Document:

EX-4.3

Exhibit 4.3

DEPOSIT AGREEMENT

     This DEPOSIT AGREEMENT (“Deposit Agreement”) is made and entered into as of January
30, 2008, by and among National City Corporation, a Delaware corporation, Wilmington Trust Company,
a Delaware banking corporation, National City Bank and all holders from time to time of Receipts
(as hereinafter defined) issued hereunder.

WITNESSETH:

     WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the
deposit of 1,500 shares of Preferred Stock (as hereinafter defined) with the Depositary (as
hereinafter defined) for the purposes set forth in this Deposit Agreement and for the issuance
hereunder of the Receipts evidencing Depositary Shares (as hereinafter defined), on the date hereof
representing a fractional interest in the deposited Preferred Stock; and

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

     NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among
the parties hereto as follows:

ARTICLE I

DEFINITIONS

     The following definitions shall apply to the respective terms (in the singular and plural
forms of such terms) used in this Deposit Agreement and the Receipts:

     SECTION 1.01. “Certificate of Incorporation” shall mean the Certificate of
Incorporation of the Company, as amended and supplemented from time to time.

     SECTION 1.02. “Certificate of Designation” shall mean the Certificate of Designation
designating 1,725 shares of preferred stock of the Company as Preferred Stock.

     SECTION 1.03. “Company” shall mean National City Corporation, a Delaware corporation,
and its successors.

     SECTION 1.04. “Corporate Office” shall mean the corporate office of the Depositary at
which at any particular time its business in respect of matters governed by this Deposit Agreement
shall be administered, which at the date of this Deposit Agreement is located at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890.

     SECTION 1.05. “Depositary” shall mean Wilmington Trust Company, a Delaware banking
corporation, and any successor as depositary hereunder.

 

     SECTION 1.06. “Depositary Share” shall mean a 1/4000th fractional interest
of a share of Preferred Stock deposited with the Depositary hereunder and the same proportionate
interest in any and all other property received by the Depositary in respect of such share of
Preferred Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued
hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is
entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock
represented by such Depositary Share, including the dividend and distribution, voting, redemption,
conversion and liquidation rights contained in the Certificate of Designation.

     SECTION 1.07. “Exchange Event” shall mean with respect to any Global Registered
Receipt:

     (1) (A) the Global Receipt Depository which is the holder of such Global Registered
Receipt or Receipts notifies the Company that it is no longer willing or able to properly
discharge its responsibilities under any Letter of Representations or that it is no longer
eligible or in good standing under the Securities Exchange Act of 1934, as amended, and (B)
the Company has not appointed a qualified successor Global Receipt Depository within ninety
(90) calendar days after the Company received such notice, or

     (2) the Company in its sole discretion notifies the Depositary in writing that the
Receipts or portion thereof issued or issuable in the form of one or more Global Registered
Receipts shall no longer be represented by such Global Receipt or Receipts.

     SECTION 1.08. “Global Receipt Depository” shall mean, with respect to any Receipt
issued hereunder, The Depository Trust Company (“DTC”) or such other entity designated as Global
Receipt Depository by the Company in or pursuant to this Deposit Agreement, which Person must be,
to the extent required by any applicable law or regulation, a clearing agency registered under the
Securities Exchange Act of 1934, as amended.

     SECTION 1.09. “Global Registered Receipts” shall mean a global registered Receipt
registered in the name of a nominee of DTC.

     SECTION 1.10. “Letter of Representations” shall mean any applicable agreement among
the Company, the Depositary and a Global Receipt Depository with respect to such Global Receipt
Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may
be amended, supplemented, restated or otherwise modified from time to time and any successor
agreement thereto.

     SECTION 1.11. “Preferred Stock” shall mean shares of the Company’s perpetual 9.875%
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series F, $100,000 liquidation preference
per share.

     SECTION 1.12 “Receipt” shall mean a Depositary Receipt issued hereunder to evidence
one or more Depositary Shares, whether in definitive or temporary form, substantially in the form
as set forth in Exhibit A hereto.

     SECTION 1.13. “record date” shall mean the date fixed pursuant to Section 4.04.

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     SECTION 1.14. “record holder” or “holder” as applied to a Receipt shall mean
the person in whose name a Receipt is registered on the books maintained by the Depositary for such
purpose.

     SECTION 1.15. “redemption date” shall mean the date fixed for redemption of Preferred
Stock and Depositary Shares contemplated in Section 2.03.

     SECTION 1.16. “Registrar” shall mean National City Bank, or any bank or trust company
appointed to register ownership and transfers of Receipts or the deposited Preferred Stock, as the
case may be, as herein provided.

     SECTION 1.17. “Securities Act” shall mean the Securities Act of 1933, as amended.

     SECTION 1.18. “Signature Guarantee” shall have the meaning as set forth in
Section 2.04.

     SECTION 1.19. “Special Damages” shall have the meaning as set forth in Section 5.08.

     SECTION 1.20. “Transfer Agent” shall mean National City Bank, or any bank or trust
company appointed to transfer the Receipts or the deposited Preferred Stock, as the case may be, as
herein provided.

ARTICLE II

FORM OF RECEIPTS,
DEPOSIT OF PREFERRED STOCK, EXECUTION AND 

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

     SECTION 2.01. Form and Transferability of Receipts. Definitive Receipts shall be
engraved or printed or lithographed with steel-engraved borders and underlying tint and shall be
substantially in the form as set forth in Exhibit A annexed to this Deposit Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided. Pending the
preparation of definitive Receipts, the Depositary, upon the written order of the Company,
delivered in compliance with Section 2.02, shall execute and deliver temporary Receipts which may
be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the persons executing such Receipts may determine,
as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and
the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the
preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at the Corporate Office or such other offices, if
any, as the Depositary may designate, without charge to the holder. Upon surrender for cancellation
of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange
therefor definitive Receipts representing the same number of Depositary Shares as represented by
the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense
and without any charge therefor. Until so exchanged,

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the temporary Receipts shall in all respects be entitled to the same benefits under this
Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts.

     Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly
authorized signatory of the Depositary. Receipt shall be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as
provided in the preceding sentence. The Depositary shall record on its books each Receipt executed
as provided above and delivered as hereinafter provided.

     Except as the Depositary may otherwise determine, Receipts shall be in denominations of any
number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.

     Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be
required by the Company or required to comply with any applicable law or regulation or with the
rules and regulations of any securities exchange or interdealer quotation system upon which the
Preferred Stock, the Depositary Shares or the Receipts may be listed or quoted or to conform with
any usage with respect thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject, in each case, as directed by the Company.

     Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly
endorsed or accompanied by a properly executed instrument of transfer or endorsement shall be
transferable by delivery with the same effect as in the case of a negotiable instrument; provided,
however, that until a Receipt shall be transferred on the books of the Registrar, the Depositary
may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as
the absolute owner thereof for the purpose of determining the person entitled to dividends or other
distributions, the exercise of any redemption or voting rights or to any notice provided for in
this Deposit Agreement and for all other purposes.

     The Receipts shall initially be issued in the form of one or more Global Registered Receipts.
Accordingly, the Depositary shall, in accordance with the other provisions of this Deposit
Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts,
which (i) shall represent the aggregate number of Depositary Shares to be represented by such
Receipts, (ii) shall be registered in the name of the Global Receipt Depository therefor or its
nominee.

     Notwithstanding any other provision of this Deposit Agreement to the contrary, unless
otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be
transferred in whole and only by the applicable Global Receipt Depository for such Global
Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global
Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt
Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt
Depository for such Global Registered Receipt selected or approved by the Company or to a nominee
of such successor Global Receipt Depository. Except as provided
below, owners solely of beneficial interests in a Global Registered
Receipt shall not be entitled to

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receive physical delivery of the Receipts represented by such Global Registered Receipt.
Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt
Depository shall have any rights under this Deposit Agreement with respect to any Global Registered
Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may
be treated by the Company, the Depositary and any director, officer, employee or agent of the
Company or the Depositary as the holder of such Global Registered Receipt for all purposes
whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial
interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make
book-entry transfers among its participants and receive and transmit all payments and distributions
in respect of the Global Registered Receipts to such participants, in each case, in accordance with
its applicable procedures and arrangements, and (2) whenever any notice, payment or other
communication to the holders of Global Registered Receipts is required under this Deposit
Agreement, the Company and the Depositary shall give all such notices, payments and communications
specified herein to be given to such holders to the applicable Global Receipt Depository.

     If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any
such event, the Depositary shall, upon receipt of a written order from the Company for the
execution and delivery of individual definitive registered Receipts in exchange for such Global
Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in
authorized denominations and of like tenor and terms in an aggregate principal amount equal to the
principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt.

     Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to
this Section shall be registered in such names and in such authorized denominations as the Global
Receipt Depository for such Global Registered Receipt, pursuant to instructions from its
participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts
to the persons in whose names such Receipts are so registered.

     Notwithstanding anything to the contrary in this Deposit Agreement, should the Company
determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto
shall comply with the terms of each Letter of Representations.

