Document:

EX-4.1

 Exhibit 4.1 

BANK OF AMERICA CORPORATION 

5.000% NON-CUMULATIVE PREFERRED STOCK, SERIES LL 

DEPOSIT AGREEMENT 
 among 

BANK OF AMERICA CORPORATION, 

COMPUTERSHARE INC., 
 and 

COMPUTERSHARE TRUST COMPANY, N.A., together, the Depository, 

and 
 THE HOLDERS FROM TIME TO
TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of September 16, 2019 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	DEFINED TERMS	  

	 Section 1.1.
	 	Definitions	  	 	1	 
	
	ARTICLE II	  

	 APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS;

DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER

AND REDEMPTION OF RECEIPTS
	  

 

 

			
	 Section 2.1.
	 	Appointment of Depository	  	 	2	 
	 Section 2.2.
	 	Book-Entry System; Form and Transfer of Receipts	  	 	2	 
	 Section 2.3.
	 	Deposit of Stock; Execution and Delivery of Receipts	  	 	5	 
	 Section 2.4.
	 	Registration of Transfer of Receipts	  	 	5	 
	 Section 2.5.
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	  	 	6	 
	 Section 2.6.
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	7	 
	 Section 2.7.
	 	Lost Receipts, etc.	  	 	7	 
	 Section 2.8.
	 	Cancellation and Destruction of Surrendered Receipts	  	 	7	 
	 Section 2.9.
	 	Redemption of Stock	  	 	8	 
	 Section 2.10.
	 	Deposits	  	 	9	 
	
	ARTICLE III	  

	CERTAIN OBLIGATIONS OF HOLDERS OF	  

	RECEIPTS AND THE CORPORATION	  

			
	 Section 3.1.
	 	Filing Proofs; Certificates and Other Information	  	 	9	 
	 Section 3.2.
	 	Payment of Taxes or Other Governmental Charges	  	 	10	 
	 Section 3.3.
	 	Warranty as to Stock	  	 	10	 
	 Section 3.4.
	 	Warranty as to Receipts	  	 	10	 
	
	ARTICLE IV	  

	THE DEPOSITED SECURITIES; NOTICES	  

			
	 Section 4.1.
	 	Cash Distributions	  	 	10	 
	 Section 4.2.
	 	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	11	 
	 Section 4.3.
	 	Subscription Rights, Preferences or Privileges	  	 	11	 
	 Section 4.4.
	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	12	 
	 Section 4.5.
	 	Voting Rights	  	 	13	 
	 Section 4.6.
	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	13	 
	 Section 4.7.
	 	Delivery of Reports	  	 	14	 
	 Section 4.8.
	 	Lists of Receipt Holders	  	 	14	 

  
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 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	 	 	  	Page	 
	
	ARTICLE V	  

	THE DEPOSITORY, THE DEPOSITORY’S	  

	AGENTS, THE REGISTRAR AND THE CORPORATION	  

			
	 Section 5.1.
	 	Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents	  	 	14	 
	 Section 5.2.
	 	Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar or the Corporation	  	 	15	 
	 Section 5.3.
	 	Obligations of the Depository, the Depository’s Agents, the Registrar and the Corporation	  	 	15	 
	 Section 5.4.
	 	Resignation and Removal of the Depository; Appointment of Successor Depository	  	 	17	 
	 Section 5.5.
	 	Corporate Notices and Reports	  	 	18	 
	 Section 5.6.
	 	Indemnification by the Corporation	  	 	19	 
	 Section 5.7.
	 	Fees, Charges and Expenses	  	 	19	 
	 Section 5.8.
	 	Tax Compliance	  	 	19	 
	
	ARTICLE VI	  

	AMENDMENT AND TERMINATION	  

			
	 Section 6.1.
	 	Amendment	  	 	20	 
	 Section 6.2.
	 	Termination	  	 	20	 
	
	ARTICLE VII	  

	MISCELLANEOUS	  

			
	 Section 7.1.
	 	Counterparts	  	 	21	 
	 Section 7.2.
	 	Exclusive Benefit of Parties	  	 	21	 
	 Section 7.3.
	 	Invalidity of Provisions	  	 	21	 
	 Section 7.4.
	 	Notices	  	 	21	 
	 Section 7.5.
	 	Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent	  	 	22	 
	 Section 7.6.
	 	Holders of Receipts Are Parties	  	 	22	 
	 Section 7.7.
	 	Governing Law	  	 	23	 
	 Section 7.8.
	 	Headings	  	 	23	 
			
