Document:

Exhibit 4.2

     

    

    Execution Copy

     
    

    

    FIRST CITIZENS BANCSHARES, INC.

    

    

    Issuer

    

    

    And

    

    

    U.S. BANK NATIONAL ASSOCIATION

    

    

    Trustee

    

    

    FIRST SUPPLEMENTAL INDENTURE

    

    

    Dated as of March 4, 2020

    

    

    to

    

    

    the Indenture

    

    

    Dated as of March 4, 2020

    

    

    3.375% Fixed-to-Floating Rate

    Subordinated Notes due 2030

    
      
        

    

    TABLE OF CONTENTS

    

    

    	 	 	 	
            Page

          
	 	 	 	 
	
            ARTICLE I.  SCOPE OF SUPPLEMENTAL INDENTURE

          	
            1

          
	 	 	 	 
	 	
            Section 1.01

          	
            Scope

          	
            1

          
	 	 	 	 
	
            ARTICLE II.  DEFINITIONS

          	
            2

          
	 	 	 	 
	 	
            Section 2.01

          	
            Definitions and Other Provisions of General Application

          	
            2

          
	 	 	 	 
	
            ARTICLE III.  FORM AND TERMS OF THE NOTES

          	
            8

          
	 	 	 	 
	 	
            Section 3.01

          	
            Form and Dating

          	
            8

          
	 	 	 	 
	 	
            Section 3.02

          	
            Terms

          	
            8

          
	 	 	 	 
	
            ARTICLE IV.  ADDITIONAL PROVISIONS

          	
            12

          
	 	 	 	 
	 	
            Section 4.01

          	
            Additional Provision

          	
            12

          
	 	 	 	 
	
            ARTICLE V.  SUBORDINATION OF SECURITIES

          	
            13

          
	 	 	 	 
	 	
            Section 5.01

          	
            Agreement of Subordination

          	
            13

          
	 	 	 	 
	 	
            Section 5.02

          	
            Payments to Holders

          	
            13

          
	 	 	 	 
	 	
            Section 5.03

          	
            Subrogation of Notes

          	
            15

          
	 	 	 	 
	 	
            Section 5.04

          	
            Authorization to Effect Subordination

          	
            16

          
	 	 	 	 
	 	
            Section 5.05

          	
            Notice to Trustee

          	
            16

          
	 	 	 	 
	 	
            Section 5.06

          	
            Trustee’s Relation to Senior Indebtedness

          	
            16

          
	 	 	 	 
	 	
            Section 5.07

          	
            No Impairment of Subordination

          	
            17

          
	 	 	 	 
	 	
            Section 5.08

          	
            Article Applicable to Paying Agents

          	
            17

          
	 	 	 	 
	 	
            Section 5.09

          	
            Senior Indebtedness Entitled to Rely

          	
            17

          
	 	 	 	 
	
            ARTICLE VI.  MISCELLANEOUS

          	
            17

          
	 	 	 	 
	 	
            Section 6.01

          	
            Trust Indenture Act

          	
            17

          
	 	 	 	 
	 	
            Section 6.02

          	
            GOVERNING LAW

          	
            17

          
	 	 	 	 
	 	
            Section 6.03

          	
            Ratification

          	
            17

          
	 	 	 	 
	 	
            Section 6.04

          	
            Effectiveness

          	
            17

          
	 	 	 	 
	 	
            Section 6.05

          	
            USA PATRIOT Act

          	
            17

          

    

    

    
      
        

    

    
    FIRST SUPPLEMENTAL INDENTURE (this “Supplemental
          Indenture”), dated as of March 4, 2020, between FIRST CITIZENS BANCSHARES, INC., a Delaware corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (“Trustee”).

    

    

    RECITALS OF THE COMPANY

    

    

    The Company and the Trustee will have executed and delivered a Subordinated Debt Securities Indenture dated as of the date hereof (the “Base Indenture” and, as the same may from time to time be amended, supplemented or otherwise modified in accordance therewith, including by this Supplemental
      Indenture, the “Indenture”), to provide for the issuance from time to time by the Company of its unsecured subordinated indebtedness to be issued in one or
      more series as provided in the Indenture.

    

    

    The Company desires to issue and sell on the date hereof Three Hundred Fifty Million Dollars ($350,000,000) aggregate principal amount
      of a new series of Securities of the Company designated as its 3.375% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”), and such issuance and
      sale have been authorized by resolutions duly adopted by the Board of Directors of the Company and by the Executive Committee of the Board of Directors of the Company.

    

    

    The Company desires to establish the terms of the Notes.

    

    

    The Company acknowledges that all things necessary to make this Supplemental Indenture a legal, binding and enforceable instrument, and
      to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the legal, binding and enforceable obligations of the Company in accordance with their terms and the terms of the Base Indenture, have been done.

    

    

    The Company has complied with all conditions precedent provided for in the Base Indenture relating to this Supplemental Indenture.

    

    

    The Company has requested that the Trustee execute and deliver this Supplemental Indenture.

    

    

    NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

    

    

    For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and
      proportionate benefit of all Holders of the Notes, as follows:

    

    

    ARTICLE I.

    SCOPE OF SUPPLEMENTAL INDENTURE

    

    

    Section 1.01          Scope.

    

    

    This Supplemental Indenture constitutes an indenture supplemental to the Base Indenture and an integral part of the Indenture and shall
      be read together with the Base Indenture as though all the provisions hereof and thereof are contained in one instrument. All provisions included in this Supplemental Indenture supersede any conflicting provisions included in the Base Indenture
      unless not permitted by law. Except as expressly amended by the Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the foregoing, this Supplemental Indenture shall only apply to the Notes.

    
      1

      
        

    

    ARTICLE II.

    DEFINITIONS

    

    

    Section 2.01          Definitions and Other Provisions of General Application. For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise
        requires:

    

    

    
      
        	

              	(1)	
                all terms used in this Supplemental Indenture which are not otherwise defined herein shall have the meanings assigned to them in the Base Indenture and include the
                  plural as well as the singular; and

              

      

    

    

    

    
      
        	

              	(2)	
                Section 101 of the Base Indenture is amended and supplemented by inserting the following additional defined terms in their appropriate alphabetical positions (and,
                  in the case of any defined term which is duplicated in Section 101 of the Base Indenture, by deleting the duplicate definition set forth in such Section 101 in its entirety):

              

      

    

    

    

    “Additional Notes” has the meaning specified
      in Section 3.02(b).

    

    

    “Administrative or Judicial Action” has the
      meaning specified in the definition of “Tax Event.”

    

    

    “Benchmark” means, initially, Three-Month
      Term SOFR; provided that if the Calculation Agent determines on or prior to the Reference Time for any Interest Period that a Benchmark
      Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement for such Interest Period and any subsequent
      Interest Periods.

    

    

    “Benchmark Replacement” means the
      Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if
      (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have
      occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be
      determined by the Calculation Agent as of the Benchmark Replacement Date:

    

    

    
      
        	

              	(1)	
                Compounded SOFR;

              

      

    

    

    

    
      
        	

              	(2)	
                the sum of (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the
                  applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

              

      

    

    

    

    
      
        	

              	(3)	
                the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and

              

      

    

    

    

    
      
        	

              	(4)	
                the sum of (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark for the applicable Corresponding
                  Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.

              

      

    

    

    

    “Benchmark Replacement Adjustment” means the
      first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date:

    

    

    
      
        	

              	(1)	
                the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected
                  or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

              

      

    

    
      2

      
        

    

    

    

    
      
        	

              	(2)	
                if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

              

      

    

    

    

    
      
        	

              	(3)	
                the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent, giving due consideration to any
                  industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
                  floating rate securities at such time.

              

      

    

    

    

    “Benchmark Replacement Conforming Changes”
      means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Interest Period”, timing and frequency of determining rates with respect to each Interest Period and
      making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent determines may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with
      market practice (or, if the Calculation Agent determines that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists,
      in such other manner as the Calculation Agent determines is reasonably necessary).