     SECTION 2.02. Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect
Thereof. Concurrently with the execution of this Deposit Agreement, the Company is delivering
to the Depositary a certificate or certificates, registered in the name of the Depositary and
evidencing 1,500 shares of Preferred Stock, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with (i) all such certifications as may be required by the Depositary in
accordance with the provisions of this Deposit Agreement and (ii) a written letter of instruction
of the Company directing the Depositary to execute and deliver to, or upon the written order of,
the person or persons stated in such order a Receipt or Receipts for the Depositary Shares
representing such deposited Preferred Stock. The Depositary acknowledges receipt of the deposited
Preferred Stock and related documentation and agrees to hold such
deposited Preferred Stock in an account to be established by the Depositary at the Corporate Office or at such other

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office as the Depositary shall determine. The Depositary acknowledges that the Company has
appointed National City Bank as the Registrar and Transfer Agent for the Preferred Stock deposited
hereunder and for the Depositary Shares and, as such, the Registrar shall issue and deliver the
Preferred Stock as directed by the Company and shall register and deliver the Depositary Shares in
accordance with the written instructions of Goldman, Sachs & Co. and shall reflect changes in the
number of shares (including any fractional shares) of deposited Preferred Stock and/or the
Depositary Shares held by it by notation, book-entry or other appropriate method. The Depositary
also acknowledges that the Company may deposit additional shares of Preferred Stock from time to
time after the date hereof.

     If required by the Depositary, Preferred Stock presented for deposit by the Company at any
time, whether or not the register of stockholders of the Company is closed, shall also be
accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that
will provide for the prompt transfer to the Depositary or its nominee of any distribution or right
to subscribe for additional Preferred Stock or to receive other property that any person in whose
name the Preferred Stock is or has been registered may thereafter receive upon or in respect of
such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement
as shall be satisfactory to the Depositary.

     Upon receipt by the Depositary of a certificate or certificates for Preferred Stock deposited
hereunder, together with the other documents specified above, and upon registering such Preferred
Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this
Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named
in the written order delivered to the Depositary referred to in the first paragraph of this
Section 2.02 a Receipt or Receipts for the number of whole Depositary Shares representing the
Preferred Stock so deposited and registered in such name or names as may be requested by such
person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the
Corporate Office, except that, at the request, risk and expense of any person requesting such
delivery, such delivery may be made at such other place as may be designated by such person.

     Other than in the case of splits, combinations or other reclassifications affecting the
Preferred Stock, or in the case of distributions of Preferred Stock, if any, there shall be
deposited hereunder not more than the number of shares constituting the Preferred Stock as set
forth in the Certificate of Designation, as such may be amended.

     The Company shall deliver to the Depositary from time to time such quantities of Receipts as
the Depositary may request to enable the Depositary to perform its obligations under this Deposit
Agreement.

     SECTION 2.03. Optional Redemption of Preferred Stock for Cash. Whenever the Company
shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the
provisions of the Certificate of Designation, it shall (unless otherwise agreed in writing with the
Depositary) give the Depositary not less than 30 days’ prior written notice of the date of such
proposed redemption and of the number of such shares of Preferred
Stock held by the Depositary to be redeemed and the applicable redemption price, as set forth in the Certificate of

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Designation,
including the amount, if any, of declared and unpaid dividends thereon to and including the date
fixed for redemption, without regard for any undeclared dividends. In connection with such notice,
the Company shall cause the Registrar to provide to the Depositary an updated registry of holders
of the Receipts evidencing the Depositary Shares. The Depositary shall mail, first-class postage
prepaid, notice of the redemption of Preferred Stock and the proposed simultaneous redemption of
the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 nor more
than 60 days prior to the date fixed for redemption of such Preferred Stock and Depositary Shares
(the “redemption date”), to the record holders of the Receipts evidencing the Depositary Shares to
be so redeemed, provided that if the Depositary Shares are held in the form of Global Registered
Receipts through the Global Receipt Depositary, the Company may provide such notice of redemption
in any manner permitted by such Global Receipt Depositary. No failure to give such notice or any
defect thereto or in the mailing thereof shall affect the sufficiency of notice or validity of the
proceedings for redemption except as to a holder to whom notice was defective or not given. A
redemption notice which has been mailed in the manner provided herein shall be conclusively
presumed to have been duly given on the date mailed whether or not the holder received the
redemption notice. The Company shall provide the Depositary with such notice, and each such notice
shall state: the redemption date; the redemption price and accrued and unpaid dividends payable on
the redemption date; the number of shares of deposited Preferred Stock and Depositary Shares to be
redeemed; if fewer than all the Depositary Shares held by any holder are to be redeemed, the number
of such Depositary Shares held by such holder to be so redeemed; the place or places where Receipts
evidencing the Depositary Shares to be redeemed are to be surrendered for payment of the redemption
price and declared and unpaid dividends (without regard for any undeclared dividends) payable on
the redemption date; and that from and after the redemption date dividends in respect of the
Preferred Stock represented by the Depositary Shares to be redeemed will cease to accrue. If fewer
than all of the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be
redeemed shall be redeemed pro rata (as nearly as may be practicable without creating fractional
Depositary Shares) or by any other equitable method determined by the Company.

     In the event that notice of redemption has been made as described in the immediately preceding
paragraph and the Company shall then have paid or caused to be paid in full to the Depositary the
redemption price (determined pursuant to the Certificate of Designation) of the Preferred Stock
deposited with the Depositary to be redeemed (including any declared and unpaid dividends to and
including the redemption date, without regard for any undeclared dividends), the Depositary shall
redeem the number of Depositary Shares representing such Preferred Stock so called for redemption
by the Company and from and after the redemption date (unless the Company shall have failed to pay
for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice
provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock
called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be
deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such
Depositary Shares (except the right to receive the redemption price plus all declared and unpaid
dividends to and including the redemption date, without regard for any undeclared dividends) shall,
to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with
said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for
transfer, if the Depositary or applicable law shall so require), such Depositary Shares

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shall be redeemed at a redemption price of
$25.00 per Depositary Share plus all declared and unpaid dividends to and including the redemption
date, without regard for any undeclared dividends. The foregoing shall be further subject to the
terms and conditions of the Certificate of Designation. In the event of any conflict between the
provisions of this Deposit Agreement and the provisions of the Certificate of Designation, the
provisions of the Certificate of Designation will govern and the Company will instruct the
Depositary accordingly.

     If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption,
the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with payment of the redemption price for and all other amounts payable in respect of the
Depositary Shares called for redemption, a new Receipt evidencing such holder’s Depositary Shares
evidenced by such prior Receipt that are not called for redemption.

     The Company acknowledges that the bank accounts maintained by the Depositary in connection
with the performance of the services described herein will be in the name of the Depositary and
that the Depositary may receive investment earnings in connection with the investment at the
Depositary’s risk and for its benefit of funds held in those accounts from time to time.

     SECTION 2.04. Registration of Transfers of Receipts. The Depositary acknowledges
that the Company has appointed National City Bank as the Registrar and Transfer Agent for the
Receipts and, as such, the Registrar shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent
or representative, properly endorsed or accompanied by a properly executed instrument of transfer
or endorsement and including a guarantee of the signature thereon by a participant in a signature
guarantee medallion program approved by the Securities Transfer Association (a “Signature
Guarantee”), together with evidence of the payment of any transfer taxes as may be required by
applicable law.

     SECTION 2.05. Combinations and Split-ups of Receipts. Upon surrender of a Receipt or
Receipts at the office of the Transfer Agent, subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts to the Transfer Agent
in the authorized denominations requested evidencing the same aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered.

     SECTION 2.06. Surrender of Receipts and Withdrawal of Preferred Stock. Any holder of
a Receipt or Receipts may withdraw any or all of the whole shares of deposited Preferred Stock
represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other
property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts at
the Corporate Office or at such other office as the Depositary may designate for such withdrawals.
Fractional shares of Preferred Stock may not be withdrawn by any holder. After such surrender,
without unreasonable delay, the Depositary shall deliver to such holder, or to the person or
persons designated by such holder as hereinafter provided, the number of whole shares of such
Preferred Stock and all such money and other property, if any, represented by the Depositary Shares
evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Preferred Stock

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will not thereafter be entitled to
deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or
Receipts delivered by the holder to the Depositary in connection with such withdrawal shall
evidence a number of Depositary Shares in excess of the number of Depositary Shares representing
the number of whole shares of deposited Preferred Stock to be withdrawn, the Depositary shall at
the same time, in addition to such number of whole shares of Preferred Stock and such money and
other property, if any, to be withdrawn, deliver to such holder, or upon his order, a new Receipt
or Receipts evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock
and such money and other property being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem appropriate, which, if required
by the Depositary, shall be properly endorsed or accompanied by a properly executed instrument of
transfer or endorsement.

     If the deposited Preferred Stock and the money and other property being withdrawn are to be
delivered to a person or persons other than the record holder of the Receipt or Receipts being
surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the
Depositary a written order so directing the Depositary and the Depositary may require that the
Receipt or Receipts surrendered by such holder for withdrawal of such whole shares of Preferred
Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or
endorsement in blank with a Signature Guarantee.

     The Depositary shall deliver the whole shares of deposited Preferred Stock and the money and
other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for
withdrawal at the Corporate Office, except that, at the request, risk and expense of the holder
surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may
be made at such other place as may be designated by such holder.

     SECTION 2.07. Limitations on Execution and Delivery, Transfer, Split-up, Combination.
As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender
or exchange of any Receipt, the Depositary or the Company may require any or all of the following:
(i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the
Company shall have made such payment, the reimbursement to it) of any tax or other governmental
charge with respect thereto (including any such tax or charge with respect to the Preferred Stock
being withdrawn); (ii) the production of proof satisfactory to it as to the identity and
genuineness of any signature (or the authority of any signature), including a Signature Guarantee;
and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish
consistent with the provisions of this Deposit Agreement and as may be required by any securities
exchange upon which the deposited Preferred Stock, the Depositary Shares or the Receipts may be
included for quotation or listed.