	 Exhibit A
	 	Form of Receipt	  	 	A-1	 

  

  
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 THIS DEPOSIT AGREEMENT dated as of September 16, 2019 (this
“Agreement”), among (i) BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), (ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a national
banking association and the wholly-owned subsidiary of Computershare (the “Trust Company” and together with Computershare, the “Depository”), and (iii) the Holders from time to time of the Receipts described in this
Agreement. 
 RECITALS 

WHEREAS, the parties desire to provide, as set forth in this Agreement, for the deposit of shares of the Corporation’s perpetual
5.000% Non-Cumulative Preferred Stock, Series LL, $0.01 par value, from time to time with the Depository for the purposes set forth in this Agreement and for the issuance hereunder of Receipts (as defined
herein) evidencing Depositary Shares (as defined herein) in respect of the Stock (as defined herein) so deposited; and 
 WHEREAS,
the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Agreement; 

NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows: 

ARTICLE I 
 DEFINED TERMS

 Section 1.1. Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Agreement: 

“Certificate” shall mean the Certificate of Designations filed or to be filed with the Secretary of State of the State of Delaware
establishing the Stock as a series of preferred stock of the Corporation. 
 “Corporation” shall mean Bank of America Corporation,
a Delaware corporation, and its successors. 
 “Deposit Agreement” shall mean this Agreement, as amended or supplemented from time
to time in accordance with the terms hereof. 
 “Depository” shall have the meaning set forth in the Preamble of this Agreement.

 “Depositary Shares” shall mean the depositary shares, each representing one
one-thousandth of a share of the Stock and evidenced by a Receipt. 
 “Depository’s
Agent” shall mean an agent appointed by the Depository pursuant to Section 5.1. 

 “Depository’s Office” shall mean the principal office of the Depository in
Canton, Massachusetts, at which at any particular time its depositary receipt business shall be administered. 
 “Receipt” shall
mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares held of record by the Record Holder of
those Depositary Shares and shall include the DTC Receipt, as defined in Section 2.2, where appropriate. 
 “Record Holder”
or “Holder” as applied to a Receipt shall mean the person in whose name that Receipt is registered on the books of the Depository maintained for such purpose. 

“Registrar” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the Corporation
to register ownership and transfers of Receipts as herein provided, and, if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Registrar shall be deemed, as applicable, to refer as well to
the register maintained by such successor Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of 1933,
as amended. 
 “Stock” shall mean the shares of the Corporation’s 5.000%
Non-Cumulative Preferred Stock, Series LL, $0.01 par value, with a liquidation preference of $25,000 per share, designated in the Certificate. 

“Transfer Agent” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the
Corporation to transfer the Receipts and the deposited Stock. 
 ARTICLE II 

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; 

DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER 

AND REDEMPTION OF RECEIPTS 

Section 2.1. Appointment of Depository 

The Corporation hereby appoints Computershare and Trust Company, collectively, as Depository for the Stock, and each of Computershare and
Trust Company hereby accepts such appointment as Depository for the Stock, on the terms and conditions set forth in this Agreement. 

Section 2.2. Book-Entry System; Form and Transfer of Receipts. 

The Corporation and the Depository shall make application to The Depository Trust Company (“DTC”) for acceptance of all of the
Receipts for its book-entry settlement system. The Corporation hereby appoints the Depository acting through any authorized officer thereof as its attorney-in-fact, with
full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible
for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares with book-

  
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entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its designee) evidencing all such Depositary Shares and
registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depository or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC
Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt shall bear such
legend or legends as may be required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. 
 If DTC
subsequently ceases to make its book-entry settlement system available for the Receipts, the Corporation may instruct the Depository regarding making other arrangements for book-entry settlement. If the Receipts are not eligible for book-entry form,
the Depository shall provide written instructions to DTC to deliver the DTC Receipt to the Depository for cancellation and the Corporation shall instruct the Depository to deliver to the beneficial owners of the Depositary Shares previously
evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. 
 Beneficial owners of Depositary
Shares through DTC will not be entitled to receive Receipts in physical, certificated form or have Depositary Shares registered in their name, except as described below. 

The DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling
or unable to continue to make its book-entry settlement available for the Receipts and a successor to DTC is not appointed by the Corporation within 90 days of the date the Corporation is so informed in writing, (ii) DTC notifies the
Corporation at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed within 90 days of the date the Corporation is so informed in writing, or (iii) the Corporation in its
sole discretion notifies the Depository in writing that the DTC Receipt shall be exchangeable for definitive Receipts. If beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the
result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, upon receipt by the
Depository of the DTC Receipt for cancellation and any other necessary documentation, the Depository is hereby directed to and shall execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt
definitive Receipts in physical form evidencing such Depositary Shares and to make appropriate entries in the register with respect thereto. 

Receipts shall be in denominations of any number of whole Depositary Shares. The Corporation shall deliver to the Depository from time to time
such quantities of Receipts as the Depository may request to enable the Depository to perform its obligations under this Agreement. 
 The
DTC Receipt and definitive Receipts, if any, shall be substantially in the form set forth in Exhibit A annexed to this Agreement and incorporated herein by reference, with appropriate insertions, modifications and omissions, as hereinafter
provided and shall be 

  
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engraved or otherwise prepared so as to comply with applicable rules of any securities exchange on which the Depositary Shares are then listed. In the case of any of the events described above
resulting in the issuance of definitive Receipts in exchange for the DTC Receipt, the Depository, pending preparation of definitive Receipts and upon the written order of the Corporation, delivered in compliance with Section 2.3, shall execute
and deliver temporary Receipts which may be printed, lithographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depository will cause definitive Receipts to be prepared without unreasonable delay.
After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable by the Holder for definitive Receipts upon surrender of the temporary Receipts at an office described in the first paragraph of Section 2.3, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depository shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the
surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor to the Holder or the Depository. Until so exchanged, the temporary Receipts shall in all respects be entitled to
the same benefits under this Agreement as definitive Receipts. 
 Receipts shall be executed by the Depository by the manual or facsimile
signature of a duly authorized officer of the Depository; provided that, if a Registrar for the Receipts (other than the Trust Company) shall have been appointed, such Receipts shall also be countersigned by manual or facsimile signature of a duly
authorized officer of such Registrar. No Receipt shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have been executed as described in the preceding sentence. The Registrar shall record
on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depository who was at any time a proper and duly authorized signatory of the
Depository shall bind the Depository, notwithstanding that such signatory ceased to hold such office prior to the delivery of such Receipts or did not hold such office on the date of issuance of such receipts. 

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

Title to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Registrar as provided in Section 2.4, the
Depository may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any
notice provided for in this Agreement and for all other purposes. 

  
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 Section 2.3. Deposit of Stock; Execution and Delivery of Receipts. 

Subject to the terms and conditions of this Agreement, the Corporation may from time to time deposit shares of Stock under this Agreement by
delivery to the Depository, including via electronic book-entry, for such shares of Stock to be deposited (or in such other manner as may be agreed to by the Company and the Depository), properly endorsed or accompanied, if required by the
Depository, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depository, together with (i) all such certifications as may be required by the Depository in accordance with the provisions of this Agreement,
including the resolutions of the Board of Directors of the Corporation or a committee of the Board of Directors, as certified by the Secretary or any Assistant Secretary of the Corporation on the date thereof as being complete, accurate and in
effect, relating to issuance and sale of the Stock, (ii) an opinion of counsel to the Corporation addressed to the Depository containing opinions, or a letter of counsel to the Corporation authorizing reliance on such counsel’s opinions
delivered to the underwriters named therein, relating to, (A) the existence and good standing of the Corporation, (B) the due authorization of the Depositary Shares and the status of the Depositary Shares as validly issued, fully paid and non-assessable, and (C) the effectiveness of any registration statement under the Securities Act relating to the Depositary Shares, and (iii) a written order of the Corporation, directing the Depository to
execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. Shares of deposited Stock shall be held by the Depository
in an account to be established by the Depository at the Depository’s Office, or at such other place or places as the Depository shall determine. As Registrar and Transfer Agent for the deposited Stock, Trust Company will reflect changes in the
number of shares of deposited Stock held by it by notation, book-entry or other appropriate method. 
 Upon receipt by the Depository of
shares of Stock deposited in accordance with the provisions of this Section 2.3, together with the other documents required as above specified, and upon registering the Stock on the books of the Corporation (or its duly appointed Transfer
Agent) in the name of the Depository or its nominee, the Depository, subject to the terms and conditions of this Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the
Depository referred to in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by
such person or persons. The Depository shall execute and deliver such Receipt or Receipts at the Depository’s Office or such other offices, if any, as the Depository may designate. Delivery at other offices shall be at the risk and expense of
the person requesting such delivery. 
 Section 2.4. Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Agreement, the Trust Company, as Registrar and Transfer Agent for the Receipts, shall register on
its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer, including a guarantee of the
signature thereon from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, Inc. (the 

