Document:

Amended and Restated Trust Agreement of Nexity Capital Trust III

 Exhibit 10.1 
 AMENDED AND RESTATED TRUST AGREEMENT 
 OF 
 NEXITY CAPITAL TRUST III 
 JUNE 20,
2008 

 Table of Contents 
  

					
	 	  	Page
	 ARTICLE I INTERPRETATION AND DEFINITIONS
	  	1
			
	 SECTION 1.1
	 	 DEFINITIONS.
	  	1
		
	 ARTICLE II TRUST INDENTURE ACT; LIST OF HOLDERS; REPORTS; DEFAULTS
	  	7
			
	 SECTION 2.1
	 	 TRUST INDENTURE ACT; APPLICATION.
	  	7
	 SECTION 2.2
	 	 LISTS OF HOLDERS OF SECURITIES
	  	7
	 SECTION 2.3
	 	 REPORTS BY THE PROPERTY TRUSTEE
	  	8
	 SECTION 2.4
	 	 PERIODIC REPORTS TO PROPERTY TRUSTEE
	  	9
	 SECTION 2.5
	 	 EVENTS OF DEFAULT; WAIVER
	  	10
	 SECTION 2.6
	 	 EVENT OF DEFAULT; NOTICE
	  	12
	 SECTION 2.7
	 	 PROPERTY TRUSTEE AS CREDITOR
	  	12
		
	 ARTICLE III ORGANIZATION
	  	15
			
	 SECTION 3.1
	 	 NAME
	  	15
	 SECTION 3.2
	 	 OFFICE
	  	15
	 SECTION 3.3
	 	 PURPOSE
	  	15
	 SECTION 3.4
	 	 AUTHORITY
	  	15
	 SECTION 3.5
	 	 TITLE TO PROPERTY OF THE TRUST
	  	16
	 SECTION 3.6
	 	 POWERS AND DUTIES OF THE ADMINISTRATIVE
TRUSTEES
	  	16
	 SECTION 3.7
	 	 PROHIBITION OF ACTIONS BY THE TRUST
AND THE TRUSTEES
	  	18
	 SECTION 3.8
	 	 POWERS AND DUTIES OF THE PROPERTY
TRUSTEE
	  	18
	 SECTION 3.9
	 	 CERTAIN DUTIES AND RESPONSIBILITIES OF THE
PROPERTY TRUSTEE
	  	20
	 SECTION 3.10
	 	 CERTAIN RIGHTS OF PROPERTY TRUSTEE
	  	22
	 SECTION 3.11
	 	 DELAWARE TRUSTEE
	  	24
	 SECTION 3.12
	 	 EXECUTION OF DOCUMENTS
	  	24
	 SECTION 3.13
	 	 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE
OF SECURITIES
	  	24
	 SECTION 3.14
	 	 DURATION OF TRUST
	  	25
	 SECTION 3.15
	 	 MERGERS
	  	25
		
	 ARTICLE IV COMPANY
	  	26
			
	 SECTION 4.1
	 	 COMPANY’S PURCHASE OF COMMON
SECURITIES
	  	26
	 SECTION 4.2
	 	 RESPONSIBILITIES OF THE COMPANY
	  	27
	 SECTION 4.3
	 	 RIGHT TO PROCEED
	  	27
		
	 ARTICLE V TRUSTEES
	  	27
			
	 SECTION 5.1
	 	 NUMBER OF TRUSTEES: APPOINTMENT OF
CO-TRUSTEE
	  	27
	 SECTION 5.2
	 	 DELAWARE TRUSTEE
	  	28
	 SECTION 5.3
	 	 PROPERTY TRUSTEE; ELIGIBILITY
	  	28
	 SECTION 5.4
	 	 CERTAIN QUALIFICATIONS OF ADMINISTRATIVE TRUSTEES
AND DELAWARE TRUSTEE GENERALLY
	  	29
	 SECTION 5.5
	 	 ADMINISTRATIVE TRUSTEES
	  	29
	 SECTION 5.6
	 	 DELAWARE TRUSTEE
	  	29
	 SECTION 5.7
	 	 APPOINTMENT, REMOVAL AND RESIGNATION OF TRUSTEES

	  	30
	 SECTION 5.8
	 	 VACANCIES AMONG TRUSTEES
	  	31
	 SECTION 5.9
	 	 EFFECT OF VACANCIES
	  	31
	 SECTION 5.10
	 	 MEETINGS
	  	32
	 SECTION 5.11
	 	 DELEGATION OF POWER
	  	32
	 SECTION 5.12
	 	 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS
	  	32
		
	 ARTICLE VI DISTRIBUTIONS
	  	33

  

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	 SECTION 6.1
	 	 DISTRIBUTIONS.
	  	33
		
	 ARTICLE VII ISSUANCE OF SECURITIES
	  	33
			
	 SECTION 7.1
	 	 GENERAL PROVISIONS REGARDING SECURITIES.
	  	33
	 SECTION 7.2
	 	 EXECUTION AND AUTHENTICATION.
	  	34
	 SECTION 7.3
	 	 FORM AND DATING.
	  	34
	 SECTION 7.4
	 	 REGISTRAR AND PAYING AGENT
	  	35
	 SECTION 7.5
	 	 PAYING AGENT TO HOLD MONEY IN TRUST.

	  	35
	 SECTION 7.6
	 	 REPLACEMENT SECURITIES
	  	35
	 SECTION 7.7
	 	 OUTSTANDING PREFERRED SECURITIES.
	  	36
	 SECTION 7.8
	 	 PREFERRED SECURITIES IN TREASURY
	  	36
	 SECTION 7.9
	 	 TEMPORARY SECURITIES
	  	36
	 SECTION 7.10
	 	 CANCELLATION.
	  	36
	 SECTION 7.11
	 	 CUSIP NUMBERS.
	  	37
		
	 ARTICLE VIII TERMINATION OF TRUST
	  	37
			
	 SECTION 8.1
	 	 TERMINATION OF TRUST.
	  	37
	 SECTION 8.2
	 	 LIQUIDATION
	  	38
		
	 ARTICLE IX TRANSFER OF INTERESTS
	  	40
			
	 SECTION 9.1
	 	 TRANSFER OF SECURITIES.
	  	40
	 SECTION 9.2
	 	 TRANSFER PROCEDURES AND RESTRICTIONS
	  	40
	 SECTION 9.3
	 	 DEEMED SECURITY HOLDERS.
	  	41
	 SECTION 9.4
	 	 RESTRICTION ON TRANSFERS
	  	42
		
	 ARTICLE X LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS
	  	
		 		  	42
	 SECTION 10.1
	 	 LIABILITY
	  	42
	 SECTION 10.2
	 	 EXCULPATION.
	  	42
	 SECTION 10.3
	 	 FIDUCIARY DUTY.
	  	43
	 SECTION 10.4
	 	 INDEMNIFICATION.
	  	44
	 SECTION 10.5
	 	 OUTSIDE BUSINESSES
	  	47
		
	 ARTICLE XI ACCOUNTING
	  	47
			
	 SECTION 11.1
	 	 FISCAL YEAR
	  	47
	 SECTION 11.2
	 	 CERTAIN ACCOUNTING MATTERS.
	  	47
	 SECTION 11.3
	 	 BANKING
	  	48
	 SECTION 11.4
	 	 WITHHOLDING
	  	48
		
	 ARTICLE XII AMENDMENTS AND MEETINGS
	  	48
			
	 SECTION 12.1
	 	 AMENDMENTS
	  	48
	 SECTION 12.2
	 	 MEETINGS OF THE HOLDERS OF SECURITIES;
ACTION BY WRITTEN CONSENT.
	  	50
		
	 ARTICLE XIII REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE
	  	51
			
	 SECTION 13.1
	 	 REPRESENTATIONS AND WARRANTIES OF PROPERTY TRUSTEE

	  	51
	 SECTION 13.2
	 	 REPRESENTATIONS AND WARRANTIES OF DELAWARE TRUSTEE

	  	52
		
	 ARTICLE XIV MISCELLANEOUS
	  	53
			
	 SECTION 14.1
	 	 NOTICES.
	  	53
	 SECTION 14.2
	 	 GOVERNING LAW.
	  	54
	 SECTION 14.3
	 	 INTENTION OF THE PARTIES
	  	54
	 SECTION 14.4
	 	 HEADINGS
	  	54
	 SECTION 14.5
	 	 SUCCESSORS AND ASSIGNS.
	  	54
	 SECTION 14.6
	 	 PARTIAL ENFORCEABILITY
	  	55
	 SECTION 14.7
	 	 COUNTERPARTS
	  	55

  

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	 ANNEX I
	 	TERMS OF FLOATING RATE PREFERRED SECURITIES AND FLOATING RATE COMMON SECURITIES	  	I-1
	 EXHIBIT A-1
	 	 FORM OF PREFERRED SECURITY CERTIFICATE
	  	A1-1
	 EXHIBIT A-2
	 	 FORM OF COMMON SECURITY CERTIFICATE
	  	A2-1

  

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 AMENDED AND RESTATED 
 TRUST AGREEMENT 
 OF 
 NEXITY CAPITAL TRUST III 
 June 20, 2008 
 AMENDED AND RESTATED TRUST AGREEMENT (“Trust Agreement”) dated and effective as of June 20, 2008, by the Trustees (as defined herein), the
Company (as defined herein) and by the Holders (as defined herein), from time to time, of undivided beneficial interests in the Trust to be issued pursuant to this Trust Agreement; 
 WHEREAS, the Delaware Trustee and the Company established Nexity Capital Trust III (the “Trust”), a statutory trust created under the Delaware
Statutory Trust Act pursuant to a Trust Agreement dated as of June 11, 2008 (the “Original Agreement”), and a Certificate of Trust filed with the Secretary of State of the State of Delaware on June 16, 2008, for the sole purpose
of issuing and selling certain securities representing undivided beneficial interests in the assets of the Trust and investing the proceeds thereof in certain Notes of the Note Issuer (each as hereinafter defined); 
 WHEREAS, prior to the date hereof, no Trust Securities have been issued; 
 WHEREAS, all of the Trustees and the Company, by this Trust Agreement, amend and restate each and every term and provision of the Original Agreement; and 
 NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a statutory trust under the Statutory Trust Act (as defined herein)
under the name “Nexity Capital Trust III,” and that this Trust Agreement constitute the governing instrument of such statutory trust, the Trustees declare that all assets contributed to the Trust will be held in trust for the benefit of
the Holders (as defined herein), from time to time, of the securities representing undivided beneficial interests in the assets of the Trust issued hereunder, subject to the provisions of this Trust Agreement. 
 ARTICLE I 
 INTERPRETATION AND
DEFINITIONS 
 SECTION 1.1 Definitions. 
 Unless the context otherwise requires: 
 (a) Capitalized terms used in this Trust Agreement but not defined
in the preamble above or elsewhere herein have the respective meanings assigned to them in this Section 1.1; 
 (b) a term defined
anywhere in this Trust Agreement has the same meaning throughout; 
  

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 (c) all references to “the Trust Agreement” or “this Trust Agreement” are to this
Trust Agreement (including Appendix I hereto and Exhibit A hereto) as modified, supplemented or amended from time to time; 
 (d) all
references in this Trust Agreement to Articles and Sections and Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits to this Trust Agreement unless otherwise specified; 
 (e) a term defined in the Indenture (as defined herein) has the same meaning when used in this Trust Agreement unless otherwise defined in this Trust
Agreement or the context otherwise requires; and 
 (f) a reference to the singular includes the plural and vice versa. 
 “Administrative Trustee” has the meaning set forth in Section 5.1. 
 “Affiliate” has the same meaning as given to that term in Rule 405 under the Securities Act or any successor rule thereunder.

 “Agent” means any Paying Agent or Registrar. 
 “Authorized Officer” of a Person means any other Person that is authorized to legally bind such Person. 
 “Business Day” means any day other than a Saturday or a Sunday or a day on which banking institutions in The City of New York,
Wilmington, Delaware or Birmingham, Alabama are authorized or required by law or executive order to close. 
 “Code” means
the Internal Revenue Code of 1986, as amended from time to time, or any successor legislation. 
 “Commission” means the
United States Securities and Exchange Commission as from time to time constituted, or if any time after the execution of this Trust Agreement such Commission is not existing and performing the duties now assigned to it under applicable Federal
securities laws, then the body performing such duties at such time. 
 “Common Securities” has the meaning specified in
Section 7.1(a). 
 “Company” means Nexity Financial Corporation, a Delaware corporation, or any successor entity
resulting from any merger, consolidation, amalgamation or other business combination. 
 “Company Indemnified Person” means
(a) any Administrative Trustee; (b) any Affiliate of any Administrative Trustee; (c) any officers, directors, shareholders, members, partners, employees, representatives or agents of any Administrative Trustee; or (d) any
officer, employee or agent of the Trust or its Affiliates. 
  

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 “Corporate Trust Office” means the office of the Property Trustee at which the corporate
trust business of the Property Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Agreement is located at Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890, Attn: Corporate Trust Administration. 
 “Coupon Rate” has the meaning set forth in
Section 2(a) of Annex I hereto. 
 “Covered Person” means: (a) any trustee, officer, director, shareholder,
partner, member, representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any Holders of Securities. 
 “Default” means an event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. 
 “Definitive Preferred Securities” shall have the meaning set forth in Section 7.3. 
 “Delaware Trustee” has the meaning set forth in Section 5.2. 
 “Determination Date” has the meaning set forth in Section 2(a) of Annex I hereto. 
 “Direct Action” shall have the meaning set forth in Section 3.8(e). 
 “Distribution” means a distribution payable to Holders of Securities in accordance with Section 6.1. 
 “Distribution Date” has the meaning set forth in Section 2(b) of Annex I hereto. 
 “Distribution Period” has the meaning set forth in Section 2(a) of Annex I hereto. 
 “ERISA” means the Employee Retirement Income Security Act, as amended. 
 “Event of Default” in respect of the Securities means an Event of Default (as defined in the Indenture) that has occurred and is
continuing in respect of the Notes. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, or any successor legislation. 
 “Extension Period” has the meaning set forth in Section 2(b) of Annex I hereto.

 “Fiduciary Indemnified Person” has the meaning set forth in Section 10.4(b). 
 “Guarantor” means Nexity Financial Corporation, a Delaware corporation, or any successor entity resulting from any consolidation,
amalgamation, merger or other business combination in its capacity as guarantor under each of the Securities Guarantees, as the case may be. 
 “Holder” means a Person in whose name a Security is registered, such Person being a beneficial owner within the meaning of the Statutory Trust Act. 
  

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 “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified
Person. 
 “Indenture” means the Indenture dated as of June 20, 2008, among the Note Issuer and the Note Trustee, as
amended from time to time. 
 “Investment Company” means an investment company as defined in the Investment Company Act.

 “Investment Company Act” means the Investment Company Act of 1940, as amended from time to time, or any successor
legislation. 
 “Legal Action” has the meaning set forth in Section 3.6(g). 
 “Like Amount” has the meaning set forth in Section 3 of Annex I hereto. 
 “Liquidation Amount” with respect to any Security means the amount designated as such with respect thereto in Annex I hereto.

 “Majority in Liquidation Amount” means, with respect to the Trust Securities, except as provided in the terms of the
Preferred Securities, Holder(s) of outstanding Trust Securities voting together as a single class or, as the context may require, Holders of outstanding Preferred Securities or Holders of outstanding Common Securities voting separately as a class,
who are the record owners of more than 50% of the aggregate Liquidation Amount (including the stated amount that would be paid on prepayment, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting
percentages are determined) of all outstanding Securities of the relevant class. 
 “Ministerial Action” has the meaning set
forth in Annex I hereto. 
 “Note Issuer” means Nexity Financial Corporation, a Delaware corporation, or any successor
entity resulting from any consolidation, amalgamation, merger or other business combination, in its capacity as issuer of the Notes under the Indenture. 
 “Note Trustee” means Wilmington Trust Company, as trustee under the Indenture until a successor is appointed thereunder, and thereafter means such successor trustee. 
 “Notes” means the Floating Rate Junior Subordinated Notes due July 1, 2038 of the Note Issuer issued pursuant to the Indenture.

 “Officers’ Certificate” means, with respect to any Person, a certificate signed by two of the following: the Chief
Executive Officer, the President, a Vice President, the Controller or the Secretary or an Assistant Secretary, the Treasurer or an Assistant Treasurer of such Person. Any Officers’ Certificate delivered with respect to compliance with a
condition or covenant provided for in this Trust Agreement shall include: 
 (a) a statement that each officer signing the Certificate has
read the covenant or condition and the definitions relating thereto; 
  

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 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each
officer in rendering the Certificate; 
 (c) a statement that each such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. 
 “Opinion of Counsel” shall mean a written opinion of counsel, who may be an employee of the Company, and who shall be acceptable to the Property Trustee. 
 “Paying Agent” has the meaning specified in Section 7.4. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Plan Asset Entity” has the meaning specified in Section 7.12. 
 “Preferred Securities” has the meaning specified in Section 7.1(a). 
 “Preferred Securities Guarantee” means the guarantee agreement dated as of June 20, 2008 of the Guarantor in respect of the
Preferred Securities. 
 “Prepayment Price” has the meaning set forth in Section 4(a) of Annex I hereto. 
 “Private Offering Memorandum” has the meaning set forth in Section 3.6(b). 
 “Property Trustee” has the meaning set forth in Section 5.3(a). 
 “Property Trustee Account” has the meaning set forth in Section 3.8(c). 
 “Quorum” means a majority of the Administrative Trustees or, if there are only two Administrative Trustees, both of them. 
 “Registrar” has the meaning set forth in Section 7.4. 
 “Related Party” means, with respect to the Company, any direct or indirect wholly owned subsidiary of the Company or any other Person
that owns, directly or indirectly, 100% of the outstanding voting securities of the Company. 
 “Responsible Officer” means,
with respect to the Property Trustee, any officer assigned to the Corporate Trust Office of the Property Trustee, including any managing director, vice president, assistant vice president, assistant treasurer, assistant secretary, financial services
officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers, and having direct responsibility for the 

  

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administration of this Trust Agreement and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of that officer’s knowledge of and familiarity with the particular subject. 
 “Rule 3a-5” means Rule 3a-5
under the Investment Company Act, or any successor rule or regulation. 
 “Securities” or “Trust
Securities” means the Common Securities and the Preferred Securities. 
 “Securities Act” means the Securities Act
of 1933, as amended from time to time, or any successor legislation. 
 “Securities Guarantees” means the Preferred
Securities Guarantee. 
 “Stated Maturity” means July 1, 2038. 
 “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code §3801 et seq., as it may be amended from time
to time or any successor legislation. 
 “Successor Delaware Trustee” has the meaning specified in Section 5.7(b)(ii).

 “Successor Entity” has the meaning specified in Section 3.15(b). 
 “Successor Property Trustee” has the meaning specified in Section 5.7(b)(i). 
 “Successor Securities” has the meaning specified in Section 3.15(b). 
 “Super Majority” has the meaning set forth in Section 2.5(a)(ii). 
 “3-Month LIBOR” has the meaning set forth in Section 2(a) of Annex I hereto. 
 “10% in Liquidation Amount” means, with respect to the Trust Securities, except as provided in the terms of the Preferred Securities,
Holder(s) of outstanding Trust Securities voting together as a single class or, as the context may require, Holders of outstanding Preferred Securities or Holders of outstanding Common Securities voting separately as a class, who are the record
owners of 10% or more of the aggregate Liquidation Amount (including the stated amount that would be paid on prepayment, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities of the relevant class. 
 “Treasury Regulations” means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United States Treasury, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Trustee” or “Trustees” means each Person who has signed this Trust Agreement as a trustee (including the Property
Trustee, the Delaware Trustee and the Administrative Trustees), 

  

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so long as such Person shall continue as a trustee of the Trust in accordance with the terms hereof, and all other Persons who may from time to time be duly
appointed, qualified and serving as Trustees in accordance with the provisions hereof, and references herein to a Trustee or the Trustees shall refer to such Person or Persons solely in their capacity as trustees hereunder. 
 ARTICLE II 
 TRUST INDENTURE ACT;
LIST OF HOLDERS; REPORTS; DEFAULTS 
 SECTION 2.1 Trust Indenture Act; Application. 
 This Trust Agreement is not subject to the provisions of the Trust Indenture Act. 
 SECTION 2.2 Lists of Holders of Securities. 
 (a) Each of the Company and the Administrative Trustees
on behalf of the Trust shall provide the Property Trustee, unless the Property Trustee is Registrar for the Securities, (i) within 5 days after each record date for payment of Distributions, a list, in such form as the Property Trustee may
reasonably require, of the names and addresses of the Holders of the Securities (“List of Holders”) as of such record date, provided that neither the Company nor the Administrative Trustees on behalf of the Trust shall be obligated to
provide such List of Holders at any time the List of Holders does not differ from the most recent List of Holders given to the Property Trustee by the Company and the Administrative Trustees on behalf of the Trust, and (ii) at any other time,
within 30 days of receipt by the Trust of a written request for a List of Holders as of a date no more than 14 days before such List of Holders is given to the Property Trustee. The Property Trustee shall preserve, in as current a form as is
reasonably practicable, all information contained in Lists of Holders given to it or which it receives in the capacity as Paying Agent (if acting in such capacity), provided that the Property Trustee may destroy any List of Holders previously given
to it on receipt of a new List of Holders. 
 (b) Within five Business Days after the receipt by the Property Trustee of a written
application by three or more Holders stating that the applicants desire to communicate with other holders of Preferred Securities with respect to their rights under such Trust Agreement or under the Preferred Securities, and accompanied by a copy of
the form of proxy or other communication which such applicants propose to transmit, and by reasonable proof that each such applicant has owned a Preferred Security for a period of at least six months preceding the date of such application, such
Property Trustee shall, at its election, either– 
 (1) Afford to such applicants access to all information so furnished to or received
by the Property Trustee; or 
 (2) Inform such applicants as to the approximate number of Holders according to the most recent information so
furnished to or received by the Property Trustee, and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application. 
 If the Property Trustee shall elect not to afford to such applicants access to such information, the Property Trustee shall, upon the written request of
such applicants, mail to all such Holders copies of the form of proxy or other communication which is specified in such 

  

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request, with reasonable promptness after a tender to the Property Trustee of the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of such mailing, unless within five Business Days after such tender, the Property Trustee shall mail to such applicants, a written statement to the effect that, in the opinion of the Property Trustee, such mailing would be
contrary to the best interests of the Holders, or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. 
 SECTION 2.3 Reports by the Property Trustee 
 (a) Within 60 days after July 1 of each year, commencing July 1,
2009, the Property Trustee shall provide to the Holders a brief report with respect to any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be
transmitted): 
 (1) The character and amount of any advances made by it, as Property Trustee, which remain unpaid on the date of such report,
and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Preferred Securities, on the trust estate or on property or funds held or collected by it as the Property Trustee, if such advances so remaining unpaid
aggregate more than one-half of one per centum of the principal amount of the Preferred Securities outstanding on such date; 
 (2) Any
change to the amount, interest rate, and maturity date of all other indebtedness owning to it in its individual capacity, on the date of such report, by the Trust, with a brief description of any property held as collateral security therefor, except
an indebtedness based upon a creditor relationship arising in any manner described in Section 2.2(b)(3)(B), (C) or (D); 
 (3) Any
change to the property and funds physically in its possession as Property Trustee on the date of such report; 
 (4) Any additional issue of
Preferred Securities which it has not previously reported; and 
 (5) Any action taken by it in the performance of its duties under the Trust
Agreement which it has not previously reported and which in its opinion materially affects the Preferred Securities or the trust estate. 
 (b) The Property Trustee shall transmit to the Holders a brief report with respect to the character and amount of any advances made by it as such since the date of the last report transmitted pursuant to the provisions of subsection
(a) (or if no such report has yet been so transmitted, since the date of execution of the Trust Agreement), for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Preferred Securities, on the trust estate
or on property or funds held or collected by it as such Property Trustee, and which it has not previously reported pursuant to this paragraph, if such advances remaining unpaid at any time aggregate more than 10 per centum of the principal
amount of Preferred Securities outstanding at such time, such report to be so transmitted within 90 days after such time. 
 (c) Reports
pursuant to this section shall be transmitted by mail– 
  

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 (1) To all registered holders of Preferred Securities, as the names and addresses of such Holders appear
upon the registration books of the Issuer; and 
 (2) To such holders of Preferred Securities as have, within the two years preceding such
transmission, filed their names and addresses with the Property Trustee for that purpose. 
 SECTION 2.4 Periodic Reports to Property Trustee

 (a) The Trust shall: 
 (1) File
with the Property Trustee, copies of the annual reports and of the information, documents and other reports which the Trust is required to file with the Securities and Exchange Commission or deliver to its shareholders, if any. Delivery of such
reports, information and documents to the Property Trustee is for informational purposes only and the Property Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Trust’s compliance with any of its covenants hereunder (as to which the Property Trustee is entitled to conclusively rely exclusively on Officers’ Certificates); 
 (2) File with the Property Trustee, such additional information, documents, and reports with respect to compliance by the Trust with the conditions and
covenants provided for in the Trust Agreement, as may be required by such rules and regulations, including, in the case of annual reports, if required by such rules and regulations, certificates or opinions of independent public accountants,
conforming to the requirements of subsection (c) of this section, as to compliance with conditions or covenants, compliance with which is subject to verification by accountants, but no such certificate or opinion shall be required as to any
matter specified in clauses (A), (B), or (C) of Section 2.4(b)(3); 
 (3) Transmit to the Holders, in the manner and to the extent
provided, such summaries of any information, documents, and reports required to be filed by the Trust pursuant to the provisions of this Section 2.4(a); and 
 (4) Furnish to the Property Trustee, not less than annually, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the
Trust’s compliance with all conditions and covenants under the Trust Agreement. For purposes of this paragraph, such compliance shall be determined without regard to any period of grace or requirement of notice provided under the Trust
Agreement. 
 (b) The Trust shall furnish to the Property Trustee evidence of compliance with the conditions precedent, if any, provided for
in the Trust Agreement (including any covenants compliance with which constitutes a condition precedent) which relate to the satisfaction and discharge of the Trust Agreement, or to any other action to be taken by the Property Trustee at the request
or upon the application of such obligor. Such evidence shall consist of the following: 
 (1) Certificates or opinions made by officers of the
Trust who are specified in the Trust Agreement, stating that such conditions precedent have been complied with; 
  

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 (2) An opinion of counsel (who may be of counsel of the Trust) stating that in his opinion such
conditions precedent have been complied with; and 
 (3) In the case of conditions precedent compliance with which is subject to verification
by accountants (such as conditions with respect to the preservation of specified ratios, the amount of net quick assets, negative-pledge clauses, and other similar specific conditions), a certificate or opinion of an accountant. No certificate or
opinion need be made by any person other than an officer who, in case of any such conditions precedent to the authentication and delivery of Securities, and not otherwise, shall be an independent public accountant selected or approved by the
Property Trustee in the exercise of reasonable care, if the aggregate principal amount of such Preferred Securities and other Preferred Securities authenticated and delivered since the commencement of the then current calendar (other than those with
respect to which a certificate or opinion of an accountant is not required, or with respect to which a certificate or opinion of an independent public accountant has previously been furnished (is 10 per centum or more of the aggregate amount of
the Securities at the time outstanding; but no certificate or opinion need be made by any person other than an officer or employee of such obligor who is specified in the Guarantee, as to (A) dates or periods not covered by annual reports
required to be filed by the Trust, in the case of conditions precedent which depend upon a state of facts as of a date or dates or for a period or periods different from that required to be covered by such annual reports, or (B) the amount and
value of property additions, or (C) the adequacy of depreciation, maintenance or repairs. 
 (c) Each certificate or opinion with
respect to compliance with a condition or covenant provided for in the Trust Agreement (other than certificates provided pursuant to subsection (a)(4) of this section) shall include (1) a statement that the person making such certificate or
opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement
that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to
whether or not, in the opinion of such person, such condition or covenant has been complied with. 
 SECTION 2.5 Events of Default; Waiver.

 (a) The Holders of a Majority in Liquidation Amount of Preferred Securities may, by vote, on behalf of the Holders of all of the Preferred
Securities, waive any past Event of Default in respect of the Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture: 
 (i) is not waivable under the Indenture, the Event of Default under the Trust Agreement shall also not be waivable; or 
 (ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Notes (a “Super Majority”) to
be waived under the Indenture, the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate Liquidation Amount of the Preferred Securities that the relevant Super Majority
represents of the aggregate principal amount of the Notes outstanding. 
  

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 Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Preferred
Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or an Event of Default with respect to the Preferred Securities or impair
any right consequent thereon. Any waiver by the Holders of the Preferred Securities of an Event of Default with respect to the Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event
of Default with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders of the Common Securities. 
 (b) The Holders of a Majority in Liquidation Amount of the Common Securities may, by vote, on behalf of the Holders of all of the Common Securities,
waive any past Event of Default with respect to the Common Securities and its consequences, provided that, if the underlying Event of Default under the Indenture: 
 (i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust
Agreement as provided below in this Section 2.5(b), the Event of Default under the Trust Agreement shall also not be waivable; or 
 (ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Trust Agreement as provided below in this Section 2.5(b),
the Event of Default under the Trust Agreement may only be waived by the vote of the Holders of at least the proportion in aggregate Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal
amount of the Notes outstanding; 
 provided further, that each Holder of Common Securities will be deemed to have waived any such Event of
Default and all Events of Default with respect to the Common Securities and its consequences if all Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated, and until such Events of Default have
been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Preferred Securities and only the Holders of the Preferred Securities will have the right to direct the Property
Trustee in accordance with the terms of the Securities. Subject to the foregoing provisions of this Section 2.5(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising
therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent
thereon. 
 (c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the written direction of the Holders of the
Preferred Securities, constitutes a waiver of the corresponding Event of Default under this Trust Agreement. 
  

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 SECTION 2.6 Event of Default; Notice. 
 (a) The Property Trustee shall, within 90 days after a Responsible Officer of the Property Trustee obtains actual knowledge of the occurrence of an Event
of Default, transmit by mail, first class postage prepaid, to the Holders of the Securities, Administrative Trustees and the Company, notices of all Defaults with respect to the Securities actually known to a Responsible Officer of the Property
Trustee unless such Defaults have been cured before the giving of such notice; provided that, except for a Default in the payment of principal of (or premium, if any) or interest on any of the Notes, the Property Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Property Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities. 
 (b) The Property Trustee shall not be deemed to have actual knowledge of any Default or Event of Default except: 
 (i) Default or Event of Default under Sections 5.01(a) and 5.01(b) of the Indenture; or 
 (ii) any Default or Event of Default as to which the Property Trustee shall have received written notice or of which a Responsible Officer of the
Property Trustee charged with the administration of the Trust Agreement shall have actual knowledge. 
 (c) The Company and Administrative
Trustees shall file annually with the Property Trustee a certification as to whether or not they are in compliance with all the conditions and covenants applicable to them under this Trust Agreement. 
 SECTION 2.7 Property Trustee as Creditor. 
 (a)
Subject to the provisions of subsection (b) of this section, if the Property Trustee shall be, or shall become, a creditor, directly or indirectly, secured or unsecured, of the Trust, within three months prior to any failure to make payment in
full of any Trust Agreement payment under the this Trust Agreement subsequent to such a default, then, unless and until such default shall be cured, the Property Trustee shall set apart and hold in a special account for the benefit of the Property
Trustee individually and the Holders of Securities: 
 (1) An amount equal to any and all reductions in the amount due and owing upon any
claim as such creditor in respect of principal or interest, effected after the beginning of such three months’ period and valid as against the Trust and its creditors, except any such reduction resulting from the receipt or disposition of any
property described in paragraph (2) of this subsection, or from the exercise of any right of set-off which the Property Trustee could have exercised if a petition in bankruptcy had been filed by or against the Trust upon the date of such
default. 
 (2) All property received in respect of any claim as such creditor, either as security therefor, or in satisfaction or compromise
thereof, or otherwise, after the beginning of such three months’ period, of an amount equal to the proceeds or any such property, if disposed of, subject, however, to the rights, if any, of the Trust and its other creditors in such property or
such proceeds. 
  