     The transfer of Receipts may be refused, and the transfer, split-up, combination, surrender,
exchange or redemption of outstanding Receipts may be suspended (i) during any period when the
register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably
necessary or advisable by the Depositary or the Company at any time or from time to time because of
any requirement of applicable law or of any government or governmental body or commission, or under
any provision of this Deposit Agreement.

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     SECTION 2.08. Lost Receipts, etc. In case any Receipt shall be mutilated or
destroyed or lost or stolen, the Transfer Agent in its discretion may execute and deliver a Receipt
of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in
substitution for such destroyed, lost or stolen Receipt, provided that the holder thereof provides
the Transfer Agent with (i) evidence reasonably satisfactory to the Transfer Agent of such
destruction, loss or theft of such Receipt, of the authenticity thereof and of his ownership
thereof and (ii) reasonable indemnification and the provision of an open penalty surety bond, in
each case, satisfactory to the Transfer Agent and the Company and holding the Transfer Agent and
the Company harmless.

     SECTION 2.09. Cancellation and Destruction of Surrendered Receipts. All Receipts
surrendered to the Depositary shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized to destroy such Receipts so cancelled.

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

     SECTION 3.01. Filing Proofs, Certificates and Other Information. Any holder of a
Receipt may be required from time to time to file such proof of residence or other information and
to execute such certificates as the Depositary or the Company may reasonably deem necessary or
proper. The Depositary or the Company may withhold or delay the delivery of any Receipt, the
transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock
represented by the Depositary Shares evidenced by any Receipt, the distribution of any distribution
or the sale of any rights or of the proceeds thereof, until such proof or other information is
filed or such certificates are executed.

     SECTION 3.02. Payment of Fees and Expenses. Holders of Receipts shall be obligated
to make payments to the Depositary of certain fees and expenses, as provided in Section 5.09, or
provide evidence reasonably satisfactory to the Depositary that such fees and expenses have been
paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock
or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt
may be refused, any distribution may be withheld, and any part or all of the Preferred Stock or
other property represented by the Depositary Shares evidenced by such Receipt may be sold for the
account of the holder thereof (after attempting by reasonable means to notify such holder a
reasonable number of days prior to such sale). Any distribution so withheld and the proceeds of any
such sale may be applied to any payment of such fees or expenses, the holder of such Receipt
remaining liable for any deficiency.

     SECTION 3.03. Representations and Warranties as to Preferred Stock. In the case of
the initial deposit of the Preferred Stock hereunder, the Company shall be deemed thereby to
represent and warrant that the Preferred Stock and each certificate therefor are valid and that
such deposit has been duly authorized. The Company hereby further represents and warrants that such
Preferred Stock, is validly issued, fully paid and non-assessable. Such representations and
warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts.

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

ARTICLE IV

THE PREFERRED STOCK; NOTICES

     SECTION 4.01. Dividends and Other Cash Distributions. Whenever the Depositary shall
receive any dividend or other cash distributions on the deposited Preferred Stock, including any
cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the
Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record
date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided, however, that, in case the Company or the Depositary shall be required by law to
withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount
on account of taxes or as otherwise required by law, regulation or court process, the amount made
available for distribution or distributed in respect of Depositary Shares shall be reduced
accordingly. The Depositary shall distribute or make available for distribution, as the case may
be, only such amount, however, as can be distributed without attributing to any holder of Receipts
a fraction of one cent, and any balance not so distributable shall be held by the Depositary
(without liability for interest thereon) and shall be added to and be treated as part of the next
sum received by the Depositary for distribution to record holders of Receipts then outstanding.

     SECTION 4.02. Distributions Other Than Cash. Whenever the Depositary shall receive
any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to
Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.04 such amounts of the securities or other property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts
held by such holders, in any manner that the Depositary and the Company may deem equitable and
practicable for accomplishing such distribution. If in the opinion of the Depositary after
consultation with the Company, such distribution cannot be made proportionately among such record
holders, or if for any other reason (including any requirement that the Company or the Depositary
withhold an amount on account of taxes) the Depositary deems, after consultation with the Company,
such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt
such method as it deems equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or other property thus received,
or any part thereof, at such place or places and upon such terms as the Depositary may deem proper.
The net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available
for distribution, as the case may be, by the Depositary to record holders of Receipts as provided
by Section 4.01 in the case of a distribution received in cash. The Depositary shall not be
obligated hereunder to make any distribution of such securities to
the holders of Receipts unless the Company shall have provided to the Depositary, upon request of the
Depositary, an opinion of

11

 

counsel stating that such securities have been registered under the
Securities Act or do not need to be registered thereunder in order to be freely transferable.

     SECTION 4.03. Subscription Rights, Preferences or Privileges. If the Company shall
at any time offer or cause to be offered with respect to the deposited Preferred Stock any rights,
preferences or privileges to subscribe for or to purchase any securities or any rights, preferences
or privileges of any other nature, the offering of such rights, preferences or privileges shall in
each such instance be communicated to the Depositary and thereafter made available by the
Depositary to the record holders of Receipts in such manner as the Company shall instruct
(including by the issue to such record holders of warrants representing such rights, preferences or
privileges); provided, however, that (a) if at the time of issue or offer of any such rights,
preferences or privileges the Company determines upon advice of its legal counsel that it is not
lawful or feasible to make such rights, preferences or privileges available to the holders of
Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders
of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary
shall then, if so instructed by the Company, and if applicable laws or the terms of such rights,
preferences or privileges so permit, sell such rights, preferences or privileges of such holders at
public or private sale, at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Section 3.01 and Section 3.02, be distributed by the
Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the
case of a distribution received in cash. The Depositary shall not be obligated hereunder to make
any distribution of such rights, preferences or privileges, unless the Company shall have provided
to the Depositary, upon request of the Depositary, an opinion of counsel stating that such rights,
preferences or privileges have been registered under the Securities Act or do not need to be
registered thereunder in order to be freely transferable.

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

     SECTION 4.05. Voting Rights. Upon receipt of notice of any meeting at which the
holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by
the Company (along with an updated registry of record holders of Receipts evidencing Depositary
Shares as of the record date for such meeting to be provided by the
Registrar) and which shall contain (i) such information as is contained in such notice of meeting, (ii) a
statement that the

12

 

holders
of Receipts at the close of business on a specified record date fixed
pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct
the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred Stock
represented by their respective Depositary Shares and (iii) a brief statement as to the manner in
which such instructions may be given. Upon the written request of a holder of a Receipt on such
record date, the Depositary shall vote or cause to be voted the amount of Preferred Stock
represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions
set forth in such request. To the extent any such instructions request the voting of a fractional
interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with
all other fractional interests resulting from requests with the same voting instructions and shall
vote the number of whole votes resulting from such aggregation in accordance with the instructions
received in such requests. The Company hereby agrees to take all reasonable action that may be
reasonably deemed necessary by the Depositary in order to enable the Depositary to vote such
Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific instructions
from the holder of a Receipt, the Depositary will abstain from voting to the extent of the
Preferred Stock represented by the Depositary Shares evidenced by such Receipt. The Depositary
shall not be required or allowed to exercise discretion in voting any Preferred Stock represented
by the Depositary Shares evidenced by such Receipt.

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

13

 

 stock and other securities and property
and cash into which the deposited Preferred Stock evidenced by such Receipts might have been converted or for which
such Preferred Stock might have been exchanged or surrendered immediately prior to the effective
date of such transaction, subject to any subsequent change in par or stated value, split-up,
combination or other reclassification or any subsequent recapitalization, reorganization, merger,
amalgamation or consolidation or sale of substantially all the assets. The Company shall cause
effective provision to be made in the charter of the resulting or surviving corporation (if other
than the Company) for protection of such rights as may be applicable upon exchange of the deposited
Preferred Stock for securities or property or cash of the surviving corporation in connection with
the transactions set forth above. The Company shall cause any such surviving corporation (if other
than the Company) expressly to assume the obligations of the Company hereunder.

     SECTION 4.07. Inspection of Reports. The Depositary shall make available for
inspection by holders of Receipts at the Corporate Office and at such other places as the
Depositary may from time to time deem advisable during normal business hours any reports and
communications received from the Company that are both received by the Depositary as the holder of
the deposited Preferred Stock and made generally available to the holders of the Preferred Stock.
In addition, the Depositary shall transmit certain notices and reports to the holders of Receipts
as provided in Section 5.05.

     SECTION 4.08. Lists of Receipt Holders. Promptly upon reasonable request from time
to time by the Depositary, the Company shall cause the Registrar to furnish to the Depositary a
list, as of a recent date specified by the Depositary, of the names, addresses and holdings of
Depositary Shares of all persons in whose names Receipts are registered on the books of the
Registrar.

     SECTION 4.09. Withholding. Notwithstanding any other provision of this Deposit
Agreement to the contrary, in the event that the Depositary determines that any distribution in
property is subject to any tax which the Depositary is obligated by applicable law to withhold, the
Depositary may dispose of all or a portion of such property in such amounts and in such manner as
the Depositary reasonably deems necessary and practicable to pay such taxes, by public or private
sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any
such property after deduction of such taxes to the holders of Receipts entitled thereto in
proportion to the number of Depositary Shares held by them, respectively; provided, however, that
in the event the Depositary determines that such distribution of property is subject to withholding
tax only with respect to some but not all holders of Receipts, the Depositary will use its best
efforts (i) to sell only that portion of such property distributable to such holders that is
required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such
sale in such a manner so as to avoid affecting the rights of any other holders of Receipts to
receive such distribution in property.