    

    

    “Benchmark Replacement Date” means the
      earliest to occur of the following events with respect to the then-current Benchmark:

    

    

    
      
        	

              	(1)	
                in the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;

              

      

    

    

    

    
      
        	

              	(2)	
                in the case of clause (2) or (3) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information
                  referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

              

      

    

    

    

    
      
        	

              	(3)	
                in the case of clause (4) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

              

      

    

    

    

    For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in
      respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

    

    

    “Benchmark Transition Event” means the
      occurrence of one or more of the following events with respect to the then-current Benchmark:

    

    

    
      
        	

              	(1)	
                if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three
                  months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Company determines that
                  the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

              

      

    

    

    

    
      
        	

              	(2)	
                a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease
                  to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no
                  successor administrator that will continue to provide the Benchmark;

              

      

    

    
      3

      
        

    

    
      
        	

              	(3)	
                a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the
                  Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution
                  authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

              

      

    

    

    

    
      
        	

              	(4)	
                a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer
                  representative.

              

      

    

    

    

    “Business Day” means any day, other than a
      Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York or any place of payment are authorized or required by law, regulation or executive order to close.

    

    

    “Calculation Agent” means the agent appointed
      by the Company prior to the commencement of the Floating Rate Period (which may be the Company or any of its Affiliates) to act in accordance with Section 3.02(e)(iv).

    

    

    “Compounded SOFR” means the compounded
      average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance with:

    

    

    
      
        	

              	(1)	
                the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:

              

      

    

    

    

    
      
        	

              	(2)	
                if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or
                  methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate securities at such time.

              

      

    

    

    

    For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread specified in Section
      3.02(e)(ii).

    

    

    “Corresponding Tenor” means (i) with respect
      to Term SOFR, three months, and (ii) with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

    

    

    “Designated Senior Indebtedness” means any
      Senior Indebtedness that expressly provides that it is “designated senior indebtedness” for purposes of the Indenture, provided that the
      instrument, agreement or other document creating or evidencing such Senior Indebtedness may place limitations and conditions on the right of such Senior Indebtedness to exercise the rights of Designated Senior Indebtedness.

    

    

    “Federal Reserve” means the Board of
      Governors of the Federal Reserve System or any successor federal banking agency.

    

    

    “Federal Reserve Bank of New York’s Website”
      means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

    

    

    “Fixed Rate Interest Payment Date” has the
      meaning specified in Section 3.02(e)(i), and shall constitute an “Interest Payment Date.”

    
      4

      
        

    

    “Fixed Rate Period” has the meaning specified
      in Section 3.02(e)(i).

    

    

    “Floating Rate Interest Payment Date” has the
      meaning specified in Section 3.02(e)(ii) , and shall constitute an “Interest Payment Date.”

    

    

    “Floating Rate Period” has the meaning
      specified in Section 3.02(e)(ii).

    

    

    “Interest Period” means the period from and
      including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the Issue Date to, but excluding, the applicable
      Interest Payment Date for such period (or the Maturity Date or earlier Redemption Date, if applicable).

    

    

    “Interpolated Benchmark” with respect to the
      Benchmark means the rate determined by the Calculation Agent for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the
      Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.

    

    

    “ISDA Definitions” means the 2006 ISDA
      Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to
      time.

    

    

    “ISDA Fallback Adjustment” means the spread
      adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the
      applicable tenor.

    

    

    “ISDA Fallback Rate” means the rate that
      would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

    

    

    “Issue Date” means March 4, 2020.

    

    

    “Material Subsidiary” means First-Citizens
      Bank & Trust Company or any successor thereof or any of the Company’s Subsidiaries that is a depository institution and that has consolidated assets equal to 80% or more of the Company’s consolidated assets.

    

    

    “Maturity Date,” with respect to the
      principal of the Notes, has the meaning specified in Section 3.02(d), which date shall constitute the “Stated Maturity” thereof.

    

    

    “Payment Blockage Notice” has the meaning
      provided in Section 5.02(b).

    

    

    “Reference Time” with respect to any
      determination of the Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, or (2) if the Benchmark is not Three-Month Term SOFR, the
      time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.

    

    

    “Relevant Governmental Body” means the
      Federal Reserve and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto.

    
      5

      
        

    

    “Representative” means the (a) indenture
      trustee or other trustee, agent or representative for any Senior Indebtedness or (b) with respect to any Senior Indebtedness that does not have any such trustee, agent or other representative, (i) in the case of such Senior Indebtedness issued
      pursuant to an agreement providing for voting arrangements as among the holders or owners of such Senior Indebtedness, any holder or owner of such Senior Indebtedness acting with the consent of the required Persons necessary to bind such holders or
      owners of such Senior Indebtedness and (ii) in the case of all other such Senior Indebtedness, the holder or owner of such Senior Indebtedness.

    

    

    “Senior Indebtedness” means, without
      duplication, the principal, premium, if any, unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company, whether or not a claim for post-filing interest is allowed
      in such proceeding), fees, charges, expenses, reimbursement and indemnification obligations, and all other amounts payable under or in respect of the following indebtedness of the Company, whether any such indebtedness exists as of the date of the
      Indenture or is created, incurred or assumed after such date: (i) all obligations for borrowed money; (ii) all obligations evidenced by debentures, notes, debt securities or other similar instruments; (iii) all obligations in respect of letters of
      credit, security purchase facilities or bankers acceptances or similar instruments (or reimbursement obligations with respect thereto); (iv) all obligations to pay the deferred purchase price of property or services, except trade accounts payable
      arising in the ordinary course of business; (v) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property owned by the Company; (vi) obligations associated with derivative products
      including, but not limited to, interest rate and currency future or exchange contracts, foreign exchange contracts, swap agreements (including interest rate and foreign exchange rate swap agreements), cap agreements, floor agreements, collar
      agreements, options, interest rate future or option contracts, commodity contracts, and similar arrangements; (vii) purchase money debt and similar obligations; (viii) obligations to general creditors of the Company; (ix) a deferred obligation of, or
      any such obligation, directly or indirectly guaranteed by, the Company which obligation is incurred in connection with the acquisition of any business, properties or assets not evidenced by a note or similar instrument given in connection therewith;
      (x) all obligations of the type referred to in the foregoing subclauses above of other Persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise, whether or not classified as a liability on a balance
      sheet prepared in accordance with GAAP; and (xi) any renewals, amendments, deferrals, supplements, extensions, refundings or replacements of any of the foregoing. Senior Indebtedness excludes: (v) any such indebtedness, obligation or liability
      referred to above as to which, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such indebtedness, obligation or liability is not superior in right of payment to the Notes, or ranks pari passu with the Notes; (w) any such indebtedness, obligation or liability which is subordinated to indebtedness of the Company to substantially
      the same extent as, or to a greater extent than, the Notes are subordinated; (x) any indebtedness to a Subsidiary; (y) any trade account payables in the ordinary course of business; and (z) the Notes. Notwithstanding the foregoing, and for the
      avoidance of doubt, if the Federal Reserve (or other applicable regulatory agency or authority) promulgates any rule or issues any interpretation that defines general creditor(s), the main purpose of which is to establish criteria for determining
      whether the subordinated debt of a financial or bank holding company is to be included in its capital, then the term “general creditors” as used in this definition of “Senior Indebtedness” will have the meaning as described in that rule or
      interpretation.

    

    

    “SOFR” means the secured overnight financing
      rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark (or any successor administrator), on the Federal Reserve Bank of New York’s Website.

    
      6

      
        

    

    “Tax Event” means the receipt by the Company
      of an opinion of independent tax counsel to the effect that as a result of (1) an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its
      political subdivisions or taxing authorities; (2) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to
      adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”); or (3) an
      amendment to or change in any official position with respect to, or any interpretation of, an Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally accepted position or
      interpretation, in each case, which change or amendment or challenge becomes effective or which pronouncement, decision or challenge is announced on or after the Issue Date, there is more than an insubstantial risk that interest payable by the
      Company on the Notes is not, or, within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.

    

    

    “Term SOFR” means the forward-looking term
      rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.

    

    

    “Term SOFR Administrator” means any entity
      designated by the Relevant Governmental Body as the administrator of Term SOFR (or any successor administrator).

    

    

    “Three-Month Term SOFR” means Term SOFR for a
      tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or
      resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.

