Document:

Change in Control Agreement, dated as of June 12, 2009

 Exhibit 10.25 
 CHANGE IN CONTROL AGREEMENT 
 THIS
CHANGE IN CONTROL AGREEMENT (the “Agreement”), is dated as of the 12th day of June 2009, among Lakeland Bancorp, Inc. (the “Holding Company”), a New Jersey corporation, and Lakeland Bank (the “Bank”), a New Jersey chartered commercial bank, having
offices at 250 Oak Ridge Road, Oak Ridge, New Jersey 07438 (the Holding Company and the Bank are collectively referred to herein as the “Company”) and Ronald E. Schwarz (the “Executive”). 
 BACKGROUND 
 WHEREAS, the Executive is employed as Executive Vice President and Chief Retail Officer of the Company; and 
 WHEREAS, the Company believes that the future services of the Executive are of great value to the Company and that it is important for the growth and development of the Company that the Executive continue in his position; and

 WHEREAS, the Board of Directors of the Holding Company (the “Board”) believes it is imperative that the
Company be able to rely upon the Executive to continue in his position in the event that Holding Company receives any proposal from a third person concerning a possible business combination with, or acquisition of equities securities of, the
Company, and that they be able to receive and rely upon his advice, if they request it, as to the best interests of the Company and its shareholders, without concern that the Executive might be distracted by the personal uncertainties and risks
created by such a proposal; and 
 WHEREAS, to achieve that goal, and to retain the Executives services prior to any such
activity, the Company and the Executive have agreed to enter into this Agreement to govern the Executive’s termination benefits in the event of a Change in Control, as hereinafter defined; 
 NOW, THEREFORE, to assure the Company that it will have the continued dedication of the Executive and the availability of his advice
and counsel notwithstanding the possibility, threat or occurrence of a bid to take over control of the Company, and to induce the Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company and the
Executive, each intending to be legally bound hereby agree as follows: 
 1. Definitions 
 a. Cause. For purposes of this Agreement “Cause” with respect to the termination by the Company of Executive’s
employment shall mean: (i) failure by the Executive to materially perform his duties for the Company under this Agreement after at least one warning in writing identifying specifically any such material failure and offering a reasonable
opportunity to cure such failure; (ii) the willful engaging by the Executive in material misconduct which causes material injury to the Company; or (iii) conviction of a crime (other than a traffic violation), habitual drunkenness, drug
abuse, or excessive absenteeism other than for illness, after a warning (with respect to drunkenness or absenteeism only) in writing to refrain from such behavior. No act or failure to act on the part of the Executive shall be considered willful
unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interest of the Company. The Company shall have the burden of proving Cause by clear and convincing
evidence. 
  

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 b. Change in Control. For purposes of this Agreement, a “Change in Control”
shall mean the occurrence of any of the following events with respect to the Holding Company: 
 (i) the consummation of any
consolidation or merger of the Holding Company in which the Holding Company is not the continuing or surviving corporation or pursuant to which shares of the Holding Company’s common stock (“Common Stock”) would be converted into
cash, securities or other property, other than a merger of the Holding Company in which the holders of the shares of the Holding Company’s Common Stock immediately prior to the merger have the same proportionate ownership of common stock of the
surviving corporation immediately after the merger; or 
 (ii) the consummation of any sale, lease, exchange or other transfer
(in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Holding Company, other than to a subsidiary or affiliate; or 
 (iii) an approval by the shareholders of the Holding Company of any plan or proposal for the liquidation or dissolution of the Holding Company; or 
 (iv) any action pursuant to which any person (as such term is defined in Section 13(d) of the Exchange Act), corporation or other
entity (other than any person who owns more than ten percent (10%) of the outstanding Common Stock on the date this Agreement is entered into, the Holding Company or any benefit plan sponsored by the Holding Company or any of its subsidiaries)
shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of shares of capital stock entitled to vote generally for the election of directors of the Holding Company
(“Voting Securities”) representing fifty-one (51%) percent or more of the combined voting power of the Holding Company’s then outstanding Voting Securities (calculated as provided in Rule 13d-3(d) in the case of rights to acquire
any such securities), unless, prior to such person so becoming such beneficial owner, the Board shall determine that such person so becoming such beneficial owner shall not constitute a Change in Control; or 
 (v) the individuals (x) who, as of the date on which the Agreement is entered into, constitute the Board (the
“Original Directors”) and (y) who thereafter are elected to the Board and whose election, or nomination for election, to the Board was approved by a vote of at least two thirds of the Original Directors then still in office (such
Directors being called “Additional Original Directors”) and (z) who thereafter are elected to the Board and whose election or nomination for election to the Board was approved by a vote of at least two thirds of the Original Directors and Additional Original Directors then still in
office, cease for any reason to constitute a majority of the members of the Board. 
 c. Contract Period. “Contract
Period” shall mean the period commencing the day immediately preceding a Change in Control and ending on the earlier of: (i) the second anniversary of the Change in Control; (ii) the date the Executive would attain age 65; or
(iii) the death of the Executive. 
 d. Exchange Act. “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 e. Good Reason. When used with reference to a voluntary termination by Executive
of his employment with the Company, “Good Reason” shall mean any of the following, if taken without Executive’s express written consent: 
 (i) The assignment to
Executive of any duties inconsistent with, or the reduction of authority, powers or responsibilities associated with, Executive’s position, title, duties, responsibilities and status with the Company immediately prior to a Change in Control (a
“Change in Assignment”) or any removal of Executive from, or any failure to re-elect Executive to, any position(s) or office(s) Executive held immediately prior to such Change in Control. A change in position, title, duties,
responsibilities and status or position(s) or office(s)

  

 2 

 
following a Change in Control shall constitute a Change in Assignment unless the Executive’s new title, duties and responsibilities are accepted in writing by the Executive, in the sole
discretion of the Executive; 
 (ii) A reduction by the Company in Executive’s annual base compensation as in effect
immediately prior to a Change in Control; 
 (iii) A failure by the Company to continue for Executive any bonus plan in which
Executive participated immediately prior to the Change in Control or a failure by the Company to continue Executive as a participant in such plan on at least the same basis as Executive participated in such plan prior to the Change in Control.

 (iv) After a Change in Control, the Company’s transfer of Executive to another geographic location outside of New
Jersey or more than 25 miles from his present office location, except for required travel on the Company’s business to an extent substantially consistent with Executive’s business travel obligations immediately prior to such Change in
Control; 
 (v) The failure by the Company to continue in effect for Executive any employee benefit plan, program or
arrangement (including, without limitation any 401(k) plan, pension plan, life insurance plan, health and accident plan, disability plan, or stock option plan) in which Executive is participating immediately prior to a Change in Control (except that
the Company may institute or continue plans, programs or arrangements providing Executive with substantially similar benefits); the taking of any action by the Company after a Change in Control which would adversely affect Executive’s
participation in or materially reduce Executive’s benefits under, any of such plans, programs or arrangements, the failure to continue, or the taking of any action which would deprive Executive, of any material fringe benefit enjoyed by
Executive immediately prior to such Change in Control; or the failure by the Company to provide Executive with the number of paid vacation days to which Executive was entitled immediately prior to such Change in Control; or 
 (vi) The failure by the Company to obtain an assumption in writing of the obligations of the Company to perform this Agreement by any
successor to the Company and to provide such assumption to the Executive upon consummation of the event giving rise to the Change in Control. 
 2. Employment. During the Contract Period, the Company hereby agrees to employ the Executive, and the Executive hereby accepts employment, upon the terms and conditions set forth herein.

 3. Position. During the Contract Period, the Executive shall be employed as Executive Vice President and Chief Retail
Officer of the Company or such other corporate or divisional profit center as shall then be the principal successor to the business, assets and properties of the Company, with the same title and the same duties and responsibilities as before the
Change in Control. The Executive shall devote his full time and attention to the business of the Company, and shall not during the Contract Period be engaged in any other business activity. This paragraph shall not be construed as preventing the
Executive from managing any investments of his which do not require any service on his part in the operation of such investments. 
 4. Cash Compensation. The Company shall pay to the Executive salary and bonus compensation for his services during the Contract Period as follows: 
 a. Annual Salary. An Annual salary equal to the annual salary in effect immediately prior to Change in Control. The annual salary shall be payable in installments in accordance with the
Company’s usual payroll method. The annual salary shall not be reduced during the Contract Period. 
 b. Annual
Bonus. An Annual cash bonus equal to the highest annual bonus paid to the Executive during the three most recent fiscal years prior to the Change in Control. The bonus shall be payable at the time and in the manner which the Company paid such
bonuses prior to the Change in Control 
  

 3 

 5. Expenses and Fringe Benefits. During the Contract Period, the Executive shall be entitled
to reimbursement for all business expenses incurred by him with respect to the business of the Company in the same manner and to the same extent as such expenses were previously reimbursed to him immediately prior to the Change in Control. If prior
to the Change in Control, the Executive was entitled to the use of an automobile, he shall be entitled to the same use of an automobile at least comparable to the automobile provided to him prior to the Change in Control, and he shall be entitled to
vacations and sick days, in accordance with the practices and procedures of the Company, as such existed immediately prior to the Change in Control. During the Contract Period, the Executive also shall be entitled to hospital, health, medical and
life insurance, and any other benefits enjoyed, from time to time, by Executive officers of the Company, all upon terms as favorable as those enjoyed by other Executive officers of the Company. Notwithstanding anything in this section to the
contrary, if the Company adopts any change in the expenses allowed to, or fringe benefits provided for, Executive officers of the Company, and such policy is uniformly applied to all Executive officers of the Company (and any successor or acquirer
of the Company, if any), including the chief executive officer of such entities, then no such change shall be deemed to be contrary to this Section. 
 All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code (as defined in Section 14 below), including, where
applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement
during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the
expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. 
 6. Termination for Cause. The Company shall have the right to terminate the Executive for Cause, upon written notice to him of the termination which notice shall specify the reasons for the termination. In the event of a valid
termination for Cause, the Executive shall not be entitled to any further compensation or benefits under this Agreement. 
 7.
Disability. During the Contract Period, if the Executive becomes permanently disabled, or is unable to perform his duties hereunder for six consecutive months, the Company may terminate the employment of the Executive. In such event, the
Executive shall not be entitled to any further benefits under this Agreement other than payments under any disability policy which the Company may obtain for the benefit of senior officers generally. 
 8. Death Benefits. Upon the Executive’s death during the Contract Period, the Executive shall be entitled to the benefits of any
life insurance policy paid for by the Company which provides, permits and allows the Executive to name a beneficiary other than the Company, but his estate shall not be entitled to any further benefits under this Agreement or any other life
insurance policy, except for such policies or benefits customarily provided to employees of the Bank. 
 9. Termination
Without Cause or Resignation for Good Reason. The Company may terminate the Executive without Cause during the Contract Period by written notice to the Executive, or the Executive may resign for Good Reason during the Contract Period upon four
weeks’ prior written notice to the Company specifying the Good Reason. If the Company terminates the Executive’s employment during the Contract Period without Cause or if the Executive resigns for Good Reason, the Company shall, within 20
business days of the Executive’s termination of employment, pay the Executive a lump sum equal to two times the highest annual compensation, including only salary and cash bonus, paid the Executive during any of the three calendar years
immediately prior to the Change in Control (the “Lump Sum Payment”). During the remainder of the Contract Period, the Company also shall continue to provide the Executive with and pay for medical and hospital insurance, disability
insurance and life insurance, as were provided and paid for at the time of the termination of his employment with

  

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the Company; provided, that such insurance coverage shall be provided only to the extent permitted under the terms and conditions of the Company’s employee benefit plans. The
Executive shall also have the right to purchase from the Company, at book value price, such automobile of the Company, if any, as was used by the Executive while employed by the Company; provided, that the Executive exercises such right
within 10 days of his termination of employment and completes the purchase transaction within 30 days of his termination of employment. The Executive shall not have a duty to mitigate the damages suffered by him in connection with the termination by
the Company of his employment without Cause or a resignation for Good Reason during the Contract Period. 
 The Lump Sum Payment
is intended to be administered and interpreted in a manner such that it shall not be subject to “additional tax” within the meaning of Section 409A(a)(1)(B) of the Code. Notwithstanding any provision of this Agreement to the contrary,
if and to the extent necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” the Lump Sum Payment shall be paid on the first business day of the seventh month
following the Executive’s separation from service with the Company, and shall be paid together with interest accrued during the period of such restriction at a rate, per annum, equal to the applicable federal short-term rate (compounded
monthly) in effect under Section 1274(d) of the Code on the date of termination. Notwithstanding provision of this Agreement to the contrary, the Executive shall not be considered to have terminated employment with the Company for purposes of
this Section 9 unless he would be considered to have incurred a “termination of employment” from the Company within the meaning of Treasury Regulation §1.409A-1(h)(1)(ii). 
 The Executive acknowledges that any tax liability incurred by the Executive under Section 409A of the Code is solely the responsibility
of the Executive. 
 10. Resignation Without Good Reason. The Executive shall be entitled to resign
from the employment of the Company at any time during the Contract Period without Good Reason, but upon such resignation the Executive shall not be entitled to any additional compensation for the time after which he ceases to be employed by the
Company, and shall not be entitled to any of the other benefits provided hereunder. No such resignation shall be effective unless in writing with four weeks’ notice thereof. 
 11. Non-Disclosure of Confidential Information. In consideration of the covenants of the Company herein, the Executive agrees as follows: 
 a. The Executive hereby agrees and acknowledges that he has and has had access to or is aware of Confidential Information. The Executive
hereby agrees that he shall keep strictly confidential and will not during and after his employment with the Company, without the Company’s express written consent, divulge, furnish or make accessible to any person or entity, or make use of for
the benefit of himself or others, any Confidential Information obtained, possessed, or known by him except as required in the regular course of performing the duties and responsibilities of his employment by the Company while in the employ of the
Company, and that he will, prior to or upon the date on which his employment with the Company terminates (the “Date of Termination”) deliver or return to the Company all such Confidential Information that is in written or other physical or
recorded form or which has been reduced to written or other physical or recorded form, and all copies thereof, in his possession, custody or control. The foregoing covenant shall not apply to (i) any Confidential Information that becomes
generally known or available to the public other than as a result of a breach of the agreements of the Executive contained herein, (ii) any disclosure of Confidential Information by the Executive that is expressly required by judicial or
administrative order; provided however that the Executive shall have (x) notified the Company as promptly as possible of the existence, terms and circumstances of any notice, subpoena or other process or order issued by a court or
administrative authority that may require him to disclose any Confidential Information, and (y) cooperated with the Company, at the Company’s request, in taking legally available steps to resist or narrow such process or order and to
obtain an order or other reliable assurance that confidential treatment will be given to such Confidential Information as is required to be disclosed.

