to be redeemed, in accordance with the provisions of the Certificate of Designations, the Depositary shall redeem the number of Depositary
Shares representing such shares of the Series D Preferred Stock. The Depositary shall, if requested in writing and provided with all necessary information, mail the notice of the Corporation’s redemption of shares of the Series D Preferred
Stock and the proposed simultaneous redemption of the number of Depositary Shares representing such shares of the Series D Preferred Stock to be redeemed by first-class mail, postage prepaid, at the respective last addresses as they appear on the
records of the Depositary, or transmit by such other method approved by the Depositary, in its reasonable discretion, in either case not less than thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption of
such shares of the Series D Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at the addresses of such Holders as they appear on
the records of the Depositary; but neither failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall
affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if
less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such
Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Series D Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In
case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other manner as the Corporation may determine to be fair and equitable (which
determination the Corporation will promptly notify the Depositary in writing). 

  
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 Notice having been mailed or transmitted by the Depositary as
aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem shares of the Series D Preferred Stock evidenced by the Depositary Shares called for redemption)
(i) all dividends on the shares of the Series D Preferred Stock so called for Redemption shall cease to accrue from and after such date; (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be
outstanding; (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate; and (iv) upon surrender in
accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to one-hundredth (1/100th) of the redemption price per share of the Series D Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the
Corporation in respect of dividends which on the Redemption Date have been declared on the shares of the Series D Preferred Stock to be so redeemed and have not therefore been paid. 

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

Section 2.9. Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the
form of one or more Global Registered Receipts, then the Depositary shall, if instructed and provided with all necessary information, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global
Registered Receipts evidencing the Receipts of such series, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or
Receipts and (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 

Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered
Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt
Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or
approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the
Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered
Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, 

  
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employee or agent of the Corporation or the Depositary as the Holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the
owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the
Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required
under this Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 

If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon
receipt of a written order from the Corporation authorizing and directing the Depositary to execute and deliver the individual definitive registered Receipts in exchange for such Global Registered Receipt, execute and deliver, individual definitive
registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt. The Depositary shall have no
duties, obligations or liability under this paragraph unless and until such written order have been received by the Depositary. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such
names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to
the Persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this Deposit
Agreement, should the Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations. 

ARTICLE III 

CERTAIN OBLIGATIONS OF HOLDERS OF 
 RECEIPTS AND THE CORPORATION 
 Section 3.1. Filing Proofs,
Certificates and Other Information. 
 Any Holder of a Receipt may be required from time to time to file such proof of
residence, or other matters or other information, to execute such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may
withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of shares of the Series D Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any
dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

  
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 Section 3.2. Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in
Section 5.7. Registration of transfer of any Receipt or any withdrawal of shares of the Series D Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any
such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all shares of the Series D Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and
not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may
be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

Section 3.3. Warranty as to the Series D Preferred Stock. 

The Corporation hereby represents and warrants that shares of the Series D Preferred Stock, when issued, will be duly authorized, validly
issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of shares of the Series D Preferred Stock and the issuance of the related Receipts. 

Section 3.4. Warranty as to Receipts. 
 The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in shares of the Series D Preferred Stock. Such representation and warranty shall
survive the deposit of shares of the Series D Preferred Stock and the issuance of the Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 
 Section 4.1. Cash Distributions. 
 Whenever the Depositary shall
receive any cash dividend or other cash distribution on the Series D Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2 and, if received, in accordance with written instructions from the Corporation, distribute to Record
Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by
such Holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series D Preferred Stock an amount on
account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be and, if received, in
accordance with the Corporation’s written instructions, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary
(without liability for interest thereon) and shall be added to and 

  
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be treated as part of the next sum received by the Depositary for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its
certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as
amended, may require withholding by the Depositary of a portion of any of the distributions to be made to such Holder hereunder. 
 The Corporation acknowledges that the bank accounts maintained by the Depositary in connection with the services provided under this Deposit Agreement will be in the Depositary’s name and that the
Depositary may receive investment earnings in connection with the investment at the Depositary’s risk and for its benefit of funds held in those accounts from time to time. Neither the Corporation nor the record holders will receive interest on
any deposits or funds held by the Depositary hereunder. 
 Section 4.2. Distributions Other than Cash, Rights, Preferences
or Privileges. 
 Whenever the Depositary shall receive any distribution other than cash, rights, preferences or
privileges upon the Series D Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property
received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing
such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on
account of taxes or charges) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for
the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to
Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall
not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel
stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions. 
 Section 4.3. Subscription Rights, Preferences or Privileges. 
 If
the Corporation shall at any time offer or cause to be offered to the Persons in whose names shares of the Series D Preferred Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be communicated to the Depositary and made available by the Depositary to the Record Holders of Receipts in
such manner as the Corporation shall direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, 

  
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preferences or privileges or by such other method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that
(i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges
available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its
discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences
or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall be delivered to the Depositary and,
if received, in accordance with the written instructions of the Corporation and, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of
a distribution received in cash. 
 The Corporation shall notify the Depositary whether registration under the Securities Act of
the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the
Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such
registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available
to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an
opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 
 The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or
permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 
 Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with
respect to the Series D Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series D Preferred Stock are entitled to vote or of which holders of the Series D Preferred Stock are entitled to notice,
or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such 

  
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instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series D Preferred Stock) for
the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any
such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 
 Section 4.5.
Voting Rights. 
 Subject to the provisions of the Certificate of Designations, upon receipt of notice from the
Corporation of any meeting at which the holders of the Series D Preferred Stock are entitled to vote, the Depositary shall, if requested in writing and provided with all necessary information and documents, as soon as practicable thereafter, mail or
transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts, as determined on the record date set forth in Section 4.4, a notice prepared by the Corporation which shall contain
(i) such information as is contained in such notice of meeting, (ii) a statement that the Holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.4 may, subject to any applicable
restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the shares of the Series D Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be given
to the Depositary to give a discretionary proxy to a Person designated by the Corporation), and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the
relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of the Series D Preferred Stock represented
by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the
Depositary to vote such shares of the Series D Preferred Stock or cause such shares to be voted. In the absence of specific instructions from Holders of Receipts, the Depositary will not vote (but, at its discretion, may appear at any meeting with
respect to the Series D Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the extent of the shares of the Series D Preferred Stock represented by the Depositary Shares evidenced by such Receipts. The Depositary
shall not be required to exercise discretion in voting any Series D Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 
 Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 
 Upon any change in par or stated value, split-up, combination or any other reclassification of the Series D Preferred Stock, subject to the provisions of the Certificate of Designations, or upon any
recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary shall, upon the written instructions of the Corporation setting forth any adjustment, (i) make such adjustments as are
certified by the Corporation in (a) the fraction of an interest represented by one Depositary Share in one share of the Series D Preferred Stock and (b) the ratio of the redemption price per Depositary Share to the redemption price per
share of the Series D Preferred Stock, in each case as stated in such 

  
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instructions and (ii) treat any securities or property (including cash) which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series D
Preferred Stock as new deposited property so received in exchange for or upon conversion or in respect of such Series D Preferred Stock. In any such case, the Depositary shall, upon receipt of written instructions of the Corporation, execute and
deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. Anything to the contrary herein notwithstanding, Holders of Receipts shall
have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series D Preferred Stock or any such recapitalization, reorganization, merger or consolidation to
surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the shares of the Series D Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and
property and cash into which the shares of the Series D Preferred Stock represented by such Receipts might have been converted or for which such shares might have been exchanged or surrendered immediately prior to the effective date of such
transaction. 
 Section 4.7. Delivery of Reports. 

The Depositary shall make available for inspection by Holders of Receipts at the Depositary’s Office and at such other places as it
may from time to time deem advisable during normal business hours any reports and communications received from the Corporation that are both received by the Depositary as the holder of the Deposited Shares and which the Corporation is required to
furnish to the holders of the Series D Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Corporation, certain notices and reports to the Holders of Receipts as provided in Section 5.5. 

Section 4.8. Lists of Receipt Holders. 
 Promptly upon request from time to time by the Corporation, the Registrar shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of
all registered Holders of Receipts. 
 Section 4.9. Withholding. 

Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in
property is subject to any tax or other charge that the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private sale, all or a portion of such property in such amounts and in such manner as the Depositary
deems necessary and practicable to pay such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes or charges to the Holders of Receipts entitled
thereto in proportion to the number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not
all Holders of Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect
any such sale in such a manner so as to avoid affecting the rights of any other Holders of Receipts to receive such distribution in property. 

  
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 ARTICLE V 
 THE DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE
CORPORATION 
 Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the
execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of
Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the
Depositary’s Office for the registration and registration of transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Depositary, the Registrar shall open its books for inspection by the Record Holders of
Receipts as directed by the Corporation; provided that any record Holder shall be granted such right by the Corporation only after certifying that such inspection shall be for a proper purpose reasonably related to such Person’s interest
as an owner of Depositary Shares evidenced by the Receipts. 
 The Depositary or Registrar may close such books, at any time or
from time to time, when deemed necessary or advisable by the Depositary, the Registrar, any Depositary’s Agent or the Corporation because of any requirement of law or of any government, governmental body or commission, stock exchange or any
applicable self-regulatory body. 
 If the Receipts or the Depositary Shares evidenced thereby or the shares of the Series D
Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary may, with the written approval of the Corporation, appoint a Registrar (acceptable to the Corporation) for
registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute Registrar
appointed by the Depositary upon the written request or with the written approval of the Corporation. If the Receipts, such Depositary Shares or the Series D Preferred Stock are listed on one or more other securities exchanges, the Depositary will,
at the written request and expense of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or the Series D Preferred Stock as may be
required by law or applicable securities exchange regulation. 

  
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 Section 5.2. Prevention of or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any Depositary’s Agent
nor any Registrar nor the Corporation, as the case may be, shall incur any liability to any Holder of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other
governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, as the case may be, by reason of any provision, present or future, of the Corporation’s Restated Certificate of Incorporation (including the
Certificate of Designations) or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation, as the case may be, shall be prevented
or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or
the Corporation, as the case may be, incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide
shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

Section 5.3. Obligations of the Depositary, the Depositary’s Agents, the Registrar, Transfer Agent and the
Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar, any Transfer Agent nor the
Corporation, as the case may be, assumes any obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts or to any other Person other than for its gross negligence, willful misconduct, bad faith or fraud (each
as finally determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an agreement with the Corporation). Notwithstanding anything in this Deposit Agreement to the contrary, neither
the Depositary, nor the Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation, as the case may be, shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind
whatsoever (including but not limited to lost profits), even if they have been advised of the likelihood of such loss or damage and regardless of the form of action. Any liability of Depositary, any Depositary’s Agent or the Registrar or
Transfer Agent, as the case may be, under this Deposit Agreement will be limited in the aggregate to an amount equal to the annual fees paid by the Corporation to such Person, but not including reimbursable expenses; provided, however, that in the
event that such liability arises as a result of misappropriation of funds by the Depositary, any of the Depositary’s Agents (except for such Depositary’s Agents which are not employees of the Depositary), any Registrar or any Transfer
Agent, as the case may be, through fraud or willful misconduct on the part of such Person (as determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an agreement with the
Corporation), such limit shall not apply and such liability hereunder shall be instead limited to the amount of such misappropriated funds or the liability resulting from such fraud or willful misconduct. Solely with respect to those matters covered
by Section 7.12(l), Section 7.12(l) shall prevail over anything to the contrary stated in this paragraph. 
 Neither
the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation, as the case may be, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the
Series D Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. 