    

    

    “Three-Month Term SOFR Conventions” means any
      determination, decision or election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Interest Period”,
      timing and frequency of determining Three-Month Term SOFR with respect to each Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent determines may be appropriate
      to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent determines that adoption of any portion of such market practice is not administratively feasible or
      if the Calculation Agent determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

    

    

    “Tier 2 Capital Event” means the Company’s
      good faith determination that, as a result of (1) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal
      Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the Issue Date, (2) any proposed change in those laws, rules or regulations that is announced or
      becomes effective after the Issue Date, or (3) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules, regulations, policies or guidelines with
      respect thereto that is announced after the Issue Date, there is more than an insubstantial risk that the Company will not be entitled to treat the Notes then outstanding as “Tier 2 Capital” (or its equivalent), for purposes of the capital adequacy
      rules or regulations of the Federal Reserve as then in effect and applicable to the Company, for so long as any Notes are outstanding.

    

    

    “Unadjusted Benchmark Replacement” means the
      Benchmark Replacement excluding the Benchmark Replacement Adjustment.

    
      7

      
        

    

    ARTICLE III.

    FORM AND TERMS OF THE NOTES

    

    

    Section 3.01          Form and Dating.

    

    

    (a)          The Notes shall be
        substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf of the Company by its Chairman of the Board, its Vice Chairman
        of the Board, its Chief Executive Officer, its President, its Chief Financial Officer or one of its Executive Vice Presidents.

    

    

    (b)          The terms contained in
        the Notes shall constitute, and are hereby expressly made, a part of the Base Indenture as supplemented by this Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree
        to such terms and provisions and to be bound thereby.

    

    

    Section 3.02          Terms . The following terms relating to the Notes are hereby established:

    

    

    (a)          Title. The Notes shall constitute a series of Securities having the title “3.375% Fixed-to-Floating Rate Subordinated Notes due 2030” and the CUSIP number 31946M AA1.

    

    

    (b)          Principal Amount. The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture on the Issue Date shall be THREE HUNDRED FIFTY MILLION
        DOLLARS ($350,000,000). If no Event of Default has occurred and is continuing with respect to the Notes, the Company may, from time to time, without notice to or the consent of the Holders, create and issue additional notes (“Additional Notes”) pursuant to the Indenture ranking equally with the Notes and with identical terms in all respects (or in all respects except for the offering
        price, the payment of interest accruing prior to the issue date of such Additional Notes and the first payment of interest following the issue date of such Additional Notes); provided, however, that a separate CUSIP number will be issued for any such Additional Notes unless such
        Additional Notes are fungible with the Notes for U.S. federal income tax purposes, subject to the procedures of DTC. The Notes and any Additional Notes shall constitute a single series under the Indenture. All references to the Notes shall include
        any Additional Notes, unless the context otherwise requires.

    

    

    (c)          Person to Whom Interest Is Payable. Defaulted Interest may be paid as provided in Section 307 of the Base Indenture.  However, interest that is paid on the Maturity Date will be
        paid to the Person to whom the principal is payable.

    

    

    (d)          Maturity Date. The entire outstanding Principal of the Notes shall be payable on March 15, 2030 (the “Maturity

            Date”).

    

    

    (e)          Interest.

    

    

    (i)          The Notes will bear
        interest at a fixed rate of 3.375% per annum from and including March 4, 2020, to but excluding March 15, 2025, or earlier Redemption Date (the “Fixed Rate Period”). 

        Interest accrued on the Notes during the Fixed Rate Period will be payable semi-annually in arrears on March 15 and September 15 of each year, commencing on -September 15, 2020 (each such date, a “Fixed Rate Interest Payment Date”). The last Fixed Rate Interest Payment Date shall be March 15, 2025, unless the Notes are earlier redeemed. The interest payable during the Fixed Rate Period will be paid
        to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable Fixed Rate Interest Payment Date.

    
      8

      
        

    

    (ii)          The Notes will bear a
        floating interest rate from and including March 15, 2025, to but excluding the Maturity Date or earlier Redemption Date (the “Floating Rate Period”). The
        floating interest rate will be reset for each Interest Period in the Floating Rate Period, and the interest rate for each such Interest Period shall be equal to the then-current Three-Month Term SOFR for such Interest Period plus 246.5 basis
        points, provided that if Three-Month Term SOFR (or other applicable Benchmark) is less than zero for any Interest Period during the Floating
        Rate Period, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero for such Interest Period. During the Floating Rate Period, interest on the Notes will be payable quarterly in arrears on March 15, June 15, September 15
        and December 15 of each year, commencing on June 15, 2025 (each such date, a “Floating Rate Interest Payment Date” and, together with each Fixed Rate
        Interest Payment Date, each an “Interest Payment Date”). The last Floating Rate Interest Payment Date shall be March 15, 2030, unless the Notes are earlier
        redeemed.  The interest payable during the Floating Rate Period will be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable
        Floating Rate Interest Payment Date. The Calculation Agent will provide the Company and the Trustee with the interest rate in effect for each Interest Period during the Floating Rate Period promptly after the Reference Time therefor (or other date
        of determination for the applicable Benchmark).

    

    

    (iii)          The amount of interest
        payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months, and the amount of interest payable on any Floating Rate Interest Payment Date during
        the Floating Rate Period will be computed on the basis of a 360-day year and the actual number of days elapsed. In the event that any scheduled Interest Payment Date or the Maturity Date for the Notes falls on a day that is not a Business Day, then
        payment shall be made as provided in Section 113 of the Base Indenture; provided, that if any scheduled Floating Rate Interest Payment Date
        falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such
        case, the amounts payable on such Business Day will include interest accrued to, but excluding such Business Day. Dollar amounts resulting from interest calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

    

    

    (iv)          The Company shall take
        such actions as are necessary to ensure that from the commencement of the Floating Rate Period for so long as any of the Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR in respect
        of each Floating Rate Period. The calculation of Three-Month Term SOFR for each applicable Floating Rate Period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent shall have all the rights,
        protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed
        by the Company, the Company will promptly appoint a replacement Calculation Agent, which shall not be the Trustee without the Trustee’s express written consent. The Calculation Agent may not resign its duties without a successor having been duly
        appointed; provided, that if a successor Calculation Agent has not been appointed by the Company and such successor accepted such position
        within 30 days after the giving of notice of resignation by the Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Calculation
        Agent with respect to such series. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the
        Calculation Agent.

    

    

    (v)          Effect of Benchmark Transition Event and Benchmark Replacement Date.

    

    

    (1)          If the Calculation Agent
        determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect of any Interest Period during the Floating Rate Period, then the Benchmark Replacement will replace
        the then-current Benchmark for all purposes relating to the Notes during such Interest Period and all subsequent Interest Periods.

    
      9

      
        

    

    (2)          Notwithstanding anything
        set forth in clause (ii) above, if the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior to the relevant Reference Time with respect to Three-Month Term SOFR, then
        the provisions set forth in this clause (v) will thereafter apply to all determinations of the rate or interest payable on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date have
        occurred, the interest rate on the Notes for each Interest Period during the Floating Rate Period will be an annual rate equal to the Benchmark Replacement plus the spread specified in clause (ii) above.

    

    

    (3)          The Company and the
        Calculation Agent are expressly authorized to make determinations, decisions and elections under the terms of the Notes, including with respect to the use of any Benchmark Replacement for the Floating Rate Period and under this clause (v). Any
        determination, decision or election that may be made by the Company or by the Calculation Agent under the terms of the Notes, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an
        event, circumstance or date and any decision to take or refrain from taking any action or selection (A) will be conclusive and binding on the Holders and the Trustee absent manifest error, (B) if made by the Company, will be made in the Company’s
        sole discretion, (C) if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects, and (D)
        notwithstanding anything to the contrary herein or in the Base Indenture, shall become effective without consent from the Holders or the Trustee. If the Calculation Agent fails to make any determination, decision or election that it is required to
        make under the terms of the Notes, then the Company will make such determination, decision or election on the same basis as described above.

    

    

    (vi)          The Company (or its
        Calculation Agent) shall notify the Trustee in writing (1) upon the occurrence of the Benchmark Transition Event or the Benchmark Replacement Date, and (2) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items
        affecting the interest rate on the Notes after a Benchmark Transition Event.

    

    

    (vii)          The Trustee (including
        in its capacity as Paying Agent), unless acting as the Calculation Agent, shall have no (1) responsibility or liability for (A) Three-Month Term SOFR Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including
        whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement), (C) determination or calculation of a Benchmark Replacement, or (D) determination
        of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through (D) above shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as
        provided by the Company or its Calculation Agent, as applicable, or (2) liability for any failure or delay in performing its duties hereunder as a result of the unavailability of a Benchmark as described in the definition thereof, including as a
        result of the Company’s or Calculation Agent’s failure to select a Benchmark Replacement or the Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its
        Calculation Agent regarding any Benchmark or Benchmark Replacement, including in regards to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes.