  

 5 

 b. For purposes of this Agreement, “Confidential Information” means all non-public
or proprietary information, data, trade secrets, “know-how”, or technology with respect to any products, designs, improvements, research, styles, techniques, suppliers, clients, markets, methods of distribution, accounting, advertising and
promotion, pricing, sales, finances, costs, profits, financial condition, organization, personnel, business systems (including without limitation computer systems, software and programs), business activities, operations, budgets, plans, prospects,
objectives or strategies of the Company. 
 12. Post-Employment Obligations. In consideration of the covenants of the
Company herein, the Executive agrees as follows: 
 a. The Executive agrees that while he is in the employ of the Company and
for a one year period after the Date of Termination (unless such termination is by the Company without Cause), he shall not, without the prior written consent of the Company, directly or indirectly, and regardless of the reason for his ceasing to be
employed by the Company, employ, solicit for employment, or advise or recommend to any other person that they employ or solicit for employment or retention as a consultant, any person who is, or was at any time within twelve (12) months prior
to the Date of Termination, an employee of, or exclusive consultant to, the Company. 
 b. If the Executive commits a breach or
is about to commit a breach, of any of the provisions of Sections 11 or 12 hereof, the Company shall have the right to have the provisions of this Agreement specifically enforced by any court having equity jurisdiction without being required to post
bond or other security and without having to prove the inadequacy of the available remedies at law, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company that money damages will not
provide an adequate remedy to the Company. In addition, the Company may take all such other actions and remedies available to them under law or in equity and shall be entitled to such damages as they can show they have sustained by reason of such
breach. 
 c. The parties acknowledge that the type and periods of restriction imposed in the provisions of Sections 11 anti 12
hereof are fair and reasonable and are reasonably required for the protection of the Company and the goodwill associated with the business of the Company; and that the provisions of Sections 11 and 12 have been specifically negotiated by
sophisticated parties and are given as an integral part of this Agreement. 
 13. No Effect Prior to Change in Control.
This Agreement shall not affect any rights of the Company or the Executive prior to a Change in Control or any rights of the Executive granted in any other agreement, plan or arrangements. The rights, duties and benefits provided hereunder shall
only become effective upon a Change in Control. If the employment of the Executive by the Company is terminated for any reason prior to a Change in Control, this Agreement shall thereafter be of no further force and effect. 
 14. Certain Reduction of Payments by the Company. 
 a. Anything in this Agreement to the contrary notwithstanding, prior to the payment of any compensation or benefits
payable under Section 9 hereof, the certified public accountants of the Company immediately prior to a Change of Control (the “Certified Public Accountants”) shall determine as promptly as practical and in any event within 20 business
days following the termination of employment of Executive whether any payment or distribution by the Company to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise) (a “Payment”) would more likely than not be nondeductible by the Company for Federal income purposes because of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and if it is then the
aggregate present value of amounts payable or distributable to or for the benefit of Executive pursuant to this Agreement are hereinafter referred to as “Agreement Payments” shall be reduced (but not below zero) to the Reduced Amount. For
purposes of this paragraph, the “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Agreement Payments without causing any Payment to be nondeductible by the Company because of said
Section 280G of the Code. 
  

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 b. If under paragraph a of this section the Certified Public Accountants determine that any
Payment would more likely than not be nondeductible by the Company because of Section 280G of the Code, the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced
Amount, and the Executive may then elect, in his sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced
Amount), and shall advise the Company in writing of his election within 20 business days of his receipt of notice. If no such election is made by the Executive within such 20-day period, the Company may elect which and how much of the Agreement
Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph,
present value shall be determined in accordance with Section 280G (d) (4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon the Company and Executive and shall be made within 20 days of a
termination of employment of Executive. The Company may suspend for a period of up to 30 days after termination of employment the Lump Sum Payment and any other payments or benefits due to the Executive under Section 9 hereof until the
Certified Public Accountants finish the determination and the Executive (or the Company, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections
hereunder, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under this Agreement and shall promptly pay to or distribute for the benefit of Executive in the future such amounts as
become due to Executive under this Agreement. 
 c. As a result of the uncertainty in the application of
Section 280G of the Code, it is possible that Agreement Payments may have been made by the Company which should not have been made (“Overpayment”) or that additional Agreement Payments which will have not been made by the Company
could have been made (“Underpayment”), in each
case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Certified Public Accountants, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or Executive which said Certified
Public Accountant believe has a high probability of success, determines that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to Executive which Executive shall repay to the Company together with
interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that no amount shall be payable by Executive to the Company in and to the extent such payment would not reduce the amount which is
subject to taxation under Section 4999 of the Code. In the event that the Certified Public Accountants, based upon controlling precedent, determine that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company
to or for the benefit of the Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. 
 15. Severance Compensation and Benefits Not in Derogation of other Benefits. Anything to the contrary herein contained notwithstanding, the payment or obligation to pay any monies, or granting of
any benefits, rights or privileges to Executive as provided in this Agreement now has or will have under any plans or programs of the Company, except that the Executive shall not be in lieu or derogation of the rights and privileges that the
Executive now has or will have under any plans or programs of the Company, except that the Executive shall not be entitled to the benefits of any other plan or program of the Company expressly providing for severance or termination pay if the
Executive is terminated without Cause or resigns for Good Reason after a Change in Control. 
 16. Miscellaneous. The
terms of this Agreement shall be governed by, and interpreted and construed in accordance with the provisions of, the laws of New Jersey and, to the applicable, federal law. This Agreement supersedes all prior agreements and understandings with
respect to the matters covered hereby. The amendment or termination of this Agreement may be made only in writing executed by the Company and the Executive, and no amendment or termination of this Agreement shall be effective unless and until made
in such in writing. This Agreement shall be binding upon any successor (whether direct or indirect, by purchase, merge, consolidation, liquidation or otherwise) to all or substantially all of the assets of the Company. This Agreement is personal to

  

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the Executive and the Executive may not assign any of his rights or duties hereunder but this Agreement shall be enforceable by the Executive’s legal representatives, executors or
administrators. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its duly authorized representatives pursuant to the
authority of its Board, and the Executive has personally executed this Agreement, all as of the day and year first written above. 
  

			
	LAKELAND BANCORP, INC.
		
	By:	 	/s/    Thomas J. Shara
		 	Thomas J. Shara, President and CEO
	
	LAKELAND BANK
		
	By:	 	/s/    Thomas J. Shara
		 	Thomas J. Shara, President and CEO
	
	Executive:
	
	 /s/    Ronald E. Schwarz

	RONALD E. SCHWARZ

  

 8Amended and Restated Trust Agreement

 Exhibit 4.1 
 AMENDED AND RESTATED 
 TRUST AGREEMENT

 among 
 SUSQUEHANNA BANCSHARES, INC., as Depositor, 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Property Trustee, 
 BNY MELLON TRUST OF DELAWARE, 
 as Delaware Trustee,

 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN, 
 and 
 THE SEVERAL HOLDERS (AS DEFINED HEREIN) 

 Dated as of March 16, 2010 
 SUSQUEHANNA CAPITAL II 

 SUSQUEHANNA CAPITAL II 
 Certain Sections of this Trust Agreement relating to 
 Sections
310 through 318 of the 
 Trust Indenture Act of 1939: 
  

			
	 Trust Indenture
 Act Section
	  	 Trust Agreement
 Section

	 (§) 310 (a)(1)
	  	   8.7(a)

	                  (a)(2)
	  	   8.7(a)

	                  (a)(3)
	  	   8.9

	                  (a)(4)
	  	   2.7(a)(ii)

	                  (a)(5)
	  	 10.11(a)

	                  (b)
	  	   8.8

	                  (c)
	  	 Not Applicable

	 (§) 311 (a)
	  	   8.13

	                  (b)
	  	   8.13

	                  (c)
	  	 Not Applicable

	 (§) 312 (a)
	  	 5.6, 5.7, 10.11(a)

	                  (b)
	  	    5.7, 10.11(a)

	                  (c)
	  	    5.7

	 (§) 313 (a)
	  	    8.14(a)

	                  (b)
	  	    8.14(a)

	                  (c)
	  	   10.9

	                  (d)
	  	     8.14(b)

	 (§) 314 (a)
	  	     8.15

	                  (b)
	  	 Not Applicable

	                  (c)(1)
	  	     8.16

	                  (c)(2)
	  	     8.16

	                  (c)(3)
	  	 Not Applicable

	                  (d)
	  	 Not Applicable

	                  (e)
	  	     1.1, 8.16

	 (§) 315 (a)
	  	     8.1(a), 8.3(a)

	                  (b)
	  	     8.2, 10.9

	                  (c)
	  	     8.1(a)

	                  (d)
	  	     8.1, 8.3

	                  (e)
	  	     10.11(a)

	 (§) 316 (a)(1)
	  	       6.1(b)

	                  (a)(2)
	  	 Not Applicable

	                  (b)
	  	       5.14

	                  (c)
	  	       6.7

	 (§) 317 (a)
	  	     10.11

	                  (b)
	  	       5.9, 10.11(a)

	 (§) 318 (a)
	  	     10.11(a)

	                  (b)
	  	     10.11

	                  (c)
	  	     10.11

 Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the Trust. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINED TERMS	  	1
			
	Section 1.1	  	Definitions	  	1
		
	ARTICLE II CONTINUATION OF THE TRUST	  	9
			
	Section 2.1	  	Name	  	9
			
	Section 2.2	  	Office of the Delaware Trustee; Principal Place of Business	  	10
			
	Section 2.3	  	Initial Contribution of Trust Property; Organizational Expenses	  	10
			
	Section 2.4	  	Issuance of the Capital Securities	  	10
			
	Section 2.5	  	Issuance of the Common Securities; Subscription and Purchase of Debentures	  	10
			
	Section 2.6	  	Declaration of Trust	  	11
			
	Section 2.7	  	Authorization to Enter into Certain Transactions	  	11
			
	Section 2.8	  	Assets of Trust	  	14
			
	Section 2.9	  	Title to Trust Property	  	14
		
	ARTICLE III PAYMENT ACCOUNT	  	15
			
	Section 3.1	  	Payment Account	  	15
		
	ARTICLE IV DISTRIBUTIONS; REDEMPTION	  	15
			
	Section 4.1	  	Distributions	  	15
			
	Section 4.2	  	Redemption	  	16
			
	Section 4.3	  	Subordination of Common Securities	  	18
			
	Section 4.4	  	Payment Procedures	  	19
			
	Section 4.5	  	Tax Returns and Reports	  	19
			
	Section 4.6	  	Payment of Expenses of the Trust	  	19
			
	Section 4.7	  	Payments under Indenture or Pursuant to Direct Actions	  	19
			
	Section 4.8	  	Exchanges of Securities	  	20
		
	ARTICLE V TRUST SECURITIES CERTIFICATES	  	20
			
	Section 5.1	  	Initial Ownership	  	20

  

 -i- 

					
	Section 5.2	  	The Trust Securities Certificates	  	21
			
	Section 5.3	  	Execution and Delivery of Trust Securities Certificates	  	21
			
	Section 5.4	  	Registration of Transfer and Exchange of Capital Securities Certificate	  	21
			
	Section 5.5	  	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates	  	22
			
	Section 5.6	  	Persons Deemed Securityholders	  	23
			
	Section 5.7	  	Access to List of Securityholders’ Names and Addresses	  	23
			
	Section 5.8	  	Maintenance of Office or Agency	  	23
			
	Section 5.9	  	Appointment of Paying Agent	  	23
			
	Section 5.10	  	Ownership of Common Securities by Depositor	  	24
			
	Section 5.11	  	Book-Entry Capital Securities Certificates; Common Securities Certificate	  	24
			
	Section 5.12	  	Notices to Clearing Agency	  	25
			
	Section 5.13	  	Definitive Capital Securities Certificates	  	25
			
	Section 5.14	  	Rights of Securityholders	  	26
			
	Section 5.15	  	CUSIP Numbers	  	28
		
	ARTICLE VI ACTS OF SECURITYHOLDERS; MEETINGS; VOTING	  	28
			
	Section 6.1	  	Limitations on Voting Rights	  	28
			
	Section 6.2	  	Notice of Meetings	  	29
			
	Section 6.3	  	Meetings of Capital Securityholders	  	30
			
	Section 6.4	  	Voting Rights	  	30
			
	Section 6.5	  	Proxies, etc.	  	30
			
	Section 6.6	  	Securityholder Action by Written Consent	  	31
			
	Section 6.7	  	Record Date for Voting and Other Purposes	  	31
			
	Section 6.8	  	Acts of Securityholders	  	31
			
	Section 6.9	  	Inspection of Records	  	32
		
	ARTICLE VII REPRESENTATIONS AND WARRANTIES	  	32
			
	Section 7.1	  	Representations and Warranties of the Property Trustee and the Delaware Trustee	  	32
			
	Section 7.2	  	Representations and Warranties of Depositor	  	34

  

 -ii- 

					
	ARTICLE VIII THE TRUSTEES	  	34
			
	Section 8.1	  	Certain Duties and Responsibilities	  	34
			
	Section 8.2	  	Certain Notices	  	35
			
	Section 8.3	  	Certain Rights of Property Trustee	  	36
			
	Section 8.4	  	Not Responsible for Recitals or Issuance of Securities	  	38
			
	Section 8.5	  	May Hold Securities	  	38
			
	Section 8.6	  	Compensation; Indemnity; Fees	  	38
			
	Section 8.7	  	Corporate Property Trustee Required; Eligibility of Trustees	  	40
			
	Section 8.8	  	Conflicting Interests	  	40
			
	Section 8.9	  	Co-Trustees and Separate Trustee	  	40
			
	Section 8.10	  	Resignation and Removal; Appointment of Successor	  	42
			
	Section 8.11	  	Acceptance of Appointment by Successor	  	43
			
	Section 8.12	  	Merger, Conversion, Consolidation or Succession to Business	  	44
			
	Section 8.13	  	Trustee May File Proofs of Claim	  	44
			
	Section 8.14	  	Reports by Property Trustee	  	45
			
	Section 8.15	  	Reports to the Property Trustee	  	45
			
	Section 8.16	  	Evidence of Compliance with Conditions Precedent	  	45
			
	Section 8.17	  	Number of Trustees	  	46
			
	Section 8.18	  	Delegation of Power	  	46
		
	ARTICLE IX TERMINATION, LIQUIDATION AND MERGER	  	46
			
	Section 9.1	  	Termination Upon Expiration Date	  	46
			
	Section 9.2	  	Early Termination	  	47
			
	Section 9.3	  	Termination	  	47
			
	Section 9.4	  	Liquidation	  	47
			
	Section 9.5	  	Mergers, Consolidations, Amalgamations or Replacements of the Trust	  	49
		
	ARTICLE X MISCELLANEOUS PROVISIONS	  	50
			
	Section 10.1	  	Limitation of Rights of Securityholders	  	50
			
	Section 10.2	  	Liability of the Common Securityholder	  	50
			
	Section 10.3	  	Amendment	  	50

  

 -iii- 

					
	Section 10.4	  	Separability	  	51
			
	Section 10.5	  	Governing Law	  	52
			
	Section 10.6	  	Payments Due on Non-Business Day	  	52
			
	Section 10.7	  	Successors	  	52
			
	Section 10.8	  	Headings	  	52
			
	Section 10.9	  	Reports, Notices and Demands	  	52
			
	Section 10.10	  	Agreement Not to Petition	  	53
			
	Section 10.11	  	Trust Indenture Act; Conflict with Trust Indenture Act	  	53
			
	Section 10.12	  	Acceptance of Terms of Trust Agreement, Guarantee and Indenture	  	54
			
	Section 10.13	  	Holders are Parties	  	54
			
	Section 10.14	  	Treatment of Trust as Grantor Trust and Debentures as Debt for Federal Income Tax Purposes	  	54
			
	Section 10.15	  	Counterparts	  	54
			
	Exhibit A	  	Certificate of Trust and Trust Agreement of Susquehanna Capital II	  	
			
	Exhibit B	  	Capital Securities Certificate	  	
			
	Exhibit C	  	Common Securities Certificate	  	
			
	Exhibit D	  	Indenture, dated as of March 8, 2010, as supplemented by the First Supplemental Indenture, dated as of March 16, 2010	  	

  