14

 

ARTICLE V

THE DEPOSITARY AND THE COMPANY

     SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the Registrar.
The Company shall cause the Registrar to maintain facilities for the execution and delivery,
transfer, surrender and exchange, split-up, combination and redemption of Receipts and the
withdrawal of Preferred Stock.

     If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented
by such Depositary Shares shall be listed on the New York Stock Exchange or any other stock
exchange, or quoted on any interdealer quotation system, the Company will, or will cause the
Registrar to, arrange such facilities for the delivery, transfer, surrender, redemption and
exchange of such Receipts, such Depositary Shares or such Preferred Stock as maybe required by
applicable law or applicable stock exchange or quotation system regulations.

     SECTION 5.02. Prevention or Delay in Performance by the Depositary or the Company.
Neither the Depositary nor the Company shall incur any liability to any holder of any Receipt, if
by reason of any provision of any present or future law or regulation thereunder of the United
States of America or of any other governmental authority or, in the case of the Depositary or the
Registrar, by reason of any provision, present or future, of the Certificate of Incorporation or
the Certificate of Designation or, by reason of any act of God or war or other circumstance beyond
the control of the relevant party, the Depositary, or the Company shall be prevented or forbidden
from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be
done or performed; nor shall the Depositary, the Registrar or the Company incur any liability to
any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing that the terms of this Deposit Agreement provide shall or may be
done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided
for in this Deposit Agreement.

     SECTION 5.03. Obligations of the Depositary and the Company. The Depositary shall
at all times act in good faith and shall use its best efforts within reasonable time limits to
insure the accuracy of all services performed pursuant to this Deposit Agreement. The Company
assumes no obligation and shall not be subject to any liability under this Deposit Agreement or any
Receipt to holders of Receipts other than from acts or omissions arising out of conduct
constituting bad faith, gross negligence or willful misconduct in the performance of such duties as
are specifically set forth in this Deposit Agreement.

     The
Company shall not be under any obligation to appear in, prosecute or defend any action, suit or
other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that
in its reasonable opinion may involve it in expense or liability, unless indemnity reasonably
satisfactory to it against all expense and liability be furnished as often as may be required.

     The
Company shall not be liable for any action or any failure to act by it in reliance upon the
written advice of legal counsel or accountants, or information provided by any holder of a Receipt
or any other person believed by it in good faith to be competent to give such advice or

15

 

information. The Company may rely and shall be protected in acting upon any written notice,
request, direction or other document believed by it in good faith to be genuine and to have been
signed or presented by the proper party or parties.

     In the event the Depositary shall receive conflicting claims, requests or instructions from
any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall
be entitled to act on such claims, requests or instructions received from the Company, and shall be
entitled to the full indemnification set forth in Section 5.06 hereof in connection with any action
so taken.

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

     The Depositary, its parent, affiliate, or subsidiaries, may own, buy, sell or deal in any
class of securities of the Company and its affiliates and in Receipts or Depositary Shares or
become pecuniarily interested in any transaction in which the Company or its affiliates may be
interested or contract with or lend money to or otherwise act as fully or as freely as if it were
not the Depositary hereunder. If so appointed, the Depositary may also act as transfer agent or
registrar of any of the securities of the Company and its affiliates, including, without
limitation, the Preferred Stock, the Receipts and the Depositary Shares, or act in any other
capacity for the Company or its affiliates.

     It is intended that the Depositary shall not be deemed to be an “issuer” of the securities
under the federal securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary is acting only in a ministerial capacity as Depositary
for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all
information reporting and withholding requirements applicable to it under law or this Deposit
Agreement in its capacity as Depositary.

     The Depositary makes no representation and has no responsibility as to the validity of the
registration statement pursuant to which the Depositary Shares are registered under the Securities
Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its
countersignature thereon) or any instruments referred to therein or herein, or as to the
correctness of any statement made therein or herein; provided, however, that the Depositary is
responsible for its representations in this Deposit Agreement and for the validity of any action
taken or required to be taken by the Depositary in connection with this Deposit Agreement.

     The Company represents that it has registered the deposited Preferred Stock and the Depositary
Shares for sale in accordance with applicable securities laws.

     SECTION 5.04. Resignation and Removal of the Depositary; Appointment of Successor
Depositary. The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take effect
upon the appointment of

16

 

a successor depositary and its acceptance of such appointment as hereinafter provided.

     The Depositary may at any time be removed by the Company by notice of such removal delivered
to the Depositary, such removal to take effect upon the appointment of a successor depositary and
its acceptance of such appointment as hereinafter provided.

     In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall, within 60 days after the delivery of the notice of resignation or removal, as the case may
be, appoint a successor depositary, which shall be a bank or trust company having its principal
office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning
Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every
successor depositary shall execute and deliver to its predecessor and to the Company an instrument
in writing accepting its appointment hereunder, and thereupon such successor depositary, without
any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depositary under this Deposit
Agreement, and such predecessor, upon payment of all sums due it and on the written request of the
Company, shall promptly execute and deliver an instrument transferring to such successor all rights
and powers of such predecessor hereunder, and shall duly assign, transfer and deliver all rights,
title and interest in the deposited Preferred Stock and any moneys or property held hereunder to
such successor. Any successor depositary shall promptly mail notice of its appointment to the
record holders of Receipts.

     Any corporation or other legal entity into or with which the Depositary may be merged,
consolidated or converted shall be the successor of such Depositary without the execution or filing
of any document or any further act. Such successor depositary may execute the Receipts either in
the name of the predecessor depositary or in the name of the successor depositary.

     SECTION 5.05. Notices, Reports and Documents. The Company agrees that it will
deliver to the Depositary, and the Depositary will, promptly after receipt thereof transmit to the
record holders of Receipts, in each case at the address included in the updated registry to be
provided by the Registrar to the Depositary in connection with any such delivery by the Company,
copies of all notices and reports (including financial statements) required by law, by the rules of
any national securities exchange or interdealer quotation system upon which the Preferred Stock,
the Depositary Shares or the Receipts are listed or quoted or by the Certificate of Incorporation
and the Certificate of Designation to be furnished by the Company to holders of the deposited
Preferred Stock and, if requested by the holder of any Receipt, a copy of this Deposit Agreement,
the form of Receipt, the Certificate of Designation and the form of Preferred Stock. Such
transmission will be at the Company’s expense and the Company will provide the Depositary with such
number of copies of such documents as the Depositary may reasonably request. In addition, the
Depositary will transmit to the record holders of Receipts at the Company’s expense such other
documents as may be requested by the Company.

     SECTION 5.06. Indemnification by the Company. The Company agrees to indemnify the
Depositary against, and hold it harmless from, any claim, action, suit, penalty, liability, costs and expenses (including reasonable attorneys’ fees) of any kind and nature whatsoever that may

17

 

arise out of, or in connection with, its acting as Depositary under this Deposit Agreement and the
Receipts, except for any liability arising out of the willful misconduct, gross negligence, or bad
faith on the part of the Depositary. The obligations of the Company set forth in this Section 5.06
shall survive any succession of any Depositary or termination of this Deposit Agreement.

     SECTION 5.07. [Intentionally omitted.]

     SECTION 5.08 Damages. The Depositary shall not be liable for any incidental,
indirect, special or consequential damages of any nature whatsoever, including, but not limited to,
loss of anticipated profits (collectively, “Special Damages”), occasioned by breach of any
provision of this Deposit Agreement by the Depositary even if apprised of the possibility of such
damages. The Company shall not be liable to the Depositary for Special Damages occasioned by breach
of any provision of this Deposit Agreement by the Company even if apprised of the possibility of
such damages.

     SECTION 5.09. Fees, Charges and Expenses. No charges and expenses of the Depositary
hereunder shall be payable by any person, except as provided in this Section 5.09. The Company
shall pay all transfer and other taxes and governmental charges arising solely from the existence
of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in
connection with the initial deposit of the Preferred Stock and the initial issuance of the
Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of
the Company and all withdrawals of the Preferred Stock by holders of Receipts. If a holder of
Receipts requests the Depositary to perform duties not required under this Deposit Agreement, the
Depositary shall notify the holder of time cost of the performance of such duties prior to the
performance thereof. Upon approval of such cost by such holder, such holder will thereafter be
liable for the charges and expenses related to such performance. All other fees and expenses of the
Depositary hereunder (including, in each case, fees and expenses of counsel) incident to the
performance of its obligations hereunder will be promptly paid by the Company. The Depositary shall
present its statement for fees and expenses to the Company every month or at such other intervals
as the Company and the Depositary may agree.