    

    

    (viii)          If the then-current
        Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions
        determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions will apply.

    

    

    (f)          Place of Payment of Principal and Interest. So long as the Notes are issued in the form of one or more Global Securities, the Company shall make, or cause the Paying Agent to
        make, all payments of principal and interest on the Notes by wire transfer in immediately available funds to DTC or its nominee, in accordance with applicable procedures of DTC. If the Notes are not so issued, the Company may, at its option, make,
        or cause the Paying Agent to make, payments of principal and interest on the Notes by check mailed to the address of the Holder specified in accordance with Sections 3.02(e)(i) or (e)(ii).

    
      10

      
        

    

    (g)          Redemption. The Notes are not subject to redemption or prepayment at the option of the Holders.

    

    

    The Notes shall be redeemable at the option of the Company, in whole or in part from time to time, beginning with the Interest Payment
      Date on March 15, 2025, and on any Interest Payment Date thereafter, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve.

    

    

    In addition, the Company may, at its option, redeem the Notes at any time before the Maturity Date, in whole but not in part, subject to
      obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an
      investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.).

    

    

    The Notes may not otherwise be redeemed prior to the Maturity Date.

    

    

    The Redemption Price shall equal 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. The provisions of Article XI of the Base Indenture shall apply to any redemption of the Notes. Any partial
      redemption will be made in accordance with DTC’s applicable procedures among all Holders. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state, in addition to the information specified in Section 1104
      of the Base Indenture, that such redemption is a partial redemption, the portion of the principal amount thereof to be redeemed, and that a replacement Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the
      Holder thereof upon cancellation of the original Note.

    

    

    Any notice of redemption may be conditional in the Company’s discretion on one or more conditions precedent, and the Redemption Date may
      be delayed until such time as any or all of such conditions have been satisfied or revoked by the Company if it determines that such conditions will not be satisfied.

    

    

    (h)         Sinking Fund. There shall be no sinking fund for the Notes.

    

    

    (i)          Conversion and Exchange. The Notes are not convertible into, or exchangeable for, equity securities, other securities or assets of the Company or its Subsidiaries.

    

    

    (j)          Denomination. The Notes and any beneficial interest in the Notes shall be in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.

    

    

    (k)         Currency of the Notes. The Notes shall be denominated, and the principal thereof and interest thereon shall be payable, in Dollars.

    

    

    (l)          Registered Form. The Notes shall be issuable as Global Securities, and DTC (or any successor thereto or successor depositary appointed by the Company within 90 days of the
        termination of services of DTC) shall be the depositary for the Notes. Sections 304 and 307 of the Base Indenture shall apply to the Notes.

    

    

    (m)        Events of Default. The Events of Default provided for in Section 501 of the Base Indenture shall apply to the Notes, provided that clause (6) thereof shall be deleted in its entirety and the following shall be inserted in lieu thereof (and shall constitute “Events of Default”):

    

    

    “(6) appointment of a Custodian for the Material Subsidiary; or

    

    

    (7) the Company pursuant to or within the meaning of any Bankruptcy Law generally is unable to pay its debts as the same become due.”

    
      11

      
        

    

      (n)          Acceleration of Maturity. Section 502 of the Base Indenture shall apply to the Notes, except that the first paragraph thereof shall be deleted in its entirety
        and the following text inserted in lieu thereof:

    

    

    “If an Event of Default under clause (4), (5), (6) or (7) of Section 501 occurs and is continuing, then the principal
      amount of all the Notes, together with accrued and unpaid interest, if any, thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. The Maturity of the
      Notes shall not otherwise be accelerated as a result of an Event of Default.”

    

    

    In addition, the second paragraph of Section 502 of the Base Indenture shall be amended by (i) deleting all occurrences of the text
      “declaration of” appearing in such paragraph and (ii) deleting the text “declaration and” appearing in such paragraph and inserting the text “acceleration and” in lieu thereof.

    

    

    (o)          Statement by Officers as to Default. Section 1004 of the Base Indenture shall apply to the Notes, except the reference in that Section to “150 days” shall be replaced with “120
        days.”

    

    

    (p)          No Collateral. The Notes shall not be entitled to the benefit of any security interest in, or collateralization by, any rights, property or interest of the Company.

    

    

    (q)          Satisfaction and Discharge; Defeasance. Articles IV and XIII of the Base Indenture shall apply to the Notes.

    

    

    (r)           No Additional Amounts. In the event that any payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (whether as a result of a
        change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment.

    

    

    (s)           Notices to Holders. Any notices required to be given to Holders shall be given to the Trustee. Notwithstanding any other provision of the Indenture or any Note, where the
        Indenture or any Note provides for notice of any event or any other communication (including any notice of redemption) to a Holder (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant to
        the applicable procedures from DTC or its designee, including by electronic mail in accordance with accepted practices at DTC.

    

    

    (t)            Additional Terms. Other terms applicable to the Notes are as otherwise provided for in the Base Indenture, as supplemented by this Supplemental Indenture,
        including Articles IV and V hereof.

    

    

    ARTICLE IV.

    ADDITIONAL PROVISIONS

    

    

    Section 4.01          Additional Provision.  Section 901 of the Base Indenture shall apply to the Notes, provided
        that the following text shall be inserted at the end of such Section:

    

    

    “Without limitation of the foregoing, the Company and the Trustee may amend or supplement the Indenture or the Notes
      without the consent of any Holder to implement any Three-Month Term SOFR Conventions or any benchmark transition provisions after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred (or in anticipation thereof).  The
      Trustee may conclusively rely on a Company Request (in addition to any other orders, certificates and opinions) as to whether a Benchmark Transition Event and Benchmark Replacement Date have occurred.”

    
      12

      
        

    

    ARTICLE V.

    SUBORDINATION OF SECURITIES

    

    

    Section 5.01          Agreement of Subordination. The Company covenants and agrees, and each Holder by accepting a Note likewise covenants and agrees, that all Notes shall be issued subject to the provisions
        of this Article; and each Person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to be bound by such provisions.

    

    

    The payment of the principal of, interest on and any Redemption Price for the Notes shall, to the extent and in the manner hereinafter
      set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date of the Indenture or thereafter incurred.

    

    

    No provision of this Article shall prevent the occurrence of any Default or Event of Default hereunder.

    

    

    Section 5.02          Payments to Holders. No payment or distribution shall be made with respect to the principal of, interest on or any Redemption Price for the Notes, except for payments and distributions
        made by the Trustee as permitted by the first or second paragraph of Section 5.05, if:

    

    

    
      
        	

              	(a)	
                (i) a default in the payment of principal, premium, interest or other obligations constituting Senior Indebtedness occurs and is continuing (or, in the case of
                  Senior Indebtedness for which there is a period of grace, such a default occurs and continues beyond the period of grace specified in the instrument or lease evidencing such Senior Indebtedness), unless and until such default shall have
                  been cured or waived or shall have ceased to exist, and (ii) the Trustee receives a notice of such default from a Representative or the Company; or

              

      

    

    

    

    
      
        	

              	(b)	
                (i) a default under any Designated Senior Indebtedness (other than a default described in clause (a) above) occurs and is continuing, if the effect of such default
                  is to permit holders of such Designated Senior Indebtedness to accelerate its maturity, and (ii) the Trustee receives a notice of such default from a Representative or the Company (a “Payment Blockage Notice”).

              

      

    

    

    

    Upon the Trustee’s receipt of a Payment Blockage Notice, no subsequent Payment Blockage Notice shall be effective for purposes of this
      Section unless and until (A) at least 365 days shall have elapsed since the initial effectiveness of the immediately prior Payment Blockage Notice and (B) all scheduled payments of principal of, interest on and any Redemption Price for the Notes that
      have come due have been paid in full in cash. No default described in clause (b) above that existed or was continuing on the date of delivery of any Payment Blockage Notice shall be, or be made, the basis for a subsequent Payment Blockage Notice.