 -iv- 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of March 16, 2010, among
(i) Susquehanna Bancshares, Inc., a Pennsylvania corporation (including any successors or assigns, the “Depositor”), (ii) The Bank of New York Mellon Trust Company, N.A., a national banking association, as property trustee (in
such capacity, the “Property Trustee” and, in its separate corporate capacity and not in its capacity as Property Trustee, the “Bank”), (iii) BNY Mellon Trust of Delaware, a Delaware banking corporation, as Delaware trustee
(the “Delaware Trustee”), (iv) Michael P. Squierdo, an individual, and Drew K. Hostetter, an individual, each of whose address is c/o Susquehanna Bancshares, Inc., 26 North Cedar Street, Lititz, Pennsylvania 17543 (each, an
“Administrative Trustee,” and, collectively, the “Administrative Trustees”) (the Property Trustee, the Delaware Trustee and the Administrative Trustees, collectively, the “Trustees”) and (v) the several Holders, as
hereinafter defined. 
 W I T N E S S E T H 
 WHEREAS, the Depositor and certain of the trustees have heretofore duly declared and established a statutory trust pursuant to the Delaware
Statutory Trust Act by entering into that certain Trust Agreement, dated as of November 2, 2007 (the “Original Trust Agreement”), and by the execution and filing with the Secretary of State of the State of Delaware of the Certificate
of Trust, filed on November 2, 2007 (the “Certificate of Trust”), each attached as Exhibit A; 
 WHEREAS, the
parties hereto desire to amend and restate the Original Trust Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by the Trust to the Depositor, (ii) the issuance and
sale of the Capital Securities by the Trust pursuant to the Underwriting Agreement and (iii) the acquisition by the Trust from the Depositor of all of the right, title and interest in the Debentures; and 
 NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Securityholders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows: 
 ARTICLE I 
 DEFINED TERMS 
 Section 1.1 Definitions. 
 For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 (b) all other terms used herein that are defined in the Trust Indenture Act, either directly
or by reference thereto, have the meanings assigned to them therein; 
 (c) unless the context otherwise requires, any reference
to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Trust Agreement; and 
 (d) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision. 
 “Act” has the meaning specified in Section 6.8. 
 “Additional Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount
of Additional Interest paid by the Depositor on a Like Amount of Debentures for such period. 
 “Additional
Interest” has the meaning specified in the First Supplemental Indenture. 
 “Administrative Trustee”
means each of the individuals identified as an “Administrative Trustee” in the preamble to this Trust Agreement solely in such individual’s capacity as Administrative Trustee of the Trust and not in such individual’s individual
capacity, or such Administrative Trustee’s successor in interest in such capacity, or any successor or additional administrative trustee appointed as herein provided. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Bank” has the meaning specified in the preamble to this Trust Agreement. 
 “Bankruptcy Event” means, with respect to any Person: 
 (a) the entry of a decree or order for relief in respect to such Person by a court having jurisdiction in the premises in an involuntary
case under any applicable bankruptcy, insolvency or reorganization law now or hereafter in effect of the United States of America or any political subdivision thereof, and such decree or order shall have continued unstayed and in effect for a period
of 60 consecutive days; or 
 (b) the commencement by such Person of a voluntary case under any applicable bankruptcy,
insolvency or reorganization law now or hereafter in effect of the United States of America or a political subdivision thereof, or consent to the entry of an order for relief in an involuntary case under any such law. 
  

 2 

 “Bankruptcy Laws” has the meaning specified in Section 10.10.

 “Book-Entry Capital Securities Certificates” means a beneficial interest in the Capital Securities
Certificates, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 5.11. 
 “Business Day” means a day other than a Saturday or Sunday or other day on which banking institutions in The City of New York are authorized or required by law or executive order to
remain closed, or a day on which the Corporate Trust Office of the Property Trustee or the Debenture Trustee is closed for business. 
 “Capital Securities Certificate” means a certificate evidencing ownership of Capital Securities, substantially in the form attached as Exhibit B. 
 “Capital Security” means an 11% Cumulative Trust Preferred Security, Series II, of the Trust, which represents an undivided
beneficial ownership interest in the assets of the Trust, having a Liquidation Amount of $1,000.00 and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as
provided herein. 
 “Capital Securityholder” means a Holder of Capital Securities. 
 “Certificate Depository Agreement” means the agreement among the Trust, the Depositor and The Depository Trust Company, as
the initial Clearing Agency, dated as of the Closing Date, relating to the Trust Securities Certificates, as the same may be amended and supplemented from time to time. 
 “Certificate of Trust” has the meaning specified in the recitals hereof, as amended from time to time. 
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. The Depository Trust
Company shall be the initial Clearing Agency. 
 “Clearing Agency Participant” means a broker, dealer, bank,
other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Date” means the date of execution and delivery of this Trust Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such
time. 
  

 3 

 “Common Securities Certificate” means a certificate evidencing ownership of
Common Securities, substantially in the form attached as Exhibit C. 
 “Common Security” means an 11%
Cumulative Trust Preferred Security, Series II, of the Trust, which represents an undivided beneficial ownership interest in the assets of the Trust, having a Liquidation Amount of $1,000.00 and having the rights provided therefor in this Trust
Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein. 
 “Common
Securityholder” means a Holder of Common Securities. 
 “Corporate Trust Office” means (i) when
used with respect to the Property Trustee, the principal office of the Property Trustee located in Pittsburgh, Pennsylvania, and (ii) when used with respect to the Debenture Trustee, the principal office of the Debenture Trustee located in
Pittsburgh, Pennsylvania. 
 “Debenture Event of Default” means an “Event of Default” as defined in
the Indenture (as such definition is amended by the provisions of the First Supplemental Indenture). 
 “Debenture
Maturity Date” means the “Stated Maturity Date” as defined in the First Supplemental Indenture. 
 “Debenture Redemption Date” means, with respect to any Debentures to be redeemed under the Indenture, any date fixed for redemption under the Indenture. 
 “Debenture Trustee” means The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee under
the Indenture, and any successor trustee appointed as provided therein. 
 “Debentures” means the initial
$50,010,000 aggregate principal amount of the Depositor’s Junior Subordinated Deferrable Interest Debentures, Series II, issued pursuant to the Indenture, a form of which is attached as Exhibit D. 
 “Definitive Capital Securities Certificates” means either or both (as the context requires) of (a) Capital Securities
Certificates issued as Book-Entry Capital Securities Certificates as provided in Section 5.11(a) and (b) Capital Securities Certificates issued in certificated, fully registered form as provided in Section 5.13. 
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. 3801, et seq., as it
may be amended from time to time. 
 “Delaware Trustee” means the Person identified as the “Delaware
Trustee” in the preamble to this Trust Agreement solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor Delaware Trustee appointed as herein
provided. 
 “Depositor” has the meaning specified in the preamble to this Trust Agreement. 
  

 4 

 “Depositor Affiliated Owner” has the meaning specified in
Section 4.8(a). 
 “Distribution Date” has the meaning specified in Section 4.1(a). 
 “Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.1. 
 “Early Termination Event” has the meaning specified in Section 9.2. 
 “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the occurrence of a Debenture Event of Default; or 
 (b) default by the Property Trustee in the payment of any Distribution when it becomes due and payable, and continuation of such default for a period of 30 days; or 
 (c) default by the Property Trustee in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or

 (d) default in the performance, or breach, in any material respect, of any covenant or warranty of the Trustees in this Trust
Agreement (other than a covenant or warranty a default in the performance or breach of which is dealt with in clause (b) or (c) above) and continuation of such default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the defaulting Trustee or Trustees by the Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Capital Securities, a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (e) the occurrence of a Bankruptcy
Event with respect to the Property Trustee and the failure by the Depositor to appoint a successor Property Trustee within 90 days thereof. 
 “Expiration Date” has the meaning specified in Section 9.1. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to time constituted, or if at any time after the execution of this Trust Agreement the Federal Reserve is not existing and
performing the duties now assigned to it, then the body performing such duties at such time. 
 “First Supplemental
Indenture” means the First Supplemental Indenture, dated as of March 16, 2010, to the Indenture, between the Depositor and the Debenture Trustee. 
 “Guarantee” means the Guarantee Agreement executed and delivered by the Depositor and The Bank of New York Mellon Trust Company, N.A., as trustee, contemporaneously with the execution and
delivery of this Trust Agreement, for the benefit of the Holders of the Trust Securities, as amended from time to time. 
  

 5 

 “Indenture” means the Indenture, dated as of March 8, 2010, between
the Depositor and the Debenture Trustee, as trustee, as supplemented by the First Supplemental Indenture, and as further amended or supplemented from time to time. 
 “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment, security interest or preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever. 
 “Like Amount” means
(a) with respect to a redemption of Trust Securities, Trust Securities having a Liquidation Amount equal to the principal amount of Debentures to be contemporaneously redeemed in accordance with the Indenture the proceeds of which shall be used
to pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of Debentures to Holders of Trust Securities in connection with a dissolution or liquidation of the Trust, Debentures having a principal amount equal to
the Liquidation Amount of the Trust Securities of the Holder to whom such Debentures are distributed and (c) with respect to an exchange of Trust Securities pursuant to Section 4.08, Debentures having a principal amount equal to the
Liquidation Amount of the Trust Securities being exchanged. 
 “Liquidation Amount” means the stated amount of
$1,000.00 per Trust Security. 
 “Liquidation Date” means the date on which Debentures are to be distributed to
Holders of Trust Securities in connection with a dissolution and liquidation of the Trust pursuant to Section 9.4(a). 
 “Liquidation Distribution” has the meaning specified in Section 9.4(d). 
 “1940
Act” means the Investment Company Act of 1940, as amended. 
 “Officers’ Certificate” means a
certificate signed by any two of the following: Chairman of the Board, the Chief Executive Officer, the President, any Vice Chairman of the Board, the Chief Financial Officer, any Vice President, the Treasurer, the Secretary, the Controller, any
Assistant Controller, any Assistant Treasurer or any Assistant Secretary of the Company (as each term is used in the Indenture). Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this
Trust Agreement shall include: 
 (a) a statement that each individual signing such Officers’ Certificate has read such
covenant or condition and the definitions herein relating thereto; 
 (b) a brief statement of the nature and scope of the
examination or investigation upon which the statements or opinions contained in such Officers’ Certificate are based; 
 (c) a statement that, in the opinion of each individual signing the Officer’s Certificate, he or she has made such examination or investigation as is necessary to

  

 6 

 
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each individual signing the Officers’ Certificate, such condition or covenant has been
complied with. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for and/or an
employee of the Trust or the Depositor. 
 “Original Trust Agreement” has the meaning specified in the recitals
to this Trust Agreement. 
 “Outstanding,” when used with respect to Trust Securities, means, as of the date of
determination, all Trust Securities represented by Trust Securities Certificates theretofore executed and delivered under this Trust Agreement, except: 
 (a) Trust Securities represented by Trust Securities Certificates theretofore cancelled by the Securities Registrar or delivered to the Securities Registrar for cancellation; 
 (b) Trust Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Property Trustee
or any Paying Agent for the Holders of such Trust Securities; provided that, if such Trust Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Trust Agreement; and 
 (c) Trust Securities which have been paid or that are represented by Trust Securities Certificates in exchange for or in lieu of which other
Trust Securities Certificates have been executed and delivered pursuant to this Trust Agreement, including pursuant to Sections 5.4, 5.5, 5.11 and 5.13; provided, however, that in determining whether the Holders of the requisite
Liquidation Amount of the Outstanding Capital Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Capital Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor or any
Trustee shall be disregarded and deemed not to be Outstanding, except that (a) in determining whether any Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Capital
Securities that such Trustee actually knows to be so owned shall be so disregarded and (b) the foregoing shall not apply at any time when all of the Outstanding Capital Securities are owned by the Depositor, one or more of the Trustees and/or
any such Affiliate. Capital Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to
such Capital Securities and that the pledgee is not the Depositor or any Affiliate of the Depositor. 
 “Owner”
means each Person who is the beneficial owner of a Book-Entry Capital Securities Certificate as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the beneficial owner, then as reflected in the records of a

  

 7 

 
Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with the rules of such Clearing Agency). 
 “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 5.9 and shall initially be the
Bank. 
 “Payment Account” means a segregated non-interest-bearing corporate trust account maintained by the
Property Trustee with the Bank in its corporate trust department for the benefit of the Securityholders in which all amounts paid in respect of the Debentures shall be held and from which the Property Trustee, through the Paying Agent, shall make
payments to the Securityholders in accordance with Sections 4.1 and 4.2. 
 “Person” means any individual,
corporation, partnership, joint venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof. 
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to this Trust Agreement
solely in its capacity as Property Trustee of the Trust heretofore created and continued hereunder and not in its individual capacity, or its successor in interest in such capacity, or any successor property trustee appointed as herein provided.

 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such
redemption by or pursuant to this Trust Agreement; provided that each Debenture Redemption Date and the Debenture Maturity Date shall be a Redemption Date for a Like Amount of Trust Securities. 
 “Redemption Price” means, with respect to any Trust Security, the amount paid by the Depositor upon the concurrent
redemption of a Like Amount of Debentures, plus accumulated and unpaid Distributions to the Redemption Date, allocated on a pro rata basis (based on Liquidation Amounts) among the Trust Securities. 
 “Relevant Trustee” shall have the meaning specified in Section 8.10. 
 “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.4. 
 “Securityholder” or “Holder” means a Person in whose name a Trust
Security or Trust Securities Certificate is registered in the Securities Register; any such Person shall be a beneficial owner within the meaning of the Delaware Statutory Trust Act; provided, however, that in determining whether the
Holders of the requisite amount of Capital Securities have voted on any matter provided for in this Trust Agreement, then for the purpose of any such determination, so long as Definitive Capital Securities Certificates have not been issued, the term
Securityholders or Holders as used herein shall refer to the Owners. 
  

 8 

 “Trust” means the Delaware statutory trust continued hereby and identified
on the cover page to this Trust Agreement. 
 “Trust Agreement” means this Amended and Restated Trust
Agreement, as the same may be modified, amended or supplemented in accordance with the applicable provisions hereof, including (i) all exhibits hereto and (ii) for all purposes of this Trust Agreement and any such modification, amendment
or supplement, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Trust Agreement and any such modification, amendment or supplement, respectively. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was
executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended. 
 “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to, the
Payment Account and (c) all proceeds and rights in respect of the foregoing and any other property or assets for the time being held or deemed to be held by the Property Trustee pursuant to the trusts of this Trust Agreement. 
 “Trust Securities Certificate” means any one of the Common Securities Certificates or the Capital Securities Certificates.