  
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 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer
Agent nor the Corporation, as the case may be, shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any Person presenting the shares of the Series D
Preferred Stock for deposit, any Holder of a Receipt or any other Person believed by it to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent and the Corporation, as the case may be,
may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, shall not be responsible for any
failure to carry out any instruction to vote any of the shares of the Series D Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith, fraud, willful misconduct or gross
negligence (each as finally determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an agreement with the Corporation). The Depositary undertakes, and any Depositary’s Agent,
Registrar and any Transfer Agent, as the case may be, shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into
this Deposit Agreement against the Depositary, any Depositary’s Agent, Registrar or any Transfer Agent. 
 The Depositary,
its parent, Affiliate, or subsidiaries, any Depositary’s Agents, and any Transfer Agent and any Registrar, as the case may be, may own and deal in any class of securities of the Corporation and its Affiliates and in Receipts or Depositary
Shares or become pecuniarily interested in any transaction in which the Corporation or its Affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, the parent, Affiliate
or subsidiary of the Depositary or the Depositary’s Agent or Transfer Agent or Registrar hereunder. The Depositary may also act as transfer agent, trustee or registrar of any of the securities of the Corporation and its Affiliates or act in any
other capacity for the Corporation or its Affiliates. 
 The Depositary shall not be under any liability for interest on any
monies at any time received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series D Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it,
except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

 In the event the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, believes any
ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar hereunder, or in the

  
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administration of any of the provisions of this Deposit Agreement, the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar shall deem it necessary or desirable that a matter
be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar may, in its sole discretion upon providing written notice to the Corporation,
refrain from taking any action and the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other Person or entity
for refraining from taking such action, unless the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar receives written instructions or a certificate of the Corporation which eliminates such ambiguity or uncertainty to the
satisfaction of the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar or which proves or establishes the applicable matter to the satisfaction of the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar.
Such written instructions shall be full and complete authorization to the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, and the Depositary, the Depositary’s Agents, any Transfer Agent or
Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such written instructions. 

In the event the Depositary, the Depositary’s Agent, the Registrar or the Transfer Agent, as the case may be, shall receive
conflicting claims, requests or instructions from any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary, the Depositary’s Agent, the Registrar or the Transfer Agent, as the case may be, shall be
entitled to act on such claims, requests or instructions received from the Corporation, and shall incur no liability and shall be entitled to the full indemnification set forth in Section 5.6 hereof in connection with any action so taken.

 It is intended that the Depositary shall not be deemed to be an “issuer” of the securities under the federal
securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary is acting only in a ministerial capacity as Depositary for the deposited Series D Preferred Stock. The Depositary will not be under any
duty or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, the shares of Series D Preferred Stock or Depositary Shares. 

Neither the Depositary (or its officers, directors, employees or agents), any Depositary’s Agent nor any Registrar or any Transfer
Agent makes any representation or has any responsibility as to the validity of any registration statement pursuant to which the Depositary Shares may be registered under the Securities Act, the deposited Preferred Shares, the Depositary Shares, the
Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made in any such registration statement or herein. 

The Depositary assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other
provision herein or in the Receipts, the Depositary makes no warranties or representations as to the validity or genuineness of any shares of Series D Preferred Stock at any time deposited with the Depositary hereunder or of the Depositary Shares,
as to the validity or sufficiency of this Deposit Agreement, as to the value of 

  
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the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depositary shall not be accountable for the use or application
by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof. 
 The Depositary, Depositary’s Agent,
any Registrar, and any Transfer Agent hereunder: 
 (i) shall have no duties or obligations other than those
specifically set forth herein (and no implied duties or obligations), or as may subsequently be agreed to in writing by the parties; 
 (ii) shall have no obligation to make payment hereunder unless the Corporation shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be,
to pay in full amounts due and payable with respect thereto; 
 (iii) shall not be obligated to prosecute or
defend any litigation or other proceeding hereunder; if, however, the Depositary determines to prosecute or defend any litigation or other proceeding hereunder, and, where the taking of such action might in the Depositary’s judgment subject or
expose it to any expense or liability, the Depositary shall not be required to act unless it shall have been furnished with an indemnity satisfactory to it; 
 (iv) may rely on and shall be authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or
security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for determining the accuracy thereof; 

(v) may rely on and shall be authorized and protected in acting or failing to act upon the written, telephonic, electronic
and oral instructions, with respect to any matter relating to the Depositary’s actions as Depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of officers of the Corporation; 

(vi) may consult counsel satisfactory to it, and the written advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel; 
 (vii) except as specifically set forth herein, shall not be called upon at any time to advise any Person with respect to the shares of Series D Preferred Stock or Receipts; 

(viii) shall not be liable in any respect on account of the identity, authority or rights of the parties (other than with
respect to the Depositary) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for under this Deposit Agreement; and 

  
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 (ix) shall not be liable for any failures, delays or losses, arising
directly or indirectly out of conditions beyond their reasonable control, including, but not limited to, (i) work stoppages or labor disputes, electrical or mechanical failure or computer hardware or software failure, in each case other than of
the Depositary, the Depositary’s Agent, the Registrar or the Transfer Agent, as the case may be, or (ii) acts of government, exchange or market ruling, suspension of trading, civil disobedience, riots, rebellions, communications facilities
failures including telephone failure, war, terrorism, insurrection, fires, earthquakes, storms, floods, acts of God or similar occurrences. 
 The obligations of the Corporation set forth in this Section 5.3 shall survive the replacement, removal or resignation of the Depositary, Registrar, Transfer Agent or Depositary’s Agent or
termination of this Deposit Agreement. 
 Section 5.4. Resignation and Removal of the Depositary; Appointment of Successor
Depositary. 
 The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do
so to the Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign
or be removed, the Corporation shall, within sixty (60) days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be (i) a Person having its principal office in the
United States of America and having a combined capital and surplus, along with its Affiliates, of at least $50,000,000 or (ii) an Affiliate of any such Person. In the event of such removal or resignation, the Corporation will appoint a
successor depositary and inform the Depositary of the name and address of any successor depositary so appointed, provided that no failure by the Corporation to appoint such a successor depositary shall affect the termination of this Deposit
Agreement or the discharge of the Corporation and the Depositary as depositary hereunder. Upon payment of all outstanding fees and expenses hereunder, the Depositary shall promptly forward to the successor depositary or its designee any shares of
stock held by it and any certificates, letters, notices and other document that the Depositary may receive after its appointment has so terminated. 
 If no successor Depositary shall have been so appointed and have accepted appointment within sixty (60) days after delivery of such notice, the resigning or removed Depositary may petition any court
of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such
successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor,
upon payment of all sums due it 

  
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and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all right, title and interest in the shares of the Series D Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding
Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of
its appointment to the Record Holders of Receipts. 
 Any Person into or with which the Depositary may be merged, consolidated
or converted, or any Person to which all or a substantial part of the assets of the Depositary may be transferred or which succeeds to the shareholder services business of the Depositary shall be the successor of the Depositary without the execution
or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary. 

The removal or resignation of the Depositary shall automatically be deemed to be a removal of the Depositary as Registrar and Transfer
Agent herein without any further act or deed. 
 Section 5.5. Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt of all necessary
information and documents, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s or Registrar’s books, copies of all notices and reports (including without limitation financial statements)
required by law, by the rules of any national securities exchange upon which the Series D Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Certificate of Incorporation (including the Certificate
of Designations), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may
reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested in writing by the Corporation. 

Section 5.6. Indemnification by the Corporation. 
 Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent, any Registrar and any Transfer Agent (including each of their officers,
directors, agents and employees) against, and hold each of them harmless from and against, any fee, loss, damage, cost, penalty, fine, judgment, liability or expense (including the reasonable costs and expenses of its legal counsel) which may arise
out of acts performed, taken or omitted to be taken in connection with its acting as Depositary, Depositary’s Agent, Registrar or Transfer Agent, respectively, under this Deposit Agreement (including, without limitation, the enforcement by the
Depositary, Depositary’s Agent, Registrar or Transfer Agent, as the case may be, of this Deposit Agreement) and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any
transactions or documents 

  
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contemplated hereby, except for any liability arising out of negligence, willful misconduct, bad faith or fraud (each as finally determined by a non-appealable judgment, order, decree or ruling
of a court of competent jurisdiction, an arbitral award or an agreement with the Corporation) on the respective parts of any such Person or Persons. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession
of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

Section 5.7. Fees, Charges and Expenses. 
 The Corporation agrees promptly to pay the Depositary the compensation, as set forth in Exhibit D hereto or, if thereafter separately agreed upon with the Corporation, in accordance with such subsequent
agreed upon terms, for all services rendered by the Depositary, Depositary’s Agent, Transfer Agent and Registrar hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and
expenses) incurred by the Depositary, Depositary’s Agent, Transfer Agent and Registrar without gross negligence, willful misconduct, bad faith or fraud on its part (each as finally determined by a non-appealable judgment, order, decree or
ruling of a court of competent jurisdiction, an arbitral award or an agreement with the Corporation) in connection with the services rendered by it (or any agent of the Depositary) hereunder. The Corporation shall pay all charges of the Depositary
in connection with the initial deposit of shares of the Series D Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of the Series D Preferred Stock by owners of Depositary Shares, and any redemption or
exchange of shares of the Series D Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and charges arising solely from the existence of the depositary arrangements. All other transfer and other
taxes and charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such
Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at
the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 

ARTICLE VI 

AMENDMENT AND TERMINATION 
 Section 6.1. Amendment. 
 The form of the Receipts and any
provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such
amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent) which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment
shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In 

  
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no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing
such Depositary Shares to the Depositary with instructions to deliver to the Holder the shares of the Series D Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of
applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depositary’s execution of any amendment, the Corporation shall deliver to the
Depositary a certificate that states that the proposed amendment is in compliance with the terms of this Section 6.1. 

Section 6.2. Termination. 
 This Deposit Agreement may be terminated by the Corporation at any time upon not less than sixty (60) days prior written notice to the Depositary, in which case, at least thirty (30) days prior
to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record Holders of all Receipts then outstanding. If any Receipts shall remain outstanding after the date of termination of this Deposit
Agreement, the Depositary thereafter shall discontinue the transfer of Receipts, shall suspend the distribution of dividends to the Holders of the Receipts thereof and shall not give any further notices (other than notice of such termination) or
perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to the Series D Preferred Stock, and shall continue to deliver the Stock and any money and other
property, if any, represented by Receipts upon surrender thereof by the Holders of Receipts thereof. At any time after the expiration of two years from the date of termination, as may be instructed by the Corporation in writing, the Depositary shall
(i) sell the shares of the Series D Preferred Stock then held hereunder at public or private sale, at such places and upon such terms as it deems proper and may thereafter hold the net proceeds of any such sale, together with any money and
other property held by it hereunder, without liability for interest, for the benefit, pro rata in accordance with their holdings, of the Holders of Receipts that have not theretofore been surrendered, or (ii) return such shares of Series D
Preferred Stock to the Corporation. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net proceeds and money and other property. The Depositary shall continue to
receive its fees and expenses after termination of this Deposit Agreement so long as the Depositary continues to provide services in connection with this Deposit Agreement. 
 Subject to the first paragraph of this Section 6.2, this Deposit Agreement may be terminated by the Company or the Depositary only if (i) all outstanding Depositary Shares have been redeemed
pursuant to Section 2.8; (ii) there shall have been made a final distribution in respect of the Series D Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been
distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable; or (iii) upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of the Depositary
Shares outstanding. 

  
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 Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7; provided further that Section 5.3 and 5.6 shall survive the termination
of this Deposit Agreement. 
 The provisions relating to termination and survival in Section 7.12 shall prevail over
anything to the contrary stated in this Section 6.2. 
 ARTICLE VII 

MISCELLANEOUS 
 Section 7.1. Counterparts. 
 This Deposit Agreement may be executed
in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the
same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile or pdf shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

Section 7.2. Exclusive Benefit of Parties. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any
other Person whatsoever. 
 Section 7.3. Invalidity of Provisions. 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4. Notices. 
 Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile
transmission or electronic mail, confirmed by letter, addressed to the Corporation at: 
 The Bank of New York Mellon Corporation

 32 Old Slip, 
 New York, New York 10005 
 Attention: Corporate Treasury 

Facsimile: (212) 495-1014 

  
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 with a copy to: 
 The Bank of New York Mellon Corporation 
 One Wall Street, 

New York, New York 10286 
 Attention: Legal Department, Chief Securities Counsel 
 Facsimile:
(212) 635-1698 
 or at any other addresses of which the Corporation shall have notified the Depositary in writing. 

Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail, or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Depositary at the Depositary’s Office at 

Computershare Shareowner Services LLC 
 Newport Office Center VII 
 480 Washington Boulevard 

Jersey City, NJ 07310 
 Attention: Relationship Manager 
 Facsimile: (732) 667-9521 

with a copy to: 

Computershare Shareowner Services LLC 
 Newport Office Center VII 
 480 Washington Boulevard 

Jersey City, NJ 07310 
 Attention: Legal Department 
 Facsimile: (201) 680-4610 

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

Any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail, recognized next day courier services, facsimile transmission or electronic mail, confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears
on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such request. 

Delivery of a notice sent by mail or as provided in the previous sentence shall be deemed to be effected at the time when a duly
addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission or electronic mail) is deposited, postage prepaid, in a post office letter box; provided, that the Depositary or the Corporation may,
however, act upon any facsimile transmission or electronic mail received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission or electronic mail shall not subsequently be confirmed by letter or as
aforesaid. 

  
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 Section 7.5. Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this
Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 

Section 7.6. Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series D Preferred
Stock. 
 The Corporation hereby appoints Computershare as Registrar, Transfer Agent, dividend disbursing agent and
redemption agent in respect of the shares of the Series D Preferred Stock deposited with the Depositary hereunder, and Computershare hereby accepts such appointments, subject to the express terms and conditions of this Deposit Agreement (and no
implied terms or conditions) and, as such, will reflect changes in the number of shares of deposited Series D Preferred Stock held by it by notation, book-entry or other appropriate method. With respect to the appointment of Computershare as
Registrar, Transfer Agent, dividend disbursing agent and redemption agent in respect of the shares of the Series D Preferred Stock, Computershare, in its respective capacities under such appointments, shall be entitled to the same rights,
indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision, and shall provide the services listed in Exhibit C hereto, in the performance of its duties in such respective capacities.

 Section 7.7. Holders of Receipts are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance of delivery thereof. 
 Section 7.8. Governing Law.

 This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 
 Section 7.9. Inspection of Deposit Agreement. 
 Copies of this
Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt. 

Section 7.10. Headings. 
 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit B hereto have been inserted for convenience only and are not to be regarded as a
part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

  
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 Section 7.11. Confidentiality. 

The Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party,
including, inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to
any other Person, except as may be required by law or legal process. 
 Section 7.12. Protection of Personal
Information. 
 (a) In connection with the performance of Computershare’s duties on behalf of the Corporation under
this Deposit Agreement, Computershare is expected to obtain confidential information related to the Corporation or the Holders of Depositary Shares that is not available to the general public (“Confidential Information”).
Computershare agrees that the Confidential Information shall be held and treated by Computershare, its directors, officers, employees, Affiliates, agents and subcontractors (collectively, “Representatives”) in confidence and, except
as hereinafter provided, shall not be disclosed in any manner whatsoever except as otherwise required by law, regulation, subpoena or governmental authority. Confidential Information shall be used by Computershare and its Representatives only for
the purposes for which provided and shall be disclosed by Computershare only to those Representatives who have a need to know in order to accomplish the business purpose in connection with which the Confidential Information has been provided.
Information shall no longer be considered Confidential Information at such time as such information becomes publicly available other than by action of Computershare or its Representatives. 

(b) “Personal Information” means all information about individuals, including but not limited to, names, signatures,
addresses, telephone numbers, account numbers, social security numbers, credit reports, demographic information, financial and other personal data, transaction information, and lists of customers, employees, or investors, received from or created or
received on behalf of the Corporation by Computershare or to which Computershare has access in the course of performing its duties on behalf of the Corporation under this Deposit Agreement (the “Services”). 

(c) Computershare agrees that all Personal Information is, and shall be considered, confidential and proprietary to the Corporation.
Computershare shall not disclose Personal Information to any third party nor permit any third party to have access to any Personal Information, for any purpose except as otherwise provided below. Computershare shall not use Personal Information, nor
shall Computershare duplicate Personal Information or retain records thereof, except as necessary to perform the Services. Computershare shall comply with all laws, rules, and regulations applicable to Computershare relating to the Personal
Information and shall comply with the Corporation’s reasonable instructions concerning Personal Information that the Corporation reasonably believes are necessary for the Corporation to be in compliance with applicable laws, rules and
regulations relating to the Personal Information in Computershare’s possession or control. 
 (d) Computershare shall
implement and maintain a comprehensive written information security program (the “Information Security Program”) which shall include all necessary measures, including the establishment and maintenance of policies and procedures, and
technical, physical and administrative safeguards, designed to (i) ensure the security and 

  
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confidentiality of the Personal Information, (ii) protect against any foreseeable threats or hazards to the security or integrity of Personal Information, (iii) protect against
unauthorized access to or use of such information, and (iv) ensure secure and appropriate disposal of the Personal Information. Without limiting the generality of the foregoing, the Information Security Program shall provide for
(i) continual assessment and re-assessment of the risks to the security of Personal Information acquired or maintained by Computershare and its agents and contractors in connection with the Services, including, but not limited to,
(X) identification of internal and external threats that could result in unauthorized disclosure, alteration or destruction of Personal Information and systems used by Computershare and its agents and contractors, (Y) assessment of the
likelihood and potential damage of such threats, taking into account the sensitivity of such Personal Information, and (Z) assessment of the sufficiency of policies, procedures, information systems of Computershare and its agents and
contractors, and other arrangements in place, to control risks; and (ii) appropriate protection against such risks. The Information Security Program shall provide for the encryption of Personal Information in electronic form while in transit
and appropriate firewall and other protections for unencrypted personal information in storage. Computershare shall, and shall require its agents and contractors to, regularly test key controls, systems and procedures relating to the Information
Security Program. The frequency and nature of such tests shall be determined by Computershare’s risk assessment, in consultation with the Corporation. Computershare shall provide the Corporation with the results of all such tests and summaries
of any other audit, review or examination of its Information Security Program. Computershare shall comply with its Information Security Program. Computershare certifies that its Information Security Program is and shall be in compliance with Title
201 of the Code of Massachusetts Regulations, Section 17.01 et seq., and other applicable laws, rules, regulations and orders. Computershare shall deliver separate certifications of such compliance upon the Corporation’s reasonable
request. 
 (e) The Corporation or its designee (which may include regulatory authorities with jurisdiction over the Corporation
or any of its affiliates, or outside auditing firms retained by the Corporation) shall have the right, at the Corporation’s sole expense, with prior written notice and not more than once annually, to enter any Computershare premises at which
the Services, or any part thereof, are performed, for the purpose of inspecting and auditing the provision of such Services and to determine, among other things, whether the Services are being provided in accordance with applicable law and the terms
of this Deposit Agreement, and whether Computershare and its subcontractors have adequate policies, procedures, safeguards, and controls in place to protect the security of Personal Information acquired or maintained by them in connection with the
Services. Any inspection and audit performed by or on behalf of the Corporation pursuant to this Section 7.12(e) shall be upon at least thirty (30) days written notice to Computershare by the Corporation. The foregoing 30-day notice
provision and one annual audit or inspection limitation shall not apply to inspections or audits outside the control of the Corporation and performed or requested by regulatory authorities. During any such inspection or audit, or at any other
reasonable time mutually agreed by the parties, Computershare shall make its relevant officers and employees available to the Corporation to discuss Computershare’s measures related to its Information Security Program, including without
limitation measures relating to oversight of Computershare’s subcontractors and agents who have access to Personal Information, and give the Corporation or its designee access to records, in whatever form maintained, relating to the provision
of the Services; provided, however, that Computershare 

  
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may, in its sole discretion, prohibit the Corporation from entering certain areas of its facilities for security reasons or from viewing certain records that are confidential to third parties, in
which case Computershare will provide the Corporation with alternative access to the records, documents, other information or personnel in such restricted area, to the extent reasonably possible. In addition, Computershare shall arrange for the
Corporation to conduct site visits at the premises of subcontractors and meet with information security representatives of its subcontractors as reasonably requested by the Corporation from time to time to review their information security measures.
The Corporation may periodically submit to Computershare for itself and its subcontractors questionnaires concerning Computershare’s Information Security Program, and concerning Computershare’s and its subcontractors’ security
measures, business recovery plans, financial condition, ethics and compliance programs, and related measures. Computershare agrees to promptly respond to any such questionnaires and to any further inquiry by the Corporation its responses may entail,
and promptly to require its subcontractors to do so. Computershare shall cooperate with the Corporation to agree upon prompt reasonable measures to mitigate any risks the Corporation may identify. Computershare shall maintain an ethics and
compliance program substantially similar to the description in its questionnaire responses. 
 (f) Computershare shall notify
the Corporation promptly, unless prohibited by law enforcement or court order, upon discovery of any unauthorized use, disclosure, acquisition, modification, or destruction of Personal Information, unauthorized access to Personal Information, or
loss of Personal Information (each, a “Security Breach”). Computershare shall investigate each Security Breach, provide the Corporation with a detailed written statement describing the circumstances surrounding each Security Breach,
and provide and promptly implement a remediation plan, acceptable to the Corporation, to address the Security Breach and prevent any further incidents. Computershare will at its expense (subject to Paragraph (l) below) take all necessary or
customary measures to mitigate any harmful effect of any such Security Breach, including without limitation notifications to affected individuals, if requested by the Corporation. Computershare shall also promptly notify the Corporation of any known
attempts to commit a Security Breach. 
 (g) If there is a reasonable likelihood that, in the course of performing the Services,
Computershare may become aware of activities, patterns of activity, or practices that indicate the possible existence of identity theft (as defined by regulations of the Federal Trade Commission), Computershare will implement appropriate measures,
including the establishment and maintenance of policies and procedures, to detect such activities, patterns or practices, notify the Corporation upon such detection, and respond to such activities, patterns or practices. In addition, if
Computershare does become aware of activities, patterns of activity, or practices indicating the possible existence of identity theft, Computershare will promptly notify the Corporation, and will take reasonable measures to assist the Corporation in
implementing an appropriate response. 
 (h) Unless prohibited by law, Computershare shall (i) immediately notify the
Corporation of any subpoena, court order, or other similar process for the purpose of obtaining Personal Information or other confidential information of the Corporation other than those received in the ordinary course of business and pertaining to
a specifically identified individual, (ii) provide the Corporation with documentation thereof, and (iii) permit the Corporation adequate time to exercise its legal options to prohibit or limit disclosure. 

  
 -30-

 (i) In the event that the Corporation determines that there has been a material breach by
Computershare of any of Computershare’s obligations with regard to Personal Information under this Section 7.12, the Corporation may terminate this Deposit Agreement without complying with the notice requirements set forth in
Section 6.2. Computershare’s obligations with regard to Personal Information shall survive the termination of the agreements with respect to any Personal Information so long as it remains in the possession of Computershare. 

