Document:

Stock Purchase Contract between the Company and the Trust

 Exhibit 4.6 
 Execution Copy 
  
  
 STOCK PURCHASE CONTRACT AGREEMENT 
 between 
 WELLS FARGO & COMPANY

 and 
 WELLS FARGO CAPITAL XIII,

 acting through The Bank of New York Trust Company, N.A., 
 as Property Trustee 
 Dated as of May 19, 2008 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	1
			
	 Section 1.1
	  	 Definitions
	  	1
	 Section 1.2
	  	 Form of Documents Delivered to Property Trustee
	  	5
	 Section 1.3
	  	 Notices
	  	6
	 Section 1.4
	  	 Effect of Headings and Table of Contents
	  	6
	 Section 1.5
	  	 Successors and Assigns
	  	6
	 Section 1.6
	  	 Separability Clause
	  	6
	 Section 1.7
	  	 Benefits of Agreement
	  	7
	 Section 1.8
	  	 Governing Law; Submission to Jurisdiction
	  	7
	 Section 1.9
	  	 Legal Holidays
	  	7
	 Section 1.10
	  	 No Waiver
	  	7
	 Section 1.11
	  	 No Consent to Assumption
	  	7
	 Section 1.12
	  	 No Recourse
	  	7
	 Section 1.13
	  	 Incorporation by Reference
	  	8
	 Section 1.14
	  	 Force Majeure
	  	8
		
	 ARTICLE II THE STOCK PURCHASE CONTRACTS
	  	8
			
	 Section 2.1
	  	 Issuance of Stock Purchase Contracts; Transferability; Assignment; Amendment
	  	8
	 Section 2.2
	  	 Purchase of Preferred Stock; Payment of Purchase Price
	  	9
	 Section 2.3
	  	 Issuance of Preferred Stock
	  	10
	 Section 2.4
	  	 Termination Event; Redemption Prior to Stock Purchase Date; Notice
	  	10
	 Section 2.5
	  	 Charges and Taxes
	  	10
	 Section 2.6
	  	 Contract Payments
	  	10
	 Section 2.7
	  	 Deferral of Contract Payments
	  	14
		
	 ARTICLE III REMEDIES
	  	16
			
	 Section 3.1
	  	 Unconditional Right of the Property Trustee to Receive Contract Payments and to Purchase Shares of Preferred Stock; Direct Action by
Holders of Normal PPS or Stripped PPS
	  	16
	 Section 3.2
	  	 Restoration of Rights and Remedies
	  	16
	 Section 3.3
	  	 Rights and Remedies Cumulative
	  	16
	 Section 3.4
	  	 Waiver of Stay or Extension Laws
	  	17
		
	 ARTICLE IV CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	17
			
	 Section 4.1
	  	 Covenant Not to Consolidate, Merge, Convey, Transfer or Lease Property Except under Certain Conditions
	  	17
	 Section 4.2
	  	 Rights and Duties of Successor Corporation
	  	17
	 Section 4.3
	  	 Officers’ Certificate and Opinion of Counsel Given to Property Trustee
	  	18
		
	 ARTICLE V COVENANTS
	  	18
			
	 Section 5.1
	  	 Performance under Stock Purchase Contracts
	  	18
	 Section 5.2
	  	 Company to Reserve Preferred Stock
	  	18
	 Section 5.3
	  	 Covenants as to Preferred Stock
	  	18
	 Section 5.4
	  	 Statements of Officers of the Company as to Default
	  	18
	 Section 5.5
	  	 Waiver of Jury Trial
	  	18

  

 STOCK PURCHASE CONTRACT AGREEMENT 

 This STOCK PURCHASE CONTRACT
AGREEMENT, dated as of May 19, 2008, between WELLS FARGO & COMPANY, a Delaware corporation (the “Company”),
having its principal office at 420 Montgomery Street, San Francisco, California 94163 , and WELLS FARGO CAPITAL XIII, a Delaware statutory trust (the “Issuer Trust”), acting
through THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association organized and existing under the laws of the United
States, not in its individual capacity but solely as Property Trustee of the Issuer Trust (the “Property Trustee”). 
 RECITALS OF THE COMPANY 
 The Company has duly authorized the
execution and delivery of this Agreement. 
 All things necessary to make the Stock Purchase Contracts (as defined herein) the valid
obligations of the Company and to constitute these presents a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS STOCK PURCHASE CONTRACT AGREEMENT WITNESSETH: For and in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, it is mutually agreed as follows: 
 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.1 Definitions. 
 For all purposes of this
Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) The terms defined in this Article have the
meanings assigned to them in this Article and include the plural as well as the singular. 
 (b) All accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such
accounting principles that are generally accepted in the United States at the date or time of such computation; provided that when two or more principles are so generally accepted, it shall mean that set of principles consistent with those in
use by the Company. 
 (c) The words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision. 
 (d) Unless the context
otherwise requires, any references to an “Article,” a “Section” or another subdivision refers to an Article, a Section or another subdivision, as the case may be, of this Stock Purchase Contract Agreement. 
 (e) The following terms have the meanings given to them in this Section 1.01(e): 
 “Additional Subordinated Notes” means the junior subordinated notes of the Company that may be issued to the Property Trustee as
provided in Section 2.7(c). 
  

 STOCK PURCHASE CONTRACT AGREEMENT 

 “Agreement” means this instrument as originally executed or as it may from time to time
be supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof. 
 “Bank” means Wells Fargo Bank, N.A., or its successor. 
 “Bankruptcy Code” means the Bankruptcy
Reform Act of 1978, Title 11 of the United States Code, as amended from time to time, or any other law of the United States that from time to time provides a uniform system of bankruptcy laws. 
 “Board of Directors” means the board of directors of the Company or any committee of that board duly authorized to act hereunder.

 “Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions and trust
companies in New York, New York, Minneapolis, Minnesota or Wilmington, Delaware are permitted or required by any applicable law to close. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral Agent” means Wilmington
Trust Company, as Collateral Agent under the Collateral Agreement until a successor Collateral Agent shall have become such pursuant to the applicable provisions of the Collateral Agreement, and thereafter “Collateral Agent” shall mean the
Person who is then the Collateral Agent thereunder. 
 “Collateral Agreement” means the Collateral Agreement, dated as of
the date hereof, among the Company, the Issuer Trust (acting through the Property Trustee), the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar, as amended from time to time. 
 “Company” means the Person named as the “Company” in the first paragraph of this Agreement until a successor shall have become
such pursuant to the applicable provision of this Agreement, and thereafter “Company” shall mean such successor. 
 “Contract Payments” means the payments payable by the Company on the Payment Dates in respect of each Stock Purchase Contract, at the rate of 0.20% per annum of the Stated Amount of each Stock Purchase Contract.

 “Custodial Agent” means Wilmington Trust Company, as Custodial Agent under the Collateral Agreement until a successor
Custodial Agent shall have become such pursuant to the applicable provisions of the Collateral Agreement, and thereafter “Custodial Agent” shall mean the Person who is then the Custodial Agent thereunder. 
 “Deposit” means an interest-bearing deposit of cash or cash equivalents with the Bank that (i) shall be made on the Remarketing
Settlement Date, (ii) shall be payable on the Stock Purchase Date, (iii) shall bear interest at a market rate of interest established immediately prior to the first day of the applicable Remarketing Period and (iv) shall be
established in the name of the Collateral Agent pursuant to an agreement naming the Collateral Agent as customer and providing that the bank’s jurisdiction for purposes of Article 9 of the Uniform Commercial Code is New York. 
 “Federal Reserve” means (i) the Board of Governors of the Federal Reserve System, as from time to time constituted, or if at any
time after the execution of this Agreement the Federal Reserve is not existing and performing the duties now assigned to it, then the body or bodies performing such duties at such time, or the Federal Reserve Bank of Minneapolis, or (ii) any
successor Federal bank regulatory agency having primary jurisdiction over the Company. 
  

 -2- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 “Guarantee Agreement” means the Guarantee Agreement between the Company, as Guarantor
and The Bank of New York Trust Company, N.A., as Guarantee Trustee, dated as of the date hereof. 
 “Holder” means a Holder
(as such term is defined in the Trust Agreement) of Normal PPS or Stripped PPS. 
 “Indenture” means the Indenture, dated as
of August 1, 2005, between the Company and The Bank of New York Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, N.A.), as amended or supplemented by Fourth Supplemental Indenture, dated as of May 19, 2008,
between the Company and The Bank of New York Trust Company, N.A., as amended or supplemented from time to time, and as further amended or supplemented from time to time with respect to the Notes. 
 “Issuer Trust” means the Person named as the “Issuer Trust” in the first paragraph of this Agreement. 
 “Officers’ Certificate” means a certificate signed by the Chairman, Chief Executive Officer, President or a Vice President, and by
the Treasurer, an Associate Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary of the Company or the duly authorized designee of the foregoing, and delivered to the Property Trustee. 
 “Opinion of Counsel” means a written opinion of legal counsel, who may be counsel to the Company (and who may be an employee of the
Company), and who shall be reasonably acceptable to the Property Trustee. An Opinion of Counsel may rely on certificates as to matters of fact. 
 “Payment Date” means (i) each March 26 and September 26 of each year occurring prior to the Stock Purchase Date, commencing in September 26, 2008 and (ii) the Stock Purchase Date. 
 “Person” means any individual, corporation, partnership, association, joint venture or limited liability company, unincorporated
organization, government or any agency or political subdivision thereof or any other entity of a similar nature. 
 “Preferred
Stock” means the Non-Cumulative Perpetual Preferred Stock, Series A, $100,000 liquidation preference per share with no par value per share, of the Company. 
 “Property Trustee” means The Bank of New York Trust Company, N.A., not in its individual capacity but solely as Property Trustee under the Trust Agreement until a successor Property Trustee shall have
become such pursuant to the applicable provisions of the Trust Agreement, and thereafter “Property Trustee” shall mean the Person who is then Property Trustee thereunder. 
 “Remarketing” means a remarketing of Notes pursuant to the Indenture. 
 “Responsible Officer” means, when used with respect to the Property Trustee, any officer within the Global Corporate Trust division of
The Bank of New York Trust Company, N.A. (or any successor department, unit or division of The Bank of New York Trust Company, N.A.), who has direct responsibility for the administration of the Property Trustee’s functions under this Agreement.

  

 -3- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 “Securities Act” means the Securities Act of 1933 and any successor statute thereto, in
each case as amended from time to time, and the rules and regulations promulgated thereunder. 
 “Securities Intermediary”
means Wilmington Trust Company, as Securities Intermediary under the Collateral Agreement until a successor Securities Intermediary shall have become such pursuant to the applicable provisions of the Collateral Agreement, and thereafter
“Securities Intermediary” shall mean such successor or any subsequent successor who is appointed pursuant to the Collateral Agreement. 
 “Securities Registrar” means Wilmington Trust Company, as Securities Registrar under the Collateral Agreement until a successor Securities Registrar shall have become such pursuant to the applicable provisions of the
Collateral Agreement, and thereafter “Securities Registrar” shall mean such successor or any subsequent successor who is appointed pursuant to the Collateral Agreement. 
 “Stated Amount” means, with respect to any one Stock Purchase Contract, $100,000. 
 “Stock Purchase Contract” means a contract having a Stated Amount of $100,000 obligating (i) the Company to sell, and the Issuer
Trust (acting through the Property Trustee) to purchase, one share of Preferred Stock for $100,000 on the Stock Purchase Date and (ii) the Company to pay Contract Payments to the Issuer Trust, in each case on the terms and subject to the
conditions set forth in Article II and Article V. 
 “Stock Purchase Date” means the first to occur of any
March 26, June 26, September 26 or December 26, or if any such day is not a Business Day, the next Business Day, after (i) the Remarketing Settlement Date or (ii) a Failed Remarketing. 
 “Termination Date” means the date, if any, on which a Termination Event occurs or the Company redeems all the Notes prior to the Stock
Purchase Date in accordance with the Indenture. 
 “Termination Event” means the occurrence of any of the following events
at any time on or prior to the Stock Purchase Date: 
 (i) a judgment, decree or court order shall have been entered granting relief under
the Bankruptcy Code, adjudicating the Company to be insolvent, or approving as properly filed a petition seeking reorganization or liquidation of the Company or any other similar applicable federal or state law and if such judgment, decree or order
shall have been entered more than 90 days prior to the Stock Purchase Date, such decree or order shall have continued undischarged and unstayed for a period of 90 days; 
 (ii) a judgment, decree or court order for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Company or of its property, or for the termination or liquidation of its
affairs, shall have been entered and if such judgment, decree or order shall have been entered more than 90 days prior to the Stock Purchase Date, such judgment, decree or order shall have continued undischarged and unstayed for a period of 90 days;
or 
 (iii) the Company shall file a petition for relief under the Bankruptcy Code, or shall consent to the filing of a bankruptcy proceeding
against it, or shall file a petition or answer or consent seeking reorganization or liquidation under the Bankruptcy Code or any other similar applicable federal or state law, or shall consent to the filing of any such petition, or shall consent to
the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or of its property, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as
they become due. 
  

 -4- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the date
hereof, among the Company, as Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, BNYM (Delaware), as Delaware Trustee, and the Administrative Trustees (each as named therein) and the several Holders (as defined therein).

 “Vice President” means any vice president, whether or not designated by a number or a word or words added before or after
the title “Vice President.” 
 (f) The following terms have the meanings set forth in the Section of this Agreement or in the other
agreement set forth below. 
  

			
	Administrative Trustee	  	Trust Agreement
	Collateral	  	Collateral Agreement
	Common Stock	  	Indenture
	Deferred Contract Payments	  	Section 2.7(a)
	Failed Remarketing	  	Indenture
	Normal PPS	  	Trust Agreement
	Notes	  	Trust Agreement
	Parity Securities	  	Indenture
	Paying Agent	  	Trust Agreement
	Payment Account	  	Trust Agreement
	Pledged Notes	  	Collateral Agreement
	Pledged Treasury Securities	  	Collateral Agreement
	PPS	  	Trust Agreement
	Proceeds	  	Collateral Agreement
	Remarketing Agreement	  	Trust Agreement
	Remarketing Settlement Date	  	Indenture
	Senior Debt	  	Indenture
	Stripped PPS	  	Trust Agreement
	Successful	  	Indenture

 Section 1.2 Form of Documents Delivered to Property Trustee. 
 (a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which its certificate or
opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 (b) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Agreement, they may, but need not, be
consolidated and form one instrument. 
  

 -5- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 Section 1.3 Notices. 
 Any notice or communication is duly given if in writing and delivered in Person or mailed by first-class mail (registered or certified, return receipt requested), telecopier (with receipt confirmed) or overnight air
courier guaranteeing next day delivery, to the others’ address; provided that notice shall be deemed given to the Property Trustee only upon receipt thereof: 
 If to the Issuer Trust or the Property Trustee: 
 The Bank of New York Trust Company, N.A., 
 as Property Trustee of Wells Fargo Capital XIII 
 2 North LaSalle 
 Suite 1020 
 Chicago, IL 60602 
 Attention: Global Corporate Trust 
 If to the Company: 
 Wells Fargo & Company 
 420 Montgomery Street, 
 San Francisco,
California 94163, 
 Attention: Chief Financial Officer MAC# 
 A0101-121 
 If to the Collateral Agent: 
 Wilmington Trust Company, 
 as Collateral
Agent 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration 
 Section 1.4 Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 1.5 Successors and Assigns. 
 All covenants
and agreements in this Agreement by the Company and the Issuer Trust shall bind their respective successors and assigns, whether so expressed or not. 
 Section 1.6 Separability Clause. 
 In case any provision in this Agreement shall be invalid, illegal or unenforceable by a
court of competent jurisdiction, the validity, legality and enforceability of the remaining provisions hereof and thereof shall not in any way be affected or impaired thereby. 
  

 -6- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 Section 1.7 Benefits of Agreement. 
 Nothing contained in this Agreement, express or implied, shall give to any Person, other than the parties hereto and their successors and assigns hereunder and, to the extent provided hereby, the holders of Senior
Debt and any Paying Agent, and in the case of Section 1.10 and 2.2(c) only the Collateral Agent any benefits or any legal or equitable right, remedy or claim under this Agreement. 
 Section 1.8 Governing Law; Submission to Jurisdiction. 
 This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without regard to the conflict of law principles thereof. 
 Section 1.9 Legal
Holidays. 
 (a) In any case where any Payment Date shall not be a Business Day (notwithstanding any other provision of this Agreement),
Contract Payments or other distributions shall not be paid on such date, but Contract Payments or such other distributions shall be paid on the next succeeding Business Day with the same force and effect as if made on such Payment Date. No interest
shall accrue or be payable by the Company or to the Property Trustee (on behalf of the Issuer Trust) for the period from and after any such Payment Date on such successive Business Day. 
 (b) In any case where the Stock Purchase Date shall not be a Business Day (notwithstanding any other provision of this Agreement), the Stock Purchase
Contracts shall not be performed and shall not be effected on such date, but the Stock Purchase Contracts shall be performed on the next succeeding Business Day with the same force and effect as if made on such Stock Purchase Date. 
 Section 1.10 No Waiver. 
 No failure on the part of
the Company, the Property Trustee, the Collateral Agent, the Securities Intermediary or any of their respective agents to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall
operate as a waiver thereof; nor shall any single or partial exercise by the Company, the Property Trustee, the Collateral Agent, the Securities Intermediary or any of their respective agents of any right, power or remedy hereunder preclude any
other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
 Section 1.11 No Consent to Assumption. 
 The Property Trustee for and on behalf of the Issuer Trust
hereby expressly withholds any consent to the assumption under Section 365 of the Bankruptcy Code or otherwise, of the Stock Purchase Contract by the Company or its trustee, receiver, liquidator or a Person performing similar functions in the
event that the Company becomes the debtor under the Bankruptcy Code or subject to other similar state or Federal law providing for reorganization or liquidation. 
 Section 1.12 No Recourse 
 It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by The Bank of New York Trust Company, N.A., not individually or personally but solely as Property Trustee of the Issuer Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the
representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer Trust is made and intended not as personal representations, warranties, 

  

 -7- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 
covenants, undertakings and agreements by The Bank of New York Trust Company, N.A. but is made and intended for the purpose of binding only the Issuer Trust,
(c) nothing herein contained shall be construed as creating any liability on the part of The Bank of New York Trust Company, N.A., individually or personally, to perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall The Bank of New York Trust Company, N.A. be personally liable for the
payment of any indebtedness or expenses of the Issuer Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer Trust under this Agreement or any other related documents.

 Section 1.13 Incorporation by Reference. 
 In connection with its appointment and acting hereunder, the Property Trustee is entitled to all rights, privileges, protections, immunities, benefits and indemnities provided to it under the Trust Agreement. 
 Section 1.14 Force Majeure. 
 In no event shall the
Property Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the
Property Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 ARTICLE II 
 THE STOCK PURCHASE CONTRACTS 
 Section 2.1 Issuance of Stock Purchase Contracts; Transferability; Assignment; Amendment. 
 (a) Contemporaneously with the execution and delivery of this Agreement, the Company hereby issues 25,001 Stock Purchase Contracts having the terms and
conditions set forth herein to the Issuer Trust (acting through the Property Trustee), which by its execution and delivery of this Agreement is entering into and agreeing to be bound by the Stock Purchase Contracts. No certificates will be issued to
evidence the Stock Purchase Contracts. 
 (b) To the fullest extent permitted by law, other than a transfer in connection with (i) a
merger, consolidation, amalgamation or replacement of the Issuer Trust or (ii) any conveyance, transfer or lease by the Issuer Trust of its properties and assets substantially as an entirety to, and the assumption by, a successor entity
pursuant to Section 9.5 of the Trust Agreement, any attempted transfer of the Stock Purchase Contracts shall be void. 
 (c) To the
fullest extent permitted by law, any assignment by the Issuer Trust of its rights hereunder, other than an assignment of this Agreement in connection with a merger, consolidation, amalgamation or replacement of the Issuer Trust or any conveyance,
transfer or lease by the Issuer Trust of its properties and assets substantially as an entirety to, and the assumption by, a successor entity pursuant to Section 9.5 of the Trust Agreement, shall be void. 
  