 “Trust Security” means any one of the Common Securities or the Capital Securities. 
 “Trustees” means, collectively, the Property Trustee, the Delaware Trustee and the Administrative Trustees. 
 “Underwriting Agreement” means the underwriting agreement, dated as of March 9, 2010, among the Trust, the Depositor
and J.P. Morgan Securities Inc., as representative of the underwriters named in Schedule I thereto. 
 “U.S.
Person” means a United States person as defined in Section 7701(a)(30) of the Code. 
 ARTICLE II

 CONTINUATION OF THE TRUST 
 Section 2.1 Name. 
 The Trust continued hereby shall be known as
“Susquehanna Capital II,” as such name may be modified from time to time by the Administrative Trustees following

  

 9 

 
written notice to the Holders of Trust Securities and the other Trustees, in which name the Trustees engage in the transactions contemplated hereby, make and execute contracts and other
instruments on behalf of the Trust and sue and can be sued. 
 Section 2.2 Office of the Delaware Trustee; Principal
Place of Business. 
 The address of the Delaware Trustee in the State of Delaware is c/o BNY Mellon Trust of Delaware, 100
White Clay Center, Suite 102, Newark, Delaware 19711, Attention: Corporate Trust Department, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Securityholders and the Depositor. The
principal executive office of the Trust is c/o Susquehanna Bancshares, Inc., 26 North Cedar Street, Lititz, Pennsylvania 17543. 
 Section 2.3 Initial Contribution of Trust Property; Organizational Expenses. 
 The Property Trustee
acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of $10.00, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall,
upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses. 
 Section 2.4 Issuance of the Capital Securities. 
 The Depositor, on behalf of the Trust and pursuant to the Original Trust Agreement, executed and delivered the Underwriting Agreement. Contemporaneously with the execution and delivery of this Trust
Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the underwriters Capital Securities Certificates, registered in the name of the nominee of the initial Clearing Agency, in
an aggregate amount of 50,000 Capital Securities having an aggregate Liquidation Amount of $50,000,000, against receipt of an aggregate purchase price of $50,000,000 plus accrued distributions from March 16, 2010, if any, on such Capital
Securities which amount such Administrative Trustee shall promptly deliver to the Property Trustee. 
 Section 2.5
Issuance of the Common Securities; Subscription and Purchase of Debentures. 
 Contemporaneously with the execution and
delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, in an
aggregate amount of 10 Common Securities having an aggregate Liquidation Amount of $10,000 against payment by the Depositor of an aggregate purchase price of $10,000 plus accrued distributions from March 16, 2010, if any, on such Common
Securities, which amount such Administrative Trustee shall promptly deliver to the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Depositor Debentures,
registered in the name of the Trust and having an aggregate

  

 10 

 
principal amount equal to $50,010,000, and, in satisfaction of the purchase price for such Debentures, the Property Trustee, on behalf of the Trust, shall deliver to the Depositor the sum of
$50,010,000 (being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the first sentence of this Section 2.5) plus accrued interest from March 16, 2010, if
any. 
 Section 2.6 Declaration of Trust. 
 The exclusive purposes and functions of the Trust are (a) to issue and sell Trust Securities, (b) to use the proceeds from such
sale to acquire the Debentures and (c) to engage in those activities necessary or incidental thereto. The Depositor hereby appoints the Trustees as trustees of the Trust, to have all the rights, powers and duties to the extent set forth herein,
and the Trustees hereby accept such appointment. The Property Trustee hereby declares that it shall hold the Trust Property in trust upon and subject to the conditions set forth herein for the benefit of the Trust and the Securityholders. The
Administrative Trustees shall have all rights, powers and duties set forth herein and in accordance with applicable law with respect to accomplishing the purposes of the Trust. The Delaware Trustee shall not be entitled to exercise any powers, nor
shall the Delaware Trustee have any of the duties and responsibilities, of the Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the Trustees of the Trust for the sole and limited purpose of
fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act. 
 Section 2.7 Authorization to
Enter into Certain Transactions. 
 (a) The Trustees shall conduct the affairs of the Trust in accordance with the terms of
this Trust Agreement. Subject to the limitations set forth in paragraph (b) of this Section and Article VIII and in accordance with the following provisions (i) and (ii), the Trustees shall have the authority to enter into all transactions
and agreements determined by the Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees under this Trust Agreement, and to perform all acts in furtherance thereof, including without limitation,
the following: 
 (i) As among the Trustees, each Administrative Trustee, acting singly or collectively, shall
have the power and authority to act on behalf of the Trust with respect to the following matters: 
 (A) the
issuance and sale of the Trust Securities; 
 (B) causing the Trust to enter into, and to execute, deliver and
perform on behalf of the Trust, the Certificate Depository Agreement and such other agreements as may be necessary or desirable in connection with the purposes and function of the Trust; 
 (C) assisting in the registration of the Capital Securities under the Securities Act of 1933, as amended, and under state
securities or blue sky laws, and the qualification of this Trust Agreement as a trust indenture under the Trust Indenture Act; 
  

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 (D) assisting in the listing, if any, of the Capital Securities upon such
national securities exchange or exchanges or automated quotation system or systems as shall be determined by the Depositor and the registration of the Capital Securities under the Securities Exchange Act of 1934, as amended, and the preparation and
filing of all periodic and other reports and other documents pursuant to the foregoing; 
 (E) the sending of
notices (other than notices of default) and other information regarding the Trust Securities and the Debentures to the Securityholders in accordance with this Trust Agreement; 
 (F) the appointment of a Paying Agent and Securities Registrar in accordance with this Trust Agreement; 
 (G) registering transfer of the Trust Securities in accordance with this Trust Agreement; 
 (H) to the extent provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Trust and the
execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (I) unless otherwise required by the Delaware Statutory Trust Act or the Trust Indenture Act, executing on behalf of the Trust (either acting alone or together with any or all of the Administrative Trustees) any documents that the
Administrative Trustees have the power to execute pursuant to this Trust Agreement; and 
 (J) taking any action
incidental to the foregoing as the Trustees may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement for the benefit of the Securityholders (without consideration of the effect of any such action
on any particular Securityholder). 
 (ii) As among the Trustees, the Property Trustee shall have the power, duty
and authority to act on behalf of the Trust with respect to the following matters: 
 (A) the establishment of
the Payment Account; 
 (B) the receipt of the Debentures; 
 (C) the collection of interest, principal and any other payments made in respect of the Debentures in the Payment Account;

 (D) the distribution through the Paying Agent of amounts owed to the Securityholders in respect of the Trust
Securities; 
  

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 (E) the exercise of all of the rights, powers and privileges of a holder of
the Debentures; 
 (F) the sending of notices of default and other information regarding the Trust Securities and
the Debentures to the Securityholders in accordance with this Trust Agreement; 
 (G) the distribution of the
Trust Property in accordance with the terms of this Trust Agreement; and 
 (H) to the extent provided in this
Trust Agreement, the winding up of the affairs of and liquidation of the Trust and the execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware. 
 Except as otherwise provided in this Section 2.7(a)(ii), the Property Trustee shall have none of the duties, liabilities, powers or the
authority of the Administrative Trustees set forth in Section 2.7(a)(i). 
 (b) So long as this Trust Agreement remains in
effect, the Trust (or the Trustees acting on behalf of the Trust) shall not undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Trustees shall not (i) acquire any
investments or engage in any activities not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to
Securityholders, except as expressly provided herein, (iii) take any action that would cause the Trust to fail or cease to qualify as a “grantor trust” for United States federal income tax purposes, (iv) incur any indebtedness
for borrowed money or issue any other debt, (v) take or consent to any action that would result in the placement of a Lien on any of the Trust Property, (vi) invest any proceeds received by the Trust from holding the Debentures (it being
understood that the Trust and Trustees shall distribute all such proceeds to Holders of Trust Securities pursuant to the terms of this Trust Agreement and of the Trust Securities), (vii) acquire any assets other than the Trust Property,
(viii) possess any power or otherwise act in such a way as to vary the Trust Property, (ix) possess any power or otherwise act in such a way as to vary the terms of the Trust Securities in any way whatsoever (except to the extent expressly
authorized in this Trust Agreement or by the terms of the Trust Securities) or (x) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Trust Securities. The Administrative
Trustees shall defend all claims and demands of all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of the Trust or the Securityholders in their capacity as Securityholders. 
 (c) In connection with the issue and sale of the Capital Securities, the Depositor shall have the right and responsibility to assist the
Trust with respect to, or effect on behalf of the Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby ratified and confirmed in all respects): 

 

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 (i) the preparation and filing by the Trust with the Commission and the
execution on behalf of the Trust of one or more registration statements on the appropriate form in relation to the Capital Securities, including any amendments thereto; 
 (ii) the determination of the states in which to take appropriate action to qualify or register for sale all or part of the
Capital Securities and the determination of any and all such acts, other than actions which must be taken by or on behalf of the Trust, and the advice to the Trustees of actions they must take on behalf of the Trust, and the preparation for
execution and filing of any documents to be executed and filed by the Trust or on behalf of the Trust, as the Depositor deems necessary or advisable in order to comply with the applicable laws of any such states; 
 (iii) the preparation for filing by the Trust and execution on behalf of the Trust of an application to the New York Stock
Exchange or any other national stock exchange or the NASDAQ Global Select Market or any other automated quotation system for listing upon notice of issuance of any Capital Securities and filing with such exchange or self-regulatory organization such
notifications and documents as may be necessary from time to time to maintain such listing; 
 (iv) the
negotiation of the terms of, and the execution and delivery of, the Underwriting Agreement providing for the sale of the Capital Securities; and 
 (v) the taking of any other actions necessary or desirable to carry out any of the foregoing activities. 
 (d) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the affairs of the Trust and to operate the Trust so that the Trust shall not be
deemed to be an “investment company” required to be registered under the 1940 Act, or fail to be classified as a grantor trust for United States federal income tax purposes and so that the Debentures shall be treated as indebtedness of the
Depositor for United States federal income tax purposes. In this connection, the Depositor and the Administrative Trustees are authorized to take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement,
that each of the Depositor and any Administrative Trustee determines in its discretion to be necessary or desirable for such purposes, as long as such action does not adversely affect in any material respect the interests of the Holders of the
Capital Securities. 
 Section 2.8 Assets of Trust. 
 The assets of the Trust shall consist solely of the Trust Property. 
 Section 2.9 Title to Trust Property. 
 Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its capacity as such) and shall be held and administered by the Property Trustee for the benefit of the Trust and
the Securityholders in accordance with this Trust Agreement. 
  

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 ARTICLE III 
 PAYMENT ACCOUNT 
 Section 3.1 Payment
Account. 
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property
Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust
Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein
provided, including (and subject to) any priority of payments provided for herein. 
 (b) The Property Trustee shall deposit in
the Payment Account, promptly upon receipt, all payments of principal of or interest or premium on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested by the Property
Trustee. 
 ARTICLE IV 
 DISTRIBUTIONS; REDEMPTION 
 Section 4.1 Distributions.

 (a) The Trust Securities represent undivided beneficial ownership interests in the Trust Property, and Distributions
(including of Additional Amounts) shall be made on the Trust Securities at the rate and on the dates that payments of interest (including of Additional Interest) are made on the Debentures. Accordingly: 
 (i) Distributions on the Trust Securities shall be cumulative, and shall accumulate whether or not there are funds of the
Trust available for the payment of Distributions. Distributions shall accrue from March 16, 2010, and, except in the event (and to the extent) that the Depositor exercises its right to defer the payment of interest on the Debentures pursuant to
the Indenture, shall be payable semi-annually in arrears on March 23 and September 23 of each year, beginning September 23, 2010 (each such date, a “Distribution Date”). If any date on which a Distribution is otherwise
payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business Day (without any additional Distributions or other payment in respect of such delay) (each date
on which Distributions are payable in accordance with this Section 4.1(a), a “Distribution Date”). 
 (ii) Assuming payments of interest on the Debentures are made when due (and before giving effect to Additional Amounts, if applicable), Distributions on the Trust Securities shall be payable at the rate per annum provided for in the
Debentures. The amount of Distributions payable for any period shall be

  

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computed on the basis of a 360-day year of twelve 30 day months. The amount of Distributions payable for any period shall include the Additional Amounts, if any. 
 (iii) Distributions on the Trust Securities shall be made by the Property Trustee from the Payment Account and shall be
payable on each Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities on the relevant
record date, which shall be one Business Day prior to such Distribution Date; provided, however, that in the event that the Capital Securities do not remain in book-entry-only form, the relevant record date shall be the fifteenth
calendar day prior to the relevant Distribution Date occurs without giving effect to the third sentence of Section 4.1(a)(i) (whether or not such record date is a Business Day). 
 Section 4.2 Redemption. 
 (a) On each Debenture Redemption Date and the Debenture Maturity Date, the Trust shall be required to redeem a Like Amount of Trust Securities at the Redemption Price. 
 (b) Notice of redemption shall be given by the Property Trustee not less than 30 nor more than 60 days prior to the Redemption Date to each
Holder of Trust Securities to be redeemed (provided that the Depositor shall give the Property Trustee at least 5 days prior notice of such intention to redeem). All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) the CUSIP number; 
 (iv) if less than all the Outstanding Trust Securities are to be redeemed, the identification and the total Liquidation
Amount of the particular Trust Securities to be redeemed; 
 (v) that on the Redemption Date the Redemption Price
shall become due and payable upon each such Trust Security to be redeemed and that Distributions thereon shall cease to accrue on and after said date; and 
 (vi) if the Capital Securities are no longer in book-entry-only form, the place and address where the Holders shall surrender their Capital Securities Certificates. 
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the
contemporaneous redemption of the Debentures or payment on the Debenture Maturity Date. Redemptions

  

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of the Trust Securities shall be made and the Redemption Price shall be payable on each Redemption Date only to the extent that the Trust has funds then on hand and available in the Payment
Account for the payment of such Redemption Price. 
 (d) If the Property Trustee gives a notice of redemption
in respect of any Capital Securities, then, by 10:00 A.M., New York City time, on the Redemption Date, subject to Section 4.2(c), the Property Trustee shall, so long as the Capital Securities are in book-entry-only form, irrevocably deposit
with the Clearing Agency for the Capital Securities funds sufficient to pay the applicable Redemption Price and shall give such Clearing Agency irrevocable instructions and authority to pay the Redemption Price to the Holders thereof. If the Capital
Securities are no longer in book-entry-only form, the Property Trustee, subject to Section 4.2(c), shall irrevocably deposit with the Paying Agent funds sufficient to pay the applicable Redemption Price and shall give the Paying Agent
irrevocable instructions and authority to pay the Redemption Price to the Holders thereof upon surrender of their Capital Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any Trust
Securities called for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities Register for the Trust Securities on the relevant record dates for the related Distribution Dates. If notice of redemption
shall have been given and funds deposited as required, then upon the date of such deposit, all rights of Securityholders holding Trust Securities so called for redemption shall cease, except the right of such Securityholders to receive the
Redemption Price and any Distribution payable on or prior to the Redemption Date, but without interest thereon, and such Trust Securities shall cease to be Outstanding. In the event that any date on which any Redemption Price is payable is not a
Business Day, then payment of the Redemption Price payable on such date shall be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay). In the event that payment of the
Redemption Price in respect of any Trust Securities called for redemption is improperly withheld or refused and not paid either by the Trust or by the Depositor pursuant to the Guarantee, Distributions on such Trust Securities shall continue to
accrue, at the then applicable rate, from the Redemption Date originally established by the Trust for such Trust Securities to the date such Redemption Price is actually paid, in which case the actual payment date shall be the date fixed for
redemption for purposes of calculating the Redemption Price. 
 (e) Payment of the Redemption Price on the Trust Securities
shall be made to the recordholders thereof as they appear on the Securities Register for the Trust Securities on the relevant record date, which shall be one Business Day prior to the relevant Redemption Date; provided, however, that
in the event that the Capital Securities do not remain in book-entry-only form, the relevant record date shall be the date 15 days prior to the relevant Redemption Date. 
 (f) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the
aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated on a pro rata basis (based on Liquidation Amounts) among the Common Securities and the Capital Securities. The particular Capital Securities to be redeemed
shall be selected on a pro rata basis (based

  

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upon Liquidation Amounts) not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Capital Securities not previously called for redemption, by such method
(including, without limitation, by lot) as the Property Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to $1,000.00 or an integral multiple of $1,000.00 in excess thereof) of the
Liquidation Amount of Capital Securities of a denomination larger than $1,000.00. The Property Trustee shall promptly notify the Security Registrar in writing of the Capital Securities selected for redemption and, in the case of any Capital
Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless the context otherwise requires, all provisions relating to the redemption of Capital Securities shall relate,
in the case of any Capital Securities redeemed or to be redeemed only in part, to the portion of the Liquidation Amount of Capital Securities that has been or is to be redeemed. 
 Section 4.3 Subordination of Common Securities. 
 (a) Payment of Distributions (including Additional Amounts, if applicable) on, and the Redemption Price of, the Trust Securities, as applicable, shall be made, subject to Section 4.2(f), pro
rata among the Common Securities and the Capital Securities based on the Liquidation Amount of the Trust Securities; provided, however, that if on any Distribution Date or Redemption Date any Event of Default resulting from a
Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including Additional Amounts, if applicable) on, or Redemption Price of, any Common Security, and no other payment on account of the redemption,
liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including Additional Amounts, if applicable) on all Outstanding Capital Securities for all Distribution
periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Capital Securities then called for redemption, shall have been made or provided for, and all funds
immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including Additional Amounts, if applicable) on, or the Redemption Price of, Capital Securities then due and payable.