(j) Computershare shall return to the Corporation or, with the Corporation’s permission, destroy all Personal Information and other
confidential information of the Corporation in any form in Computershare’s possession or in the possession of Computershare’s agents or subcontractors in accordance with Computershare’s records retention and destruction policies, and
retain no copies thereof. Computershare will certify in writing any destruction of Personal Information and other confidential information of the Corporation. Computershare will upon request review its records retention and destruction policies with
the Corporation. 
 (k) Computershare shall upon request from time to time provide the Corporation with a list of all
subcontractors (including affiliates of Computershare) who have access to Personal Information. In addition, Computershare shall notify the Corporation in writing in advance of entering into a new agreement with any subcontractor that will have
access to Personal Information. In the event that the Corporation objects to any new or existing subcontractor having access to Personal Information, Computershare shall work with the Corporation to resolve the Corporation’s concerns.
Computershare shall use appropriate diligence and care in selecting its subcontractors. Computershare agrees to include in written agreements with any agent or subcontractor to whom it provides access to Personal Information, confidentiality and
security obligations with respect to such Information that are at least as restrictive as those that apply to Computershare hereunder, and to require the subcontractor to comply with such provisions and with Computershare’s obligations under
Section 7.12(e) above with respect to subcontractors; provided, however, that to the extent that Computershare’s existing agreements with its agents and subcontractors do not require its agents and subcontractors to comply with
Computershare’s obligations under Section 7.12(e) above, Computershare shall by June 30, 2013 amend such agreements to require such compliance. Prior to June 30, 2013, Computershare shall not be deemed in breach of its
obligations under Section 7.12 (e) above to arrange for the Corporation to conduct site visits of a subcontractor or requiring a subcontractor to complete the Corporation’s questionnaires, if Computershare’s agreement with such
subcontractor does not enable Computershare to require such subcontractor to comply. Computershare shall enforce its agreements with its agents and subcontractors. Computershare shall be responsible for the acts and omissions of its agents and
subcontractors to the same extent as if such acts and omissions were those of Computershare. 
 (l) Without regard to any
limitation of liability in this or any other agreement, Computershare shall indemnify and hold the Corporation harmless for all costs, losses, fees (including reasonable attorneys’ fees), claims, investigations, damages and expenses, including
but not limited to monetary penalties, incurred by the Corporation or any of its affiliates as a 

  
 -31-

 
result of a breach of Computershare’s obligations under this Section 7.12; provided, however, that such obligation to indemnify and hold the Corporation harmless is subject to a
monetary limit of one hundred thousand dollars ($100,000) per calendar year, except that there shall be no monetary limit in the case of gross negligence or willful misconduct. In addition to any other rights the Corporation may have under this
Deposit Agreement or at law, since unauthorized use or disclosure of Personal Information or other confidential information may result in immediate and irreparable injury to the Corporation for which monetary damages may not be adequate, in the
event that Computershare or any officer, director, employee, agent, or subcontractor of Computershare uses or discloses, or in the Corporation’s sole opinion is likely to use or disclose, Personal Information or other confidential information
in breach of Computershare’s obligations hereunder, the Corporation shall be entitled to equitable relief, including temporary and permanent injunctive relief and specific performance. The Corporation shall also be entitled to the recovery of
any pecuniary gain realized by Computershare from the unauthorized use or disclosure of Personal Information or confidential information. In no event will any payments paid or payable under this Section 7.12(l) be included in the amount of
damages or losses that are subject to any limitation of liability in any other provision of this Deposit Agreement or in any other agreement. 
 (m) The provisions of this Section 7.12 shall survive expiration or termination of this Deposit Agreement for any reason. 
 [Remainder of page intentionally left blank; signature page follows.] 

  
 -32-

 IN WITNESS WHEREOF, the Corporation and the Depositary have duly executed this Deposit
Agreement as of the day and year first above set forth, and all Holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	THE BANK OF NEW YORK MELLON CORPORATION
		
	By:	 	/s/ SCOTT FREIDENRICH
	Name:	 	Scott Freidenrich
	Title:	 	Executive Vice President and Treasurer
	
	COMPUTERSHARE SHAREOWNER SERVICES LLC, as Depositary
		
	By:	 	/s/ ROBERT M. BILOTTA
	Name:	 	Robert M. Bilotta
	Title:	 	Managing Director
	
	COMPUTERSHARE SHAREOWNER SERVICES LLC, as Transfer Agent and Registrar for the shares of the Corporation’s Series D Preferred Stock
		
	By:	 	/s/ ROBERT M. BILOTTA
	Name:	 	Robert M. Bilotta
	Title:	 	Managing Director

  

 EXHIBIT A: 
 FORM OF STOCK CERTIFICATE 
 Certificate D- 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 THE BANK OF NEW YORK MELLON CORPORATION 

Incorporated Under the Laws of the State of Delaware 
 SHARES             SERIES D NONCUMULATIVE PERPETUAL PREFERRED STOCK 
 This is to certify that is the registered owner of fully paid and non-assessable shares of the Series D Noncumulative Perpetual Preferred Stock, having a liquidation preference of $100,000 per share, of
The Bank of New York Mellon Corporation, a Delaware corporation (the “Corporation”), the terms of which are provided for in the Corporation’s Restated Certificate of Incorporation including the Certificate of Designations of
the Series D Noncumulative Perpetual Preferred Stock, transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the
shares represented hereby are issued and shall be held subject to all of the provisions of the Certificate of Incorporation and the By-laws of the Corporation and any amendments thereto. This Certificate is not valid unless countersigned and
registered by the Transfer Agent and Registrar. 

  
 A-1

 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its behalf
by its duly authorized officers. 
 Dated: 
  

									
					
	By:	 	 	 		 	By:	 	 
		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

                 (SEAL)

 Countersigned and Registered: 

Computershare Shareowner Services LLC, as Transfer Agent and Registrar 

By:
                             
  

  
 A-2

 (REVERSE OF CERTIFICATE) 

THE BANK OF NEW YORK MELLON CORPORATION 
 The Corporation will furnish without charge to each stockholder who so requests, a full statement of the powers, designations and any preferences, conversion and other rights, restrictions, limitations as
to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in
series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing
summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Certificate of Incorporation of the Corporation, as amended from time to time, a copy of which will be sent without charge to each
shareholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office or to the Transfer Agent. 
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

											
	 TEN COM - as tenants in common

	 TEN ENT - as tenants by the entireties

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

						
	 UNIF GIFT MIN ACT -  
	 	 	 	 Custodian
	 	 	 	 	 	
						
		 	 (Custodian)
	 		 	(Minor)	 		 	

											
					
		 	under Uniform Gifts to Minors Act	 	 	 	 	 	
					
		 		 		 	 (State)
	 	

 Additional abbreviations may also be used though not in the above list. 

  
 A-3

 FOR VALUE RECEIVED,
                                 hereby sell(s), assign(s) and transfer(s) unto

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

 
 (PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE) 

                         
                   
(                        ) shares represented by this Certificate and do(es) hereby irrevocably constitute and appoint
                                    , Attorney to transfer the
said shares on the books of the Corporation, with full power of substitution in the premises. 
  

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

 Signature(s) Guaranteed: 
 The signature(s) should be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Corporation’s transfer agent. Guarantees by a notary public
are not acceptable. 

  
 A-4

 EXHIBIT B: 
 FORM OF RECEIPT 
 [FORM OF FACE OF RECEIPT] 

Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to The
Bank of New York Mellon Corporation or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in 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. 
 DEPOSITARY SHARES 

DR 
 DEPOSITARY
RECEIPT FOR DEPOSITARY SHARES, EACH 
 REPRESENTING 1/100TH OF ONE SHARE OF 

SERIES D NONCUMULATIVE PERPETUAL PREFERRED STOCK 
 OF 
 THE BANK OF NEW YORK MELLON CORPORATION 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 
 CUSIP 064058 AB6 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

Computershare Shareowner Services LLC, as Depositary (the “Depositary”), hereby certifies that
Cede & Co. is the registered owner of             DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/100th of one share of Series D Noncumulative Perpetual Preferred Stock,
par value $0.01 per share, liquidation preference $100,000 per share (the “Series D Preferred Stock”), of The Bank of New York Mellon Corporation, a Delaware corporation (the “Corporation”), on deposit with the
Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of May 16, 2013 (the “Deposit Agreement”), among the Corporation, the Depositary and the holders from time to time of the
Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose
or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect
of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 

  
 B-1

 Dated:
                            , 20 
 Computershare Shareowner Services LLC, as Depositary 
  

			
	Computershare Shareowner Service LLC
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer

  

  
 B-2

 [FORM OF REVERSE OF RECEIPT] 

THE BANK OF NEW YORK MELLON CORPORATION 
 THE BANK OF NEW YORK MELLON CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF SERIES
D NON-CUMULATIVE PERPETUAL PREFERRED STOCK OF THE BANK OF NEW YORK MELLON CORPORATION ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 

 
  

The Corporation will furnish without charge to each receiptholder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the
Transfer Agent. 
 EXPLANATION OF ABBREVIATIONS 
 The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations.
Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Equivalent Phrase
	  	 Abbreviation
	  	 Equivalent Phrase

	 JT TEN
	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
				
	 TEN IN COM
	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

						
	 ADM
	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PAR	  	Paragraph
						
	 AGMT
	  	Agreement	  	FBO	  	For the benefit of	  	PL	  	Public Law
						
	 ART
	  	Article	  	FDN	  	Foundation	  	TR	  	(As) trustee(s), for, of
						
	 CH
	  	Chapter	  	GDN	  	Guardian(s)	  	U	  	Under
						
	 CUST
	  	Custodian for	  	GDNSHP	  	Guardianship	  	UA	  	Under agreement
						
	 DEC
	  	Declaration	  	MIN	  	Minor(s)	  	UW	  	Under will of, Of will of, Under last will & testament
						
	 EST
	  	Estate, of Estate of	  		  		  		  	

  
 B-3

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

 
  

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint
                                        
Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 

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

SIGNATURE GUARANTEED 
 NOTICE: The signature(s)
should be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Corporation’s transfer agent. Guarantees by a notary public are not acceptable. 

  
 B-4EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 FURTHER AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 
 This FURTHER AMENDED AND RESTATED EMPLOYMENT AGREEMENT, by and between RenaissanceRe Holdings Ltd. (the “Company”), and Kevin J. O’Donnell (“Employee”) is made and
entered into as of this 15th day of May, 2013 and shall be effective as of the 1st day of July, 2013 (the “Commencement Date”), provided Employee remains continuously employed with the Company through such date. 

W I T N E S S E T H : 

WHEREAS, the Company and Employee are presently parties to the Prior Employment Agreement, which shall remain in full force and effect
prior to the Commencement Date; and 
 WHEREAS, Employee currently serves as the President and Global Chief Underwriting Officer
of the Company; and 
 WHEREAS, the Company desires to appoint Employee to the position of Chief Executive Officer of the
Company on the Commencement Date and Employee desires to accept such appointment; and 
 WHEREAS, in connection with such
appointment, the Company desires to enter into this further amended and restated employment agreement embodying the terms of Employee’s continued employment with the Company (this “Agreement”) following the Commencement Date,
and Employee desires to enter into this Agreement and to accept such continued employment, subject to the terms and provisions of this Agreement; and 
 WHEREAS, the Compensation Committee has reviewed the terms and conditions of this Agreement and has determined that entering into this Agreement is advisable and in the best interests of the Company.

 NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Employee hereby agree as follows: 
 Section 1. Definitions. 
 (a) “Accrued Obligations”
shall mean (i) all accrued but unpaid Base Salary through the date of Employee’s termination of employment; (ii) any unpaid or unreimbursed expenses incurred in accordance with Company policy, including amounts due under
Section 7 hereof, to the extent incurred prior to termination of employment; (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms therein, including
rights in respect of Awards granted under the Equity Plans; and (iv) rights to indemnification pursuant to Section 12 below. 
 (b) “Affiliate” shall mean, as to any Person, any other Person that controls, is controlled by, or is under common control with, such Person. 

 (c) “Annual Bonus” shall have the meaning set forth in Section 4(b)
below. 
 (d) “Applicable Severance Benefits” shall mean an amount equal to 125% of Employee’s Base Salary
as in effect as of December 31, 2008. 
 (e) “Awards” shall mean any stock options, restricted stock or
other stock-based awards granted to Employee at any time under the Equity Plans, including any such awards granted prior to the Commencement Date. 
 (f) “Base Salary” shall mean the salary provided for in Section 4(a) or any increased salary granted to Employee pursuant to Section 4(a) below. 