     SECTION 5.10. Additional Depositary Rights and Duties. The Depositary shall:

	 	(a)	 	have no duties or obligations other than those specifically set forth herein.
Depositary shall not be liable for any improper payment made in accordance with the
information provided by the Company;
	 
	 	(b)	 	not be obligated to take any legal action hereunder that might, in its
judgment, involve any expense or liability, unless it has been furnished with
reasonable indemnity by the Company;
	 
	 	(c)	 	be able to rely on and shall be protected in acting on the written or oral
instructions with respect to any matter relating to its actions as Depositary
specifically covered by this Deposit Agreement, of any officer of the Company
authorized to give instructions;

18

 

	 	(d)	 	be able to rely on and shall be protected in acting upon any certificate,
instrument, opinion, notice, letter, telegram or any other document or security
delivered to it and believed by it reasonably and in good faith to be genuine and to
have been signed by the proper party or parties;
	 
	 	(e)	 	not be responsible for or liable in any respect on account of the identity,
authority or rights of any person executing or delivering or purporting to execute or
deliver any document or property under this Deposit Agreement, and shall have no
responsibility with respect to the use or application of any property delivered by it
pursuant to the provisions hereof;
	 
	 	(f)	 	be able to consult with counsel satisfactory to it (including counsel for the
Company) and the advice or opinion of such 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 accordance with advice or opinion of such counsel;
	 
	 	(g)	 	not be liable for anything which it may do or refrain from doing in connection
with this Deposit Agreement except for its own gross negligence, willful misconduct or
bad faith;
	 
	 	(h)	 	not be bound by any notice or demand, or any waiver or modification of this
Deposit Agreement or any of the terms hereof, unless evidenced by a writing delivered
to the Depositary signed by the proper authority or authorities;
	 
	 	(i)	 	have no duty to enforce any obligation of any person to make delivery, or to
direct or cause any delivery to be made, or to enforce any obligation of any person to
perform any other act; and
	 
	 	(j)	 	have the right to assume, in the absence of written notice to the contrary from
the proper person or persons, that a fact or an event by reason of which an action
would or might be taken by the Depositary does not exist or has not occurred without
incurring liability for any action taken or omitted, or any action suffered by the
Depositary to be taken or omitted, in good faith or in the exercise of the Depositary’s
best judgment, in reliance upon such assumption.

ARTICLE VI

AMENDMENT AND TERMINATION

     SECTION 6.01. Amendment. The form of the Receipts and any provision of this Deposit
Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary in any respect that they may deem necessary or desirable; provided, however, that no
such amendment (other than any change in the fees of the Depositary that are payable by the
Company) which (i) shall materially and adversely alter any substantial existing right of the
holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate of Designation
shall be effective unless such

19

 

amendment shall have been approved by the holders of Receipts
evidencing at least a majority of the Depositary Shares then outstanding. In no event shall any
amendment impair the right, subject to the provisions of Section 2.06 and Section 2.07 and
Article III, of any holder of any Depositary Shares to surrender the Receipt evidencing such
Depositary Shares with instructions to the Depositary to deliver to the holder the whole shares of
the deposited Preferred Stock and all money and other property if any, represented thereby, except
in order to comply with mandatory provisions of applicable law. Every holder of an outstanding
Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold
such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as
amended thereby.

     SECTION 6.02. Termination. This Deposit Agreement may be terminated by the Company
upon not less than 30 days’ prior written notice to the Depositary, whereupon the Depositary shall
deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such
holder, such number of whole or fractional shares of deposited Preferred Stock as are represented
by the Depositary Shares evidenced by such Receipt, together with any other property held by the
Depositary in respect of such Receipt. This Deposit Agreement will automatically terminate if
(i) all outstanding Depositary Shares shall have been (A) redeemed pursuant to Section 2.03 and/or
(B) surrendered in connection with withdrawal of Preferred Stock pursuant to Section 2.06, or
(ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in
connection with any liquidation, dissolution or winding up of the Company and such distribution
shall have been distributed to the holders of Receipts entitled thereto.

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

ARTICLE VII

MISCELLANEOUS

     SECTION 7.01. Counterparts. This Deposit Agreement may be executed in any number of
counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such
counterparts taken together shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Deposit Agreement by facsimile shall be effective as
delivery of a manually executed counterpart of this Deposit Agreement.

     SECTION 7.02. Exclusive Benefits of Parties. This Deposit Agreement is for the
exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not
be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

20

 

     SECTION 7.03. Invalidity of Provisions. In case any one or more of the provisions
contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

     SECTION 7.04. Notices. Unless otherwise expressly provided herein, all notices,
requests, demands and other communications hereunder or under the Receipts shall be in writing,
shall be delivered by hand or by First Class Mail, postage prepaid, shall be deemed given when
received and shall be addressed to the Depositary and the Company at the respective addresses
listed below or to such other addresses as they shall designate from time to time in writing,
forwarded in like manner.

     If to the Depositary, to:

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1615

Attention: Corporate Capital Markets

Telephone: (302) 636-1000

Telecopy: (302) 636-4140

     If to the Company, to:

National City Corporation

1900 East Ninth Street

Cleveland, Ohio 44114

Attention: Carlton Langer

Telephone: (216) 222-3339

Facsimile: (216) 222-2336

     Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be
in writing and shall be deemed to have been duly given if personally delivered or sent by First
Class mail, postage prepaid, addressed to such record holder at the address of such record holder
as it appears on the books of the Depositary or, if such holder shall have filed with the
Depositary in a timely manner a written request that notices intended for such holder he mailed to
some other address, at the address designated in such request.

     SECTION 7.05. Holders of Receipts Are Parties. The holders of Receipts from time to
time shall be deemed to be parties to this Deposit Agreement amid shall be bound by all of the
terms and conditions hereof and of the Receipts by acceptance of delivery thereof.

     SECTION 7.06. Governing Law. This Deposit Agreement and the Receipts and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in
accordance with, the internal laws of the State of New York, without regard to its conflicts of
law provisions.

21

 

     SECTION 7.07. Inspection of Deposit Agreement and Certificate of Designation. Copies
of this Deposit Agreement and the Certificate of Designation shall be filed with the Depositary and
shall be open to inspection during business hours at the Corporate Office by any holder of any
Receipt.

     SECTION 7.08. Headings. The headings of articles and sections in this Deposit
Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted
for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any
bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.

[Signatures appear on next page]

22

 

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

	 	 	 	 	 	 	 
	 	 	NATIONAL CITY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas A. Richlovsky
	 

	 	 	 	 
	 

	 	Name:	 	Thomas A. Richlovsky
	 

	 	Title:	 	Senior Vice President and Treasurer
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Christopher Murphy
	 

	 	 	 	 
	 

	 	Name:	 	J. Christopher Murphy
	 

	 	Title:	 	Financial Services Officer
	 

	 	 	 	 	 	 
	 	 	NATIONAL CITY BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sherry L. Damore
	 

	 	 	 	 
	 

	 	Name:	 	Sherry L. Damore
	 

	 	Title:	 	Vice President

23

 

EXHIBIT A

[FORM OF FACE OF RECEIPT]

DEPOSITARY SHARES

DR

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH

REPRESENTING 1/4,000TH OF ONE SHARE OF

9.875% FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES F,

OF

NATIONAL CITY CORPORATION

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

CUSIP 635405 707

SEE REVERSE FOR CERTAIN DEFINITIONS

     Wilmington Trust Company, as Depositary (the “Depositary”), hereby certifies that Cede & Co.
is the registered owner of 6,000,000 DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share
representing 1/4,000th of one share of 9.875% Fixed-to-Floating Rate Non-Cumulative Preferred
Stock, Series F, no par value, liquidation preference $100,000 per share, (the “Stock”), of
National City Corporation, a Delaware corporation (the “Corporation”), on deposit with the
Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of
January 30, 2008 (the “Deposit Agreement”), among the Corporation, the Depositary, National City
Bank, as transfer agent and the holders from time to time of the Depositary Receipts. By accepting
this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the
terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or
obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall
have been executed by the Depositary by the manual signature of a duly authorized officer or, if
executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary
Receipts by the manual signature of a duly authorized officer thereof.

     This Depositary Receipt is transferable in New York, New York.

	 	 	 	 	 
	 	Dated: January 30, 2008

 	 
	 	Wilmington Trust Company, Depositary

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

A-1

 

[FORM OF REVERSE OF RECEIPT]

NATIONAL CITY CORPORATION

     NATIONAL CITY CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A
COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE
CERTIFICATE OF DESIGNATIONS ESTABLISHING THE
9.875% FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES F, OF NATIONAL CITY
CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS
RECEIPT.

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

EXPLANATION OF ABBREVIATIONS

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

	 	 	 	 	 	 	 
	Abbreviation	 	Equivalent Phrase	 	Abbreviation	 	Equivalent Phrase
	JT TEN

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

entireties
	 
	 	 	 	 	 	 
	TEN IN COM

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

	 	 	 	 	 	 	 	 	 	 	 
	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word
	ADM

	 	Administrator(s),
Administratrix
	 	EX
	 	Executor(s),
Executrix
	 	PAR
	 	Paragraph
	 
	 	 	 	 	 	 	 	 	 	 
	AGMT

	 	Agreement
	 	FBO
	 	For the benefit of
	 	PL
	 	Public Law
	 
	 	 	 	 	 	 	 	 	 	 
	ART

	 	Article
	 	FDN
	 	Foundation
	 	TR
	 	(As) trustee(s),
for, of
	 
	 	 	 	 	 	 	 	 	 	 
	CH

	 	Chapter
	 	GDN
	 	Guardian(s)
	 	U
	 	Under
	 
	 	 	 	 	 	 	 	 	 	 
	CUST

	 	Custodian for
	 	GDNSHP
	 	Guardianship
	 	UA
	 	Under agreement
	 
	 	 	 	 	 	 	 	 	 	 
	DEC

	 	Declaration
	 	MIN
	 	Minor(s)
	 	UW
	 	Under will of, Of
will of, Under last
will & testament
	 
	 	 	 	 	 	 	 	 	 	 
	EST

	 	Estate, of Estate of	 	 	 	 	 	 	 	 

A-2

 

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

ASSIGNEE

Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and
appoint            Attorney to transfer the said Depositary
Shares on the books of the within named Depositary with full power of substitution in the premises.

Dated:                    

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

SIGNATURE GUARANTEED

NOTICE: The
 signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations, and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act
of 1934.