 (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holder of Common
Securities shall be deemed to have waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Capital Securities have been cured, waived or
otherwise eliminated. Until any such Event of Default under this Trust Agreement with respect to the Capital Securities has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Capital
Securities and not the Holder of the Common Securities, and only the Holders of the Capital Securities shall have the right to direct the Property Trustee to act on their behalf. 
  

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 Section 4.4 Payment Procedures. 
 Payments of Distributions (including Additional Amounts, if applicable) in respect of the Capital Securities shall be made by check mailed to
the address of the Person entitled thereto as such address shall appear on the Securities Register or, if the Capital Securities are held by a Clearing Agency, such Distributions shall be made to the Clearing Agency in immediately available funds,
which shall credit the relevant Persons’ accounts at such Clearing Agency on the applicable Distribution Dates. Payments in respect of the Common Securities shall be made in such manner as shall be mutually agreed in writing between the
Property Trustee and the Common Securityholder. 
 Section 4.5 Tax Returns and Reports. 
 The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s expense, and file all United States federal,
state and local tax and information returns and reports required to be filed by or in respect of the Trust. In this regard, the Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal
Revenue Service Form required to be filed in respect of the Trust in each taxable year of the Trust and (b) prepare and furnish (or cause to be prepared and furnished) to each Securityholder the appropriate Internal Revenue Service form and the
information required to be provided on such form. The Administrative Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. The Trustees shall comply with
United States federal withholding and backup withholding tax laws and information reporting requirements with respect to any payments to Securityholders under the Trust Securities. 
 Section 4.6 Payment of Expenses of the Trust. 
 Pursuant to Section 6.06 of the Indenture, the Depositor, as borrower, has agreed to pay to the Trust, and reimburse the Trust for, the full amount of any costs, expenses or liabilities of the Trust
(other than obligations of the Trust to pay the Holders of any Capital Securities or other similar interests in the Trust the amounts due such Holders pursuant to the terms of the Capital Securities or such other similar interests, as the case may
be), including, without limitation, any taxes, duties or other governmental charges of whatever nature (other than withholding taxes) imposed on the Trust by the United States or any other taxing authority. Such payment obligation includes any such
costs, expenses or liabilities of the Trust that are required by applicable law to be satisfied in connection with a termination of the Trust. 
 Section 4.7 Payments under Indenture or Pursuant to Direct Actions. 
 Any amount payable hereunder to any Holder of Capital Securities shall be reduced by the amount of any corresponding payment such Holder (or an Owner with respect to the Holder’s Capital Securities) has directly received pursuant to
Section 5.08 of the Indenture or Section 5.14 of this Trust Agreement. 
  

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 Section 4.8 Exchanges of Securities. 
 (a) If at any time the Depositor or any of its Affiliates (in either case, a “Depositor Affiliated Owner”) is the Owner of
any Capital Securities, such Depositor Affiliated Owner shall have the right to deliver to the Property Trustee or its designee all or such portion of its Capital Securities as it elects and receive, in exchange therefor, a Like Amount of
Debentures. Such election (i) shall be exercisable effective by such Depositor Affiliated Owner delivering to the Property Trustee a written notice of such election (A) specifying the Liquidation Amount of the Capital Securities with
respect to which such election is being made, (B) containing the broker participant number through which such Capital Securities will be delivered to the Property Trustee via The Depository Trust Company and (C) specifying the date on
which such exchange shall occur, which may be any date other than the record date for any Distribution or a date from such record date to and including the Distribution Date for such Distribution, and (ii) shall be conditioned upon such
Depositor Affiliated Owner having delivered or caused to be delivered to the Property Trustee or its designee the Capital Securities that are the subject of such election by 10:00 A.M. New York time, on the date on which such exchange is to occur.
After the exchange, such Capital Securities shall be cancelled and shall no longer be deemed to be Outstanding and all rights of the Depositor Affiliated Owner with respect to such Capital Securities shall cease, including the right to receive
accumulated but unpaid Distributions thereon. In the event such Capital Securities are Book-Entry Capital Securities, upon such exchange the Property Trustee, in its capacity as Securities Registrar, shall cause an annotation to be made on the
Book-Entry Capital Securities Certificate or Certificates evidencing such Book-Entry Capital Securities to evidence the reduction in the Liquidation Amount thereof resulting from such cancellation. 
 (b) Notwithstanding anything else in this Trust Agreement to the contrary, in order to effectuate any exchange contemplated by
Section 4.8(a) above, the Trust is hereby authorized to execute, deliver and perform, and the Depositor or any Administrative Trustee, on behalf of the Trust, acting singly or collectively, is hereby authorized to execute and deliver on behalf
of the Trust, an exchange agreement, cancellation letter, and any and all other documents, agreements, or certificates contemplated by or related to any exchange made pursuant to Section 4.8(a) above, in each case without further action or
approval of any other Person. 
 ARTICLE V 
 TRUST SECURITIES CERTIFICATES 
 Section 5.1 Initial Ownership.

 Upon the creation of the Trust and the contribution by the Depositor pursuant to Section 2.3 and until the issuance of
the Trust Securities, and at any time during which no Trust Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Trust. 
  

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 Section 5.2 The Trust Securities Certificates. 
 The Capital Securities Certificates shall be issued in minimum denominations of $1,000.00 Liquidation Amount and integral multiples of
$1,000.00 in excess thereof, and the Common Securities Certificates shall be issued in denominations of $1,000.00 Liquidation Amount and integral multiples thereof. The Trust Securities Certificates shall be executed on behalf of the Trust by manual
or facsimile signature of at least one Administrative Trustee and, if executed on behalf of the Trust by facsimile, countersigned by a transfer agent or its agent. The Capital Securities Certificates shall be authenticated by the Property Trustee by
manual or facsimile signature of an authorized signatory thereof and, if executed by such authorized signatory of the Property Trustee by facsimile, countersigned by a transfer agent or its agent. Trust Securities Certificates bearing the manual
signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust or, if executed on behalf of the Trust by facsimile, countersigned by a transfer agent or its agent, shall be
validly issued and entitled to the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices
at the date of delivery of such Trust Securities Certificates. A transferee of a Trust Securities Certificate shall become a Securityholder, and shall be entitled to the rights and subject to the obligations of a Securityholder hereunder, upon due
registration of such Trust Securities Certificate in such transferee’s name pursuant to Sections 5.4, 5.11 and 5.13. 
 Section 5.3 Execution and Delivery of Trust Securities Certificates. 
 On the Closing Date, the
Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as provided in Sections 2.4 and 2.5, to be executed on behalf of the Trust and delivered to or upon the written order of the Depositor, signed by
its chairman of the board, its president, any executive vice president, any managing director or any vice president, treasurer or assistant treasurer or controller without further corporate action by the Depositor, in authorized denominations.

 Section 5.4 Registration of Transfer and Exchange of Capital Securities Certificate. 
 The Depositor shall keep or cause to be kept, at the office or agency maintained pursuant to Section 5.8, a register or registers for
the purpose of registering Trust Securities Certificates and transfers and exchanges of Capital Securities Certificates (the “Securities Register”) in which the transfer agent and registrar designated by the Depositor (the “Securities
Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Capital Securities Certificates and Common Securities Certificates (subject to Section 5.10 in the case of the Common Securities
Certificates) and registration of transfers and exchanges of Capital Securities Certificates as herein provided. The Bank shall be the initial Securities Registrar. 
 Upon surrender for registration of transfer of any Capital Securities Certificate at the office or agency maintained pursuant to Section 5.8, the Administrative Trustees or

  

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any one of them shall execute on behalf of the Trust (and if executed on behalf of the Trust by a facsimile signature, such certificate shall be countersigned by a transfer agent or its agent)
and deliver, in the name of the designated transferee or transferees, one or more new Capital Securities Certificates in authorized denominations of a like aggregate Liquidation Amount dated the date of execution by such Administrative Trustee or
Trustees. The Securities Registrar shall not be required to register the transfer of any Capital Securities that have been called for redemption during a period beginning at the opening of business 15 days before the day of selection for such
redemption. 
 At the option of a Holder, Capital Securities Certificates may be exchanged for other Capital Securities
Certificates in authorized denominations of the same class and of a like aggregate Liquidation Amount upon surrender of the Capital Securities Certificates to be exchanged at the office or agency maintained pursuant to Section 5.8. 

Every Capital Securities Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to an Administrative Trustee and the Securities Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Capital Securities Certificate surrendered for registration of
transfer or exchange shall be cancelled and subsequently disposed of by an Administrative Trustee or the Securities Registrar in accordance with such Person’s customary practice. 
 No service charge shall be made for any registration of transfer or exchange of Capital Securities Certificates, but the Securities
Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Capital Securities Certificates. 
 Section 5.5 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. 
 If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities Registrar, or if the Securities Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to the Securities Registrar and the Administrative Trustees such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice that such Trust Securities Certificate shall have been acquired by a bona fide or protected purchaser, the Administrative Trustees, or any one of them, on behalf of the
Trust shall execute by manual or facsimile signature and, if executed on behalf of the Trust by facsimile signature, such certificate shall be countersigned by a transfer agent, and make available for delivery, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination. In connection with the issuance of any new Trust Securities Certificate under this Section, the
Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Securities Certificate issued pursuant to
this Section shall constitute conclusive evidence of an undivided beneficial interest in the Trust Property, as if originally issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at any time. 

 

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 Section 5.6 Persons Deemed Securityholders. 
 The Trustees or the Securities Registrar shall treat the Person in whose name any Trust Securities Certificate shall be registered in the
Securities Register as the owner of such Trust Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and neither the Trustees nor the Securities Registrar shall be bound by any notice to the
contrary. 
 Section 5.7 Access to List of Securityholders’ Names and Addresses. 
 Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, the Property Trustee or the Administrative Trustees
accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 5.8 Maintenance of Office or Agency. 
 The Administrative Trustees shall maintain an office or
offices or agency or agencies where Capital Securities Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Trustees in respect of the Trust Securities Certificates may be served. The
Administrative Trustees initially designate The Bank of New York Mellon Trust Company, N.A., 525 William Penn Place, Pittsburgh, PA, 15259, Attn: James M. Young, Corporate Trust Administration, as its principal corporate trust office for such
purposes. The Administrative Trustees shall give prompt written notice to the Depositor, the Property Trustee and to the Securityholders of any change in the location of the Securities Register or any such office or agency. 
 Section 5.9 Appointment of Paying Agent. 
 The Paying Agent shall make Distributions to Securityholders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying
Agent shall have the revocable power to withdraw funds from the Payment Account for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent if such Trustees determine
in their sole discretion that the Paying Agent shall have failed to perform its obligations under this Trust Agreement in any material respect. The Paying Agent shall initially be the Bank, and any co-paying agent chosen by the Bank, and acceptable
to the Administrative Trustees and the Depositor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Administrative Trustees, the Property Trustee and the Depositor. In the event
that the Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor that is acceptable to the Property Trustee and the Depositor to act
as Paying Agent (which shall be a bank or trust company). The Administrative Trustees shall cause such successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees to execute and deliver to the Trustees an
instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees

  

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that as Paying Agent, such successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it for payment to the Securityholders in trust for the benefit of the
Securityholders entitled thereto until such sums shall be paid to such Securityholders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon resignation or removal of a Paying Agent such Paying Agent shall also return
all funds in its possession to the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to the Bank also in its role as Paying Agent, for so long as the Bank shall act as Paying Agent and, to the extent applicable, to any
other paying agent appointed hereunder, and any Paying Agent shall be bound by the requirements with respect to paying agents of securities issued pursuant to the Trust Indenture Act. Any reference in this Agreement to the Paying Agent shall include
any co-paying agent unless the context requires otherwise. 
 Section 5.10 Ownership of Common Securities by
Depositor. 
 On the Closing Date, the Depositor shall acquire and retain beneficial and record ownership of the Common
Securities. To the fullest extent permitted by law, other than a transfer in connection with a consolidation or merger of the Depositor into another Person, or any conveyance, transfer or lease by the Depositor of its properties and assets
substantially as an entirety to any Person, pursuant to Section 8.01 of the Indenture, any attempted transfer of the Common Securities shall be void. The Administrative Trustees shall cause each Common Securities Certificate issued to the
Depositor to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE TO ANY PERSON OTHER THAN AS SET FORTH IN THE TRUST AGREEMENT (AS DEFINED BELOW)”. 
 Section 5.11 Book-Entry Capital Securities Certificates; Common Securities Certificate. 
 (a) The Capital Securities Certificates, upon original issuance, shall be issued in the form of a typewritten Capital Securities Certificate or Certificates representing Book-Entry Capital Securities
Certificates, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Trust. Such Capital Securities Certificate or Certificates shall initially be registered on the Securities Register in the name of
Cede & Co., the nominee of the initial Clearing Agency, and no Owner shall receive a Definitive Capital Securities Certificate representing such Owner’s interest in such Capital Securities, except as provided in Section 5.13.
Unless and until Definitive Capital Securities Certificates have been issued to Owners pursuant to Section 5.13: 
 (i) the provisions of this Section 5.11(a) shall be in full force and effect; 
 (ii) the
Securities Registrar and the Trustees shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement relating to the Book-Entry Capital Securities Certificates (including the payment of the Liquidation Amount of and
Distributions on the Capital Securities evidenced by Book-Entry Capital Securities Certificates and the giving of instructions or

  

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directions to Owners of Capital Securities evidenced by Book-Entry Capital Securities Certificates) as the sole Holder of Capital Securities evidenced by Book-Entry Capital Securities
Certificates and shall have no obligations to the Owners thereof; 
 (iii) to the extent that the provisions of
this Section 5.11 conflict with any other provisions of this Trust Agreement, the provisions of this Section 5.11 shall control; and 
 (iv) the rights of the Owners of the Book-Entry Capital Securities Certificates shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between
such Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and until Definitive Capital Securities Certificates are issued pursuant to Section 5.13, the initial Clearing
Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments on the Capital Securities to such Clearing Agency Participants. 
 (b) A single Common Securities Certificate representing the Common Securities shall be issued to the Depositor in the form of a definitive
Common Securities Certificate. 
 Section 5.12 Notices to Clearing Agency. 
 To the extent that a notice or other communication to the Owners is required under this Trust Agreement, unless and until Definitive Capital
Securities Certificates shall have been issued to Owners pursuant to Section 5.13, the Trustees shall give all such notices and communications specified herein to be given to Owners to the Clearing Agency, and shall have no obligations to the
Owners. 
 Section 5.13 Definitive Capital Securities Certificates. 
 If (a) the Depositor advises the Trustees in writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Capital Securities Certificates, and the Depositor is unable to locate a qualified successor, (b) the Depositor at its option on behalf of the Trust advises the Trustees in writing that it elects to
terminate the book-entry system through the Clearing Agency or (c) after the occurrence of a Debenture Event of Default, Owners of Capital Securities Certificates representing beneficial interests aggregating at least a majority of the
Liquidation Amount advise the Administrative Trustees in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interest of the Owners of Capital Securities Certificates, then the Administrative
Trustees shall notify other Trustees and the Clearing Agency, and the Clearing Agency, in accordance with its customary rules and procedures, shall notify all Clearing Agency Participants for whom it holds Capital Securities of the occurrence of any
such event and of the availability of the Definitive Capital Securities Certificates to Owners of such class or classes, as

  