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 (3) Nothing herein contained shall affect the right of the Property Trustee– 
 (A) To retain for its own account (a) payments made on account of any such claim by any person (other than the Trust) who is liable thereon, and
(b) the proceeds of the bona fide sale of any such claim by the Property Trustee to a third person, and (c) distributions made in cash, securities, or other property in respect of claims filed against the Trust in bankruptcy or
receivership or in proceedings for reorganization pursuant to the Federal Bankruptcy Act or applicable state law; 
 (B) To realize, for its
own account, upon any property held by it as security for any such claim, if such property was so held prior to the beginning of such three-months’ period; 
 (C) To realize, for its own account, but only to the extent of the claim hereinafter mentioned, upon any property held by it as security for any such claim, if such claim was created after the beginning of such three
months’ period and such property was received as security therefor simultaneously with the creation thereof, and if the Property Trustee shall sustain the burden of proving that at the time such property was so received the Property Trustee had
no reasonable cause to believe that a default would occur within three months; or 
 (D) To receive payment on any claim referred to in
paragraph (B) or (C), against the release of property held as security for such claim as provided in paragraph (B) or (C), as the case may be, to the extent of the fair value of such property. 
 For the purposes of paragraphs (B), (C) and (D), property substituted after the beginning of such three-months’ period for property held as
security at the time of such substitution shall, to the extent of the fair value of the property released, have the same status as the property released, and, to the extent that any claim referred to in any of such paragraphs is created in renewal
of or in substitution for or for the purpose of repaying or refunding any preexisting claim of the Property Trustee as such creditor, such claim shall have the same status as such preexisting claim. 
 (4) If the Property Trustee shall be required to account, the funds and property held in such special account and the proceeds thereof shall be
apportioned between the Property Trustee and the Holders in such manner that the Property Trustee and the Holders realize, as a result of payments from such special account and payments of dividends on claims filed against such obligor in bankruptcy
or receivership or in proceedings for reorganization pursuant to the Federal Bankruptcy Act or applicable state law, the same percentage of their respective claims, figured before crediting to the claim of the Property Trustee anything on account of
the receipt by it from such obligor of the funds and property in such special account and before crediting to the respective claims of the Property Trustee and the Holders dividends on claims filed against the Trust in bankruptcy or receivership or
in proceedings for reorganization pursuant to the Federal Bankruptcy Act or applicable state law, but after crediting thereon receipts on account of the indebtedness represented by their respective claims from all sources other than from such
dividends and from the funds and property so held in such special account. As used in this paragraph, with respect to any claim, the term “dividends” shall include any distributions with respect to such claim, in bankruptcy or receivership
or in proceedings for reorganization pursuant 

  

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to the Federal Bankruptcy Act or applicable state law, whether such distribution is made in cash, securities, or other property, but shall not include any
such distribution with respect to the secured portion, if any, of such claim. The court in which such bankruptcy, receivership or proceeding for reorganization is pending shall have jurisdiction (i) to apportion between the Property Trustee and
the Holders, in accordance with the provisions of this paragraph, the funds and property held in such special account and the proceeds thereof, or (ii) in lieu of such apportionment, in whole or in part, to give to the provisions of this
paragraph due consideration in determining the fairness of the distributions to be made to the Property Trustee and the Holders with respect to their respective claims, in which event it shall not be necessary to liquidate or to appraise the value
of any securities or other property held in such special account or as security for any such claim, or to make a specific allocation of such distributions as between the secured and unsecured portions of such claims, or otherwise to apply the
provisions of this paragraph as a mathematical formula. 
 (5) Any Property Trustee who has resigned or been removed after the beginning of
such three months’ period shall be subject to the provisions of this subsection as though such resignation or removal had not occurred. Any Property Trustee who has resigned or been removed prior to the beginning of such three months’
period shall be subject to the provisions of this subsection if and only if the following conditions exist (i) the receipt of property or reduction of claim which would have given rise to the obligation to account, if such Property Trustee had
continued as trustee, occurred after the beginning of such three-months’ period; and (ii) such receipt of property or reduction of claim occurred within three months after such resignation or removal. 
 (b) Creditor relationships arising from the following shall be excluded from the provisions of 2.2(a): 
 (1) The ownership or acquisition of securities issued under any indenture, or any security or securities having a maturity of one year or more at the time
of acquisition by the Property Trustee; 
 (2) Advances authorized by a receivership or bankruptcy court of competent jurisdiction for the
purpose of discharging tax liens or other prior liens or encumbrances on the trust estate, if notice of such advance and of the circumstances surrounding the making thereof is given to the Holders; 
 (3) Disbursements made in the ordinary course of business in the capacity of trustee under an indenture, transfer agent, registrar, custodian, paying
agent, fiscal agent or depositary, or other similar capacity; 
 (4) An indebtedness created as a result of services rendered or premises
rented; or an indebtedness created as a result of goods or securities sold in a cash transaction; 
 (5) The ownership of stock or of other
securities of a corporation organized under the provisions of Section 25(a) of the Federal Reserve Act, as amended, which is directly or indirectly a creditor of the Trust upon the Trust Securities; or 
  

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 (6) The acquisition, ownership, acceptance, or negotiation of any drafts, bills of exchange, acceptances,
or obligations which fall within the classification of self-liquidating paper. 
 ARTICLE III 
 ORGANIZATION 
 SECTION 3.1 Name. 
 The Trust is named “Nexity Capital Trust III” as such name may be modified from time to time by the Administrative Trustees following written
notice to the Property Trustee, the Delaware Trustee and the Holders of Securities. The Trust’s activities may be conducted under the name of the Trust or any other name deemed advisable by the Administrative Trustees. 
 SECTION 3.2 Office. 
 The address of the principal
office of the Trust is c/o Nexity Financial Corporation, 3500 Blue Lake Drive, Suite 330, Birmingham, Alabama 35243. On ten Business Days written notice to the Property Trustee, the Delaware Trustee and the Holders of Securities, the Administrative
Trustees may designate another principal office. 
 SECTION 3.3 Purpose. 
 The exclusive purposes and functions of the Trust are (a) to issue and sell Securities, (b) to use the gross proceeds from the sale of the Securities to acquire the Notes, and (c) except as otherwise
limited herein, to engage in only those other activities necessary, advisable or incidental thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from investments, mortgage or pledge any of its assets, or otherwise
undertake (or permit to be undertaken) any activity that would cause the Trust not to be classified for United States federal income tax purposes as a grantor trust. 
 SECTION 3.4 Authority. 
 Subject to the limitations provided in this Trust Agreement and to the
specific duties of the Property Trustee, the Administrative Trustees shall have exclusive and complete authority to carry out the purposes of the Trust. An action taken by the Administrative Trustees in accordance with their powers shall constitute
the act of and serve to bind the Trust and an action taken by the Property Trustee on behalf of the Trust in accordance with its powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the
Trust, no Person shall be required to inquire into the authority of the Trustees to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of the Trustees as set forth in this Trust Agreement. The
Administrative Trustees shall have only those ministerial duties set forth herein with respect to accomplishing the purposes of the trust and are not intended to be trustees or fiduciaries with respect to the Trust or the Holders. 
  

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 SECTION 3.5 Title to Property of the Trust. 
 Except as provided in Section 3.8 with respect to the Notes and the Property Trustee Account or as otherwise provided in this Trust Agreement, legal
title to all assets of the Trust shall be vested in the Trust. The Holders shall not have legal title to any part of the assets of the Trust, but shall have an undivided beneficial interest in the assets of the Trust. 
 SECTION 3.6 Powers and Duties of the Administrative Trustees. 
 The Administrative Trustees shall have the exclusive power, duty and authority to cause the Trust to engage in the following activities: 
 (a) to issue and sell the Preferred Securities and the Common Securities in accordance with this Trust Agreement; provided, however, that except, in the case of (i) and (ii), as contemplated in Section 7.1(a), (i) the Trust
may issue no more than one series of Preferred Securities and no more than one series of Common Securities, (ii) there shall be no interests in the Trust other than the Securities, and (iii) the issuance of Securities shall be limited to a
simultaneous issuance of both Preferred Securities and Common Securities; 
 (b) in connection with the issue and sale of the Preferred
Securities, at the direction of the Company, to: 
 (i) execute, if necessary, a private offering memorandum (the “Private Offering
Memorandum”) in preliminary and final form, including any amendments or supplements thereto, prepared by the Company, in relation to the offering and sale of Preferred Securities under an exemption from the registration requirements of
Section 5 of the Securities Act; 
 (ii) execute and file any documents prepared by the Company, or take any acts as determined by the
Company to be necessary in order to qualify or register all or part of the Preferred Securities in any State in which the Company has determined to qualify or register such Preferred Securities for sale; 
 (c) to acquire the Notes with the proceeds of the sale of the Preferred Securities and the Common Securities; provided, however, that the Administrative
Trustees shall cause legal title to the Notes to be held by the Property Trustee for the benefit of the Holders of the Preferred Securities and the Holders of Common Securities; 
 (d) to establish a record date with respect to all actions to be taken hereunder that require a record date be established, including and with respect to
Distributions, voting rights, prepayments and exchanges, and to issue relevant notices to the Holders of Preferred Securities and Holders of Common Securities as to such actions and applicable record dates; 
 (e) to take all actions and perform such duties as may be required of the Administrative Trustees pursuant to the terms of the Securities; 
  

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 (f) to bring or defend, pay, collect, compromise, arbitrate, resort to legal action, or otherwise adjust
claims or demands of or against the Trust (“Legal Action”), unless pursuant to Section 3.8(e), the Property Trustee has the exclusive power to bring such Legal Action; 
 (g) to employ or otherwise engage employees and agents (who may be designated as officers with titles) and managers, contractors, advisors, and
consultants and pay reasonable compensation for such services; 
 (h) to incur expenses that are necessary or incidental to carry out any of
the purposes of the Trust; 
 (i) to act as, or appoint another Person to act as, Registrar for the Securities or to appoint a Paying Agent
for the Securities as provided in Section 7.4 except for such time as such power to appoint a Paying Agent is vested in the Property Trustee; 
 (j) to give prompt written notice to the Property Trustee and to Holders of the Securities of any notice received from the Note Issuer of its election to defer payments of interest on the Notes by extending the interest payment period under
the Indenture; 
 (k) to execute all documents or instruments, perform all duties and powers, and do all things for and on behalf of the
Trust in all matters necessary or incidental to the foregoing; 
 (l) to take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory trust under the laws of the State of Delaware and of each other jurisdiction in which such existence is necessary to protect the
limited liability of the Holders of the Preferred Securities or to enable the Trust to effect the purposes for which the Trust was created; 
 (m) to take any action, not inconsistent with this Trust Agreement or with applicable law, that the Administrative Trustees determine in their discretion to be necessary or desirable in carrying out the activities of the Trust as set out in
this Section 3.6, including, but not limited to: 
 (i) causing the Trust not to be deemed to be an Investment Company required to be
registered under the Investment Company Act; 
 (ii) causing the Trust to be classified for United States federal income tax purposes as a
grantor trust; and 
 (iii) cooperating with the Note Issuer to ensure that the Notes will be treated as indebtedness of the Note Issuer for
United States federal income tax purposes; and 
 (n) to take all action necessary to cause all applicable tax returns and tax information
reports that are required to be filed with respect to the Trust to be duly prepared and filed by the Administrative Trustees, on behalf of the Trust. 
 The Administrative Trustees must exercise the powers set forth in this Section 3.6 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Administrative
Trustees shall not take any action that is inconsistent with the purposes and functions of the Trust set forth in Section 3.3. 
  

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 Subject to this Section 3.6, the Administrative Trustees shall have none of the powers or the
authority of the Property Trustee set forth in Section 3.8. 
 Any expenses incurred by the Administrative Trustees pursuant to this
Section 3.6 shall be reimbursed by the Company. 
 SECTION 3.7 Prohibition of Actions by the Trust and the Trustees. 
 The Trust shall not, and the Trustees (including the Property Trustee) shall not cause the Trust to, engage in any activity other than as required or
authorized by this Trust Agreement. The Trust shall not: 
 (a) invest any proceeds received by the Trust from holding the Notes, but shall
distribute all such proceeds to Holders of Securities pursuant to the terms of this Trust Agreement and of the Securities; 
 (b) acquire any
assets other than as expressly provided herein; 
 (c) possess Trust property for other than a Trust purpose; 
 (d) make any loans or incur any indebtedness other than loans represented by the Notes; 
 (e) possess any power or otherwise act in such a way as to vary the Trust assets or the terms of the Securities in any way whatsoever; 
 (f) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Securities; or 
 (g) other than as provided in this Trust Agreement or Annex I, (A) direct the time, method and place of conducting any proceeding with respect to
any remedy available to the Note Trustee, or exercising any trust or power conferred upon the Note Trustee with respect to the Notes, (B) waive any past default that is waivable under the Indenture, (C) exercise any right to rescind or
annul any declaration that the principal of all the Notes shall be due and payable, or (D) consent to any amendment, modification or termination of the Indenture or the Notes where such consent shall be required unless the Trust shall have
received an opinion of a nationally recognized independent tax counsel experienced in such matters to the effect that such amendment, modification or termination will not cause more than an insubstantial risk that, for United States federal income
tax purposes, the Trust will not be classified as a grantor trust. 
 SECTION 3.8 Powers and Duties of the Property Trustee. 
 (a) The legal title to the Notes shall be held by the Property Trustee in trust for the benefit of the Holders of the Securities. The right, title and
interest of the Property Trustee to the Notes shall vest automatically in each Person who may hereafter be appointed as Property 

  

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Trustee in accordance with Section 5.7. Such vesting and cessation of title shall be effective whether or not conveyancing documents with regard to the
Notes have been executed and delivered. 
 (b) The Property Trustee shall not transfer its right, title and interest in the Notes to the
Administrative Trustees or to the Delaware Trustee (if the Property Trustee does not also act as Delaware Trustee). 
 (c) The Property
Trustee shall: 
 (i) establish and maintain a segregated non-interest bearing trust account (the “Property Trustee Account”) in the
name of and under the exclusive control of the Property Trustee on behalf of the Holders of the Securities and, upon the receipt of payments of funds made in respect of the Notes held by the Property Trustee, deposit such funds into the Property
Trustee Account and make, or cause any Paying Agent to make, payments to the Holders of the Preferred Securities and Holders of the Common Securities from the Property Trustee Account in accordance with Section 6.1. Funds in the Property
Trustee Account shall be held uninvested until disbursed in accordance with this Trust Agreement; 
 (ii) engage in such ministerial
activities as shall be necessary or appropriate to effect the prepayment of the Preferred Securities and the Common Securities to the extent the Notes are redeemed or mature; and 
 (iii) upon written notice of distribution issued by the Administrative Trustees in accordance with the terms of the Securities, engage in such
ministerial activities as shall be necessary or appropriate to effect the distribution of the Notes to Holders of Securities upon the occurrence of certain events. 
 (d) The Property Trustee shall take all actions and perform such duties as may be specifically required of the Property Trustee pursuant to the terms of this Trust Agreement and the Securities. 
 (e) Subject to Section 3.9(a), the Property Trustee shall take any Legal Action which arises out of or in connection with an Event of Default of
which a Responsible Officer of the Property Trustee has actual knowledge or the Property Trustee’s duties and obligations under this Trust Agreement and if the Property Trustee shall have failed to take such Legal Action, the Holders of the
Preferred Securities may take such Legal Action, to the same extent as if such Holders of Preferred Securities held an aggregate principal amount of Notes equal to the aggregate Liquidation Amount of such Preferred Securities, without first
proceeding against the Property Trustee or the Trust; provided, however, that if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Note Issuer to pay the principal of or premium, if
any, or interest on the Notes on the date such principal, premium, if any, or interest is otherwise payable (or in the case of prepayment, on the prepayment date), then a Holder of Preferred Securities may directly institute a proceeding for
enforcement of payment to such Holder of the principal of or premium, if any, or interest on the Notes having a principal amount equal to the aggregate Liquidation Amount of the Preferred Securities of such Holder (a “Direct Action”) on or
after the respective due date specified in the Notes. In connection with 

  

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such Direct Action, the rights of the Holders of the Common Securities will be subrogated to the rights of such Holder of Preferred Securities to the extent
of any payment made by the Note Issuer to such Holder of Preferred Securities in such Direct Action. Except as provided in the preceding sentences, the Holders of Preferred Securities will not be able to exercise directly any other remedy available
to the holders of the Notes. 
 (f) The Property Trustee shall continue to serve as a Trustee until either: 
 (i) the Trust has been completely liquidated and the proceeds of the liquidation distributed to the Holders of Securities pursuant to the terms of the
Securities; or 
 (ii) a Successor Property Trustee has been appointed and has accepted that appointment in accordance with
Section 5.7(b). 
 (g) The Property Trustee shall have the legal power to exercise all of the rights, powers and privileges of a holder
of Notes under the Indenture and, if an Event of Default actually known to a Responsible Officer of the Property Trustee occurs and is continuing, the Property Trustee shall, for the benefit of Holders of the Securities, enforce its rights as holder
of the Notes subject to the rights of the Holders pursuant to this Trust Agreement and the terms of the Securities. 
 (h) For such time as
the Property Trustee is the Paying Agent, the Property Trustee may authorize one or more Persons to act as additional Paying Agents and to pay Distributions, prepayment payments or liquidation payments on behalf of the Trust with respect to all
securities. Any such additional Paying Agent may be removed by the Property Trustee at any time the Property Trustee remains as Paying Agent and a successor Paying Agent or additional Paying Agents may be (but are not required to be) appointed at
any time by the Property Trustee. 
 (i) Subject to this Section 3.8, the Property Trustee shall have none of the duties, liabilities,
powers or the authority of the Administrative Trustees set forth in Section 3.6. 
 The Property Trustee must exercise the powers set
forth in this Section 3.8 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Property Trustee shall not take any action that is inconsistent with the purposes and functions of the
Trust set out in Section 3.3. 
 SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee. 
 (a) The Property Trustee, before the occurrence of any Event of Default and after the curing or waiving of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in this Trust Agreement and in the Securities and no implied covenants shall be read into this Trust Agreement against the Property Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.5) of which a Responsible Officer of the Property Trustee has actual knowledge, the Property Trustee shall exercise such of the rights and powers vested in it by this Trust
Agreement, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
  

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 (b) No provision of this Trust Agreement shall be construed to relieve the Property Trustee from
liability for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 
 (i)
prior to the occurrence of an Event of Default and after the curing or waiving of all such Events of Default that may have occurred: 
 (A)
the duties and obligations of the Property Trustee shall be determined solely by the express provisions of this Trust Agreement and in the Securities and the Property Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Trust Agreement and in the Securities, and no implied covenants or obligations shall be read into this Trust Agreement against the Property Trustee; and 
 (B) in the absence of willful misconduct on the part of the Property Trustee, the Property Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Property Trustee and conforming to the requirements of this Trust Agreement; provided, however, that in the case of any such
certificates or opinions that by any provision hereof are specifically required to be furnished to the Property Trustee, the Property Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of
this Trust Agreement; 
 (ii) the Property Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer
of the Property Trustee, unless it shall be proved that the Property Trustee was grossly negligent in ascertaining the pertinent facts; 
 (iii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Securities
relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; 
 (iv) no provision of this Trust Agreement shall require the Property Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of
this Trust Agreement or indemnity satisfactory to the Property Trustee against such risk or liability is not reasonably assured to it; 
 (v)
the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Notes and the Property Trustee Account shall be to deal with such property in a similar manner as the Property Trustee deals with
similar property for its own account, subject to the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement; 
 (vi) the Property Trustee shall have no duty or liability for or with respect to the value, genuineness, existence or sufficiency of the Notes or the payment of any taxes or assessments levied thereon or in connection
therewith; 
  

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 (vii) the Property Trustee shall not be liable for any interest on any money received by it except as it
may otherwise agree in writing with the Company. Money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Property Trustee Account maintained by the Property Trustee pursuant to
Section 3.8(c)(i) and except to the extent otherwise required by law; and 
 (viii) the Property Trustee shall not be responsible for
monitoring the compliance by the Administrative Trustees or the Company with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for any default or misconduct of the Administrative Trustees, any other
Trustees or the Company. 
 SECTION 3.10 Certain Rights of Property Trustee. 
 (a) Subject to the provisions of Section 3.9: 
 (i) the Property Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties; 
 (ii) any direction or act of the Company or the Administrative Trustees contemplated by this Trust Agreement may be sufficiently evidenced by an
Officers’ Certificate; 
 (iii) whenever in the administration of this Trust Agreement, the Property Trustee shall deem it desirable
that a matter be proved or established before taking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively
rely upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Company or the Administrative Trustees; 
 (iv) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws) or any
rerecording, refiling or reregistration thereof; 
 (v) the Property Trustee may consult with counsel or other experts of its selection and
the advice or opinion of such counsel and experts with respect to legal matters or advice within the scope of such experts’ area of expertise shall be full and complete authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in accordance with such advice or opinion, such counsel may be counsel to the Company or any of its Affiliates, and may include any of its employees. The Property Trustee shall have the right at any time to
seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 (vi) the Property
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Property Trustee security and indemnity,
satisfactory to the Property Trustee, against the costs, expenses (including attorneys’ fees and 

  

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expenses and the expenses of the Property Trustee’s agents, nominees or custodians) and liabilities that might be incurred by it in complying with such
request or direction, including such advances as may be requested by the Property Trustee; provided, that, nothing contained in this Section 3.10(a)(vi) shall be taken to relieve the Property Trustee, upon the occurrence of an Event of Default,
of its obligation to exercise the rights and powers vested in it by this Trust Agreement; 
 (vii) the Property Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Property Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit; 
 (viii) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Property Trustee shall not be responsible for
any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (ix) any action taken by the
Property Trustee or its agents hereunder shall bind the Trust and the Holders of the Securities, and the signature of the Property Trustee or its agents alone shall be sufficient and effective to perform any such action and no third party shall be
required to inquire as to the authority of the Property Trustee to so act or as to its compliance with any of the terms and provisions of this Trust Agreement, both of which shall be conclusively evidenced by the Property Trustee’s or its
agent’s taking such action; 
 (x) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable
to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Property Trustee (i) may request instructions from the Holders of the Securities which instructions may only be given by the Holders
of the same proportion in Liquidation Amount of the Securities as would be entitled to direct the Property Trustee under the terms of the Securities in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or
right or taking such other action until such instructions are received, and (iii) shall be fully protected in conclusively relying on or acting in or accordance with such instructions; 
 (xi) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any action that is
discretionary under the provisions of this Trust Agreement; 
 (xii) the Property Trustee shall not be liable for any action taken, suffered,
or omitted to be taken by it in good faith, without gross negligence, and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Trust Agreement; 
 (xiii) when the Property Trustee incurs expenses or renders services in connection with an Event of Default under Sections 5.01(d) or 5.01(e) of the
Indenture, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors rights generally;

  

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 (xiv) in no event shall the Property Trustee be liable for the selection of investments or for investment
losses incurred thereon. The Property Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any such investment prior to its stated maturity or the failure of the party directing such investment to provide
timely written investment direction. The Property Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction; and 
 (xv) in the event that the Property Trustee is also acting as Paying Agent, Registrar or exchange agent hereunder, the rights and protections afforded to
the Property Trustee pursuant to this Article Three shall also be afforded to such Paying Agent, Registrar or exchange agent. 
 (b) No
provision of this Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall
be illegal, or in which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available
to the Property Trustee shall be construed to be a duty. 
 SECTION 3.11 Delaware Trustee. 
 Notwithstanding any other provision of this Trust Agreement other than Section 5.2, the Delaware Trustee shall not be entitled to exercise any
powers, nor shall the Delaware Trustee have any of the duties and responsibilities of the Administrative Trustees or the Property Trustee described in this Trust Agreement. Except as set forth in Section 5.2, the Delaware Trustee shall be a
Trustee for the sole and limited purpose of fulfilling the requirements of §3807 of the Statutory Trust Act and taking such actions as are required to be taken by the Delaware Trustee under the Statutory Trust Act. In the event the Delaware
Trustee shall at any time be required to take any action or perform any duty hereunder, the Delaware Trustee shall be entitled to the benefits of Section 3.9(b) and Section 3.10. No implied covenants or obligations shall be read into this
Trust Agreement against the Delaware Trustee. 
 SECTION 3.12 Execution of Documents. 
 Unless otherwise determined by the Administrative Trustees, and except as otherwise required by the Statutory Trust Act, any Administrative Trustee is
authorized to execute on behalf of the Trust any documents that the Administrative Trustees have the power and authority to execute pursuant to Section 3.6. 
 SECTION 3.13 Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained in this Trust Agreement and the
Securities shall be taken as the statements of the Company, and the Trustees do not assume any responsibility for their correctness. The Trustees make no representations as to the value or condition of the property of the Trust or any part thereof.
The Trustees make no representations as to the validity or sufficiency of this Trust Agreement or the Securities. 
  

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 SECTION 3.14 Duration of Trust. 
 The Trust, unless terminated pursuant to the provisions of Article VIII hereof, shall have existence up to June 16, 2043 (the “Expiration Date”). 
 SECTION 3.15 Mergers. 
 (a) The Trust may not merge or
convert with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to any Person, except as described in Section 3.15(b). 
 (b) The Trust may, at the request of the Company, with the consent of the Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders of the Securities, the Delaware Trustee or the Property Trustee, merge or convert with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties
and assets as an entirety or substantially as an entirety to, a trust organized as such under the laws of any State; provided that: 
 (i)
such successor entity (the “Successor Entity”): 
 (A) expressly assumes all of the obligations of the Trust under the Securities;
or 
 (B) substitutes for the Securities other securities having substantially the same terms as the Securities (the “Successor
Securities”) so long as the Successor Securities rank the same as the Securities rank with respect to Distributions and payments upon liquidation, prepayment and otherwise; 
 (C) the Company expressly appoints a trustee of the Successor Entity that possesses the same powers and duties as the Property Trustee as the holder of
the Notes; 
 (D) the Successor Securities are listed or quoted, or any Successor Securities will be listed or quoted upon notification of
issuance, on any national securities exchange or with another organization on which the Preferred Securities are then listed or quoted, if any; 
 (E) such merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Preferred Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical
rating organization; 
 (F) such merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights, preferences and privileges of the Holders of the Securities (including any Successor Securities) in any material respect (other than with respect to any dilution of such Holders’ interests in the new entity);

  

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 (G) such Successor Entity has a purpose identical to that of the Trust; and 
 (H) prior to such merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Company has received an opinion of an
independent counsel to the Trust experienced in such matters to the effect that: 
 (1) such merger, conversion, consolidation, amalgamation,
replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Securities (including any Successor Securities) in any material respect (other than with respect to any dilution of the
Holders’ interest in the new entity); 
 (2) following such merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer or lease, neither the Trust nor the Successor Entity will be required to register as an Investment Company under the Investment Company Act; 
 (3) following such merger, conversion, consolidation, amalgamation, replacement, conveyance, transfer, or lease, the Trust (or the Successor Entity) will continue to be classified as a grantor trust for United States
federal income tax purposes; and 
 (4) the Company or any permitted successor or assignee owns all of the common securities of such
Successor Entity and guarantees the obligations of such Successor Entity under the Successor Securities at least to the extent provided by the Preferred Securities Guarantee. 
 (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the consent of all Holders of the Securities in liquidation amount of the
Securities, consolidate, amalgamate, merge or convert with or into, or be replaced by, or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to, any other Person or permit any other Person to
consolidate, amalgamate, merge or convert with or into, or replace it if such consolidation, amalgamation, merger, conversion, replacement, conveyance, transfer or lease would cause the Trust or the Successor Entity not to be classified as a grantor
trust for United States federal income tax purposes. 
 (d) The Administrative Trustees shall furnish to the Delaware Trustee at least five
Business Days prior notice of the consummation of any merger, consolidation, amalgamation, or replacement; provided, however, that failure to provide such notice shall not effect the validity of any such transaction. 
 ARTICLE IV 
 COMPANY 

SECTION 4.1 Company’s Purchase of Common Securities. 
 At any issuance of Common Securities and Preferred Securities, the Company will purchase all of the Common Securities then issued by the Trust, in an amount at least equal to 3% of the capital of the Trust, at the same time as the Preferred
Securities are issued and sold. 
  

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 SECTION 4.2 Responsibilities of the Company. 
 In connection with the issue and sale of the Preferred Securities, the Company shall have the exclusive right and responsibility to engage in the
following activities: 
 (a) to prepare the Private Offering Memorandum, including any amendments or supplements thereto; and 
 (b) to determine the States in which to take appropriate action to qualify or register for sale all or part of the Preferred Securities and to do any and
all such acts, other than actions which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for execution and filing any documents to be executed and filed by the Trust, as the Company deems necessary or advisable
in order to comply with the applicable laws of any such States. 
 SECTION 4.3 Right to Proceed. 
 The Company acknowledges the rights of the Holders of Preferred Securities, in the event that a failure of the Trust to pay Distributions on the Preferred
Securities is attributable to the failure of the Company to pay interest or principal on the Notes, to institute Direct Actions against the Note Issuer for enforcement of its payment obligations on the Notes. 
 ARTICLE V 
 TRUSTEES 

SECTION 5.1 Number of Trustees: Appointment of Co-Trustee. 
 The number of Trustees initially shall be five (5) and: 
 (a) at any time before the issuance of any Securities, the Company
may, by written instrument, increase or decrease the number of Trustees; and 
 (b) after the issuance of any Securities, the number of
Trustees may be increased or decreased by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; provided, however, that, the number of
Trustees shall in no event be less than two (2); provided further, that (1) one Trustee shall be the Delaware Trustee; (2) there shall be at least one Trustee who is an employee or officer of, or is affiliated with the
Company (an “Administrative Trustee”); and (3) one Trustee shall be the Property Trustee, and such Trustee may also serve as Delaware Trustee if it meets the applicable requirements. Notwithstanding the above, unless an Event of
Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Trust’s property may at the time be located, the Holders of a Majority in
Liquidation Amount of the Common Securities acting as a class at a meeting of the Holders of the Common Securities, and the Administrative Trustees shall have power to appoint one or more Persons either to act as a co-trustee, jointly with the
Property Trustee, of all or any part of the Trust’s property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such person or persons in such
capacity any property, title, right or power deemed necessary or desirable, subject to the provisions of this Trust Agreement. In case an Event of Default has occurred and is continuing, the Property Trustee alone shall have power to make any such
appointment of a co-trustee. 
  

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 SECTION 5.2 Delaware Trustee. 
 If required by the Statutory Trust Act, one Trustee (the “Delaware Trustee”) shall be: 
 (a) a
natural person who is a resident of the State of Delaware; or 
 (b) if not a natural person, an entity which has its principal place of
business in the State of Delaware, and otherwise meets the requirements of applicable law, 
 provided that, if the Property Trustee has its
principal place of business in the State of Delaware and otherwise meets the requirements of applicable law, then the Property Trustee shall also be the Delaware Trustee and Section 3.11 shall have no application to the Property Trustee in its
capacity as Property Trustee. 
 SECTION 5.3 Property Trustee; Eligibility. 
 (a) There shall at all times be one Trustee (the “Property Trustee”) which shall act as Property Trustee and which shall: 
 (i) not be an Affiliate of the Company; 
 (ii) be a corporation or national banking association organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person permitted by the
Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to
supervision or examination by federal, state, territorial or District of Columbia authority. If such corporation or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the
supervising or examining authority referred to above, then for the purposes of this Section 5.3(a)(ii), the combined capital and surplus of such corporation or national banking association shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published; and 
 (iii) if the Property Trustee has or shall acquire any
“conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign. 
 (b) If at any time the Property Trustee shall cease to be eligible to so act under Section 5.3(a), the Property Trustee shall immediately resign in
the manner and with the effect set forth in Section 5.7(c). 
  

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 (c) The initial Property Trustee shall be: 
 Wilmington Trust Company 
 Rodney Square
North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attn: Corporate Trust Administration 
 Telecopier: (302) 636-4140 
 SECTION 5.4 Certain
Qualifications of Administrative Trustees and Delaware Trustee Generally. 
 Each Administrative Trustee and the Delaware Trustee (unless
the Property Trustee also acts as Delaware Trustee) shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more Authorized Officers. 
 SECTION 5.5 Administrative Trustees. 
 (a) The initial
Administrative Trustees shall be: 
 Greg L. Lee 
 c/o Nexity Financial Corporation 
 3500 Blue Lake Drive, Suite 330 
 Birmingham, Alabama 35243 
 Telecopier:
(205) 298-6395 
 John J. Moran 
 c/o Nexity Financial Corporation 
 3500 Blue Lake Drive, Suite 330 
 Birmingham, Alabama 35243 
 Telecopier:
(843) 213-0788 
 David E. Long 
 c/o Nexity Financial Corporation 
 3500 Blue Lake Drive, Suite 330 
 Birmingham, Alabama 35243 
 Telecopier:
(205) 298-6395 
 (b) Except as expressly set forth in this Trust Agreement and except if a meeting of the Administrative Trustees is
called with respect to any matter over which the Administrative Trustees have power to act, any power of the Administrative Trustees may be exercised by, or with the consent of, any one such Administrative Trustee. 
  

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 SECTION 5.6 Delaware Trustee. 
 The initial Delaware Trustee shall be: 
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market
Street 
 Wilmington, Delaware 19890 
 Attn: Corporate Trust Administration 
 Telecopier: (302) 636-4140 
 SECTION 5.7 Appointment, Removal and Resignation of Trustees. 
 (a) Subject to Section 5.7(b), any Trustee may be appointed or removed without cause at any time: 
 (i) until the issuance of
any Securities, by written instrument executed by the Company; 
 (ii) in the case of Administrative Trustees, after the issuance of any
Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; 
 (iii) in the case of the Property Trustee and the Delaware Trustee, unless an Event of Default shall have occurred and be continuing after the issuance of any Securities, by vote of the Holders of a Majority in
Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and 
 (iv) in the case
of the Property Trustee and the Delaware Trustee, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, by vote of Holders of a Majority in Liquidation Amount of the Preferred Securities voting as a class
at a meeting of Holders of the Preferred Securities. 
 (b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance
with Section 5.7(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 5.3 (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument
executed by such Successor Property Trustee and delivered to the removed Property Trustee, the Administrative Trustees and the Company; and 
 (ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 5.2 and 5.4 (a “Successor
Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Administrative Trustees and the Company. 
  

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 (c) A Trustee appointed to office shall hold office until his successor shall have been appointed or
until his death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Company and the Trust, which resignation shall take
effect upon such delivery or upon such later date as is specified therein; provided, however, that: 
 (i) No such resignation of the Trustee
that acts as the Property Trustee shall be effective: 
 (A) until a Successor Property Trustee has been appointed and has accepted such
appointment by instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees, the Company and the resigning Property Trustee; or 
 (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the Holders of the Securities; and 
 (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and
has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees, the Company and the resigning Delaware Trustee. 
 (d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as
the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 5.7. 
 (e) If no Successor Property Trustee or Successor Delaware Trustee shall have been appointed and accepted appointment as provided in this Section 5.7 within 60 days after delivery of an instrument of resignation or removal, the
Property Trustee or Delaware Trustee resigning or being removed, as applicable, may petition any court of competent jurisdiction for appointment of a Successor Property Trustee or Successor Delaware Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be. 
 (f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions of any Successor Property Trustee or Successor Delaware Trustee, as the case may be. 
 (g) Any successor Delaware Trustee shall promptly file an amendment to the Certificate of Trust as required by the Statutory Trust Act. 
 SECTION 5.8 Vacancies Among Trustees. 
 If a Trustee
ceases to hold office for any reason and the number of Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is increased pursuant to Section 5.1, a vacancy shall occur. A resolution certifying the existence of such
vacancy by the Administrative Trustees or, if there are more than two, a majority of the Administrative Trustees, shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance with
Section 5.7. 
 SECTION 5.9 Effect of Vacancies. 
 The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the duties of a Trustee shall not operate to annul the Trust. Whenever a vacancy in the number
of Administrative Trustees shall occur, until such 

  

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vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 5.7, the Administrative Trustees in office, regardless of
their number, shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
 SECTION 5.10 Meetings. 
 If there is more than one Administrative Trustee, meetings of the
Administrative Trustees shall be held from time to time upon the call of any Administrative Trustee. Regular meetings of the Administrative Trustees may be held at a time and place fixed by resolution of the Administrative Trustees. Notice of any
in-person meetings of the Administrative Trustees shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 24 hours before such meeting. Notice of any telephonic meetings
of the Administrative Trustees or any committee thereof shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 24 hours before a meeting. Notices shall contain a brief
statement of the time, place and anticipated purposes of the meeting. The presence (whether in person or by telephone) of an Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except where an Administrative
Trustee attends a meeting for the express purpose of objecting to the transaction of any activity on the ground that the meeting has not been lawfully called or convened. Unless provided otherwise in this Trust Agreement, any action of the
Administrative Trustees may be taken at a meeting by vote of a majority of the Administrative Trustees present (whether in person or by telephone) and eligible to vote with respect to such matter, provided that a Quorum is present, or without a
meeting by the written consent of the Administrative Trustees. In the event there is only one Administrative Trustee, any and all action of such Administrative Trustee shall be evidenced by a written consent of such Administrative Trustee.