(g) “Board” shall mean the Board of Directors of the Company. 

(h) “Cause” shall mean (i) material act or acts of willful misconduct by Employee in connection with
Employee’s employment duties; (ii) misappropriation by Employee of the assets or business opportunities of the Company or its Affiliates; (iii) embezzlement or fraud committed by Employee, at his direction, or with his prior personal
knowledge; (iv) Employee’s conviction of, or plea of guilty or nolo contendere to, the commission of a criminal act that would constitute a felony in the United States of America; or (v) Employee’s willful, material, and
continuous breach of any of the provisions set forth in Sections 3, 9 or 11 of this Agreement. 
 (i) “Change in
Control” shall have the meaning ascribed to such term in the Company’s 2001 Stock Incentive Plan, as amended and restated. 
 (j) “Code” shall mean the United States Internal Revenue Code of 1986, as amended. 
 (k) “Commencement Date” shall have the meaning set forth in the preamble hereto. 
 (l) “Compensation Committee” shall mean the Compensation and Corporate Governance Committee of the Board. 
 (m) “Company” shall have the meaning set forth in the preamble hereto, except as otherwise expressly set forth herein. 

(n) “Competitive Activities” shall mean any business activities in which the Company or any of its Affiliates are
engaged (or have committed plans to engage) during the Term of Employment, or, following termination of Employee’s employment hereunder, were engaged in (or had committed plans to engage in) at the time of such termination of employment.

 (o) “Confidential Information” shall have the meaning set forth in Section 9(a) below. 

(p) “Developments” shall have the meaning set forth in Section 9(e) below. 

  
 -2-

 (q) “Disability” shall mean any physical or mental disability or infirmity
that has prevented the performance of Employee’s duties for a period of ninety (90) consecutive calendar days or one hundred eighty (180) non-consecutive calendar days in any three hundred sixty five (365) day period. Any
question as to the existence, extent or potentiality of Employee’s Disability upon which Employee and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and approved by Employee (which
approval shall not be unreasonably withheld). The determination of any such physician shall be final and conclusive for all purposes of this Agreement. 
 (r) “Employee” shall have the meaning set forth in the preamble hereto. 
 (s) “Equity Plans” shall means the stock option and incentive plans adopted and maintained by the Company from time to time. 

(t) “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as amended. 

(u) “Good Reason” shall mean, without Employee’s consent, (i) an adverse change in Employee’s employment
title; (ii) a material diminution in Employee’s employment duties, responsibilities or authority, or the assignment to Employee of duties that are materially inconsistent with his position; (iii) any reduction in Employee’s Base
Salary; (iv) a relocation of Employee’s principal place of employment to a location more than 35 miles further from his current principal residence than the location at which Employee was employed immediately preceding such change; or
(v) any breach by the Company of any material provision of this Agreement. 
 (v) “Interfering Activities”
shall mean (i) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Person employed by, as agent of, or a service provider to, the Company or any Affiliate thereof to terminate (or, in the case
of an agent or service provider, reduce) such Person’s employment, agency or service, as the case may be, with the Company or such Affiliate; (ii) hiring any Person who was employed by, an agent of, or a service provider to, the Company or
any Affiliate thereof within the six (6) month period prior to the date of such hiring; or (iii) encouraging, soliciting or inducing, or in any manner attempting to encourage, solicit or induce, any customer, supplier, licensee or other
business relation of the Company or any Affiliate thereof to cease doing business with or reduce the amount of business conducted with (including by providing similar services or products to any such Person) the Company or such Affiliate, or in any
way interfere with the relationship between any such customer, supplier, licensee or business relation and the Company or such subsidiary. 
 (w) “Losses” shall have the meaning set forth in Section 12 below. 
 (x) “Non-Extension Notice” shall have the meaning set forth in Section 2 below. 
 (y) “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable),
unincorporated organization or other form of business entity. 

  
 -3-

 (z) “Prior Commencement Date” shall mean July 19, 2006. 

(aa) “Prior Employment Agreement” shall mean the amended and restated employment agreement between the Company and
Employee, dated July 19, 2006, as amended by Amendment No. 1, dated December 15, 2008, Amendment No. 2, dated December 15, 2008, Amendment No. 3, dated January 8, 2010, and Amendment No. 4, dated April 5,
2013. 
 (bb) “Prior Prepaid Severance Installments” shall have the meaning set forth in Section 8(m)
below. 
 (cc) “Restricted Area” means (i) Bermuda, (ii) any State of the United States of America,
(iii) the Republic of Ireland, (iv) the Republic of Singapore, and (v) any other jurisdiction in which the Company or its Affiliates engage (or have committed plans to engage) in business during the Term of Employment, or, following
termination of Employee’s employment, were engaged in (or had committed plans to engage in) at the time of such termination of employment. 
 (dd) “Restricted Period” shall mean the period commencing on the Commencement Date and ending on the eighteen (18) month anniversary of Employee’s termination of employment
hereunder for any reason. 
 (ee) “Retirement” shall mean a termination of employment by Employee without Good
Reason on or following the later of (x) the first date on which the sum of Employee’s age and years of service (in each case measured on a daily basis) with the Company equals 65 and (y) the date on which Employee has first completed
five years of service with the Company. 
 (ff) “Term of Employment” shall mean the period specified in
Section 2 below. 
 Section 2. Acceptance and Term of Employment. 

The Company agrees to continue to employ Employee and Employee agrees to continue to serve the Company on the terms
and conditions set forth herein. Unless earlier terminated pursuant to Section 8 hereof, the Term of Employment is the period which commenced on the Prior Commencement Date and continues until the fourth (4th) anniversary of the Commencement Date; provided,
however, that the Term of Employment shall be extended automatically, without further action by either the Company or Employee, by one (1) additional year first on such anniversary of the Commencement Date, and on each subsequent
anniversary of the Commencement Date thereafter, unless, not less than one hundred eighty (180) days prior to the end of the Term of Employment (including any prior extension thereof), either the Company or Employee shall have notified the
other in writing of its intention not to further extend the Term of Employment (a “Non-Extension Notice”). 

Section 3. Position, Duties and Responsibilities; Place of Performance. 

(a) During the Term of Employment, Employee shall be employed and serve as the Chief Executive Officer and President of the Company
(together with such other position 

  
 -4-

 
or positions consistent with Employee’s titles as the Board shall specify from time to time). In this capacity, Employee shall have all of the duties customarily associated with the position
of a company’s highest ranking executive officer and shall report directly to the Board. Subject to the foregoing, Employee also agrees to serve as an officer and/or director of the Company or any parent or subsidiary of the Company, in each
case without additional compensation. 
 (b) Subject to the terms and conditions set forth in this Agreement, Employee shall
devote his full business time, attention, and efforts to the performance of his duties under this Agreement and shall not engage in any other business or occupation during the Term of Employment, including, without limitation, any activity that
(x) conflicts with the interests of the Company or its subsidiaries, (y) interferes with the proper and efficient performance of his duties for the Company, or (z) interferes with the exercise of his judgment in the Company’s
best interests. Notwithstanding the foregoing, nothing herein shall preclude Employee from (i) serving, with the prior written consent of the Board, as a member of the board of directors or advisory boards (or their equivalents in the case of a
non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs; provided, however, that
the activities set out in clauses (i), (ii) and (iii) shall be limited by Employee so as not to interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder. 

(c) Employee’s principal place of employment shall be at the Company’s principal executive offices in Hamilton, Bermuda,
although Employee understands and agrees that he may be required to travel from time to time for business reasons. 

Section 4. Compensation. During the Term of Employment, Employee shall be entitled to the following compensation: 

(a) Base Salary. Employee shall be paid an annualized Base Salary, payable in accordance with the regular payroll practices of the
Company, of not less than $975,000, subject to increase, if any, as may be approved in writing by the Board (or the Compensation Committee), but not to decrease from the then current Base Salary. 

(b) Annual Bonus. Employee shall be eligible for an annual cash incentive bonus award determined by the
Compensation Committee in respect of each fiscal year during the Term of Employment (the “Annual Bonus”). The target Annual Bonus for each fiscal year, commencing with 2013, shall be no less than 165% of Base Salary. The actual
Annual Bonus payable in respect of each fiscal year shall be based upon the level of achievement of performance objectives for such fiscal year, as determined by the Compensation Committee and communicated to Employee. The Annual Bonus shall be paid
to Employee at the same time as annual bonuses are generally payable to other senior executives of the Company, but in no event later than two and one-half
(2- 1/2) months following the end of the fiscal year to which such Annual Bonus relates. 
 (c) Equity Plans. Employee shall be eligible to participate in the Equity Plans and may receive Awards, as determined by the Compensation Committee from time to time, and subject to the terms and
conditions of the Equity Plans and any Award agreement between the Company and Employee evidencing such Awards. The target Award for each fiscal year commencing with 2014 shall be valued at no less than 300% of Base Salary. 

  
 -5-

 (d) Special Treatment of Certain Equity Awards Upon a Change in Control. Upon the
occurrence of a Change in Control, provided Employee remains employed by the Company through the date of such Change in Control, all Awards consisting of restricted stock that as of their date of grant were subject to both service- and
performance-based vesting requirements shall immediately fully vest based on target level attainment of the performance goals applicable to such Awards, or if greater, based on pro-forma performance over the entire performance period extrapolated
from the performance run rate through the end of the fiscal year immediately preceding the year in which such Change in Control occurred. 
 Section 5. Employee Benefits and Perquisites. 
 (a) Employee
Benefits. During the Term of Employment, Employee shall be entitled to participate in health, insurance, retirement, and other benefits generally provided to other senior executives of the Company from time to time, including use of the
Company’s airplane in accordance with such policies as may be established by the Compensation Committee from time to time. Employee shall also be entitled to the same number of holidays, vacation and sick days as are generally allowed to senior
executives of the Company in accordance with the Company policy in effect from time to time. 
 (b) Perquisites. During
the Term of Employment, the Company shall provide Employee with customary perquisites for housing, automobile and other expenses, subject to applicable policies of the Company as approved from time to time by the Compensation Committee. 

Section 6. “Key-man” Insurance. 
 At any time during the Term of Employment, the Company shall have the right to insure the life of Employee for the sole benefit of the Company, in such amounts, and with such terms, as it may determine.
All premiums payable thereon shall be the obligation of the Company. Employee shall have no interest in any such policy, but agrees to reasonably cooperate with the Company in taking out such insurance by submitting to physical examinations,
supplying all information reasonably required by the insurance company, and executing all necessary documents, provided that no financial obligation or liability is imposed on Employee by any such documents. 

Section 7. Reimbursement of Business Expenses. 
 Employee is authorized to incur reasonable business expenses in carrying out his duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all such reasonable
business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the Company’s policy, as in effect from time to time. 

  
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 Section 8. Termination of Employment. 