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applicable, requesting the same. Upon surrender to the Administrative Trustees of the typewritten Capital Securities Certificate or Certificates representing the Book-Entry Capital Securities
Certificates by the Clearing Agency, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Capital Securities Certificates in accordance with the instructions of the Clearing Agency
or, if executed on behalf of the Trust by facsimile, countersigned by a transfer agent or its agent. Neither the Securities Registrar nor the Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of Definitive Capital Securities Certificates, the Trustees shall recognize the Holders of the Definitive Capital Securities Certificates as Securityholders. The Definitive
Capital Securities Certificates shall be typewritten, printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees that meets the requirements of any stock exchange or automated
quotation system on which the Capital Securities are then listed or approved for trading, as evidenced by the execution thereof by the Administrative Trustees or any one of them. 
 Section 5.14 Rights of Securityholders. 
 (a) The legal title to the Trust Property is vested exclusively in the Property Trustee (in its capacity as such) in accordance with Section 2.9, and the Securityholders shall not have any right or
title therein other than the undivided beneficial ownership interest in the assets of the Trust conferred by their Trust Securities and they shall have no right to call for any partition or division of property, profits or rights of the Trust except
as described below. The Trust Securities shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. The Trust Securities shall have no preemptive or similar rights and when issued and delivered to
Securityholders against payment of the purchase price therefor shall be fully paid and nonassessable by the Trust. The Holders of the Capital Securities, in their capacities as such, shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 (b) For so long as any Capital Securities remain Outstanding, if, upon a Debenture Event of Default described in Sections 5.01(1) or 5.01(2) of the Indenture, the Debenture Trustee fails or the holders of not less than 25% in principal
amount of the outstanding Debentures fail to declare the principal of all of the Debentures to be immediately due and payable, the Holders of at least 25% in Liquidation Amount of the Capital Securities then Outstanding shall have such right by a
notice in writing to the Depositor and the Debenture Trustee; and upon any such declaration such principal amount of and the accrued interest on all of the Debentures shall become immediately due and payable as set forth in the Indenture,
provided that the payment of principal and interest on such Debentures shall remain subordinated to the extent provided in the Indenture. 
 At any time after such a declaration of acceleration with respect to the Debentures has been made and before a judgment or decree for payment of the money due has been

  

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obtained by the Debenture Trustee as described in the Indenture, the Holders of a majority in Liquidation Amount of the Capital Securities, by written notice to the Property Trustee, the
Depositor and the Debenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the
Depositor has paid or deposited with the Debenture Trustee a sum sufficient to pay: 
 (A) all overdue
installments of interest (including any Additional Interest) on all of the Debentures, 
 (B) the principal of
any Debentures which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Debentures, and 
 (C) all sums paid or advanced by the Debenture Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Debenture Trustee and the Property Trustee, their
agents and counsel; and 
 (ii) all Events of Default with respect to the Debentures, other than the non-payment
of the principal of the Debentures which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Indenture. 
 If the holders of the Junior Subordinated Debentures fail to waive a default, the Holders of a majority in aggregate liquidation amount of the Capital Securities shall have the right to waive any default
under the Indenture, except a default: (1) in the payment of the principal of or any premium or interest on the Junior Subordinated Debentures; or (2) in respect of a covenant or provision of the Indenture, which under Article IX of the
Indenture cannot be modified or amended without the consent of the Holder of each Junior Subordinated Debenture. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 Upon receipt by the Property Trustee of written notice declaring such an acceleration, or rescission and annulment thereof, by Holders of the Capital Securities all or part of which are represented by
Book-Entry Capital Securities Certificates, a record date shall be established for determining Holders of Outstanding Capital Securities entitled to join in such notice, which record date shall be at the close of business on the day the Property
Trustee receives such notice. The Holders of Outstanding Capital Securities on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such
record date; provided that, unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day which is 90
days after such

  

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record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without further action by any Holder be canceled and of no
further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new written notice of declaration of acceleration, or rescission and annulment thereof, as the case may
be, that is identical to a written notice which has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 5.14(b). 
 (c) For so long as any Capital Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust
Agreement and the Indenture, upon a Debenture Event of Default specified in Sections 5.01(1) or 5.01(2) of the Indenture, any Holder of Capital Securities shall have the right to institute a proceeding directly against the Depositor, pursuant to
Section 5.08 of the Indenture, for enforcement of payment to such Holder of the principal amount of or interest on Debentures having a principal amount equal to the Liquidation Amount of the Capital Securities of such Holder (a “Direct
Action”). Except as set forth in Section 5.14(b) and this Section 5.14(c), the Holders of Capital Securities shall have no right to exercise directly any right or remedy available to the holders of, or in respect of, the Debentures.

 Section 5.15 CUSIP Numbers. 
 The Administrative Trustees in issuing the Capital Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices
of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Capital Securities or as contained in any notice of a redemption
and that reliance may be placed only on the other identification numbers printed on the Capital Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Administrative Trustees shall promptly notify
the Property Trustee of any change in the CUSIP numbers. 
 ARTICLE VI 
 ACTS OF SECURITYHOLDERS; MEETINGS; VOTING 
 Section 6.1 Limitations on Voting Rights. 
 (a) Except as provided in
this Section, in Sections 5.14, 8.10 and 10.3 and in the Indenture and as otherwise required by law, no Holder of Capital Securities shall have any right to vote or in any manner otherwise control the administration, operation and management of the
Trust or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Trust Securities Certificates, be construed so as to constitute the Securityholders from time to time as partners or members of an
association. 
  

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 (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not
(i) direct the time, method and place of conducting any proceeding for any remedy available to the Debenture Trustee, or executing any trust or power conferred on the Debenture Trustee with respect to such Debentures, (ii) waive any past
default which is waivable under Section 5.13 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the Debentures shall be due and payable or (iv) consent to any amendment, modification
or termination of the Indenture or the Debentures, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of at least a majority in Liquidation Amount of all Outstanding Capital Securities;
provided, however, that where a consent under the Indenture would require the consent of each holder of Debentures affected thereby, no such consent shall be given by the Property Trustee without the prior written consent of each
Holder of Capital Securities. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of Capital Securities, except by a subsequent vote of the Holders of Capital Securities. The Property Trustee shall
notify all Holders of the Capital Securities of any notice of default received from the Debenture Trustee with respect to the Debentures. In addition to obtaining the foregoing approvals of the Holders of the Capital Securities, prior to taking any
of the foregoing actions, the Administrative Trustees shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such matters to the effect that such action shall not cause the Trust to fail to be classified as a grantor
trust for United States federal income tax purposes. 
 (c) If any proposed amendment to the Trust Agreement provides for, or
the Trustees otherwise propose to effect, (i) any action that would adversely affect in any material respect the powers, preferences or special rights of the Capital Securities, whether by way of amendment to the Trust Agreement or otherwise,
or (ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Capital Securities as a class shall be entitled to vote on such amendment or proposal and
such amendment or proposal shall not be effective except with the approval of the Holders of at least a majority in Liquidation Amount of the Outstanding Capital Securities. Notwithstanding any other provision of this Trust Agreement, no amendment
to this Trust Agreement may be made if, as a result of such amendment, it would cause the Trust to fail to be classified as a grantor trust for United States federal income tax purposes. 
 Section 6.2 Notice of Meetings. 
 Notice of all meetings of the Capital Securityholders, stating the time, place and purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.9 to each Capital
Securityholder of record, at his registered address, at least 15 days and not more than 90 days before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the
meeting. Any adjourned meeting may be held as adjourned without further notice. 
  

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 Section 6.3 Meetings of Capital Securityholders. 
 No annual meeting of Securityholders is required to be held. The Administrative Trustees, however, shall call a meeting of Capital
Securityholders to vote on any matter upon the written request of the Capital Securityholders of record of 25% of the Outstanding Capital Securities (based upon their Liquidation Amount) and the Administrative Trustees or the Property Trustee may,
at any time in their discretion, call a meeting of Capital Securityholders to vote on any matters as to which Capital Securityholders are entitled to vote. 
 Capital Securityholders of record of 50% of the Outstanding Capital Securities (based upon their Liquidation Amount), present in person or by proxy, shall constitute a quorum at any meeting of Capital
Securityholders. 
 If a quorum is present at a meeting, an affirmative vote by the Capital Securityholders of record present,
in person or by proxy, holding a majority of the Outstanding Capital Securities (based upon their Liquidation Amount) held by holders of record of Outstanding Capital Securities present, either in person or by proxy, at such meeting shall constitute
the action of the Capital Securityholders, unless this Trust Agreement requires a greater number of affirmative votes. 
 Section 6.4 Voting Rights. 
 Securityholders shall be entitled to one vote for each $1,000.00 of
Liquidation Amount represented by their Trust Securities in respect of any matter as to which such Securityholders are entitled to vote. 
 Section 6.5 Proxies, etc. 
 At any meeting of Securityholders, any
Securityholder entitled to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the
Administrative Trustees may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the
Property Trustee. Only Securityholders of record shall be entitled to vote. When Trust Securities are held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more
than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to
be executed by or on behalf of a Securityholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. No proxy shall be valid more than three years after its date of
execution. 
  

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 Section 6.6 Securityholder Action by Written Consent. 
 Any action which may be taken by Securityholders at a meeting may be taken without a meeting and without prior notice if Securityholders
holding a majority of all Outstanding Trust Securities (based upon their Liquidation Amount) entitled to vote in respect of such action (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement) shall
consent to the action in writing. 
 Section 6.7 Record Date for Voting and Other Purposes. 
 For the purposes of determining the Securityholders who are entitled to notice of and to vote at any meeting or by written consent, or to
participate in any Distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees may from time to time fix a date,
not more than 90 days prior to the date of any meeting of Securityholders or the payment of a Distribution or other action, as the case may be, as a record date for the determination of the identity of the Securityholders of record for such
purposes. 
 Section 6.8 Acts of Securityholders. 
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Trust Agreement to be
given, made or taken by Securityholders or Owners may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders or Owners in person or by an agent duly appointed in writing; and, except as
otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to an Administrative Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Securityholders or Owners signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Trust Agreement and (subject to Section 8.1) conclusive in favor of the Trustees, if made in the manner provided in this Section. 
 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which
any Trustee receiving the same deems sufficient. 
 The ownership of Capital Securities shall be proved by the Securities
Register. 
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Securityholder of any
Trust Security shall bind every future Securityholder of

  

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the same Trust Security and the Securityholder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
 Without limiting the foregoing, a Securityholder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation
Amount of such Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such Liquidation Amount. 
 If any dispute shall arise between the Securityholders and the Administrative Trustees or among such Securityholders or Trustees with
respect to the authenticity, validity or binding nature of any request, demand, authorization, direction, consent, waiver or other Act of such Securityholder or Trustee under this Article VI, then the determination of such matter by the Property
Trustee shall be conclusive with respect to such matter. 
 Section 6.9 Inspection of Records 
 Upon reasonable notice to the Administrative Trustees and the Property Trustee, the records of the Trust shall be open to inspection by
Securityholders during normal business hours for any purpose reasonably related to such Securityholder’s interest as a Securityholder. 
 ARTICLE VII 
 REPRESENTATIONS AND WARRANTIES 
 Section 7.1 Representations and Warranties of the Property Trustee and the Delaware Trustee. 
 The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby represents and warrants for the benefit
of the Depositor and the Securityholders that: 
 (a) the Property Trustee is a national banking association duly organized,
validly existing and in good standing under the U.S. federal law; 
 (b) the Property Trustee has full corporate power,
authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (c) the Delaware Trustee is a Delaware banking corporation duly organized, validly existing and in good standing under the laws of the State
of Delaware; 
  

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 (d) the Delaware Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (e) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and the Delaware Trustee and constitutes
the valid and legally binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
 (f)
the execution, delivery and performance of this Trust Agreement has been duly authorized by all necessary corporate or other action on the part of the Property Trustee and the Delaware Trustee and does not require any approval of stockholders of the
Property Trustee and the Delaware Trustee and such execution, delivery and performance shall not (i) violate the charter or by-laws of the Property Trustee or the Delaware Trustee, (ii) violate any provision of, or constitute, with or
without notice or lapse of time, a default under, or result in the creation or imposition of, any Lien on any properties included in the Trust Property pursuant to the provisions of, any indenture, mortgage, credit agreement, license or other
agreement or instrument to which the Property Trustee or the Delaware Trustee is a party or by which it is bound, or (iii) violate any law, governmental rule or regulation of the United States or the State of Delaware, as the case may be,
governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee (as appropriate in context) or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
 (g) neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the
consummation of any of the transactions by the Property Trustee or the Delaware Trustee (as appropriate in context) contemplated herein or therein requires the consent or approval of, the giving of notice to, the registration with or the taking of
any other action with respect to any governmental authority or agency under any existing U.S. federal or Delaware law governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee, as the case may be; and 

(h) there are no proceedings pending or, to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge,
threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate, would materially and adversely affect
the Trust or would question the right, power and authority of the Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
  

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 Section 7.2 Representations and Warranties of Depositor. 
 The Depositor hereby represents and warrants for the benefit of the Securityholders that: 
 (a) the Trust Securities Certificates issued at the Closing Date on behalf of the Trust have been duly authorized and shall have been, duly
and validly executed, issued and delivered by the Trustees pursuant to the terms and provisions of, and in accordance with the requirements of, this Trust Agreement and the Securityholders shall be, as of such date, entitled to the benefits of this
Trust Agreement; and 
 (b) there are no taxes, fees or other governmental charges payable by the Trust (or the Trustees on
behalf of the Trust) under the laws of the State of Delaware or any political subdivision thereof in connection with the execution, delivery and performance by the Property Trustee or the Delaware Trustee, as the case may be, of this Trust
Agreement. 
 ARTICLE VIII 
 THE TRUSTEES 
 Section 8.1 Certain Duties and Responsibilities.

 (a) The duties and responsibilities of the Trustees shall be as provided by this Trust Agreement and, in the case of the
Property Trustee, by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Trust Agreement shall require the Trustees to expend or risk their own funds or otherwise incur any financial liability in the performance of any of
their duties hereunder, or in the exercise of any of their rights or powers, if they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to them.
Whether or not therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section. Nothing in this
Trust Agreement shall be construed to release an Administrative Trustee from liability for its own gross negligent action, its own gross negligent failure to act, or its own willful misconduct. To the extent that, at law or in equity, an
Administrative Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to the Securityholders, such Administrative Trustee shall not be liable to the Trust or to any Securityholder for such Trustee’s
good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Administrative Trustees otherwise existing at law or in equity, are agreed by
the Depositor and the Securityholders to replace such other duties and liabilities of the Administrative Trustees. 
 (b) All
payments made by the Property Trustee or a Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the

  

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Trust Property to enable the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Securityholder, by its acceptance of a Trust Security, agrees that it
shall look solely to the revenue and proceeds from the Trust Property to the extent legally available for distribution to it as herein provided and that the Trustees are not personally liable to it for any amount distributable in respect of any
Trust Security or for any other liability in respect of any Trust Security. This Section 8.1(b) does not limit the liability of the Trustees expressly set forth elsewhere in this Trust Agreement or, in the case of the Property Trustee, in the
Trust Indenture Act. 
 (c) No provision of this Trust Agreement shall be construed to relieve the Property Trustee from
liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) the Property Trustee shall not be liable for any error of judgment made in good faith by an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent
facts; 
 (ii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken
by it in good faith in accordance with the direction of the Holders of not less than a majority in Liquidation Amount of the Trust Securities relating to the time, method and place of conducting any proceeding for any remedy available to the
Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
 (iii) the Property Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Debentures and the Payment Account shall be to deal with such property in a similar manner as the Property Trustee deals
with similar property for its own account, subject to the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement and the Trust Indenture Act; 
 (iv) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree
in writing with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Payment Account maintained by the Property Trustee pursuant to Section 3.1 and except to the
extent otherwise required by law; and 
 (v) the Property Trustee shall not be responsible for monitoring the
compliance by the Administrative Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default or misconduct of the Administrative Trustees or the Depositor. 