 SECTION 5.11 Delegation of Power. 
 (a)
Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated in Section 3.6; and

 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number or to officers of the Trust the
doing of such things and the execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by
applicable law or contrary to the provisions of the Trust, as set forth herein. 
 SECTION 5.12 Merger, Conversion, Consolidation or Succession to
Business. 
 Any Person into which the Property Trustee or the Delaware Trustee or any Administrative Trustee that is not a natural
person, as the case may be, may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any Person succeeding to all or
substantially all the corporate trust business of such Trustee, shall be the successor of such Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided such Person shall be
otherwise qualified and eligible under this Article. 
  

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 ARTICLE VI 
 DISTRIBUTIONS 
 SECTION 6.1 Distributions. 
 Each Holder shall receive Distributions in accordance with the applicable terms of such Holder’s Securities. If and to the extent that the Note
Issuer makes a payment of interest (including Compounded Interest (as defined in the Indenture) and Additional Sums (as defined in the Indenture)), premium and/or principal or any other payments on the Notes held by the Property Trustee (the amount
of any such payment being a “Payment Amount”), the Property Trustee shall and is directed, to the extent funds are available for that purpose, to make a distribution (a “Distribution”) of the Payment Amount to Holders in
accordance with the respective terms of the Securities held by them. 
 ARTICLE VII 
 ISSUANCE OF SECURITIES 
 SECTION 7.1 General
Provisions Regarding Securities. 
 (a) The Administrative Trustees shall on behalf of the Trust issue one class of Preferred Securities
representing undivided beneficial interests in the assets of the Trust having such terms as are set forth in Annex I (the “Preferred Securities”) and one class of Common Securities representing undivided beneficial interests in the assets
of the Trust having such terms as are set forth in Annex I (the “Common Securities”). The Trust shall issue no securities or other interests in the assets of the Trust other than the Preferred Securities and the Common Securities.

 (b) The Preferred Securities rank pari passu and payment thereon shall be made Pro Rata (as defined in Annex I hereto) with the Common
Securities except that, where an Event of Default has occurred and is continuing, the rights of Holders of the Common Securities to payment in respect of Distributions and payments upon liquidation, prepayment and otherwise are subordinated to the
rights to payment of the Holders of the Preferred Securities. 
 (c) The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and shall not constitute a loan to the Trust. 
 (d) Upon issuance of
the Securities as provided in this Trust Agreement, the Securities so issued shall be deemed to be validly issued, fully paid and non-assessable. 
 (e) Every Person, by virtue of having become a Holder in accordance with the terms of this Trust Agreement, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by, this Trust Agreement. 
  

 33 

 SECTION 7.2 Execution and Authentication. 
 The Securities shall be signed on behalf of the Trust by an Administrative Trustee. Such signature may be by manual or facsimile signature. Typographical
and other minor errors or defects in any reproduction of any such signature shall not affect the validity of any Security. In case any Administrative Trustee who shall have signed any of the Securities shall cease to be such Administrative Trustee
before the Securities so signed shall be delivered by the Trust, such Securities nevertheless may be delivered as though the Person who signed such Securities had not ceased to be such Administrative Trustee; and any Securities may be signed on
behalf of the Trust by such Persons who, at the actual date of execution of such Security, shall be the Administrative Trustees of the Trust, although at the date of the execution and delivery of the Trust Agreement any such Person was not such an
Administrative Trustee. 
 A Common Security shall be valid upon execution by an Administrative Trustee without any act of the Property
Trustee. A Preferred Security shall not be valid until authenticated by the manual signature of an authorized officer of the Property Trustee. The signature shall be conclusive evidence that the Preferred Security has been authenticated under this
Trust Agreement. 
 Upon a written order of the Trust signed by one Administrative Trustee, the Property Trustee shall authenticate the
Preferred Securities for original issue. The aggregate number of Preferred Securities outstanding at any time shall not exceed the number set forth in the Terms in Annex I hereto except as provided in Section 7.6. 
 The Property Trustee may appoint an authenticating agent acceptable to the Trust to authenticate Preferred Securities. An authenticating agent may
authenticate Preferred Securities whenever the Property Trustee may do so. Each reference in this Trust Agreement to authentication by the Property Trustee includes authentication by such agent. An authenticating agent has the same rights as the
Property Trustee to deal with the Company or an Affiliate. The Property Trustee will serve as the initial authenticating agent. 
 SECTION 7.3 Form and
Dating. 
 The Preferred Securities and the Property Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A-1 and the Common Securities shall be substantially in the form of Exhibit A-2, each of which is hereby incorporated in and expressly made a part of this Trust Agreement. Certificates representing the Securities may be printed, lithographed
or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees, as evidenced by their execution thereof. The Securities may have letters, CUSIP or other numbers, notations or other marks of
identification or designation and such legends or endorsements required by law, stock exchange rule, agreements to which the Trust is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the
Administration Trustees, as evidenced by their execution thereof). The Trust at the direction of the Company shall furnish any such legend not contained in Exhibit A-1 to the Property Trustee in writing. Each Preferred Security shall be dated the
date of its authentication. The terms and provisions of the Securities set forth in Annex I and the forms of Securities set forth in Exhibits A-1 and A-2 are part of the terms of this Trust Agreement and to the extent applicable, the Property
Trustee and the Company, by their execution and delivery of this Trust Agreement, expressly agree to such terms and provisions and to be bound thereby. 
  

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 The owners of the Preferred Securities will receive physical delivery of certificated Preferred
Securities (sometimes referred to herein as “Definitive Preferred Securities”). 
 SECTION 7.4 Registrar and Paying Agent. 
 The Trust shall maintain (i) an office or agency where Preferred Securities may be presented for registration of transfer (“Registrar”) and
(ii) an office or agency where Preferred Securities may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Preferred Securities and of their transfer. The Trust may appoint the Registrar and the
Paying Agent and may appoint one or more co-registrars, one or more additional paying agents in such other locations as it shall determine. The term “Registrar” includes any additional registrar and the term “Paying Agent”
includes any additional paying agent. The Trust may change any Paying Agent, Registrar or co-registrar without prior notice to any Holder. The Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the
Property Trustee and the Company. The Trust shall notify the Property Trustee in writing of the name and address of any Agent not a party to this Trust Agreement. If the Trust fails to appoint or maintain another entity as Registrar or Paying Agent,
the Property Trustee shall act as such. The Trust or any of its Affiliates may act as Paying Agent or Registrar. The Property Trustee shall act as Paying Agent and Registrar for the Common Securities. 
 The Trust initially appoints the Property Trustee as Registrar and Paying Agent for the Preferred Securities. 
 SECTION 7.5 Paying Agent to Hold Money in Trust. 
 The
Trust shall require each Paying Agent other than the Property Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Property Trustee all money held by the Paying Agent for the payment of Liquidation
Amounts or Distributions on the Securities, and will notify the Property Trustee in writing if there are insufficient funds for such purpose. While any such insufficiency continues, the Property Trustee may require a Paying Agent to pay all money
held by it to the Property Trustee. The Trust at any time may require a Paying Agent to pay all money held by it to the Property Trustee and to account for any money disbursed by it. Upon payment over to the Property Trustee the Paying Agent (if
other than the Trust or an Affiliate of the Trust) shall have no further liability for the money. If the Trust or the Company or an Affiliate of the Trust or the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for
the benefit of the Holders all money held by it as Paying Agent. 
 SECTION 7.6 Replacement Securities. 
 If the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken or if such Security is mutilated and is surrendered to
the Trust or in the case of the Preferred Securities to the Property Trustee, the Administrative Trustees shall execute and the Property Trustee shall authenticate a replacement Security if the Property Trustee’s and the Administrative
Trustees’ requirements, as the case may be, are met. An indemnity bond must be 

  

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provided by the Holder which, in the judgment of the Property Trustee, is sufficient to protect the Trustees, the Company or any authenticating agent from
any loss which any of them may suffer if a Security is replaced. The Trust may charge such Holder for its expenses in replacing a Security. 
 Every replacement Security is an additional beneficial interest in the Trust. 
 SECTION 7.7 Outstanding Preferred Securities. 
 The Preferred Securities outstanding at any time are all the Preferred Securities authenticated by the Property Trustee except for those cancelled by it,
those delivered to it for cancellation, and those described in this Section as not outstanding. 
 If a Preferred Security is replaced, paid
or purchased pursuant to Section 7.6 hereof, it ceases to be outstanding unless the Property Trustee receives proof satisfactory to it that the replaced, paid or purchased Preferred Security is held by a bona fide purchaser. 
 If Preferred Securities are considered paid in accordance with the terms of this Trust Agreement, they cease to be outstanding and Distributions on them
shall cease to accumulate. 
 Except as otherwise provided herein, a Preferred Security does not cease to be outstanding because one of the
Trustees, the Company or an Affiliate of the Company holds the Security. 
 SECTION 7.8 Preferred Securities in Treasury. 
 In determining whether the Holders of the required amount of Securities have concurred in any direction, waiver or consent, Preferred Securities owned by
the Trust, the Company or an Affiliate of the Company, as the case may be, shall be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the Property Trustee shall be fully protected in relying on any
such direction, waiver or consent, only Preferred Securities which a Responsible Officer of the Property Trustee actually knows are so owned shall be so disregarded. 
 SECTION 7.9 Temporary Securities. 
 Until Definitive Securities are ready for delivery, the Trust may
prepare and, in the case of the Preferred Securities, the Property Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the Trust considers
appropriate for temporary Securities. Without unreasonable delay, the Trust shall prepare and, in the case of the Preferred Securities, the Property Trustee shall authenticate Definitive Securities in exchange for temporary Securities. 

SECTION 7.10 Cancellation. 
 The Trust at any time
may deliver Preferred Securities to the Property Trustee for cancellation. The Registrar and Paying Agent shall forward to the Property Trustee any Preferred Securities surrendered to them for registration of transfer, prepayment, exchange or

  

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payment. The Property Trustee shall promptly cancel all Preferred Securities surrendered for registration of transfer, prepayment, exchange, payment,
replacement or cancellation and shall dispose of canceled Preferred Securities in accordance with its customary procedures unless any Administrative Trustee otherwise directs the Property Trustee in writing. The Trust may not issue new Preferred
Securities to replace Preferred Securities that it has paid or that have been delivered to the Property Trustee for cancellation or that any Holder has exchanged. 
 SECTION 7.11 CUSIP Numbers. 
 The Trust in issuing the Preferred Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of prepayment as a convenience to Holders of Preferred Securities; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Preferred Securities or as contained in any notice of a prepayment and that reliance may be placed only on the other identification numbers printed on the Preferred Securities, and any such
prepayment shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Property Trustee of any change in the CUSIP numbers. 
 SECTION 7.12 ERISA Investments. 
 Because the Preferred Securities may be deemed to be equity
interests in the Trust for purposes of applying ERISA and Section 4975 of the Internal Revenue Code, the Preferred Securities may not be purchased or held by any plan, as within the meaning of ERISA, any entity whose underlying assets include
“plan assets” by reason of any plan’s investment in the entity (a “Plan Asset Entity”) or any person investing “plan assets” of any Plan, unless such purchaser or holder is eligible for the exemptive relief
available under PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 or another applicable exemption. Any purchaser or holder of the Preferred Securities or any interest therein will be deemed to have represented by its purchase and holding thereof that it
either (a) is not a plan or (b) is eligible for the exemptive relief available under PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 or another applicable exemption with respect to such purchase or holding. If a purchaser or holder of the
Preferred Securities that is a plan or a Plan Asset Entity elects to rely on an exemption other than PTCE 96-23, 95-60, 91-38, 90-1, or 84-14, the Company and the Trust may require a satisfactory opinion of counsel or other evidence with respect to
the availability of such exemption for such purchase and holding. 
 ARTICLE VIII 
 TERMINATION OF TRUST 
 SECTION 8.1 Termination of
Trust. 
 (a) The Trust shall dissolve and its affairs wound up upon the earliest to occur of the following events: 
 (i) upon the bankruptcy of the Company; 
 (ii) upon the filing of a certificate of dissolution or liquidation or its equivalent with respect to the Company, or the revocation of the Company’s charter and the expiration of 90 days after the date of revocation without a
reinstatement thereof; 
  

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 (iii) following the distribution of a Like Amount of the Notes to the Holders of the Securities, provided
that, the Property Trustee has received written notice and an Officer’s Certificate from the Company directing the Property Trustee to terminate the Trust (which direction is optional and within the discretion of the Company); 
 (iv) upon the entry of a decree of judicial dissolution of the Trust by a court of competent jurisdiction; 
 (v) when all of the Securities shall have been called for prepayment and the amounts necessary for prepayment thereof shall have been paid to the Holders
in accordance with the terms of the Securities; or 
 (vi) the expiration of the term of the Trust provided in Section 3.14. 

(b) As soon as is practicable after the occurrence of an event referred to in Section 8.1(a) and the completion of the winding up of the Trust
and after satisfaction of all liabilities of the Trust (whether by payment or by making reasonable provision for payment thereof), the Administrative Trustees and the Delaware Trustee shall execute and file a certificate of cancellation with the
Secretary of State of the State of Delaware. 
 (c) The provisions of Article X shall survive the termination of the Trust. 
 SECTION 8.2 Liquidation. 
 (a) If an event specified
in clause (i), (iii) or (iv) of Section 8.1 occurs, or upon the Expiration Date, the Trust shall be liquidated by the Trustees as expeditiously as the Trustees determine to be possible by distributing, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, to each Securityholder a Like Amount of Notes, subject to Section 8.2(d). Notice of liquidation shall be given by the Property Trustee by first-class mail, postage prepaid
mailed not later than 30 nor more than 90 days prior to the date upon which the Trust is liquidated (the “Liquidation Date”) to each Holder of Trust Securities at such Holder’s address appearing in the Securities Register. All notices
of liquidation shall: 
 (i) state the Liquidation Date; 
 (ii) state that from and after the Liquidation Date the Trust Securities will no longer be deemed to be Outstanding and any Preferred Securities certificates and/or Common Securities certificates surrendered for
exchange will be deemed to represent a Like Amount of Notes; and 
 (iii) provide such information with respect to the mechanics by which
Holders may exchange Preferred Securities certificates and/or Common Securities certificates for Notes, or if Section 8.2(d) applies receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem
appropriate. 
 (b) Except where Section 8.1(a)(v) or 8.2(d) applies, in order to effect the liquidation of the Trust and distribution
of the Notes to Securityholders, the Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall 

  

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establish such procedures as it shall deem appropriate to effect the distribution of Notes in exchange for the Outstanding Preferred Securities certificates
and/or the Outstanding Common Securities certificates. 
 (c) Except where Section 8.1(a)(v) or 8.2(d) applies, after the Liquidation
Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Notes will be issued to holders of Preferred Securities certificates and/or Common Securities certificates, upon
surrender of such certificates to the Administrative Trustees or their agent for exchange, (iii) any Preferred Securities certificates and/or Common Securities certificates not so surrendered for exchange will be deemed to represent a Like
Amount of Notes, accruing interest at the rate provided for in the Notes from the last Distribution Date on which a Distribution was made on such Preferred Securities certificates and/or Common Securities certificates until such certificates are so
surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Preferred Securities certificates and/or Common Securities certificates with respect to such Notes) and (iv) all rights
of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive Notes upon surrender of Preferred Securities certificates and/or Common Securities certificates. 
 (d) In the event that, notwithstanding the other provisions of this Section 8.2, whether because of an order for dissolution entered by a court of
competent jurisdiction or otherwise, distribution of the Notes in the manner provided herein is determined by the Property Trustee not to be practical, the property of the Trust shall be liquidated, and the Trust shall be dissolved, wound-up or
terminated, by the Property Trustee in such manner as the Property Trustee determines. In such event on the date of the dissolution, winding-up or other termination of the Trust, Securityholders will be entitled to receive out of the assets of the
Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions
thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any such dissolution, winding up or termination, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets
available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The holder
of the Common Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination pro rata (determined as aforesaid) with Holders of Preferred Securities, except that, if an Indenture Event of
Default has occurred and is continuing, the Preferred Securities shall have a priority over the Common Securities. Any such determination and liquidation by the Property Trustee shall be conclusive upon the Securityholders and the Property Trustee
shall have no liability in connection therewith, absent bad faith or willful misconduct. 
  

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 ARTICLE IX 
 TRANSFER OF INTERESTS 
 SECTION 9.1 Transfer of Securities. 
 (a) Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Trust Agreement and in the
terms of the Securities. Any transfer or purported transfer of any Security not made in accordance with this Trust Agreement shall be null and void. 
 (b) Subject to Section 3.15, the Company and any Related Party may only transfer the Common Securities to the Company or a Related Party after the delivery to the Property Trustee of an Officers’ Certificate
certifying that the transferee is either the Company or a Related Party. 
 (c) The Property Trustee shall provide for the registration of
Securities and of the transfer of Securities, which will be effected without charge but only upon payment (with such indemnity as the Property Trustee may require) in respect of any tax or other governmental charges that may be imposed in relation
to it. Upon surrender for registration of transfer of any Securities, the Administrative Trustees shall execute and the Property Trustee shall cause one or more new Securities to be issued in the name of the designated transferee or transferees.
Every Security surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form satisfactory to the Property Trustee duly executed by the Holder or such Holder’s attorney duly authorized in writing. Each
Security surrendered for registration of transfer shall be delivered to the Property Trustee and canceled in accordance with Section 7.10. A transferee of a Security shall be entitled to the rights and subject to the obligations of a Holder
hereunder upon the receipt by such transferee of a Security. By acceptance of a Security, each transferee shall be deemed to have agreed to be bound by this Trust Agreement. 
 SECTION 9.2 Transfer Procedures and Restrictions. 
 (a) Transfer and Exchange of Definitive
Preferred Securities. When Definitive Preferred Securities are presented to the Registrar or co-Registrar: 
 (i) to register the transfer
of such Definitive Preferred Securities, or 
 (ii) to exchange such Definitive Preferred Securities which became mutilated, destroyed,
defaced, stolen or lost, for an equal number of Definitive Preferred Securities, 
 the Registrar or co-Registrar shall register the transfer or make the
exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Preferred Securities surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written
instrument of transfer in form satisfactory to the Property Trustee and the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 
  

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 (b) Obligations with Respect to Transfers and Exchanges of Preferred Securities. 
 (i) To permit registrations of transfers and exchanges, the Trust shall execute and the Property Trustee shall authenticate Definitive Preferred
Securities at the Registrar’s or co-Registrar’s request in accordance with the terms of this Trust Agreement. 
 (ii) Registrations
of transfers or exchanges will be effected without charge, but only upon payment (with such indemnity as the Trust, the Property Trustee or the Company may require) in respect of any tax or other governmental charge that may be imposed in relation
to it. 
 (iii) The Registrar or co-registrar shall not be required to register the transfer of or exchange (a) Preferred Securities
during a period beginning at the opening of business 15 days before the day of mailing of a notice of prepayment or any notice of selection of Preferred Securities for prepayment and ending at the close of business on the day of such mailing; or
(b) any Preferred Security so selected for prepayment in whole or in part, except the unredeemed portion of any Preferred Security being redeemed in part. 
 (iv) Prior to the due presentation for registration of transfer of any Preferred Security, the Trust, the Property Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the Person in whose
name a Preferred Security is registered as the absolute owner of such Preferred Security for the purpose of receiving Distributions on such Preferred Security and for all other purposes whatsoever, and none of the Trust, the Property Trustee, the
Paying Agent, the Registrar or any co-registrar shall be affected by notice to the contrary. 
 (v) All Preferred Securities issued upon any
registration of transfer or exchange pursuant to the terms of this Trust Agreement shall evidence the same security and shall be entitled to the same benefits under this Trust Agreement as the Preferred Securities surrendered upon such registration
of transfer or exchange. 
 (c) No Obligation of the Property Trustee. 
 The Property Trustee and Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Trust Agreement or under applicable law with respect to any transfer of any interest in any Preferred Security other than to require delivery of such certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by, the terms of this Trust Agreement, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 9.3 Deemed Security Holders. 
 The Trustees
may treat the Person in whose name any Security shall be registered on the books and records of the Property Trustee as the sole owner of such Security for purposes of receiving Distributions and for all other purposes whatsoever and, accordingly,
shall not be bound to recognize any equitable or other claim to or interest in such Security on the part of any Person, whether or not the Trustees shall have actual or other notice thereof. 
  

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 SECTION 9.4 Restriction on Transfers. 
 The Securities may not be transferred unless (i) the Property Trustee receives an Opinion of Counsel satisfactory to the Property Trustee stating
that such transfer is exempt from registration under applicable state and federal securities laws, will not cause the Trust to be an “Investment Company” or under the “control” of an “Investment Company” within the
meaning of the Investment Company Act of 1940, as amended, and otherwise complies with the restrictions on transfer contained in this Trust Agreement, and (ii) the transferee certifies to the Property Trustee that it is not (x) an employee
benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (y) a plan described in Section 4975(e)(1) of the Code or (z) any entity whose underlying assets include plan assets by
reason of a plan’s investment in the Trust (each a “Benefit Plan”). By accepting and holding a Security the transferee thereof shall be deemed to have represented and warranted that it is not a Benefit Plan. The Property Trustee shall
have no obligation to determine whether or not a transferee of a Security is or is not a Benefit Plan. 
 ARTICLE X 
 LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, 
 TRUSTEES OR OTHERS 
 SECTION 10.1 Liability. 
 (a) Except as expressly set forth in this Trust Agreement, the Securities Guarantees and the terms of the Securities, the Company shall not be:

 (i) personally liable for the return of any portion of the capital contributions (or any return thereon) of the Holders of the Securities
which shall be made solely from assets of the Trust; and 
 (ii) be required to pay to the Trust or to any Holder of Securities any deficit
upon dissolution of the Trust or otherwise. 
 (b) The Company shall be liable for all of the fees, expenses, debts and obligations of the
Trust (other than with respect to the Securities) to the extent not satisfied out of the Trust’s assets. 
 (c) Pursuant to
§ 3803(a) of the Statutory Trust Act, the Holders of the Preferred Securities shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware, except as otherwise specifically set forth herein. 
 SECTION 10.2 Exculpation. 
 (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Trust or any Covered Person for any loss, damage or
claim incurred by reason of any act or omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be within the scope of the authority conferred on
such Indemnified Person by this Trust Agreement or by law, except 

  

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that an Indemnified Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified Person’s gross negligence or
willful misconduct with respect to such acts or omissions. 
 (b) An Indemnified Person shall be fully protected in relying in good faith
upon the records of the Trust and upon such information, opinions, reports or statements presented to the Trust by any Person as to matters the Indemnified Person reasonably believes are within such other Person’s professional or expert
competence and who has been selected with reasonable care by or on behalf of the Trust, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to
the existence and amount of assets from which Distributions to Holders of Securities might properly be paid. 
 (c) It is expressly
understood and agreed by the parties hereto that insofar as any document, agreement or certificate is executed on behalf of the Trust by any Trustee, such documents, agreement or certificate is executed and delivered by such Trustee, not in its
individual capacity, but solely as trustee under this Trust Agreement. 
 SECTION 10.3 Fiduciary Duty. 
 (a) To the extent that, at law or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust
or to any other Covered Person, an Indemnified Person acting under this Trust Agreement shall not be liable to the Trust or to any other Covered Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this
Trust Agreement, to the extent that they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of such Indemnified Person;
provided, however, nothing herein shall be construed to limit the implied duty of good faith and fair dealing. 
 (b) Unless otherwise
expressly provided herein: 
 (i) whenever a conflict of interest exists or arises between any Covered Persons; or 
 (ii) whenever this Trust Agreement or any other agreement contemplated herein or therein provides that an Indemnified Person shall act in a manner that
is, or provides terms that are, fair and reasonable to the Trust or any Holder of Securities, 
 each Covered Person or Indemnified Person shall resolve such
conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to
such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of willful misconduct by the Indemnified Person, the resolution, action or term so made, taken or
provided by the Indemnified Person shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Indemnified Person at law or in equity or otherwise. 
  

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 (c) Whenever in this Trust Agreement an Indemnified Person is permitted or required to make a decision:

 (i) in its “discretion” or under a grant of similar authority, the Indemnified Person shall be entitled to consider such
interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or 
 (ii) in its “good faith” or under another express standard, the Indemnified Person shall act under such express standard and shall not be
subject to any other or different standard imposed by this Trust Agreement or by applicable law. 
 SECTION 10.4 Indemnification. 
 (a) (i) The Company shall indemnify, to the full extent permitted by law, any Company Indemnified Person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Trust) by reason of the fact that he is or was a Company Indemnified
Person against expenses (including attorneys’ fees and expenses), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Company Indemnified Person did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the Trust, and with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful. 
 (ii) The Company shall indemnify, to the full extent permitted by law, any Company Indemnified Person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action or suit by or in the right of the Trust to procure a judgment in its favor by reason of the fact that he is or was a Company Indemnified Person against expenses (including attorneys’ fees and
expenses) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust and
except that no such indemnification shall be made in respect of any claim, issue or matter as to which such Company Indemnified Person shall have been adjudged to be liable to the Trust unless and only to the extent that the Court of Chancery of
Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such Person is fairly and reasonably entitled to indemnity
for such expenses which such Court of Chancery or such other court shall deem proper. 
 (iii) To the extent that a Company Indemnified
Person shall be successful on the merits or otherwise (including dismissal of an action without prejudice or the settlement of an 

  

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action without admission of liability) in defense of any action, suit or proceeding referred to in paragraphs (i) and (ii) of this
Section 10.4(a), or in defense of any claim, issue or matter therein, he shall be indemnified, to the full extent permitted by law, against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection
therewith. 
 (iv) Any indemnification under paragraphs (i) and (ii) of this Section 10.4(a) (unless ordered by a court) shall
be made by the Company only as authorized in the specific case upon a determination that indemnification of the Company Indemnified Person is proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs
(i) and (ii). Such determination shall be made (1) by the Administrative Trustees by a majority vote of a quorum consisting of such Administrative Trustees who were not parties to such action, suit or proceeding, (2) if such a quorum
is not obtainable, or, even if obtainable, if a quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion, or (3) by the Common Security Holder of the Trust. 
 (v) Expenses (including attorneys’ fees and expenses) incurred by a Company Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking
by or on behalf of such Company Indemnified Person to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Company as authorized in this Section 10.4(a). Notwithstanding the foregoing, no
advance shall be made by the Company if a determination is reasonably and promptly made (i) by the Administrative Trustees by a majority vote of a quorum of disinterested Administrative Trustees, (ii) if such a quorum is not obtainable,
or, even if obtainable, if a quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion or (iii) the Common Security Holder of the Trust, that, based upon the facts known to the Administrative
Trustees, counsel or the Common Security Holder at the time such determination is made, such Company Indemnified Person acted in willful misconduct or in a manner that such Person did not believe to be in or not opposed to the best interests of the
Trust, or, with respect to any criminal proceeding, that such Company Indemnified Person believed or had reasonable cause to believe his conduct was unlawful. In no event shall any advance be made in instances where the Administrative Trustees,
independent legal counsel or Common Security Holder reasonably determine that such Person deliberately breached his duty to the Trust or its Common or Preferred Security Holders. 
 (vi) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Section 10.4(a) shall not be
deemed exclusive of any other rights to which those seeking indemnification and advancement of expenses may be entitled under any agreement, vote of stockholders or disinterested directors of the Company or Preferred Security Holders of the Trust or
otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. All rights to indemnification under this Section 10.4(a) shall be deemed to be provided by a contract between the Company and
each Company Indemnified Person who serves in such capacity at any time while this Section 10.4(a) is in effect. Any repeal or modification of this Section 10.4(a) shall not affect any rights or obligations then existing. 
  

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 (vii) The Company or the Trust may purchase and maintain insurance on behalf of any Person who is or was
a Company Indemnified Person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Company would have the power to indemnify him against such liability under the
provisions of this Section 10.4(a). 
 (viii) For purposes of this Section 10.4(a), references to “the Trust” shall
include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger, so that any Person who is or was a director, trustee, officer or employee of such
constituent entity, or is or was serving at the request of such constituent entity as a director, trustee, officer, employee or agent of another entity, shall stand in the same position under the provisions of this Section 10.4(a) with respect
to the resulting or surviving entity as he would have with respect to such constituent entity if its separate existence had continued. 
 (ix) The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 10.4(a) shall, unless otherwise provided when authorized or ratified, continue as to a Person who has ceased to be a Company
Indemnified Person and shall inure to the benefit of the heirs, executors and administrators of such a Person. 
 (b) The Company agrees to
indemnify the (i) Property Trustee, (ii) the Delaware Trustee, (iii) any Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any officers, directors, shareholders, members, partners, employees, representatives,
custodians, nominees or agents of the Property Trustee or the Delaware Trustee (each of the Persons in (i) through (iv) being referred to as a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified Person
harmless against, any and all loss, liability, damage, actions, suits, costs, disbursements, penalties, claim or expense including taxes (other than taxes based on the income of such Fiduciary Indemnified Person) of any kind and nature whatsoever
incurred without gross negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses (including reasonable legal fees and
expenses) of defending itself against or investigating any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The obligation to indemnify as set forth in this Section 10.4(b) shall
survive the resignation or removal of the Property Trustee or the Delaware Trustee and the satisfaction and discharge of this Trust Agreement. 
 (c) The Company agrees to pay the Property Trustee and the Delaware Trustee, from time to time, such compensation for all services rendered by the Property Trustee and the Delaware Trustee hereunder including reasonable compensation
expenses and disbursements as of its agents and counsel as may be mutually agreed upon in writing by the Company and the Property Trustee or the Delaware Trustee, as the case may be, and, except as otherwise expressly provided herein, to reimburse
the Property Trustee and the Delaware Trustee upon its or their request for all reasonable and documented expenses, disbursements and advances incurred or made by the Property Trustee or the Delaware Trustee, as the case may be, in accordance with
the provisions of this Trust Agreement, except any such expense, disbursement or advance as may be attributable to its or their gross negligence or willful misconduct. No Company may claim any liens or charge on any Trust Property as a result of any
amount due pursuant to this Section 10.4. 
  

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 SECTION 10.5 Outside Businesses. 
 Any Covered Person, the Company, the Delaware Trustee and the Property Trustee may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or
dissimilar to the business of the Trust, and the Trust and the Holders of Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such
venture, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Company, the Delaware Trustee, or the Property Trustee shall be obligated to present any particular investment or other
opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Company, the Delaware Trustee and the Property Trustee shall have the right to take for its
own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Covered Person, the Delaware Trustee and the Property Trustee may engage or be interested in any financial or
other transaction with the Company or any Affiliate of the Company, or may act as depositary for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the Company or its Affiliates. 
 ARTICLE XI 
 ACCOUNTING

 SECTION 11.1 Fiscal Year. 
 The
fiscal year (“Fiscal Year”) of the Trust shall be the calendar year, or such other year as is required by the Code. 
 SECTION 11.2 Certain
Accounting Matters. 
 (a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or cause to be kept,
full books of account, records and supporting documents, which shall reflect in reasonable detail each transaction of the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted
accounting principles, consistently applied. The Trust shall use the accrual method of accounting for United States federal income tax purposes. The books of account and the records of the Trust shall be examined by and reported upon as of the end
of each Fiscal Year of the Trust by a firm of independent certified public accountants selected by the Administrative Trustees. 
 (b) The
Administrative Trustees shall cause to be prepared and delivered to each of the Holders of Securities, within 90 days after the end of each Fiscal Year of the Trust, annual financial statements of the Trust, including a balance sheet of the Trust as
of the end of such Fiscal Year, and the related statements of income or loss. 
  

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 (c) The Administrative Trustees shall cause to be duly prepared and delivered to each of the Holders of
Securities, any annual United States federal income tax information statement, required by the Code, containing such information with regard to the Securities held by each Holder as is required by the Code and the Treasury Regulations.
Notwithstanding any right under the Code to deliver any such statement at a later date, the Administrative Trustees shall endeavor to deliver all such information statements within 30 days after the end of each Fiscal Year of the Trust. 

(d) The Administrative Trustees shall cause to be duly prepared and filed with the appropriate taxing authority, an annual United States federal
income tax return, on a Form 1041 or such other form required by United States federal income tax law, and any other annual income tax returns required to be filed by the Administrative Trustees on behalf of the Trust with any state or local taxing
authority. 
 SECTION 11.3 Banking. 
 The
Trust shall maintain one or more bank accounts in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Notes held by the Property Trustee shall be made directly to the Property Trustee
Account and no other funds of the Trust shall be deposited in the Property Trustee Account. The sole signatories for such accounts shall be designated by the Administrative Trustees; provided, however, that the Property Trustee shall designate the
signatories for the Property Trustee Account. 
 SECTION 11.4 Withholding. 
 The Trust and the Administrative Trustees shall comply with all withholding requirements under United States federal, state and local law. The Trust shall
request, and the Holders shall provide to the Trust, such forms or certificates as are necessary to establish an exemption from withholding with respect to each Holder, and any representations and forms as shall reasonably be requested by the Trust
to assist it in determining the extent of, and in fulfilling, its withholding obligations. The Administrative Trustees shall file required forms with applicable jurisdictions and, unless an exemption from withholding is properly established by a
Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that the Trust is required to withhold and pay over any amounts to any authority with respect to Distributions or allocations to any Holder,
the amount withheld shall be deemed to be a Distribution in the amount of the withholding to the Holder. In the event of any claimed over withholding, Holders shall be limited to an action against the applicable jurisdiction. If the amount required
to be withheld was not withheld from actual Distributions made, the Trust may reduce subsequent Distributions by the amount of such withholding. 
 ARTICLE XII 
 AMENDMENTS AND MEETINGS 
 SECTION 12.1 Amendments. 
 (a) Except as otherwise provided in this Trust Agreement or by any
applicable terms of the Securities, this Trust Agreement may only be amended by a written instrument approved and executed by: 
 (i) the
Administrative Trustees (or if there are more than two Administrative Trustees a majority of the Administrative Trustees); 
  

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 (ii) if the amendment affects the rights, powers, duties, obligations or immunities of the Property
Trustee, the Property Trustee; and 
 (iii) if the amendment affects the rights, powers, duties, obligations or immunities of the Delaware
Trustee, the Delaware Trustee. 
 (b) No amendment shall be made, and any such purported amendment shall be void and ineffective unless, in
the case of any proposed amendment, the Property Trustee shall have first received an: 
 (A) an Officers’ Certificate from the Company
and an Administrative Trustee’s Certificate from the Trust that such amendment is permitted by, and conforms to, the terms of this Trust Agreement (including the terms of the Securities); and 
 (B) an opinion of counsel (who may be counsel to the Company or the Trust) that (w) such amendment is permitted by, and conforms to, the terms of
this Trust Agreement (including the terms of the Securities), (x) the result of such amendment will not cause the Trust to fail to continue to be classified for purposes of United States federal income taxation as a grantor trust, (y) the
result of such amendment will not cause the Trust to be deemed to be an Investment Company required to be registered under the Investment Company Act and (z) all conditions precedent to the execution and delivery of such amendment have been
satisfied, provided, however, that the Property Trustee shall not be required to sign any such amendment to the extent the result of such amendment would be to reduce or otherwise adversely affect the powers of the Property Trustee.