(a) General. The Term of Employment shall terminate upon the earliest to occur of (i) Employee’s death, (ii) a
termination by reason of a Disability, (iii) a termination by the Company with or without Cause, (iv) a termination by Employee with or without Good Reason, or (v) upon the close of business on the last day of the Term of Employment
(as provided in Section 2 above). Upon any termination of Employee’s employment for any reason, except as may otherwise be requested by the Board in writing and agreed upon in writing by Employee, Employee shall resign from any and all
directorships, committee memberships or any other positions Employee holds with the Company or any of its Affiliates. 
 (b)
Termination due to Death or Disability. Employee’s employment shall terminate automatically upon his death. The Company may terminate Employee’s employment immediately upon the occurrence of a Disability, such termination to be
effective upon Employee’s receipt of written notice of such termination. In the event Employee’s employment is terminated due to his death or Disability, Employee or his estate or his beneficiaries, as the case may be, shall be entitled
to: 
 (i) The Accrued Obligations; 

(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of such
termination, such amount to be paid at the same time it would otherwise be paid to Employee had no such termination occurred; 
 (iii) In the case of any termination as a result of Employee’s Disability, the Applicable Severance Benefits, payable (x) as to 75% thereof in substantially equal installments over the twelve
(12) month period following the date of Employee’s termination, in accordance with the Company’s regular payroll practices, and (y) as to 25% thereof, subject to Employee’s compliance during the twelve (12) month period
following the date of Employee’s termination with the terms and conditions of this Agreement, in a lump sum upon the expiration of such period; provided, however, that notwithstanding the payment schedule set forth above in this
subsection (iii), that portion of the Applicable Severance Benefits remaining unpaid as of December 31, 2017, following a termination as a result of Employee’s Disability shall be paid to Employee, subject to Section 8(m) below, in a
lump sum on December 31, 2017; provided further, however, that Employee shall not be entitled to any amounts pursuant to this Section 8(b)(iii) to the extent Employee received any benefits pursuant to Section 8(l)
below prior to such termination; 
 (iv) In the case of any termination as a result of Employee’s
Disability, an amount equal to (A) 200% of Employee’s Base Salary, less (B) the Applicable Severance Benefits, less (C) an amount equal to all Prior Prepaid Severance Installments received, payable (x) as to
75% thereof in substantially equal installments over the twelve (12) month period following the date of Employee’s termination, in accordance with the Company’s regular payroll practices, and (y) as to 25% thereof, subject to
Employee’s compliance during the Restricted Period with the terms and conditions of this Agreement, in a lump sum upon the expiration of such period; provided, however, if the payment remains unpaid as of the last day of the
calendar year following the end of the calendar year in which the date of Employee’s termination occurs it shall be paid to Employee on such date. 

  
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 (v) A pro rata Annual Bonus (determined using the target Annual Bonus for
the fiscal year in which such termination occurs) based on the number of days elapsed from the commencement of such fiscal year through and including the date of such termination, such amount to be paid within five (5) business days of such
termination; and 
 (vi) (A) Vesting, as of the date of Employee’s termination, of all Awards, other
than Awards that as of their date of grant were subject to both service- and performance-based vesting requirements, (B) all Awards that as of their date of grant were subject to both service- and performance-based vesting requirements shall
remain outstanding through the last day of the applicable performance periods, without regard for the termination of Employee’s employment, and shall vest (or fail to vest and be forfeited) based on the level of actual attainment of performance
goals at such time or times as would have been the case had the service vesting provisions continued to apply and Employee remained employed through all applicable service vesting periods; provided, however, the eligibility for
continued vesting based on performance shall immediately cease, and all Awards shall be forfeited, in the event that Employee violates any provision of the restrictive covenants set forth herein, and (C) any Awards that are stock options shall
remain outstanding until the earliest of (x) exercise, (y) the expiration of the original term, and (z) the first anniversary of the date of Employee’s termination. 
 Except as set forth in this Section 8(b), following Employee’s termination by reason of his death or Disability, Employee shall have no further rights to any compensation or any other benefits
under this Agreement. 
 (c) Termination by the Company for Cause. 

(i) A termination for Cause shall not take effect unless the provisions of this subsection (i) are complied with.
Employee shall be given not less than fifteen (15) days written notice by the Board of the intention to terminate his employment for Cause, such notice to state in detail the particular act or acts or failure or failures to act that constitute
the grounds on which the proposed termination for Cause is based. Employee shall have fifteen (15) days after the date that such written notice has been given to Employee in which to cure such act or acts or failure or failures to act, to the
extent such cure is possible. If he fails to cure such act or acts or failure or failures to act, the termination shall be effective on the date immediately following the expiration of the fifteen (15) day notice period. If cure is not
possible, the termination shall be effective on the date of receipt of such notice by Employee. 
 (ii) In the
event the Company terminates Employee’s employment for Cause, he shall be entitled only to the Accrued Obligations. Following such termination of Employee’s employment for Cause, except as set forth in this Section 8(c)(ii), Employee
shall have no further rights to any compensation or any other benefits under this Agreement. 

  
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 (d) Termination by the Company without Cause. The Company may terminate
Employee’s employment at any time without Cause, effective upon Employee’s receipt of written notice of such termination. In the event Employee’s employment is terminated by the Company without Cause (other than due to death or
Disability), Employee shall be entitled to: 
 (i) The Accrued Obligations; 

(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of such
termination, such amount to be paid at the same time it would otherwise be paid to Employee had no such termination occurred; 
 (iii) The Applicable Severance Benefits, payable (x) as to 75% thereof in substantially equal installments over the twelve (12) month period following the date of Employee’s termination, in
accordance with the Company’s regular payroll practices, and (y) as to 25% thereof, subject to Employee’s compliance during the twelve (12) month period following the date of Employee’s termination with the terms and
conditions of this Agreement, in a lump sum upon the expiration of such period; provided, however, that notwithstanding the payment schedule set forth above in this subsection (iii), that portion of the Applicable Severance Benefits
remaining unpaid as of December 31, 2017, following such termination shall be paid to Employee, subject to Section 8(m) below, in a lump sum on December 31, 2017; provided further, however, that Employee shall not
be entitled to any amounts pursuant to this Section 8(d)(iii) to the extent Employee received any benefits pursuant to Section 8(l) below prior to such termination; 

(iv) An amount equal to (A) 200% of Employee’s Base Salary, less (B) the Applicable Severance
Benefits, less (C) an amount equal to all Prior Prepaid Severance Installments received, payable (x) as to 75% thereof in substantially equal installments over the twelve (12) month period following the date of Employee’s
termination, in accordance with the Company’s regular payroll practices, and (y) as to 25% thereof, subject to Employee’s compliance during the Restricted Period with the terms and conditions of this Agreement, in a lump sum upon the
expiration of such period; provided, however, if the payment remains unpaid as of the last day of the calendar year following the end of the calendar year in which the date of Employee’s termination occurs it shall be paid to
Employee on such date; 
 (v) (A) An amount equal to 150% of Employee’s Annual Bonus (determined using
the greater of (1) the target Annual Bonus for the fiscal year in which such termination occurs and (2) the actual Annual Bonus for the fiscal year in which such termination occurs), such amount to be paid over the twelve (12) month
period following the date of Employee’s termination; and 
 (B) Upon the expiration of the Restricted
Period, and subject to Employee’s compliance during such period with the terms and conditions of this Agreement, a lump sum amount equal to 50% of Employee’s Annual Bonus (determined

  
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using the greater of (1) the target Annual Bonus for the fiscal year in which such termination occurs and (2) the actual Annual Bonus for the fiscal year in which such termination
occurs); provided, however, if the payment remains unpaid as of the last day of the calendar year following the end of the calendar year in which the date of Employee’s termination occurs it shall be paid to Employee on such date;

 (vi) A pro rata Annual Bonus (determined using the target Annual Bonus for the fiscal year in which such
termination occurs) based on the number of days elapsed from the commencement of such fiscal year through and including the date of such termination, such amount to be paid within five (5) business days of such termination; 

(vii) To the extent permitted by applicable law and without penalty to the Company, (A) continuation of the health
benefits provided to Employee and his covered dependants under the Company health plans as of the date of such termination at the same cost applicable to active employees until the earlier of: (1) the expiration of the eighteen (18) month
period following the date of Employee’s termination, or (2) the date Employee commences employment with any Person, and (B) following the expiration of the continuation period in (A) above, Employee shall be entitled to continue
participating in the Company’s (or, in the discretion of the Company, an Affiliate’s) health plans (as in effect from time to time) in respect of Employee and his covered dependents, at Employee’s sole expense and availability of
coverage in accordance with the policies of the insurance provider, until the earliest to occur of (x) the date Employee (or a covered dependent, as applicable) attains age 65; provided, that, in the event that a covered dependent turns
65, Employee’s ability to maintain coverage under the Company’s or Affiliate’s health plans shall only terminate with respect to Employee’s covered dependent, (y) the date on which Employee (or a covered dependent, as
applicable) becomes eligible to receive coverage under any other health plan provided by a new employer; provided, that, in the event that a covered dependent receives coverage under any other such health plan, Employee’s ability to
maintain coverage under the Company’s or Affiliate’s health plans shall only terminate with respect to such covered dependent, and (z) the date on which Employee breaches any of the terms of this Agreement; and 

(viii)(A) Vesting, as of the date of such termination, of all Awards, other than (1) Awards under the
Company’s 2004 Stock Option Incentive Plan (as the same may have been amended or supplemented) (the 2004 Plan”), the vesting of which shall continue to be governed by the terms of the 2004 Plan and any related grant agreement,
and (2) Awards that as of their date of grant were subject to both service- and performance-based vesting requirements, which shall remain outstanding through the last day of the applicable performance periods, without regard for the
termination of Employee’s employment, and shall vest (or fail to vest and be forfeited) based on the level of actual attainment of performance goals at such time or times as would have been the case had the service vesting provisions continued
to apply and Employee remained employed through all applicable service vesting periods; provided, however, the eligibility for continued vesting based on performance shall immediately cease, and all Awards shall be forfeited, in the
event that Employee violates any provision of the 

  
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restrictive covenants set forth herein, and (B) any Awards that are stock options shall remain outstanding until the earliest of (x) exercise, (y) the expiration of the original
term, and (z) the six-month anniversary of the date of Employee’s termination. 
 Notwithstanding the foregoing, the payments and
benefits described in subsections (ii) through (vii) above shall immediately cease, and the Company shall have no further obligations to Employee with respect thereto, in the event that Employee breaches any provision hereof. 

Following such termination of Employee’s employment by the Company without Cause, except as set forth in this Section 8(d),
Employee shall have no further rights to any compensation or any other benefits under this Agreement. 
 (e) Termination by
Employee with Good Reason. Employee may terminate his employment with Good Reason by providing the Company fifteen (15) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written
notice, to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such fifteen (15) day notice period, the Company shall have a cure right (if curable), and if not cured within such
period, Employee’s termination will be effective upon the date immediately following the expiration of the fifteen (15) day notice period, and Employee shall be entitled to the same payments and benefits as provided in Section 8(d)
above for a termination without Cause, it being agreed that Employee’s right to any such payments and benefits shall be subject to the same terms and conditions as described in Section 8(d) above. Following such termination of
Employee’s employment by Employee with Good Reason, except as set forth in this Section 8(e), Employee shall have no further rights to any compensation or any other benefits under this Agreement. 

(f) Termination by Employee without Good Reason. Employee may terminate his employment without Good Reason by providing the
Company written notice of such termination. In the event of a termination of employment by Employee under this Section 8(f), Employee shall be entitled only to the following payments and benefits: 

(i) The Accrued Obligations; 
 (ii) The Applicable Severance Benefits, payable (x) as to 75% thereof in substantially equal installments over the twelve (12) month period following the date of Employee’s termination, in
accordance with the Company’s regular payroll practices, and (y) as to 25% thereof, subject to Employee’s compliance during the twelve (12) month period following the date of Employee’s termination with the terms and
conditions of this Agreement, in a lump sum upon the expiration of such period; provided, however, that notwithstanding the payment schedule set forth above in this subsection (ii), that portion of the Applicable Severance Benefits
remaining unpaid as of December 31, 2017, following such termination shall be paid to Employee, subject to Section 8(n) below, in a lump sum on December 31, 2017; provided further, however, that Employee shall not
be entitled to any amounts pursuant to this Section 8(f)(ii) to the extent Employee received any benefits pursuant to Section 8(l) below prior to such termination; and 

  
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 (iii) If such termination is a Retirement, subject to Employee’s
continued compliance with the provisions of Section 9 hereof, (A) any Awards that are stock options and that have been held by Employee for at least one year at the time of Retirement (1) and that are unvested at the date of
Employee’s termination shall continue to vest as if Employee had remained employed through the applicable vesting period, and (2) shall remain outstanding until the earliest of (x) exercise, (y) the expiration of the original
term, and (z) the second anniversary of the later of the date of Employee’s termination and the actual vesting date, and (B) any Awards that as of their date of grant were subject to both service- and performance-based vesting
requirements shall remain outstanding through the last day of the applicable performance period, without regard for the termination of Employee’s employment, and shall vest (or fail to vest and be forfeited) based on the level of actual
attainment of performance goals at such time or times as would have been the case had the service vesting provisions continued to apply and Employee remained employed through all applicable service vesting period; provided, however,
the eligibility for continued vesting based on performance shall immediately cease, and all Awards shall be forfeited, in the event that Employee violates any provision of the restrictive covenants set forth herein. 