A-3EX-4.1

EXHIBIT 4.1

NATIONAL GRID PLC

 

EMPLOYEE STOCK PURCHASE PLAN 2002

(AS AMENDED ON 23 APRIL 2008)

 

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1.
	 	DEFINITIONS AND INTERPRETATION	 	 	1	 
	 
	 	 	 	 	 	 
	2.
	 	PURPOSE OF PLAN	 	 	2	 
	 
	 	 	 	 	 	 
	3.
	 	EMPLOYEES ELIGIBLE TO PARTICIPATE	 	 	2	 
	 
	 	 	 	 	 	 
	4.
	 	ADMINISTRATION OF THE PLAN	 	 	2	 
	 
	 	 	 	 	 	 
	5.
	 	SHARES SUBJECT TO PLAN	 	 	3	 
	 
	 	 	 	 	 	 
	6.
	 	OFFER DATE	 	 	4	 
	 
	 	 	 	 	 	 
	7.
	 	PARTICIPATION	 	 	4	 
	 
	 	 	 	 	 	 
	8.
	 	PARTICIPATION LIMITATIONS	 	 	4	 
	 
	 	 	 	 	 	 
	9.
	 	OPTION PRICE	 	 	5	 
	 
	 	 	 	 	 	 
	10.
	 	EXERCISE OF OPTIONS	 	 	6	 
	 
	 	 	 	 	 	 
	11.
	 	WITHDRAWAL FROM PARTICIPATION	 	 	6	 
	 
	 	 	 	 	 	 
	12.
	 	RIGHTS NOT TRANSFERABLE	 	 	7	 
	 
	 	 	 	 	 	 
	13.
	 	APPROVAL OF SHAREHOLDERS	 	 	7	 
	 
	 	 	 	 	 	 
	14.
	 	TERMINATION	 	 	7	 
	 
	 	 	 	 	 	 
	15.
	 	AMENDMENT	 	 	8	 
	 
	 	 	 	 	 	 
	16.
	 	EXPENSES	 	 	8	 
	 
	 	 	 	 	 	 
	17.
	 	CONSENTS	 	 	8	 
	 
	 	 	 	 	 	 
	18.
	 	ADDITIONAL RESTRICTIONS	 	 	9	 
	 
	 	 	 	 	 	 
	19.
	 	TAKEOVER, RECONSTRUCTION AND WINDING UP	 	 	9	 
	 
	 	 	 	 	 	 
	20.
	 	NOTICES	 	 	10	 
	 
	 	 	 	 	 	 
	21.
	 	RIGHT OF DISCHARGE RESERVED	 	 	10	 
	 
	 	 	 	 	 	 
	22.
	 	SECTION HEADINGS	 	 	10	 
	 
	 	 	 	 	 	 
	23.
	 	GOVERNING LAW	 	 	10	 

 

 

	1.	 	DEFINITIONS AND INTERPRETATION

	 
	1.1	 	In this Plan, unless the context otherwise requires:-

	 
		 	
“Alternative Option Price” has the meaning given in Section 9.1(b) of the Plan;

	 
	 	 	“ADS” means the Company’s American Depositary Shares (evidenced by American
Depositary Receipts), each ADS representing five (5) Ordinary Shares;

	 
	 	 	“Base Option Price” has the meaning given in Section 9.1(a) of the Plan;

	 
	 	 	“the Board” means the board of directors of the Company;

	 
	 	 	“the Code” means the US Internal Revenue Code of 1986, as amended;

	 
	 	 	“the Committee” means the Remuneration Committee which is duly authorised
and appointed by the Board;

	 
	 	 	“the Company” means National Grid plc registered in England and Wales with
Company number 4031152;

	 
	 	 	“Consent” has the meaning given in Section 17.2 of the Plan;

	 
	 	 	“Control” means control with the meaning given by Section 840 of the United
Kingdom’s Income and Corporation Taxes Act 1988;

	 
	 	 	“Fair Market Value” has the meaning given in Section 9.3 of the Plan;

	 
	 	 	“the Group” has the meaning given in Section 2 of the Plan;

	 
	 	 	“NYSE” means The New York Stock Exchange, or its successor;

	 
	 	 	“Offer” means an offer made under the Plan;

	 
	 	 	“Ordinary Shares” means ordinary shares of the Company including ordinary shares represented by ADSs;

	 
	 	 	“Participating Corporation” means any Subsidiary of the Company that adopts
the Plan with the consent of the Company;

	 
	 	 	“the Plan” means the National Grid Employee Stock Purchase Plan 2002, as
amended from time to time;

	 
	 	 	“Plan Action” has the meaning given in Section 17.1 of the Plan;

	 
	 	 	“Purchase Date” means, for any Purchase Period, the last business day of
such period;

	 
	 	 	“Purchase Period” means the period(s) established by the Committee with
respect to an Offer;

	 
	 	 	“Subsidiary” has the meaning given in Section 3 of the Plan; and

	 
	 	 	“UKLA” means the United Kingdom Listing Authority.

 

 

	1.2	 	Any reference in this Plan to any enactment includes a reference to
that enactment as from time to time modified, extended or re-enacted.

	 
	1.3	 	Words of the feminine gender shall include the masculine and vice versa
and words in the singular shall include the plural and vice versa unless, in
either case, the context otherwise requires or it is otherwise stated.

	 
	1.4	 	Expressions in italics are for guidance only and do not form part of
the Plan.

	 
	2.	 	PURPOSE OF PLAN

	 
	 	 	The purpose of the Plan is to provide eligible employees of the Company
and/or designated subsidiaries of the Company (together the “Group”) who
wish to acquire Ordinary Shares with a convenient method of doing so. The
Board believes that participation in ownership of the Company by employees
of the Group’s companies on this basis will be to the mutual benefit of the
employees and the Group. It is intended that the Plan shall constitute an
“employee stock purchase plan” within the meaning of section 423(b) of the
Code.

	 
	3.	 	EMPLOYEES ELIGIBLE TO PARTICIPATE

	 
	 	 	Any employee of a Participating Corporation is eligible to participate in
the Plan, other than an employee who has not been employed for such period
as of the date of an Offer as the Committee shall in its discretion have
determined (consistent with the exclusions permitted under section 423(b)(4)
of the Code) prior to the date of such Offer. The term “employee” includes
any officer or director of a Participating Corporation who is otherwise an
employee of a Participating Corporation. The term “Subsidiary” has the
meaning set forth in section 424(f) of the Code. Any period determined by
the Committee in accordance with this Section 3 shall apply to all employees
who participate in such Offer.

	 
	4.	 	ADMINISTRATION OF THE PLAN

	 
	4.1	 	The Plan shall be administered by the Committee, which may delegate any
or all of its powers under and/or in respect to the Plan to the Company’s
Share Schemes Sub Committee, in accordance with its terms of reference.

	 
	4.2	 	The Committee shall have the authority:

	 	(a)	 	to exercise all of the powers granted to it under the Plan,

	 
	 	(b)	 	to construe, interpret and implement the Plan,

	 
	 	(c)	 	to prescribe, amend and rescind rules and regulations
relating to the Plan, including rules governing its own operations,

	 
	 	(d)	 	to make all determinations necessary or advisable in administering the
Plan,

	 
	 	(e)	 	to correct any defect, supply any omission and reconcile
any inconsistency in the Plan,

	 
	 	(f)	 	subject to Section 15, to amend the Plan to reflect changes in
applicable law, and

	 
	 	(g)	 	to establish exchange ratios applicable to amounts
withheld or shares purchased in foreign currencies.

 

 

	4.3	 	The determination of the Committee on any matters relating to the Plan
shall be final, binding and conclusive on all parties.

	 
	4.4	 	No member of the Board, the Committee or the Company’s Share Schemes
Sub Committee shall be liable for any action or determination made in good
faith with respect to the Plan.

	 
	4.5	 	Notwithstanding anything to the contrary contained herein:

	 	(a)	 	until the Board shall appoint the members of the
Committee, the Plan shall be administered by the Board; and

	 
	 	(b)	 	the Board may, in its sole discretion, at any time and
from time to time, resolve to administer the Plan.

In either of the foregoing events, the Board shall have all of the authority
and responsibility granted to the Committee herein.

	5.	 	SHARES SUBJECT TO PLAN.

	 
	5.1	 	The total number of Ordinary Shares, which may be issued or transferred
pursuant to the Plan shall be 200,000,000 shares (being 10% of the expected
issued share capital on the adoption of the Plan). Such shares may be
authorised but unissued Ordinary Shares or authorised and issued Ordinary
Shares acquired for the purposes of the Plan. Shares transferred pursuant to
the Plan may, at the Company’s option, be represented by ADSs issued pursuant
to the Company’s Amended and Restated Deposit Agreement, or any successor
depository facility. Shares subject to any lapsed or expired option shall
again become available for transfer pursuant to options granted or to be
granted under the Plan.

	 
	5.2	 	Subject to any required action by the shareholders of the Company, the
number of shares available for issuance both in the aggregate and with respect
to each outstanding option, and the Base Option Price/Alternative Option Price
per share under each outstanding option, may be proportionately adjusted for
any increase or decrease in the ordinary share capital in issue resulting from
a variation of the Company’s share capital, or any other increase or decrease
in the number of issued Ordinary Shares effected without receipt of
consideration by the Company. Such adjustment may be made at the discretion
of the Committee, whose determination in that respect shall be final, binding
and conclusive. Except as expressly provided herein, no issuance by the
Company of shares of stock of any class, or securities convertible into shares
of stock of any class, shall affect, and no adjustment by reason thereof shall
be made with respect to, the number or price of Ordinary Shares subject to an
option.