 -8- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 (d) No amendment, modification or waiver of any provision of this Agreement shall be effective against
either party hereto unless it is duly authorized by resolution of the Board of Directors of the Company and permitted under Section 6.1(c) of the Trust Agreement. 
 Section 2.2 Purchase of Preferred Stock; Payment of Purchase Price. 
 (a) Each Stock Purchase Contract
shall obligate the Issuer Trust (acting through the Property Trustee) to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to the Stated Amount, one share of Preferred Stock, unless a Termination Event shall have
occurred or the Company shall have redeemed all of the Notes prior to the Stock Purchase Date in accordance with the Indenture. 
 (b) The
Issuer Trust will satisfy its obligations under Section 2.2(a) to pay the purchase price in respect of the Stock Purchase Contracts out of (i) the Proceeds at maturity of the Pledged Treasury Securities and (ii) if there has been a
Successful Remarketing, to the extent of the excess of the purchase price over the amount of the Proceeds at maturity of the Pledged Treasury Securities, the Deposit; provided that in the event that a receiver has been appointed for the
purpose of liquidating or winding up the affairs of the Bank while the Bank is holding the Deposit, in lieu of payment of the Deposit the Issuer Trust shall cause the Collateral Agent to assign its rights in the Deposit to the Company on the Stock
Purchase Date to the extent of such amount required in full satisfaction of the Issuer Trust’s obligation to pay the Deposit pursuant to this clause (ii). 
 (c) If there is a Failed Remarketing, the Collateral Agent for the benefit of the Company reserves all of its rights as a secured party with respect to the Pledged Notes and, subject to applicable law and
Section 2.2(d), may, among other things, (i) retain such Pledged Notes or their Proceeds in full satisfaction of the Issuer Trust’s obligations under the Stock Purchase Contracts or (ii) sell such Pledged Notes in one or more
public or private sales as permitted by applicable law, in order to satisfy the Issuer Trust’s obligations under Section 2.2(a) to pay the purchase price in respect of the Stock Purchase Contracts to the extent not satisfied out of the
Proceeds at maturity of the Pledged Treasury Securities. 
 (d) The obligations of the Issuer Trust to pay the purchase price in respect of
the Stock Purchase Contracts are non-recourse obligations and are payable solely out of the Proceeds of any Collateral pledged to secure the obligations of the Issuer Trust and the assignment of the Deposit as set forth in this Section 2.2, and
in no event will the Property Trustee be liable for any deficiency between the Proceeds of the disposition of Collateral and the purchase price in respect of the Stock Purchase Contracts or other amounts. 
 (e) The Company shall not be obligated to cause the issuance of any share of Preferred Stock in respect of a Stock Purchase Contract or deliver any
certificates therefor to the Property Trustee unless the Company shall have received payment for the share of Preferred Stock to be purchased thereunder in the manner herein set forth. 
 Notwithstanding any provision of this Agreement, the Property Trustee shall have no responsibility or liability with respect to the amount or sufficiency
of any proceeds generated by any Remarketing or any Pledged Treasury Securities or otherwise, the timing of any Remarketing or market conditions and their impact on the value of any of the foregoing. 
  

 -9- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 Section 2.3 Issuance of Preferred Stock. 
 Unless a Termination Event shall have occurred or the Company shall have redeemed all the Notes prior to the Stock Purchase Date in accordance with the
Indenture, on the Stock Purchase Date upon receipt of the aggregate purchase price payable on all Stock Purchase Contracts, the Company shall cause to be issued and deposited with the Property Trustee (or its nominee), one or more certificates
representing newly issued shares of Preferred Stock registered in the name of the Property Trustee (or its nominee) as custodian for the Issuer Trust to which the Issuer Trust is entitled hereunder. 
 Section 2.4 Termination Event; Redemption Prior to Stock Purchase Date; Notice. 
 (a) The Stock Purchase Contracts and all obligations and rights of the Company and the Issuer Trust (including the obligations and rights of the Property Trustee acting on behalf of the Issuer Trust) thereunder,
including, without limitation, the right of the Issuer Trust to receive and the obligation of the Company to pay any Contract Payments (including any accrued and unpaid Contract Payments), and the rights and obligations of the Issuer Trust to
purchase shares of Preferred Stock and of the Company to issue shares of Preferred Stock, shall immediately and automatically terminate, without the necessity of any notice or action by the Issuer Trust, the Property Trustee or the Company, if a
Termination Event shall have occurred on or prior to the Stock Purchase Date. 
 (b) The Stock Purchase Contracts and all obligations and
rights of the Company and the Issuer Trust (including the obligations and rights of the Property Trustee acting on behalf of the Issuer Trust) thereunder, including, without limitation, the right of the Issuer Trust to receive and the obligation of
the Company to pay any Contract Payments, except as provided in this Section 2.4(b), and the rights and obligations of the Issuer Trust to purchase shares of Preferred Stock and of the Company to issue shares of Preferred Stock, shall also
terminate automatically upon the redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance with the Indenture. Upon any such termination, the Company shall pay to the Issuer Trust for distribution to the Holders of
the Normal PPS and the Stripped PPS all accrued and unpaid Contract Payments. 
 (c) Upon the occurrence of a Termination Event or the
redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance with the Indenture, the Company shall promptly but in no event later than five Business Days thereafter give written notice to the Property Trustee and the
Collateral Agent of such event. 
 Section 2.5 Charges and Taxes. 
 The Company will pay all stock transfer and similar taxes attributable to the initial issuance and delivery of the shares of Preferred Stock pursuant to the Stock Purchase Contracts; provided that the Company
shall not be required to pay any such tax or taxes that may be payable in respect of any issuance of a share of Preferred Stock in a name other than in the name of the Property Trustee or its nominee, as custodian for the Issuer Trust, and the
Company shall not be required to issue or deliver such share certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company, in addition to any Stated Amount, the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid. 
 Section 2.6 Contract Payments. 
 (a) Subject to Section 2.7, the Company shall pay, in arrears on each Payment Date, the Contract Payments payable in respect of each Stock Purchase
Contract to the Property Trustee or upon its order. The Contract Payments will be payable by wire transfer to the Payment Account established under the Trust Agreement with Wilmington Trust Company, as Paying Agent, and the Property Trustee so
directs. The Contract Payments will accrue from and including May 19, 2008 or from and including the most recent Payment Date on which Contract Payments have been paid or duly provided for (subject to deferral as set forth in Section 2.7)
to but excluding the next succeeding Payment Date. Contract Payments 

  

 -10- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 
will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The Company (or its agents) shall withhold and backup withhold any tax
as required by law from any payment and from any distribution of Additional Subordinated Notes made under the terms of this Agreement. Without limiting the preceding sentence, the Company (or its agents) shall withhold tax on any Contract Payment
(and any distribution of property in satisfaction of any deferred Contract Payment) made to any non-United States Person (as defined under the Code) unless such person can establish an exemption from such withholding. The amount of any such
withholding and backup withholding tax shall be treated as if paid to the intended recipient of such payment hereunder. 
 (b) The
Company’s obligations with respect to Contract Payments, if any, will be subordinated and junior in right of payment to the Company’s obligations under any Senior Debt to the extent and in the manner set forth in Sections 2.6(c)
through (m). 
 (c) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest
on any Senior Debt, or in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing and shall have resulted in such Senior Debt becoming or being declared due and payable prior to the date on which it
would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or in the event any judicial proceeding
shall be pending with respect to any such default in payment or such event or default, then no payment or distribution in respect of any Contract Payment shall be made by the Company. 
 (d) Upon the occurrence of any default referred to in Section 2.6(c) that shall not have been cured or waived: 
 (i) all Senior Debt (including any interest thereon accruing after the commencement of any such proceedings) shall first be paid in full
before any payment or distribution, whether in cash, securities or other property, shall be made to the Property Trustee in respect of Contract Payments; 
 (ii) any payment or distribution, whether in cash, securities or other property that would otherwise (but for these subordination provisions) be payable or deliverable in respect of Contract Payments shall be paid or
delivered directly to the holders of Senior Debt in accordance with the priorities then existing among such holders until all Senior Debt (including any interest thereon accruing after the commencement of any such proceedings) shall have been paid
in full; 
 (iii) after payment in full of all sums owing with respect to Senior Debt, the Property Trustee, together with the
holders of any obligations of the Company ranking on a parity with the Contract Payments, shall be entitled to be paid from the remaining assets of the Company the amounts at the time due and owing on account of unpaid Contract Payments and interest
thereon and such other obligations before any payment or other distribution, whether in cash, securities or other property, shall be made on account of any capital stock of the Company or any obligations of the Company ranking junior to the
Company’s obligations to make Contract Payments under the Stock Purchase Contracts and such other obligations; and 
 (iv) in the event that, notwithstanding the foregoing, any payment or distribution of any character or any security, whether in cash, securities or other property, shall be actually received by the Property Trustee or the Issuer Trust in
contravention of any of the terms hereof such payment or distribution or security shall be received in trust for the benefit of, and, to the extent in its possession, shall be paid over or delivered and transferred back to the transferor for
distribution, or to the holders of the Senior Debt at the time outstanding in accordance with the priorities then 

  

 -11- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 
existing among such holders for application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior Debt in full.
In the event of the failure of the Property Trustee or the Issuer Trust to endorse or assign any such payment, distribution or security, each holder of Senior Debt is hereby irrevocably authorized to endorse or assign the same. 
 (e) For purposes of Sections 2.6(c) through (p), the words “cash, securities or other property” shall not be deemed to include shares of
stock of the Company as reorganized or readjusted, or securities of the Company or any other Person provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in Sections 2.6(b)
through (m) with respect to such Contract Payments on the Stock Purchase Contracts to the payment of all Senior Debt that may at the time be outstanding; provided that (i) the indebtedness or guarantee of indebtedness, as the case
may be, that constitutes Senior Debt is assumed by the Person, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of the Senior Debt are not, without the consent of each such holder adversely
affected thereby, altered by such reorganization or readjustment. 
 (f) Any failure by the Company to make any payment on or perform any
other obligation under Senior Debt, other than any indebtedness incurred by the Company or assumed or guaranteed, directly or indirectly, by the Company for money borrowed (or any deferral, renewal, extension or refunding thereof) or any
indebtedness or obligation as to which the provisions of Sections 2.6(b) through (m) shall have been waived by the Company in the instrument or instruments by which the Company incurred, assumed, guaranteed or otherwise created such
indebtedness or obligation, shall not be deemed a default or event of default if (i) the Company shall be disputing its obligation to make such payment or perform such obligation and (ii) either (A) no final judgment relating to such
dispute shall have been issued against the Company that is in full force and effect and is not subject to further review, including a judgment that has become final by reason of the expiration of the time within which a party may seek further appeal
or review, or (B) in the event a judgment that is subject to further review or appeal has been issued, the Company shall in good faith be prosecuting an appeal or other proceeding for review and a stay of execution shall have been obtained
pending such appeal or review. 
 (g) Subject to the irrevocable payment in full of all Senior Debt, the Property Trustee on behalf of the
Issuer Trust shall be subrogated (equally and ratably with the holders of all obligations of the Company that by their express terms are subordinated to Senior Debt of the Company to the same extent as payment of the Contract Payments in respect of
the Stock Purchase Contracts is subordinated and that are entitled to like rights of subrogation) to the rights of the holders of Senior Debt to receive payments or distributions of cash, securities or other property of the Company applicable to the
Senior Debt until all such Contract Payments owing on the Stock Purchase Contracts shall be paid in full, and as between the Company, its creditors other than holders of such Senior Debt and the Property Trustee, no such payment or distribution made
to the holders of Senior Debt by virtue of Sections 2.6(b) through (m) that otherwise would have been made to the Property Trustee shall be deemed to be a payment by the Company on account of such Senior Debt, it being understood that the
provisions of Sections 2.6(b) through (m) are intended solely for the purpose of defining the relative rights of the Property Trustee, on the one hand, and the holders of Senior Debt, on the other hand. 
 (h) Nothing contained in Sections 2.6(b) through (m) or elsewhere in this Agreement is intended to or shall impair, as among the Company, its
creditors other than the holders of Senior Debt and the Property Trustee, the obligation of the Company, which is absolute and unconditional, to pay to the Property Trustee such Contract Payments on the Stock Purchase Contracts as and when the same
shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Property Trustee and creditors of the Company other than the holders of Senior Debt, nor shall anything herein or therein
prevent the Property Trustee from exercising all remedies otherwise permitted by applicable law upon default under this Agreement, subject to the rights, if any, under Sections 2.6(b) through (m), of the holders of Senior Debt in respect of
cash, securities or other property of the Company received upon the exercise of any such remedy. 
  

 -12- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 (i) Upon payment or distribution of assets of the Company referred to in Sections 2.6(b) through
(m), the Property Trustee shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Company is
pending or upon a certificate of the trustee in bankruptcy, receiver, conservator, assignee for the benefit of creditors, liquidating trustee or other Person making any payment or distribution, delivered to the Property Trustee, for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto or to Sections 2.6(b) through (m); provided that the foregoing shall not be construed as creating any duty on the part of the Property Trustee. 
 (j) Notwithstanding any provision of this Agreement, the Property Trustee shall be under no obligation or responsibility to enforce or observe the
provisions of Section 2.6(d) hereof and shall have no liability therefor, unless and until the Property Trustee shall have received written notice from the Company or a holder or holders of Senior Debt of any default addressed to a Responsible
Officer and specifying that it is a notice of default hereunder. The Property Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Debt (or a trustee or
representative on behalf of such holder) to establish that such notice has been given by a holder of Senior Debt or a trustee or representative on behalf of any such holder or holders. In the event that the Property Trustee determines in good faith
that further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to Section 2.6(b) through (m), the Property Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Property Trustee as to the amount of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of such Person under Sections 2.6(b) through (m), and, if such evidence is not furnished, the Property Trustee may defer payment to such Person pending judicial determination as to the right of such Person to receive such payment,
provided that the foregoing shall not be construed as imposing any obligation or duty on the part of the Property Trustee. 
 (k)
Nothing contained in Sections 2.6(b) through (m) shall affect the obligations of the Company to make, or prevent the Company from making, payment of the Contract Payments, except as otherwise provided in Sections 2.6(b) through (m).

 (l) The Bank of New York Trust Company, N.A., or any successor Property Trustee, in its individual capacity shall be entitled to all the
rights set forth in this Section with respect to any Senior Debt at the time held by it, to the same extent as any other holder of Senior Debt and nothing in this Agreement shall deprive The Bank of New York Trust Company, N.A., or any successor
Property Trustee of any of its rights as such holder. 
 (m) No right of any present or future holder of any Senior Debt to enforce the
subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any noncompliance by the Company with the terms, provisions and covenants of this Agreement, regardless of
any knowledge thereof that any such holder may have or be otherwise charged with. 
 (n) Nothing in this Section 2.6 shall apply to
claims of, or payments to, the Property Trustee under or pursuant to Section 2.7. 
  

 -13- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 (o) With respect to the holders of Senior Debt, (i) the Property Trustee shall not be liable to any
such holders if it shall pay over or distribute to the Holders or to the Company or any other Person cash, securities or other property actually received by it and still in its possession to which any holders of Senior Debt shall be entitled by
virtue of this Section 2.6 or otherwise; (ii) no implied covenants or obligations shall be read into this Agreement against the Property Trustee; and (iii) the Property Trustee shall owe no duties, fiduciary or otherwise, to such
holders. 
 (p) Nothing in this Section 2.6 shall apply to any payment or distribution, whether in cash, securities or other property,
made to, or paid over or distributed by, any Paying Agent in respect of Contract Payments or otherwise. The Paying Agent shall owe no duty, fiduciary or otherwise, to any holder of Senior Debt and shall not be liable to any holders of Senior Debt if
it shall pay over or distribute to the Holders or to the Company or any other Person cash, securities or other property to which any holders of Senior Debt shall otherwise be entitled by virtue of this Section 2.6 or otherwise; and no implied
covenants or obligations shall be read into this Agreement against the Paying Agent. 
 Notwithstanding any provision of this Agreement, the
Property Trustee shall not be responsible for monitoring the compliance by the Guarantee Trustee, the Administrative Trustees, the Depositor, the Collateral Agent, the Securities Registrar, the Custodial Agent, the Paying Agent, the Remarketing
Agent or any other Person, with their respective duties under any Transaction Document, nor shall the Property Trustee be liable for the default or misconduct of any other Issuer Trustee, the Depositor, the Collateral Agent, the Securities
Registrar, the Custodial Agent, the Paying Agent, the Remarketing Agent or any other Person. 
 Section 2.7 Deferral of Contract Payments. 

(a) The Company shall have the right (which will be exercised if so directed by the Federal Reserve), at any time prior to the Stock Purchase Date, to
defer the payment of any or all of the Contract Payments otherwise payable on any Payment Date, but only if the Company shall give the Property Trustee (with a copy to the Paying Agent) written notice of its election with respect to each deferral of
a Contract Payment (specifying the amount to be deferred) at least ten Business Days prior to the earlier of (i) the next succeeding Payment Date or (ii) the date the Property Trustee and the Administrative Trustees are required to give
notice of any record date or Payment Date with respect to any series of PPS to the New York Stock Exchange, any other national securities exchange, automated interdealer quotation system or other applicable self regulatory organization or to the
Holders, but in any event not less than one Business Day prior to such record date. Any Contract Payments so deferred shall, to the extent permitted by law, accrue interest thereon at the rate originally applicable to the Notes (calculated on the
same basis as originally applicable to the Notes), compounding on each succeeding Payment Date, until paid in full (such deferred installments of Contract Payments, if any, together with the additional Contract Payments, if any, accrued thereon,
being referred to herein as the “Deferred Contract Payments”). Deferred Contract Payments, if any, shall be due on the next succeeding Payment Date except to the extent that payment is deferred pursuant to this Section 2.7,
except as provided under Section 1.9. No Contract Payments may be deferred to a date that is after the Stock Purchase Date and no such deferral period may end other than on a Payment Date, except as provided under Section 1.9. If the Stock
Purchase Contracts are terminated upon the occurrence of a Termination Event or the redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance with the Indenture, the Issuer Trust’s right to receive any Contract
Payments and any Deferred Contract Payments will terminate. 
 (b) In the event that the Company elects to defer the payment of Contract
Payments until a Payment Date prior to the Stock Purchase Date, then all Deferred Contract Payments, if any, shall be payable to the Property Trustee on behalf of the Issuer Trust on such Payment Date, except as provided under Section 1.9.