    

    

    The Company may and shall resume payments on and distributions in respect of the Notes upon the earlier of:

    

    

    
      
        	

              	(1)	
                the date upon which the default is cured or waived or ceases to exist, or

              

      

    

    

    

    
      
        	

              	(2)	
                in the case of a default described in clause (b) above, the 180th day after receipt of the corresponding Payment Blockage Notice, unless the maturity of
                  such Designated Senior Indebtedness has been accelerated or this Article otherwise prohibits such payment or distribution at the time thereof.

              

      

    

    
      13

      
        

    

    Upon any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or Notes,
      to creditors upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior
      Indebtedness shall first be paid in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, or payment thereof in accordance with its terms provided for in cash or other payment satisfactory to the holders of such
      Senior Indebtedness, before any payment is made on account of the principal of or interest on the Notes (except payments made pursuant to Article V of the Base Indenture from monies deposited with the Trustee pursuant thereto prior to commencement of
      proceedings for such dissolution, winding-up, liquidation or reorganization); and upon any such dissolution or winding-up or liquidation or reorganization of the Company or bankruptcy, insolvency, receivership or other proceeding, any payment by the
      Company, or distribution of assets of the Company of any kind or character, whether in cash, property or Notes, to which the Holders or the Trustee would be entitled, except for the provision of this Article, shall (except as aforesaid) be paid by
      the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders or by the Trustee under the Indenture if received by them or it, directly to the holders of
      Senior Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, or as otherwise required by law or a court order) or to their Representative, as their respective interests may appear,
      to the extent necessary to pay all Senior Indebtedness in full, in cash or other payment satisfactory to the holders of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of Senior
      Indebtedness, before any payment or distribution or provision therefor is made to the Holders or to the Trustee.  Whenever a distribution is to be made or a notice given to the holders of Senior Indebtedness, the distribution may be made and the
      notice given to their Representative.

    

    

    For purposes of this Article, the words, “cash, property
          or Notes” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or Notes of the Company or any other Person provided for by a plan of reorganization or readjustment, the payment of which is
      subordinated at least to the extent provided in this Article with respect to the Notes to the payment of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed by the new Person, if any, resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior Indebtedness (other than leases which are
      not assumed by the Company or the new Person, as the case may be) are not, without the consent of such holders, altered by such reorganization or readjustment.

    

    

    The consolidation of the Company with, or the merger of the Company into, another Person, or the liquidation or dissolution of the
      Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another Person upon the terms and conditions provided for in Article VIII of the Base Indenture shall not be deemed a dissolution,
      winding-up, liquidation or reorganization for the purposes of this Section if such other Person shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article VIII of the Base Indenture.

    

    

    In the event of the acceleration of the Notes because of an Event of Default, no payment or distribution shall be made to the Trustee or
      any Holder in respect of the principal of or interest on the Notes (including, but not limited to, the Redemption Price with respect to the Notes called for redemption in accordance with Section 3.02(g)), except payments and distributions made by the
      Trustee as permitted by the first or second paragraph of Section 5.05, until all Senior Indebtedness has been paid in full in cash or other payment satisfactory to the holders of Senior Indebtedness or such acceleration is rescinded in accordance
      with the terms of the Indenture. If payment of the Notes is accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Indebtedness of the acceleration at the address set forth in the notice from the
      Representative to the Trustee as being the address to which the Trustee should send its notice pursuant to this Section, unless there are no payment obligations of the Company thereunder and all obligations thereunder to extend credit have been
      terminated or expired.

    
      14

      
        

    

    In the event that, notwithstanding the foregoing provisions, any payment or distribution of assets of the Company of any kind or
      character, whether in cash, property or Notes (including by way of setoff or otherwise), prohibited by the foregoing, shall be received by the Trustee or the Holders before all Senior Indebtedness is paid in full in cash or other payment satisfactory
      to the holders of such Senior Indebtedness, or provision is made for such payment thereof in accordance with its terms in cash or other payment satisfactory to the holders of such Senior Indebtedness, such payment or distribution shall be held in
      trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or their Representative, as their respective interests may appear, as calculated by the Company and directed by the Company pursuant to a Company
      Order, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, after giving effect to
      any concurrent payment or distribution to or for the holders of such Senior Indebtedness.

    

    

    Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607 of the Base Indenture.
      This Section shall be subject to the further provisions of Section 5.05.  For the avoidance of doubt, such payments are not subordinated to the Company’s Senior Indebtedness.

    

    

    Section 5.03          Subrogation of Notes. Subject to the payment in full of all Senior Indebtedness, the rights of the Holders shall be subrogated to the extent of the payments or distributions made to the
        holders of such Senior Indebtedness pursuant to the provisions of this Article (equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to other indebtedness of the Company to substantially
        the same extent as the Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or Notes of the Company applicable to the Senior
        Indebtedness until the principal and interest on the Notes shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or Notes to which the Holders
        or the Trustee would be entitled except for the provisions of this Article, and no payment over pursuant to the provisions of this Article, to or for the benefit of the holders of Senior Indebtedness by Holders or the Trustee, shall, as between the
        Company, its creditors other than holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Company to or on account of the Senior Indebtedness; and no payments or distributions of cash, property or Notes to or for the
        benefit of the Holders pursuant to the subrogation provisions of this Article, which would otherwise have been paid to the holders of Senior Indebtedness shall be deemed to be a payment by the Company to or for the account of the Notes. It is
        understood that the provisions of this Article are and are intended solely for the purposes of defining the relative rights of the Holders, on the one hand, and the holders of the Senior Indebtedness, on the other hand.

    

    

    Nothing contained in this Article or elsewhere in the Indenture or in the Notes is intended to or shall impair, as among the Company,
      its creditors other than the holders of Senior Indebtedness, and the Holders, the obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal of and interest on the Notes as and when the same shall become due
      and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Trustee
      or the Holder of any Note from exercising all remedies otherwise permitted by applicable law upon default under the Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or
      Notes of the Company received upon the exercise of any such remedy.

    

    

    Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section
      601 of the Base Indenture, and the Holders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are
      pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders, for the purpose of ascertaining the Persons entitled to
      participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon and all other facts pertinent thereto or to this Article.

    
      15

      
        

    

    Section 5.04          Authorization to Effect Subordination. Each Holder of a Note, by the acceptance thereof, authorizes and directs the Trustee on the Holder’s behalf to take such action as may be
        necessary or appropriate to effectuate the subordination as provided in this Article and appoints the Trustee to act as the Holder’s attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of
        debt in the form required in any proceeding referred to in Section 504 of the Base Indenture hereof at least 30 days before the expiration of the time to file such claim, the holders of any Senior Indebtedness or their representatives are hereby
        authorized to file an appropriate claim for and on behalf of the Holders.

    

    

    Section 5.05          Notice to Trustee. The Company shall give prompt written notice to a responsible officer of the Trustee and to any paying agent of any fact known to the Company which would prohibit the
        making of any payment of monies to or by the Trustee or any Paying Agent pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other provision of the Indenture, the Trustee shall not be charged with
        knowledge of the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Notes pursuant to the provisions of this Article, unless and until a responsible officer of the Trustee shall
        have received written notice thereof at the Corporate Trust Office from the Company or a Representative; and before the receipt of any such written notice, the Trustee, subject to Section 601 of the Base Indenture, shall be entitled in all respects
        to assume that no such facts exist; provided that if on a date not fewer than two Business Days prior to the date upon which by the terms
        hereof any such monies may become payable for any purpose (including the payment of the principal of or interest on any Note) the Trustee shall not have received, with respect to such monies, the notice provided for in this Section, then, anything
        herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary
        which may be received by it on or after such prior date.

    

    

    Notwithstanding anything in this Article to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies
      deposited with it pursuant to Section 401 of the Base Indenture, and any such payment shall not be subject to the provisions of Section 5.01 or 5.02.

    

    

    The Trustee, subject to the provisions of Section 601 of the Base Indenture, shall be entitled to rely on the delivery to it of a
      written notice by a Representative or a Person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a Representative or a holder of Senior Indebtedness or a
      trustee on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or
      distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to
      participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the
      right of such Person to receive such payment.

    

    

    Section 5.06          Trustee’s Relation to Senior Indebtedness. The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article in respect of any Senior Indebtedness at
        any time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in Section 613 of the Base Indenture or elsewhere in the Indenture shall deprive the Trustee of any of its rights as such holder. Nothing in this
        Article shall apply to the Company’s obligations to the Trustee under Section 607 of the Base Indenture.