 (c) At such time after the Trust has issued any Securities that remain outstanding, any amendment that would adversely affect the rights,
privileges or preferences of any Holder of Securities may be effected only with such additional requirements as may be set forth in the terms of such Securities; 
 (d) Section 10.1(c) and this Section 12.1 shall not be amended without the consent of all of the Holders of the Securities; 
 (e) Article IV shall not be amended without the consent of the Holders of a Majority in Liquidation Amount of the Common Securities; 
 (f) The rights of the Holders of the Common Securities under Article V to increase or decrease the number of, and appoint and remove Trustees shall not be amended without the consent of the Holders of a Majority in
Liquidation Amount of the Common Securities; and 
 (g) Notwithstanding Section 12.1(c), this Trust Agreement may be amended without the
consent of the Holders of the Securities to: 
 (i) cure any ambiguity, correct or supplement any provision in this Trust Agreement that may
be inconsistent with any other provision of this Trust Agreement or to make any other provisions with respect to matters or questions arising under this Trust Agreement which shall not be inconsistent with the other provisions of the Trust
Agreement; and 
  

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 (ii) to modify, eliminate or add to any provisions of the Trust Agreement to such extent as shall be
necessary to (A) ensure that the Trust will be classified for United States federal income tax purposes as a grantor trust at all times that any Securities are outstanding, (B) to ensure that the Trust will not be required to register as
an Investment Company under the Investment Company Act, or (C) to ensure that the proceeds from the sale of the Securities will constitute “tier 1 capital” under capital adequacy requirements which may be applicable to the Company;

 provided, however, that in the case of clause (i), such action shall not adversely affect in any material respect the interests of the
Holders of the Securities, and any amendments of this Trust Agreement shall become effective when notice thereof is given to the Holders of the Securities. 
 SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent. 
 (a) Meetings of the Holders of any class of
Securities may be called at any time by the Administrative Trustees (or as provided in the terms of the Securities) to consider and act on any matter on which Holders of such class of Securities are entitled to act under the terms of this Trust
Agreement, the terms of the Securities or the rules of any stock exchange on which the Preferred Securities are listed or admitted for trading. The Administrative Trustees shall call a meeting of the Holders of such class if directed to do so by the
Holders of at least 10% in Liquidation Amount of such class of Securities. Such direction shall be given by delivering to the Administrative Trustees one or more notices in a writing stating that the signing Holders of Securities wish to call a
meeting and indicating the general or specific purpose for which the meeting is to be called. Any Holders of Securities calling a meeting shall specify in writing the Security Certificates held by the Holders of Securities exercising the right to
call a meeting and only those Securities specified shall be counted for purposes of determining whether the required percentage set forth in the second sentence of this paragraph has been met. 
 (b) Except to the extent otherwise provided in the terms of the Securities, the following provisions shall apply to meetings of Holders of Securities:

 (i) notice of any such meeting shall be given to all the Holders of Securities having a right to vote thereat at least seven days and not
more than 60 days before the date of such meeting. Whenever a vote, consent or approval of the Holders of Securities is permitted or required under this Trust Agreement or the rules of any stock exchange on which the Preferred Securities are listed
or admitted for trading, such vote, consent or approval may be given at a meeting of the Holders of Securities. Any action that may be taken at a meeting of the Holders of Securities may be taken without a meeting if a consent in writing setting
forth the action so taken is signed by the Holders of Securities owning not less than the minimum amount of Securities in Liquidation Amount that would be necessary to authorize or take such action at a meeting at which all Holders of Securities
having a right to vote thereon were present and voting. Prompt notice of the taking of action without a meeting shall be given to the Holders of Securities entitled to vote who have not consented in writing. The Administrative Trustees may specify
that any written ballot submitted to the Security Holder for the purpose of taking any action without a meeting shall be returned to the Trust within the time specified by the Administrative Trustees; 
  

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 (ii) each Holder of a Security may authorize any Person to act for it by proxy on all matters in which a
Holder of Securities is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the
proxy. Every proxy shall be revocable at the pleasure of the Holder of Securities executing it. Except as otherwise provided herein, all matters relating to the giving, voting or validity of proxies shall be governed by the General Corporation Law
of the State of Delaware relating to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Holders of the Securities were stockholders of a Delaware corporation; 
 (iii) each meeting of the Holders of the Securities shall be conducted by the Administrative Trustees or by such other Person that the Administrative
Trustees may designate; and 
 (iv) unless the Statutory Trust Act, this Trust Agreement, the terms of the Securities, or the listing rules
of any stock exchange on which the Preferred Securities are then listed or trading, otherwise provides, the Administrative Trustees, in their sole discretion, shall establish all other provisions relating to meetings of Holders of Securities,
including notice of the time, place or purpose of any meeting at which any matter is to be voted on by any Holders of Securities, waiver of any such notice, action by consent without a meeting, the establishment of a record date, quorum
requirements, voting in person or by proxy or any other matter with respect to the exercise of any such right to vote. 
 ARTICLE XIII 

 REPRESENTATIONS OF PROPERTY TRUSTEE 
 AND DELAWARE TRUSTEE 
 SECTION 13.1 Representations and Warranties of Property Trustee. 
 The Trustee that acts as initial Property Trustee represents and warrants to the Trust and to the Company at the date of this Trust Agreement, and each
Successor Property Trustee represents and warrants to the Trust and the Company at the time of the Successor Property Trustee’s acceptance of its appointment as Property Trustee that: 
 (a) The Property Trustee is a Delaware banking corporation validly existing, in good standing and with trust powers and authority to execute and deliver,
and to carry out and perform its obligations under the terms of, this Trust Agreement; 
 (b) The execution, delivery and performance by the
Property Trustee of this Trust Agreement has been duly authorized by the Property Trustee. This Trust Agreement has been duly executed and delivered by the Property Trustee and constitutes a legal, valid and binding obligation of the Property
Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally and to general principles of equity and the
discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); 
  

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 (c) The execution, delivery and performance of this Trust Agreement by the Property Trustee does not
conflict with or constitute a breach of the charter or by-laws of the Property Trustee; and 
 (d) No consent, approval or authorization of
or registration with or notice to, any state or federal banking authority governing the trust powers of the Property Trustee is required for the execution, delivery or performance by the Property trustee of this Trust Agreement. 
 SECTION 13.2 Representations and Warranties of Delaware Trustee. 
 The Trustee that acts as initial Delaware Trustee represents and warrants to the Trust and to the Company at the date of this Trust Agreement, and each Successor Delaware Trustee represents and warrants to the Trust
and the Company at the time of the Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee that: 
 (a) The
Delaware Trustee is a Delaware banking corporation duly organized, validly existing and in good standing under the laws of the State of Delaware with trust power and authority to execute and deliver, and to carry out and perform its obligations
under the terms of, this Trust Agreement; 
 (b) The execution, delivery and performance by the Delaware Trustee of this Trust Agreement has
been duly authorized by all necessary corporate action on the part of the Delaware Trustee and does not conflict with or constitute a breach of the charter or by-laws of the Delaware Trustee. This Trust Agreement has been duly executed and delivered
by the Delaware Trustee and constitutes a legal, valid and binding obligation of the Delaware Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar
laws affecting creditors’ rights generally and to general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); 
 (c) No consent, approval or authorization of, or registration with or notice to, any federal or Delaware banking authority is required for the execution,
delivery or performance by the Delaware Trustee of this Trust Agreement; and 
 (d) The Delaware Trustee is a natural person who is a
resident of the State of Delaware or, if not a natural person, an entity which has its principal place of business in the State of Delaware. 
  

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 ARTICLE XIV 
 MISCELLANEOUS 
 SECTION 14.1 Notices. 
 All notices provided for in this Trust Agreement shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or
mailed by first class mail, as follows: 
 (a) if given to the Trust, in care of the Administrative Trustees at the Trust’s mailing
address set forth below (or such other address as the Trust may give notice of to the Holders of the Securities): 
 Nexity Capital Trust III

 c/o Nexity Financial Corporation 
 3500 Blue Lake Drive, Suite 330 
 Birmingham, Alabama 35243 
 Attn: John J. Moran 
 Telephone:
(843) 213-0999 
 Telecopier: (843) 213-0788 
 (b) if given to the Delaware Trustee, at the mailing address set forth below (or such other address as Delaware Trustee may give notice of to the Holders of the Securities): 
 Wilmington Trust Company 
 Rodney Square
North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Attn: Corporate Trust Administration 
 Telephone: (302) 636-6000 
 Telecopier:
(302) 636-4140 
 With a copy to: 
 Richards, Layton & Finger, P.A. 
 One Rodney Square 
 920 North King Street 
 Wilmington, Delaware
19801 
 Attn: Doneene Keemer Damon, Esq. 
 Telephone: (302) 651-7526 
 Telecopier: (302) 498-7526 
 (c) if given to the Property Trustee, at the Property Trustee’s mailing address set forth below (or such other address as the Property Trustee may
give notice of to the Holders of the Securities): 
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market
Street 
  

 53 

 Wilmington, Delaware 19890 
 Attn: Corporate Trust Administration 
 Telephone: (302) 636-6000 
 Telecopier: (302) 636-4140 
 (d) if given to the Holder of the Common Securities, at the mailing address of the Company set forth below (or such other address as the Holder of the
Common Securities may give notice to the Trust): 
 Nexity Capital Trust III 
 c/o Nexity Financial Corporation 
 3500 Blue
Lake Drive, Suite 330 
 Birmingham, Alabama 35243 
 Attn: John J. Moran 
 Telephone: (843) 213-0999 
 Telecopier: (843) 213-0788 
 (e) if
given to any other Holder, at the address set forth on the books and records of the Registrar. 
 All such notices shall be deemed to have
been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no
notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver. 
 SECTION 14.2
Governing Law. 
 This Trust Agreement and the rights of the parties hereunder shall be governed by and interpreted in accordance with
the laws of the State of Delaware and all rights and remedies shall be governed by such laws without regard to principles of conflict of laws. 
 SECTION
14.3 Intention of the Parties. 
 It is the intention of the parties hereto that the Trust be classified for United States federal
income tax purposes as a grantor trust. The provisions of this Trust Agreement shall be interpreted to further this intention of the parties. 
 SECTION 14.4
Headings. 
 Headings contained in this Trust Agreement are inserted for convenience of reference only and do not affect the
interpretation of this Trust Agreement or any provision hereof. 
 SECTION 14.5 Successors and Assigns. 
 Whenever in this Trust Agreement any of the parties hereto is named or referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Trust Agreement by the Company and the Trustees shall bind and inure to the benefit of their respective successors and assigns, whether or not so expressed. 
  

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 SECTION 14.6 Partial Enforceability. 
 If any provision of this Trust Agreement, or the application of such provision to any Person or circumstance, shall be held invalid, the remainder of this Trust Agreement, or the application of such provision to
Persons or circumstances other than those to which it is held invalid, shall not be affected thereby. 
 SECTION 14.7 Counterparts. 
 This Trust Agreement may contain more than one counterpart of the signature page and this Trust Agreement may be executed by the affixing of the signature
of each of the Trustees to one of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature page.

  

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 IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and year first
above written. 
  

			
	  

	Greg L. Lee, solely in his capacity as
	Administrative Trustee
	
	  

	John J. Moran, solely in his capacity as
Administrative Trustee
	
	  

	David E. Long, solely in his capacity as
Administrative Trustee
	
	WILMINGTON TRUST COMPANY,
as Delaware Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	WILMINGTON TRUST COMPANY,
as Property Trustee
		
	By:	 	  

	
	NEXITY FINANCIAL CORPORATION,
as sponsor
		
	By:	 	  

  

 56 

 ANNEX I 
 TERMS OF 
 FLOATING RATE PREFERRED SECURITIES 
 FLOATING RATE COMMON SECURITIES 
 Pursuant to Section 7.1 of the Amended and Restated Trust Agreement, dated as of June 20, 2008 (as amended from time to time, the “Trust Agreement”), the designation, rights, privileges, restrictions, preferences and
other terms and provisions of the Preferred Securities and the Common Securities (collectively, the “Securities”) are set out below (each capitalized term used but not defined herein has the meaning set forth in the Trust Agreement or, if
not defined in such Trust Agreement, as defined in the Indenture): 
 1. Designation and Number. 
 (a) Preferred Securities. Up to 10,000 Preferred Securities of the Trust with an aggregate liquidation amount with respect to the assets of the
Trust of Ten Million and No/100 Dollars ($10,000,000) and each with a liquidation amount with respect to the assets of the Trust of $1,000 per security, are hereby designated for the purposes of identification only as “Floating Rate Preferred
Securities” (the “Preferred Securities”). The certificates evidencing the Preferred Securities shall be substantially in the form of Exhibit A-1 to the Trust Agreement, with such changes and additions thereto or deletions therefrom as
may be required by ordinary usage, custom or practice or to conform to the rules of any stock exchange or quotation system on which the Preferred Securities are listed or quoted. 
 (b) Common Securities. Up to 309 Common Securities of the Trust with an aggregate liquidation amount with respect to the assets of the Trust of
Three Hundred Nine Thousand and No/100 Dollars ($309,000) and a liquidation amount with respect to the assets of the Trust of $1,000 per security, are hereby designated for the purposes of identification only as “Floating Rate Common
Securities” (the “Common Securities”). The certificates evidencing the Common Securities shall be substantially in the form of Exhibit A-2 to the Trust Agreement, with such changes and additions thereto or deletions therefrom as may
be required by ordinary usage, custom or practice. 
 2. Distributions. 
 (a) Distributions will be payable on each Security for the period beginning on (and including) the date of original issuance and ending on (but excluding)
October 1, 2008, at the Coupon Rate, as defined below, and shall bear interest for each successive period beginning on (and including) October 1, 2008, and each succeeding Distribution Date, and ending on (but excluding) the next
succeeding Distribution Date or date on which the Securities are otherwise paid (each, a “Distribution Period”) at a rate per annum equal to the 3-Month LIBOR, determined as described below, plus 4.00% (the “Coupon
Rate”) (provided that at no time, and for all purposes, shall the Coupon Rate be less than 6.00% or greater than 10.00%), applied to the stated liquidation amount thereof, such rate being the rate of interest payable on the Notes to be held
by the Property Trustee. 
  

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 In the event that the 3-Month LIBOR is indeterminable by the methods described below, the Coupon Rate
shall equal the 3-Month LIBOR in effect on the most recent Determination Date (whether or not 3-Month LIBOR for such period was in fact determined on such Determination Date) plus 4.00%. 
 Distributions in arrears for more than one quarterly period will bear interest thereon compounded quarterly at the applicable Coupon Rate (to the extent
permitted by law). A Distribution is payable only to the extent that payments are made in respect of the Notes held by the Property Trustee and to the extent the Property Trustee has funds available therefor. In the event that any date on which a
Distribution is payable on the Securities is not a Business Day, then payment of interest payable on such date shall be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay),
with the same force and effect as if made on the date such payment was originally payable. The amount of interest payable for any Distribution Period will be calculated by applying the Coupon Rate to the principal amount outstanding at the
commencement of the Distribution Period and multiplying each such amount by the actual number of days in the Distribution Period concerned divided by 360. All percentages resulting from any calculations on the Securities will be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% or .09876545 being rounded to 9.87655% or .0987655), and all dollar amounts used in or resulting
from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 
 “3-Month LIBOR”
means the London interbank offered rate for three-month, U.S. dollar deposits determined by the Note Trustee in the following order of priority: 
 (1) the rate (expressed as a percentage per annum) for U.S. dollar deposits of an amount equal or comparable to the aggregate liquidation amount of the Notes having a three-month maturity that appears on Telerate Page
3750 as of 11:00 a.m. (London time) on the particular Determination Date (as defined below). “Telerate Page 3750” means the display designated as “Page 3750” on the Dow Jones Telerate Service or such other page as may
replace Page 3750 on that service or such other service or services as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying London interbank offered rates for U.S. dollar deposits;

 (2) if such rate does not appear on Telerate Page 3750 as of 11:00 a.m. (London time) on the Determination Date, 3-Month
LIBOR will be the arithmetic mean of the rates (expressed as percentages per annum) for U.S. dollar deposits of an amount equal or comparable to the aggregate liquidation amount of the Notes having a three-month maturity that appear on Reuters
Monitor Money Rates Page LIBO (“Reuters Page LIBO”) as of 11:00 a.m. (London time) on such Determination Date; 
 (3) if such rate does not appear on Reuters Page LIBO as of 11:00 a.m. (London time) on the related Determination Date, the Note Trustee will request the principal London offices of four leading banks in the London interbank market to
provide such banks’ offered quotations (expressed as percentages per annum) to prime banks in the London interbank market for U.S. dollar deposits of an amount equal or comparable to the aggregate liquidation amount of the Notes having a
three-month maturity as of 11:00 a.m. (London time) on such Determination Date. If at least two quotations are provided, 3-Month LIBOR will be the arithmetic mean of such quotations; and 
  

 I - 2 

 (4) if fewer than two such quotations are provided as requested in clause (3) above,
the Note Trustee will request four major New York City banks to provide such banks’ offered quotations (expressed as percentages per annum) to leading European banks for loans in U.S. dollars of an amount equal or comparable to the aggregate
liquidation amount of the Notes as of 11:00 a.m. (London time) on such Determination Date. If at least two such quotations are provided, 3-Month LIBOR will be the arithmetic mean of such quotations. 
 If the rate for U.S. dollar deposits of an amount equal or comparable to the aggregate liquidation amount of the Notes having a three-month maturity that
initially appears on Telerate Page 3750 or Reuters Page LIBO, as the case may be, as of 11:00 a.m. (London time) on the related Determination Date is superseded on the Telerate page 3750 or Reuters Page LIBO, as the case may be, by a corrected rate
by 12:00 noon (London time) on such Determination Date, then the corrected rate as so substituted on the applicable page will be the applicable 3-Month LIBOR for such Determination Date. 
 (5) The Coupon Rate for any Distribution Period will at no time be higher than (i) 10.00% or (ii) the maximum rate then
permitted by Alabama law as the same may be modified by United States law, whichever is less. 
 “Determination Date” means
the date that is two London Banking Days (i.e., a day in which dealings in deposits in U.S. dollars are transacted in the London interbank market) preceding the particular Distribution Period for which a Coupon Rate is being determined. 

On each Determination Date, the Note Trustee shall notify, in writing, the Company and the Paying Agent of the applicable Coupon Rate in effect for
the related Distribution Period. The Note Trustee shall, upon the request of the Holder of any Securities, provide the Coupon Rate then in effect. All calculations made by the Note Trustee in the absence of manifest error shall be conclusive for all
purposes and binding on the Company and the Holders of the Securities. The Paying Agent shall be entitled to rely on information received from the Note Trustee or the Company as to the Coupon Rate. The Company shall, from time to time, provide any
necessary information to the Paying Agent relating to any original issue discount and interest on the Securities that is included in any payment and reportable for taxable income calculation purposes. 
 (b) Distributions on the Securities will be cumulative, will accumulate from the most recent date to which Distributions have been paid or, if no
Distributions have been paid, from the date of original issuance, and will be payable quarterly in arrears on April 1, July 1, October 1 and January 1 of each year, commencing on October 1, 2008 (each a
“Distribution Date”), except as otherwise described below. As long as no Event of Default pursuant to Section 5.01 (c), (e), (f), (g) or (h) has occurred and is continuing under the Indenture, the Note Issuer has the right
under the Indenture to defer payments of interest by extending the interest payment period at any time and from time to time on the Notes for a period not exceeding 20 consecutive quarterly periods, including the first such quarterly period during
such period (each an “Extension 

  

 I - 3 

 
Period”), provided that no Extension Period shall extend beyond the stated maturity date of the Notes (the “Stated Maturity”). Upon any such
election, written notice of which will be given to Holders of Securities no later than 5 Business Days, distributions will be deferred during such Extension Period. Notwithstanding such deferral, Distributions to which Holders of Securities are
entitled shall continue to accumulate with additional Distributions thereon (to the extent permitted by applicable law but not at a rate greater than the rate at which interest is then accruing on the Notes) at the Coupon Rate compounded quarterly
from the relevant Distribution Date, during any such Extension Period. Prior to the expiration of any such Extension Period, the Note Issuer may further defer payments of interest by further extending such Extension Period; provided that such
Extension Period, together with all such previous and further extensions within such Extension Period, may not exceed 20 consecutive quarterly periods, including the first quarterly period during such Extension Period, or extend beyond the Stated
Maturity of the Notes. Upon the expiration of any Extension Period and the payment of all amounts then due, the Note Issuer may commence a new Extension Period, subject to the above requirements and provided that no Event of Default pursuant to
Section 5.01 (c), (e), (f), (g) or (h) has occurred and is continuing under the Indenture. 
 (c) Distributions on the
Securities will be payable to the Holders thereof as they appear on the books and records of the Registrar at the close of business on the fifteenth day (whether or not a Business Day) of the month next preceding the relevant Distribution Date.
Subject to any applicable laws and regulations and the provisions of the Trust Agreement, each such payment in respect of the Preferred Securities will be made by check mailed or wired to the address of the Holder thereof as reflected in the records
of the Registrar unless otherwise agreed by the Trust. The relevant record dates for the Common Securities shall be the same as the record dates for the Preferred Securities. Distributions payable on any Securities that are not punctually paid on
any Distribution Date, as a result of the Note Issuer having failed to make a payment under the Notes, will cease to be payable to the Holder on the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose
name such Securities are registered on the special record date or other specified date determined in accordance with the Indenture. 
 (d) In
the event that there is any money or other property held by or for the Trust that is not accounted for hereunder, such property shall be distributed Pro Rata (as defined herein) pursuant to Section 8 among the Holders of the Securities.

 3. Liquidation Distribution Upon Dissolution. 
 In the event of any termination of the Trust or the Company otherwise gives notice of its election to liquidate the Trust pursuant to Section 8.1(a)(iii) of the Trust Agreement, the Trust shall be liquidated by
the Administrative Trustees as expeditiously as the Administrative Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to the Holders of the Securities a Like
Amount (as defined below) of the Notes, unless such distribution is determined by the Property Trustee not to be practicable, in which event such Holders will be entitled to receive out of the assets of the Trust legally available for distribution
to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the aggregate of the Liquidation Amount of $1,000 per Security plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the “Liquidation Distribution”). 
  

 I - 4 

 “Like Amount” means (i) with respect to a prepayment of the Securities, Securities having
a Liquidation Amount equal to the principal amount of Notes to be paid in accordance with their terms and (ii) with respect to a distribution of Notes upon the liquidation of the Trust, Notes having a principal amount equal to the Liquidation
Amount of the Securities of the Holder to whom such Notes are distributed. 
 If, upon any such liquidation, the Liquidation Distribution can
be paid only in part because the Trust has insufficient assets on hand legally available to pay in full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust on the Securities shall be paid on a Pro Rata basis as set
forth in Section 8. 
 4. Prepayment and Distribution. 
 (a) Upon the repayment of the Notes on the Stated Maturity thereof or prepayment thereof prior thereto in accordance with the terms thereof, the proceeds
from such repayment or prepayment shall be simultaneously applied by the Property Trustee (subject to the Property Trustee having received notice no later than 45 days prior to such repayment or prepayment) to redeem a Like Amount of the Securities
at a prepayment price equal to 100% of the Liquidation Amount of the Securities, plus accumulated and unpaid Distributions thereon, if any, to the date of such prepayment (the “Prepayment Price”). Holders will be given not less than 30 nor
more than 60 days notice of such prepayment. 
 (b) Subject to the approval of the Board of Governors of the Federal Reserve (the
“Federal Reserve”) on any Distribution Date, the Note Issuer shall have the right to prepay the Notes in whole or in part, from time to time, and simultaneous with such prepayment, to cause a Like Amount of the Securities to be redeemed by
the Trust at the Prepayment Price on a Pro Rata basis. 
 (c) On and from the date fixed by the Administrative Trustees for any distribution
of Notes and liquidation of the Trust: (i) the Securities will no longer be deemed to be outstanding, (ii) any certificates representing Securities will be deemed to represent beneficial interests in a Like Amount of Notes until such
certificates are presented to the Administrative Trustees or their agent for cancellation, whereupon the Note Issuer will issue to such holder, and the Note Trustee will authenticate, a certificate representing such Notes. 
 (d) The procedure with respect to prepayments of Securities, or distributions of Notes in exchange therefor, shall be as follows: 
 (i) If less than all the Securities are to be redeemed, the particular Securities to be redeemed shall be selected on a pro rata basis (as determined in
accordance with paragraph 8 below), or by such other method as the Property Trustee deems fair and appropriate, not more than 60 days prior to the date of prepayment by the Property Trustee from the outstanding Securities not previously called for
prepayment. 
  

 I - 5 

 (ii) Notice of any prepayment of, or notice of distribution of Notes in exchange for, the Securities (a
“Prepayment/Distribution Notice”) will be given by the Trust by mail to each Holder of Securities to be redeemed or exchanged not fewer than 30 nor more than 60 days before the date fixed for prepayment or exchange thereof which, in the
case of a prepayment, will be the date fixed for repayment or prepayment of the Notes. For purposes of the calculation of the date of prepayment or exchange and the dates on which notices are given pursuant to this Section 4(d)(i), a
Prepayment/Distribution Notice shall be deemed to be given on the day such notice is first mailed by first-class mail, postage prepaid, to Holders of Securities. Each Prepayment/Distribution Notice shall be addressed to the Holders of Securities at
the address of each such Holder appearing in the books and records of the Registrar. No defect in the Prepayment/Distribution Notice or in the mailing of either thereof with respect to any Holder shall affect the validity of the prepayment or
exchange proceedings with respect to any other Holder. 
 (iii) If Securities are to be redeemed and the Trust gives a
Prepayment/Distribution Notice, (which notice will be irrevocable), then provided that the Note Issuer has paid the Property Trustee a sufficient amount of cash in connection with the related maturity or prepayment of the Notes, the Property Trustee
will pay the relevant Prepayment Price to the Holders of such Securities by check mailed or wired to the address of the relevant Holder appearing on the books and records of the Trust on the prepayment date. If a Prepayment/Distribution Notice shall
have been given and funds deposited as required and Notes have been presented, if applicable, then immediately prior to the close of business on the date of such deposit, or on the prepayment date, as applicable, Distributions will cease to
accumulate on the Securities so called for prepayment and all rights of Holders of such Securities so called for prepayment will cease, except the right of the Holders of such Securities to receive the Prepayment Price, but without interest on such
Prepayment Price, and such Securities shall cease to be outstanding. 
 (iv) Payment of accumulated and unpaid Distributions on the
Prepayment Date of the Securities will be subject to the rights of Holders of Securities on the close of business on a regular record date in respect of a Distribution Date occurring on or prior to such Prepayment Date. 
 (v) Neither the Administrative Trustees nor the Trust shall be required to register or cause to be registered the transfer of (i) any Securities
beginning on the opening of business 15 days before the day of mailing of a notice of prepayment or any notice of selection of Securities for prepayment or (ii) any Securities selected for prepayment. If any date fixed for prepayment of
Securities is not a Business Day, then payment of the Prepayment Price payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force
and effect as if made on such date fixed for prepayment. If payment of the Prepayment Price in respect of any Securities is improperly withheld or refused and not paid either by the Property Trustee or the Paying Agent or by the Company as guarantor
pursuant to the relevant Securities Guarantee, Distributions on such Securities will continue to accumulate from the original prepayment date to the actual date of payment, in which case the actual payment date will be considered the date fixed for
prepayment for purposes of calculating the Prepayment Price. 
  

 I - 6 

 (vi) Prepayment/Distribution Notices shall be sent by the Property Trustee on behalf of the Trust to
(A) in respect of the Preferred Securities, to the Holder thereof, and (B) in respect of the Common Securities to the Holder thereof. 
 (vii) Subject to the foregoing and applicable law (including, without limitation, United States federal securities laws and banking laws), provided the acquiror is not the Holder of the Common Securities or the obligor under the Indenture,
the Company or any of its Affiliates may at any time and from time to time purchase outstanding Preferred Securities by tender, in the open market or by private agreement. 
 5. Voting Rights - Preferred Securities. 
 (a) Except as provided under Sections 5(b) and 7 and as otherwise required by law and the Trust Agreement, the Holders of the Preferred Securities will have no voting rights. 
 (b) So long as any Notes are held by the Property Trustee, the Trustees shall not (i) direct the time, method and place of conducting any proceeding
for any remedy available to the Note Trustee, or executing any trust or power conferred on such Note Trustee with respect to the Notes, (ii) waive any past default that is waivable under Section 5.07 of the Indenture, (iii) exercise
any right to rescind or annul a declaration of acceleration of the maturity of the principal of the Notes or (iv) consent to any amendment, modification or termination of the Indenture or the Notes, where such consent shall be required,
without, in each case, obtaining the prior approval of the Holders of a Majority in Liquidation Amount of all outstanding Preferred Securities; provided, however, that where a consent under the Indenture would require the consent of each holder of
Notes affected thereby, no such consent shall be given by the Property Trustee without the prior approval of each Holder of the Preferred Securities. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders
of the Preferred Securities except by subsequent vote of such Holders. The Property Trustee shall notify each Holder of Preferred Securities of any notice of default with respect to the Notes. In addition to obtaining the foregoing approvals of such
Holders of the Preferred Securities, prior to taking any of the foregoing actions, the Trustees shall obtain an opinion of counsel experienced in such matters to the effect that the Trust will not be classified as an association taxable as a
corporation for United States federal income tax purposes on account of such action. 
 If an Event of Default under the Trust Agreement has
occurred and is continuing and such event is attributable to the failure of the Note Issuer to pay principal of or premium, if any, or interest on the Notes on any due date (including any Interest Payment Date or prepayment date or Stated Maturity),
then a Holder of Preferred Securities may directly institute a proceeding for enforcement of payment to such Holder of the principal of or premium, if any, or interest on a Like Amount of Notes (a “Direct Action”) on or after the
respective due date specified in the Notes. In connection with such Direct Action, the rights of the Common Securities Holder will be subrogated to the rights of such Holder of Preferred Securities to the extent of any payment made by the Note
Issuer to such Holder of Preferred Securities in such Direct Action. Except as provided in the second preceding sentence, the Holders of Preferred Securities will not be able to exercise directly any other remedy available to the holders of the
Notes. 
  