  

 -14- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 (c) In the event that the Company elects to defer the payment of Contract Payments on the Stock Purchase
Contracts and such deferral is continuing on the Stock Purchase Date, the Property Trustee on behalf of the Issuer Trust will receive on the Stock Purchase Date in lieu of a cash payment, in addition to the shares of Preferred Stock to be issued
pursuant to Section 2.3, Additional Subordinated Notes that will (i) have a principal amount equal to the aggregate amount of Deferred Contract Payments at the Stock Purchase Date, (ii) mature on the later of March 26, 2017 and
seven years after the first Payment Date on which any of such Deferred Contract Payments was payable, (iii) bear interest at the rate per annum equal to the originally applicable rate of interest on the Notes (subject to deferral on the
same basis as the Notes, (iv) be subordinate and rank junior in right of payment to all of the Company’s Senior Debt on the same basis as the Notes and (v) be redeemable at the option of the Company at any time or from time to time
prior to their stated maturity at a redemption price equal to the principal amount thereof plus any accrued and unpaid interest to the date of redemption; provided that the Company shall register such Additional Subordinated Notes under the
Securities Act prior to the delivery thereof to the Property Trustee unless they may be so delivered pursuant to an exemption or exception from registration thereunder. 
 (d) In the event the Company exercises its option to defer the payment of Contract Payments then, until the earlier of (x) the Termination Date or (y) the date on which the Company shall have either paid all
Deferred Contract Payments to the Property Trustee in cash or repaid all amounts outstanding on the Additional Subordinated Notes, the Company shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make
a liquidation payment with respect to, any shares of its capital stock, including Preferred Stock; (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any Parity Securities or any debt
securities of the Company that rank junior to the Notes; or (iii) make any guarantee payments with respect to any guarantee by the Company of the debt securities of any subsidiary of the Company that by its terms ranks junior in interest to the
Company’s guarantee related to the PPS other than, in each case: 
 (i) any repurchase, redemption or other acquisition
of shares of capital stock of the Company in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors, consultants or independent
contractors, (2) a dividend reinvestment or stockholder purchase plan, or (3) the issuance of capital stock of the Company, or securities convertible into or exercisable for such capital stock, as consideration in an acquisition
transaction entered into prior to the applicable deferral period; 
 (ii) any exchange, redemption or conversion of any class
or series of the capital stock of the Company or of any of its subsidiaries for any other class or series of the Company’s capital stock, or of any class or series of the Company’s indebtedness for any class or series of the Company’s
capital stock; 
 (iii) any purchase of fractional interests in shares of the Company’s capital stock pursuant to the
conversion or exchange provisions of such capital stock or the securities being converted or exchanged; 
 (iv) any
declaration of a dividend in connection with a stockholder rights plan, or the issuance of rights, stock or other property under any stockholder rights plan, or the redemption or repurchase of rights pursuant thereto; 
 (v) any payment by the Company under the guarantee related to the PPS; 
  

 -15- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 (vi) any dividend in the form of stock, warrants, options or other rights where the
dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock; 
 (vii) any payment of current or deferred interest in respect of Parity Securities that is made pro rata to the amounts due on such Parity
Securities (including the Notes) and any payments of principal or deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities; or 
 (viii) any payment of interest on Parity Securities (including the Notes) in additional Parity Securities (including any Additional
Subordinated Notes) and any repurchase of Parity Securities (including the Notes) in exchange for preferred stock (including the Preferred Stock), in each case in accordance with a Failed Remarketing or similar event. 
 ARTICLE III 
 REMEDIES

 Section 3.1 Unconditional Right of the Property Trustee to Receive Contract Payments and to Purchase Shares of Preferred Stock; Direct
Action by Holders of Normal PPS or Stripped PPS. 
 The Property Trustee on behalf of the Issuer Trust shall have the right, which is
absolute and unconditional, (i) subject to Article II, to receive each Contract Payment with respect to each Stock Purchase Contract on the respective Payment Date and (ii) except upon and following a Termination Event or the
redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance with the Indenture, to purchase one share of Preferred Stock pursuant to such Stock Purchase Contract and, in each such case, to institute suit for the
enforcement of any such right to receive Contract Payments and the right to purchase such share of Preferred Stock, and such rights shall not be impaired without its consent. Up to and including the Stock Purchase Date, or the earlier termination of
the Stock Purchase Contracts, any Holder shall have the right, upon default in the payment of any Contract Payment with respect to any Stock Purchase Contract on the respective Payment Date (subject to Article II), to institute a suit directly
against the Company for enforcement of payment to such Holder of Contract Payments on Stock Purchase Contracts (or interests therein) having a stated amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of the PPS
held by such Holder. 
 Section 3.2 Restoration of Rights and Remedies. 
 If the Property Trustee on behalf of the Issuer Trust has instituted any proceeding to enforce any right or remedy under this Agreement and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Issuer Trust, then and in every such case, subject to any determination in such proceeding, the Company and the Issuer Trust shall be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Property Trustee on behalf of the Issuer Trust shall continue as though no such proceeding had been instituted. 
 Section 3.3 Rights and Remedies Cumulative. 
 No right or remedy herein conferred upon or reserved to the Property Trustee on
behalf of the Issuer Trust is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any 

  

 -16- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. Every right and
remedy given by this Article III or by law to the Property Trustee may be exercised from time to time, and as often as may be deemed expedient, by the Property Trustee. 
 Section 3.4 Waiver of Stay or Extension Laws. 
 The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Agreement; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Property Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE IV 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 4.1 Covenant Not to Consolidate, Merge, Convey, Transfer or Lease Property Except under Certain Conditions. 
 The Company covenants that it will not consolidate with, convert into, or merge with and into, any other entity or sell, assign, transfer, lease or convey
all or substantially all of its properties and assets to any Person or entity, unless: 
 (a) the successor shall be a corporation organized
and existing under the laws of the United States of America or a State thereof or the District of Columbia and such corporation shall expressly assume all the obligations of the Company under the Stock Purchase Contracts, this Agreement, the
Collateral Agreement, the Trust Agreement, the Indenture, the Guarantee Agreement and the Remarketing Agreement, if any exists at such time, by one or more supplemental agreements in form reasonably satisfactory to the Property Trustee, executed and
delivered to the Property Trustee by such corporation; 
 (b) such successor corporation shall not, immediately after such consolidation,
conversion, merger, sale, assignment, transfer, lease or conveyance, be in default of payment obligations under the Stock Purchase Contracts, this Agreement, the Collateral Agreement, the Trust Agreement or the Remarketing Agreement, if any exists
at such time, or in material default in the performance of any other covenants under any of the foregoing agreements; and 
 (c) the
successor entity shall have reserved sufficient authorized and unissued shares of preferred stock having substantially the same terms and conditions as the Preferred Stock such that the Issuer Trust will receive, on the Stock Purchase Date, shares
of preferred stock having substantially the same rights as the Preferred Stock that the Issuer Trust would have received had such merger, consolidation or other transaction not occurred. 
 Section 4.2 Rights and Duties of Successor Corporation. 
 In case of any such merger, consolidation,
share exchange, sale, assignment, transfer, lease or conveyance and upon any such assumption by a successor corporation in accordance with Section 4.1, such successor entity shall succeed to and be substituted for the Company with the same
effect as if it had been named herein as the Company. 
  

 -17- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 Section 4.3 Officers’ Certificate and Opinion of Counsel Given to Property Trustee. 
 The Property Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such merger, consolidation,
share exchange, sale, assignment, transfer, lease or conveyance, and any such assumption, complies with the provisions of this Article IV and that all conditions precedent to the consummation of any such merger, consolidation, share exchange, sale,
assignment, transfer, lease or conveyance have been met. 
 ARTICLE V 
 COVENANTS 
 Section 5.1 Performance under Stock Purchase Contracts. 
 The Company covenants and agrees for the benefit of the Issuer Trust that it will duly and punctually perform its obligations under the Stock Purchase
Contracts in accordance with the terms of the Stock Purchase Contracts and this Agreement. 
 Section 5.2 Company to Reserve Preferred Stock.

 The Company shall at all times prior to the Stock Purchase Date reserve and keep available, free from preemptive rights, out of its
authorized but unissued Preferred Stock the full number of shares of Preferred Stock issuable against tender of payment for such shares of Preferred Stock in respect of all Stock Purchase Contracts. 
 Section 5.3 Covenants as to Preferred Stock. 
 The
Company covenants that all shares of Preferred Stock that may be issued against tender of payment for such shares of Preferred Stock in respect of any Stock Purchase Contract will, upon issuance, be duly authorized, validly issued, fully paid and
nonassessable. 
 Section 5.4 Statements of Officers of the Company as to Default. 
 The Company will deliver to the Property Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an
Officers’ Certificate, stating whether or not to the knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions hereof, and if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge. 
 Section 5.5 Waiver of Jury Trial. 
 EACH OF THE GUARANTOR AND THE GUARANTEE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE AGREEMENT, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 * * * * 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
  

 -18- 
 STOCK PURCHASE CONTRACT AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as of the day and year first above written. 
  

			
	WELLS FARGO & COMPANY
		
	By: 	 	/s/ Barbara S. Brett
		 	 Name: Barbara S. Brett
 Title: Senior Vice President and
 Assistant Treasurer

					
	
	WELLS FARGO CAPITAL XIII
		
	By: 	 	 The Bank of New York Trust Company,
 N.A.,
not in its individual capacity but
 solely as Property Trustee

			
		 	By: 	 	/s/ Sharon K. McGrath
		 		 	 Name: Sharon K. McGrath
 Title: Vice President

  

 STOCK PURCHASE CONTRACT AGREEMENTCollateral Agreement among the Company, Wilmington Trust Company and the Trust

 Exhibit 4.7 
 Execution Copy 
  
  
  
 COLLATERAL
AGREEMENT 
 among 
 WELLS FARGO & COMPANY, 
 WILMINGTON TRUST COMPANY, 
 as Collateral Agent, Custodial Agent, 
 Securities Intermediary and Securities Registrar

 and 
 WELLS FARGO CAPITAL XIII,

 acting through The Bank of New York Trust Company, N.A., 
 as Property Trustee 
 Dated as of May 19, 2008 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

	 ARTICLE I Definitions
	  	1
			
	 Section 1.01
	  	 Definitions
	  	1
		
	 ARTICLE II Pledge
	  	7
			
	 Section 2.01
	  	 Pledge
	  	7
	 Section 2.02
	  	 Control
	  	7
	 Section 2.03
	  	 Termination
	  	7
		
	 ARTICLE III Control
	  	7
			
	 Section 3.01
	  	 Establishment of Collateral Account
	  	7
	 Section 3.02
	  	 Treatment as Financial Assets
	  	8
	 Section 3.03
	  	 Sole Control by Collateral Agent
	  	8
	 Section 3.04
	  	 Securities Intermediary’s Location
	  	8
	 Section 3.05
	  	 No Other Claims
	  	8
	 Section 3.06
	  	 Investment and Release
	  	9
	 Section 3.07
	  	 No Other Agreements
	  	9
	 Section 3.08
	  	 Powers Coupled with an Interest
	  	9
	 Section 3.09
	  	 Waiver of Lien; Waiver of Set-off
	  	9
		
	 ARTICLE IV Custody
	  	9
			
	 Section 4.01
	  	 Appointment
	  	9
	 Section 4.02
	  	 Custody
	  	9
	 Section 4.03
	  	 Termination of Custody Account
	  	10
	 Section 4.04
	  	 Waiver of Lien; Waiver of Set-off
	  	10
		
	 ARTICLE V Distributions on Collateral and Custody Notes
	  	10
			
	 Section 5.01
	  	 Interest on Notes
	  	10
	 Section 5.02
	  	 Payments Following Termination Event or Redemption Prior to Stock Purchase Date
	  	10
	 Section 5.03
	  	 Payments Prior to or on Stock Purchase Date
	  	11
	 Section 5.04
	  	 Payments to Property Trustee
	  	11
	 Section 5.05
	  	 Assets Not Properly Released
	  	12
	 Section 5.06
	  	 Withholding
	  	12
		
	 ARTICLE VI Initial Deposit; Exchange of Normal PPS and Qualifying Treasury Securities for
         Stripped PPS and Capital PPS; Reinvestment of Proceeds of Pledged Treasury Securities
	  	12
			
	 Section 6.01
	  	 Initial Deposit of Notes
	  	12
	 Section 6.02
	  	 Exchange of Normal PPS and Qualifying Treasury Securities for Stripped PPS and Capital PPS
	  	12
	 Section 6.03
	  	 Exchange of Stripped PPS and Capital PPS for Normal PPS and Qualifying Treasury Securities
	  	13

  

 -i- 
 COLLATERAL AGREEMENT 

					
	 Section 6.04
	  	 Termination Event; Redemption Prior to Stock Purchase Date
	  	14
	 Section 6.05
	  	 Reinvestment of Proceeds of Pledged Treasury Securities
	  	15
	 Section 6.06
	  	 Application of Proceeds in Settlement of Stock Purchase Contracts
	  	16
		
	 ARTICLE VII Voting Rights –– Notes
	  	16
			
	 Section 7.01
	  	 Voting Rights
	  	16
		
	 ARTICLE VIII Rights and Remedies
	  	17
			
	 Section 8.01
	  	 Rights and Remedies of the Collateral Agent
	  	17
	 Section 8.02
	  	 Remarketing; Contingent Exchange Elections by Holder of Normal PPS
	  	18
	 Section 8.03
	  	 Contingent Disposition Election by Holder of Capital PPS
	  	19
		
	 ARTICLE IX Representations and Warranties; Covenants
	  	20
			
	 Section 9.01
	  	 Representations and Warranties
	  	20
	 Section 9.02
	  	 Covenants
	  	20
		
	 ARTICLE X The Collateral Agent, The Custodial Agent, The Securities Intermediary and The
         Securities Registrar
	  	21
			
	 Section 10.01
	  	 Appointment, Powers and Immunities
	  	21
	 Section 10.02
	  	 Instructions of the Company
	  	22
	 Section 10.03
	  	 Reliance by Collateral Agent, Custodial Agent, Securities Intermediary and Securities Registrar
	  	22
	 Section 10.04
	  	 Certain Rights
	  	23
	 Section 10.05
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	24
	 Section 10.06
	  	 Rights in Other Capacities
	  	24
	 Section 10.07
	  	 Non-reliance on Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities Registrar
	  	25
	 Section 10.08
	  	 Compensation and Indemnity
	  	25
	 Section 10.09
	  	 Failure to Act
	  	26
	 Section 10.10
	  	 Resignation of Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities Registrar
	  	26
	 Section 10.11
	  	 Right to Appoint Agent or Advisor
	  	28
	 Section 10.12
	  	 Survival
	  	28
	 Section 10.13
	  	 Exculpation
	  	28
	 Section 10.14
	  	 Statements and Confirmations
	  	28
	 Section 10.15
	  	 Tax Allocations
	  	28
		
	 ARTICLE XI Amendment
	  	29
			
	 Section 11.01
	  	 Amendment
	  	29
	 Section 11.02
	  	 Execution of Amendments
	  	29
		
	 ARTICLE XII Miscellaneous
	  	29
			
	 Section 12.01
	  	 No Waiver
	  	29

  

 -ii- 
 COLLATERAL AGREEMENT 

					
	 Section 12.02
	  	 Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury
	  	30
	 Section 12.03
	  	 Notices
	  	30
	 Section 12.04
	  	 Successors and Assigns
	  	30
	 Section 12.05
	  	 Severability
	  	30
	 Section 12.06
	  	 Expenses, Etc.
	  	31
	 Section 12.07
	  	 Security Interest Absolute.
	  	31
	 Section 12.08
	  	 Notice of Termination Event or Redemption Prior to Stock Purchase Date
	  	32
	 Section 12.09
	  	 Incorporation by Reference
	  	32
	 Section 12.10
	  	 No Recourse
	  	32
	 Section 12.11
	  	 Force Majeure
	  	32
	 Section 12.12
	  	 Liability of Property Trustee
	  	32

 EXHIBITS AND SCHEDULES 
 Exhibit A – Form of Capital PPS Certificate 
 Exhibit B – Form of Normal PPS Certificate 
 Exhibit C – Form of Stripped PPS Certificate 
 Schedule I –
Reference Dealers 
  

 -iii- 
 COLLATERAL AGREEMENT 

 This COLLATERAL AGREEMENT, dated as of May 19,
2008, among WELLS FARGO & COMPANY, a Delaware corporation (the “Company”), WILMINGTON TRUST
COMPANY, a Delaware banking corporation, as collateral agent (in such capacity, the “Collateral Agent”), as Custodial Agent (in such capacity, the “Custodial Agent”), as securities
intermediary (as defined in Section 8-102(a)(14) of the UCC) with respect to the Collateral Account (in such capacity, the “Securities Intermediary”), and as securities registrar with respect to the Trust Preferred Securities
(in such capacity, the “Securities Registrar”), and WELLS FARGO CAPITAL XIII, a Delaware statutory trust (the “Issuer Trust”), acting through THE
BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association organized and existing under the laws of the United States, not in its individual
capacity but solely as Property Trustee on behalf of the Issuer Trust (in such capacity, the “Property Trustee”). 
 RECITALS 
 The Company and the Issuer Trust (acting through the Property Trustee) are parties to the Stock
Purchase Contract Agreement, dated as of the date hereof (as modified and supplemented and in effect from time to time, the “Stock Purchase Contract Agreement”), pursuant to which the Company has agreed to issue stock purchase
contracts, having a stated amount of $100,000 per contract (each, a “Stock Purchase Contract”) to the Issuer Trust. 
 Each
Stock Purchase Contract requires the Company to issue and sell, and the Property Trustee (on behalf of the Issuer Trust) to purchase, on the Stock Purchase Date (as defined in the Stock Purchase Contract Agreement), for an amount equal to $100,000
(the “Purchase Price”), one share of the Company’s Non-Cumulative Perpetual Preferred Stock, Series A, $100,000 liquidation preference per share (the “Preferred Stock”). 
 Pursuant to the Trust Agreement, the Stock Purchase Contract Agreement and the Stock Purchase Contracts, the Issuer Trust acting through the Property
Trustee is required to execute and deliver this Agreement, to grant the pledge provided herein of the Collateral (as defined herein) to secure the Obligations (as defined herein) and to appoint the Custodial Agent to establish and maintain the
Custody Account (as defined herein). 
 NOW, THEREFORE, THIS COLLATERAL
AGREEMENT WITNESSETH: For and in consideration of the agreements and obligations set forth herein and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the
Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary, the Securities Registrar and the Issuer Trust mutually agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. 
 For all purposes of this
Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) The terms defined in this Article have the
meanings assigned to them in this Article and include the plural as well as the singular, and nouns and pronouns of the masculine gender include the feminine and neuter genders. 
  

 COLLATERAL AGREEMENT 

 (b) The words “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision and references to any Article, Section or other subdivision are references to an Article, Section or other subdivision
of this Agreement. 
 (c) The following terms that are defined in the UCC shall have the meanings set forth therein: “certificated
security,” “control,” “financial asset,” “financing statement,” “entitlement order,” “securities account,” “security entitlement” and
“funds-transfer system”. 
 (d) Capitalized terms used herein and not defined herein have the meanings assigned to them in
the Trust Agreement. 
 (e) The following terms have the meanings given to them in this Section 1.01(e): 
 “Agreement” means this Collateral Agreement, as the same may be amended, modified or supplemented from time to time.

 “Bank” means Wells Fargo Bank, N.A. or its successor. 
 “Cash” means any coin or currency of the United States as at the time shall be legal tender for payment of public and
private debts. 
 “Collateral” means the collective reference to: 
 (1) the Collateral Account and all investment property and other financial assets from time to time credited to the Collateral Account and
all security entitlements with respect thereto, including, without limitation, (A) the Notes, other than any Notes that are Transferred to (x) the Custodial Agent in accordance with Section 6.02 upon the Exchange of Normal PPS and
Qualifying Treasury Securities for Stripped PPS and Capital PPS pursuant to Sections 5.13(a)(i), (b) and (c) of the Trust Agreement from time to time, (y) the Remarketing Agent or the Custody Account in accordance with
Section 8.02(b) upon a Successful Remarketing or (z) the property trustee of a new trust in the event the Company elects to remarket the Notes in the form of New Trust Preferred Securities pursuant to Section 3.2(f) of the Indenture
Supplement and (B) any Qualifying Treasury Securities and security entitlements thereto delivered from time to time upon the exchange of Normal PPS and Qualifying Treasury Securities for Stripped PPS and Capital PPS pursuant to Sections
5.13(a)(i), (b) and (c) of the Trust Agreement and in accordance with Section 6.02; 
 (2) all Qualifying
Treasury Securities and security entitlements thereto purchased by the Collateral Agent with the Proceeds of Qualifying Treasury Securities pursuant to Section 6.05; 
 (3) the Deposit; 
 (4) all Proceeds of any of the foregoing (whether such Proceeds arise before or after the commencement of any proceeding under any applicable bankruptcy, insolvency or other similar law, by or against the Issuer Trust, as pledgor or with
respect to the pledgor); and 
  

 2 
 COLLATERAL AGREEMENT 

 (5) all powers and rights now owned or hereafter acquired under or with respect to the
Collateral. 
 “Collateral Account” means the securities account of Wilmington Trust Company, as Collateral
Agent, maintained with the Securities Intermediary and designated “Wilmington Trust Company, as Collateral Agent of Wells Fargo & Company, as pledgee of Wells Fargo Capital XIII, acting through The Bank of New York Trust Company, N.A.,
as Property Trustee.” 
 “Collateral Agent” means the Person named as the “Collateral Agent”
in the first paragraph of this Agreement until a successor Collateral Agent shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Collateral Agent” shall mean such Person or any subsequent
successor who is appointed pursuant to this Agreement. 
 “Company” means the Person named as the
“Company” in the first paragraph of this Agreement until a successor shall have become such pursuant to the applicable provisions of the Stock Purchase Contract Agreement, and thereafter “Company” shall mean such successor.