    

    

    With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and
      obligations as are specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into the Indenture against the Trustee. The Trustee shall not be deemed to owe any
      fiduciary duty to the holders of Senior Indebtedness and, subject to the provisions of Section 601 of the Base Indenture, the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders, the Company or
      any other Person money or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

    
      16

      
        

    

    Section 5.07          No Impairment of Subordination. No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be
        prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of the Indenture,
        regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

    

    

    Section 5.08          Article Applicable to Paying Agents. If at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as
        used in this Article shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition
        to or in place of the Trustee; provided, however,
        that the first paragraph of Section 5.05 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent.

    

    

    Section 5.09          Senior Indebtedness Entitled to Rely. The holders of Senior Indebtedness (including Designated Senior Indebtedness) shall have the right to rely upon this Article, and no amendment or
        modification of the provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed in writing thereto.

    

    

    ARTICLE VI.

    MISCELLANEOUS

    

    

    Section 6.01         Trust Indenture Act. This Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent
        applicable, be governed by such provisions. If any provision of this Supplemental Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Supplemental
        Indenture, the latter provision shall control.  If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this
        Supplemental Indenture as so modified or excluded, as the case may be. Whenever this Supplemental Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Supplemental
        Indenture.

    

    

    Section 6.02          GOVERNING LAW. This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the law of the state of New York without reference to its principles of
        conflict of laws (other than Section 5-1401 of the General Obligations Law).

    

    

    Section 6.03          Ratification. The Base Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified and confirmed. The Trustee accepts the trusts created by the
        Base Indenture, as supplemented by this Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Supplemental Indenture.

    

    

    Section 6.04          Effectiveness. The provisions of this Supplemental Indenture shall become effective as of the date hereof.

    

    

    Section 6.05         USA PATRIOT Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA PATRIOT Act, the Trustee is required to obtain, verify, and record information that
        identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Supplemental Indenture agree that they will provide the Trustee with such information as it may request in order for
        the Trustee to satisfy the requirements of the USA PATRIOT Act.

    

    

    [Signature page follows]

    
      17

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

    

    

    	 	
            FIRST CITIZENS BANCSHARES, INC.

          
	 	 	 
	 	
            By:

          	
            /s/ Craig L. Nix

          
	 	
            Name:

          	
            Craig L. Nix

          
	 	
            Title:

          	
            Chief Financial Officer

          
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION, as Trustee

          
	 	 	 
	 	
            By:

          	
            /s/ Shawna L. Hale

          
	 	
            Name:

          	
            Shawna L. Hale

          
	 	
            Title:

          	
            Vice President

          

     

    

    [Signature Page to First Supplemental Indenture]

    

    
      
        

    

    EXHIBIT A

    

    

    FORM OF NOTE

    

    

    THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE
      COMPANY AND ARE NOT INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION, AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO THE SENIOR INDEBTEDNESS (AS DEFINED IN
      THE INDENTURE IDENTIFIED HEREIN).

    

    

    GLOBAL NOTE

    

    

    THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE
      OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

    

    

    UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT
      AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (II) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (III) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A
      NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS
      REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

    
      
        

    

    

    

    FIRST CITIZENS BANCSHARES, INC.

    

    

    3.375% Fixed-to-Floating Rate Subordinated Notes due 2030

    

    

    	
            No. [______]

          	
            CUSIP: 31946M AA1

          
	
            $[___________]

          	
            ISIN: US31946MAA18

          

    

    

    FIRST CITIZENS BANCSHARES, INC., a Delaware corporation (together with any successor Corporation under the Indenture hereinafter
      referred to, the “Company”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of [_________] DOLLARS
      ($[________]) on March 15, 2030 (the “Stated Maturity Date”), unless redeemed prior to such date, and to pay interest thereon (i) from and including March 4,
      2020, to but excluding March 15, 2025, unless redeemed prior to such date (such period, the “Fixed Rate Period”), at a rate of 3.375% per annum, semi-annually
      in arrears on March 15 and September 15 of each year, commencing on September 15, 2020 (each such date, a “Fixed Rate Interest Payment Date”) and (ii) from and
      including March 15, 2025, to but excluding the Stated Maturity Date, unless redeemed on or subsequent to March 15, 2025, but prior to the Stated Maturity Date (such period, the “Floating Rate Period”), at a rate equal to Three-Month Term SOFR, reset quarterly, plus 246.5 basis points, or such other rate as may
      be determined pursuant to the Supplemental Indenture hereinafter referred to, quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on June 15, 2025, and ending on the Stated Maturity Date or earlier
      Redemption Date (each such date, a “Floating Rate Interest Payment Date” and, together with each Fixed Rate Interest Payment Date, each an “Interest Payment Date”). The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a
      360-day year consisting of twelve 30-day months, and the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the actual number of days elapsed. If
      any Interest Payment Date or the Stated Maturity Date falls on a day that is not a Business Day, payment may be made on the next succeeding Business Day and no interest on such payment will accrue for the period of such delay; provided that if any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day
      falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and in each such case the amount payable on such Business Day will include interest accrued to but
      excluding such Business Day. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.

    

    

    Payment of the principal of and interest on this Note will be made in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts.

    

    

    Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
      purposes have the same effect as if set forth at this place.

    

    

    Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
      this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

    

    

    [Signature page follows.]

    
      
        

    

    IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officer.

    

    

    	 	
            FIRST CITIZENS BANCSHARES, INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      
        

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    

    

    This is one of the Securities of the series designated and referred to in the within-mentioned Indenture.

    

    

    	
            Date of authentication:

          	 	 	 
	 	 	 	 
	
            

            

          	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	 	
            as Trustee

          
	 	 	 	 
	 	 	
            By:

          	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 

    
      
        

    

    REVERSE OF NOTE

    

    

    FIRST CITIZENS BANCSHARES, INC.

    

    

    3.375% Fixed-to-Floating Rate Subordinated Notes due 2030

    

    

    This Note is one of a duly authorized issue of Securities of the Company of a series designated as the “3.375% Fixed-to-Floating Rate
      Subordinated Notes due 2030” (the “Notes”) initially issued in an aggregate principal amount of $[________] on March 4, 2020.  Such series of Securities has
      been established pursuant to, and is one of an indefinite number of series of subordinated debt securities of the Company issued or issuable under and pursuant to the Subordinated Debt Securities Indenture dated as of March 4, 2020 (the “Base Indenture” and, as the same may from time to time be amended, supplemented or otherwise modified in accordance therewith, including by the Supplemental
      Indenture referred to below, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (together with any successor trustee, the “Trustee”), as supplemented and amended by the First Supplemental Indenture dated as of March 4, 2020, between the Company and the Trustee (the “Supplemental Indenture”), to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights,
      limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Persons in whose names Notes are registered from time to time and of the terms upon which the Notes are, and are to be, authenticated and delivered. The
      terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and those set forth in this Note. To the extent that the provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the provisions of this Note shall govern to the
      extent that such provisions of this Note are not inconsistent with (i) the provisions of the Supplemental Indenture or (ii) the provisions made part of the Indenture by reference to the Trust Indenture Act.

    

    

    All capitalized terms used in this Note and not defined herein that are defined in the Indenture shall have the meanings assigned to
      them in the Indenture.

    

    

    The indebtedness of the Company evidenced by the Notes, including the principal thereof and interest thereon, (i) to the extent and in
      the manner set forth in the Indenture, is subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date hereof or hereafter incurred, on the terms and subject to the terms and
      conditions set forth in the Indenture, and (ii) shall rank pari passu in right of payment with all other Securities and with all other unsecured
      subordinated indebtedness of the Company that is not by its terms subordinate and subject in right of payment to the prior payment in full of debentures, notes, bonds or other evidences of indebtedness of types that include the Notes. Each Holder of
      this Note, by the acceptance hereof, agrees to and shall be bound by such provisions of the Indenture and authorizes and directs the Trustee on such Holder’s behalf to take such actions as may be necessary or appropriate to effectuate the
      subordination so provided.