	 
	5.3	 	No option or other right to acquire Ordinary Shares may be granted if,
as a result of such grant, the total number of Ordinary Shares issued or
issuable pursuant to the exercise of options or other rights granted within
the preceding ten years under this Plan and all employee share schemes
established by the Company or a Subsidiary would exceed 10% of the issued
ordinary share capital of the Company on the day of such grant.

	 
	5.4	 	For the purpose of Section 5.3 above, any shares in National Grid
Holdings One plc (company number 2367004) which have been issued (or remain
issuable) under any executive or employees’ share scheme shall be treated as shares in the Company, subject to the proviso that:

	 	(a)	 	any shares issued or issuable pursuant to any options
granted as “Replacement Options” under paragraph (f) of the Unapproved
Appendix to the National Grid

 

 

	 	 	 	Executive Share Option Scheme (1990) shall be regarded as having been
granted on the date that the “1998 Option” (as that term is defined
in such paragraph) to which they relate was granted; and

	 	(b)	 	any shares issued or issuable pursuant to any option
granted under The National Grid Company PLC’s 1995 Unapproved Savings
Related Share Option Scheme and any corresponding option granted under
The National Grid Company PLC’s Savings Related Share Option Scheme
established in 1990 shall be treated as a single option in recognition
that only one or other, but not both, of such options may be exercised.

	5.5	 	References in Sections 5.3 and 5.4 to shares issued or issuable
pursuant to the exercise of options or other rights shall include any shares
issued for the purpose of satisfying any such option or other right.

	 
	6.	 	OFFER DATE

	 
	6.1	 	The Committee shall determine the date or dates upon which one or more
Offers shall be made under the Plan and the procedures that shall apply with
respect to such Offer. The term of each Offer shall be twenty four (24)
months, or such other term as the Committee shall determine prior to the
commencement of an Offer, which shall not exceed 60 months or any other period
prescribed by the relevant legislation.

	 
	6.2	 	In order to participate in an Offer, an eligible employee must submit
such enrolment forms as shall be prescribed by the Committee (which shall
include a payroll deduction authorisation form) at such time and in such
manner as shall be prescribed by the Committee. The payroll deductions
authorised by a participant on a payroll deduction authorisation form shall
not exceed a specified monetary maximum established by the Committee.

	 
	7.	 	PARTICIPATION

	 
	7.1	 	On the effective date of an Offer, each eligible employee shall be
granted an option to acquire, through payroll deductions, as many whole
Ordinary Shares, subject to the limitation set forth in Section 8, as he or
she may acquire with the amount to be deducted from his or her pay during the
term of the Offer. Each Offer shall specify the maximum number of Ordinary
Shares that the participant may purchase throughout the duration of the Offer.

	 
	7.2	 	All employees granted options under the Plan shall have the same rights
and privileges under the Plan, except that the number of whole Ordinary Shares
each participant may purchase will depend upon the payroll deduction he or she
authorises.

	 
	7.3	 	Each participant in an Offer agrees to notify the Company of any
disposition of Ordinary Shares acquired pursuant to the Plan prior to the
expiration of the holding periods set forth in section 423(a) of the Code.

	 
	7.4	 	All contributions received or held by the Company, or any Participating
Employer, or any agent thereof, under the Plan may be used by the Company or
the Participating Employer for any corporate purpose, and the Company and the
Participating Corporation shall not be obligated to segregate such
contributions or pay interest thereon.

	 
	8.	 	PARTICIPATION LIMITATIONS

	 
	 	 	Notwithstanding any other provision of the Plan, no employee shall be
granted an option under the Plan if:

 

 

	 	(a)	 	the employee, immediately after such grant, owns shares
(including all shares which may be purchased under outstanding options,
whether or not such options qualify for the special tax treatment
afforded by section 421(a) of the Code) possessing 5% or more of the
total combined voting power or value of all classes of share capital of
the Company or of any subsidiary corporation; for purposes of this
limitation, the rules of section 424(d) of the Code and the regulations
promulgated thereunder (relating to attribution of stock ownership)
shall apply; or

	 
	 	(b)	 	such grant would permit, under the rules set forth in
section 423(b)(8) of the Code and the regulations promulgated thereunder,
the employee’s rights to purchase shares under this Plan and all other
employee share purchase plans maintained by the Company and its
subsidiary corporations, to accrue at a rate in excess of $25,000 (or any
other period prescribed by the relevant legislation) in Fair Market Value
of such shares (determined at the time such option is granted) for each
calendar year in which such option is outstanding at any time; for
purposes of this limitation, only options to which section 423 of the
Code applies shall be counted.

	9.	 	OPTION PRICE

	9.1	 	Subject to the provisions of Section 11 regarding recommencement of
participation, the option price at which Ordinary Shares may be purchased
under any option granted under the Plan shall be determined by the Committee
provided that it shall be not less than the lower of:

	 	(a)	 	85% of the Fair Market Value of an Ordinary Share on the
date of grant of the option (the “Base Option Price”), and

	 
	 	(b)	 	85% of the Fair Market Value of an Ordinary Share on the
date of exercise of the option (the “Alternative Option Price”).

	9.2	 	The option price determined by the Committee pursuant to Section 9.1
shall be stated in the option documentation to be given to the participant.

	 
	9.3	 	The Fair Market Value of each Ordinary Share on any day shall be:

	 	(a)	 	If Ordinary Shares are to be acquired and such shares are
quoted on the Official List of the UKLA, the mid-market price of the
shares (as derived from the Daily Official List of the London Stock
Exchange) on the preceding dealing day or, if the Committee so
determines, the average of the mid-market price of the shares on the
three trading days preceding such day.

	 
	 	(b)	 	If ADSs are to be acquired and the principal market for
the ADSs (the “Market”) is the NYSE or another national securities
exchange, the last sale price; or,

	 	(i)	 	if no reported sales take place on the
date on which the Fair Market Value is to be determined, the
Fair Market Value on that date will be the average of the
high bid and low asked price of ADSs as reported for Market
on such date;

	 
	 	(ii)	 	if no such quotation is made on the date
on which the Fair Market Value is to be determined, the Fair
Market Value will be the average of the high bid and low
asked price of ADSs as reported for the Market on the next
preceding day on which there were quotations, provided that
such quotations shall have been made within the ten (10)
business days preceding the date in respect of which the Fair
Market Value is being 

 

 

	 	 	 	determined.

	 	(c)	 	In the event that neither paragraph (a) nor (b) applies,
the Fair Market Value on any day shall be determined in good faith by
the Committee.

	 
	 	(d)	 	Notwithstanding the foregoing the purchase price of an ADS
may never be less than the pounds sterling equivalent on the relevant
day of the nominal value of the ordinary shares represented by such ADS.

	10.	 	EXERCISE OF OPTIONS

	 
	10.1	 	At the end of each payroll period, the amount authorised shall be
deducted from the after-tax pay of each participant. This amount shall be
held for the credit of the participant by the Company as part of its general
funds and may, at the discretion of the Company, accrue interest.

	 
	10.2	 	Subsequent to procedures prescribed by the Committee, on each Purchase
Date, each participant who has not withdrawn from the Plan in accordance with
Section 11 and whose participation in the Offer has not terminated before such
Purchase Date shall automatically acquire pursuant to the exercise of the
participant’s option the number of whole Ordinary Shares (and at the
discretion of the Committee fractions thereof) determined by dividing (a) the
total amount of the participant’s payroll deductions accumulated during the
term of the Offer and not previously applied toward the purchase of Ordinary
Shares by (b) the option price determined by the Committee in accordance with
Section 9.1. However, in no event shall the number of Ordinary Shares
purchased by the participant during the term of an Offer exceed the number of
shares subject to the participant’s option. No Ordinary Shares shall be
purchased on a Purchase Date on behalf of a participant whose participation in
the Offer or the Plan has terminated before such Purchase Date. Any part of
the relevant amount which is not used to acquire Ordinary Shares may either be
repaid to the participant or carried forward and applied on the participant’s
behalf in any successive Offer.

	 
	10.3	 	Notwithstanding any other provision in this Plan, the amount paid to
acquire Ordinary Shares when an option is exercised shall not exceed the
amounts actually deducted from the pay of a participant during the term of an
Offer (and any interest on such amounts where relevant).

	 
	10.4	 	Where Ordinary Shares are issued to or transferred to a participant
following the exercise of an option, the participant shall not be entitled to
any rights, attaching to such shares by reference to a record date before the
date on which the shares are actually so issued or transferred.

	 
	10.5	 	Notwithstanding any other provision in this Plan, an award made under
the rules of this Plan may be structured as a contract (as opposed to an
option) to buy such shares.

	 
	11.	 	WITHDRAWAL FROM PARTICIPATION

	 
	11.1	 	Subject to procedures prescribed by the Committee, a participant may at
any time until five (5) business days before the scheduled Purchase Date elect
to withdraw from further participation in an Offer. Deductions from the pay
of the participant shall cease as soon as practicable following such election
and all amounts deducted from the participant’s pay prior to such cessation
(and not previously applied to purchase Ordinary Shares) shall be returned to
the participant. Recommencement of participation in a subsequent Offer or
Purchase Period shall be subject to procedures prescribed by the Committee.

 

 

	11.2	 	Subject to Section 11.3, upon termination of a participant’s employment
with the Company or its Subsidiaries for any reason, the participant shall
cease participation in the Plan, and all amounts deducted from the
participant’s pay prior to such cessation (and not previously applied to
purchase Ordinary Shares) shall be returned to the participant. The Committee
may in its discretion determine whether any leave of absence constitutes a
termination of employment for purposes of the Plan.