 “Custodial Agent” means the Person named as the “Custodial Agent” in the first paragraph of this
Agreement until a successor Custodial Agent shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Custodial Agent” shall mean such Person or any subsequent successor who is appointed pursuant to
this Agreement. 
 “Custody Account” means the securities account of Wilmington Trust Company, as Custodial
Agent, designated “Wilmington Trust Company, as Custodial Agent for Wells Fargo Capital XIII.” 
 “Exchange” means an exchange of Normal PPS and Qualifying Treasury Securities for Stripped PPS and Capital PPS pursuant to Section 5.13(b) of the Trust Agreement and Section 6.02 or an exchange of Stripped PPS and
Capital PPS for Normal PPS and Qualifying Treasury Securities pursuant to Section 5.13(d) of the Trust Agreement and Section 6.03. 
 “Market Disruption Event” means (i) a general moratorium on commercial banking activities in New York declared by the relevant authorities or (ii) any material disruption of the U.S.
government securities market or U.S. federal funds-transfer systems, written notification of which shall have been given to the Collateral Agent by any of the Administrative Trustees. 
 “Notes” means the Remarketable 7.50% Junior Subordinated Notes due 2044 of the Company issued pursuant to the Indenture.

 “Notice of Contingent Disposition Election” means a Notice of Contingent Disposition Election
substantially in the form set forth on the reverse side of the form of Capital PPS Certificate, a copy of which is attached as Exhibit A hereto. 
 “Notice of Contingent Exchange Election” means a Notice of Contingent Exchange Election substantially in the form set forth on the reverse side of the form of Normal PPS Certificate, a copy of which
is attached as Exhibit B hereto. 
 “Obligations” means all obligations and liabilities of the Issuer Trust
and the Property Trustee on behalf of the Issuer Trust under each Stock Purchase Contract, the Stock Purchase Contract 

  

 3 
 COLLATERAL AGREEMENT 

 
Agreement and this Agreement or any other document made, delivered or given in connection herewith or therewith, in each case whether on account of
principal, interest (including, without limitation, interest accruing before and after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Property Trustee or the Issuer
Trust, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Company or the
Collateral Agent or the Securities Intermediary that are required to be paid by the Issuer Trust pursuant to the terms of any of the foregoing agreements). 
 “Permitted Investments” means any one of the following, in each case maturing on the Business Day following the date of acquisition: 
 (1) any evidence of indebtedness with an original maturity of 365 days or less issued, or directly and fully guaranteed or insured, by the
United States of America or any agency or instrumentality thereof (provided, however, that the full faith and credit of the United States of America is pledged in support of the timely payment thereof or such indebtedness constitutes a
general obligation of it); 
 (2) deposits, certificates of deposit or acceptances with an original maturity of 365 days or
less of any institution which is a member of the Federal Reserve System having combined capital and surplus and undivided profits of not less than $500 million at the time of deposit (and which may include the Collateral Agent); 
 (3) investments with an original maturity of 365 days or less of any Person that are fully and unconditionally guaranteed by a bank
referred to in clause (2); 
 (4) repurchase agreements and reverse repurchase agreements relating to marketable direct
obligations issued or unconditionally guaranteed by the United States of America or issued by any agency thereof and backed as to timely payment by the full faith and credit of the United States of America; 
 (5) investments in commercial paper, other than commercial paper issued by the Company or its Affiliates, of any corporation incorporated
under the laws of the United States of America or any State thereof, which commercial paper has a rating at the time of purchase at least equal to “A-1” by Standard & Poor’s Ratings Services (“S&P”) or at
least equal to “P-1” by Moody’s Investors Service, Inc. (“Moody’s”); and 
 (6)
investments in money market funds (including, but not limited to, money market funds managed by the Collateral Agent or an Affiliate of the Collateral Agent) registered under the Investment Company Act of 1940, as amended, rated in the highest
applicable rating category by S&P or Moody’s. 
 “Pledge” means the lien and security interest
created by this Agreement. 
 “Pledged Notes” means each Note deposited with the Collateral Agent pursuant to
Section 6.01 or delivered to the Collateral Agent pursuant to Section 6.03, until such time as it is released from the Pledge and delivered to the Custodial Agent pursuant to Section 6.02 or to the Remarketing Agent or the Custody
Account pursuant to Section 8.02(b). 
  

 4 
 COLLATERAL AGREEMENT 

 “Pledged Treasury Securities” means Qualifying Treasury Securities from
time to time credited to the Collateral Account pursuant to Section 6.02 and not then released from the Pledge pursuant to Section 6.03, together with all Qualifying Treasury Securities purchased from time to time by the Collateral Agent
with the Proceeds of maturing Pledged Treasury Securities pursuant to Section 6.05. 
 “Proceeds” has
the meaning ascribed thereto in Section 9-102(a)(64) of the UCC and includes, without limitation, all interest, dividends, Cash, instruments, securities, financial assets and other property received, receivable or otherwise distributed upon the
sale (including, without limitation, the Remarketing), exchange, collection or disposition of any financial assets from time to time held in the Collateral Account. 
 “Property Trustee” means the Person named as the “Property Trustee” in the first paragraph of this Agreement
until a successor Property Trustee shall have become such pursuant to the applicable provisions of the Trust Agreement, and thereafter “Property Trustee” shall mean such Person or any subsequent successor who is appointed pursuant to the
Trust Agreement. 
 “Recombination Notice and Request” means a Recombination Notice and Request substantially
in the form set forth on the reverse side of the forms of Capital PPS Certificate and Stripped PPS Certificate, copies of which are attached hereto as Exhibits A and C, respectively. 
 “Reference Dealer” means each of the U.S. government securities dealers listed on Schedule I hereto (including any
successor thereto) and any other U.S. government securities dealers designated by the Collateral Agent (it being understood that the Collateral Agent may, but shall not be obligated, to designate any one or more such other U.S. government securities
dealers); provided, however, that if at any time fewer than three of the entities named on Schedule I are active U.S. government securities dealers and approved counterparties of Wilmington Trust Company, any of the Administrative Trustees
may designate an additional U.S. government securities dealer as a Reference Dealer. 
 “Roll Date” means,
with respect to any Additional Distribution Date, the latest date prior to such Additional Distribution Date that is a maturity date of Qualifying Treasury Securities held in the Collateral Account. 
 “Securities Intermediary” means the Person named as the “Securities Intermediary” in the first paragraph of
this Agreement until a successor Securities Intermediary shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Securities Intermediary” shall mean such Person or any subsequent successor who is
appointed pursuant to this Agreement. 
 “Securities Registrar” means the Person named as the
“Securities Registrar” in the first paragraph of this Agreement until a successor Securities Registrar shall have been appointed by the Company pursuant to the applicable provisions of the Trust Agreement, and thereafter “Securities
Registrar” shall mean such Person or any subsequent successor who is appointed pursuant to the Trust Agreement by the Company. 
 “Stripping Notice and Request” means a Stripping Notice and Request substantially in the form set forth on the reverse side of the form of Normal PPS Certificate, a copy of which is attached as Exhibit B hereto. 

 

 5 
 COLLATERAL AGREEMENT 

 “Trade Date” means, with respect to each Roll Date, the Business Day
immediately preceding such Roll Date. 
 “TRADES” means the Treasury/Reserve Automated Debt Entry System
maintained by the Federal Reserve Bank of New York pursuant to the TRADES Regulations. 
 “TRADES
Regulations” means the regulations of the United States Department of the Treasury, published at 31 C.F.R. Part 357, as amended from time to time. Unless otherwise defined herein, all terms defined in the TRADES Regulations are used herein
as therein defined. 
 “Transfer” or “Transferred” means (i) in the case of
certificated securities in registered form, delivery as provided in Section 8-301(a) of the UCC, endorsed to the transferee or in blank by an effective endorsement, (ii) in the case of Qualifying Treasury Securities, registration of the
transferee as the owner of such Qualifying Treasury Securities on TRADES and (iii) in the case of security entitlements, including, without limitation, security entitlements with respect to Qualifying Treasury Securities, a securities
intermediary indicating by book entry that such security entitlement has been credited to the transferee’s securities account. 
 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the date hereof, among the Company, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees (each as named
therein), and the several Holders (as defined therein). 
 “UCC” means the Uniform Commercial Code as in
effect in the State of New York from time to time. 
 “Value” means, with respect to any item of Collateral
on any date, as to (1) Cash, the face amount thereof, (2) Notes, the aggregate principal amount thereof, and (3) Qualifying Treasury Securities, the aggregate principal amount thereof. 
 (f) The following terms have the meanings set forth in the Section or other subdivision of this Agreement or in the other agreement set forth below.

  

			
	 Custody Notes
	  	Section 4.01
	 Deposit
	  	Stock Purchase Contract Agreement
	 Final Dealer
	  	Section 6.05(a)
	 Indemnitees
	  	Section 10.08(b)
	 Issuer Trust
	  	Preamble
	 Loss (and collectively, Losses)
	  	Section 10.08(b)
	 Preferred Stock
	  	Recitals
	 Purchase Price
	  	Recitals
	 Remarketing
	  	Indenture
	 Stock Purchase Contract
	  	Recitals
	 Stock Purchase Contract Agreement
	  	Recitals
	 Successful
	  	Indenture
	 Termination Event
	  	Stock Purchase Contract Agreement

  

 6 
 COLLATERAL AGREEMENT 

 ARTICLE II 
 PLEDGE 
 Section 2.01 Pledge. 
 The Issuer Trust (acting through the Property Trustee) hereby pledges and grants to the Collateral Agent, as agent of and for the benefit of the Company,
a continuing first priority security interest in and to, and a lien upon and right of set-off against, all of the Issuer Trust’s right, title and interest in and to the Collateral to secure the prompt and complete payment and performance when
due (whether at stated maturity, by acceleration or otherwise) of the Obligations. The Collateral Agent shall have all of the rights, remedies and recourses with respect to the Collateral afforded a secured party by the UCC, in addition to, and not
in limitation of, the other rights, remedies and recourses afforded to the Collateral Agent by this Agreement. 
 Section 2.02 Control. 
 The Collateral Agent shall have control of the Collateral Account pursuant to the provisions of Article III. 
 Section 2.03 Termination. 
 This Agreement and the
Pledge created hereby shall terminate upon the satisfaction of the Obligations or the earlier termination of the Stock Purchase Contracts in accordance with their terms. Upon receipt by the Collateral Agent from the Company of notice of such
termination, the Collateral Agent shall, except as otherwise provided herein, Transfer and instruct the Securities Intermediary to Transfer the Collateral to or upon the order of the Property Trustee, free and clear of the Pledge created hereby.

 ARTICLE III 
 CONTROL 
 Section 3.01 Establishment of Collateral Account. 
 The Securities Intermediary hereby confirms that: 
 (a) the Securities Intermediary has established the Collateral Account; 
 (b) the Collateral Account is a securities account;

 (c) subject to the terms of this Agreement, the Securities Intermediary shall identify in its records the Collateral Agent as the
entitlement holder entitled to exercise the rights that comprise any financial asset credited to the Collateral Account; 
 (d) all property
delivered to the Securities Intermediary pursuant to this Agreement or the Stock Purchase Contract Agreement, including any Permitted Investments purchased by the Securities Intermediary from the Proceeds of any Collateral, will be credited promptly
to the Collateral Account; and 
  

 7 
 COLLATERAL AGREEMENT 

 (e) all securities or other property underlying any financial assets credited to the Collateral Account
shall be (i) registered in the name of the Property Trustee and indorsed to the Securities Intermediary or in blank, (ii) registered in the name of the Securities Intermediary or the Collateral Agent, or (iii) credited to another
securities account maintained in the name of the Securities Intermediary. In no case will any financial asset credited to the Collateral Account be registered in the name of the Property Trustee or specially indorsed to the Property Trustee unless
such financial asset has been further indorsed to the Securities Intermediary or in blank. 
 Section 3.02 Treatment as Financial Assets. 

Each item of property (whether investment property, financial asset, security, instrument or Cash) credited to the Collateral Account shall be treated
as a financial asset under Article 8 of the UCC. 
 Section 3.03 Sole Control by Collateral Agent. 
 Except as provided in Section 8.01, at all times prior to the termination of the Pledge, the Collateral Agent shall have sole control of the
Collateral Account, and the Securities Intermediary shall take instructions and directions with respect to the Collateral Account solely from the Collateral Agent. If at any time the Securities Intermediary shall receive an entitlement order issued
by the Collateral Agent and relating to the Collateral Account, the Securities Intermediary shall comply with such entitlement order without further consent by the Property Trustee, the Issuer Trust or any other Person. Except as otherwise permitted
under this Agreement, until termination of the Pledge, the Securities Intermediary will not comply with any entitlement orders issued by the Property Trustee. 
 The Issuer Trust hereby irrevocably constitutes and appoints the Collateral Agent and the Company, with full power of substitution, as the Issuer Trust’s attorney-in-fact to take on behalf of, and in the name,
place and stead of the Issuer Trust and the Holders, any action necessary or desirable to perfect and to keep perfected the security interest in the Collateral referred to in Section 2.01. The grant of such power-of-attorney shall not be deemed
to require of the Collateral Agent any specific duties or obligations not otherwise expressly assumed by the Collateral Agent hereunder. Notwithstanding the foregoing, in no event shall the Collateral Agent, Securities Intermediary or the Property
Trustee be responsible for the preparation or filing of any financing or continuation statements or responsible for maintenance or perfection of any security interest hereunder. 
 Section 3.04 Securities Intermediary’s Location. 
 The Collateral Account, and the rights and
obligations of the Securities Intermediary, the Collateral Agent, the Property Trustee and the Issuer Trust with respect thereto, shall be governed by the laws of the State of New York. Regardless of any provision in any other agreement, for
purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction. 
 Section 3.05 No Other Claims. 
 Except for the claims and interest of the Collateral Agent and of the Issuer Trust in the Collateral Account, the Securities Intermediary (without having
conducted any investigation) does not know of any claim to, or interest in, the Collateral Account or in any financial asset credited thereto. If any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against the Collateral Account or in any financial asset carried therein, the Securities Intermediary will promptly notify the Collateral Agent and the Property Trustee. 
  

 8 
 COLLATERAL AGREEMENT 

 Section 3.06 Investment and Release. 
 All Proceeds of financial assets from time to time deposited in the Collateral Account shall be invested and reinvested as provided in this Agreement. At no time prior to termination of the Pledge with respect to any
particular property shall such property be released from the Collateral Account except in accordance with this Agreement or upon written instructions of the Collateral Agent. 
 Section 3.07 No Other Agreements. 
 The Securities Intermediary has not entered into, and prior to the
termination of the Pledge will not enter into, any agreement with any other Person relating to the Collateral Account or any financial assets credited thereto, including, without limitation, any agreement to comply with entitlement orders of any
Person other than the Collateral Agent. 
 Section 3.08 Powers Coupled with an Interest. 
 The rights and powers granted in this Article III to the Collateral Agent have been granted in order to perfect its security interests in the Collateral
Account, are powers coupled with an interest and will be affected neither by the bankruptcy of the Property Trustee or the Issuer Trust nor by the lapse of time. The obligations of the Securities Intermediary under this Article III shall continue in
effect until the termination of the Pledge with respect to any and all Collateral. 
 Section 3.09 Waiver of Lien; Waiver of Set-off. 
 The Securities Intermediary waives any security interest, lien or right to make deductions or set-offs that it may now have or hereafter acquire in or
with respect to the Collateral Account, any financial asset credited thereto or any security entitlement in respect thereof. Neither the financial assets credited to the Collateral Account nor the security entitlements in respect thereof will be
subject to deduction, set-off, banker’s lien or any other right in favor of any person other than the Company. 
 ARTICLE IV

 CUSTODY 
 Section
4.01 Appointment. 
 The Issuer Trust hereby appoints the Custodial Agent as Custodial Agent of the Issuer Trust to hold all of the
Notes that are property of the Issuer Trust, other than the Pledged Notes (collectively, the “Custody Notes”), for the benefit of the Issuer Trust and for the purposes set forth herein, and the Custodial Agent hereby accepts such
appointment under the terms and conditions set forth herein. 
 Section 4.02 Custody. 
 The Custodial Agent will hold the Custody Notes in the Custody Account. For the avoidance of doubt, the Custodial Agent shall segregate on its books and
records the assets of the Issuer Trust from assets held by the Custodial Agent for other customers (including the Collateral) or for the 

  

 9 
 COLLATERAL AGREEMENT 

 
Custodial Agent itself. The Custodial Agent shall only have the obligations expressly set forth herein and shall have no responsibility for monitoring
compliance with the Trust Agreement, the Stock Purchase Agreement or any other agreement in connection therewith. The Custodial Agent shall accept the Transfer of Notes from the Collateral Agent from time to time pursuant to Section 6.02,
deliver Notes to the Collateral Agent from time to time pursuant to Section 6.03 and deliver Notes to the Remarketing Agent on the Remarketing Settlement Date pursuant to Section 8.03. 
 Section 4.03 Termination of Custody Account. 
 Upon
receipt by the Custodial Agent from the Company of notice of termination of this Agreement pursuant to Section 2.03, the Custodial Agent shall deliver the Custody Notes to the Property Trustee. 
 Section 4.04 Waiver of Lien; Waiver of Set-off. 
 The
Custodial Agent waives any security interest, lien or right to make deductions or set-offs that it may now have or hereafter acquire in or with respect to the Custodial Agent, any financial asset credited thereto or any security entitlement in
respect thereof. Neither the financial assets credited to the Custody Account nor the security entitlements in respect thereof will be subject to deduction, set-off, banker’s lien or any other right in favor of any Person other than the Issuer
Trust. 
 ARTICLE V 
 DISTRIBUTIONS ON COLLATERAL AND 
 CUSTODY
NOTES 
 Section 5.01 Interest on Notes. 
 (a) The Collateral Agent shall transfer all interest received from time to time by the Collateral Agent on account of the Pledged Notes to the Paying Agent. 
 (b) The Custodial Agent shall transfer all interest received from time to time by the Custodial Agent on account of the Custody Notes to the Paying
Agent. 
 Section 5.02 Payments Following Termination Event or Redemption Prior to Stock Purchase Date. 
 Following a Termination Event or the termination of the Stock Purchase Contracts upon redemption of all the Notes by the Company prior to the Stock
Purchase Date in accordance with the Indenture, written notice of which the Collateral Agent or the Custodial Agent, as the case may be, shall have received from the Company, the Property Trustee or any of the Administrative Trustees, 
 (a) the Collateral Agent shall cause the Securities Intermediary to Transfer or otherwise assign (i) the Pledged Notes or the Deposit, (ii) the
Pledged Treasury Securities and (iii) any Permitted Investments, including in each case any and all payments of principal or interest it receives in respect thereof, to the Property Trustee or its designee, free and clear of the Pledge created
hereby; and 
 (b) the Custodial Agent shall Transfer the Custody Notes and any and all payments of principal or interest it receives in
respect thereof to the Property Trustee or its designee. 
  