    

    

    The Notes are intended to be treated as Tier 2 Capital (or its then-equivalent if the Company were subject to such capital requirement)
      for purposes of capital adequacy rules or regulations of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies) (the “Federal Reserve”) as applicable to the Company and as the same may be amended or supplemented from time to time. If an Event of Default with respect to the Notes shall occur and be continuing, the
      principal and interest owed on the Notes shall only become due and payable in accordance with the terms and conditions set forth in Article V of the Base Indenture and Section 3.02(m) and (n) of the Supplemental Indenture. Accordingly, the Holder has no right to accelerate the maturity of this Note in the event that the Company fails to pay interest on any of the Notes, or fails to perform any
        other obligations under the Notes or in the Indenture that are applicable to the Notes.

    
      
        

    

    The Company may, at its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of
      the Notes to be redeemed, plus accrued and unpaid interest (the “Redemption Price”) to, but excluding, the date of redemption (the “Redemption Date”), on any Interest Payment Date on or after March 15, 2025. The Company may also, at its option, redeem the Notes before the Stated Maturity Date, in whole, but not
      in part, at any time, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended. Any such redemption will be at a
      redemption price equal to the Redemption Price to, but excluding, the Redemption Date fixed by the Company. No redemption of the Notes by the Company prior to the Stated Maturity Date shall be made without the prior approval of the Federal Reserve if
      such prior approval is or will be required at the scheduled Redemption Date. The provisions of Article XI of the Base Indenture and Section 3.02(g) of the Supplemental Indenture shall apply to the redemption of any Notes by the Company.

    

    

    The Notes are not entitled to the benefit of any sinking fund. The Notes are not convertible into or exchangeable for any other
      securities or property of the Company or any Subsidiary of the Company.

    

    

    In the event that any payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a
      result of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment.

    

    

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
      obligations of the Company and the rights of the Holders at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the outstanding Notes. The Indenture also contains provisions permitting
      the Holders of specified percentages in principal amount of the Notes at the time outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and to waive certain past Defaults under
      the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
      in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

    

    

    As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
      Securities Register described in Section 305 of the Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly
      endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar and duly executed, by the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Notes, of
      authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

    

    

    The Notes are issuable only in registered form without coupons in minimum denominations of $1,000 and integral multiples of $1,000 in
      excess thereof.

    

    

    The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as
      the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

    
      
        

    

    This Security is a global note,
        represented by one or more permanent global certificates registered in the name of the nominee of The Depository Trust Company (each a “Global
          Note” and collectively, the “Global

          Notes”). Accordingly, unless and
        until it is exchanged for individual certificates, this Note may not be transferred except as a whole (i) by The Depository Trust Company (the “Depositary”) to a nominee of the Depositary, (ii) by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or (iii) by the Depositary or a
        nominee of the Depositary to a successor depositary or any nominee of such successor. Ownership of beneficial interests in this Security will be shown on, and the transfer of that ownership will be effected only through, records maintained by the
        applicable Depositary or its nominee (with respect to interests of persons that have accounts with the Depositary (“Participants”)) and the records of Participants (with respect to interests of persons other than Participants). Beneficial interests in Notes owned by persons that hold
        through Participants will be evidenced only by, and transfers of such beneficial interests with such Participants will be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests in
        this Note will not be entitled to have any individual certificates and will not be considered the owners or Holders thereof under the Indenture.

    

    

    Except in the limited circumstances set forth in the Base Indenture, Participants and owners of beneficial interests
      in the Global Notes will not be entitled to receive Notes in the form of individual certificates and will not be considered Holders. None of the Company, the Trustee, the Security Registrar, the Paying Agent or any of their respective agents will be
      liable for any delay by the Depositary, its nominee or any direct or indirect Participant in identifying the beneficial owners of the related Notes. The Company, the Trustee, the Security Registrar, the Paying Agent and each of their respective
      agents may conclusively rely on, and will be protected in relying on, instructions from the Depositary or its nominee for all purposes, including with respect to the registration and delivery, and the respective principal amounts, of the Notes to be
      issued.

    

    

    Except as provided in Section 305 of the Base Indenture and Section 3.02(f) of the Supplemental Indenture, beneficial
      owners of Global Notes will not be entitled to receive physical delivery of Notes in the form of individual certificates, and no Global Note will be exchangeable except for another Global Note of like denomination and tenor to be registered in the
      name of the Depositary or its nominee. Accordingly, each person owning a beneficial interest in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant, on the procedures of the Participant through which
      such person owns its interest, to exercise any rights of a Holder under the Notes.

    

    

    The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of those
      securities in definitive form. Accordingly, the ability to transfer interests in the Notes represented by a Global Note to those persons may be limited. In addition, because the Depositary can act only on behalf of its Participants, who in turn act
      on behalf of persons who hold interests through Participants, the ability of a person having an interest in Notes represented by a Global Note to pledge or transfer such interest to persons or entities that do not participate in the Depositary’s
      system, or otherwise to take actions in respect of such interest, may be affected by the lack of an individual certificate in respect of such interest. None of the Company, the Trustee, the Paying Agent and the Security Registrar will have any
      responsibility or liability for any aspect of the records relating to or payments made on account of Notes by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to the Notes.

    

    

    The Trustee will act as the Company’s
        Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 5540 Centerview Drive, Suite 200, Raleigh, North Carolina 27606.  The Company may at any time rescind the designation of a Paying Agent, appoint a
      successor Paying Agent, or approve a change in the office through which any Paying Agent acts.

    

    

    Notices to the Holders of individual certificates will be given to such Holders at their respective addresses in the Register, or in the
      case of Global Notes, electronic delivery in accordance with DTC’s applicable procedures.

    

    

    The Indenture contains provisions setting forth certain conditions to the institution of proceedings by the Holders of Notes with
      respect to the Indenture or for any remedy under the Indenture.

    

    

    This Note shall be governed by and construed in accordance with the law of the state of New York without reference to its principles of
      conflict of laws (other than Section 5-1401 of the General Obligations Law).

    
      
        

    

    ASSIGNMENT FORM

    

    

    To assign the within Security, fill in the form below:

    

    

    I or we assign and transfer the within Security to:

    

    

    	 	
            

            

          	 
	 	
            (Insert assignee’s legal name)

          	 
	 	 	 
	 	
            

            

          	 
	 	
            (Insert assignee’s social security or tax I.D. number)

          	 
	 	 	 
	 	
            

            

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

          	 

    

    

    and irrevocably appoint the Trustee as agent to transfer this Security on the books of First Citizens BancShares, Inc. The agent may substitute another to
      act for it.

    

    

    	
            Your Signature:

          	
            

            

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

          
	 	 
	
            Your Name:

          	
            

            

          
	 	 
	
            Date:

          	
            

            

          
	 	 
	
            Signature Guarantee:

          	
            

            

          

    

    

    SIGNATURE GUARANTEE

    

    

    Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
      requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may
      be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.Exhibit 4.1

 

EYEGATE PHARMACEUTICALS, INC.

DESCRIPTION OF SECURITIES REGISTERED
UNDER

SECTION 12 OF THE SECURITIES EXCHANGE
ACT OF 1934

 

The following description of registered
securities of EyeGate Pharmaceuticals, Inc. (“us,” “our,” “we” or the “Company”)
is intended as a summary only and therefore is not a complete description. This description is based upon, and is qualified by
reference to, our restated certificate of incorporation, as amended, our amended and restated bylaws and applicable provisions
of the Delaware General Corporation Law (the “DGCL”). You should read our restated certificate of incorporation, as
amended, and amended and restated bylaws, which are incorporated by reference as Exhibits 3.1, 3.3, 3.4, 3.5, 3.6 and Exhibit 3.7
to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part, for the provisions that are important to you.

 

General

 

Our authorized capital stock consists of
120,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share,
of which 3,750 are designated as Series A Convertible Preferred Stock, 10,000 are designated as Series B Convertible Preferred
Stock and 10,000 are designated as Series C Convertible Preferred Stock.

 

Common Stock

 

Voting Rights.  Each holder
of common stock is entitled to one vote for each share of common stock held on all matters submitted to a vote of the stockholders,
including the election of directors. Except as otherwise provided by law or our restated certificate of incorporation or amended
and restated bylaws, all matters other than the election of directors submitted to the stockholders at any meeting shall be decided
by the affirmative vote of a majority of the outstanding shares of common stock present in person or represented by proxy at the
meeting and entitled to vote thereon. Directors are elected by a plurality of the votes cast at the meeting. Our restated certificate
of incorporation and amended and restated bylaws do not provide for cumulative voting rights. Because of this, the holders of a
majority of the shares of common stock entitled to vote in any election of directors can elect all of the directors standing for
election, if they should so choose.