 I - 7 

 Any approval or direction of Holders of Preferred Securities may be given at a separate meeting of
Holders of Preferred Securities convened for such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Property Trustee will cause a notice of any meeting at which Holders of Preferred Securities
are entitled to vote, or of any matter upon which action by written consent of such Holders is to be taken, to be mailed to each Holder of record of Preferred Securities. Each such notice will include a statement setting forth (i) the date of
such meeting or the date by which such action is to be taken, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of such matter upon which written consent is sought and
(iii) instructions for the delivery of proxies or consents. 
 No vote or consent of the Holders of the Preferred Securities will be
required for the Trust to redeem and cancel Preferred Securities or to distribute the Notes in accordance with the Trust Agreement and the terms of the Securities. 
 Notwithstanding that Holders of Preferred Securities are entitled to vote or consent under any of the circumstances described above, any of the Preferred Securities that are owned by the Company or any Affiliate of
the Company shall not be entitled to vote or consent and shall, for purposes of such vote or consent, be treated as if they were not outstanding. 
 6. Voting Rights - Common Securities. 
 (a) Except as provided under Sections 6(b), 6(c), and 7 as otherwise required by law
and the Trust Agreement, the Holders of the Common Securities will have no voting rights. 
 (b) Unless a Note Event of Default shall have
occurred and be continuing, any Trustee may be removed at any time by the Holder of the Common Securities. If a Note Event of Default has occurred and is continuing, the Property Trustee and the Delaware Trustee may be removed at such time by the
holders of a Majority in Liquidation Amount of the outstanding Preferred Securities. In no event will the Holders of the Preferred Securities have the right to vote to appoint, remove or replace the Administrative Trustees, which voting rights are
vested exclusively in the Company as the holder of the Common Securities. No resignation or removal of a Trustee and no appointment of a successor trustee shall be effective until the acceptance of appointment by the successor trustee in accordance
with the provisions of the Trust Agreement. 
 (c) So long as any Notes are held by the Property Trustee, the Trustees shall not
(i) direct the time, method and place of conducting any proceeding for any remedy available to the Note Trustee, or executing any trust or power conferred on such Note Trustee with respect to the Notes, (ii) waive any past default that is
waivable under Section 5.07 of the Indenture, (iii) exercise any right to rescind or annul a declaration of acceleration of the maturity of the principal of the Notes or (iv) consent to any amendment, modification or termination of
the Indenture or the Notes, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of a Majority in Liquidation Amount of all outstanding Common Securities; provided, however, that where a consent
under the Indenture would require the consent of each holder of Notes affected thereby, no such consent shall be given by the Property Trustee without the prior approval of each Holder of the Common Securities. The Trustees shall not revoke any
action previously authorized or approved by a vote of the Holders of the 

  

 I - 8 

 
Common Securities except by subsequent vote of such Holders. The Property Trustee shall notify each Holder of Common Securities of any notice of default with
respect to the Notes. In addition to obtaining the foregoing approvals of such Holders of the Common Securities, prior to taking any of the foregoing actions, the Trustees shall obtain an Opinion of Counsel experienced in such matters to the effect
that the Trust will not be classified as an association taxable as a corporation for United States federal income tax purposes on account of such action. 
 If an Event of Default under the Trust Agreement has occurred and is continuing and such event is attributable to the failure of the Note Issuer to pay principal of or premium, if any, or interest on the Notes on the
due date (including any Interest Payment Date or prepayment date or Stated Maturity) (or in the case of prepayment, on the prepayment date), then a Holder of Common Securities may institute a Direct Action for enforcement of payment to such Holder
of the principal of or premium, if any, or interest on a Like Amount of Notes on or after the respective due date specified in the Notes. In connection with Direct Action, the rights of the Holders of Preferred Securities will be subrogated to the
rights of such Holder of Common Securities to the extent of any payment made by the Note Issuer to such Holder of Common Securities in such Direct Action. Except as provided in the second preceding sentence, the Holders of Common Securities will not
be able to exercise directly any other remedy available to the holders of the Notes. 
 Any approval or direction of Holders of Common
Securities may be given at a separate meeting of Holders of Common Securities convened for such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Administrative Trustees will cause a notice of
any meeting at which Holders of Common Securities are entitled to vote, or of any matter upon which action by written consent of such Holders is to be taken, to be mailed to each Holder of record of Common Securities. Each such notice will include a
statement setting forth (i) the date of such meeting or the date by which such action is to be taken, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of such matter
upon which written consent is sought and (iii) instructions for the delivery of proxies or consents. 
 No vote or consent of the
Holders of the Common Securities will be required for the Trust to redeem and cancel Common Securities or to distribute the Notes in accordance with the Trust Agreement and the terms of the Securities. 
 7. Amendments to Trust Agreement and Indenture. 
 In addition to the requirements set out in Section 12.1 of the Trust Agreement, the Trust Agreement may be amended from time to time by the Company and the Trustees, without the consent of the Holders of the
Securities (i) to cure any ambiguity, correct or supplement any provisions in the Trust Agreement that may be inconsistent with any other provisions, or to make any other provisions with respect to matters or questions arising under the Trust
Agreement which shall not be inconsistent with the other provisions of the Trust Agreement, or (ii) to modify, eliminate or add to any provisions of the Trust Agreement to such extent as shall be necessary (A) to ensure that the Trust will
be classified for United States federal income tax purposes as a grantor trust at all times that any Securities are outstanding, (B) to ensure that the Trust will not be required to register as an “investment company” under the
Investment 

  

 I - 9 

 
Company Act, or (C) to ensure that the proceeds from the sale of the Securities will constitute “tier 1 capital” under capital adequacy
requirements which may be applicable to the Company; provided, however, that in the case of clause (i), such action shall not adversely affect in any material respect the interests of any Holder of Securities. Any amendments of the
Trust Agreement pursuant to the foregoing shall become effective when notice thereof is given to the holders of the Securities. The Trust Agreement also may be amended by the Trustees and the Company with (i) the consent of Holders representing
a Majority in Liquidation Amount of all outstanding Securities, and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Trustees in accordance with such amendment
will not affect the Trust’s status as a grantor trust for United States federal income tax purposes or the Trust’s exemption from status as an investment company under the Investment Company Act, provided that, without the
consent of each Holder of Trust Securities, the Trust Agreement may not be amended to (i) change the amount or timing of any Distribution on the Trust Securities or otherwise adversely affect the amount of any Distribution required to be made
in respect of the Trust Securities as of a specified date or (ii) restrict the right of a Holder of Securities to institute suit for the enforcement of any such payment on or after such date. 
 8. Pro Rata. 
 A reference in these
terms of the Securities to any payment, distribution or treatment as being “Pro Rata” shall mean pro rata to each Holder of Securities according to the aggregate Liquidation Amount of the Securities held by the relevant Holder in relation
to the aggregate Liquidation Amount of all Securities outstanding unless, in relation to a payment, an Event of Default under the Trust Agreement has occurred and is continuing, in which case any funds available to make such payment shall be paid
first to each Holder of the Preferred Securities pro rata according to the aggregate Liquidation Amount of Preferred Securities held by the relevant Holder relative to the aggregate Liquidation Amount of all Preferred Securities outstanding, and
only after satisfaction of all amounts owed to the Holders of the Preferred Securities, to each Holder of Common Securities pro rata according to the aggregate liquidation amount of Common Securities held by the relevant Holder relative to the
aggregate Liquidation Amount of all Common Securities outstanding. 
 9. Ranking. 
 The Preferred Securities rank pari passu with the Common Securities and payment thereon shall be made Pro Rata with the Common Securities, except that, if
an Event of Default under the Trust Agreement occurs and is continuing, no payments in respect of Distributions on, or payments upon liquidation, prepayment or otherwise with respect to, the Common Securities shall be made until the Holders of the
Preferred Securities shall be paid in full the Distributions, Prepayment Price, Liquidation Distribution and other payments to which they are entitled at such time. 
  

 I - 10 

 10. Acceptance of Securities Guarantee and Indenture. 
 Each Holder of Preferred Securities and Common Securities, by the acceptance thereof, agrees to the provisions of the Preferred Securities Guarantee,
including the subordination provisions therein and to the provisions of the Indenture. 
 11. No Preemptive Rights. 
 The Holders of the Securities shall have no preemptive rights or similar rights to subscribe for any additional securities. 
 12. Miscellaneous. 
 These terms
constitute a part of the Trust Agreement. 
 The Company will provide a copy of the Trust Agreement, the Guarantee (as may be appropriate)
and the Indenture (including any supplemental indenture) to a Holder without charge on written request to the Company at its principal place of business. 
  

 I - 11 

 EXHIBIT A-1 
 FORM OF PREFERRED SECURITY CERTIFICATE 
 [FORM OF FACE OF SECURITY] 

			
	Certificate Number
                        	 	Number of Preferred
Securities
                                

 Certificate Evidencing Preferred Securities 
 of 
 NEXITY CAPITAL TRUST III 
 Floating Rate Preferred Securities 
 (Liquidation Amount $1,000 per Preferred Security)

 due July 1, 2038 
 NEXITY
CAPITAL TRUST III, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that
                                 (the “Holder”) is the registered owner
of              Preferred Securities of the Trust representing undivided beneficial interests in the assets of the Trust designated the Floating Rate Preferred Securities
(Liquidation Amount $1,000 per Preferred Security) (the “Preferred Securities”). The Preferred Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this
certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Preferred Securities represented hereby are issued and shall in all respects be subject
to the provisions of the Amended and Restated Trust Agreement of the Trust dated as of June 20, 2008, as the same may be amended from time to time (the “Trust Agreement”), including the designation of the terms of the Preferred
Securities as set forth in Annex I to the Trust Agreement. Capitalized terms used but not defined herein shall have the meaning given them in the Trust Agreement. The Company will provide a copy of the Trust Agreement, the Preferred Securities
Guarantee and the Indenture to a Holder without charge upon written request to the Trust at its principal place of business. 
 Upon receipt
of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder and to the benefits of the Preferred Securities Guarantee to the extent provided therein. 
 By its acceptance hereof, the Holder agrees to treat, for United States federal income tax purposes, the Notes as indebtedness and the Preferred
Securities as evidence of indirect beneficial ownership in the Notes. 
 The Preferred Securities are not deposits and are not insured by the
Federal Deposit Insurance Corporation or any governmental agency. 
  

 A-1-1 

 IN WITNESS WHEREOF, an Administrative Trustee on behalf of the Trust has duly executed this certificate.

  

							
	 Date:                  , 2008
	 		 	NEXITY CAPITAL TRUST III
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Administrative Trustee

 PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Preferred Securities referred to in the within-mentioned Trust Agreement. 
  

			
	WILMINGTON TRUST,
	as Property Trustee
		
	By:	 	  

	Name:	 	  

	Authorized Officer

  

 A-1-2 

 [FORM OF REVERSE OF SECURITY] 
 Distributions will be payable on each Preferred Security for the period beginning on (and including) the date of original issuance and ending on (but
excluding) October 1, 2008 at the Coupon Rate, as defined below. Thereafter, distributions payable on each Preferred Security will be fixed at a variable rate per annum of 3-Month LIBOR (as defined in the Trust Agreement) plus 4.00% (the
“Coupon Rate”) (provided that at no time, and for all purposes, shall the Coupon Rate be less than 6.00% or greater than 10.00%) of the Liquidation Amount of $1,000 per Preferred Security reset quarterly, such rate being the rate of
interest payable on the Notes to be held by the Property Trustee. Distributions in arrears for more than one quarterly period will bear interest thereon compounded quarterly at the Coupon Rate (to the extent permitted by applicable law). The Coupon
Rate for any quarterly period will be determined for that period on the second business day immediately preceding the first day of each quarterly period. The term “Distributions,” as used herein, includes such cash distributions and any
such interest payable unless otherwise stated. A Distribution is payable only to the extent that payments are made in respect of the Notes held by the Property Trustee and to the extent the Property Trustee has funds on hand legally available
therefor. 
 Distributions on the Preferred Securities will be cumulative, will accumulate from the most recent date to which Distributions
have been paid or, if any Distributions have not been paid, from the date of original issuance, and will be payable quarterly in arrears, on April 1, July 1, October 1 and January 1 of each year, commencing on
October 1, 2008, except as otherwise described below and in the Trust Agreement. Distributions for any Distribution Period (as defined in the Trust Agreement) will be calculated by applying the Coupon Rate to the principal amount outstanding at
the commencement of the Distribution Period, and multiplying each such amount by the actual number of days in the Distribution Period concerned divided by 360. As long as no Event of Default pursuant to Section 5.01 (c), (e), (f), (g) or
(h) has occurred and is continuing under the Indenture, the Note Issuer has the right under the Indenture to defer payments of interest by extending the interest payment period at any time and from time to time on the Notes for a period not
exceeding 20 consecutive calendar quarterly periods, including the first such quarterly period during such extension period (each an “Extension Period”), provided that no Extension Period shall extend beyond the Stated Maturity of the
Notes. As a consequence of such deferral, Distributions will also be deferred. Despite such deferral, quarterly Distributions will continue to accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate exceeding
the rate of interest then accruing on the Notes) at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any such Extension Period, the Note Issuer may further defer payments of interest by further
extending such Extension Period; provided that such Extension Period, together with all such previous and further extensions within such Extension Period, may not exceed 20 consecutive quarterly periods, including the first quarterly period during
such Extension Period, or extend beyond the Stated Maturity of the Notes. Payments of Distributions that have accumulated but not been paid during any Extension Period will be payable to Holders as they appear on the books and records of the Trust
on the records of the Trust on the record date for the first scheduled Distribution payment date following the expiration of such first record date after the end of the Extension Period. Upon the expiration of any Extension Period and the payment of
all amounts then due, the Note Issuer may commence a new Extension Period, subject to the above requirements and provided that no Event of Default pursuant to Section 5.01 (c), (e), (f), (g) or (h) has occurred and is continuing under
the Indenture. 
  

 A-1-3 

 Subject to certain conditions set forth in the Trust Agreement and the Indenture, the Property Trustee
shall, at the direction of the Company, at any time liquidate the Trust and cause the Notes to be distributed to the holders of the Securities in liquidation of the Trust or, simultaneous with any prepayment of the Notes, cause a Like Amount of the
Securities to be redeemed by the Trust. 
 The Preferred Securities shall be redeemable as provided in the Trust Agreement. 
  

 A-1-4 

 THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES
ACT. 
 THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH
PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF
ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED
ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES OR ANY INTEREST THEREIN IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS
THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED
SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF LIQUIDATION AMOUNT OF OR DISTRIBUTIONS ON SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN
SUCH PREFERRED SECURITIES. 
  

 A-1-5 

 THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND
WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN
ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY, OR ANY INTEREST THEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY
PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION
4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE,
OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER AN APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT
INSURANCE CORPORATION (THE “FDIC”). 
  

 A-1-6 

  
 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred Security Certificate to:

  

			
	  
	 	
	  
	 	
	  
	 	
	(Insert assignee’s social security or tax identification number)	 	

  

			
	  
	 	
	  
	 	
	  
	 	
	 (Insert address and zip code of assignee)
	 	

 and irrevocably appoints 
  

			
	  
	 	
	  
	 	
	  
	 	agent to transfer this Preferred

 Security Certificate on the books of the Trust. The agent may substitute another to act for him or her. 

Date:                      
  

					
	Signature:	 	  
	 	
	(Sign exactly as your name appears on the other side of this Preferred Security Certificate)

  

					
	Signature Guarantee*:	 	  
	  	

  

	*	Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of
the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities and Exchange Act of 1934, as amended. 

  

 A-1-7 

 EXHIBIT A-2 
 FORM OF COMMON SECURITY CERTIFICATE 
 THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW. 
  

			
	Certificate Number
                        	 	Number of Common
Securities
                                

 Certificate Evidencing Common Securities 
 of 
 NEXITY CAPITAL TRUST III 
 Floating Rate Common Securities 
 (Liquidation Amount $1,000.00 per Common Security)

 due July 1, 2038 
 NEXITY
CAPITAL TRUST III, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that Nexity Financial Corporation (the “Holder”) is the registered owner of
             common securities of the Trust representing undivided beneficial interests in the assets of the Trust designated the Floating Rate Common Securities (liquidation amount
$1,000.00 per Common Security) (the “Common Securities”). The Common Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Common Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and
Restated Trust Agreement of the Trust dated as of June 20, 2008, as the same may be amended from time to time (the “Trust Agreement”), including the designation of the terms of the Common Securities as set forth in Annex I to the
Trust Agreement. Capitalized terms used but not defined herein shall have the meaning given them in the Trust Agreement. The Company will provide a copy of the Trust Agreement and the Indenture (including any supplemental indenture) to a Holder
without charge upon written request to the Company at its principal place of business. 
 Upon receipt of this certificate, the Company is
bound by the Trust Agreement and is entitled to the benefits thereunder. 
 By its acceptance hereof, the Holder agrees to treat, for United
States federal income tax purposes, the Notes as indebtedness and the Common Securities as evidence of indirect beneficial ownership in the Notes. 
 This Security is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any governmental agency. 
 IN
WITNESS WHEREOF, an Administrative Trustee on behalf of the Trust has duly executed this certificate. 
  

 A-2-1 

							
	 Date:                     

	 		 	NEXITY CAPITAL TRUST III
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Administrative Trustee

  

 A-2-2 

 [FORM OF REVERSE OF SECURITY] 
 Distributions will be payable on each Common Security for the period beginning on (and including) the date of original issuance and ending on (but
excluding) October 1, 2008, at the Coupon Rate, as defined below. Thereafter, distributions payable on each Common Security will be fixed at a variable rate per annum of 3-Month LIBOR (as defined in the Trust Agreement) plus 4.00% (the
“Coupon Rate”) (provided that at no time, and for all purposes, shall the Coupon Rate be less than 6.00% or greater than 10.00%) of the liquidation amount of $1,000 per Common Security reset quarterly, such rate being the rate of interest
payable on the Notes to be held by the Property Trustee. Distributions in arrears for more than one quarterly period will bear interest thereon compounded quarterly at the Coupon Rate (to the extent permitted by applicable law). The Coupon Rate for
any quarterly period will be determined for that period on the second business day immediately preceding the first day of such quarterly period. The term “Distributions”, as used herein, includes such cash distributions and any such
interest payable unless otherwise stated. A Distribution is payable only to the extent that payments are made in respect of the Notes held by the Property Trustee and to the extent the Property Trustee has funds available therefor. 
 Distributions on the Common Securities will be cumulative, will accrue from the most recent date to which Distributions have been paid or, if no
Distributions have been paid, from the date of original issuance, and will be payable quarterly in arrears April 1, July 1, October 1 and January 1 of each year, commencing on October 1, 2008, except as otherwise
described below and in the Trust Agreement. Distributions for any Distribution Period (as defined in the Trust Agreement) will be calculated by applying the Coupon Rate to the principal amount at the commencement of the Distribution Period, and
multiplying each such amount by the actual number of days in the Distribution Period concerned divided by 360. As long as no Event of Default pursuant to Section 5.01 (c), (e), (f), (g) or (h) has occurred and is continuing under the
Indenture, the Note Issuer has the right under the Indenture to defer payments of interest by extending the interest payment period at any time and from time to time on the Notes for a period not exceeding 20 consecutive calendar quarterly periods,
including the first such quarterly period during such extension period (each an “Extension Period”), provided that no Extension Period shall extend beyond the Stated Maturity of the Notes. As a consequence of such deferral, Distributions
will also be deferred. Despite such deferral, Distributions will continue to accumulate with interest thereon (to the extent permitted by applicable law, but not at a rate exceeding the rate of interest then accruing on the Notes) at the Coupon Rate
compounded quarterly during any such Extension Period. Prior to the termination of any such Extension Period, the Note Issuer may further defer payments of interest by further extending such Extension Period; provided that such Extension Period,
together with all such previous and further extensions within such Extension Period, may not exceed 20 consecutive quarterly periods, including the first quarterly period during such Extension Period, or extend beyond the Stated Maturity of the
Notes. Payments of Distributions that have accumulated will be payable to Holders as they appear on the books and records of the Trust on the record date for the first Distribution Date following the expiration of such Extension Period. Upon the
expiration of any Extension Period and the payment of all amounts then due, the Note Issuer may commence a new Extension Period, subject to the above requirements and provided that no Event of Default pursuant to Section 5.01 (c), (e), (f),
(g) or (h) has occurred and is continuing under the Indenture. 
  

 A-2-3 

 Subject to certain conditions set forth in the Trust Agreement and the Indenture, the Property Trustee
shall, at the direction of the Company, at any time liquidate the Trust and cause the Notes to be distributed to the holders to the Securities in liquidation of the Trust or, simultaneous with any prepayment of the Notes, cause a Like Amount of the
Securities to be redeemed by the Trust. 
 The Common Securities shall be redeemable as provided in the Trust Agreement. 
 THIS COMMON SECURITY MAY NOT BE TRANSFERRED EXPECT TO NEXITY FINANCIAL CORPORATION OR A RELATED PARTY (AS DEFINED IN THE TRUST AGREEMENT). 
  

 A-2-4 

  
 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to:

  

			
	  
	 	
	  
	 	
	  
	 	
	(Insert assignee’s social security or tax identification number)	 	

  

			
	  
	 	
	  
	 	
	  
	 	
	 (Insert address and zip code of assignee)
	 	

 and irrevocably appoints 
  

			
	  
	 	
	  
	 	
	  
	 	agent to transfer this Common

 Security Certificate on the books of the Trust. The agent may substitute another to act for him or her. 

Date:                      
  

					
	Signature:	  	  
	  	

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

					
	Signature Guarantee*:	  	  
	  	

  

	*	Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of
the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities and Exchange Act of 1934, as amended. 

  

 A-2-5Indenture between Nexity Financial Corp and Wilmington Trust

 Exhibit 10.2 
 NEXITY FINANCIAL CORPORATION 
 INDENTURE 
  
  
 WILMINGTON TRUST 
 as Trustee 
  
  
 FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST NOTES 
 JUNE 20, 2008

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS
	  	1
			
	 SECTION 1.01
	  	DEFINITIONS.	  	1
		
	 ARTICLE II SECURITIES
	  	8
			
	 SECTION 2.01
	  	FORMS GENERALLY.	  	8
	 SECTION 2.02
	  	EXECUTION AND AUTHENTICATION.	  	8
	 SECTION 2.03
	  	FORM AND PAYMENT.	  	9
	 SECTION 2.04
	  	LEGENDS.	  	9
	 SECTION 2.05
	  	INTEREST.	  	9
	 SECTION 2.06
	  	TRANSFER AND EXCHANGE.	  	11
	 SECTION 2.07
	  	REPLACEMENT SECURITIES.	  	12
	 SECTION 2.08
	  	TREASURY SECURITIES.	  	12
	 SECTION 2.09
	  	TEMPORARY SECURITIES.	  	13
	 SECTION 2.10
	  	CANCELLATION.	  	13
	 SECTION 2.11
	  	DEFAULTED INTEREST.	  	13
	 SECTION 2.12
	  	CUSIP NUMBERS.	  	14
		
	 ARTICLE III PARTICULAR COVENANTS OF THE COMPANY
	  	14
			
	 SECTION 3.01
	  	PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST, AGREED TAX
TREATMENT.	  	14
	 SECTION 3.02
	  	OFFICES FOR NOTICES AND PAYMENTS, ETC.	  	15
	 SECTION 3.03
	  	APPOINTMENTS TO FILL VACANCIES IN TRUSTEE’S OFFICE.	  	15
	 SECTION 3.04
	  	PROVISION AS TO PAYING AGENT.	  	15
	 SECTION 3.05
	  	CERTIFICATE TO TRUSTEE.	  	16
	 SECTION 3.06
	  	COMPLIANCE WITH CONSOLIDATION PROVISIONS.	  	16
	 SECTION 3.07
	  	LIMITATION ON DIVIDENDS.	  	17
	 SECTION 3.08
	  	COVENANTS AS TO NEXITY CAPITAL TRUST III.	  	17
	 SECTION 3.09
	  	PAYMENT OF EXPENSES.	  	18
	 SECTION 3.10.
	  	PAYMENT UPON RESIGNATION OR REMOVAL.	  	18
		
	 ARTICLE IV SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	18
			
	 SECTION 4.01
	  	SECURITYHOLDERS’ LISTS.	  	18
	 SECTION 4.02
	  	PRESERVATION AND DISCLOSURE OF LISTS.	  	19
	 SECTION 4.03
	  	REPORTS OF THE COMPANY.	  	20
	 SECTION 4.04
	  	REPORTS BY THE TRUSTEE.	  	20
		
	 ARTICLE V REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	22
			
	 SECTION 5.01
	  	EVENTS OF DEFAULT.	  	22
	 SECTION 5.02
	  	PAYMENT OF SECURITIES ON DEFAULT; SUIT THEREFOR.	  	24
	 SECTION 5.03
	  	APPLICATION OF MONEYS COLLECTED BY TRUSTEE.	  	25
	 SECTION 5.04
	  	PROCEEDINGS BY SECURITYHOLDERS.	  	26
	 SECTION 5.05
	  	PROCEEDINGS BY TRUSTEE.	  	27
	 SECTION 5.06
	  	REMEDIES CUMULATIVE AND CONTINUING.	  	27
	 SECTION 5.07
	  	DIRECTION OF PROCEEDINGS AND WAIVER OF DEFAULTS BY
MAJORITY OF SECURITYHOLDERS.	  	27
	 SECTION 5.08
	  	NOTICE OF DEFAULTS.	  	28
	 SECTION 5.09
	  	UNDERTAKING TO PAY COSTS.	  	28
		
	 ARTICLE VI CONCERNING THE TRUSTEE
	  	29
			
	 SECTION 6.01
	  	DUTIES AND RESPONSIBILITIES OF TRUSTEE.	  	29
	 SECTION 6.02
	  	RELIANCE ON DOCUMENTS, OPINIONS, ETC.	  	30
	 SECTION 6.03
	  	NO RESPONSIBILITY FOR RECITALS, ETC.	  	31

  

 i 

					
	 SECTION 6.04
	  	TRUSTEE, AUTHENTICATING AGENT, PAYING AGENTS, TRANSFER AGENTS OR
REGISTRAR MAY OWN SECURITIES.	  	31
	 SECTION 6.05
	  	MONEYS TO BE HELD IN TRUST.	  	32
	 SECTION 6.06
	  	COMPENSATION AND EXPENSES OF TRUSTEE.	  	32
	 SECTION 6.07
	  	OFFICERS’ CERTIFICATE AS EVIDENCE.	  	33
	 SECTION 6.08
	  	ELIGIBILITY OF TRUSTEE.	  	33
	 SECTION 6.09
	  	RESIGNATION OR REMOVAL OF TRUSTEE.	  	33
	 SECTION 6.10
	  	ACCEPTANCE BY SUCCESSOR TRUSTEE.	  	35
	 SECTION 6.11
	  	SUCCESSOR BY MERGER, ETC.	  	35
	 SECTION 6.12
	  	AUTHENTICATING AGENTS.	  	36
		
	 ARTICLE VII CONCERNING THE SECURITYHOLDERS
	  	37
			
	 SECTION 7.01
	  	ACTION BY SECURITYHOLDERS.	  	37
	 SECTION 7.02
	  	PROOF OF EXECUTION BY SECURITYHOLDERS.	  	37
	 SECTION 7.03
	  	WHO ARE DEEMED ABSOLUTE OWNERS.	  	38
	 SECTION 7.04
	  	SECURITIES OWNED BY COMPANY DEEMED NOT OUTSTANDING.	  	38
	 SECTION 7.05
	  	REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND.	  	38
		
	 ARTICLE VIII SECURITYHOLDERS’ MEETINGS
	  	39
			
	 SECTION 8.01
	  	PURPOSE OF MEETINGS.	  	39
	 SECTION 8.02
	  	CALL OF MEETINGS BY TRUSTEE.	  	39
	 SECTION 8.03
	  	CALL OF MEETINGS BY COMPANY OR SECURITYHOLDERS.	  	39
	 SECTION 8.04
	  	QUALIFICATIONS FOR VOTING.	  	40
	 SECTION 8.05
	  	REGULATIONS.	  	40
	 SECTION 8.06
	  	VOTING.	  	40
		
	 ARTICLE IX AMENDMENTS
	  	41
			
	 SECTION 9.01
	  	WITHOUT CONSENT OF SECURITYHOLDERS.	  	41
	 SECTION 9.02
	  	WITH CONSENT OF SECURITYHOLDERS.	  	42
	 SECTION 9.03
	  	EFFECT OF SUPPLEMENTAL INDENTURES.	  	43
	 SECTION 9.04
	  	NOTATION ON SECURITIES.	  	43
	 SECTION 9.05
	  	EVIDENCE OF COMPLIANCE OF SUPPLEMENTAL INDENTURE TO BE
FURNISHED TRUSTEE.	  	43
		
	 ARTICLE X CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	  	44
			
	 SECTION 10.01
	  	COMPANY MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.	  	44
	 SECTION 10.02
	  	SUCCESSOR CORPORATION TO BE SUBSTITUTED FOR COMPANY.	  	44
	 SECTION 10.03
	  	OPINION OF COUNSEL TO BE GIVEN TRUSTEE.	  	45
		
	 ARTICLE XI SATISFACTION AND DISCHARGE OF INDENTURE
	  	45
			
	 SECTION 11.01
	  	DISCHARGE OF INDENTURE.	  	45
	 SECTION 11.02
	  	DEPOSITED MONEYS AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD
IN TRUST BY TRUSTEE.	  	46
	 SECTION 11.03
	  	PAYING AGENT TO REPAY MONEYS HELD.	  	46
	 SECTION 11.04
	  	RETURN OF UNCLAIMED MONEYS.	  	46
	 SECTION 11.05
	  	DEFEASANCE UPON DEPOSIT OF MONEYS OR U.S. GOVERNMENT
OBLIGATIONS.	  	46
	 SECTION 11.06
	  	REINSTATEMENT.	  	48
		
	 ARTICLE XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	48
			
	 SECTION 12.01
	  	INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS.	  	48
		
	 ARTICLE XIII MISCELLANEOUS PROVISIONS
	  	48
			
	 SECTION 13.01
	  	SUCCESSORS.	  	48
	 SECTION 13.02
	  	OFFICIAL ACTS BY SUCCESSOR CORPORATION.	  	48
	 SECTION 13.03
	  	SURRENDER OF COMPANY POWERS.	  	49
	 SECTION 13.04
	  	ADDRESS FOR NOTICES, ETC.	  	49

  

 ii 

					
	 SECTION 13.05
	  	GOVERNING LAW.	  	49
	 SECTION 13.06
	  	EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.	  	49
	 SECTION 13.07
	  	BUSINESS DAYS.	  	50
	 SECTION 13.08
	  	TABLE OF CONTENTS, HEADINGS, ETC.	  	50
	 SECTION 13.09
	  	EXECUTION IN COUNTERPART.	  	50
	 SECTION 13.10
	  	SEPARABILITY.	  	50
	 SECTION 13.11
	  	ASSIGNMENT.	  	50
	 SECTION 13.12
	  	ACKNOWLEDGMENT OF RIGHTS.	  	50
		
	 ARTICLE XIV PREPAYMENT OF SECURITIES
	  	51
			
	 SECTION 14.01
	  	OPTIONAL PREPAYMENT BY COMPANY.	  	51
	 SECTION 14.02
	  	NO SINKING FUND.	  	51
	 SECTION 14.03
	  	NOTICE OF PREPAYMENT.	  	51
	 SECTION 14.04
	  	PAYMENT OF SECURITIES CALLED FOR PREPAYMENT.	  	51
		
	 ARTICLE XV SUBORDINATION OF SECURITIES
	  	52
			
	 SECTION 15.01
	  	AGREEMENT TO SUBORDINATE.	  	52
	 SECTION 15.02
	  	DEFAULT ON SENIOR DEBT.	  	52
	 SECTION 15.03
	  	LIQUIDATION; DISSOLUTION; BANKRUPTCY.	  	53
	 SECTION 15.04
	  	SUBROGATION.	  	54
	 SECTION 15.05
	  	TRUSTEE TO EFFECTUATE SUBORDINATION.	  	55
	 SECTION 15.06
	  	NOTICE BY THE COMPANY.	  	55
	 SECTION 15.07
	  	RIGHTS OF THE TRUSTEE; HOLDERS OF SENIOR DEBT.	  	56
	 SECTION 15.08
	  	SUBORDINATION MAY NOT BE IMPAIRED.	  	56
		
	 ARTICLE XVI EXTENSION OF INTEREST PAYMENT PERIOD
	  	57
			
	 SECTION 16.01
	  	EXTENSION OF INTEREST PAYMENT PERIOD.	  	57
	 SECTION 16.02
	  	NOTICE OF EXTENSION.	  	57

  

 iii 

 NEXITY FINANCIAL CORPORATION 
 INDENTURE 
 THIS INDENTURE, dated as of June 20, 2008, between Nexity
Financial Corporation, a Delaware corporation (hereinafter sometimes called the “Company”), and Wilmington Trust Company, a Delaware banking corporation, as trustee (hereinafter sometimes called the “Trustee”). 
 WITNESSETH: 
 In consideration of the
premises, and the purchase of the Securities by the holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Securities, as follows: 
 ARTICLE I 
 DEFINITIONS

 SECTION 1.01 Definitions. 
 The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture shall have the respective meanings specified in this Section 1.01.
The following terms have the meanings given to them in the Trust Agreement: (i) Delaware Trustee; (ii) Capital Security Certificate; (iii) Property Trustee; (iv) Administrative Trustees; (v) Direct Action;
(vi) Preferred Securities; and (vii) Guarantee. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles and the term
“generally accepted accounting principles” means such accounting principles as are generally accepted at the time of any computation. The words “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. Headings are used for convenience of reference only and do not affect interpretation. The singular includes the plural and vice versa.

 “Additional Sums” shall have the meaning set forth in Section 2.06(c). 
 “Affiliate” shall mean, with respect to a specified Person, (a) any Person directly or indirectly owning, controlling or holding the power
to vote 10% or more of the outstanding voting securities or other ownership interests of the specified Person, (b) any Person 10% or more of whose outstanding voting securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person, (c) any Person directly or indirectly controlling, controlled by, or under common control with the specified Person, (d) a partnership in which the specified Person is a
general partner, (e) any officer or director of the specified Person, and (f) if the specified Person is an individual, any entity of which the specified Person is an officer, director or general partner. 
 “Authenticating Agent” shall mean any agent or agents of the Trustee which at the time shall be appointed and acting pursuant to
Section 6.14. 
  

 1 

 “Bankruptcy Law” shall mean Title 11, U.S. Code, or any similar federal or state law for the
relief of debtors. 
 “Board of Directors” shall mean either the Board of Directors of the Company or any duly authorized committee
of that board. 
 “Board Resolution” shall mean a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” shall mean, with respect to any series of Securities, any day other than a Saturday or a Sunday or a day on which banking institutions in the City of New York, Wilmington, Delaware or
Birmingham, Alabama are authorized or required by law or executive order to close. 
 “Capital Leases” means, with respect to the
Company and its Subsidiaries, any lease of any property that should, in accordance with GAAP, be classified and accounted for as a capital lease on a consolidated balance sheet of the Company and its Subsidiaries. 
 “Commission” shall mean the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any
time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act of 1939, then the body performing such duties at such time. 
 “Common Securities” shall mean undivided beneficial interests in the assets of Nexity Capital Trust III which rank pari passu with Preferred
Securities issued by Nexity Capital Trust III; provided, however, that if an Event of Default has occurred and is continuing, no payments in respect of Distributions on, or payments upon liquidation, prepayment or otherwise with
respect to, the Common Securities shall be made until the holders of the Preferred Securities shall be paid in full the Distributions and the liquidation, prepayment and other payments to which they are entitled. 
 “Common Stock” shall mean the Common Stock, par value $10.00 per share, of the Company or any other class of stock resulting from changes or
reclassifications of such Common Stock consisting solely of changes in par value, or from par value to no par value, or from no par value to par value. 
 “Company” shall mean Nexity Financial Corporation, a Delaware corporation, and, subject to the provisions of Article X, shall include its successors and assigns. 
 “Company Request” or “Company Order” shall mean a written request or order signed in the name of the Company by the Chief Executive
Officer, the President, a Vice President, the Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 
 “Compounded Interest” shall have the meaning set forth in Section 16.01. 
 “Contingent Obligation” means,
with respect to the Company and its Subsidiaries, without duplication, any obligation, contingent or otherwise, of any such Person pursuant to 

  

 2 

 
which such Person has directly or indirectly guaranteed any debt or other obligation of any other Person and, without limiting the generality of the
foregoing, any obligation, direct or indirect, contingent or otherwise, of any such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such debt or other obligation (whether arising by virtue of
partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take or pay, or to maintain financial statement condition or otherwise) or (b) entered into for the purpose of assuring in any other
manner the obligee of such debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, that the term Contingent Obligation shall not include (i) obligations under
insurance or reinsurance policies, or (ii) endorsements for collection or deposit in the ordinary course of business. 
 “Coupon
Rate” means the per annum rate of interest, reset quarterly, equal to the 3-Month LIBOR, plus 4.00%, as determined under Section 2.05(d), provided that at no time, and for all purposes, shall the Coupon Rate be less than 6.00% or more than
10.00%. 
 “Custodian” shall mean any receiver, trustee, assignee, liquidator, or similar official under any Bankruptcy Law.

 “Default” shall mean any event, act or condition that with notice or lapse of time, or both, would constitute an Event of
Default. 
 “Deferred Interest” shall have the meaning set forth in Section 16.01. 
 “Definitive Securities” shall mean those securities issued in fully registered certificated form not otherwise in global form. 
 “Dissolution Event” shall mean the liquidation of the Trust pursuant to the Trust Agreement, and the distribution of the Securities held by the
Property Trustee to the holders of the Trust Securities issued by the Nexity Capital Trust III pro rata in accordance with the Trust Agreement. 
 “Event of Default” shall mean any event specified in Section 5.01, continued for the period of time, if any, and after the giving of the notice, if any, therein designated. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Extension Period” shall have the meaning set forth in Section 16.01. 
 “GAAP” means generally accepted accounting principles, as recognized by the American Institute of Certificated Public Accountants and the
Financial Accounting Standards Board, consistently applied and maintained on a consistent basis for the Company and its Subsidiaries throughout the period indicated and consistent with the prior financial practice of the Company and its
Subsidiaries. 
 “Guarantee” shall mean any guarantee that the Company may enter into with any Person or Persons that operates
directly or indirectly for the benefit of holders of Preferred Securities of Nexity Capital Trust III. 
  