 10 
 COLLATERAL AGREEMENT 

 Section 5.03 Payments Prior to or on Stock Purchase Date. 
 (a) Except as provided in Section 5.03(c) and Section 6.05, if the Collateral Agent or the Custodial Agent, as the case may be, shall not have
received from the Company, the Property Trustee or any of the Administrative Trustees notice of any Termination Event or notice of the termination of the Stock Purchase Contracts upon the redemption of all the Notes by the Company prior to the Stock
Purchase Date in accordance with the Indenture, all payments of principal received by the Collateral Agent or the Securities Intermediary in respect of (i) the Pledged Notes or the Deposit and (ii) the Pledged Treasury Securities shall be
held until the Stock Purchase Date and an amount thereof equal to the Purchase Price under the Stock Purchase Contracts shall be transferred to the Company on the Stock Purchase Date as provided in Section 2.2 of the Stock Purchase Contract
Agreement in satisfaction of the Issuer Trust’s obligation to pay such Purchase Price. Any balance remaining in the Collateral Account shall be released from the Pledge and Transferred to the Paying Agent, free and clear of the Pledge created
thereby. The Company shall instruct the Collateral Agent in writing as to the Permitted Investments in which any payments received under this Section 5.03(a) (which, for purpose of confirmation, includes the excess Proceeds received under
Section 6.05(b)) shall be invested; provided, however, that if the Company fails to deliver such instructions by 10:30 A.M. (New York City time) on the day such payments are received by the Collateral Agent, the Collateral Agent shall
invest such payments in the Permitted Investments as described in clause (6) of the definition of Permitted Investments. The Collateral Agent shall have no liability in respect of losses incurred as a result of the failure of the Company to
provide timely written investment direction. The Collateral Agent may conclusively rely on any written direction and shall bear no liability for any loss or other damage based on acting or omitting to act under this Section 5.03 (which, for
purpose of confirmation, includes acting or omitting to act under Section 6.05(b) in respect of excess Proceeds referred to therein) pursuant to any direction of the Company or any investment in Permitted Investments as described in clause
(6) of the definition of Permitted Investments as provided herein and neither the Collateral Agent nor the Securities Intermediary shall in any way be liable for the selection of Permitted Investments or by reason of any insufficiency in the
Collateral Account resulting from any loss on any Permitted Investment included therein. 
 (b) All payments of principal received by the
Custodial Agent in respect of the Custody Notes shall be transferred to the Paying Agent. 
 (c) All payments of principal received by the
Collateral Agent or the Securities Intermediary in respect of (1) the Pledged Notes and (2) the Pledged Treasury Securities or security entitlements thereto, that, in each case, have been released from the Pledge pursuant hereto (other
than Pledged Notes that upon such release shall have become Custody Notes in accordance with Section 6.03) shall be transferred to or in accordance with the written instructions of the Paying Agent. 
 Section 5.04 Payments to Property Trustee. 
 The
Securities Intermediary and the Custodial Agent shall use commercially reasonable efforts to deliver payments to the Paying Agent or the Property Trustee as provided hereunder to the following account established by the Paying Agent or the Property
Trustee, for credit to Wilmington Trust Company, ABA 0311-00092, A/C 088617-000, Ref: Wells Fargo Capital XIII Property Account, not later than 12:00 P.M. (New York City time) on the Business Day it receives such payment; provided, however,
that if such payment is required to be made on a day that is not a Business Day or after 10:00 A.M. (New York City time) on a Business Day, then it shall use commercially reasonable efforts to deliver such payment to the Paying Agent or the Property
Trustee no later than 10:30 A.M. (New York City time) on the next succeeding Business Day. 
  

 11 
 COLLATERAL AGREEMENT 

 Section 5.05 Assets Not Properly Released. 
 If the Paying Agent or the Property Trustee shall receive any principal payments on account of financial assets credited to the Collateral Account and not
released therefrom in accordance with this Agreement, the Paying Agent or the Property Trustee shall hold the same as trustee of an express trust for the benefit of the Company and, upon receipt of an Officers’ Certificate of the Company so
directing, promptly deliver the same to the Securities Intermediary for credit to the Collateral Account or to the Company for application to the Obligations, and the Paying Agent or the Property Trustee shall acquire no right, title or interest in
any such payments of principal amounts so received. Neither the Paying Agent nor the Property Trustee shall have any liability under this Section 5.05 unless and until it has been notified in writing that such payment was delivered to it
erroneously and nor shall it have any liability for any action taken, suffered or omitted to be taken prior to its receipt of such notice. 
 Section 5.06
Withholding. 
 Any payment hereunder shall be made less any withholding or backup withholding as required by law, and any such
withholding shall be deemed as if made to the intended recipient of such payment. 
 ARTICLE VI 
 INITIAL DEPOSIT; EXCHANGE OF NORMAL PPS AND 

QUALIFYING TREASURY SECURITIES FOR STRIPPED PPS AND
CAPITAL PPS; REINVESTMENT OF 
 PROCEEDS OF
PLEDGED TREASURY SECURITIES 
 Section 6.01 Initial Deposit of Notes. 
 (a) Prior to or concurrently with the execution and delivery of this Agreement, the Property Trustee shall Transfer to the Securities Intermediary, for
credit to the Collateral Account, Notes having an aggregate principal amount of $2,500,100,000. 
 (b) The Collateral Agent shall, at any
time or from time to time, at the written request of the Company, cause any or all securities or other property underlying any financial assets credited to the Collateral Account to be registered in the name of the Securities Intermediary, the
Collateral Agent or their respective nominees; provided, however, that unless any Event of Default shall have occurred and be continuing, and in respect of which the Collateral Agent shall have received written notice from the Property
Trustee or the Administrative Trustees, the Collateral Agent agrees not to cause any Notes to be so re-registered. 
 Section 6.02 Exchange of Normal PPS
and Qualifying Treasury Securities for Stripped PPS and Capital PPS. 
 (a) On each occasion on which a Holder of Normal PPS exercises its
rights pursuant to Sections 5.13(a)(i), (b) and (c) of the Trust Agreement to exchange Normal PPS and Qualifying Treasury Securities for Stripped PPS and Capital PPS by, during any Exchange Period: 
 (i) depositing with the Securities Intermediary, for credit to the Collateral Account the treasury security that is the Qualifying
Treasury Security on the date of deposit, in the principal amount of $1,000 for each Normal PPS being Exchanged; 
  

 12 
 COLLATERAL AGREEMENT 

 (ii) Transferring the Normal PPS being Exchanged to the Securities Registrar; and

 (iii) delivering a duly executed and completed Stripping Notice and Request to the Securities Registrar and Collateral
Agent (x) stating that the Holder has deposited the appropriate Qualifying Treasury Securities with the Collateral Agent for deposit in the Collateral Account, (y) stating that the Holder is Transferring the related Normal PPS to the
Securities Registrar in connection with an Exchange of such Normal PPS and Qualifying Treasury Securities for a Like Amount of Stripped PPS and Capital PPS, and (z) requesting the delivery to the Holder of such Stripped PPS and Capital PPS,

 the Collateral Agent shall, upon the deposit and Transfer pursuant to clauses (i) and (ii) and receipt of the notice and request referred to in
clause (iii), (w) be deemed to accept the Qualifying Treasury Securities deposited pursuant to clause (i) as Collateral subject to the Pledge, (x) release Pledged Notes of a Like Amount from the Pledge, (y) Transfer such Pledged
Notes to the Custodial Account free and clear of the Company’s security interest therein, and (z) confirm to the Property Trustee in writing that such release and Transfer has occurred. The Custodial Agent shall continue to hold such Notes
as Custody Notes pursuant to Article IV. 
 (b) The Securities Registrar, pursuant to the procedures provided for in Section 5.11 of the
Trust Agreement dealing with increasing and decreasing the number of Trust Preferred Securities evidenced by Book-Entry Trust Preferred Securities Certificates, shall cancel the number of Normal PPS Transferred pursuant to Section 6.02(a) and
deliver a Like Amount of Stripped PPS and Capital PPS to the Holder, all by making appropriate notations on the Book-Entry Trust Preferred Securities Certificates of the appropriate Series. 
 (c) The substitution of Qualifying Treasury Securities, or security entitlements thereto, for financial assets held in the Collateral Account pursuant to
this Section 6.02, shall not constitute a novation of the security interest created hereby. 
 Section 6.03 Exchange of Stripped PPS and Capital PPS
for Normal PPS and Qualifying Treasury Securities. 
 (a) On each occasion on which a Holder of Stripped PPS and Capital PPS exercises its
rights pursuant to Sections 5.13(d) of the Trust Agreement to exchange Stripped PPS and Capital PPS for Normal PPS and Qualifying Treasury Securities by, during any Exchange Period, Transferring the Stripped PPS and the Capital PPS being Exchanged
to the Securities Registrar and delivering a duly executed and completed Recombination Notice and Request to the Securities Registrar and Collateral Agent (x) stating that the Holder is Transferring the related Stripped PPS and Capital PPS to
the Securities Registrar in connection with the Exchange of such Stripped PPS and Capital PPS for a Like Amount of each of Normal PPS and Pledged Treasury Securities, (y) requesting the Collateral Agent to release from the Pledge and deliver to
the Holder Pledged Treasury Securities in a principal amount equal to the Liquidation Amount of the Stripped PPS being exchanged, and (z) requesting the Securities Registrar to deliver to the Holder Normal PPS of a Like Amount: 
 (i) the Custodial Agent shall Transfer a Like Amount of Notes from the Custody Account to the Collateral Account in substitution for such
Pledged Treasury Securities; 
  

 13 
 COLLATERAL AGREEMENT 

 (ii) the Collateral Agent shall be deemed to accept the Notes Transferred by the
Custodial Agent pursuant to clause (i) as Collateral subject to the Pledge; and 
 (iii) the Collateral Agent shall
release Pledged Treasury Securities of a Like Amount from the Pledge and deliver such Qualifying Treasury Securities to the Holder free and clear of the Company’s security interest therein, and confirm in writing to the Property Trustee that
such release and Transfer has occurred; and 
 the Securities Registrar, pursuant to the procedures provided for in Section 5.11 of the Trust Agreement
dealing with increasing and decreasing the number of Trust Preferred Securities evidenced by Book-Entry Trust Preferred Securities Certificates, shall cancel the number of Stripped PPS and Capital PPS delivered pursuant to Section 6.03(a) and
deliver a Like Amount of Normal PPS to the Holder, all by making appropriate notations on the Book-Entry Trust Preferred Securities Certificates of the appropriate Series. 
 (b) The substitution of Notes for financial assets held in the Collateral Account pursuant to this Section 6.03, shall not constitute a novation of
the security interest created hereby. 
 Section 6.04 Termination Event; Redemption Prior to Stock Purchase Date. 
 (a) Upon receipt by the Collateral Agent of written notice from the Company, the Property Trustee or any of the Administrative Trustees of the Issuer
Trust that (x) a Termination Event has occurred or (y) the Stock Purchase Contracts have been terminated upon redemption of all the Notes prior to the Stock Purchase Date in accordance with the Indenture, the Collateral Agent shall release
all Collateral from the Pledge and shall promptly instruct the Securities Intermediary to Transfer: 
 (i) any Pledged Notes; 
 (ii) any Proceeds of the Deposit; and 
 (iii)
any Pledged Treasury Securities, 
 to the Property Trustee, free and clear of the Pledge created hereby. 
 (b) If such Termination Event shall result from the Company’s becoming a debtor under the Bankruptcy Code, and if the Collateral Agent shall for any
reason fail promptly to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted Investments, the Deposit and Proceeds of any of the foregoing, as the case may be, as provided by this Section 6.04, the
Property Trustee or any of the Administrative Trustees shall: 
 (i) use its best efforts to obtain an opinion of a nationally
recognized law firm to the effect that, notwithstanding the Company being the debtor in such a bankruptcy case, the Collateral Agent will not be prohibited from releasing or Transferring the Collateral as provided in this Section 6.04 and shall
deliver or cause to be delivered such opinion to the Collateral Agent within ten calendar days after the occurrence of such Termination Event, and if (A) the Property Trustee or any of the Administrative Trustees shall be unable to obtain such
opinion within ten calendar days after the occurrence of such Termination Event or (B) the Collateral Agent shall 

  

 14 
 COLLATERAL AGREEMENT 

 
continue, after delivery of such opinion, to refuse to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted
Investments, the Deposit and Proceeds of any of the foregoing, as the case may be, as provided in this Section 6.04, then the Property Trustee shall within 15 calendar days after the occurrence of such Termination Event commence an action or
proceeding in the court having jurisdiction of the Company’s case under the Bankruptcy Code seeking an order requiring the Collateral Agent to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted
Investments, the Deposit and Proceeds of any of the foregoing, or as the case may be, as provided by this Section 6.04; or 
 (ii) commence an action or proceeding like that described in Section 6.04(b)(i) hereof within 10 calendar days after the occurrence of such Termination Event. 
 Section 6.05 Reinvestment of Proceeds of Pledged Treasury Securities. 
 (a) At or about 11:00 A.M.,
New York City time, on each Trade Date, the Collateral Agent shall select at least three Reference Dealers (including at least three Reference Dealers named on Schedule I hereto or named by any of the Administrative Trustees as replacements therefor
who are approved counterparties of Wilmington Trust Company) and request each of them to provide a commitment (which may be oral if promptly confirmed in writing by facsimile or e-mail), satisfactory in form to the Collateral Agent, to the effect
that if selected as the Final Dealer, such Reference Dealer shall sell to the Collateral Agent, for delivery against payment on the immediately succeeding Roll Date, an aggregate principal amount of the U.S. treasury security that is the Qualifying
Treasury Security on such Roll Date equal to the aggregate principal amount of Qualifying Treasury Securities held in the Collateral Account on such Trade Date. If the Collateral Agent shall have received at least two firm offers, it shall select
the lowest offer and the Reference Dealer providing the lowest offer shall be the “Final Dealer”; provided, however, that if two or more Reference Dealers have provided identical lowest offers, the Collateral Agent shall
select any of these Reference Dealers as the Final Dealer in its absolute discretion. The Final Dealer shall be obligated to sell to the Collateral Agent, for Cash on the Roll Date, the aggregate principal amount of the U.S. treasury security
specified in such offer. If the Collateral Agent determines that (i) a Market Disruption Event has occurred or (ii) fewer than two Reference Dealers have provided firm offers in a timely manner meeting the foregoing requirements, the steps
contemplated above shall be taken on each succeeding Business Day on which the Collateral Agent determines that no Market Disruption Event has occurred until at least two Reference Dealers have provided such offers, except that the Collateral Agent
shall request offers from the Reference Dealers for same day settlement. The Collateral Agent shall use reasonable care in administering the foregoing procedures and shall have no liability in connection therewith to the Issuer Trust, the Property
Trustee, the Company or any other Person in the absence of gross negligence or willful misconduct. All determinations regarding whether a Market Disruption Event has occurred shall be made by the Collateral Agent in its sole discretion. 

(b) On each Roll Date (or, if no Final Dealer shall have been selected on the Trade Date, on the date that the Final Dealer is selected), the
Collateral Agent shall instruct the Securities Intermediary to apply the Proceeds of the U.S. treasury securities held in the Collateral Account to the purchase price of the aggregate principal amount of the U.S. treasury security specified in the
Final Dealer’s offer, which shall be deposited in the Collateral Account, and to apply the excess of such Proceeds over the purchase price of the Qualifying Treasury Securities to purchase Permitted Investments for deposit in the Collateral
Account. 
 (c) On each Additional Distribution Date, if the Qualifying Treasury Securities shall have been purchased and deposited in the
Collateral Account, the Collateral Agent shall liquidate the Permitted Investments in the Collateral Account and direct the Securities Intermediary to pay the Proceeds to the Payment Account. 
  

 15 
 COLLATERAL AGREEMENT 

 Section 6.06 Application of Proceeds in Settlement of Stock Purchase Contracts. 
 (a) The Issuer Trust (acting through the Property Trustee) agrees to pay the purchase price under the Stock Purchase Contracts on the Stock Purchase Date
from the Proceeds of the Qualifying Treasury Securities held in the Collateral Account and the Deposit (or in the circumstances set forth in Section 2.2(b) of the Stock Purchase Contract Agreement, by assignment thereof). Without receiving any
further instruction from the Property Trustee, the Collateral Agent shall, in settlement of such Stock Purchase Contracts on the Stock Purchase Date, (i) instruct the Securities Intermediary to remit Proceeds of the Qualifying Treasury
Securities to the Company and (ii) instruct the Bank to pay the Proceeds of the Deposit to the Company in an amount equal to the excess of the Purchase Price over the amount of the Proceeds of the Qualifying Treasury Securities. 
 (b) In the event of a Failed Remarketing, the Collateral Agent, for the benefit of the Company, will, at the written instruction of the Company to the
fullest extent permitted by applicable law, deliver or dispose of the Pledged Notes in accordance with the Company’s written instructions to satisfy in full, from any such disposition or retention, the obligations of the Issuer Trust to pay the
purchase price for the shares of Preferred Stock to be issued under the Stock Purchase Contracts to the extent not paid from the Proceeds of the Qualifying Treasury Securities held in the Collateral Account, and the Company hereby waives any claim
it may otherwise have for any deficiency under the UCC or other applicable law. 
 (c) Thereafter, the Collateral Agent shall promptly remit
the Proceeds of the Qualifying Treasury Securities held in the Collateral Account in excess of the aggregate purchase price for the shares of Preferred Stock to be issued under such Stock Purchase Contracts to the Property Trustee or to the Paying
Agent on behalf of the Property Trustee for deposit into the Payment Account. 
 ARTICLE VII 
 VOTING RIGHTS — NOTES 
 Section 7.01 Voting Rights. 
 The Property Trustee on behalf of the Issuer Trust may, subject to the
Trust Agreement, exercise, or refrain from exercising, any and all voting and other consensual rights pertaining to the Notes or any part thereof for any purpose not inconsistent with the terms of this Agreement and in accordance with the terms of
the Stock Purchase Contract Agreement; provided, however, that the Property Trustee shall not exercise or shall not refrain from exercising such right with respect to any Notes, if, in the reasonable judgment of the Property Trustee,
such action would impair or otherwise have a material adverse effect on the value of all or any of the Notes; and provided, further, that the Property Trustee shall give the Company, the Collateral Agent and the Custodial Agent, at
least five Business Days’ prior written notice of the manner in which it intends to exercise, or its reasons for refraining from exercising, any such right. Upon receipt of any notices and other communications in respect of any Notes, including
notice of any meeting at which holders of the Notes are entitled to vote or solicitation of consents, waivers or proxies of holders of the Notes, the Collateral Agent and the Custodial Agent shall use reasonable efforts to send promptly to the
Property Trustee such notice or communication, and as soon as reasonably practicable after receipt of a written request therefor from the Property Trustee, execute and deliver to the Property Trustee such proxies and other instruments in respect of
such Notes (in form and substance reasonably satisfactory to the Collateral Agent or the Custodial Agent, as the case may be) as are prepared by the Company and delivered to the Property Trustee with respect to the Notes. 
  

 16 
 COLLATERAL AGREEMENT 

 ARTICLE VIII 
 RIGHTS AND REMEDIES 
 Section 8.01 Rights and Remedies of the
Collateral Agent. 
 (a) In addition to the rights and remedies specified in Section 6.04 or otherwise available at law or in equity,
after an event of default under the Stock Purchase Contracts, the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the UCC (whether or not the UCC is in effect in the jurisdiction
where the rights and remedies are asserted) and the TRADES Regulations and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted.
Without limiting the generality of the foregoing, such remedies may include, to the extent permitted by applicable law, (1) retention of the Pledged Notes or the Pledged Treasury Securities in full satisfaction of the Issuer Trust’s or the
Property Trustee’s obligations under the Stock Purchase Contracts and the Stock Purchase Contract Agreement or (2) sale of the Pledged Notes or the Pledged Treasury Securities in one or more public or private sales as permitted by
applicable law. 
 (b) Without limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, in the event the
amounts transferred or transferable to the Company by the Collateral Agent on account of any Pledged Notes, the Deposit or any Pledged Treasury Securities as provided in Article V are insufficient to satisfy the Obligations of the Issuer Trust
when due under the Stock Purchase Contracts, such insufficiency shall constitute an event of default under the Stock Purchase Contracts and the Collateral Agent shall have and may exercise, with reference to such Pledged Notes, the Deposit or such
Pledged Treasury Securities any and all of the rights and remedies available to a secured party under the UCC and the TRADES Regulations after default by a debtor, and as otherwise granted herein or under any other law. 
 (c) Without limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably
authorized to receive and collect all payments of (i) the principal amount of, and any interest on, the Pledged Notes and (ii) the principal amount of, and any interest on, the Pledged Treasury Securities, subject, in each case, to the
provisions of Article V, and as otherwise granted herein. 
 (d) The Property Trustee agrees that, from time to time, upon the written
request of the Company or the Collateral Agent (acting upon the request of the Company), the Property Trustee shall execute and deliver such further documents and do such other acts and things as the Company or the Collateral Agent (acting upon the
request of the Company) may reasonably request in order to maintain the Pledge, and the perfection and priority thereof, and to confirm the rights of the Collateral Agent hereunder; provided, however, that, in no event shall the Property
Trustee be responsible for the preparation (other than, if applicable, execution upon the request of the Company) or filing of any financing or continuation statements. In the absence of bad faith, the Property Trustee shall have no liability to the
Company or the Collateral Agent (acting upon the request of the Company) for executing any documents or taking any such acts requested by the Company or the Collateral Agent (acting upon the request of the Company) hereunder. 
  