 

Dividends.  Subject to
preferences that may be applicable to any then outstanding preferred stock, the holders of our outstanding shares of common stock
are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available
funds. At present, we have no plans to issue dividends. See the section titled “Dividend Policy”.

 

Liquidation.  In the event
of our liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in the net assets legally
available for distribution to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction
of any liquidation preference granted to the holders of any outstanding shares of preferred stock.

 

Other Rights and Preferences.  Holders
of our common stock have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions
applicable to our common stock. The rights, preferences and privileges of the holders of common stock are subject to, and may be
adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and issue
in the future.

 

Fully Paid and Nonassessable.  All
of our outstanding shares of common stock are fully paid and nonassessable.

 

Provisions in our restated certificate
of incorporation provide that our board of directors is authorized to issue preferred stock in one or more series, to establish
the number of shares to be included in each such series and to fix the designation, powers, preferences and rights of such shares
and any qualifications, limitations or restrictions thereof. The issuance of preferred stock may have the effect of delaying, deferring
or preventing a change in control of our company without further action by the stockholders and may adversely affect the voting
and other rights of the holders of common stock. The issuance of preferred stock with voting and conversion rights may adversely
affect the voting power of the holders of common stock, including the loss of voting control to others. At present, we have no
plans to issue any preferred stock.

 

     

     

    

 

Registered Warrants

 

In August 2015, we issued warrants to investors
in our follow-on public offering of a class of warrants that are registered pursuant to Section 12(b) of the Securities Exchange
Act of 1934, as amended. The principal terms of such warrants are described below.

 

Exercisability.  The warrants
are exercisable immediately upon issuance and at any time up to the date that is five years from the date of issuance. The warrants
will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice accompanied
by payment in full for the number of shares of our common stock purchased upon such exercise (except in the case of a cashless
exercise as discussed below). Unless otherwise specified in the warrant, the holder will not have the right to exercise any portion
of the warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the number of shares of
our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance
with the terms of the warrants.

 

Cashless Exercise.  In
the event that a registration statement covering shares of common stock underlying the warrants, or an exemption from registration,
is not available for the resale of such shares of common stock underlying the warrants, the holder may, in its sole discretion,
exercise the warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to us upon such
exercise in payment of the aggregate exercise price, elect instead to receive upon such exercise the net number of shares of common
stock determined according to the formula set forth in the warrant. In no event shall we be required to make any cash payments
or net cash settlement to the registered holder in lieu of issuance of common stock underlying the warrants.

 

Exercise Price.  The initial
exercise price per share of common stock purchasable upon exercise of the warrants is $159.30. The exercise price is subject to
appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications
or similar events affecting our common stock and also upon any distributions of assets, including cash, stock or other property
to our stockholders.

 

Certain Adjustments.  The
exercise price and the number of shares of common stock purchasable upon the exercise of the warrants are subject to adjustment
upon the occurrence of specific events, including stock dividends, stock splits, combinations and reclassifications of our common
stock.

 

Transferability.  Subject
to applicable laws, the warrants may be transferred at the option of the holders upon surrender of the warrants to us together
with the appropriate instruments of transfer.

 

Fundamental Transaction.  If,
at any time while the warrants are outstanding, (1) we consolidate or merge with or into another corporation and we are not the
surviving corporation, (2) we sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of
our assets, (3) any purchase offer, tender offer or exchange offer (whether by us or another individual or entity) is completed
pursuant to which holders of our shares of common stock are permitted to sell, tender or exchange their shares of common stock
for other securities, cash or property and has been accepted by the holders of 50% or more of our outstanding shares of common
stock, (4) we effect any reclassification or recapitalization of our shares of common stock or any compulsory share exchange pursuant
to which our shares of common stock are converted into or exchanged for other securities, cash or property, or (5) we consummate
a stock or share purchase agreement or other business combination with another person or entity whereby such other person or entity
acquires more than 50% of our outstanding shares of common stock, each, a ‘Fundamental Transaction,’ then upon any
subsequent exercise of the warrants, the holders thereof will have the right to receive the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of warrant shares then issuable upon exercise of the
warrant, and any additional consideration payable as part of the Fundamental Transaction.

 

    2

     

    

 

Rights as a Stockholder.  Except
as otherwise provided in the warrants or by virtue of such holder's ownership of shares of our common stock, the holder of a warrant
does not have the rights or privileges of a holder of our common stock, including any voting rights, until the holder exercises
the warrant.

 

Anti-Takeover Effects of Delaware Law
and Our Certificate of Incorporation and Bylaws

 

Some provisions of Delaware law, our restated
certificate of incorporation and our amended and restated bylaws contain provisions that could make the following transactions
more difficult: an acquisition of us by means of a tender offer; an acquisition of us by means of a proxy contest or otherwise;
or the removal of our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish
or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including
transactions which provide for payment of a premium over the market price for our shares.

 

These provisions, summarized below, are
intended to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage
persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of the increased
protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure
us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement
of their terms.

 

Undesignated Preferred Stock. The
ability of our board of directors, without action by the stockholders, to issue up to 10,000,000 shares of undesignated preferred
stock with voting or other rights or preferences as designated by our board of directors could impede the success of any attempt
to change control of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control
or management of our company.

 

Stockholder Meetings. Our amended
and restated bylaws provide that a special meeting of stockholders may be called only by our chairman of the board or chief executive
officer (or president, if there is no chief executive officer), or by a resolution adopted by a majority of our board of directors.

 

Requirements for Advance Notification
of Stockholder Nominations and Proposals. Our amended and restated bylaws establish advance notice procedures with respect
to stockholder proposals to be brought before a stockholder meeting and the nomination of candidates for election as directors,
other than nominations made by or at the direction of the board of directors or a committee of the board of directors.

 

Elimination of Stockholder Action by
Written Consent. Our restated certificate of incorporation and amended and restated bylaws eliminate the right of stockholders
to act by written consent without a meeting.

 

Staggered Board. Our board
of directors is divided into three classes. The directors in each class will serve for a three-year term, one class being elected
each year by our stockholders. This system of electing and removing directors may tend to discourage a third-party from making
a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to
replace a majority of the directors.

 

Removal of Directors. Our restated
certificate of incorporation provides that no member of our board of directors may be removed from office by our stockholders except
for cause and, in addition to any other vote required by law, upon the approval of not less than two-thirds (2/3) of the total
voting power of all of our outstanding voting stock then entitled to vote in the election of directors.

 

Stockholders Not Entitled to Cumulative
Voting. Our restated certificate of incorporation does not permit stockholders to cumulate their votes in the election
of directors. Accordingly, the holders of a majority of the outstanding shares of our common stock entitled to vote in any election
of directors can elect all of the directors standing for election, if they choose, other than any directors that holders of our
preferred stock may be entitled to elect.

 

Delaware Anti-Takeover Statute. We
are subject to Section 203 of the Delaware General Corporation Law, which prohibits persons deemed to be “interested stockholders”
from engaging in a “business combination” with a publicly held Delaware corporation for three years following the date
these persons become interested stockholders unless the business combination is, or the transaction in which the person became
an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested
stockholder” is a person who, together with affiliates and associates, owns, or within three years prior to the determination
of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a “business combination”
includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The
existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by the board
of directors.

 

    3

     

    

 

Amendment of Charter Provisions. The
amendment of any of the above provisions, except for the provision making it possible for our board of directors to issue preferred
stock, would require approval by holders of at least 66 2/3% of the total voting power of all of our outstanding voting stock.

 

The provisions of Delaware law, our restated
certificate of incorporation and our amended and restated bylaws could have the effect of discouraging others from attempting hostile
takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often
result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the
composition of our board and management. It is possible that these provisions could make it more difficult to accomplish transactions
that stockholders may otherwise deem to be in their best interests.

 

Transfer and Warrant Agent and Registrar

 

The transfer and warrant agent and registrar
for our common stock and registered warrants is VStock Transfer, LLC.

 

Listing

 

Our shares of common are quoted on The
Nasdaq Capital Market under the symbol “EYEG.”

 

    4

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