 3 

 “Indebtedness for Money Borrowed” shall mean any obligation of, or any obligation guaranteed
by, the Company for the repayment of borrowed money, whether or not evidenced by bonds, debentures, notes or other written instruments. 
 “Indenture” shall mean this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented or both. 
 “Interest Payment Date” shall have the meaning set forth in Section 2.05. 
 “Interest
Payment Period” is that period which begins on (and includes) each April 1, July 1, October 1 and January 1 and ends on (but excludes) the next succeeding Interest Payment Date or date on which the Securities are
otherwise paid. 
 “Investment Company Event” shall mean that Nexity Capital Trust III and the Company shall have received an
opinion, requested by the Company, of counsel experienced in practice under the Investment Company Act of 1940, as amended (the “1940 Act”), to the effect that, as a result of the occurrence of a change in law or regulation or a change in
interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority (a “Change in 1940 Act Law”), there is more than an insubstantial risk that Nexity Capital Trust III is or will
be considered an “investment company” which is required to be registered under the 1940 Act, which Change in 1940 Act Law becomes effective on or after the Issue Date. 
 “Issue Date” shall mean June 20, 2008 or such one or more additional dates thereafter on which the Securities shall be issued prior to
July 30, 2008. 
 “Lien” means, with respect to any asset, any Mortgage, lien, pledge, charge, security interest or
encumbrance of any kind with respect to such asset. For the purposes of this Indenture, a Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional
sale agreement, Capital Lease or other title retention agreement relating to such asset. 
 “Mortgage” shall mean and include any
mortgage, pledge, lien, security interest, conditional sale or other title retention agreement or other similar encumbrance. 
 “Nexity
Capital Trust III” shall mean Nexity Capital Trust III, a Delaware statutory trust created for the purpose of issuing its undivided beneficial interests in connection with the issuance of Securities under this Indenture. 
 “Officers” shall mean any of the Chief Executive Officer, the President, a Vice President, the Controller, the Secretary or an Assistant
Secretary, the Treasurer or an Assistant Treasurer of the Company. 
 “Officers’ Certificate” shall mean a certificate signed
by two Officers and delivered to the Trustee. 
 “Opinion of Counsel” shall mean a written opinion of counsel, who may be an
employee of the Company, and who shall be acceptable to the Trustee. 
  

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 “Other Notes” shall mean all junior subordinated notes issued by the Company from time to time
and sold to trusts to be established by the Company (if any), in each case similar to Nexity Capital Trust III. 
 “Other
Guarantees” shall mean all guarantees to be issued by the Company with respect to capital securities (if any) and issued to other trusts to be established by the Company (if any), in each case similar to the Nexity Capital Trust III.

 The term “outstanding” when used with reference to Securities, shall, subject to the provisions of Section 7.04, mean, as
of any particular time, all Securities authenticated and delivered by the Trustee or an Authenticating Agent under this Indenture, except 
 (a) Securities theretofore cancelled by the Trustee or an Authenticating Agent or delivered to the Trustee for cancellation; 
 (b)
Securities, or portions thereof, for the payment or prepayment of which moneys in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated
in trust by the Company (if the Company shall act as its own paying agent); provided that, if such Securities, or portions thereof, are to be prepaid prior to maturity thereof, notice of such prepayment shall have been given as in Article XIV
provided or provision satisfactory to the Trustee shall have been made for giving such notice; and 
 (c) Securities in lieu of or in
substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.08 unless proof satisfactory to the Company and the Trustee is presented that any such Securities are held by bona fide
holders in due course. 
 “Person” shall mean a legal person, including any individual, corporation, estate, partnership, joint
venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Predecessor Security” of any particular Security shall mean every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.08 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost,
destroyed or stolen Security. 
 “Preferred Securities” shall mean undivided beneficial interests in the assets of Nexity Capital
Trust III which rank pari passu with the Common Securities issued by Nexity Capital Trust III; provided, however, that if an Event of Default has occurred and is continuing, no payments in respect of Distributions on, or payments upon
liquidation, prepayment or otherwise with respect to, the Common Securities shall be made until the holders of the Preferred Securities shall be paid in full the Distributions and the liquidation, prepayment and other payments to which they are
entitled. 
  

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 “Prepayment Price” shall mean, with respect to any prepayment of the Securities pursuant to
Section 14.01 hereof, an amount in cash equal to 100% of the principal amount of the Securities to be prepaid, plus accrued and unpaid interest thereon, including Compounded Interest and Additional Sums, if any, to the date of such prepayment.

 “Principal Office of the Trustee”, or other similar term, shall mean the principal office of the Trustee, at which at any
particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attn: Corporate Trust
Administration. 
 “Property Trustee” shall have the same meaning as set forth in the Trust Agreement. 
 “Qualified Debt Obligations” means, without duplication, (a) debt securities of the Company, provided that the terms of any such debt
security (i) permit the deferral of principal and interest payments for a period of up to five years (but not beyond the maturity date), as elected by the Company, (ii) have a maturity for payment of principal of not less than ten
(10) years after the date of issuance, and (iii) include provisions making the debt security expressly subordinate to all other debt of the Company, (b) preferred securities issued by a Subsidiary, the sole purpose of which is to
issue such preferred securities and invest the proceeds thereof in debt securities of the type described in clause (a) above, and which preferred securities are payable solely out of the proceeds of payments on account of such debt securities;
and (c) the obligations recorded on the consolidated balance sheet of the Company and its Subsidiaries with respect to debt securities of the type described in clause (a) above and preferred securities of the type described in clause
(b) above. 
 “Responsible Officer”, when used with respect to the Trustee, shall mean any officer assigned to the principal
office of the Trustee with direct responsibility for the administration of the Indenture including any managing director, vice president, assistant vice president, assistant treasurer, assistant secretary, financial services officer or any other
officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and having direct responsibility for the administration of this Indenture and also means, with respect to a particular matter,
any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Securities” means the Company’s Floating Rate Junior Subordinated Deferrable Interest Notes due July 1, 2038 as authenticated and issued under this Indenture. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Securityholder,” “holder of Securities,” or other similar terms, shall mean any Person in whose name at the time a particular
Security is registered on the register kept by the Company or the Trustee for that purpose in accordance with the terms hereof. 
 “Security Register” shall mean (i) prior to a Dissolution Event, the list of holders provided to the Trustee pursuant to Section 4.01, and (ii) following a Dissolution Event, any security register maintained by a
security registrar for the securities appointed by the Company following the execution of a supplemental indenture providing for transfer procedures as provided for in Section 2.07(a). 
  

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 “Senior Debt” shall mean with respect to the Company and its Subsidiaries: (a) all
liabilities, obligations and indebtedness (including principal, premium and interest) for borrowed money, whether or not evidenced by bonds, debentures, notes or other similar instruments, (b) all obligations to pay the deferred purchase price
of property or services (other than trade payables due and arising in the ordinary course of business), (c) all Capital Lease Obligations, (d) all debt of any other Person secured by a Lien on any asset of the Company or any of its
Subsidiaries, (e) all Contingent Obligations, (f) all conditional sale obligations of the Company and all obligations of the Company under any title retention agreement, (g) all obligations of the Company for the reimbursement of any
security purchase facility, any repurchase agreement or similar arrangement, (h) all obligations of the Company associated with derivative products such as interest rate and foreign exchange contracts and commodity contracts, any interest rate
swap, any other hedging arrangement, any obligation under options or any similar credit or other transaction, and (i) all obligations, contingent or otherwise, relating to the face amount of letters of credit, whether or not drawn, and
banker’s acceptances, but excluding any obligation relating to an undrawn letter of credit if the undrawn letter of credit is issued in connection with a liability for which a reserve has been established by the Company or the applicable
Subsidiary in accordance with GAAP; provided, that Senior Debt shall not include the Securities, the Guarantees or other Qualified Debt Obligations. 
 “Stated Maturity” shall mean July 1, 2038. 
 “Subsidiary” shall mean with respect
to any Person, (i) any corporation at least a majority of whose outstanding voting stock of which is owned, directly or indirectly, by such Person or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries,
(ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one
or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner. For the purposes of this definition, “voting stock” means shares, interests, participations or other
equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents
having such power only by reason of the occurrence of a contingency. 
 “3-Month LIBOR” shall have the meaning set forth in
Section 2.05(d). 
 “Trustee” shall mean the Person identified as “Trustee” in the first paragraph hereof, and,
subject to the provisions of Article VI hereof, shall also include its successors and assigns as Trustee hereunder. 
 “Trust
Agreement” shall mean the Amended and Restated Trust Agreement of Nexity Capital Trust III, dated as of June 20, 2008. 
 “Trust Securities” shall mean the Preferred Securities and the Common Securities, collectively. 
  

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 “U.S. Government Obligations” shall mean securities that are (i) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case under clauses (i) or (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account
of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
 ARTICLE II 
 SECURITIES 
 SECTION 2.01 Forms Generally. 
 The Securities and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit A, the terms of which are incorporated in and made a part of this Indenture. The Securities may have Preferred—$1,000 or Common—$1,000 notations, legends or endorsements required
by law, stock exchange rule, agreements to which the Company is subject or usage. Each Security shall be dated the date of its authentication. The Preferred Securities and the Common Securities shall be issued in denominations of $1,000 and integral
multiples thereof. 
 SECTION 2.02 Execution and Authentication. 
 The Securities shall be signed on behalf of the Company by the Chief Executive Officer, the President, a Vice President or the Controller under corporate seal and attested by its Secretary or an Assistant Secretary.
Any signature may be in the form of a manual or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee. The signature of the Trustee shall be conclusive evidence that
the Security has been authenticated under this Indenture. The form of Trustee’s certificate of authentication to be borne by the Securities shall be substantially as set forth in Exhibit A hereto. 
 The Trustee shall, upon a Company Order, authenticate for original issue up to, and the aggregate principal amount of Securities outstanding at any time
may not exceed, $10,309,000 aggregate principal amount of the Securities; except as provided in Sections 2.06, 2.07, 2.09 and 14.05. 
  

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 SECTION 2.03 Form and Payment. 
 Except as provided in Section 2.05, the Securities shall be issued in fully registered certificated form without interest coupons. Principal of and
premium, if any, and interest on the Securities issued in certificated form will be payable, the transfer of such Securities will be registrable and such Securities will be exchangeable for Securities bearing identical terms and provisions at the
office or agency of the Trustee; provided, however, that payment of interest with respect to the Securities may be made at the option of the Company (i) by check mailed to the holder at such address as shall appear in the Security
Register or (ii) by wire transfer to an account maintained by the Person entitled thereto, provided that proper transfer instructions have been received in writing by the relevant record date. Notwithstanding the foregoing, so long as the
holder of any Securities is the Property Trustee, the payment of the principal of and premium, if any, and interest (including Compounded Interest and Additional Sums, if any) on such Securities held by the Property Trustee will be made in
immediately available funds at such place and to such account as may be designated by the Property Trustee. 
 SECTION 2.04 Legends.

 Except as otherwise determined by the Company in accordance with applicable law, each Security shall bear the applicable legends
relating to restrictions on transfer pursuant to the securities laws in substantially the form set forth on Exhibit A hereto, if any. 
 SECTION 2.05
Interest. 
 (a) Each Security will bear interest from the period beginning on (and including) the Issue Date and ending on (but
excluding) October 1, 2008, at the Coupon Rate, and thereafter at the Coupon Rate from the most recent date to which interest has been paid until the principal thereof becomes due and payable, and on any overdue principal and (to the extent
that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to the provisions of Article XVI) quarterly in arrears on
April 1, July 1, October 1 and January 1 of each year (each, an “Interest Payment Date”) commencing on October 1, 2008 to the Person in whose name such Security or any predecessor Security is registered
at the close of business on the regular record date for such interest installment, which shall be the 15th day of the month immediately preceding the month in which the relevant Interest Payment Date falls. 
 (b) The amount of interest payable on any Interest Payment Date will be calculated by applying the Coupon Rate to the principal amount outstanding at the
commencement of the Interest Payment Period and multiplying each such amount by the actual number of days in the Interest Payment Period divided by 360. The “Interest Payment Period” is that period which begins on (and includes) each
April 1, July 1, October 1 and January 1 and ends on (but excludes) the next succeeding Interest Payment Date. In the event that any Interest Payment Date falls on a day that is not a Business Day, then payment of
interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on such date. 
  

 9 

 (c) During such time as the Property Trustee is the holder of any Securities, the Company shall pay any
additional amounts on the Securities as may be necessary in order that the amount of Distributions then due and payable by Nexity Capital Trust III on the outstanding Trust Securities shall not be reduced as a result of any additional taxes, duties
and other governmental charges to which Nexity Capital Trust III has become subject (“Additional Sums”). 
 (d) “3-Month
LIBOR” means the London interbank offered rate for three-month, U.S. dollar deposits determined by the Trustee in the following order of priority: 
 (1) the rate (expressed as a percentage per annum) for U.S. dollar deposits of an amount equal or comparable to the aggregate liquidation amount of the Securities having a three-month maturity that appears on Telerate
Page 3750 as reported by Bloomberg Financial Markets Commodities News (or any successor service) as of 11:00 a.m. (London time) on the particular Determination Date (as defined below). “Telerate Page 3750” means the display designated as
“Page 3750” on the Dow Jones Telerate Service or such other page as may replace Page 3750 on that service or such other service or services as may be nominated by the British Bankers’ Association as the information vendor for the
purpose of displaying London interbank offered rates for U.S. dollar deposits; 
 (2) if such rate does not appear on Telerate
Page 3750 as of 11:00 a.m. (London time) on the Determination Date, 3-Month LIBOR will be the arithmetic mean of the rates (expressed as percentages per annum) for U.S. dollar deposits of an amount equal or comparable to the aggregate liquidation
amount of the Securities having a three-month maturity that appear on Reuters Monitor Money Rates Page LIBO (“Reuters Page LIBO”) as of 11:00 a.m. (London time) on such Determination Date; 
 (3) if such rate does not appear on Reuters Page LIBO as of 11:00 a.m. (London time) on the related Determination Date, the Trustee will
request the principal London offices of four leading banks in the London interbank market to provide such banks’ offered quotations (expressed as percentages per annum) to prime banks in the London interbank market for U.S. dollar deposits of
an amount equal or comparable to the aggregate liquidation amount of the Securities having a three-month maturity as of 11:00 a.m. (London time) on such Determination Date. If at least two quotations are provided, 3-Month LIBOR will be the
arithmetic mean of such quotations; and 
 (4) if fewer than two such quotations are provided as requested in clause
(3) above, the Trustee will request four major New York City banks to provide such banks’ offered quotations (expressed as percentages per annum) to leading European banks for loans in U.S. dollars of an amount equal or comparable to the
aggregate liquidation amount of the Securities as of 11:00 a.m. (London time) on such Determination Date. If at least two such quotations are provided, 3-Month LIBOR will be the arithmetic mean of such quotations. 
 If the rate for U.S. dollar deposits of an amount equal or comparable to the aggregate liquidation amount of the Securities having a three-month maturity
that initially appears on 

  

 10 

 
Telerate Page 3750 or Reuters Page LIBO, as the case may be, as of 11:00 a.m. (London time) on the related Determination Date is superseded on the Telerate
page 3750 or Reuters Page LIBO, as the case may be, by a corrected rate by 12:00 noon (London time) on such Determination Date, then the corrected rate as so substituted on the applicable page will be the applicable 3-Month LIBOR for such
Determination Date. 
 (5) The Coupon Rate for any Distribution Period will at no time be higher than (i) 10.00% or
(ii) the maximum rate then permitted by Alabama law as the same may be modified by United States law, whichever is less. 
 “Determination Date” means the date that is two London Banking Days (i.e., a day in which dealings in deposits in U.S. dollars are transacted in the London interbank market) preceding the particular Distribution Period for which a
Coupon Rate is being determined. 
 In the event that the 3-Month LIBOR is indeterminable by the methods described above, the Coupon Rate
shall equal the 3-Month LIBOR in effect on the most recent Determination Date (whether or not 3-Month LIBOR for such period was in fact determined on such Determination Date) plus 4.00%. 
 All percentages resulting from any calculations on the Securities will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% or .09876545 being rounded to 9.87655% or .0987655), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent (with
one-half cent being rounded upward). 
 SECTION 2.06 Transfer and Exchange. 
 (a) Transfer Restrictions. The Securities may not be transferred except in compliance with any legend contained in Exhibit A, if any, unless
otherwise determined by the Company in accordance with applicable law. Upon any distribution of the Securities following a Dissolution Event, the Company and the Trustee shall enter into a supplemental indenture pursuant to Section 9.01 to
provide for the transfer restrictions and procedures with respect to the Securities substantially similar to those contained in the Trust Agreement, if any, to the extent applicable in the circumstances existing at such time. 
 (b) The Securities may not be transferred unless (i) the Trustee receives an Opinion of Counsel satisfactory to the Trustee stating that such
transfer is exempt from registration under applicable state and federal securities laws, will not cause the Company to be an “Investment Company” or under the “control” of an “Investment Company” within the meaning of
the Investment Company Act of 1940, as amended, and otherwise complies with the restrictions on transfer contained in this Indenture, and (ii) the transferee certifies to the Trustee that it is not (x) an employee benefit plan (as defined
in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (y) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986 as amended or (z) any entity whose underlying assets include plan
assets by reason of a plan’s investment in the Company (each a “Benefit Plan”). By accepting and holding a Security the transferee thereof shall be deemed to have represented and warranted that it is not a Benefit Plan. The Trustee
shall have no obligation to determine whether or not a transferee of a Security is or is not a Benefit Plan. 
  

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 (c) General Provisions Relating to Transfers and Exchanges. To permit registrations of transfers
and exchanges, the Company shall execute and the Trustee shall authenticate Definitive Securities. All Definitive Securities issued upon any registration of transfer or exchange of Definitive Securities shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Definitive Securities surrendered upon such registration of transfer or exchange. 
 No service charge shall be made to a holder for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith. 
 The Company shall not be required to (i) issue, register the transfer of or exchange Securities during a period
beginning at the opening of business 15 days before the day of mailing of a notice of prepayment or any notice of selection of Securities for prepayment under Article XIV hereof and ending at the close of business on the day of such mailing; or
(ii) register the transfer of or exchange any Security so selected for prepayment in whole or in part, except the unprepaid portion of any Security being prepaid in part. 
 Prior to due presentment for the registration of a transfer of any Security, the Trustee, any agent and the Company may deem and treat the Person in
whose name any Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and premium, if any, and interest on such Securities, and neither the Trustee, any agent nor the Company shall be
affected by notice to the contrary. 
 SECTION 2.07 Replacement Securities. 
 If any mutilated Security is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or
theft of any Security, the Company shall issue and the Trustee shall authenticate a replacement Security if the Trustee’s requirements for replacements of Securities are met. An indemnity bond must be supplied by the holder that is sufficient
in the judgment of the Trustee and the Company to protect the Company, the Trustee and any authenticating agent from any loss that any of them may suffer if a Security is replaced. The Company or the Trustee may charge for its expenses in replacing
a Security. 
 Every replacement Security is an obligation of the Company and shall be entitled to all of the benefits of this Indenture
equally and proportionately with all other Securities duly issued hereunder. 
 SECTION 2.08 Treasury Securities. 
 In determining whether the holders of the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by
the Company or any Affiliate of the Company shall be considered as though not outstanding, except that for purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities that a
Responsible Officer of the Trustee actually knows to be so owned shall be so considered. 
  

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 SECTION 2.09 Temporary Securities. 
 Pending the preparation of Definitive Securities, the Company may execute, and upon Company Order the Trustee shall authenticate and make available for
delivery, temporary Securities that are printed, typewritten, lithographed, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the Definitive Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. 
 If temporary Securities are issued, the Company shall cause Definitive Securities to be prepared without unreasonable delay. The Definitive Securities
shall be printed, typewritten, lithographed or engraved, or provided by any combination thereof, or in any other manner permitted by the rules and regulations of any applicable securities exchange, all as determined by the officers executing such
Definitive Securities. After the preparation of Definitive Securities, the temporary Securities shall be exchangeable for Definitive Securities upon surrender of the temporary Securities at the office or agency maintained by the Company for such
purpose pursuant to Section 3.02 hereof, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute, and the Trustee shall authenticate and make available for delivery, in
exchange therefor the same aggregate principal amount of Definitive Securities of authorized denominations. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as Definitive
Securities. 
 SECTION 2.10 Cancellation. 
 The Company at any time may deliver Securities to the Trustee for cancellation. The Trustee and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall
retain or destroy cancelled Securities in accordance with its normal practices (subject to the record retention requirement of the Exchange Act) unless the Company directs them to be returned to it. The Company may not issue new Securities to
replace Securities that have been redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Securities not destroyed by the Trustee shall be delivered to the Company. 
 SECTION 2.11 Defaulted Interest. 
 Any interest
on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the holder on the relevant regular record date by
virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (a) or clause (b) below: 
 (a) The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are 

  

 13 

 
registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the
Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for
the benefit of the Persons entitled to such Defaulted Interest as provided in this Section 2.11(a). Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than
10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security
Register, not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons
in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date and shall be no longer payable pursuant to the following Section 2.11(b). 
 (b) The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Company to the Trustee of the proposed payment pursuant to this Section 2.11(a), such
manner of payment shall be deemed practicable by the Trustee. 
 SECTION 2.12 CUSIP Numbers. 
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of prepayment as a convenience to Securityholders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a prepayment and that reliance may be placed only on the other identification numbers printed on the Securities, and any such prepayment shall not be affected by any defect in or omission of such numbers. The Company will promptly notify
the Trustee in writing of any change in the CUSIP numbers. 
 ARTICLE III 
 PARTICULAR COVENANTS OF THE COMPANY 
 SECTION 3.01 Payment of Principal, Premium and
Interest, Agreed Tax Treatment. 
 (a) The Company covenants and agrees for the benefit of the holders of the Securities that it will
duly and punctually pay or cause to be paid the principal of and premium, if any, and interest on the Securities at the place, at the respective times and in the manner provided herein. 
  

 14 

 (b) The Company and each of the Securityholders will treat the Securities as indebtedness, and the
amounts, other than payments of principal, payable in respect of the principal amount of such Securities as interest, for all U.S. federal income tax purposes. All payments in respect of the Securities will be made free and clear of U.S. withholding
tax to any beneficial owner thereof that has provided (i) an Internal Revenue Service Form W-9 or W-8BEN (or any substitute or successor form) establishing its U.S. or non-U.S. status for U.S. federal income tax purposes, and establishing a
complete exemption from U.S. withholding tax, or (ii) any other applicable form establishing a complete exemption from U.S. withholding tax. 
 SECTION 3.02 Offices for Notices and Payments, etc. 
 So long as any of the Securities remains outstanding, the
Company will maintain in Wilmington, Delaware, an office or agency where the Securities may be presented for payment, an office or agency where the Securities may be presented for registration of transfer and for exchange as in this Indenture
provided and an office or agency where notices and demands to or upon the Company in respect of the Securities or of this Indenture may be served. The Company will give to the Trustee prompt written notice of the location of any such office or
agency and of any change of location thereof. Until otherwise designated from time to time by the Company in a notice to the Trustee, any such office or agency for all of the above purposes shall be the Corporate Trust Officer of the Trustee. In
case the Company shall fail to maintain any such office or agency in Wilmington, Delaware, or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at
the principal corporate trust office of the Trustee. 
 In addition to any such office or agency, the Company may from time to time designate
one or more offices or agencies outside Wilmington, Delaware, where the Securities may be presented for registration of transfer and for exchange in the manner provided in this Indenture, and the Company may from time to time rescind such
designation, as the Company may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain any such office or agency in Wilmington, Delaware, for the
purposes above mentioned. The Company will give to the Trustee prompt written notice of any such designation or rescission thereof; provided, further, that the Company shall at all times maintain a paying agent in each such office or agency.

 SECTION 3.03 Appointments to Fill Vacancies in Trustee’s Office. 
 The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee,
so that there shall at all times be a Trustee hereunder. 
 SECTION 3.04 Provision as to Paying Agent. 
 (a) The Trustee is hereby appointed the initial paying agent. If the Company shall appoint a paying agent other than the Trustee with respect to the
Securities, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provision of this Section 3.04, 
  

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 (i) that it will hold all sums held by it as such agent for the payment of the principal of and premium,
if any, or interest on the Securities (whether such sums have been paid to it by the Company or by any other obligor on the Securities) in trust for the benefit of the holders of the Securities; and 
 (ii) that it will give the Trustee written notice of any failure by the Company (or by any other obligor on the Securities) to make any payment of the
principal of and premium or interest on the Securities when the same shall be due and payable. 
 (b) If the Company shall act as its own
paying agent, it will, on or before each due date of the principal of and premium, if any, or interest on the Securities, set aside, segregate and hold in trust for the benefit of the holders of the Securities a sum sufficient to pay such principal,
premium or interest so becoming due and will notify the Trustee in writing of any failure to take such action and of any failure by the Company (or by any other obligor under the Securities) to make any payment of the principal of and premium, if
any, or interest on the Securities when the same shall become due and payable. 
 (c) Anything in this Section 3.04 to the contrary
notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge with respect to the Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such
Securities by the Trustee or any paying agent hereunder, as required by this Section 3.04, such sums to be held by the Trustee upon the trusts herein contained. 
 (d) Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04 is subject to Sections 11.03 and 11.04. 
 SECTION 3.05 Certificate to Trustee. 
 The
Company will deliver to the Trustee on or before 120 days after the end of each fiscal year in each year, commencing with the first fiscal year ending after the date hereof, so long as Securities are outstanding hereunder, an Officers’
Certificate, one of the signers of which shall be the principal executive, principal financial or principal accounting officer of the Company, stating that in the course of the performance by the signers of their duties as officers of the Company
they would normally have knowledge of any default by the Company in the performance of any covenants contained herein, stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have
knowledge and the nature thereof. For the purpose of this Section 3.05, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture. 
 SECTION 3.06 Compliance with Consolidation Provisions. 
 The Company will not, while any of the Securities remain outstanding, consolidate with, or merge into, or merge into itself, or sell or convey all or substantially all of its property to, any other Person unless the provisions of Article X
hereof are complied with. 
  

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 SECTION 3.07 Limitation on Dividends. 
 The Company will not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect
to, any of the Company’s capital stock (which includes common and preferred stock) or (ii) make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company (including any
Other Notes) that rank pari passu with or junior in right of payment to the Securities or (iii) make any guarantee payments with respect to any guarantee by the Company of the debt securities of any Subsidiary of the Company (including Other
Guarantees) if such guarantee ranks pari passu or junior in right of payment to the Securities (other than with respect to clause (i) above, (a) dividends or distributions in shares of, or options, warrants or rights to subscribe for or
purchase shares of, Common Stock of the Company, (b) any declaration of a dividend in connection with the implementation of a stockholder’s rights plan, or the issuance of stock under any such plan in the future, or the prepayment or
repurchase of any such rights pursuant thereto, (c) payments under the Guarantee, (d) as a result of a reclassification of the Company’s capital stock or the exchange or the conversion of one class or series of the Company’s
capital stock for another class or series of the Company’s capital stock, (e) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, and (f) purchases or issuances of Common Stock in connection with any of the Company’s stock option, stock purchase, stock loan or other benefit plans for its directors, officers or employees or any
of the Company’s dividend reinvestment plans, in each case as now existing or hereafter established or amended) if at such time (i) there shall have occurred any event of which the Company has actual knowledge that (a) with the giving
of notice or the lapse of time, or both, would constitute an Event of Default and (b) in respect of which the Company shall not have taken reasonable steps to cure, (ii) if such Securities are held by the Property Trustee, the Company
shall be in default with respect to its payment of any obligations under the Preferred Securities Guarantee or (iii) the Company shall have given notice of its election of the exercise of its right to extend the interest payment period pursuant
to Section 16.01 and any such extension shall be continuing. 
 SECTION 3.08 Covenants as to Nexity Capital Trust III. 
 In the event Securities are issued to Nexity Capital Trust III or a trustee of such trust in connection with the issuance of Trust Securities by Nexity
Capital Trust III, for so long as such Trust Securities remain outstanding, the Company will (i) directly or indirectly maintain 100% ownership of the Common Securities of Nexity Capital Trust III; provided, however, that any
successor of the Company, permitted pursuant to Article X, may succeed to the Company’s ownership of such Common Securities, (ii) use its reasonable efforts to cause Nexity Capital Trust III (a) to remain a statutory trust, except in
connection with a distribution of Securities to the holders of the Trust Securities in a liquidation of Nexity Capital Trust III, the prepayment of all of the Trust Securities of Nexity Capital Trust III or certain mergers, consolidations or
amalgamations, each as permitted by the Trust Agreement of Nexity Capital Trust III, and (b) to continue to be treated as a grantor trust and not as an association taxable as a corporation or a partnership for United States federal income tax
purposes and (iii) to use its reasonable efforts to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest in the Securities. 
  

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 SECTION 3.09 Payment of Expenses. 
 In connection with the offering, sale and issuance of the Securities to Nexity Capital Trust III and in connection with the sale of the Trust Securities
by Nexity Capital Trust III, the Company, in its capacity as issuer with respect to the Securities, shall: 
 (a) pay all costs and expenses
relating to the offering, sale and issuance of the Securities, including compensation of the Trustee in accordance with the provisions of Section 6.06; 
 (b) pay all costs and expenses of Nexity Capital Trust III (including, but not limited to, costs and expenses relating to the organization of Nexity Capital Trust III, the offering, sale and issuance of the Trust
Securities, the fees and expenses of the Property Trustee and the Delaware Trustee, the costs and expenses relating to the operation of the Trust, including without limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping
services, expenses for printing and engraving and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s), duplicating, sending notices, travel and telephone and other telecommunications expenses and costs and expenses
incurred in connection with the acquisition, financing and disposition of the assets of Nexity Capital Trust III; 
 (c) be primarily and
fully liable for any indemnification obligations arising with respect to the Trust Agreement; 
 (d) pay any and all taxes (other than United
States withholding taxes attributable to Nexity Capital Trust III or its assets) and all liabilities, costs and expenses with respect to such taxes of Nexity Capital Trust III; and 
 (e) pay all other fees, expenses, debts and obligations (other than the Trust Securities) related to Nexity Capital Trust III. 
 SECTION 3.10. Payment Upon Resignation or Removal. 
 Upon termination of this Indenture or the removal or resignation of the Trustee, unless otherwise stated, the Company shall pay to the Trustee all amounts accrued and owing to the date of such termination, removal or
resignation. Upon termination of the Trust Agreement or the removal or resignation of the Delaware Trustee or the Property Trustee, as the case may be, pursuant to Section 5.7 of the Trust Agreement, the Company shall pay to the Delaware
Trustee or the Property Trustee, as the case may be, all amounts accrued and owing at the date of such termination, removal or resignation. 
 ARTICLE IV 
 SECURITYHOLDERS’ LISTS AND REPORTS BY THE 
 COMPANY AND THE TRUSTEE 
 SECTION 4.01 Securityholders’ Lists. 
 The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee: 
 (a) on a semi-annual basis on each regular record date for the Securities, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Securityholders as of such record date; and 
  

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 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the
Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 except that,
no such lists need be furnished so long as the Trustee is in possession thereof by reason of its acting as Security registrar. 
 SECTION 4.02
Preservation and Disclosure of Lists. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of the Securities (1) contained in the most recent list furnished to it as provided in Section 4.01 or (2) received by it in the capacity of Securities registrar (if so acting)
hereunder. The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished. 
 (b)
In case three or more holders of Securities (hereinafter referred to as “applicants”) apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six
months preceding the date of such application, and such application states that the applicants desire to communicate with other holders of Securities or with holders of all Securities with respect to their rights under this Indenture and is
accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall within 5 Business Days after the receipt of such application, at its election, either: 
 (i) afford such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this
Section 4.02; or 
 (ii) inform such applicants as to the approximate number of holders of all Securities, whose names and addresses
appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, and as to the approximate cost of mailing to such Securityholders the form of proxy or other
communication, if any, specified in such application. 
 If the Trustee shall elect not to afford such applicants access to such information,
the Trustee shall, upon the written request of such applicants, mail to each Securityholder whose name and address appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this
Section 4.02 a copy of the form of proxy or other communication which is specified in such request with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interests of the holders of all Securities or would be in violation of applicable law. Such written statement shall specify the basis of such applicants respecting their application. 
  