 17 
 COLLATERAL AGREEMENT 

 Section 8.02 Remarketing; Contingent Exchange Elections by Holder of Normal PPS. 
 (a) In the event a Holder of Normal PPS exercises its rights pursuant to Sections 5.14(a)(i), (b) and (e) of the Trust Agreement to contingently
exchange Normal PPS and Qualifying Treasury Securities for Stripped PPS and Capital PPS in connection with any Remarketing by, 
 (i) during the period that commences with the Collateral Agent’s and the Securities Registrar’s opening of normal business hours on the tenth Business Day immediately preceding the first day of a Remarketing Period and ending at
3:00 P.M., New York City time, on the second Business Day immediately preceding the first day of such Remarketing Period, Transferring the Normal PPS that are the subject of such Contingent Exchange Election to the Securities Registrar, accompanied
by a duly executed and completed Notice of Contingent Exchange Election; and 
 (ii) not later than 3:00 P.M., New York City
time, on the second Business Day immediately preceding the first day of such Remarketing Period, depositing with the Collateral Agent the treasury security that is the Qualifying Treasury Security on the date of deposit, in the amount of $1,000 for
each Normal PPS that is subject to the Contingent Exchange Election, 
 the Collateral Agent shall, upon the Transfer and receipt of the duly executed and
completed Notice of Contingent Exchange Election pursuant to clause (i) and the deposit referred to in clause (ii), notify the Remarketing Agent not later than 11:00 A.M., New York City time, on the Business Day immediately preceding the first
day of each Remarketing Period of the aggregate principal amount of Pledged Notes with respect to which elections have been validly made pursuant to this Section 8.02(a). 
 (b) Upon the receipt of notice from the Remarketing Agent that the Remarketing has been Successful, on the Remarketing Settlement Date, 
 (i) the Collateral Agent shall (A) instruct the Securities Intermediary to release from the Pledge and deliver to the Remarketing
Agent the Pledged Notes for which no election has been validly made pursuant to Section 8.02(a), free and clear of the Company’s security interest therein, against delivery by the Remarketing Agent of the Deposit purchased with the net
Proceeds of the sale of such Pledged Notes in the Remarketing for credit to the Collateral Account, and (B) instruct the Securities Intermediary to release from the Pledge and Transfer to the Custody Account the Pledged Notes for which an
election has been validly made pursuant to Section 8.02(a), free and clear of the Company’s security interest therein, upon delivery by the Collateral Agent to the Securities Intermediary for deposit into the Collateral Account of the
Qualifying Treasury Securities to be deposited in connection with such elections, and confirm to the Property Trustee in writing that such instructions have been delivered; 
 (ii) the Securities Intermediary shall (A) release the Pledged Notes from the Pledge, Transfer such Pledged Notes, free and clear of
the Pledge, (x) to the Remarketing Agent in the case of Pledged Notes for which no election has been validly made pursuant to Section 8.02(a) and (y) to the Custody Account in the case of Pledged Notes for which an election has been
validly made pursuant to Section 8.02(a), (B) deposit in the Collateral Account as Pledged Treasury Securities the Qualifying Treasury Securities deposited with the Collateral Agent pursuant to Section 8.02(a) and (C) confirm to
the Property Trustee in writing that such release, Transfer and deposit have occurred; 
  

 18 
 COLLATERAL AGREEMENT 

 (iii) the Custodial Agent shall hold such Notes delivered to it pursuant to clause
(ii)(y) of this Section 8.02(b) in the Custody Account; and 
 (iv) the Securities Registrar shall cancel the number of
Normal PPS Transferred pursuant to Section 8.02(a) and deliver a Like Amount of Capital PPS and Stripped PPS to the Holder in accordance with the procedures provided for in Section 5.14 of the Trust Agreement. 
 (c) Upon the receipt of notice from the Remarketing Agent that the Remarketing has not been Successful: 
 (i) as soon as reasonably practicable after the Remarketing, the Collateral Agent will deliver back to such Holder the Qualifying Treasury
Securities delivered by such Holder to the Collateral Agent pursuant to Section 8.02(a); and 
 (ii) the Securities
Registrar will promptly return to such Holder the Normal PPS Transferred to the Securities Registrar pursuant to Section 8.02(a). 
 (d)
The substitution of Qualifying Treasury Securities, or security entitlements thereto, for financial assets held in the Collateral Account pursuant to this Section 8.02, shall not constitute a novation of the security interest created hereby.

 Section 8.03 Contingent Disposition Election by Holder of Capital PPS. 
 (a) In the event a Holder of Capital PPS exercises its rights pursuant to Sections 5.14(a)(ii), (b), (f) and (g) of the Trust Agreement to
contingently dispose of Capital PPS in connection with any Remarketing by, during the period that commences with the Custodial Agent’s and Securities Registrar’s opening of normal business hours on the tenth Business Day immediately
preceding the first day of a Remarketing Period and ending at 3:00 P.M., New York City time, on the second Business Day immediately preceding the first day of such Remarketing Period, Transferring the Capital PPS that are the subject of such
Contingent Disposition Election to the Securities Registrar and delivering a duly completed Notice of Contingent Disposition Election to the Securities Registrar and Custodial Agent, the Custodial Agent shall, upon such Transfer and receipt of such
notice, notify the Remarketing Agent not later than 11:00 A.M., New York City time, on the Business Day immediately preceding the first day of each Remarketing Period of the aggregate principal amount of Custody Notes with respect to which elections
have been validly made pursuant to this Section 8.03(a). 
 (b) Upon receipt of notice from the Remarketing Agent that the related
Remarketing is Successful: 
 (i) the Securities Registrar shall cancel the number of Capital PPS Transferred pursuant to
Section 8.03(a) in accordance with the procedures provided for in Section 5.11 of the Trust Agreement; 
 (ii) the
Custodial Agent shall deliver Custody Notes in the aggregate principal amount with respect to which elections have been validly made pursuant to Section 8.03(a) to the Remarketing Agent on the Remarketing Settlement Date; and 
  

 19 
 COLLATERAL AGREEMENT 

 (iii) on or promptly after the Remarketing Settlement Date, the Custodial Agent shall pay
to the Property Trustee the net Proceeds of the Custody Notes received from the Remarketing Agent. 
 (c) If the Custodial Agent is notified
by the Property Trustee or the Remarketing Agent that the related Remarketing is not Successful, the Securities Registrar shall promptly return to such Holder the Capital PPS Transferred to the Securities Registrar pursuant to Section 8.03(a).

 (d) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar, the Property Trustee, the
Company or the Remarketing Agent shall be obligated in any case to provide funds to make payment upon tender of Notes for Remarketing. 
 ARTICLE IX 
 REPRESENTATIONS AND WARRANTIES; COVENANTS 

 Section 9.01 Representations and Warranties. 
 The Property Trustee on behalf of the Issuer Trust hereby represents and warrants to the Collateral Agent that: 
 (a) the Property
Trustee on behalf of the Issuer Trust has the power to grant a security interest in and lien on the Collateral; and 
 (b) the Property
Trustee on behalf of the Issuer Trust is the sole beneficial owner of the Collateral and, in the case of Collateral delivered in physical form, is the sole holder of such Collateral and is the sole beneficial owner of, or has the right to Transfer,
the Collateral it Transfers to the Collateral Agent for credit to the Collateral Account, free and clear of any security interest, lien, encumbrance, call, liability to pay money or other restriction other than the security interest and lien granted
under Article II hereof. 
 Section 9.02 Covenants. 
 The Property Trustee on behalf of the Issuer Trust hereby covenants to the Collateral Agent that for so long as the Collateral remains subject to the Pledge: 
 (a) it will not create or purport to create or allow to subsist any mortgage, charge, lien, pledge or any other security interest whatsoever over the
Collateral or any part of it other than pursuant to this Agreement; and 
 (b) it will not sell or otherwise dispose (or attempt to dispose)
of the Collateral or any part of it except in accordance with the terms of this Agreement. 
  

 20 
 COLLATERAL AGREEMENT 

 ARTICLE X 
 THE COLLATERAL AGENT, THE CUSTODIAL AGENT, THE SECURITIES INTERMEDIARY 

 AND THE SECURITIES REGISTRAR 
 It is hereby agreed as follows: 
 Section 10.01
Appointment, Powers and Immunities. 
 The Collateral Agent and the Securities Intermediary shall act as agents for the Company
hereunder with such powers as are specifically vested in the Collateral Agent or the Securities Intermediary, as the case may be, by the terms of this Agreement and the Collateral Agent and the Securities Intermediary owe no duties, fiduciary or
otherwise, to any other Person except as provided by applicable law. The Custodial Agent and the Securities Registrar shall act as agents for the Property Trustee hereunder with such powers as are specifically vested in the Custodial Agent or the
Securities Registrar, as the case may be, by the terms of this Agreement and, in the case of the Securities Registrar, the Trust Agreement and the Custodial Agent and the Securities Registrar owe no duties, fiduciary or otherwise, to any other
Person except as provided by applicable law. The Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar shall: 
 (a) have no duties or responsibilities except those expressly set forth in this Agreement and no implied covenants or obligations shall be inferred from this Agreement against the Collateral Agent, the Custodial
Agent, the Securities Intermediary and the Securities Registrar, nor shall the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar be bound by the provisions of any agreement by any party hereto beyond the
specific terms hereof; 
 (b) not be responsible for any recitals contained in this Agreement, or in any certificate or other document
referred to or provided for in, or received by it under, this Agreement, the Trust Preferred Securities or the Stock Purchase Contract Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement
(other than as against the Collateral Agent, the Custodial Agent, the Securities Intermediary or the Securities Registrar, as the case may be), the Trust Preferred Securities, any Collateral or the Stock Purchase Contract Agreement or any other
document referred to or provided for herein or therein or for any failure by the Company or any other Person (except the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, as the case may be) to perform
any of its obligations thereunder or hereunder or for the validity, perfection, enforceability, priority or, except as expressly required hereby, maintenance of any security interest created hereunder; 
 (c) not be required to initiate or conduct any litigation or collection efforts or proceedings hereunder (except pursuant to directions furnished under
Section 10.02, subject to Section 10.08); 
 (d) not be responsible for the exercise of any of the rights and remedies (at the
direction of the Property Trustee or the Holders of the PPS, or otherwise) upon a default or event of default under the Indenture; 
 (e) not
be responsible for any action taken, suffered or omitted to be taken by it hereunder or under any other document or instrument referred to or provided for herein or in connection herewith or therewith, except for its own gross negligence or willful
misconduct; and 
 (f) not be required to advise any party as to selling or retaining, or taking or refraining from taking any action with
respect to, any securities or other property deposited hereunder. 
 Subject to the foregoing, during the term of this Agreement, the
Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities Registrar shall take all reasonable action in connection with the safekeeping and preservation of the Collateral and the Custody Notes hereunder as determined by
industry standards. 
  

 21 
 COLLATERAL AGREEMENT 

 No provision of this Agreement shall require the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. In no event shall the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar be liable for any amount in excess of the Value of the Collateral and the Custody Notes. 
 Section 10.02
Instructions of the Company. 
 The Company shall have the right, by one or more written instruments executed and delivered to the
Collateral Agent, to direct the time, method and place of conducting any proceeding for the realization of any right or remedy available to the Collateral Agent, or of exercising any power conferred on the Collateral Agent, or to direct the taking
or refraining from taking of any action authorized by this Agreement; provided, however, that (i) such direction shall not conflict with the provisions of any law or of this Agreement or involve the Collateral Agent in personal
liability and (ii) the Collateral Agent shall be indemnified as provided herein. Nothing contained in this Section 10.02 shall impair the right of the Collateral Agent in its discretion to take any action or omit to take any action which
it deems proper and which is not inconsistent with such direction. None of the Collateral Agent, the Custodial Agent or the Securities Registrar has any obligation or responsibility for determining the necessity of filing or to file or monitor the
filing of UCC financing statements or other UCC statements. 
 Section 10.03 Reliance by Collateral Agent, Custodial Agent, Securities Intermediary and
Securities Registrar. 
 Each of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall
be entitled to rely conclusively upon any certification, order, judgment, opinion, notice or other written or telephonic communication (including, without limitation, any thereof by e-mail or similar electronic means, telecopy, telex or facsimile)
believed by it to be genuine and to have been signed or sent by or on behalf of the proper Person or Persons (without being required to determine the correctness of any fact stated therein). Each of the Collateral Agent, the Securities Intermediary,
the Custodial Agent and the Securities Registrar may consult with legal counsel or other experts of its selection and the advice, opinions and statements of such legal counsel and other experts and any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. As to any matters not expressly provided for by this Agreement, the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar shall in all cases be fully protected in acting, suffering, or in refraining from acting, hereunder in accordance with instructions given by the Company or the Property Trustee in
accordance with this Agreement. 
 It is understood that the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar in any funds transfer may rely solely upon any account numbers or similar identifying numbers provided by the Company or the Property Trustee to identify (i) the beneficiary, (ii) the beneficiary’s bank, or
(iii) an intermediary bank. The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may apply any of the deposited funds for any payment order it executes using any such identifying number, even where
its use may result in a Person other than the beneficiary being paid, or the transfer of funds to a bank other than the beneficiary’s bank, or an intermediary bank, designated by the Company or the Property Trustee; provided, however,
that payment is made and confirmed to the account as specified by the Company or the Property Trustee, as the case may be. 
  

 22 
 COLLATERAL AGREEMENT 

 Section 10.04 Certain Rights. 
 (a) Whenever in the administration of the provisions of this Agreement the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall deem it necessary or desirable that a
matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, be deemed to be conclusively proved and established by a certificate signed by one of the Company’s officers, and delivered to the Collateral Agent,
the Securities Intermediary, the Custodial Agent or the Securities Registrar and such certificate, in the absence of bad faith on the part of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, shall
be full warrant to the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar for any action taken, suffered or omitted by any of them under the provisions of this Agreement in reliance thereon. 
 (b) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or document. 
 (c) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be responsible or liable for any
failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God, earthquakes, fires, floods,
terrorism, wars, civil or military disturbances, sabotage, epidemics, riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communication services, accidents, labor disputes, acts of civil or military authority
and governmental action. 
 (d) The Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar may
request that the Company and the Property Trustee each deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Agreement, which
Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (e) The permissive right of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar to take or refrain from
taking any actions enumerated in this Agreement shall not be construed as a duty. 
 (f) None of the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar shall be liable for any error of judgment made in good faith, unless it shall have been grossly negligent in ascertaining the pertinent facts. 
 (g) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall have no liability whatsoever for the action
or inaction of any Clearing Agency or any book-entry system thereof. In no event shall any Clearing Agency or any book-entry system thereof be deemed an agent or subcustodian of the Collateral Agent, the Securities Intermediary, the Custodial Agent
or the Securities Registrar. Unless and until Definitive Trust Preferred Securities Certificates have been issued to Owners pursuant to Section 5.15 of the Trust Agreement, the Collateral Agent, the Securities 

  

 23 
 COLLATERAL AGREEMENT 

 
Intermediary, the Custodial Agent and the Securities Registrar shall be entitled to deal with the Clearing Agency for all purposes of this Agreement
(including the receipt or transfer of any funds hereunder) as the Holder of the Trust Preferred Securities, shall have no obligation to the Owners and the rights of the Owners shall be exercised only through the Clearing Agency and shall be limited
to those established by law and agreement between such Owners and the Issuer Trust or the Clearing Agency Participants. The provisions of Sections 5.6 and 5.11 of the Trust Agreement are hereby made applicable to the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar, mutatis mutandis, as if they were the Securities Registrar as referred to therein. 
 (h) The Securities Registrar shall also have all of the rights, privileges, protections, immunities and benefits given to the Securities Registrar under the Trust Agreement, including its right to be indemnified. In the event of any
conflict between any of the provisions of the Trust Agreement and this Agreement with respect to any of such rights, privileges, protections, immunities and benefits, the provisions of this Agreement shall govern and control and supersede such other
provisions. 
 Section 10.05 Merger, Conversion, Consolidation or Succession to Business. 
 Any Person into which the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may be merged or converted or
with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be the successor of the Collateral Agent, the Securities Intermediary,
the Custodial Agent or the Securities Registrar hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required
by law to effect such succession, anything herein to the contrary notwithstanding. 
 Section 10.06 Rights in Other Capacities. 
 The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar and their Affiliates may (without having to account
therefor to the Company) accept deposits from, lend money to, make their investments in and generally engage in any kind of banking, trust or other business with the Issuer Trust, any other Person interested herein and any Holder of Trust Preferred
Securities (and any of their respective subsidiaries or Affiliates) as if it were not acting as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, as the case may be, and the Collateral Agent, the
Securities Intermediary, the Custodial Agent, the Securities Registrar and their Affiliates may accept fees and other consideration from the Issuer Trust, any other Person interested herein and any Holder of Trust Preferred Securities without having
to account for the same to the Company; provided, however, that each of the Securities Registrar, the Securities Intermediary, the Custodial Agent and the Collateral Agent covenants and agrees with the Company that it shall not accept,
receive or permit there to be created in favor of itself and shall take no affirmative action to permit there to be created in favor of any other Person, any security interest, lien or other encumbrance of any kind in or upon the Collateral other
than the lien created by the Pledge. 
  

 24 
 COLLATERAL AGREEMENT 

 Section 10.07 Non-reliance on Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities
Registrar. 
 None of the Securities Registrar, the Securities Intermediary, the Custodial Agent or the Collateral Agent shall be required
to keep itself informed as to the performance or observance by the Issuer Trust or any Holder of Trust Preferred Securities of this Agreement, the Stock Purchase Contract Agreement, the Trust Preferred Securities or any other document referred to or
provided for herein or therein or in connection herewith or therewith or to inspect the properties or books of the Issuer Trust or any Holder of Trust Preferred Securities. None of the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar shall have any duty or responsibility to provide the Company or the Property Trustee with any credit or other information concerning the affairs, financial condition or business of the Issuer Trust or the Company or
any Holder of Trust Preferred Securities (or any of their respective Affiliates) that may come into the possession of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar or any of their respective
Affiliates. 
 Section 10.08 Compensation and Indemnity. 
 The Company agrees to: 
 (a) pay the Collateral Agent, the Securities Intermediary, the Custodial Agent and
the Securities Registrar from time to time such compensation as shall be agreed in writing between the Company and the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, as the case may be, for all
services rendered by them hereunder; 
 (b) indemnify and hold harmless the Collateral Agent, the Securities Intermediary, the Custodial
Agent, the Securities Registrar and each of their respective directors, officers, agents and employees (collectively, the “Indemnitees”), from and against any and all claims, actions, suits, liabilities, losses, damages, fines,
penalties and expenses (including reasonable fees and expenses of counsel) and taxes (other than those based upon, determined by or measured by the income of the Collateral Agent, the Custodial Agent and the Securities Registrar) of any kind and
nature whatsoever (collectively, “Losses” and individually, a “Loss”) that may be imposed on, incurred by, or asserted against, the Indemnitees or any of them for or in respect of the Collateral Agent’s, the
Securities Intermediary’s, the Custodial Agent’s and the Securities Registrar’s (i) execution and delivery of this Agreement and (ii) following any instructions or other directions upon which either the Collateral Agent, the
Securities Intermediary, the Custodial Agent or the Securities Registrar is entitled to rely pursuant to the terms of this Agreement; and 
 (c) in addition to and not in limitation of clause (b) immediately above, indemnify and hold the Indemnitees and each of them harmless from and against any and all Losses that may be imposed on, incurred by or asserted against, the
Indemnitees or any of them in connection with or arising out of the Collateral Agent’s, the Securities Intermediary’s, the Custodial Agent’s or the Securities Registrar’s acceptance or performance of its powers and duties under
this Agreement, provided, however, that any Indemnitee with respect to the specific Loss against which indemnification is sought under this clause (c) has not acted with gross negligence or engaged in willful misconduct. 
 The provisions of this Section 10.08 and Section 12.07 shall survive the resignation or removal of the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar and the termination of this Agreement. 
  