Section 8.2 Certain Notices. 
 Within ten Business Days after the occurrence of any Event of Default actually known to the Property Trustee, the Property Trustee shall transmit, in the manner and to

  

 35 

 
the extent provided in Section 10.9, notice of such Event of Default to the Securityholders, the Administrative Trustees and the Depositor, unless such Event of Default shall have been cured
or waived. 
 Within five Business Days after the receipt of notice of the Depositor’s exercise of its right to defer the
payment of interest on the Debentures pursuant to the Indenture, the Administrative Trustee shall transmit, in the manner and to the extent provided in Section 10.9, notice of such exercise to the Securityholders and the Property Trustee,
unless such exercise shall have been revoked. 
 Section 8.3 Certain Rights of Property Trustee. 
 Subject to the provisions of Section 8.1: 
 (a) the Property Trustee may conclusively rely and shall be fully protected in acting or refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation
of a Holder or transferee, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) if (i) in
performing its duties under this Trust Agreement the Property Trustee is required to decide between alternative courses of action or (ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds the same ambiguous
or inconsistent with any other provisions contained herein or (iii) the Property Trustee is unsure of the application of any provision of this Trust Agreement, then, except as to any matter as to which the Capital Securityholders are entitled
to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting written instructions of the Depositor as to the course of action to be taken and the Property Trustee shall take such action, or
refrain from taking such action, as the Property Trustee shall be instructed in writing to take, or to refrain from taking, by the Depositor; provided, however, that if the Property Trustee does not receive such instructions of the
Depositor within ten Business Days after it has delivered such notice, or such reasonably shorter period of time set forth in such notice (which to the extent practicable shall not be less than two Business Days), it may, but shall be under no duty
to, take or refrain from taking such action not inconsistent with this Trust Agreement as it shall deem advisable and in the best interests of the Securityholders, in which event the Property Trustee shall have no liability except for its own bad
faith, negligence or willful misconduct; 
 (c) any direction or act of the Depositor or the Administrative Trustees
contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate; 
 (d) whenever in the
administration of this Trust Agreement, the Property Trustee shall deem it desirable that a matter be established before undertaking, suffering

  

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or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an
Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Depositor or the Administrative Trustees; 
 (e) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws)
or any rerecording, refiling or reregistration thereof; 
 (f) the Property Trustee may consult with counsel of its selection
(which counsel may be counsel to the Depositor or any of its Affiliates, and may include any of its employees) and the advice 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 reliance thereon and in accordance with such advice; the Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent
jurisdiction; 
 (g) the Property Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Trust Agreement at the request or direction of any of the Securityholders pursuant to this Trust Agreement, unless such Securityholders shall have offered to the Property Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (h) the Property Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other evidence of indebtedness
or other paper or document, unless requested in writing to do so by one or more Securityholders, but the Property Trustee may make such further inquiry or investigation into such facts or matters as it may see fit at the expense of Depositor and
shall incur no liability of any kind by reason of such inquiry or investigation; 
 (i) the Property Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys; provided that the Property Trustee shall not be responsible for the negligence or recklessness of any agent or attorney
appointed by it in good faith hereunder; 
 (j) whenever in the administration of this Trust Agreement the Property Trustee
shall deem it desirable to receive written instructions with respect to enforcing any remedy or right or taking any other action hereunder the Property Trustee (i) may request written instructions from the Holders of the Trust Securities which
written instructions may only be given by the Holders of the same proportion in Liquidation Amount of the Trust Securities as would be entitled to direct the Property Trustee under the terms of the Trust Securities in respect of such remedy, right
or action, (ii) may refrain from enforcing such remedy or right or taking such other action until such written instructions are received, and (iii) shall be protected in acting in accordance with such written instructions; 
  

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 (k) except as otherwise expressly provided by this Trust Agreement, the Property Trustee
shall not be under any obligation to take any action that is discretionary under the provisions of this Trust Agreement; 
 (l)
in no event shall the Property Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Guarantee Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of action; and 
 (m) the Property Trustee shall not
be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Property Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
 No provision of this
Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in
which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Property
Trustee shall be construed to be a duty. 
 Section 8.4 Not Responsible for Recitals or Issuance of Securities.

 The recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Trust, and the
Trustees do not assume any responsibility for their correctness. The Trustees shall not be accountable for the use or application by the Depositor of the proceeds of the Debentures. 
 Section 8.5 May Hold Securities. 
 Any Trustee or any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities and, subject to Sections 8.8 and 8.13, except as
provided in the definition of the term “Outstanding” in Article I, may otherwise deal with the Trust with the same rights it would have if it were not a Trustee or such other agent. 
 Section 8.6 Compensation; Indemnity; Fees. 
 Pursuant to Section 6.06 of the Indenture, the Depositor, as borrower, agrees: 
 (a) to pay to the Trustees from time to time such compensation as shall be agreed in writing with the Depositor for all services rendered by them hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust); 
  

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 (b) except as otherwise expressly provided herein, to reimburse the Trustees upon request
for all expenses, disbursements and advances incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any
such expense, disbursement or advance as shall be determined to have been caused by its own negligence or willful misconduct; and 
 (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each Trustee, (ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any
Trustee, and (iv) any employee or agent of the Trust or its Affiliates, (referred to herein as an “Indemnified Person”) from and against any and all loss, damage, liability, tax, penalty, expense or claim of any kind or nature
whatsoever incurred by such Indemnified Person by reason of the creation, operation or termination of the Trust or any act or omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of authority conferred on such Indemnified Person by this Trust Agreement, except that no Indemnified Person shall be entitled to be indemnified in respect of any loss, damage or claim
incurred by such Indemnified Person by reason of and pursuant to a judicial determination of its own negligence or willful misconduct with respect to such acts or omissions. When the Property Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.01(3) or Section 5.01(4) of the Indenture, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 
 The provisions
of this Section 8.6 shall survive the termination of this Trust Agreement and resignation or removal of the Trustee. 
 No
Trustee may claim any lien or charge on any Trust Property as a result of any amount due pursuant to this Section 8.6. 
 The Depositor and any Trustee (in the case of the Property Trustee, subject to Section 8.8 hereof) may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or
dissimilar to the business of the Trust, and the Trust and the Holders of Trust Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any
such venture, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. Neither the Depositor, nor any Trustee, shall be obligated to present any particular investment or other opportunity to the Trust even if
such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and the Depositor or any Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others
any such particular investment or other opportunity. Any Trustee may engage or be interested in any financial or other transaction with the Depositor or any Affiliate of the Depositor, or may act as depository for, trustee or agent for, or act on

  

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any committee or body of holders of, securities or other obligations of the Depositor or its Affiliates. 
 Section 8.7 Corporate Property Trustee Required; Eligibility of Trustees. 
 (a) There shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, has a combined capital and
surplus of at least $50,000,000, and is a U.S. Person. At all times, the Property Trustee shall be (i) a bank, as defined in Section 581 of the Code or (ii) a U.S. government-owned agency or U.S. government-sponsored enterprise. If
any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Property Trustee with respect to the Trust Securities shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 (b) There
shall at all times be one or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or
more persons authorized to bind that entity, and, in either case, shall be a U.S. Person. 
 (c) There shall at all times be a
Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity with its principal place of
business in the State of Delaware and that otherwise meets the requirements of applicable Delaware law that shall act through one or more persons authorized to bind such entity, and, in either case, shall be a U.S. Person. 
 Section 8.8 Conflicting Interests. 
 If the Property Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to the extent and in
the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Trust Agreement. 
 Section 8.9
Co-Trustees and Separate Trustee. 
 Unless a Debenture Event of Default shall have occurred and be continuing, at any
time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Depositor and the Administrative Trustees, by agreed action of
the majority of such Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Depositor shall for such purpose join with the Administrative Trustees in the execution, delivery, and performance of all
instruments and agreements necessary or proper to appoint, one or more Persons approved by the

  

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Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to the extent required by law to act as separate trustee of any such
property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other
provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event of Default has occurred and is continuing, the Property Trustee alone shall
have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall either be (i) a natural person who is at least 21 years of age and a resident of the United States or (ii) a legal entity with
its principal place of business in the United States that shall act through one or more persons authorized to bind such entity, and, in either case, shall be a U.S. Person. 
 Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to
such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Depositor. 
 Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following
terms, namely: 
 (a) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations
hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder shall be exercised solely by such Trustees and not by such co-trustee or
separate trustee. 
 (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in
respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the
instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such act, in
which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee. 
 (c) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and,
in case a Debenture Event of Default has occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written
request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or

  

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removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section. 
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee or any
other trustee hereunder. 
 (e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate
trustee. 
 (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such
co-trustee and separate trustee. 
 Section 8.10 Resignation and Removal; Appointment of Successor. 
 No resignation or removal of any Trustee (the “Relevant Trustee”) and no appointment of a successor Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 8.11. 
 Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by giving written notice thereof to the Securityholders. If the instrument of acceptance by the successor
Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30 days after the giving of such notice of resignation, the Relevant Trustee may petition, at the expense of the Trust, any court of competent
jurisdiction for the appointment of a successor Relevant Trustee. 
 Unless a Debenture Event of Default shall have occurred and
be continuing, any Trustee may be removed at any time by Act of the Common Securityholder. If a Debenture Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed at such
time by Act of the Holders of a majority in Liquidation Amount of the Capital Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee may be removed by the Common
Securityholder at any time. If the instrument of acceptance by the successor Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30 days after such removal, the Relevant Trustee may petition, at the
expense of the Trust, any court of competent jurisdiction for the appointment of a successor Relevant Trustee. 
 If any Trustee
shall resign, be removed or become incapable of acting as Trustee, or if a vacancy shall occur in the office of any Trustee for any cause, at a time when no Debenture Event of Default shall have occurred and be continuing, the Common Securityholder,
by Act of the Common Securityholder delivered to the retiring Trustee, shall promptly appoint a successor Trustee or Trustees, and the retiring Trustee shall comply with the applicable requirements of Section 8.11. If the Property Trustee or
the Delaware Trustee shall resign, be removed or become incapable of continuing to act as the Property Trustee or the Delaware Trustee, as the case may be, at a time when a Debenture Event of Default shall have occurred and be continuing, the
Capital Securityholders, by Act of the Securityholders of a majority in Liquidation Amount of the

  

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Capital Securities then Outstanding delivered to the retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and such successor Trustee shall comply with the
applicable requirements of Section 8.11. If an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when a Debenture Event of Default shall have occurred and be continuing, the
Common Securityholder by Act of the Common Securityholder delivered to the Administrative Trustee shall promptly appoint a successor Administrative Trustee or Administrative Trustees and such successor Administrative Trustee or Trustees shall comply
with the applicable requirements of Section 8.11. If no successor Relevant Trustee shall have been so appointed by the Common Securityholder or the Capital Securityholders and accepted appointment in the manner required by Section 8.11,
any Securityholder who has been a Securityholder of Trust Securities for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Relevant
Trustee. 
 The Property Trustee shall give notice of each resignation and each removal of the Property Trustee or the Delaware
Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all Securityholders in the manner provided in Section 10.9 and shall give notice to the Depositor. Each notice shall include the name of the successor Property
Trustee or Delaware Trustee, as the case may be, and the address of its Corporate Trust Office if it is the Property Trustee. 
 Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Depositor, incompetent or
incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by (a) the unanimous act of the remaining Administrative Trustees if there are at least two of them or (b) otherwise by the Depositor (with the
successor in each case being a Person who satisfies the eligibility requirement for Administrative Trustees or Delaware Trustee, as the case may be, set forth in Section 8.7). 
 A successor Trustee must be a U.S. Person to be appointed as such. 
 Section 8.11 Acceptance of Appointment by Successor. 
 In case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant Trustee (if requested by the Depositor) and each
successor Relevant Trustee with respect to the Trust Securities shall execute and deliver an amendment hereto wherein each successor Relevant Trustee shall accept such appointment and which (a) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the retiring Relevant Trustee with respect to the Trust Securities and the Trust and (b) shall add
to or change any of the provisions of this Trust Agreement as shall be necessary to provide for or facilitate the administration of the Trust by more than one Relevant Trustee, it being understood that nothing herein or in such amendment shall
constitute such Relevant Trustees co-trustees and upon the execution and delivery of such amendment the resignation or removal of the retiring Relevant Trustee shall become

  

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effective to the extent provided therein and each such successor Relevant Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Relevant Trustee; but, on written request of the Trust or any successor Relevant Trustee such retiring Relevant Trustee shall duly assign, transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds
thereof and money held by such retiring Relevant Trustee hereunder with respect to the Trust Securities and the Trust. 
 Upon
written request of any such successor Relevant Trustee, the Trust shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Relevant Trustee all such rights, powers and trusts referred to in the
preceding paragraph. 
 No successor Relevant Trustee shall accept its appointment unless at the time of such acceptance such
successor Relevant Trustee shall be qualified and eligible under this Article. 
 Section 8.12 Merger, Conversion,
Consolidation or Succession to Business. 
 Any Person into which the Property Trustee or the Delaware Trustee may be merged
or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Relevant Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust
business of such Relevant Trustee, shall be the successor of such Relevant Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. 
 Section 8.13 Trustee May File Proofs of Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other similar judicial proceeding relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the
Trust Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
 (a) to file
and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee,

  

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trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the
Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the Property Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and
counsel, and any other amounts due the Property Trustee. 
 Nothing herein contained shall be deemed to authorize the Property
Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee
to vote in respect of the claim of any Holder in any such proceeding. 
 Section 8.14 Reports by Property Trustee.