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 (c) Each and every holder of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any paying agent shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the holders of Securities in accordance with the provisions of
subsection (b) of this Section 4.02, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under said subsection
(b). 
 SECTION 4.03 Reports of the Company. 
 (a) The Company covenants and agrees to file with the Trustee, within 90 days after the end of the Company’s fiscal year, copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required at any time or from time to time by rules and regulations of the Commission to file with
the Commission or to deliver to its holders of Common Stock. 
 (b) The Company covenants and agrees to file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in
this Indenture as may be required from time to time by such rules and regulations. 
 (c) The Company covenants and agrees to transmit by
mail to all holders of Securities, as the names and addresses of such holders appear upon the Security Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed
by the Company pursuant to subsections (a) and (b) of this Section 4.03 as may be required by rules and regulations prescribed from time to time by the Commission. 
 (d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall
not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates). 
 (e) For the avoidance of doubt, the parties hereto agree that any reports, information and
documents required to be delivered to the Trustee pursuant to this Section 4.03 shall only be required if and to the extent such reports, information and documents are filed with the Commission and this section shall not create an independent
obligation on the part of the Company to file documents with the Trustee. 
 SECTION 4.04 Reports by the Trustee. 
 (a) Within 60 days after July 1 of each year, commencing July 1, 2009, the Trustee shall transmit to the Securityholders, at stated intervals of
not more than 12 months, a brief report with respect to any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted): 
 (1) The character and amount of any advances made by it, as Trustee, which remain unpaid on the date of such report, and for the reimbursement of which it
claims or may claim a lien or charge, prior to that of the Securities, on the trust estate or on property or funds held or collected by it as the Trustee, if such advances so remaining unpaid aggregate more than one-half of one per centum of the
principal amount of the Securities outstanding on such date; 
  

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 (1) The character and amount of any advances made by it, as Trustee, which remain unpaid on the date of
such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Securities, on the trust estate or on property or funds held or collected by it as the Trustee, if such advances so remaining unpaid
aggregate more than one-half of one per centum of the principal amount of the Securities outstanding on such date; 
 (2) Any change to the
amount, interest rate, and maturity date of all other indebtedness owing to it in its individual capacity, on the date of such report, by the Company upon the Securities, with a brief description of any property held as collateral security therefor,
except an indebtedness based upon a creditor relationship arising from: 
 (i) Advances authorized by a receivership or bankruptcy court of
competent jurisdiction, or by the Indenture, for the purpose of preserving the property subject to the lien of the indenture or of discharging tax liens or other prior liens or encumbrances on the trust estate if notice of such advance and of the
circumstances surrounding the making thereof is given to the holders of the Securities; 
 (ii) Disbursements made in the ordinary course of
business in the capacity of trustee under an indenture, transfer agent, registrar, custodian, paying agent, fiscal agent or depositary, or other similar capacity; 
 (iii) An indebtedness created as a result of services rendered or premises rented; or an indebtedness created as a result of goods or securities sold in a cash transaction; 
 (iv) The acquisition, ownership, acceptance, or negotiation of any drafts, bills of exchange, acceptances, or obligations which fall within the
classification of self-liquidating paper. 
 (3) Any change to the property and funds physically in its possession as Trustee on the date of
such report; 
 (4) Any additional issue of Securities which it has not previously reported; and 
 (5) Any action taken by it in the performance of its duties under the Indenture which it has not previously reported and which in its opinion materially
affects the Securities or the trust. 
 (b) The Trustee shall transmit to the holders of Preferred Securities as hereinafter provided, within
the times hereinafter specified, a brief report with respect to the character and amount of any advances made by it as such since the date of the last report transmitted pursuant to the provisions of subsection (a) (or if no such report has yet
been so transmitted, since the date of execution of the Indenture), for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Securities, on the trust estate or on property or funds held or collected by it as such
Trustee, and which it has not previously reported pursuant to this paragraph, if such advances remaining unpaid at any time aggregate more than 10 per centum of the principal amount of Securities outstanding at such time, such report to be so
transmitted within 90 days after such time. 
  

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 (c) Reports pursuant to this section shall transmitted by mail– 
 (1) To all registered holders of Securities, as the names and addresses of such holders of Securities appear upon the registration books of the Company;
and 
 (2) To such holders of Securities as have, within the two years preceding such transmission, filed their names and addresses with the
Trustee for that purpose. 
 ARTICLE V 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS 
 ON EVENT OF DEFAULT 
 SECTION 5.01 Events of Default. 
 One or more
of the following events of default shall constitute an Event of Default hereunder (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) default in the payment of any
interest upon any Security when it becomes due and payable, and continuance of such default for a period of 30 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms hereof
shall not constitute a default in the payment of interest for this purpose; or 
 (b) default in the payment of all or any part of the
principal of (or premium, if any, on) any Security as and when the same shall become due and payable at maturity; or 
 (c) default in the
payment of any interest upon any Security following the nonpayment of any such interest for twenty (20) or more consecutive quarterly interest payment periods; or 
 (d) default in any material respect in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
holders of at least 25% in aggregate principal amount of the outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 (e) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or 
  

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 (f) the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of the Company or of any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 
 (g) either (1) a court or administrative or governmental agency or body shall enter a decree or order for the appointment of a receiver of Nexity
Bank or all or substantially all of its property in any liquidation, insolvency or similar proceeding, or (2) Nexity Bank shall consent to the appointment of a receiver for it or all or substantially all of its property in any liquidation,
insolvency or similar proceeding; or 
 (h) Nexity Capital Trust III shall have voluntarily or involuntarily liquidated, dissolved, wound-up
its business or otherwise terminated its existence, except in connection with (1) the distribution of the Securities to holders of the Preferred Securities in liquidation of their interests in Nexity Capital Trust III, (2) the prepayment
of all of the outstanding Preferred Securities or (3) certain mergers, consolidations or amalgamations, each as and to the extent permitted by the Trust Agreement. 
 If an Event of Default pursuant to Sections 5.01(c), (e), (f), (g) or (h) with respect to Securities at the time outstanding occurs and is continuing, then in every such case the Trustee or the holders of
not less than 25% in aggregate principal amount of the Securities then outstanding may declare the principal amount of all Securities to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the
holders of the outstanding Securities), and upon any such declaration the same shall become immediately due and payable. 
 The foregoing
provisions, however, are subject to the condition that if, at any time after the principal of the Securities shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or
entered as hereinafter provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay (A) all matured installments of interest upon all the Securities and the principal of and premium, if any, on any and all
Securities which shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest,
at the same rate as the rate of interest specified in the Securities to the date of such payment or deposit) and (B) such amount as shall be sufficient to pay to the Trustee and each predecessor Trustee all amounts payable pursuant to
Section 6.06, and (ii) any and all Events of Default under the Indenture shall have been cured, waived or otherwise remedied as provided herein, then, in every such case, the holders of a majority in aggregate principal amount of the
Securities then outstanding, by written notice to the Company and to the Trustee, may rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or
shall impair any right consequent thereon. 
  

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 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings
shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and the holders of the Securities
shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the holders of the Securities shall continue as though no such proceeding had been taken. 

SECTION 5.02 Payment of Securities on Default; Suit Therefor. 
 The Company covenants that (a) in case default shall be made in the payment of any installment of interest upon any of the Securities as and when the same shall become due and payable, and such default shall have
continued for a period of 30 days, or (b) in case default shall be made in the payment of the principal of or premium, if any, on any of the Securities as and when the same shall have become due and payable, whether at maturity of the
Securities or upon prepayment or by declaration of acceleration of maturity or otherwise, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities, the whole amount that then shall have
become due and payable on all such Securities for principal and premium, if any, or interest, or both, as the case may be, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable
under applicable law and, if the Securities are held by Nexity Capital Trust III or a trustee of such trust, without duplication of any other amounts paid by Nexity Capital Trust III or a trustee in respect thereof) upon the overdue installments of
interest at the rate borne by the Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel,
and any expenses or liabilities incurred by the Trustee hereunder other than through its negligence or willful misconduct. 
 In case the
Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the
sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or any other obligor on the Securities and collect in the manner provided by
law out of the property of the Company or any other obligor on the Securities wherever situated the moneys adjudged or decreed to be payable. 
 In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Securities under Title 11, United States Code, or any other applicable law, or in case a receiver or trustee
shall have been appointed for the property of the Company or such other obligor, or in the case of any other similar judicial proceedings relative to the Company or other obligor upon the Securities, or to the creditors or property of the Company or
such other obligor, the Trustee, irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to
the provisions of this Section 5.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the
Securities and, in case of any judicial proceedings, to file 

  

 24 

 
such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for all
amounts payable pursuant to Section 6.06 to the Trustee and each predecessor Trustee) and of the Securityholders allowed in such judicial proceedings relative to the Company or any other obligor on the Securities, or to the creditors or
property of the Company or such other obligor, unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Securities in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or
other bankruptcy or insolvency proceedings or Person performing similar functions in comparable proceedings, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the
deduction of its charges and expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such payments to the Trustee, and, in the event that the Trustee shall consent
to the making of such payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to pay to the Trustee and each predecessor Trustee all amounts payable pursuant to Section 6.06. 
 To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 6.06 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties that the Securityholders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein contained shall be construed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 
 All rights of action and of asserting claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession
of any of the Securities, or the production thereof in any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall be for the ratable benefit of the holders of the Securities. 
 In any proceedings brought by the Trustee (and also any
proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Securities, and it shall not be necessary to make any holders of the
Securities parties to any such proceedings. 
 SECTION 5.03 Application of Moneys Collected by Trustee. 
 Any moneys collected by the Trustee shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such
moneys, upon presentation of the Securities in respect of which moneys have been collected, and stamping thereon the payment, if only partially paid, and upon surrender thereof if fully paid: 
 First: To the payment of all amounts due the Trustee under Section 6.06, including the costs and expenses of collection applicable to the Securities
and reasonable compensation to the Trustee, its agents, attorneys and counsel, and of all other expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or willful misconduct; 
  

 25 

 Second: To the payment of all Senior Debt of the Company if and to the extent required by Article XV;

 Third: To the payment of the amounts then due and unpaid upon Securities for principal of (and premium, if any) and interest on the
Securities, in respect of which or for the benefit of which money has been collected, ratably, without preference of priority of any kind, according to the amounts due on such Securities for principal (and premium, if any) and interest,
respectively; and 
 Fourth: To the Company. 
 SECTION 5.04 Proceedings by Securityholders. 
 Except as contemplated by this Section 5.04, no holder of any
Security shall have any right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities specifying such Event of Default, as
hereinbefore provided, and unless also the holders of not less than 25% in aggregate principal amount of the Securities then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity shall have failed to institute any such action, suit or proceeding, it being understood and intended, and being expressly covenanted by the taker and holder of every Security with every other taker and holder and the Trustee, that no one
or more holders of Securities shall have any right in any manner whatsoever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other holder of Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities. 
 Notwithstanding any other provisions in this Indenture, however, the right of any holder of any Security to receive payment of the principal of (premium,
if any) and interest on such Security, on or after the same shall have become due and payable, or to institute suit for the enforcement of any such payment, shall not be impaired or affected without the consent of such holder and by accepting a
Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security with every other such taker and holder and the Trustee, 

  

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that no one or more holders of Securities shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to
affect, disturb or prejudice the rights of the holders of any other Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all holders of Securities. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either
at law or in equity. 
 The Company and the Trustee acknowledge that pursuant to the Trust Agreement, the holders of Preferred Securities are
entitled, in the circumstances and subject to the limitations set forth therein, to commence a Direct Action with respect to any Event of Default under this Indenture and the Securities. 
 SECTION 5.05 Proceedings by Trustee. 
 In case an Event of Default occurs with respect to
Securities and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of
such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in
this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 SECTION 5.06 Remedies Cumulative
and Continuing. 
 All powers and remedies given by this Article V to the Trustee or to the Securityholders shall, to the extent
permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to the Securities, and no delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 5.04, every power and remedy given by
this Article V or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 
 SECTION 5.07 Direction of Proceedings and Waiver of Defaults by Majority of Securityholders. 
 The holders of a majority in aggregate principal amount of the Securities at the time outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee; provided, however, that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall determine that the
action so directed would be unjustly prejudicial to the holders not taking part in such direction or 

  

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if the Trustee being advised by counsel determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its
board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible Officers shall determine that the action or proceedings so directed would involve the Trustee in personal liability. Prior to any
declaration accelerating the maturity of the Securities, the holders of a majority in aggregate principal amount of the Securities at the time outstanding may on behalf of the holders of all of the Securities waive any past default or Event of
Default and its consequences except a default (a) in the payment of principal of or premium, if any, or interest on any of the Securities or (b) in respect of covenants or provisions hereof which cannot be modified or amended without the
consent of the holder of each Security affected; provided, however, that if the Securities are held by the Property Trustee, such waiver or modification to such waiver shall not be effective until the holders of a majority in aggregate
liquidation amount of Trust Securities shall have consented to such waiver or modification to such waiver; provided further, that if the consent of the holder of each outstanding Security is required, such waiver shall not be effective
until each holder of the Trust Securities shall have consented to such waiver. Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the
Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. Whenever any default or Event of Default hereunder
shall have been waived as permitted by this Section 5.07, said default or Event of Default shall for all purposes of the Securities and this Indenture be deemed to have been cured and to be not continuing. 
 SECTION 5.08 Notice of Defaults. 
 The Trustee
shall, within 90 days after the occurrence of a default with respect to the Securities actually known to a Responsible Officer of the Trustee, mail to all Securityholders, as the names and addresses of such holders appear upon the Security register,
notice of all defaults known to the Trustee, unless such defaults shall have been cured before the giving of such notice (the term “defaults” for the purpose of this Section 5.08 being hereby defined to be the events specified in
Section 5.01, not including periods of grace, if any, provided for therein, and irrespective of the giving of written notice specified in clause (d) of Section 5.01); and provided that, except in the case of default in the payment of
the principal of or premium, if any, or interest on any of the Securities, the Trustee shall be fully protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders; and provided further, that in the case of any default of the character specified in Section 5.01(d) no
such notice to Securityholders shall be given until at least 60 days after the occurrence thereof but shall be given within 90 days after such occurrence. 
 SECTION 5.09 Undertaking to Pay Costs. 
 All parties to this Indenture agree, and each holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as
Trustee, the filing by any party litigant in such suit of an 

  

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undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and
expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.09 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding in the aggregate more than 10% in aggregate principal amount of the Securities outstanding, or to any suit instituted by any Securityholder for the
enforcement of the payment of the principal of (or premium, if any) or interest on any Security against the Company on or after the same shall have become due and payable. 
 ARTICLE VI 
 CONCERNING THE TRUSTEE 
 SECTION 6.01 Duties and Responsibilities of Trustee. 
 With respect to the holders of the Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture. In case an Event of Default of which a Responsible Officer of the Trustee has actual knowledge has occurred (which has not been cured or waived) the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct, except that 
 (a) prior to the occurrence of an Event of Default and after the curing or waiving of all Events
of Default which may have occurred 
 (i) the duties and obligations of the Trustee shall be determined solely by the express provisions of
this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee; and 
 (ii) in the absence of willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; 
 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  

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 (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good
faith, in accordance with the direction of the Securityholders pursuant to Section 5.07, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Indenture and that indemnity satisfactory to it against such risk is not reasonably assured to it. 
 Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 6.02 Reliance on Documents, Opinions, etc. 
 Except as otherwise provided in Section 6.01: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, debenture or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (b) any request, direction, order or demand of the Company mentioned herein may be sufficiently evidenced by
an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the
Company; 
 (c) the Trustee may consult with counsel of its selection and any advice or Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 
 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to the provisions of this
Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby; 
 (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture, but nothing contained herein shall relieve the Trustee of the obligation upon the occurrence of an Event of Default with respect to the Securities (that has not been cured or waived) to exercise
with respect to the Securities such of the rights and powers vested in it by this Indenture and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs; 
  

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 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, coupon or other paper or document, unless requested in writing to do so by the holders of a majority in aggregate principal
amount of the outstanding Securities; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity satisfactory to it against such expense or liability as a condition to such proceeding; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents (including any
Authenticating Agent) attorneys, custodians or nominees, and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, custodian or nominee appointed by it with due care; 
 (h) the Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions or agreements on the part of
the Company, except as otherwise set forth herein, but the Trustee may require of the Company full information and advice as to the performance of the covenants, conditions and agreements contained herein and shall be entitled in connection herewith
to examine the books, records and premises of the Company; and 
 (i) in the event that the Trustee is also acting as paying agent, security
registrar, exchange agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article Six shall also be afforded to such paying agent, security registrar, exchange agent or transfer agent. 
 SECTION 6.03 No Responsibility for Recitals, etc. 
 The recitals contained herein and in the Securities (except in the certificate of authentication of the Trustee or the Authenticating Agent) shall be taken as the statements of the Company and the Trustee and the Authenticating Agent assume
no responsibility for the correctness of the same. The Trustee and the Authenticating Agent make no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee and the Authenticating Agent shall not be
accountable for the use or application by the Company of any Securities or the proceeds of any Securities authenticated and delivered by the Trustee or the Authenticating Agent in conformity with the provisions of this Indenture. 
 SECTION 6.04 Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own Securities. 
 The Trustee or any Authenticating Agent or any paying agent or any transfer agent or any Security registrar, in its individual or any other capacity, may
become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, Authenticating Agent, paying agent, transfer agent or Security registrar. 
  

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 SECTION 6.05 Moneys to be Held in Trust. 
 Subject to the provisions of Section 11.04, all moneys received by the Trustee or any paying agent shall, until used or applied as herein provided,
be held in trust for the purpose for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee and any paying agent shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company. 
 SECTION 6.06 Compensation and Expenses of Trustee. 
 The Company, as borrower, covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as shall
be agreed to in writing between the Company and the Trustee (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and the Company will pay or reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all
Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. The Company also covenants to indemnify each of the Trustees (and its officers, agents, directors and
employees) or any predecessor Trustee (and its officers, agents, directors and employees) for, and to hold each of them harmless against, any and all loss, damage, claim, liability action, suit or expense including taxes (other than taxes based on
the income of the Trustee) of any kind and nature whatsoever incurred without negligence or willful misconduct on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the costs
and expenses of defending itself against any claim of liability in the premises. The obligations of the Company under this Section 6.06 shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien
prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities. 
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(d) or Section 5.01(e),
the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar
law. 
 The provisions of this Section shall survive the resignation or removal of the Trustee and the defeasance or other termination of
this Indenture. 
 Since the issuer Trust is being formed solely to facilitate an investment in the Securities, the Company, as Holder of the
Common Securities, hereby covenants to pay all debts and obligations (other than with respect to the Preferred Securities and the Common Securities) and all reasonable costs and expenses of the issuer Trust (including without limitation all
reasonable costs and expenses relating to the organization of the issuer Trust, the fees and expenses of the Trustees and all costs and expenses relating to the operation of the issuer Trust) and to pay any and all taxes, duties, assessments or
governmental charges of whatever nature (other than 

  

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withholding taxes) imposed on the issuer Trust and the Property Trustee after paying such expenses will be equal to the amounts the issuer Trust and the
Property Trustee would have received had no such costs or expenses been incurred by or imposed on the issuer Trust. The foregoing obligations of the Company are for the benefit of, and shall be enforceable by, any person to whom any such debts,
obligations, costs, expenses and taxes are owed (each, a “Creditor”) whether or not such Creditor has received notice thereof. Any such Creditor may enforce such obligations directly against the Company, and the Company irrevocably waives
any right or remedy to require that any such Creditor take any action against the issuer Trust or any other person before proceeding against the Company. The Company shall execute such additional agreements as may be necessary or desirable to give
full effect to the foregoing. 
 SECTION 6.07 Officers’ Certificate as Evidence. 
 Except as otherwise provided in Sections 6.01 and 6.02, whenever in the administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof is herein specifically prescribed) may, in the absence of negligence or willful
misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence or willful misconduct on the part of the
Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 
 SECTION 6.08 Eligibility of Trustee. 
 The Trustee hereunder shall at all times be a corporation or a state or
national banking association organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia or a corporation or other Person permitted to act as trustee by the Commission
authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000) and subject to supervision or examination by federal, state, territorial, or District of
Columbia authority. If such corporation or a national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this
Section 6.08 the combined capital and surplus of such corporation or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
 The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee.

 In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.08, the Trustee shall
resign immediately in the manner and with the effect specified in Section 6.09. 
 SECTION 6.09 Resignation or Removal of Trustee.

 (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such
resignation to the Company and by mailing notice thereof to the 

  

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holders of the Securities at their addresses as they shall appear on the Security Register. Upon receiving such notice of resignation, the Company shall
promptly appoint a successor trustee or trustees by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so
appointed and have accepted appointment within 60 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor
trustee, or any Securityholder who has been a bona fide holder of a Security for at least six months may, subject to the provisions of Section 5.09, on behalf of himself and all others similarly situated, petition any such court for the
appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (i) the Trustee shall fail to comply with the
provisions of Section 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months, or 
 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder, or 
 (iii) the Trustee shall become incapable of acting, or shall be adjudged a
bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, 
 then, in any such case, the Company may remove the Trustee and appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 5.09, any Securityholder who has been a bona fide holder of a Security for at
least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if
any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The holders of a majority in aggregate
principal amount of the Securities at the time outstanding may at any time remove the Trustee and nominate a successor trustee, which shall be deemed appointed as successor trustee unless within 10 days after such nomination the Company objects
thereto or if no successor trustee shall have been so appointed and shall have accepted appointment within 30 days after such removal, in which case the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in
subsection (a) of this Section 6.09 provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 
  

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 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of
the provisions of this Section 6.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.10. 
 SECTION 6.10 Acceptance by Successor Trustee. 
 Any successor trustee appointed as provided in Section 6.09 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the retiring trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request
of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any and all amounts then due and owing to it hereunder, execute and deliver an instrument transferring to such successor trustee all the rights and powers
of the trustee so ceasing to act and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring trustee thereunder. Upon request of any such successor trustee, the Company shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such
trustee to secure any amounts then due it pursuant to the provisions of Section 6.06. 
 No successor trustee shall accept appointment
as provided in this Section 6.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 6.08. 
 Upon acceptance of appointment by a successor trustee as provided in this Section 6.10, the Company shall mail notice of the succession of such trustee hereunder to the holders of Securities at their addresses as
they shall appear on the Security register. If the Company fails to mail such notice within 10 days after the acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the
Company. 
 SECTION 6.11 Successor by Merger, etc. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the
parties hereto provided the provisions of Section 6.08 hereof are satisfied. 
 In case at the time such successor to the Trustee shall
succeed to the trusts created by this Indenture any Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so
authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor trustee;
and in all such cases such 

  

 35 

 
certificates shall have the full force which the Securities or this Indenture elsewhere provides that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 SECTION 6.12 Authenticating Agents. 
 There may be one or more Authenticating Agents appointed by the Trustee upon the request of the Company with power to act on its behalf and subject to its direction in the authentication and delivery of Securities issued upon exchange or
registration of transfer thereof as fully to all intents and purposes as though any such Authenticating Agent had been expressly authorized to authenticate and deliver Securities; provided, that the Trustee shall have no liability to the Company for
any acts or omissions of the Authenticating Agent with respect to the authentication and delivery of Securities. Any such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States or of
any state or territory thereof or of the District of Columbia authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of at least $5,000,000 and being subject to supervision or examination by federal, state,
territorial or District of Columbia authority. If such corporation publishes reports of condition at least annually pursuant to law or the requirements of such authority, then for the purposes of this Section 6.12 the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect herein specified in this Section. 
 Any corporation into
which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if such successor corporation is otherwise eligible under this Section 6.12
without the execution or filing of any paper or any further act on the part of the parties hereto or such Authenticating Agent. 
 Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible under this Section 6.12, the Trustee may, and upon the
request of the Company shall, promptly appoint a successor Authenticating Agent eligible under this Section 6.12, shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Securityholders as
the names and addresses of such holders appear on the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all rights, powers, duties and responsibilities of its predecessor
hereunder, with like effect as if originally named as Authenticating Agent herein. 
  

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 The Company, as borrower, agrees to pay to any Authenticating Agent from time to time reasonable
compensation for its services. Any Authenticating Agent shall have no responsibility or liability for any action taken by it as such in accordance with the directions of the Trustee. 
 ARTICLE VII 
 CONCERNING THE SECURITYHOLDERS 
 SECTION 7.01 Action by Securityholders. 
 Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Securities may take any action (including the making of any demand or request, the giving of any notice, consent or
waiver or the taking of any other action) the fact that at the time of taking any such action the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor
executed by such Securityholders in person or by agent or proxy appointed in writing, or (b) by the record of such holders of Securities voting in favor thereof at any meeting of such Securityholders duly called and held in accordance with the
provisions of Article VIII, or (c) by a combination of such instrument or instruments and any such record of such a meeting of such Securityholders. 
 If the Company shall solicit from the Securityholders any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officers’
Certificate, fix in advance a record date for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be
deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent,
waiver or other action, and for that purpose the Outstanding Securities shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
 SECTION 7.02 Proof of
Execution by Securityholders. 
 Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any instrument
by a Securityholder or his agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The ownership of Securities
shall be proved by the Security Register or by a certificate of the Security registrar. The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary. 
 The record of any Securityholders’ meeting shall be proved in the manner provided in Section 8.06. 
  

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 SECTION 7.03 Who Are Deemed Absolute Owners. 
 Prior to due presentment for registration of transfer of any Security, the Company, the Trustee, any Authenticating Agent, any paying agent, any transfer
agent and any Security registrar may deem the Person in whose name such Security shall be registered upon the Security Register to be, and may treat him as, the absolute owner of such Security (whether or not such Security shall be overdue) for the
purpose of receiving payment of or on account of the principal of and premium, if any, and interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any Authenticating Agent nor any paying agent nor any
transfer agent nor any Security registrar shall be affected by any notice to the contrary. All such payments so made to any holder for the time being or upon his order shall be valid, and, to the extent of the sum or sums so paid, effectual to
satisfy and discharge the liability for moneys payable upon any such Security. 
 SECTION 7.04 Securities Owned by Company Deemed Not Outstanding.

 In determining whether the holders of the requisite aggregate principal amount of Securities have concurred in any direction,
consent or waiver under this Indenture, Securities which are owned by the Company or any other obligor on the Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company, except for the Securities owned by or on behalf of Nexity Capital Trust III, or any other obligor on the Securities shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the
purposes of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as outstanding for the purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Securities and that the pledgee
is not the Company or any such other obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision
by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
 SECTION 7.05 Revocation of Consents; Future Holders Bound.

 At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action
by the holders of the percentage in aggregate principal amount of the Security specified in this Indenture in connection with such action, any holder of a Security (or any Security issued in whole or in part in exchange or substitution therefor) the
serial number of which is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee at its principal office and upon proof of holding as provided in
Section 7.02, revoke such action so far as concerns such Security (or so far as concerns the principal amount represented by any exchanged or substituted Security). Except as aforesaid, any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon such
Security or any Security issued in exchange or substitution therefor. 
  

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 ARTICLE VIII 
 SECURITYHOLDERS’ MEETINGS 
 SECTION 8.01 Purpose of Meetings. 
 A meeting of Securityholders may be called at any time and from time to time pursuant to the provisions of this Article VIII for any of the following
purposes: 
 (a) to give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving
of any Default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to any of the provisions of Article V; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VI; 
 (c)
to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 9.02; or 
 (d) to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of such Securities under any other provision of this Indenture or under applicable law. 
 SECTION 8.02 Call of Meetings by Trustee. 
 The
Trustee may at any time call a meeting of Securityholders to take any action specified in Section 8.01, to be held at such time and at such place in Birmingham, Alabama, as the Trustee shall determine. Notice of every meeting of the
Securityholders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to holders of Securities at their addresses as they shall appear on the Securities Register.
Such notice shall be mailed not less than 20 nor more than 180 days prior to the date fixed for the meeting. 
 SECTION 8.03 Call of Meetings by
Company or Securityholders. 
 In case at any time the Company pursuant to a resolution of the Board of Directors, or the holders of
at least 10% in aggregate principal amount of the Securities then outstanding, shall have requested the Trustee to call a meeting of Securityholders, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or such Securityholders may determine the time and the place in Birmingham, Alabama, for such meeting and may
call such meeting to take any action authorized in Section 8.01, by mailing notice thereof as provided in Section 8.02. 
  

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 SECTION 8.04 Qualifications for Voting. 
 To be entitled to vote at any meeting of Securityholders a Person shall be (a) a holder of one or more Securities or (b) a Person appointed by
an instrument in writing as proxy by a holder of one or more Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel and
any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
 SECTION 8.05 Regulations.

 Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Securityholders, in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 
 The Trustee
shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Securityholders as provided in Section 8.03, in which case the Company or the Securityholders
calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 
 Subject to the provisions of Section 8.04, at any meeting each holder of Securities or proxy therefor shall be entitled to one vote for each $1,000
principal amount of Securities held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not outstanding and ruled by the chairman of the meeting to be not
outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Securities held by him or instruments in writing as aforesaid duly designating him as the person to vote on behalf of other Securityholders. Any meeting of
Securityholders duly called pursuant to the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further
notice. 
 SECTION 8.06 Voting. 
 The vote upon any resolution submitted to any meeting of holders of Securities shall be by written ballots on which shall be subscribed the signatures of such holders or of their representatives by proxy and the serial number or numbers of
the Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in triplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and 

  

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showing that said notice was mailed as provided in Section 8.02. The record shall show the serial numbers of the Securities voting in favor of or
against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting. 
 Any record so signed and verified shall be conclusive
evidence of the matters therein stated. 
 ARTICLE IX 
 AMENDMENTS 
 SECTION 9.01 Without Consent of Securityholders. 
 The Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time amend this Indenture, without the consent of the
Securityholders, for one or more of the following purposes: 
 (a) to evidence the succession of another corporation to the Company, or
successive successions, and the assumption by the successor corporation of the covenants, agreements and obligations of the Company pursuant to Article X hereof; 
 (b) to add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the Securityholders as the Board of Directors and the Trustee shall consider to be for the protection
of the Securityholders, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of all or any of the
remedies provided in this Indenture as herein set forth; provided, however, that in respect of any such additional covenant, restriction or condition such amendment may provide for a particular period of grace after default (which period may be
shorter or longer than that allowed in the case of other Defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default; 
 (c) to provide for the issuance under this Indenture of Securities in coupon form (including Securities registrable as to principal only) and to provide
for exchangeability of such Securities with the Securities issued hereunder in fully registered form and to make all appropriate changes for such purpose; 
 (d) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any
supplemental indenture, or to make such other provisions in regard to matters or questions arising under this Indenture; provided that any such action shall not materially adversely affect the interests of the holders of the Securities; 

(e) to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities; 
  

 41 

 (f) to make provision for transfer procedures, certification, book-entry provisions, the form of
restricted securities legends, if any, to be placed on Securities, and all other matters required pursuant to Section 2.07 or otherwise necessary, desirable or appropriate in connection with the issuance of Securities to holders of Preferred
Securities in the event of a distribution of Securities by Nexity Capital Trust III following a Dissolution Event; 
 (g) to qualify or
maintain qualification of this Indenture under the Trust Indenture Act of 1939; or 
 (h) to make any change that does not adversely affect
the rights of any Securityholder in any material respect. 
 The Trustee is hereby authorized to join with the Company in the execution of
any supplemental indenture to effect such amendment, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall
not be obligated to, but may in its discretion, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any amendment to this Indenture authorized by the provisions of this Section 9.01 may be executed by the Company and the Trustee without the consent
of the holders of any of the Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02. 
 SECTION 9.02 With
Consent of Securityholders. 
 With the consent (evidenced as provided in Section 7.01) of the holders of a majority in aggregate
principal amount of the Securities at the time outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time amend this Indenture for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the holders of the Securities; provided, however, that no such amendment shall without the consent of the holders of each Security then
outstanding and affected hereby (i) extend the Stated Maturity of any Security, or reduce the rate or extend the time of payment of interest thereon (except as contemplated by Article XVI), or reduce the principal amount thereof (including in
the case of a discounted Security the amount payable thereon in the event of acceleration or the amount provable in bankruptcy), or reduce any amount payable on prepayment thereof, or make the principal thereof or any interest or premium thereon
payable in any coin or currency other than that provided in the Securities, or impair or affect the right of any Securityholder to institute suit for payment thereof, or (ii) reduce the aforesaid percentage of Securities the holders of which
are required to consent to any such amendment to this Indenture, provided, however, that if the Securities are held by Nexity Capital Trust III, such amendment shall not be effective until the holders of a majority in liquidation
amount of Trust Securities shall have consented to such amendment; provided, further, that if the consent of the holder of each outstanding Security is required, such amendment shall not be effective until each holder of the Trust
Securities shall have consented to such amendment. 
  

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 Upon the request of the Company accompanied by a copy of a resolution of the Board of Directors certified
by its Secretary or Assistant Secretary authorizing the execution of any supplemental indenture affecting such amendment, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid, the Trustee shall join with
the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall
not be obligated to, enter into such supplemental indenture. 
 Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage prepaid, a notice, prepared by the Company, setting forth in general terms the substance of such supplemental indenture, to
the Securityholders as their names and addresses appear upon the Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture. 
 It shall not be necessary for the consent of the Securityholders under this Section 9.02 to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 SECTION 9.03 Effect of
Supplemental Indentures. 
 Upon the execution of any supplemental indenture pursuant to the provisions of this Article IX, this
Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes. 
 SECTION 9.04 Notation on Securities. 
 Securities authenticated and delivered after the execution of any supplemental indenture affecting such series pursuant to the provisions of this Article
IX may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and the
Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee or the Authenticating Agent and delivered in exchange for the Securities
then outstanding. 
 SECTION 9.05 Evidence of Compliance of Supplemental Indenture to be Furnished Trustee. 
 The Trustee, subject to the provisions of Sections 6.01 and 6.02, may receive an Officers’ Certificate and an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution
thereof. 
  

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 ARTICLE X 
 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 
 SECTION 10.01 Company May Consolidate, etc., on
Certain Terms. 
 Nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the
Company with or into any other Person (whether or not affiliated with the Company, as the case may be), or successive consolidations or mergers in which the Company, as the case may be, or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or lease of the property of the Company, as the case may be, or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the
Company, as the case may be, or its successor or successors) authorized to acquire and operate the same; provided, that (a) the Company is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than
the Company) or to which such sale, conveyance, transfer or lease of property is made is a Person organized and existing under the laws of the United States or any State thereof or the District of Columbia, and (b) upon any such consolidation,
merger, sale, conveyance, transfer or lease, the due and punctual payment of the principal of (and premium, if any) and interest on the Securities according to their tenor and the due and punctual performance and observance of all the covenants and
conditions of this Indenture to be kept or performed by the Company shall be expressly assumed, by supplemental indenture satisfactory in form to the Trustee, and executed and delivered to the Trustee by the Person formed by such consolidation, or
into which the Company, as the case may be, shall have been merged, or by the Person which shall have acquired such property, and (c) after giving effect to such consolidation, merger, sale, conveyance, transfer or lease, no Default or Event of
Default shall have occurred and be continuing. 
 SECTION 10.02 Successor Corporation to be Substituted for Company. 
 In case of any such consolidation, merger, conveyance or transfer and upon the assumption by the successor corporation, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any, and interest on all of the Securities and the due and punctual performance and observance of all
of the covenants and conditions of this Indenture to be performed or observed by the Company, such successor Person shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first
part, and the Company thereupon shall be relieved of any further liability or obligation hereunder or upon the Securities. Such successor Person thereupon may cause to be signed, and may issue either in its own name or in the name of Nexity
Financial Corporation, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee or the Authenticating Agent; and, upon the order of such successor Person instead of the
Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee or the Authenticating Agent shall authenticate and deliver any Securities which previously shall have been signed and delivered by the
officers of the Company 

  

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to the Trustee or the Authenticating Agent for authentication, and any Securities which such successor Person thereafter shall cause to be signed and
delivered to the Trustee or the Authenticating Agent for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with
the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof. 
 SECTION 10.03 Opinion of Counsel
to be Given Trustee. 
 The Trustee, subject to the provisions of Sections 6.01 and 6.02, may receive an Opinion of Counsel as
conclusive evidence that any consolidation, merger, sale, conveyance, transfer or lease, and any assumption, permitted or required by the terms of this Article X complies with the provisions of this Article X. 
 ARTICLE XI 
 SATISFACTION AND
DISCHARGE OF INDENTURE 
 SECTION 11.01 Discharge of Indenture. 
 When (a) the Company shall deliver to the Trustee for cancellation all Securities theretofore authenticated (other than any Securities which shall
have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.08) and not theretofore cancelled, or (b) all the Securities not theretofore cancelled or delivered to the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for prepayment within one year under arrangements satisfactory to the Trustee for the giving of notice of prepayment, and the
Company shall deposit or cause to be deposited with the Trustee, in trust, funds sufficient to pay on the Stated Maturity or upon prepayment all of the Securities (other than any Securities which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.08) not theretofore cancelled or delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to the Stated Maturity or
prepayment date, as the case may be, but excluding, however, the amount of any moneys for the payment of principal (or premium, if any) or interest on the Securities (1) theretofore repaid to the Company in accordance with the provisions of
Section 11.04, or (2) paid to any State or to the District of Columbia pursuant to its unclaimed property or similar laws, and if in either case the Company shall also pay or cause to be paid all other sums payable hereunder by the
Company, then this Indenture shall cease to be of further effect except for the provisions of Sections 2.02, 2.06, 2.07, 3.01, 3.02, 3.04, 6.06, 6.09, 11.02 and 11.04 hereof shall survive until such Securities shall mature and be paid. Thereafter,
Sections 6.06, and 11.04 shall survive, and the Trustee, on demand of the Company accompanied by any Officers’ Certificate and an Opinion of Counsel to the effect that all conditions to the satisfaction and discharge of this Indenture have been
satisfied and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture, the Company, however, hereby agreeing to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred by the Trustee in connection with this Indenture or the Securities. 
  