 25 
 COLLATERAL AGREEMENT 

 Section 10.09 Failure to Act. 
 In the event of (i) uncertainty on the part of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar as to the application of any provision in this Agreement or any
other agreement relating to the transaction contemplated hereby or (ii) any ambiguity in the provisions of this Agreement or any dispute between or conflicting claims by or among the parties hereto or any other Person with respect to any funds
or property deposited hereunder, such Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar in the case of (i) or each of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar in the case of (ii) shall be entitled, at its sole option and after prompt written notice to the Company and the Issuer Trust, to refrain from taking any action in respect of such uncertainty or ambiguous provision or to refuse to
comply with any and all claims, demands or instructions with respect to such property or funds so long as such dispute or conflict shall continue, and the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar shall not be or become liable in any way to any of the parties hereto for its so refraining or refusal to comply with such conflicting claims, demands or instructions. The Collateral Agent, the Securities Intermediary, the Custodial Agent
and the Securities Registrar shall be entitled to refuse to act until either: 
 (a) such ambiguous provisions or conflicting or adverse
claims or demands, as the case may be, shall have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in a writing satisfactory to the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar; or 
 (b) the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar shall have received security or an indemnity satisfactory to it sufficient to save it harmless from and against any and all loss, liability or reasonable out-of-pocket expense which it may incur by reason of its
acting. 
 The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may in addition elect to
commence an interpleader action or seek other judicial relief or orders as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar may deem necessary. Notwithstanding anything contained herein to the
contrary, none of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be required to take any action that it reasonably believes to be contrary to law or to the terms of this Agreement, or which
it reasonably believes would subject it or any of its officers, employees or directors to liability. 
 Section 10.10 Resignation of Collateral Agent, the
Securities Intermediary, the Custodial Agent and Securities Registrar. 
 Subject to the appointment and acceptance of a successor
Collateral Agent, Securities Intermediary, Custodial Agent and Securities Registrar as provided below: 
 (i) the Collateral
Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may resign at any time by giving notice thereof to the Company and the Property Trustee; 
 (ii) the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may be removed at any time by the
Company; and 
  

 26 
 COLLATERAL AGREEMENT 

 (iii) if the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar fails to perform any of its material obligations hereunder in any material respect for a period of not less than 20 days after receiving written notice of such failure by the Property Trustee or the Administrative Trustees and
such failure shall be continuing, the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may be removed by the Property Trustee or the Administrative Trustees; 
 provided, however, that any Person at any time acting as Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar may not resign or be
removed in any one of those capacities without the consent of each party to this Collateral Agreement unless it resigns or is removed in all such capacities in which it is then acting. The Property Trustee or the Administrative Trustees shall
promptly notify the Company of any removal of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar pursuant to clause (iii) of this Section 10.10. Upon any such resignation or removal, the
Company shall have the right to appoint a successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, which shall not be an Affiliate of the Issuer Trust. If no successor Collateral Agent,
Securities Intermediary, Custodial Agent or Securities Registrar shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Collateral Agent’s, Securities Intermediary’s, Custodial Agent’s
or Securities Registrar’s giving of notice of resignation or the Company’s or the Property Trustee’s giving notice of such removal, then the retiring or removed Collateral Agent, Securities Intermediary, Custodial Agent or Securities
Registrar may petition any court of competent jurisdiction, at the expense of the Company, for the appointment of a successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar. The Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar shall each be a bank or a national banking association which has an office (or an agency office) in New York City with a combined capital and surplus of at least $50,000,000. Upon the
acceptance of any appointment as Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar hereunder by a successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, such
successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent,
Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, and the retiring Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, shall take all appropriate action, subject
to payment of any amounts then due and payable to it hereunder, to transfer any money and property held by it hereunder (including the Collateral) to such successor. The retiring Collateral Agent, Securities Intermediary, Custodial Agent or
Securities Registrar shall, upon such succession, be discharged from its duties and obligations as Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar hereunder. After any retiring Collateral Agent’s, Securities
Intermediary’s, Custodial Agent’s or Securities Registrar’s resignation or removal hereunder as Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, the provisions of this Article X shall continue in
effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar. Any resignation or removal of the Collateral Agent,
Custodial Agent or Securities Registrar hereunder, at a time when such Person is acting as the Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, shall be deemed for all purposes of this Agreement as the simultaneous
resignation or removal of the Collateral Agent, Securities Registrar or Custodial Agent, as the case may be. 
  

 27 
 COLLATERAL AGREEMENT 

 Section 10.11 Right to Appoint Agent or Advisor. 
 The Collateral Agent shall have the right to appoint agents or advisors in connection with any of its duties hereunder, and the Collateral Agent shall not
be liable for any action taken, suffered or omitted by, or in reliance upon the advice of, such agents or advisors selected in good faith. The appointment of agents (which, for the purpose of this sentence, excludes legal counsel) pursuant to this
Section 10.11 shall be subject to prior written consent of the Company, which consent shall not be unreasonably withheld. 
 Section 10.12
Survival. 
 The provisions of this Article X and Section 12.06 shall survive termination of this Agreement and the resignation or
removal of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar. 
 Section 10.13 Exculpation.

 Anything contained in this Agreement to the contrary notwithstanding, in no event shall the Collateral Agent, the Securities Intermediary,
the Custodial Agent or the Securities Registrar or their officers, directors, employees or agents be liable under this Agreement for indirect, special, punitive, or consequential loss or damage of any kind whatsoever, including, but not limited to,
lost profits, whether or not the likelihood of such loss or damage was known to the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, or any of them and regardless of the form of action. 
 Section 10.14 Statements and Confirmations. 
 The
Securities Intermediary will, as soon as reasonably practicable after receipt of same, send copies of all statements, confirmations and other correspondence concerning the Collateral Account and any financial assets credited thereto simultaneously
to each of the Property Trustee and the Collateral Agent at their addresses for notices under this Agreement. The Custodial Agent will, as soon as reasonably practicable after receipt of same, send copies of all statements, confirmations and other
correspondence concerning the Custody Account and any financial assets credited thereto to the Property Trustee at its address for notices under this Agreement. 
 Section 10.15 Tax Allocations. 
 The Administrative Trustees shall report all items of income, gain, expense and loss
recognized in the Collateral Account and the Custody Account, to the extent such reporting is required by law, to the Internal Revenue Service authorities in the manner required by law. None of the Securities Intermediary, the Collateral Agent, the
Custodial Agent, the Securities Registrar or the Property Trustee shall have any tax reporting duties hereunder. 
  

 28 
 COLLATERAL AGREEMENT 

 ARTICLE XI 
 AMENDMENT 
 Section 11.01 Amendment. 
 The Company, when duly authorized by resolution of its Board of Directors, the Collateral Agent, the Securities Intermediary, the Custodial Agent, the
Securities Registrar and the Property Trustee on behalf of the Issuer Trust, at any time and from time to time, may amend this Agreement by a written instrument, in form satisfactory to the Company, the Collateral Agent, the Securities Intermediary,
the Custodial Agent, the Securities Registrar and the Property Trustee, as provided under Section 6.1(c) of the Trust Agreement. Notwithstanding the foregoing, any amendment to the forms of PPS certificates attached as exhibits hereto shall be
effective upon written notice thereof from the Company without the consent of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar setting forth the revised form or forms and confirming that such revised
form or forms have been duly adopted in accordance with the Trust Agreement; provided, however, that no such amendment that adversely affects the rights, duties or immunities of the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar shall be effective against such adversely affected party without its consent. 
 Section 11.02 Execution of
Amendments. 
 In executing any amendment permitted by this Article XI, the Collateral Agent, the Securities Intermediary, the Custodial
Agent, the Securities Registrar and the Property Trustee shall be entitled to receive and (subject to Section 8.3 of the Trust Agreement with respect to the Property Trustee) shall be fully authorized and protected in relying upon, an Opinion
of Counsel and an Officers’ Certificate of the Company to the effect that all of the requirements of Section 6.1(c) of the Trust Agreement in respect of such amendment have been met and/or satisfied. The Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and the Property Trustee may, but shall not be obligated to, enter into any such amendment which affects their own respective rights, duties or immunities under this Agreement or otherwise.

 ARTICLE XII 
 MISCELLANEOUS 
 Section 12.01 No Waiver. 
 No failure on the part of the Company, the Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar or any of their respective agents to exercise, and no course of dealing with
respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Company, the Securities Intermediary, the Collateral Agent, the Custodial Agent, the
Securities Registrar or any of their respective agents of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not
exclusive of any remedies provided by law. 
  

 29 
 COLLATERAL AGREEMENT 

 Section 12.02 Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to the conflict of laws
principles thereof (other than Section 5-1401 of the New York General Obligations Law). The Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Issuer Trust hereby submit to the nonexclusive
jurisdiction of the United States District Court for the Southern District of New York and the courts of the State of New York (in each case sitting in New York County) for the purposes of all legal proceedings arising out of or relating to this
Agreement or the transactions contemplated hereby. The Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Issuer Trust irrevocably waive, to the fullest extent permitted by applicable law, any
objection that they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 12.03 Notices. 
 All notices, requests,
consents and other communications provided for herein (including, without limitation, any modifications of, or waivers or consents under, this Agreement) shall be given or made in writing (including, without limitation, by telecopy) delivered to the
intended recipient at the “Address for Notices” specified below its name on the signature pages hereof or, as to any party, at such other address as shall be designated by such party in a notice to the other parties. Except as
otherwise provided in this Agreement, all such communications shall be deemed to have been duly given when personally delivered or, in the case of a mailed or telecopied notice, upon receipt, in each case given or addressed as aforesaid. 

Section 12.04 Successors and Assigns. 
 This
Agreement shall be binding upon and inure to the benefit of the respective successors of the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary, the Securities Registrar and the Issuer Trust. 
 Nothing in this Agreement, express or implied, shall give any Person, other than the parties hereto and their permitted successors, any benefit or any
legal or equitable right, remedy or claim under this Agreement. 
 Section 12.05 Severability. 
 If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions
hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to give effect to the intentions of the parties hereto as nearly as may be possible and (ii) the invalidity or unenforceability of any
provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
  

 30 
 COLLATERAL AGREEMENT 

 Section 12.06 Expenses, Etc. 
 The Company agrees to reimburse the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar for: 
 (a) all reasonable costs and expenses of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable fees and expenses of counsel
to the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar), in connection with (i) the negotiation, preparation, execution and delivery or performance of this Agreement and (ii) any
modification, supplement or waiver of any of the terms of this Agreement; 
 (b) all reasonable costs and expenses of the Collateral Agent,
the Securities Intermediary, the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable fees and expenses of counsel) in connection with (i) any enforcement or proceedings resulting or incurred in
connection with causing the Issuer Trust or the Property Trustee to satisfy its obligations under the Stock Purchase Contracts or the Stock Purchase Contract Agreement and (ii) the enforcement of this Section 12.06; 
 (c) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of this
Agreement or any other document referred to herein and all costs, expenses, taxes (other than withholding taxes), assessments and, subject to Section 10.01(b) and the last sentence of Section 10.01, other charges incurred in connection
with any filing, registration, recording or perfection of any security interest contemplated hereby; 
 (d) all reasonable fees and expenses
of any agent or advisor appointed by the Collateral Agent and (except in the case of legal counsel) consented to by the Company under Section 10.11; and 
 (e) any other out-of-pocket costs and expenses reasonably incurred by the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar in connection with the performance of their
duties hereunder. 
 Section 12.07 Security Interest Absolute. 
 All rights of the Collateral Agent and security interests hereunder, and all obligations of the Issuer Trust and, subject to Section 12.10, the Property Trustee from time to time hereunder, shall be absolute and
unconditional irrespective of: 
 (a) any lack of validity or enforceability of any provision of the Stock Purchase Contracts or any other
agreement or instrument relating thereto; 
 (b) any change in the time, manner or place of payment of, or any other term of, or any increase
in the amount of, all or any of the Obligations under the Stock Purchase Contracts, or any other amendment or waiver of any term of, or any consent to any departure from any requirement of, the Stock Purchase Contract Agreement or any Stock Purchase
Contract or any other agreement or instrument relating thereto; or 
 (c) any other circumstance which might otherwise constitute a defense
available to, or discharge of, a borrower, a guarantor or a pledgor. 
  

 31 
 COLLATERAL AGREEMENT 

 Section 12.08 Notice of Termination Event or Redemption Prior to Stock Purchase Date. 
 Upon the occurrence of a Termination Event or the termination of the Stock Purchase Contracts upon the redemption of all the Notes by the Company prior to
the Stock Purchase Date in accordance with the Indenture, the Company shall deliver written notice to the Property Trustee, the Collateral Agent, the Custodial Agent and the Securities Registrar. Upon the written request of the Collateral Agent or
the Securities Registrar, the Company shall inform such party whether or not a Termination Event or the termination of the Stock Purchase Contracts upon the redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance
with the Indenture, as applicable, has occurred. 
 Section 12.09 Incorporation by Reference. 
 In connection with its execution and performance hereunder the Property Trustee is entitled to all rights, privileges, protections, immunities, benefits
and indemnities provided to it under the Trust Agreement. 
 Section 12.10 No Recourse. 
 It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by The Bank of New York Trust Company,
N.A., not individually or personally but solely as Property Trustee of the Issuer Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, warranties, covenants, undertakings and agreements
herein made on the part of the Issuer Trust is made and intended not as personal representations, warranties, covenants, undertakings and agreements by The Bank of New York Trust Company, N.A. but is made and intended for the purpose of binding only
the Issuer Trust, (c) nothing herein contained shall be construed as creating any liability on the part of The Bank of New York Trust Company, N.A., individually or personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall The Bank of New York Trust Company, N.A. be personally
liable for the payment of any indebtedness or expenses of the Issuer Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer Trust under this Agreement or any other
related documents. 
 Section 12.11 Force Majeure. 
 In no event shall the Property Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 Section 12.12 Liability of Property Trustee. 
 Notwithstanding any provision of this Agreement, the Property Trustee shall not be responsible for monitoring the compliance by the Guarantee Trustee, the Administrative Trustees, the Depositor, the Collateral Agent, the Securities
Registrar, the Custodial Agent, the Paying Agent, the 

  

 32 
 COLLATERAL AGREEMENT 

 
Remarketing Agent or any other Person, with their respective duties under any Transaction Document, nor shall the Property Trustee be liable for the default
or misconduct of any other Issuer Trustee, the Depositor, the Collateral Agent, the Securities Registrar, the Custodial Agent, the Paying Agent, the Remarketing Agent or any other Person. Notwithstanding any provision of this Agreement, the Property
Trustee shall have no responsibility or liability with respect to the amount or sufficiency of any proceeds generated by any Remarketing or any Pledged Treasury Securities or otherwise, the timing of any Remarketing or market conditions and their
impact on the value of any of the foregoing. 
 * * * * 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

  

 33 
 COLLATERAL AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as of the day and year first above written. 
  

											
	WELLS FARGO & COMPANY	 		 	WELLS FARGO CAPITAL XIII
					
	 By:
	 	  
  
  
 /s/ Barbara S. Brett
	 		 	 By: 
	 	 The Bank of New York Trust Company,
 N.A.,
not in its individual capacity but solely
 as Property Trustee

		 	Name:         Barbara S. Brett	 		 		 		 	
		 	 Title:           Senior Vice President and
                    Assistant Treasurer
	 		 		 		 	
						
		 		 		 		 	 By: 
	 	/s/ Sharon McGrath
		 		 		 		 		 	Name:   Sharon McGrath
		 		 		 		 		 	Title: Vice President
		
	Address for Notices:	 	Address for Notices:
		
	 Wells Fargo & Company
 420 Montgomery
Street
 San Francisco, California 94163
 Attention: Chief
Financial Officer
 MAC# A0101-121
 Facsimile: (415)
975-7151
	 	 The Bank of New York Trust Company, N.A.,
 as Property Trustee of
 Wells Fargo Capital XIII
 2 N. LaSalle, Suite 1020
 Chicago, IL 60602
 Attention: Global Corporate Trust
 Facsimile: (312)
827-8542

  

							
	 WILMINGTON TRUST COMPANY,
 as Collateral Agent, Securities Intermediary,
 Custodial Agent and Securities
Registrar
	 	

  

			
		
	 By: 
	 	/s/ J. Christopher Murphy
		 	 Name: J. Christopher Murphy
 Title: Financial Services
Officer

  

							
			
	Address for Notices:	  		  	
			
	 Wilmington Trust Company
 Rodney Square North

 1100 North Market Street
 Wilmington, Delaware 19890

Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

	  		  	

  

 COLLATERAL AGREEMENT 

 EXHIBIT A 
 (FORM OF FACE OF CAPITAL PPS CERTIFICATE) 
 {For inclusion in Global Certificates only – THIS
CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE
FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.} 
  

			
	No. _________	  	 Number of Capital PPS:                             
 CUSIP No. 94986EAC4

 WELLS FARGO CAPITAL XIII 
 CAPITAL PPS 
 This Capital PPS
Certificate certifies that {                            } is the registered Holder of the number of Capital
PPS set forth above {for inclusion in Global Certificates only—or such other number of Capital PPS reflected in the Schedule of Increases and Decreases in the Global Certificate attached hereto}. Each Capital PPS represents a beneficial
interest in Wells Fargo Capital XIII (the “Issuer Trust”), having a Liquidation Amount of $1,000. The Capital PPS are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of
the Capital PPS are set forth in, and this certificate and the Capital PPS represented hereby are issued and shall in all respects be subject to the terms and provisions of the Amended and Restated Trust Agreement of the Issuer Trust, dated as of
May 19, 2008, as the same may be amended and restated from time to time (the “Trust Agreement”), including the designation of the terms of the Capital PPS as set forth therein. The Holder is entitled to the benefits of the
Guarantee Agreement entered into by the Depositor and The Bank of New York Trust Company, N.A., as Guarantee Trustee, dated as of May 19, 2008, as the same may be amended and restated from time to time (the “Guarantee
Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. 
  