	 
	11.3	 	If any employee ceases to be employed, the following provisions may
apply in relation to any option granted to him:

	 	(a)	 	if he so ceases by reason of injury, permanent disability
(as determined by the Committee) or reaching normal retirement age in
accordance with the terms of his contract of employment, the option may
be exercised on the earlier of (i) the first Purchase Date following
the date of such cessation or (ii) the date two (2) calendar months
after the date of such cessation (unless such date does not fall on a
business day, in which case the relevant date will be the next business
day), and any payroll deductions remaining in the participant’s account
after such date shall be returned to the participant;

	 
	 	(b)	 	if he so ceases by reason of his death, the option may be
exercised on the earlier of (i) the first Purchase Date following the
date of his death or (ii) the date two (2) calendar months after the
date of his death (unless such date does not fall on a business day, in
which case the relevant date will be the next business day), and any
payroll deductions remaining in the participant’s account after such
date shall be returned to the participant’s legal representative;

	 
	 	(c)	 	if he so ceases only because he is employed by a company
which ceases to be a Subsidiary of the Company, or relates to a
business or part of a business which is transferred to a person who is
not a related company, the option may be exercised on the earlier of
(i) the first Purchase Date following the date of such cessation or
(ii) the date two (2) calendar months after the date of such cessation
(unless such date does not fall on a business day, in which case the
relevant date will be the next business day), and any payroll
deductions remaining in the participant’s account after such date shall
be returned to the participant.

	12.	 	RIGHTS NOT TRANSFERABLE

	 
	 	 	A participant’s rights under the Plan shall not be assignable or
transferable, voluntarily or involuntarily, by operation of law or
otherwise, any such assignment or transfer which may be attempted shall be
null and void and of no effect; provided, however, that this Section 12
shall not prevent transfers by will or by the laws of descent and
distribution. If any action is taken by a participant in contravention of
this Section 12, such action may, at the discretion of the Committee, be
treated as a notice of withdrawal pursuant to the provisions of Section 11.

	13.	 	APPROVAL OF SHAREHOLDERS

	 
	 	 	The Plan was approved by the Company’s shareholders on 7 December 2001, and
was adopted by the Company on 7 December 2001 and was amended by the Board
on 23 April 2008.

	14.	 	TERMINATION

 

 

	14.1	 	The Plan, and all rights of employees under any Offer, shall terminate
upon the first to occur of:

	 	(a)	 	the date as of which the Committee determines that the
total number of shares available for sale under the Plan is not
sufficient to meet all unfilled purchase requirements; or

	 
	 	(b)	 	the date as of which the Plan is terminated by the Board.

	14.2	 	Upon termination of the Plan, all payroll deductions shall cease and all
amounts credited to participants shall be either refunded to each participant or
equitably applied to the purchase of the whole shares then available under the
Plan (with any remaining funds refunded to participants as soon as practicable),
as determined by the Committee in its discretion.

	 
	14.3	 	No options may be granted after 6 December 2011.

	 
	15.	 	AMENDMENT

	 
	15.1	 	Subject to Section 15.2 below, the Board (or, as permitted by Section
4.2, the Committee) may at any time alter the Plan.

	 
	15.2	 	Subject to Section 15.3 below, no alteration to the advantage of the
persons to whom options may be granted shall be made under Section 15.1 above
to any of Sections 3, 5, 8, 9, 10, 11, 12, 14, 17, and 18 without the prior
approval by ordinary resolution of the members of the Company in general
meeting.

	 
	15.3	 	Section 15.2 above shall not apply to any minor alteration to benefit
the administration of this Plan, to take account of a change in legislation or
to obtain or maintain favourable tax, exchange control or regulatory treatment
for participants, the Company or any Subsidiary or related company.

	 
	15.4	 	Shareholder approval of any amendment shall be obtained to the extent
necessary to comply with section 423 of the Code or other applicable law or
regulation.

	 
	16.	 	EXPENSES

	 
	 	 	All expenses of administering the Plan, including any expenses incurred in
connection with the purchase by the Company of shares for sale to
participants, shall be borne by the Company or a Participating Corporation.

	 
	17.	 	CONSENTS

	 
	17.1	 	If the Committee shall at any time determine that any Consent (as
hereinafter defined) is necessary or desirable as a condition of, or in
connection with, the granting of any option under the Plan, the issuance or
purchase of shares or other rights thereunder, or the taking of any other
action thereunder (each such action being hereinafter referred to as a “Plan
Action”), then such Plan Action shall not be taken, in whole or in part,
unless and until such Consent shall have been effected or obtained to the full
satisfaction of the Committee.

	 
	17.2	 	The term “Consent” as used herein with respect to any Plan Action means
(a) any and all listings, registrations or qualifications in respect thereof
upon any securities exchange or under any national, federal, state or local
law, rule or regulation, (b) any and all written agreements and
representations by the participant with respect to the disposition of shares,
or with respect to any other matter, which the Committee shall deem necessary
or desirable to comply with the terms of any such listing, registration or
qualification or to obtain an exemption from the 

 

 

	 	 	requirement that any such
listing, qualification or registration be made and (c) any and all consents, clearances and approvals in respect of a Plan Action by any
governmental or other regulatory bodies.

	18.	 	ADDITIONAL RESTRICTIONS

	 
	 	 	Prior to the exercise of an option under the Plan, and as a condition
precedent to such exercise and the issuance of any shares, the Committee may
require the participant to represent and warrant that the shares are being
acquired for investment purposes only, and may impose such other restrictions
on the issuance of such shares as the Committee in its discretion deems
necessary or advisable.

	 
	19.	 	TAKEOVER, RECONSTRUCTION AND WINDING UP

	 
	19.1	 	Section 19.2 below applies if any of the events described in this section 19.1
occurs.

	 	(a)	 	any person obtains Control of the Company as a result of
making a general offer to acquire shares in the Company, or having
obtained Control makes such an offer; or

	 
	 	(b)	 	any person becomes bound or entitled to acquire shares in
the Company under sections 428 to 430F of the Companies Act 1985, or if
the Company passes a resolution for voluntary winding up, or if an
order is made for the compulsory winding up of the Company; or

	 
	 	(c)	 	a scheme of arrangement or compromise under section 425
of the Companies Act 1985 is proposed; or

	 
	 	(d)	 	a demerger, special dividend or other event which, in the
opinion of the Company would affect the share price to a material
extent, is proposed; or

	 
	 	(e)	 	the events referred to in this Section 19 are part of an
arrangement (“a Reorganisation”) which will mean that the Company will

	 	(i)	 	be under the Control of another company
or the business of the Company is carried on by another
company; and

	 
	 	(ii)	 	the persons who owned the shares in the
Company immediately before the change of Control will
immediately afterwards own more than 50% of the shares in that
other company.

	19.2	 	If any of the events described in Section 19.1 above occurs, subject to
earlier lapse under Section 11.3 above, and in the absolute discretion of the
Board, all unexercised outstanding options under the Plan will be treated as
set forth in either (i), (ii), (iii), or (iv) below.

	 	(i)	 	each option outstanding under the Plan
shall be assumed or an equivalent option shall be substituted
by the successor corporation or a parent or subsidiary of such
successor corporation in accordance with the requirements of
section 424 of the Code; or

	 
	 	(ii)	 	all outstanding options may be cancelled
by the Board as of a date prior to the effective date of any
such transaction and all payroll deductions shall, as soon as
practicable, be returned to participants; or

	 
	 	(iii)	 	the Purchase Date shall be accelerated
to a date before the date of the transaction specified by the
Board; or

	 
	 	(iv)	 	any other manner the Board shall deem
appropriate and equitable in the Board’s absolute discretion.

 

 

	19.3	 	For the purposes of Section 19.1a) above, a person shall be deemed to
have obtained Control of the Company if he and others acting in concert with
him have together obtained Control of it.

	 
	20.	 	NOTICES

	 
	 	 	Any notice to be given to the Company under the Plan shall be in writing and
shall be addressed to the Company Secretary at the Company’s registered
office, or to such other address as the Company may hereafter designate by
notice in the manner set forth herein. Notice to an employee who
participates in the Plan shall be addressed to the address of the employee
on the human resources records of the Company, or to such other address as
the employee may designate by notice in the manner set forth herein. A
notice shall be deemed to have been duly given when personally delivered or,
if mailed by registered or certified mail to the party entitled to receive
it, five days after the date the notice was so mailed.

	 
	21.	 	RIGHT OF DISCHARGE RESERVED

	 
	 	 	Nothing in the Plan shall confer upon any participant the right to continue
in the employ of the Company or any Subsidiary or affect any right which the
Company or any Subsidiary may have to terminate such employment and an
individual who participates in the Plan shall and does by submitting an
application to be granted an option waive all and any rights to compensation
or damages in consequence of the termination of his employment for any
reason whatsoever insofar as those rights arise or may arise from his
ceasing to have rights under or be entitled to exercise any option as a
result of such termination.

	 
	22.	 	SECTION HEADINGS

	 
	 	 	The section headings contained herein are for the purpose of convenience only
and are not intended to define or limit the contents of the sections.

	 
	23.	 	GOVERNING LAW

	 
	 	 	The Plan shall be interpreted, construed and administered in accordance with
English law (without giving effect to principles of conflict of laws),
except that in relation to the U.S. tax treatment of participants, the Plan
will be interpreted, construed and administered in accordance with the Code.

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