 (a) The Property Trustee shall transmit to Securityholders such reports concerning the Property Trustee and its actions under
this Trust Agreement as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Property Trustee shall, within sixty days after
each May 15 following the date of this Trust Agreement deliver to Securityholders a brief report, dated as of such May 15, which complies with the provisions of such Section 313(a). 
 (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Property Trustee with each national stock
exchange, the NASDAQ Global Select Market or such other interdealer quotation system or self-regulatory organization upon which the Capital Securities are listed or traded, if any, with the Commission and with the Depositor. The Depositor shall
promptly notify the Property Trustee of any such listing or trading. 
 Section 8.15 Reports to the Property
Trustee. 
 The Depositor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such
documents, reports and information as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner and at the times required by
Section 314 of the Trust Indenture Act. Delivery of such reports, information and documents to the Property Trustee is for informational purposes only and the Property Trustee’s receipt of such shall not constitute constructive notice of
any information contained therein or determinable from information contained therein, including the Trust’s compliance with any of its covenants hereunder (as to which the Property Trustee is entitled to rely exclusively on Officers’
Certificates). 
 Section 8.16 Evidence of Compliance with Conditions Precedent. 
 Each of the Depositor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set

  

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forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act shall be given
in the form of an Officers’ Certificate. 
 Section 8.17 Number of Trustees. 
 (a) The number of Trustees shall be four, provided that the Holder of all of the Common Securities by written instrument may increase
or decrease the number of Administrative Trustees. The Property Trustee and the Delaware Trustee may be the same Person. 
 (b)
If a Trustee ceases to hold office for any reason and the number of Administrative Trustees is not reduced pursuant to Section 8.17(a), or if the number of Trustees is increased pursuant to Section 8.17(a), a vacancy shall occur. The
vacancy shall be filled with a Trustee appointed in accordance with Section 8.10. 
 (c) The death, resignation,
retirement, removal, bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall not operate to dissolve, terminate or annul the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy
is filled by the appointment of an Administrative Trustee in accordance with Section 8.10, the Administrative Trustees in office, regardless of their number (and notwithstanding any other provision of this Trust Agreement), shall have all the
powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
 Section 8.18 Delegation of Power. 
 (a) Any Administrative Trustee may,
by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 (provided such person is a U.S. Person) his or her power for the purpose of executing any documents contemplated in Section 2.7(a),
including any registration statement or amendment thereto filed with the Commission, or making any other governmental filing; and 
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number or to the Depositor the doing of such things and the execution of such instruments either in the name of the Trust or the names of the
Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement, as set forth herein. 
 ARTICLE IX 
 TERMINATION, LIQUIDATION AND MERGER 
 Section 9.1 Termination Upon Expiration Date. 
 Unless earlier dissolved, the Trust shall automatically dissolve at 11:59 P.M. New York City time on March 16, 2050 (such time and date,
the “Expiration Date”). Upon

  

 46 

 
such a dissolution, after satisfaction of the liabilities of the Trust, as provided by applicable law, the Trust Property shall be distributed in accordance with Section 9.4. 
 Section 9.2 Early Termination. 
 The first to occur of any of the following events is an “Early Termination Event”, the occurrence of which shall cause a dissolution of the Trust: 
 (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Holder of the Common Securities;

 (b) the written direction to the Property Trustee from the Depositor at any time to dissolve the Trust and, after
satisfaction of liabilities to creditors of the Trust as provided by applicable law, distribute Debentures to Securityholders in exchange for the Capital Securities (which direction is optional and wholly within the discretion of the Depositor);

 (c) the redemption of all of the Capital Securities in connection with the redemption or repayment of all of the Debentures;
and 
 (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction. 
 Section 9.3 Termination. 
 The respective obligations and responsibilities of the Trustees and the Trust created and continued hereby shall terminate upon the latest to occur of the following: (a) the distribution by the
Property Trustee to Securityholders upon the liquidation of the Trust pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2, of all amounts required to be distributed hereunder upon the
final payment of the Trust Securities; (b) the payment of any and all expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of any tax reporting obligations
with respect to the Trust or the Securityholders. 
 Section 9.4 Liquidation. 
 (a) If an Early Termination Event specified in clause (a), (b) or (d) of Section 9.2 occurs or upon the Expiration Date, the
Trust shall be liquidated by the Trustees as expeditiously as the Trustees determine to be possible by distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by
applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee by first-class mail, postage prepaid mailed not later than 30 nor more than 60 days
prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the Securities Register. All notices of liquidation shall: 
 (i) state the CUSIP Number of the Trust Securities; 
  

 47 

 (ii) state the Liquidation Date; 
 (iii) state that from and after the Liquidation Date, the Trust Securities shall no longer be deemed to be Outstanding and
any Trust Securities Certificates not surrendered for exchange shall be deemed to represent a Like Amount of Debentures; and 
 (iv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or if Section 9.4(d) applies receive a Liquidation
Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate. 
 (b) Except where
Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the Trust and distribution of the Debentures to Securityholders, the Property Trustee shall establish a record date for such distribution (which shall be not more than 45
days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in
exchange for the Outstanding Trust Securities Certificates. 
 (c) Except where Section 9.2(c) or 9.4(d) applies, after the
Liquidation Date, (i) the Trust Securities shall no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures shall be issued to Holders of Trust Securities Certificates, upon surrender of such
certificates to the Administrative Trustees or their agent for exchange, (iii) if the Capital Securities are then listed or traded on the New York Stock Exchange or other exchange, interdealer quotation system or self-regulatory organization,
the Depositor shall use its best efforts to have the Debentures listed on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed or traded, (iv) any Trust Securities
Certificates not so surrendered for exchange shall be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust
Securities Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal shall be made to Holders of Trust Securities Certificates with respect to such Debentures) and
(v) all rights of Securityholders holding Trust Securities shall cease, except the right of such Securityholders to receive Debentures upon surrender of Trust Securities Certificates. 
 (d) In the event that, notwithstanding the other provisions of this Section 9.4, whether because of an order for dissolution entered by
a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the
Property Trustee. In such event, Securityholders shall be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an
amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being

  

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the “Liquidation Distribution”). If the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation
Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Securities shall be entitled to
receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Capital Securities, except that, if a Debenture Event of Default has occurred and is continuing, the Capital
Securities shall have a priority over the Common Securities. 
 Section 9.5 Mergers, Consolidations, Amalgamations or
Replacements of the Trust. 
 The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey,
transfer or lease its properties and assets substantially as an entirety to any corporation or other Person, except pursuant to this Article IX. At the request of the Depositor, with the consent of the Administrative Trustees and without the consent
of the Holders of the Capital Securities, the Property Trustee or the Delaware Trustee, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety
to a trust organized as such under the laws of any State; provided that (i) such successor entity either (a) expressly assumes all of the obligations of the Trust with respect to the Capital Securities or (b) substitutes for
the Capital Securities other securities having substantially the same terms as the Capital Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Capital Securities rank in priority with respect to
distributions and payments upon liquidation, redemption and otherwise, (ii) the Depositor expressly appoints a trustee of such successor entity possessing the same powers and duties as the Property Trustee as the holder of the Debentures,
(iii) the Successor Securities are listed or traded, or any Successor Securities shall be listed upon notification of issuance, on any national securities exchange or other organization on which the Capital Securities are then listed or traded,
if any, (iv) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Capital Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating
organization as such term is defined by the Securities and Exchange Commission for purposes of Rule 436(g)(2) under the Securities Act of 1933, as amended, (v) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities (including any Successor Securities) in any material respect, (vi) such successor entity has a purpose substantially identical to that of
the Trust, (vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel to the effect that (a) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities (including any Successor Securities) in any material respect, and (b) following such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor such successor entity shall be required to register as an investment company under the 1940 Act and (viii) the Depositor owns all of the common

  

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securities of such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee. Notwithstanding the
foregoing, the Trust shall not, except with the consent of Holders of 100% in Liquidation Amount of the Capital Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to any other Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust
or the successor entity to be classified as other than a grantor trust for United States federal income tax purposes. 
 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
 Section 10.1 Limitation of Rights of Securityholders. 
 The death, incapacity, liquidation, dissolution, termination or bankruptcy of any Person having an interest, beneficial or otherwise, in
Trust Securities shall not operate to terminate this Trust Agreement, nor dissolve, terminate or annul the Trust, nor entitle the legal representatives or heirs of such Person or any Securityholder for such Person, to claim an accounting, take any
action or bring any proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
 Section 10.2 Liability of the Common Securityholder. 
 The Holder of the Common Securities shall be liable for all of the debts and obligations of the Trust (other than with respect to the Trust
Securities) to the extent not satisfied out of the Trust’s assets. 
 Section 10.3 Amendment. 
 (a) This Trust Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees and the Depositor, without the
consent of any Securityholders, (i) to cure any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under
this Trust Agreement, which shall not be inconsistent with the other provisions of this Trust Agreement, (ii) to effect any amendment required in order to make this Trust Agreement consistent with the description of the Trust Agreement
contained in the Prospectus, dated March 8, 2010, as supplemented by the Prospectus Supplement, dated March 9, 2010, relating to the Capital Securities or (iii) to modify, eliminate or add to any provisions of this Trust Agreement to
such extent as shall be necessary to ensure that the Trust shall be classified for United States federal income tax purposes as a grantor trust at all times that any Trust Securities are Outstanding or to ensure that the Trust shall not be required
to register as an investment company under the 1940 Act; provided, however, that in the case of clause (i)

  

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or clause (iii), such action shall not adversely affect in any material respect the interests of any Securityholder, and any such amendments of this Trust Agreement shall become effective when
notice thereof is given to the Securityholders. 
 (b) Except as provided in Section 10.3(c) hereof, any provision of this
Trust Agreement may be amended by the Trustees and the Depositor (i) with the consent of Trust Securityholders representing not less than a majority (based upon Liquidation Amounts) of the Trust Securities then Outstanding and (ii) upon
receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Trustees in accordance with such amendment shall not affect the Trust’s status as a grantor trust for United States
federal income tax purposes or the Trust’s exemption from status of an investment company under the 1940 Act. 
 (c) In
addition to and notwithstanding any other provision in this Trust Agreement, without the consent of each affected Securityholder, this Trust Agreement may not be amended to (i) change the amount or timing of any Distribution on the Trust
Securities or otherwise adversely affect the amount of any Distribution required to be made in respect of the Trust Securities as of a specified date or (ii) restrict the right of a Securityholder to institute suit for the enforcement of any
such payment on or after such date. Notwithstanding any other provision herein, without the unanimous consent of the Securityholders, this paragraph (c) of this Section 10.3 may not be amended. 
 (d) Notwithstanding any other provisions of this Trust Agreement, no Trustee shall enter into or consent to any amendment to this Trust
Agreement which would cause the Trust to fail or cease to qualify for the exemption from status of an investment company under the 1940 Act or fail or cease to be classified as a grantor trust for United States federal income tax purposes.

 (e) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of the Depositor, this Trust
Agreement may not be amended in a manner which imposes any additional obligation on the Depositor. 
 (f) In the event that any
amendment to this Trust Agreement is made, the Administrative Trustees shall promptly provide to the Depositor a copy of such amendment. 
 (g) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any amendment to this Trust Agreement which affects its own rights, duties or immunities under this Trust
Agreement. The Property Trustee shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this Trust Agreement. 
 Section 10.4 Separability. 
 In case any provision in this Trust Agreement or in the Trust Securities Certificates shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby. 
  

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 Section 10.5 Governing Law. 
 THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST
AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES). 
 Section 10.6 Payments Due on Non-Business Day. 
 If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on such date but may be made on the next succeeding day that is a
Business Day (except as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date fixed for such payment, and no interest shall accrue thereon for the period after such date. 
 Section 10.7 Successors. 
 This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to the Depositor, the Trust or the Relevant Trustee, including any successor by operation of law. Except in
connection with a consolidation, merger or sale involving the Depositor that is permitted under Article Eight of the Indenture and pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor
shall not assign its obligations hereunder. 
 Section 10.8 Headings. 
 The Article and Section headings are for convenience only and shall not affect the construction of this Trust Agreement. 
 Section 10.9 Reports, Notices and Demands. 
 Any report, notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon any Securityholder or the Depositor may be given
or served in writing by deposit thereof, first-class postage prepaid, in the United States mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Capital Securityholder, to such Capital Securityholder as
such Securityholder’s name and address may appear on the Securities Register; and (b) in the case of the Common Securityholder or the Depositor, to Susquehanna Bancshares, Inc., 26 North Cedar Street, Lititz, Pennsylvania 17543, Attention:
Lisa Cavage, facsimile no.: 717-625-0331. Such notice, demand or other communication to or upon a Securityholder shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or transmission. 
 Any notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to
or upon the Trust, the Property Trustee, the Delaware Trustee or the Administrative Trustees shall be given in

  

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writing addressed (until another address is published by the Trust) as follows: (a) with respect to the Property Trustee to The Bank of New York Mellon Trust Company, N.A., 525 William Penn
Place, Pittsburgh, PA, 15259, Attn: James M. Young, Corporate Trust Administration; (b) with respect to the Delaware Trustee, to BNY Mellon Trust of Delaware, 100 White Clay Center, Suite 102, Newark, Delaware, with a copy to the Property
Trustee at the address set forth in Clause (a); and (c) with respect to the Administrative Trustees, to them at the address above for notices to the Depositor, marked “Attention Administrative Trustees of Susquehanna Capital II.”
Such notice, demand or other communication to or upon the Trust or the Property Trustee shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Trust or the Property Trustee. 
 Section 10.10 Agreement Not to Petition. 
 Each of the Trustees and the Depositor agree for the benefit of the Securityholders that, until at least one year and one day after the Trust has been terminated in accordance with Article X, they shall
not file, or join in the filing of, a petition against the Trust under any bankruptcy, insolvency, reorganization or other similar law (including, without limitation, the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or
otherwise join in the commencement of any proceeding against the Trust under any Bankruptcy Law. In the event the Depositor takes action in violation of this Section 10.10, the Property Trustee agrees, for the benefit of Securityholders, that
at the expense of the Depositor, it shall file an answer with the bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against the Trust or the commencement of such action and raise the defense that the
Depositor has agreed in writing not to take such action and should be stopped and precluded therefrom and such other defenses, if any, as counsel for the Property Trustee or the Trust may assert. The provisions of this Section 10.10 shall
survive the termination of this Trust Agreement. 
 Section 10.11 Trust Indenture Act; Conflict with Trust Indenture
Act. 
 (a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that are required or deemed to be
part of this Trust Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) The Property Trustee
shall be the only Trustee which is a trustee for the purposes of the Trust Indenture Act. 
 (c) If any provision hereof limits,
qualifies or conflicts with another provision hereof which is required or deemed to be included in this Trust Agreement by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. If any provision of this
Trust Agreement modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Trust Agreement as so modified or excluded, as the case may be. 
  

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 (d) The application of the Trust Indenture Act to this Trust Agreement shall not affect the
nature of the Trust Securities as equity securities representing undivided beneficial interests in the assets of the Trust. 
 Section 10.12 Acceptance of Terms of Trust Agreement, Guarantee and Indenture. 
 THE RECEIPT AND ACCEPTANCE
OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE SECURITYHOLDER AND ALL OTHERS
HAVING A BENEFICIAL INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE
TRUST, SUCH SECURITYHOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER AND SUCH OTHERS. 
 Section 10.13 Holders are Parties. 
 Notwithstanding that Holders have not executed and delivered this Trust Agreement or any counterpart thereof, Holders shall be deemed to be parties to this Trust Agreement and shall be bound by all of the
terms and conditions hereof and of the Trust Securities by acceptance and delivery of the Trust Securities. 
 Section 10.14 Treatment of Trust as Grantor Trust and Debentures as Debt for Federal Income Tax Purposes. 
 (a) Holders of Trust Securities by virtue of accepting delivery thereof, agree that the arrangement created by this Trust Agreement shall be treated as a grantor trust under Subpart E of the Code for United States federal income tax
purposes and that the Depositor and the Trustees shall be authorized to take any action consistent with such treatment. Neither the Trustees nor the Depositor shall make any check-the-box election for the Trust to be treated as an association under
Treas. Reg. § 301.7701-3 or take any other action inconsistent with the treatment of the Trust as a grantor trust for all tax purposes. 
 (b) Holders of Capital Securities, by virtue of accepting delivery thereof, agree to treat the Debentures as debt for United States federal income tax purposes. 
 Section 10.15 Counterparts. 
 This Trust Agreement may contain more than one counterpart of the signature page and this Trust Agreement may be executed by the affixing of the signature of each of the Trustees of one of such
counterpart signature pages. All of such counterpart

  

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signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature page. 
 Section 10.16 Waiver of Jury Trial. 
 EACH OF THE COMPANY AND THE PROPERTY TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS GUARANTEE AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 10.17 Force Majeure.

 In no event shall the Property Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Property Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances. 
 [Signature page follows.]

  

 55 

			
	SUSQUEHANNA BANCSHARES, INC.
		
	By:	 	 /s/ William J. Reuter

	Name:	 	William J. Reuter
	Title:	 	President and Chief Executive Officer

  

	
	Michael P. Squierdo, as Administrative Trustee
	
	 /s/ Michael P. Squierdo

	
	Drew K. Hostetter, as Administrative Trustee
	
	 /s/ Drew K. Hostetter

 [Signature Page to Amended and Restated Trust Agreement] 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Property Trustee

		
	By:	 	 /s/ Raymond K. O’Neil

	Name:	 	Raymond K. O’Neil
	Title:	 	Senior Associate
	
	 BNY MELLON TRUST OF DELAWARE,
 as Delaware Trustee

		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	Kristine K. Gullo
	Title:	 	Vice President

 [Signature Page to
Amended and Restated Trust Agreement]

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