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 SECTION 11.02 Deposited Moneys and U.S. Government Obligations to be Held in Trust by Trustee. 

Subject to the provisions of Section 11.04, all moneys and U.S. Government Obligations deposited with the Trustee pursuant to Sections 11.01 or
11.05 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Company if acting as its own paying agent), to the holders of the particular Securities for the payment of which such moneys or
U.S. Government Obligations have been deposited with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest. 
 The Company shall pay and indemnify the Trustee and its officers, directors, agents and employees against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant
to Section 11.05 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the holders of outstanding Securities. 
 SECTION 11.03 Paying Agent to Repay Moneys Held. 
 Upon the satisfaction and discharge of this Indenture all moneys then held by any paying agent of the Securities (other than the Trustee) shall, upon written demand of the Company, be repaid to it or paid to the Trustee, and thereupon such
paying agent shall be released from all further liability with respect to such moneys. 
 SECTION 11.04 Return of Unclaimed Moneys. 

Any moneys deposited with or paid to the Trustee or any paying agent for payment of the principal of or premium, if any, or interest on Securities and
not applied but remaining unclaimed by the holders of Securities for two years after the date upon which the principal of or premium, if any, or interest on such Securities, as the case may be, shall have become due and payable, shall be repaid to
the Company by the Trustee or such paying agent on written demand; and the holder of any of the Securities shall thereafter look only to the Company for any payment which such holder may be entitled to collect and all liability of the Trustee or
such paying agent with respect to such moneys shall thereupon cease. 
 SECTION 11.05 Defeasance Upon Deposit of Moneys or U.S. Government Obligations.

 The Company shall be deemed to have been Discharged (as defined below) from its respective obligations with respect to the
Securities on the 91st day after the applicable conditions set forth below have been satisfied with respect to the Securities at any time after the applicable conditions set forth below have been satisfied: 
 (a) The Company shall have deposited or caused to be deposited irrevocably with the Trustee or the Defeasance Agent (as defined below) as trust funds in
trust, specifically pledged as security for, and dedicated solely to, the benefit of the holders of the Securities (i) money in an amount, or (ii) U.S. Government Obligations which through the payment of interest and principal in respect
thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect to (ii) and (iii)) of
a nationally recognized firm of independent public 

  

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accountants expressed in a written certification thereof delivered to the Trustee and the Defeasance Agent, if any, to pay and discharge each installment of
principal of and interest and premium, if any, on the outstanding Securities on the dates such installments of principal, premium or interest are due; 
 (b) if the Securities are then listed on any national securities exchange, the Company shall have delivered to the Trustee and the Defeasance Agent, if any, an Opinion of Counsel to the effect that the exercise of the
option under this Section 11.05 would not cause such Securities to be delisted from such exchange; 
 (c) no Default or Event of Default
with respect to the Securities shall have occurred and be continuing on the date of such deposit; 
 (d) the Company shall have delivered to
the Trustee and the Defeasance Agent, if any, an Opinion of Counsel to the effect that holders of the Securities will not recognize income, gain or loss for United States federal income tax purposes as a result of the exercise of the option under
this Section 11.05 and will be subject to United States federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option had not been exercised, and such opinion shall be accompanied
by a private letter ruling to that effect received from the United States Internal Revenue Service or a revenue ruling pertaining to a comparable form of transaction to that effect published by the United States Internal Revenue Service; and

 (e) the Company shall have delivered to the Trustee and the Defeasance Agent, if any, an Officers’ Certificate and an Opinion of
Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 “Discharged” means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and obligations under, the Securities and to have satisfied all the obligations under
this Indenture relating to the Securities (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except (A) the rights of holders of Securities to receive, from the trust fund described in
clause (1) above, payment of the principal of and the interest and premium, if any, on the Securities when such payments are due; (B) the Company’s obligations with respect to the Securities under Sections 2.06, 2.07, 5.02 and 11.04;
and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder. 
 “Defeasance Agent” means another
financial institution which is eligible to act as Trustee hereunder and which assumes all of the obligations of the Trustee necessary to enable the Trustee to act hereunder. In the event such a Defeasance Agent is appointed pursuant to this Section,
the following conditions shall apply: 
 (a) The Trustee shall have approval rights over the document appointing such Defeasance Agent and the
document setting forth such Defeasance Agent’s rights and responsibilities; and 
  

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 (b) The Defeasance Agent shall provide verification to the Trustee acknowledging receipt of sufficient
money and/or U.S. Government Obligations to meet the applicable conditions set forth in this Section 11.05. 
 SECTION 11.06 Reinstatement.

 If the Trustee or any Defeasance Agent is unable to apply any money in accordance with Section 11.05 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.05 until such time as the Trustee or any Defeasance Agent is permitted to apply all such money in accordance with Section 11.05. 
 ARTICLE XII 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, 
 OFFICERS AND DIRECTORS 
 SECTION 12.01 Indenture and Securities Solely Corporate Obligations. 
 No recourse for the
payment of the principal of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture, or in
any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor Person to the Company,
either directly or through the Company any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and the issue of the Securities. 
 ARTICLE XIII 

MISCELLANEOUS PROVISIONS 
 SECTION 13.01
Successors. 
 All the covenants, stipulations, promises and agreements in this Indenture contained by the Company shall bind its
successors and assigns whether so expressed or not. 
 SECTION 13.02 Official Acts by Successor Corporation. 
 Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation that shall at the time be the lawful sole successor of the Company. 
  

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 SECTION 13.03 Surrender of Company Powers. 
 The Company by instrument in writing executed by authority of  2
/3 (two-thirds) of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so
surrendered shall terminate both as to the Company, as the case may be, and as to any successor Person. 
 SECTION 13.04 Address for Notices,
etc. 
 Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or
by the holders of Securities on the Company may be given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee for the
purpose) to the Company, 3500 Blue Lake Drive, Suite 330, Birmingham, Alabama 35243, Attn: Chief Financial Officer. Any notice, direction, request or demand by any Securityholder to or upon the Trustee shall be deemed to have been sufficiently given
or made, for all purposes, if given or made in writing at the office of the Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attn: Corporate Trust Administration (unless another address is
provided by the Trustee to the Company for the purpose). All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, and mailed by first class mail, postage prepaid, except that if a notice or
other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver.

 SECTION 13.05 Governing Law. 
 This Indenture and each Security shall be governed by, and construed in accordance with, the laws of the State of Alabama; provided, however, that the rights (including, without limitation, indemnification rights), duties, standards of
care, qualifications, privileges, protections and immunities of the Trustee shall be governed by, and construed in accordance with, the internal laws of the state in which the Corporate Trust Office is located. 
 SECTION 13.06 Evidence of Compliance with Conditions Precedent. 
 Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Trustee may request the Company to furnish to the Trustee an Officers’
Certificate stating that in the opinion of the signers all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent have been complied with. 
 Each certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement that, in the opinion of such person, he has made such examination or
investigation as is 

  

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necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to
whether or not, in the opinion of such person, such condition or covenant has been complied with. 
 SECTION 13.07 Business Days. 

In any case where the date of payment of principal of or premium, if any, or interest on the Securities will not be a Business Day, the payment of such
principal of or premium, if any, or interest on the Securities need not be made on such date but may be made on the next succeeding Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect
as if made on the date of payment and no interest shall accrue for the period from and after such date. 
 SECTION 13.08 Table of Contents, Headings,
etc. 
 The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 13.09 Execution in Counterpart. 
 This Indenture may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 SECTION 13.10 Separability.

 In case any one or more of the provisions contained in this Indenture or in the Securities shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of the Securities, but this Indenture and the Securities shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein or therein. 
 SECTION 13.11 Assignment. 
 The Company will have the right at all times to assign any of its respective rights or obligations under this Indenture to a direct or indirect wholly
owned Subsidiary of the Company, provided that, in the event of any such assignment, the Company, as the case may be, will remain liable for all such obligations. Subject to the foregoing, the Indenture is binding upon and inures to the benefit of
the parties thereto and their respective successors and assigns. This Indenture may not otherwise be assigned by the parties hereto. 
 SECTION 13.12
Acknowledgment of Rights. 
 The Company acknowledges that, with respect to any Securities held by Nexity Capital Trust III or a
trustee of such trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Securities held as the assets of Nexity Capital Trust III any holder of Preferred Securities may not institute legal
proceedings directly against the Company to enforce such Property Trustee’s rights under this Indenture without first instituting 

  

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any legal proceedings against such Property Trustee or any other Person. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing
and such event is attributable to the failure of the Company to pay principal of or premium, if any, or interest on the Securities when due, the Company acknowledges that a holder of Preferred Securities may directly institute a proceeding for
enforcement of payment to such holder of the principal of or premium, if any, or interest on the Securities having a principal amount equal to the aggregate liquidation amount of the Preferred Securities of such holder on or after the respective due
date specified in the Securities. 
 ARTICLE XIV 
 PREPAYMENT OF SECURITIES 
 SECTION 14.01 Optional Prepayment by Company. 
 The Company may, subject to the approval of the Federal Reserve, if then required, at its option, on any Interest Payment Date, prepay the Securities in
whole at any time or in part from time to time, at the Prepayment Price. 
 SECTION 14.02 No Sinking Fund. 
 The Securities are not entitled to the benefit of any sinking fund. 
 SECTION 14.03 Notice of Prepayment. 
 In case the Company shall desire to exercise the right to prepay all of the
Securities in accordance with their terms, which shall be done pursuant to a Board Resolution, it shall fix a date for prepayment and shall mail a notice of such prepayment at least 30 and not more than 60 days prior to the date fixed for prepayment
to the holders of Securities so to be prepaid as a whole or in part at their last addresses as the same appear on the Security Register. Such mailing shall be by first class mail. The notice, if mailed in the manner herein provided, shall be
conclusively presumed to have been duly given, whether or not the holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the holder of any Security designated for prepayment as a whole or in part
shall not affect the validity of the proceedings for the prepayment of any other Security. 
 Each such notice of prepayment shall specify
the CUSIP number, if any, of the Securities to be prepaid, the date fixed for prepayment, the prepayment price at which the Securities are to be prepaid (or the method by which such prepayment price is to be calculated), the place or places of
payment that payment will be made upon presentation and surrender of the Securities, that interest accrued to the date fixed for prepayment will be paid as specified in said notice, and that on and after said date interest thereon or on the portions
thereof to be prepaid will cease to accrue. If less than all the Securities are to be prepaid the notice of prepayment shall specify the numbers of the Securities to be prepaid. 
 SECTION 14.04 Payment of Securities Called for Prepayment. 
 If notice of prepayment has been
given as provided in Section 14.03, the Securities with respect to which such notice has been given shall become due and payable on the date and at the 

  

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place or places stated in such notice at the applicable Prepayment Price, together with interest accrued, if any, to the date fixed for prepayment (subject
to the rights of holders of Securities on the close of business on a regular record date in respect of an Interest Payment Date occurring on or prior to the prepayment date), and on and after said date (unless the Company shall default in the
payment of such Securities at the Prepayment Price, together with interest, if any, accrued to said date) interest on the Securities so called for prepayment shall cease to accrue. On presentation and surrender of such Securities at a place of
payment specified in said notice, the said Securities shall be paid and prepaid by the Company at the applicable Prepayment Price, together with interest accrued thereon to the date fixed for prepayment (subject to the rights of holders of
Securities on the close of business on a regular record date in respect of an Interest Payment Date occurring on or prior to the prepayment date). Upon presentment of any Security prepaid in part only, the Company shall execute and the Trustee shall
authenticate and make available for delivery to the holder thereof, at the expense of the Company, a new Security or Securities of authorized denominations in principal amount equal to the non prepaid portion of the Security so presented.

 ARTICLE XV 
 SUBORDINATION OF SECURITIES 
 SECTION 15.01 Agreement to Subordinate. 
 The Company covenants and agrees, and each holder of Securities issued hereunder likewise covenants and agrees, that the Securities shall be issued
subject to the provisions of this Article XV; and each holder of a Security, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. 
 The payment by the Company of the principal of and premium, if any, and interest on all Securities issued hereunder shall, to the extent and in the
manner hereinafter set forth, be subordinated and junior in right of payment to the prior payment in full of all amounts with respect to Senior Debt, whether outstanding at the date of this Indenture or thereafter incurred. 
 No provision of this Article XV shall prevent the occurrence of any Default or Event of Default hereunder. 
 SECTION 15.02 Default on Senior Debt. 
 In the
event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt, or in the event that the maturity of any Senior Debt has been accelerated because of a
default, then, in either case, no payment shall be made by the Company with respect to the principal (including prepayments) of or premium, if any, or interest on the Securities. 
 In the event of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal (including
prepayments) of or premium, if any, or interest on the Securities until the holders of all Senior Debt outstanding at the time of such acceleration shall receive payment in full of all amounts due in respect of such Senior Debt (including any
amounts due upon acceleration). 
  

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 In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such
payment is prohibited by the preceding paragraph of this Section 15.02, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their respective representatives, or to the
trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the extent of the amounts due in respect of such Senior Debt and only to the extent that
the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing, within 90 days of such payment, of the amounts then due and owing on such Senior Debt and only the amounts specified in such
notice to the Trustee shall be paid to the holders of such Senior Debt. 
 SECTION 15.03 Liquidation; Dissolution; Bankruptcy. 
 Upon any payment by the Company or distribution of assets of the Company of any kind or character, whether in cash, property or securities, 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 upon all Senior Debt of the Company shall first be
paid in full, or payment thereof provided for in money in accordance with its terms, before any payment is made by the Company on account of the principal (and premium, if any) or interest on the Securities; and upon any such dissolution or
winding-up or liquidation or reorganization, any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Securityholders or the Trustee would be entitled to
receive from the Company, except for the provisions of this Article XV, shall 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 Securityholders
or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Debt of the Company (pro rata to such holders on the basis of the respective amounts of Senior Debt held by such holders, as calculated by the
Company) or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Debt may have been issued, as their respective interests may appear, to the extent
necessary to pay such Senior Debt in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt, before any payment or distribution is made to the Securityholders or
to the Trustee. 
 In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, prohibited by the foregoing, shall be received by the Trustee before all Senior Debt is paid in full, or provision is made for such payment in money in accordance with its terms, such payment or
distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Debt or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any
instruments evidencing such Senior Debt may have been issued, and their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Debt remaining unpaid to the extent necessary to pay all amounts due
in respect of such Senior Debt in full in money in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Senior Debt. 
  

 53 

 For purposes of this Article XV, the words “cash, property or securities” shall not be deemed
to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent
provided in this Article XV with respect to the Securities to the payment of Senior Debt that may at the time be outstanding, provided that (i) such Senior Debt is assumed by the new corporation, if any, resulting from any such reorganization
or readjustment, and (ii) the rights of the holders of such Senior Debt 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 sale, conveyance, transfer or lease of its property as an entirety, or substantially as an entirety, to another Person upon the terms and conditions provided for in
Article X of this Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 15.03 if such other Person shall, as a part of such consolidation, merger, sale, conveyance, transfer or
lease, comply with the conditions stated in Article X of this Indenture. Nothing in Section 15.02 or in this Section 15.03 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06 of this Indenture.

 SECTION 15.04 Subrogation. 
 Subject to the payment in full of all amounts due in respect of Senior Debt, the rights of the Securityholders shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of cash, property or
securities of the Company, as the case may be, applicable to such Senior Debt until the principal of (and premium, if any) and interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no payments or distributions
to the holders of such Senior Debt of any cash, property or securities to which the Securityholders or the Trustee would be entitled except for the provisions of this Article XV, and no payment over pursuant to the provisions of this Article XV to
or for the benefit of the holders of such Senior Debt by Securityholders or the Trustee, shall, as between the Company, its creditors other than holders of Senior Debt of the Company, and the holders of the Securities, be deemed to be a payment by
the Company to or on account of such Senior Debt. It is understood that the provisions of this Article XV are and are intended solely for the purposes of defining the relative rights of the holders of the Securities, on the one hand, and the holders
of such Senior Debt, on the other hand. 
 Nothing contained in this Article XV or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt of the Company, and the holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the holders of
the Securities the principal of (and premium, if any) and interest on the Securities 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 of the
Securities and creditors of the Company, as the case may be, other than the holders of Senior Debt of the Company, as the case may be, nor shall anything herein or therein prevent the Trustee or the holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article XV of the holders of such Senior Debt in respect of cash, property or securities of the Company, as the case may be,
received upon the exercise of any such remedy. 
  

 54 

 Upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee and
the Securityholders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the
receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Securityholders, for the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Debt and other indebtedness of the Company, as the case may be, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XV.

 SECTION 15.05 Trustee to Effectuate Subordination. 
 Each Securityholder by such Securityholder’s acceptance thereof authorizes and directs the Trustee on such Securityholder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article XV and appoints the Trustee such Securityholder’s attorney-in-fact for any and all such purposes. 
 SECTION 15.06 Notice by the Company. 
 The Company shall give prompt written notice to a Responsible Officer of the
Trustee of any fact known to the Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this Article XV. Notwithstanding the provisions of this Article XV or
any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions
of this Article XV, unless and until a Responsible Officer of the Trustee shall have received written notice thereof from the Company or a holder or holders of Senior Debt or from any trustee therefor; and before the receipt of any such written
notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in this Section 15.06 at least two Business Days prior to the date
upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest on any Security), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that may be received by it within two
Business Days prior to such date. 
 The Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Debt of the Company, as the case may be (or a trustee on behalf of such holder), to establish that such notice has been given by a
holder of such Senior Debt 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 such Senior Debt to
participate in any payment or distribution pursuant to this Article XV, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior Debt held by such Person, the extent to
which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under 

  

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this Article XV, 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. 
 Upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee
and the Securityholders shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or
similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the
Trustee or to the Securityholders, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XV. 
 SECTION 15.07 Rights of the Trustee;
Holders of Senior Debt. 
 The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article XV in
respect of any Senior Debt at any time held by it, to the same extent as any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. 
 With respect to the holders of Senior Debt of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations as
are specifically set forth in this Article XV, and no implied covenants or obligations with respect to the holders of such Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of such Senior Debt and the Trustee shall not be liable to any holder of such Senior Debt if it shall pay over or deliver to Securityholders, the Company or any other Person money or assets to which any holder of such Senior Debt
shall be entitled by virtue of this Article XV or otherwise. 
 Nothing in this Article XV shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.06. 
 SECTION 15.08 Subordination May Not Be Impaired. 
 No right of any present or future holder of any Senior Debt of the Company 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 this Indenture,
regardless of any knowledge thereof that any such holder may have or otherwise be charged with. 
 Without in any way limiting the generality
of the foregoing paragraph, the holders of Senior Debt of the Company may, at any time and from time to time, without the consent of or notice to the Trustee or the Securityholders, without incurring responsibility to the Securityholders and without
impairing or releasing the subordination provided in this Article XV or the obligations hereunder of the holders of the Securities to the holders of such Senior Debt, 

  

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do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, such Senior
Debt, or otherwise amend or supplement in any manner such Senior Debt or any instrument evidencing the same or any agreement under which such Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged,
mortgaged or otherwise securing such Senior Debt; (iii) release any Person liable in any manner for the collection of such Senior Debt; and (iv) exercise or refrain from exercising any rights against the Company and any other Person.

 ARTICLE XVI 
 EXTENSION OF INTEREST PAYMENT PERIOD 
 SECTION 16.01 Extension of Interest Payment Period. 
 (a) So long as no Event of Default under Sections 5.01(c), (e), (f), (g) or (h) has occurred and is continuing, the Company shall have the
right, at any time and from time to time during the term of the Securities, to defer payments of interest by extending the interest payment period of such Securities for a period not exceeding 20 consecutive quarterly periods, including the first
such quarterly period during such extension period (the “Extension Period”), during which Extension Period no interest shall be due and payable; provided that no Extension Period may extend beyond the Stated Maturity. To the
extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 16.01, will bear interest thereon at the Coupon Rate compounded quarterly for
each quarterly period of the Extension Period (“Compounded Interest”). At the end of the Extension Period, the Company shall pay all interest accrued and unpaid on the Securities, including any Additional Sums and Compounded Interest
(together, “Deferred Interest”) that shall be payable to the holders of the Securities in whose names the Securities are registered in the Security Register on the first record date after the end of the Extension Period. 
 (b) Before the termination of any Extension Period, the Company may further defer payments of interest by further extending such period, provided
that such period, together with all such previous and further extensions within such Extension Period, shall not exceed 20 consecutive quarterly periods, including the first such quarterly period during such Extension Period, or extend beyond the
Stated Maturity of the Securities. Upon the termination of any Extension Period and the payment of all Deferred Interest then due, the Company may elect to commence a new Extension Period, subject to the foregoing requirements and provided that no
Event of Default under Sections 5.01(c), (e), (f), (g) or (h) has occurred and is continuing. No interest shall be due and payable during an Extension Period, except at the end thereof, but the Company may prepay at any time all or any
portion of the interest accrued during an Extension Period. 
 SECTION 16.02 Notice of Extension. 
 (a) If the Property Trustee is the only registered holder of the Securities at the time the Company selects an Extension Period, the Company shall give
written notice to the Administrative Trustees, the Property Trustee and the Trustee of its selection of such Extension Period no later than five Business Days before the next succeeding date on which distributions on the Trust Securities issued by
Nexity Capital Trust III would have been payable except for such election. 
  

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 (b) If the Property Trustee is not the only holder of the Securities at the time the Company selects an
Extension Period, the Company shall give the holders of the Securities and the Trustee written notice of its selection of such Extension Period no more than 5 Business Days before the next succeeding Interest Payment Date. 
 (c) The quarterly period in which any notice is given pursuant to paragraphs (a) or (b) of this Section 16.02 shall be counted as one of
the 20 quarterly periods permitted in the maximum Extension Period permitted under Section 16.01. There is no limitation on the number of times that the Company may elect to begin an Extension Period. 
  

 58 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their respective
officers thereunto duly authorized, as of the day and year first above written. 
  

			
	 NEXITY FINANCIAL CORPORATION

		
	 By:
	 	  

	 Printed Name:
	 	  

	 Its:
	 	  

	
	 WILMINGTON TRUST COMPANY, as Trustee

		
	 By:
	 	  

	 Printed Name:
	 	  

	 Its:
	 	  

  

 59 

 EXHIBIT A 
 (FORM OF FACE OF SECURITY) 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH SECURITIES OR ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF ANY SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 THE HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITIES MAY BE OFFERED, RESOLD OR
OTHERWISE TRANSFERRED ONLY (I) TO THE COMPANY, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF AN “ACCREDITED INVESTOR,” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT OF THE COMPANY TO REQUIRE AN OPINION OF COUNSEL ADDRESSING COMPLIANCE WITH THE U.S. SECURITIES LAWS, AND OTHER
INFORMATION SATISFACTORY TO IT AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 THE SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF SECURITIES, OR ANY
INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH
PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT 

  

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OF PRINCIPAL OF OR INTEREST ON SUCH SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH
SECURITIES. 
 THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT
AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY
ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER
APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY, OR ANY INTEREST THEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THE SECURITIES
OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR
OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE OR HOLDING WILL
NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 
 THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION
(THE “FDIC”).” 
  

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 No.        No.
             
 NEXITY FINANCIAL CORPORATION 
 FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST NOTE 
 DUE JULY 1, 2038 
 Nexity Financial Corporation, a Delaware corporation (the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Wilmington Trust Company, as Property Trustee for Nexity Capital Trust III, or registered assigns, the principal sum of
                                         
                Dollars ($            ) on July 1, 2038 (the “Stated Maturity”),
unless previously prepaid, and to pay interest on the outstanding principal amount hereof from the period beginning on (and including) the date of original issuance and ending on (but excluding) October 1, 2008 at the Coupon Rate, as defined
below, and thereafter from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on
April 1, July 1, October 1 and January 1 of each year, commencing October 1, 2008, at the variable rate of 3-month LIBOR (as defined in the Indenture) plus 4.00% per annum (the “Coupon Rate”)
(provided that at no time, and for all purposes, shall the Coupon Rate be less than 6.00% or greater than 10.00%) until the principal hereof shall have become due and payable, and on any overdue principal and premium, if any, and (without
duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum compounded quarterly. The amount of interest payable on any Interest Payment Date
shall be calculated by applying the Coupon Rate to the principal amount outstanding at the commencement of the Interest Payment Period and multiplying each such amount by the actual number of days in the Interest Payment Period divided by 360. The
“Interest Payment Period” is that period which begins on (and includes) each April 1, July 1, October 1 and January 1 and ends on (but excludes) the next succeeding Interest Payment Date or date on which the
Securities are otherwise paid. In the event that any date on which the principal of (or premium, if any) or interest on this Security is payable is not a Business Day, then payment payable on such date will be made on the next succeeding day that is
a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment will be made on the immediately preceding Business Day with the same
force and effect as if made on such date. 
 The interest installment so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such
interest installment, which shall be the fifteenth day (whether or not a Business Day) next preceding the relevant Interest Payment Date. Any such interest installment not punctually paid or duly provided for shall forthwith cease to be payable to
the holders on such regular record date and may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of
such defaulted interest, notice whereof shall be given to the holders of Securities not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
  

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 The principal of (and premium, if any) and interest on this Security shall be payable at the office or
agency of the Property Trustee in Wilmington, Delaware maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts; provided, however, that,
payment of interest may be made at the option of the Company by (i) check mailed to the holder at such address as shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto,
provided that proper written transfer instructions have been received by the relevant record date; provided that if this Security is in global form, the interest hereon shall be made in immediately available funds. Notwithstanding the foregoing, so
long as the Holder of this Security is the Property Trustee, the payment of the principal of (and premium, if any) and interest on this Security will be made at such place and to such account as may be designated by the Property Trustee. 

The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior
payment in full of Senior Debt, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination so provided and (c) appoints the Trustee his or her attorney-in-fact for any
and all such purposes. Each holder hereof, by his or her acceptance hereof, hereby waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Debt, whether now outstanding or
hereafter incurred, and waives reliance by each such holder upon said provisions. 
 This Security shall not be entitled to any benefit under
the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 
 The provisions of this Security are continued on the reverse side hereof and such provisions shall for all purposes have the same effect as though fully
set forth at this place. 
  

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 IN WITNESS WHEREOF, the Company, under its corporate seal, has caused this instrument to be executed.

  

					
	Dated:                         	 		 	
		
		 	NEXITY FINANCIAL CORPORATION
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

			
	Attest:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 (FORM OF CERTIFICATE OF AUTHENTICATION) 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities referred to in the
within-mentioned Indenture. 
 WILMINGTON TRUST COMPANY, as Trustee 
  

			
	By:	 	  

	Authorized Officer

  

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 (FORM OF REVERSE OF SECURITY) 
 This Security is one of the Securities of the Company (herein sometimes referred to as the “Securities”), specified in the Indenture, all
issued or to be issued under and pursuant to an Indenture, dated as of June 20, 2008 (the “Indenture”), duly executed and delivered between the Company and Wilmington Trust Company, as Trustee (the “Trustee”), to which
Indenture reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Securities. 
 Subject to approval of the Federal Reserve, if then required, the Company may, at its option, on any Interest Payment Date prepay the Securities in whole
at any time or in part from time to time, at the Prepayment Price. 
 “Prepayment Price” shall mean an amount in cash equal to 100%
of the principal amount of the Securities to be prepaid, plus any accrued and unpaid interest thereon, including Compounded Interest and Additional Sums, if any, to the date of such prepayment. 
 The Prepayment Price shall be paid prior to 12:00 noon, New York City time, on the date of such prepayment, provided, that the Company shall deposit with
the Trustee an amount sufficient to pay the Prepayment Price by 10:00 a.m., New York City time, on the date the Prepayment Price is to be paid. Any prepayment pursuant to this paragraph will be made upon not less than 30 days nor more than 60 days
notice. 
 In case an Event of Default pursuant to Sections 5.01 (c), (e), (f), (g) or (h) as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Securities may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of a majority in aggregate principal amount of
the Securities at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in
any manner the rights of the holders of the Securities; provided, however, that no such supplemental indenture shall, without the consent of each holder of Securities then outstanding and affected thereby, (i) extend the Stated Maturity of any
Securities, or reduce the principal amount thereof, or reduce any amount payable on prepayment thereof, or reduce the rate or extend the time of payment of interest thereon (subject to Article XVI of the Indenture), or make the principal of, or
interest or premium on, the Securities payable in any coin or currency other than U.S. dollars, or impair or affect the right of any holder of Securities to institute suit for the payment thereof, or (ii) reduce the aforesaid percentage of
Securities, the holders of which are required to consent to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities at the time outstanding affected
thereby, on behalf of all of the holders of the Securities, to waive any past default in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture, and its consequences, except a default in the
payment of the principal of or premium, if any, or interest on any of the Securities or a default in respect of any covenant or provision under which the Indenture cannot be modified or amended 

  

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without the consent of each holder of Securities then outstanding. Any such consent or waiver by the holder of this Security (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Security and of any Security issued in exchange heretofore or in place hereof (whether by registration of transfer or otherwise),
irrespective of whether or not any notation of such consent or waiver is made upon this Security. 
 No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Security at the time and place and at the
rate and in the money herein prescribed. 
 So long as no Event of Default under Sections 5.01 (c), (e), (f), (g) or (h) has
occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Securities, to defer payments of interest by extending the interest payment period of such Securities for a period not exceeding
20 consecutive quarterly periods, including the first such quarterly period during such extension period, and not to extend beyond the Stated Maturity of the Securities (an “Extension Period”), at the end of which period the Company shall
pay all interest then accrued and unpaid together with interest thereon at the rate specified for the Securities (to the extent that payment of such interest is enforceable under applicable law). Before the termination of any such Extension Period,
the Company may further defer payments of interest by further extending such Extension Period, provided that such Extension Period, together with all such previous and further extensions within such Extension Period, shall not exceed 20 consecutive
quarterly periods, including the first quarterly period during such Extension Period, or extend beyond the Stated Maturity of the Securities. Upon the termination of any such Extension Period and the payment of all accrued and unpaid interest and
any additional amounts then due, the Company may commence a new Extension Period, subject to the foregoing requirements and provided that no Event of Default under Sections 5.01 (c), (e), (f), (g) or (h) has occurred and is continuing.

 The Company has agreed that it will not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company’s capital stock (which includes common and preferred stock) or (ii) make any payment of principal, interest or premium, if any, on or repay or repurchase or redeem any debt securities
of the Company that rank pari passu with or junior in right of payment to the Securities or make any guarantee payments with respect to any guarantee by the Company of the debt securities or any Subsidiary of the Company if such guarantee ranks pari
passu or junior in right of payment to the Securities (other than with respect to clause (i) above, (a) dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, Common Stock of the
Company, (b) any declaration of a dividend in connection with the implementation of a stockholder’s rights plan, or the issuance of stock under any such plan in the future, or the prepayment or repurchase of any such rights pursuant
thereto, (c) payments under the Preferred Securities Guarantee, (d) as a result of a reclassification of the Company’s capital stock or the exchange or the conversion of one class or series of the Company’s capital stock for
another class or series of the Company’s capital stock, (e) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the exchange or conversion of such capital stock or the security being exchanged or
converted, and (f) purchases or issuances of Common Stock in 

  

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connection with any of the Company’s stock option, stock purchase, stock loan or other benefit plans for its directors, officers or employees or any of
the Company’s dividend reinvestment plans, in each case as now existing or hereinafter established or amended) if at such time (i) there shall have occurred any event of which the Company has actual knowledge that (a) is, or with the
giving of notice or the lapse of time, or both, would be, an Event of Default and (b) in respect of which the Company shall not have taken reasonable steps to cure, (ii) if such Securities are held by Nexity Capital Trust III, the Company
shall be in default with respect to its payment of any obligations under the Preferred Securities Guarantee or (iii) the Company shall have given notice of its election of the exercise of its right to extend the interest payment period and any
such extension shall be continuing. 
 The Company will have the right at any time to liquidate Nexity Capital Trust III and cause the
Securities to be distributed to the holders of the Trust Securities in liquidation of Nexity Capital Trust III. 
 The Securities are
issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to the transfer restrictions limitations as may be contained herein and therein from time to
time, the transfer of this Security is registrable by the holder hereof on the Security Register of the Company, upon surrender of this Security for registration of transfer at the office or agency of the Trustee in Wilmington, Delaware accompanied
by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations
and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such registration of transfer, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Security,
the Company, the Trustee, any paying agent and the registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Security shall be overdue and notwithstanding any notice of ownership or writing hereon
made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any
paying agent nor any registrar shall be affected by any notice to the contrary. 
 No recourse shall be had for the payment of the principal
of or premium, if any, or interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as
part of the consideration for the issuance hereof, expressly waived and released. 
 All terms used in this Security that are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
  

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 THE INDENTURE AND EACH SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF ALABAMA; PROVIDED, HOWEVER, THAT THE RIGHTS, DUTIES, PRIVILEGES AND IMMUNITIES OF THE TRUSTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE IN WHICH THE CORPORATE TRUST OFFICE IS LOCATED. 

 

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