In the event of termination of Employee’s employment under this Section 8(f), the Company may, in its sole and absolute discretion, by written
notice accelerate such date of Employee’s termination and still have it treated as a termination by Employee without Good Reason (and as a Retirement, if applicable). Following such termination of Employee’s employment by Employee without
Good Reason, except as set forth in this Section 8(f), Employee shall have no further rights to any compensation or any other benefits under this Agreement, and Employee shall have no further obligations to the Company, except as set forth in
Sections 8(j), 9, 10, 12(c) and 13 hereof. 
 (g) Expiration of the Term of Employment following Non-Extension Notice by the
Company. Upon the delivery of a Non-Extension Notice by the Company to Employee, Employee’s employment shall terminate upon the close of business of the last day of the Term of Employment. Upon such expiration of the Term of Employment,
Employee shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination without Cause, it being agreed that Employee’s right to any such payments and benefits shall be subject to the same terms and
conditions as described in Section 8(d) above. Following such termination of Employee’s employment upon expiration of the Term of Employment, except as set forth in this Section 8(g), Employee shall have no further rights to any
compensation or any other benefits under this Agreement. 
 (h) Expiration of the Term of Employment following Non-Extension
Notice by Employee. Upon the delivery of a Non-Extension Notice by Employee to the Company, Employee’s employment shall terminate upon the close of business of the last day of the Term of Employment. Upon such expiration of the Term of
Employment, Employee shall be entitled to: 
 (i) The Accrued Obligations; 

(ii) The Applicable Severance Benefits, payable (x) as to 75% thereof in substantially equal installments over the
twelve (12) month period following the date 

  
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of Employee’s termination, in accordance with the Company’s regular payroll practices, and (y) as to 25% thereof, subject to Employee’s compliance during the twelve
(12) month period following the date of Employee’s termination with the terms and conditions of this Agreement, in a lump sum upon the expiration of such period; provided, however, that notwithstanding the payment schedule
set forth above in this subsection (ii), that portion of the Applicable Severance Benefits remaining unpaid as of December 31, 2017, following such termination shall be paid to Employee, subject to Section 8(m) below, in a lump sum on
December 31, 2017; provided further, however, that Employee shall not be entitled to any amounts pursuant to this Section 8(h)(ii) to the extent Employee received any benefits pursuant to Section 8(l) below prior
to such termination; and 
 (iii) Any unpaid Annual Bonus in respect to any completed fiscal year which has ended
prior to the date of such termination, such amount to be paid at the same time it would otherwise be paid to Employee had no such termination occurred. 
 Following such termination of Employee’s employment upon expiration of the Term of Employment, except as set forth in this Section 8(h), Employee shall have no further rights to any compensation
or any other benefits under this Agreement. 
 (i) Release. Notwithstanding any provision herein to the contrary, the
Company may require that, prior to payment of any amount or provision of any benefit pursuant to this Section 8 (other than the Accrued Obligations), Employee and the Company shall have executed mutual general releases in the form as is
reasonably agreed to by the Company and Employee, and any waiting periods contained in such release shall have expired. Such release, if required by the Company, shall be delivered to Employee within ten (10) business days following the
termination of Employee’s employment hereunder, and the Company’s failure to deliver such release to Employee within such ten (10) business day period shall constitute a waiver of such requirement. Assuming a timely delivery of the
release by the Company, if Employee fails to execute such release on or prior to the Release Expiration Date, Employee shall not be entitled to any payments or benefits pursuant to this Section 8 (other than the Accrued Obligations).
Notwithstanding anything herein to the contrary, in any case where the date of Employee’s termination and the Release Expiration Date fall in two separate taxable years, any payments required to be made to Employee that are treated as deferred
compensation for purposes of Section 409A of the Code shall be made in the later taxable year. For purposes of this Agreement, “Release Expiration Date” means the date that is twenty-one (21) days following the date upon
which the Company timely delivers to Employee the release contemplated herein, or in the event that such termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined
in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. 

(j) Post-Termination Cooperation. Following any termination of Employee’s employment for any reason, Employee shall
reasonably cooperate with the Company to assist with existing or future investigations, proceedings, litigations or examinations involving the Company or any Affiliates. For each day, or part thereof, that Employee provides assistance to the Company
as contemplated hereunder, the Company shall pay Employee an amount equal to (x) divided by (y), where (x) equals the sum of Base Salary and target Annual Bonus as in effect on the date of Employee’s termination of employment, and
(y) equals 200. In addition, upon 

  
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presentment of satisfactory documentation, the Company will reimburse Employee for reasonable out-of-pocket travel, lodging and other incidental expenses he incurs in providing such assistance.
Employee shall not be required to travel to Bermuda to provide any assistance contemplated hereunder, but, if requested by the Company, shall make reasonable good faith efforts to travel to such locations as the Company may reasonably request.

 (k) Notwithstanding anything herein to the contrary, the payment (or commencement of a series of payments) hereunder of any
nonqualified deferred compensation (within the meaning of Section 409A of the Code) upon a termination of employment shall be delayed until such time as Employee has also undergone a “separation from service” as defined in Treas. Reg.
1.409A-1(h), at which time such nonqualified deferred compensation (calculated as of the date of Employee’s termination of employment hereunder) shall be paid (or commence to be paid) to Employee on the schedule set forth in this Section 8
as if Employee had undergone such termination of employment (under the same circumstances) on the date of his ultimate “separation from service.” Each payment in a series of payments hereunder shall be deemed to be a separate payment for
purposes of Section 409A of the Code. 
 (l) Accelerated Payment of Applicable Severance Benefits. To the extent
Employee has not suffered a termination of employment prior to December 31, 2017, Employee shall be entitled to receive an amount equal to the Applicable Severance Benefits, payable in a lump sum on December 31, 2017; provided,
however, that to the extent Employee ceases to comply with the terms and conditions of this Agreement or is terminated by the Company for Cause, in either case following the date on which Employee receives the Applicable Severance Benefits
pursuant to this Section 8(l), Employee shall repay to the Company an amount equal to the Applicable Severance Benefits. 

(m) Prior Prepayment of Certain Severance Benefits. Employee acknowledges and agrees that during each calendar year commencing
with calendar year 2010 and ending with calendar year 2012 Employee received a payment (each such payment, a “Prior Prepaid Severance Installment”) equal to 125% of the amount, if any, by which Employee’s Base Salary as in
effect as of the end of the immediately preceding calendar year (the “Prior Year”) exceeded Employee’s Base Salary as in effect as of the end of the calendar year immediately preceding the Prior Year. To the extent
Employee ceases to comply with the terms and conditions of this Agreement or is terminated by the Company for Cause (each case, a “Repayment Trigger”), Employee shall repay to the Company an amount equal to all Prior Prepaid
Severance Installments. 
 (n) Clawback of Applicable Severance Benefits. To the extent (x) all or any portion of
the payment to Employee of the Applicable Severance Benefits is accelerated to December 31, 2017, pursuant to the provision set forth in Section 8(b)(iii), (d)(iii), (f)(ii), or (h)(ii), as applicable (including to the extent payable by
cross-reference to any of such provisions) (the “Accelerated Severance Amount”), and (y) subsequent to December 31, 2017, and during the Restricted Period Employee ceases to comply with the terms and conditions of
this Agreement, Employee shall repay to the Company an amount equal to the Accelerated Severance Amount. 

  
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 (o) In the event Employee is required to repay any amounts to the Company pursuant to
Section 8(l), (m), or (n), the Company may offset such amounts against any monies owed to Employee or his estate following the date on which such obligation to repay arises, except to the extent such offset is not permitted under
Section 409A of the Code without the imposition of additional taxes or penalties on Employee. 
 Section 9.
Restrictive Covenants. Employee acknowledges and agrees that (A) the agreements and covenants contained in this Section 9 are (i) reasonable and valid in geographical and temporal scope and in all other respects, and
(ii) essential to protect the value of the Company’s business and assets, and (B) by his employment with the Company, Employee will obtain knowledge, contacts, know-how, training and experience and there is a substantial probability
that such knowledge, know-how, contacts, training and experience could be used to the substantial advantage of a competitor of the Company and to the Company’s substantial detriment. For purposes of this Section 9, references to the
Company shall be deemed to include its Affiliates. 
 (a) Confidential Information. Except as directed or authorized by
the Company, Employee agrees that he will not, at any time during or after the Term of Employment, make use of or divulge to any other person, firm or corporation any trade or business secret, process, method or means, or any other confidential
information concerning the business or policies of the Company or any of its divisions, subsidiaries or affiliates, which he may have learned in connection with his employment hereunder. For purposes of this Agreement, a “trade or business
secret, process, method or means, or any other confidential information” shall mean any information that Employee knows to be confidential or proprietary. Employee’s obligation under this Section 9(a) shall not apply to any
information which (i) is known publicly; (ii) is in the public domain or hereafter enters the public domain without the fault of Employee; (iii) is known to Employee prior to his receipt of such information from the Company, as
evidenced by written records of Employee or (iv) is hereafter disclosed to Employee by a third party not under an obligation of confidence to the Company. Employee agrees not to remove from the premises of the Company, except as an employee of
the Company in pursuit of the business of the Company or except as specifically permitted in writing by the Board, any document or other object containing or reflecting any such confidential information. Employee recognizes that all such documents
and objects, whether developed by him or by someone else, will be the sole exclusive property of the Company. Upon termination of his employment hereunder, Employee shall forthwith deliver to the Company all such confidential information, including
without limitation all lists of customers, correspondence, accounts, records and any other documents or property made or held by him or under his control in relation to the business or affairs of the Company or its subsidiaries or affiliates, and no
copy of any such confidential information shall be retained by him. 
 (b) Non-Competition. Employee covenants and
agrees that during the Restricted Period, Employee shall not, directly or indirectly, individually or jointly, own any interest in, operate, join, control or participate as a partner, director, principal, officer, or agent of, enter into the
employment of, act as a consultant to, or perform any services for any Person (other than the Company), that engages in any Competitive Activities within the Restricted Area. Notwithstanding anything herein to the contrary, this Section 9(b)
shall not prevent Employee from acquiring as an investment securities representing not more than three percent (3%) of the 

  
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outstanding voting securities of any publicly-held corporation or from being a passive investor in any mutual fund, hedge fund, private equity fund or similar pooled account so long as
Employee’s interest therein is less than three percent (3%) and he has no role in selecting or managing investments thereof. 
 (c) Non-Interference. During the Restricted Period, Employee shall not, directly or indirectly, for his own account or for the account of any other Person, engage in Interfering Activities.