 A-1 
 COLLATERAL AGREEMENT 

 Section 5.13(d) of the Trust Agreement provides for the procedures pursuant to which Holders of
Capital PPS and Stripped PPS may exchange them for Normal PPS and Qualifying Treasury Securities and Section 5.14(f) of the Trust Agreement provides for the procedures pursuant to which Holders of Capital PPS may elect to dispose of Capital PPS
in the event a Remarketing is Successful. The forms of Recombination Notice and Request and Notice of Contingent Disposition Election required to be delivered in connection therewith are printed on the reverse hereof. 
 The holder of this Capital PPS Certificate is deemed to have agreed, by acceptance of such Capital PPS Certificate, to treat for all United States
Federal income tax purposes (i) the Issuer Trust as a grantor trust, (ii) itself as the owner of the Notes corresponding to this Capital PPS Certificate, (iii) the Notes as indebtedness of Wells Fargo & Company, (iv) the
stated interest on the Notes as ordinary interest income that is includible in the holder’s or beneficial owner’s gross income at the time the interest is paid or accrued in accordance with the holder’s or beneficial owner’s
regular method of tax accounting, and otherwise to treat the Notes as described under “Certain U.S. Federal Income Tax Consequences — Taxation of the Notes” in the Prospectus, and (v) as of May 19, 2008, the fair market
value of the Notes corresponding to one Capital PPS as $1,000, except in each case to the extent a different treatment is specifically required by the Internal Revenue Service pursuant to a final determination. 
 A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection at the offices of the Property Trustee. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereof. 
 IN WITNESS WHEREOF, the Issuer Trust acting through one of its Administrative Trustees has executed this Capital PPS Certificate. 
  

			
	 Wells Fargo Capital XIII, acting through one
 of its Administrative Trustees

		
	 By: 
	 	 
		 	 Name:

 Date: 
  

 A-2 
 COLLATERAL AGREEMENT 

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

			
	TEN COM:	  	as tenants in common
		
	UNIF GIFT MIN ACT:	  	                              Custodian
                             (cust)(minor) Under
 Uniform Gifts to Minors Act of
                                        
                

		
	TENANT:	  	as tenants by the entireties
		
	JT TEN:	  	as joint tenants with right of survivorship and not as tenants in common

 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  
  

	
	 (Please insert Social Security or Taxpayer I.D.
 or other Identifying Number of Assignee)

	  
  
 (Please print or type name and address including Postal Zip Code of Assignee)

 the within Capital PPS Certificates and all rights thereunder, hereby irrevocably constituting and appointing
attorney                             , to transfer said Capital PPS Certificates on the books of Wells
Fargo Capital XIII, with full power of substitution in the premises. 
  

			
		  	 
	Dated:	  	Signature
		  	 NOTICE: The signature to this assignment must
 correspond with the name as it appears upon the face
 of the within Capital PPS Certificates in every
 particular, without alteration or enlargement or any
 change
whatsoever.

  

 A-3 
 COLLATERAL AGREEMENT 

 FORM OF RECOMBINATION NOTICE AND REQUEST 
 Wilmington Trust Company, 
 as Collateral Agent and Securities Registrar 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration

  

	Re:	Stripped PPS and Capital PPS of Wells Fargo Capital XIII 

 The undersigned Holder hereby notifies you pursuant to Section 5.13(d) of the Amended and Restated Trust Agreement, dated as of May 19, 2008, of Wells Fargo Capital XIII (the “Trust Agreement”), among Wells
Fargo & Company, as Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, BNYM (Delaware), as Delaware Trustee, and the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and
Section 6.03(a) of the Collateral Agreement that the Holder: 
 (i) is transferring
$             Liquidation Amount of Stripped PPS and Capital PPS in connection with an Exchange of such Stripped PPS and Capital PPS for a Like Amount of Normal PPS and Qualifying
Treasury Securities, 
 (ii) hereby requests the Collateral Agent to release from the Pledge and deliver to the Holder Pledged Treasury
Securities in a principal amount equal to such Liquidation Amount, and 
 (iii) hereby requests the delivery to the Holder of such Normal PPS
of a Like Amount. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The
undersigned Holder has paid all applicable fees and expenses relating to such Exchange. 
  

			
	Date:	  	 
		
		  	Signature Guarantee:
		
	Please print name and address of Registered Holder:	  	
		
	Name	  	Social Security or other Taxpayer Identification Number, if any
		
	Address	  	

  

 A-4 
 COLLATERAL AGREEMENT 

 FORM OF NOTICE OF CONTINGENT DISPOSITION ELECTION 
 Wilmington Trust Company, 
 as Collateral Agent and
Securities Registrar 
 Rodney Square North 
 1100 North Market
Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust
Administration 
  

	Re:	Normal PPS of Wells Fargo Capital XIII 

 The undersigned
Holder hereby notifies you pursuant to Section 5.14(f) of the Amended and Restated Trust Agreement, dated as of May 19, 2008, of Wells Fargo Capital XIII (the “Trust Agreement”), among Wells Fargo & Company, as
Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, BNYM (Delaware), as Delaware Trustee, and the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and Section 8.03 of the
Collateral Agreement, that the Holder: 
 (i) is transferring
                 Capital PPS to the Securities Registrar, and 
 (ii) hereby requests the payment to the Holder, if the upcoming Remarketing is Successful, of an amount in cash for each such Capital PPS equal to the proceeds of the sale of $1,000 principal amount of Notes, it being
understood that if such Remarketing is not Successful, this Notice shall be disregarded. 
 All capitalized terms used herein that are
defined in the Trust Agreement have the meaning set forth therein. The undersigned Holder has paid all applicable fees and expenses relating to such Contingent Disposition Election. 
  

			
	Date:	  	 
		
		  	Signature Guarantee:
		
	Please print name and address of Registered Holder:	  	
		
	Name	  	Social Security or other Taxpayer Identification Number, if any
		
	Address	  	

  

 A-5 
 COLLATERAL AGREEMENT 

 {TO BE ATTACHED TO GLOBAL CERTIFICATES} 
 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE 
 The following increases or
decreases in this Global Certificate have been made: 
  

							
	 Amount of increase in
 Number of Capital PPS
 evidenced by this
 Global Certificate
	  	Amount of decrease in
Number of Capital PPS
evidenced by this Global
Certificate	  	Number of Capital PPS
evidenced by this Global
Certificate following such
decrease or increase
	  	Signature of authorized
signatory of Securities
Registrar
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 A-6 
 COLLATERAL AGREEMENT 

 EXHIBIT B 
 (FORM OF FACE OF NORMAL PPS CERTIFICATE) 
 {For inclusion in Global Certificates only – THIS
CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE
FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.} 
  

			
	No.                	  	 Number of Normal PPS:                         
 CUSIP No. 94986EAA8

 WELLS FARGO CAPITAL XIII 
 NORMAL PPS 
 This Normal PPS
Certificate certifies that {                            } is the registered Holder of the number of Normal
PPS set forth above {for inclusion in Global Certificates only—or such other number of Normal PPS reflected in the Schedule of Increases and Decreases in the Global Certificate attached hereto}. Each Normal PPS represents a beneficial
interest in Wells Fargo Capital XIII (the “Issuer Trust”), having a Liquidation Amount of $1,000. The Normal PPS are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of
the Normal PPS are set forth in, and this certificate and the Normal PPS represented hereby are issued and shall in all respects be subject to the terms and provisions of the Amended and Restated Trust Agreement of the Issuer Trust, dated as of
May 19, 2008, as the same may be amended and restated from time to time (the “Trust Agreement”), including the designation of the terms of the Normal PPS as set forth therein. The Holder is entitled to the benefits of the
Guarantee Agreement entered into by the Depositor and The Bank of New York Trust Company, N.A., as Guarantee Trustee, dated as of May 19, 2008, as the same may be amended and restated from time to time (the “Guarantee
Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. 
  

 B-1 
 TRUST AGREEMENT 

 Section 5.13(b) of the Trust Agreement provides for the procedures pursuant to which Holders of
Normal PPS may exchange Normal PPS and Qualifying Treasury Securities for Stripped PPS and Capital PPS and Section 5.14(d) of the Trust Agreement provides for the procedures pursuant to which Holders of Normal PPS may elect to exchange Normal
PPS and Qualifying Treasury Securities for Stripped PPS and Capital PPS in the event a Remarketing is Successful. The forms of Stripping Notice and Request and Notice of Contingent Exchange Election required to be delivered in connection therewith
are printed on the reverse hereof. 
 The holder of this Normal PPS Certificate is deemed to have agreed, by acceptance of such Normal PPS
Certificate, to treat for all United States Federal income tax purposes (i) the Issuer Trust as a grantor trust, (ii) itself as the owner of the Stock Purchase Contracts and the Notes corresponding to this Normal PPS Certificate,
(iii) the Notes as indebtedness of Wells Fargo & Company, (iv) the stated interest on the Notes as ordinary interest income that is includible in the holder’s or beneficial owner’s gross income at the time the interest
is paid or accrued in accordance with the holder’s or beneficial owner’s regular method of tax accounting, and otherwise to treat the Notes as described under “Certain U.S. Federal Income Tax Consequences — Taxation of the
Notes” in the Prospectus, and (v) as of May 19, 2008, the fair market value of each undivided beneficial interest in each ownership interest in the Notes corresponding to one Normal PPS as $1,000 and the fair market value of each
Stock Purchase Contract as $0, except in each case to the extent a different treatment is specifically required by the Internal Revenue Service pursuant to a final determination. 
 A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection at the offices of the Property Trustee. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereof. 
 IN WITNESS WHEREOF, the Issuer Trust acting through one of its Administrative Trustees has executed this Normal PPS Certificate. 
  

			
	Wells Fargo Capital XIII, acting through one of its Administrative Trustees
		
	 By: 
	 	 
		 	Name:

 Date: 
  

 B-2 
 TRUST AGREEMENT 

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

			
	TEN COM:	  	as tenants in common
		
	UNIF GIFT MIN ACT:	  	                      Custodian
                         (cust)(minor) Under
 Uniform Gifts to Minors Act of
                                        
    

		
	TENANT:	  	as tenants by the entireties
		
	JT TEN:	  	 as joint tenants with right of survivorship and not as tenants in
 common

 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  
  

	
	 (Please insert Social Security or Taxpayer I.D.
 or other Identifying Number of Assignee)

	  
  
 (Please print or type name and address including Postal Zip Code of Assignee)

 the within Normal PPS Certificates and all rights thereunder, hereby irrevocably constituting and appointing
attorney                                     , to
transfer said Normal PPS Certificates on the books of Wells Fargo Capital XIII, with full power of substitution in the premises. 
  

			
		  	 
	Dated:	  	Signature
		  	 NOTICE: The signature to this assignment must
 correspond with the name as it appears upon the
 face of the within Normal PPS Certificates in every
 particular, without alteration or enlargement or any
 change
whatsoever.

		
	Signature Guarantee:	  	

  

 B-3 
 TRUST AGREEMENT 

 FORM OF STRIPPING NOTICE AND REQUEST 
 Wilmington Trust Company, 
 as Collateral Agent and Securities Registrar 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration

  

	Re:	Normal PPS of Wells Fargo Capital XIII 

 The undersigned
Holder hereby notifies you pursuant to Section 5.13(b) of the Amended and Restated Trust Agreement, dated as of May 19, 2008, of Wells Fargo Capital XIII (the “Trust Agreement”), among Wells Fargo & Company, as
Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, BNYM (Delaware), as Delaware Trustee, and the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and Section 6.02 of the
Collateral Agreement, that the Holder: 
 (i) is depositing the appropriate Qualifying Treasury Securities with Wilmington Trust Company, as
Collateral Agent, for deposit in the Collateral Account, 
 (ii) is transferring the related Normal PPS to the Securities Registrar in
connection with an Exchange of such Normal PPS and Qualifying Treasury Securities for a Like Amount of Stripped PPS and Capital PPS, and 
 (iii) hereby requests the delivery to the Holder of such Stripped PPS and Capital PPS. 
 All capitalized terms used herein that are
defined in the Trust Agreement have the meaning set forth therein. The undersigned Holder has paid all applicable fees and expenses relating to such Exchange. 
  

			
	Date:	  	
		
		  	Signature Guarantee:
		
	Please print name and address of Registered Holder:	  	
		
	Name	  	Social Security or other Taxpayer Identification Number, if any
		
	Address	  	

  

 B-4 
 TRUST AGREEMENT 

 FORM OF NOTICE OF CONTINGENT EXCHANGE ELECTION 
 Wilmington Trust Company, 
 as Collateral Agent and
Securities Registrar 
 Rodney Square North 
 1100 North Market
Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust
Administration 
  

	Re:	Normal PPS of Wells Fargo Capital XIII 

 The undersigned
Holder hereby notifies you pursuant to Section 5.14(d) of the Amended and Restated Trust Agreement, dated as of May 19, 2008, of Wells Fargo Capital XIII (the “Trust Agreement”), among Wells Fargo & Company, as
Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, BNYM (Delaware), as Delaware Trustee, and the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and Section 8.02 of the
Collateral Agreement, that the Holder: 
 (i) is depositing the appropriate Qualifying Treasury Securities with Wilmington Trust Company, as
Collateral Agent, for deposit in the Collateral Account, 
 (ii) is transferring the related Normal PPS to the Securities Registrar in
connection with a Contingent Exchange Election of such Normal PPS and Qualifying Treasury Securities for a Like Amount of Stripped PPS and Capital PPS, and 
 (iii) hereby requests the delivery to the Holder of such Stripped PPS and Capital PPS (or, if the Depositor shall have elected to remarket the Notes in the form of New Trust Preferred Securities, New Trust Preferred
Securities) if the upcoming Remarketing is Successful, it being understood that if such Remarketing is not Successful, this Notice shall be disregarded and the Collateral Agent shall return such Qualifying Treasury Securities to the Holder promptly
after the Remarketing. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The
undersigned Holder has paid all applicable fees and expenses relating to such Contingent Exchange Election. 
  

			
	Date:	  	
		
		  	Signature Guarantee:
		
	Please print name and address of Registered Holder:	  	
		
	Name	  	Social Security or other Taxpayer Identification Number, if any
		
	Address	  	

  

 B-5 
 TRUST AGREEMENT 

 {TO BE ATTACHED TO GLOBAL CERTIFICATES} 
 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE 
 The following increases or
decreases in this Global Certificate have been made: 
  

							
	 Amount of increase in
Number of Normal PPS
evidenced by this
Global
Certificate
	  	Amount of decrease in
Number of Normal PPS
evidenced by this
Global Certificate	  	Number of Normal PPS
evidenced by this Global
Certificate following such
decrease or increase	  	Signature of authorized
signatory of Securities
Registrar
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 B-6 
 TRUST AGREEMENT 

 EXHIBIT C 
 (FORM OF FACE OF STRIPPED PPS CERTIFICATE) 
 {For inclusion in Global Certificates only – THIS
CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE
FOR CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.} 
  

			
	No.                 	  	 Number of Stripped PPS:                         
 CUSIP No. 94986EAB6

 WELLS FARGO CAPITAL XIII 
 STRIPPED PPS 
 This Stripped
PPS Certificate certifies that {                            } is the registered Holder of the number of
Stripped PPS set forth above {for inclusion in Global Certificates only—or such other number of Stripped PPS reflected in the Schedule of Increases and Decreases in the Global Certificate attached hereto}. Each Stripped PPS represents a
beneficial interest in Wells Fargo Capital XIII (the “Issuer Trust”), having a Liquidation Amount of $1,000. The Stripped PPS are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Stripped PPS are set forth in, and this certificate and the Stripped PPS represented hereby are issued and shall in all respects be subject to the terms and provisions of the Amended and Restated Trust Agreement of the Issuer
Trust, dated as of May 19, 2008, as the same may be amended and restated from time to time (the “Trust Agreement”), including the designation of the terms of the Stripped PPS as set forth therein. The Holder is entitled to the
benefits of the Guarantee Agreement entered into by the Depositor and The Bank of New York Trust Company, N.A., as Guarantee Trustee, dated as of May 19, 2008, as the same may be amended and restated from time to time (the “Guarantee
Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. 
  

 C-1 
 COLLATERAL AGREEMENT 

 Section 5.13(d) of the Trust Agreement provides for the procedures pursuant to which Holders of
Capital PPS and Stripped PPS may exchange them for Normal PPS and Qualifying Treasury Securities. The form of Recombination Notice and Request required to be delivered in connection therewith is printed on the reverse hereof. 
 The holder of this Stripped PPS Certificate is deemed to have agreed, by acceptance of such Stripped PPS Certificate, to treat for all United States
Federal income tax purposes (i) the Issuer Trust as a grantor trust, (ii) itself as the owner of the Stock Purchase Contracts and the Qualifying Treasury Securities corresponding to this Stripped PPS Certificate, and (iii) as of
May 19, 2008, the fair market value of each undivided beneficial interest in each ownership interest in such Stock Purchase Contracts as $0, except in each case to the extent a different treatment is specifically required by the Internal
Revenue Service pursuant to a final determination. 
 A copy of each of the Trust Agreement and the Guarantee Agreement is available for
inspection at the offices of the Property Trustee. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is
entitled to the benefits thereof. 
 IN WITNESS WHEREOF, the Issuer Trust acting through one of its Administrative Trustees has executed this
Stripped PPS Certificate. 
  

			
	Wells Fargo Capital XIII, acting through one of its Administrative Trustees
		
	 By: 
	 	 
		 	 Name:

 Date: 
  

 C-2 
 COLLATERAL AGREEMENT 

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

			
	TEN COM:	  	as tenants in common
		
	UNIF GIFT MIN ACT:	  	                      Custodian
                         (cust)(minor) Under
 Uniform Gifts to Minors Act of
                                        
    

		
	TENANT:	  	as tenants by the entireties
		
	JT TEN:	  	 as joint tenants with right of survivorship and not as tenants in
 common

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

	
	 (Please insert Social Security or Taxpayer I.D.
 or other Identifying Number of Assignee)

	  
  
 (Please print or type name and address including Postal Zip Code of Assignee)

 the within Stripped PPS Certificates and all rights thereunder, hereby irrevocably constituting and appointing
attorney                         , to transfer said Stripped PPS Certificates on the books of Wells Fargo Capital XIII,
with full power of substitution in the premises. 
  

			
		  	 
	Dated:	  	Signature
		  	 NOTICE: The signature to this assignment must
 correspond with the name as it appears upon the
 face of the within Stripped PPS Certificates in every
 particular, without alteration or enlargement or any
 change
whatsoever.

		
	Signature Guarantee:	  	

  

 C-3 
 COLLATERAL AGREEMENT 

 FORM OF RECOMBINATION NOTICE AND REQUEST 
 Wilmington Trust Company, 
 as Collateral Agent and Securities Registrar 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attention: Corporate Trust Administration

  

	Re:	Stripped PPS and Capital PPS of Wells Fargo Capital XIII 

 The undersigned Holder hereby notifies you pursuant to Section 5.13(d) of the Amended and Restated Trust Agreement, dated as of May 19, 2008, of Wells Fargo Capital XIII (the “Trust Agreement”), among Wells
Fargo & Company, as Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, BNYM (Delaware), as Delaware Trustee, the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and
Section 6.03 of the Collateral Agreement, that the Holder: 
 (i) is transferring
$             Liquidation Amount of Stripped PPS and Capital PPS in connection with an Exchange of such Stripped PPS and Capital PPS for a Like Amount of Normal PPS and Qualifying
Treasury Securities, 
 (ii) hereby requests the Collateral Agent to release from the Pledge and deliver to the Holder Pledged Treasury
Securities in a principal amount equal to such Liquidation Amount, and 
 (iii) hereby requests the delivery to the Holder of such Normal PPS
of a Like Amount. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The
undersigned Holder has paid all applicable fees and expenses relating to such Exchange. 
  

			
	Date:	  	
		
		  	Signature Guarantee:
		
	Please print name and address of Registered Holder:	  	
		
	Name	  	Social Security or other Taxpayer Identification Number, if any
		
	Address	  	

  

 C-4 
 COLLATERAL AGREEMENT 

 {TO BE ATTACHED TO GLOBAL CERTIFICATES} 
 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE 
 The following increases or
decreases in this Global Certificate have been made: 
  

							
	 Amount of increase
in Number of
Stripped
PPS evidenced by this
Global
Certificate
	  	Amount of decrease
in
Number of Stripped PPS
evidenced by this Global
Certificate	  	Number of Stripped PPS
evidenced by this Global
Certificate following such
decrease or increase	  	Signature of authorized
signatory of Securities
Registrar
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 C-5 
 COLLATERAL AGREEMENT 

 SCHEDULE I 
 Reference Dealers 
 Any Primary U.S. Government Securities Dealer 
  

 S-1 
 COLLATERAL AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]