 (d) Return of Documents. In the event of the termination of Employee’s employment for any reason, Employee shall
deliver to the Company all of (i) the property of the Company, and (ii) the documents and data of any nature and in whatever medium of the Company, and he shall not take with him any such property, documents or data or any reproduction
thereof, or any documents containing or pertaining to any Confidential Information. 
 (e) Works for Hire. Employee
agrees that the Company shall own all right, title and interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets, whether or not patentable or
registerable under copyright or similar laws, which Employee may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice during the Term of Employment, whether or not during regular
working hours, provided they either (i) relate at the time of conception or development to the actual or demonstrably proposed business or research and development activities of the Company; (ii) result from or relate to any work performed
for the Company; or (iii) are developed through the use of Confidential Information and/or Company resources or in consultation with Company personnel (collectively referred to as “Developments”). Employee hereby assigns all
right, title and interest in and to any and all of these Developments to the Company. Employee agrees to assist the Company, at the Company’s expense (but for no other consideration of any kind), to further evidence, record and perfect such
assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned. Employee hereby irrevocably designates and appoints the Company and its agents as attorneys-in-fact to act for and on Employee’s
behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of the foregoing with the same legal force and effect as if executed by Employee. In addition, and not in contravention of any of the
foregoing, Employee acknowledges that all original works of authorship which are made by him (solely or jointly with others) within the scope of employment and which are protectable by copyright are “works made for hire,” as that term is
defined in the United States Copyright Act (17 USC Sec. 101). To the extent allowed by law, this includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral
rights.” To the extent Employee retains any such moral rights under applicable law, Employee hereby waives such moral rights and consents to any action consistent with the terms of this Agreement with respect to such moral rights, in each case,
to the full extent of such applicable law. Employee will confirm any such waivers and consents from time to time as requested by the Company. 
 (f) Blue Pencil. If any court of competent jurisdiction shall at any time deem the duration or the geographic scope of any of the provisions of this Section 9 unenforceable, the other
provisions of this Section 9 shall nevertheless stand and the duration and/or geographic 

  
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scope set forth herein shall be deemed to be the longest period and/or greatest size permissible by law under the circumstances, and the parties hereto agree that such court shall reduce the time
period and/or geographic scope to permissible duration or size. 
 Section 10. Breach of Restrictive Covenants.

 Without limiting the remedies available to the Company, Employee acknowledges that a breach of any of the covenants contained
in Section 9 hereof may result in material irreparable injury to the Company or its subsidiaries for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of
such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction, without the necessity of proving irreparable harm or injury as a result of such breach or threatened
breach of Section 9 hereof, restraining Employee from engaging in activities prohibited by Section 9 hereof or such other relief as may be required specifically to enforce any of the covenants in Section 9 hereof. Notwithstanding any
other provision to the contrary, the Restricted Period shall be tolled during any period of violation of any of the covenants in Section 9(b) or (c) hereof and during any other period required for litigation during which the Company seeks
to enforce such covenants against Employee or another Person with whom Employee is affiliated if it is ultimately determined that Employee was in breach of such covenants. 
 Section 11. Representations and Warranties of Employee. 
 Employee
represents and warrants to the Company that: 
 (a) Employee’s continued employment will not conflict with or result in his
breach of any agreement to which he is a party or otherwise may be bound; 
 (b) Employee has not violated, and in connection
with his continued employment with the Company will not violate, any non-solicitation, non-competition or other similar covenant or agreement of a prior employer by which he is or may be bound; and 

(c) In connection with Employee’s continued employment with the Company, he will not use any confidential or proprietary information
that he may have obtained in connection with employment with any prior employer. 
 Section 12. Indemnification

 (a) Indemnification. The Company shall defend, hold harmless and indemnify Employee to the fullest extent permitted by
Bermuda law, as currently in effect or as it may hereafter be amended, from and against any and all damages, losses, liabilities, obligations, claims of any kind, costs, interest or expense (including, without limitation, reasonable attorneys’
fees and expenses) (collectively, “Losses”) that may be incurred or suffered by Employee in connection with or arising out of his service with the Company or its Affiliates (whether prior to or following the date hereof), subject
only to the provisions of subsection (b) below. 

  
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 (b) Exceptions to Right of Indemnification. No indemnification shall be made under
this Section 12 in respect of the following: 
 (i) Losses relating to the disgorgement remedy contemplated
by Section 16 of the Exchange Act; 
 (ii) Losses arising out of a knowing violation by Employee of a
material provision of this Section 12 or any other agreement to which Employee is a party with the Company or its Affiliates; and 
 (iii) Losses arising out of a final, nonappealable conviction of Employee by a court of competent jurisdiction for a knowing violation of criminal law. 

Moreover, the Company shall not effect any advances, or advance any costs, relating to any proceeding (or part thereof) initiated by Employee unless the
initiation thereof was approved by the Board, or as may be approved or ordered by a competent tribunal. 
 (c) Prepayment of
Expenses. Unless Employee otherwise elects via written notice to the Company, expenses incurred in defending any civil or criminal action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit
or proceeding upon receipt by the Company of a written affirmation of Employee’s good faith belief that his conduct does not constitute the sort of behavior that would preclude his indemnification under this Section 12 and Employee
furnishes the Company a written undertaking, executed personally or on his behalf, to repay any advances if it is ultimately determined that he is not entitled to be indemnified by the Company under this Section 12. 

(d) Continuation of Indemnity. All agreements and obligations of the Company contained in this Section 12 shall continue
during the period in which Employee is employed the Company and shall continue thereafter so long as Employee shall be subject to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, and whether formal or informal, by reason of the fact that Employee was a employed by the Company. 
 (e)
Indemnification Hereunder Not Exclusive. The indemnification and prepayment of expenses provided by this Section 12 is in addition to and shall not be deemed exclusive of any other right to which Employee may be entitled under the
Company’s Memorandum of Association, the Company’s By-Laws, any agreement, any vote of shareholders or disinterested directors, Bermuda law, any other law (common or statutory) or otherwise. Nothing contained in this Section 12 shall
be deemed to prohibit the Company from purchasing and maintaining insurance, at its expense, to protect itself or Employee against any expense, liability or loss incurred by it or him, whether or not Employee would be indemnified against such
expense, liability or loss under this Section 12; provided, that the Company shall not be liable under this Section 12 to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Employee has otherwise
actually received such payment under any insurance policy, contract, agreement or otherwise. In the event the Company makes any indemnification payments to Employee and Employee is subsequently reimbursed from the proceeds of insurance, Employee
shall promptly refund such indemnification payments to the Company to the extent of such insurance reimbursement. 

  
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 Section 13. Taxes. 

The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment
and social insurance taxes, as shall be required by law. 
 Section 14. Mitigation; Set Off. 

The Company’s obligation to pay Employee the amounts provided and to make the arrangements provided hereunder shall not be subject to
set-off, counterclaim or recoupment of amounts owed by Employee to the Company or its Affiliates. Employee shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or otherwise
and the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Employee’s other employment or otherwise. 

Section 15. Delay in Payment. 
 Notwithstanding any provision in this Agreement to the contrary, any payment otherwise required to be made hereunder to Employee at any date as a result of the termination of Employee’s employment
shall be delayed for such period of time as may be necessary to meet the requirements of section 409A(a)(2)(B)(i) of the Code. On the earliest date on which such payments can be made without violating the requirements of section 409A(a)(2)(B)(i) of
the Code, there shall be paid to Employee, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence. 
 Section 16. Successors and Assigns; No Third-Party Beneficiaries. 
 (a)
The Company. This Agreement shall inure to the benefit of and be enforceable by, and may be assigned by the Company to, any purchaser of all or substantially all of the Company’s business or assets or any successor to the Company
(whether direct or indirect, by purchase, merger, consolidation or otherwise). The Company will require in a writing delivered to Employee any such purchaser, successor or assignee to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such purchase, succession or assignment had taken place. The Company may make no other assignment of this Agreement or its obligations hereunder. 

(b) Employee. Employee’s rights and obligations under this Agreement shall not be transferable by Employee by assignment or
otherwise, without the prior written consent of the Company; provided, however, that if Employee shall die, all amounts then payable to Employee hereunder shall be paid in accordance with the terms of this Agreement to Employee’s
devisee, legatee or other designee or, if there be no such designee, to Employee’s estate. 
 (c) No Third-Party
Beneficiaries. Except as otherwise set forth in Section 8(b) or Section 16(b) hereof, nothing expressed or referred to in this Agreement will be construed to give any Person other than the Company and Employee any legal or equitable
right, remedy or claim under or with respect to this Agreement or any provision of this Agreement. 

  
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 Section 17. Waiver and Amendments. 

Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in writing and signed
by each of the parties hereto; provided, however, that any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights
hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 

Section 18. Severability. 
 If any covenants or other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction: (a) the remaining terms and provisions
hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or
unenforceable term or provision hereof. 
 Section 19. Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF BERMUDA (WITHOUT GIVING EFFECT TO THE CHOICE OF LAW
PRINCIPLES THEREOF) APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH COUNTRY. 
 Section 20.
Notices. 
 (a) Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to
or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided, provided that, unless and until some other address be so
designated, all notices or communications by Employee to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications by the Company to Employee may be given to Employee personally or
may be mailed to Employee at Employee’s last known address, as reflected in the Company’s records. 
 (b) Any notice
so addressed shall be deemed to be given: (i) if delivered by hand, on the date of such delivery; (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing; and (iii) if mailed by
registered or certified mail, on the third business day after the date of such mailing. 

  
 -20-

 Section 21. Section Headings. 

The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a
part thereof, affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
 Section 22.
Entire Agreement. 
 This Agreement constitutes the entire understanding and agreement of the parties hereto regarding the
employment of Employee following the Commencement Date. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this
Agreement, including, without limitation, the Prior Employment Agreement. Prior to the Commencement Date the Prior Employment Agreement shall remain in full force and effect. 
 Section 23. Survival of Operative Sections. 
 Upon any termination of
Employee’s employment, the provisions of Section 8 through Section 25 of this Agreement (together with any related definitions set forth in Section 1 hereof) shall survive to the extent necessary to give effect to the provisions
thereof. 
 Section 24. Recoupment. If the Company is required to file an accounting restatement with the United
States Securities and Exchange Commission due to the material noncompliance of the Company with applicable securities law financial reporting requirements, Employee shall reimburse the Company for: 

(a) The excess, if any, of (i) any bonus or other incentive-based or equity-based compensation received by Employee from the Company
following the first filing with the United States Securities and Exchange Commission of the financial document embodying such financial reporting requirement (and if any such bonus or compensation has been earned but not paid, it shall be forfeited)
over (ii) the amount of such bonus or other incentive-based or equity-based compensation as would have been payable to Employee under the applicable plan or award had such accounting restatement been the first such filing; provided that the
reimbursement described in this paragraph (a) shall apply only if and to the extent that one of clauses (x) or (y) applies, being (x) if the restatement is determined by a court of competent jurisdiction to be due to
Employee’s personal misconduct, the reimbursement described in this paragraph (a) shall apply only to compensation paid within 60 months following the first such filing which contains the financial statement which is ultimately restated
and (y) if the restatement is not due to Employee’s personal misconduct, the reimbursement described in this paragraph (a) shall apply only to compensation paid within 24 months following the first such filing which contains the
financial statement which is ultimately restated; and 
 (b) Any gains realized by Employee from the sale of securities of the
Company during the 12-month period following the first filing with the United States Securities and Exchange Commission of the financial document embodying such financial reporting requirement; provided, (i) this paragraph (b) shall apply
only if such restatement is determined by a court of competent jurisdiction to be due to Employee’s personal misconduct, and (ii) the amount, if any, payable under this paragraph (b) shall be reduced by any amount Employee pays to any
person other than the Company (including to any governmental authority) as compensation for any loss incurred in connection with such sale of securities. 

  
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 This Section 24 shall interpreted in a manner consistent with rulings, governmental pronouncements,
regulations, court decisions and the like interpreting Section 304 of the Sarbanes-Oxley Act of 2002; provided that the Company and Employee acknowledge that this Section 24 is broader than such Section 304. 

Section 25. Counterparts. 
 This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The execution of this
Agreement may be by actual or facsimile signature. 

*        *        * 

[Signatures to appear on the following page.] 

  
 -22-

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

  

	
	RENAISSANCERE HOLDINGS LTD.
	
	 /s/ Peter C. Durhager

	By: Peter C. Durhager
	Title: Executive Vice President and Chief           Administrative Officer
	
	EMPLOYEE
	
	 /s/ Kevin J. O’Donnell

	Kevin J. O’Donnell

  
 -23-

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