  
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“Signature Guarantee”), and any other evidence of authority as may be reasonably required by the Trust Company (or successor Registrar or Transfer Agent). Thereupon, the Depository
shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto.

 Section 2.5. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of
Stock. 
 Upon surrender of a Receipt or Receipts at the Depository’s Office or at such other offices as it may designate for the
purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Agreement, the Depository shall execute a new Receipt or Receipts in the authorized
denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or
Receipts so surrendered. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Stock and all money represented
thereby by surrendering such Receipt or Depositary Shares represented by the Receipts at the Depository’s Office or at such other offices as the Depository may designate for such withdrawals. Thereafter, without unreasonable delay, the
Depository shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Stock and all money represented by the Receipt or Receipts, or Depositary Shares represented by
such Receipt or Receipts, so surrendered for withdrawal, but Holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered
by the Holder to the Depository in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be withdrawn, the Depository shall at
the same time, in addition to such number of whole shares of Stock and such money to be so withdrawn, deliver to such Holder, or subject to Section 2.4 upon his order, a new Receipt evidencing such excess number of Depositary Shares; provided,
however, that the Depository shall not issue any Receipt evidencing a fractional Depositary Share. 
 Delivery of the Stock and money being
withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depository may deem appropriate (or in such other manner as may be agreed to by the Company and the Depository), which, if required by the
Depository, shall be properly endorsed or accompanied by proper instruments of transfer including, but not limited to, a Signature Guarantee. 

If the Stock and the money being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or
Receipts being surrendered for withdrawal of such Stock, such Holder shall execute and deliver to the Depository a written order so directing the Depository, and the Depository may require that the Receipt or Receipts surrendered by such Holder for
withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

  
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 Delivery of the Stock and the money represented by Receipts surrendered for withdrawal shall
be made by the Depository at the Depository’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as
may be designated by such Holder. 
 Section 2.6. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination, surrender or exchange of any Receipt, the Depository, any of the Depository’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depository or the Corporation shall
have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Sections 3.2 and 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any
signature, including a Signature Guarantee, and may also require compliance with such regulations, if any, as the Depository or the Corporation may establish consistent with the provisions of this Agreement and applicable law and as may be required
by any securities exchange on which the Stock, the Depositary Shares or the Receipts may be listed. 
 The deposit of the Stock may be
refused, the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period
when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depository, any of the Depository’s Agents or the Corporation at any time or from time to time because of any
requirement of law or of any government or governmental body or commission or under any provision of this Agreement. 
 Section 2.7.
Lost Receipts, etc. 
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depository in its discretion may execute and
deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof
with the Depository of evidence satisfactory to the Depository of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof; (ii) the Holder thereof furnishing of the Depository with
reasonable indemnification satisfactory to the Depository and the provision of an open penalty surety bond satisfactory to the Depository and holding it and the Corporation harmless; and (iii) the payment of any reasonable expense (including
reasonable fees, charges and expenses of the Depository) in connection with such execution and delivery. 
 Section 2.8. Cancellation
and Destruction of Surrendered Receipts. 
 All Receipts surrendered to the Depository or any Depository’s Agent shall be cancelled by
the Depository. Except as prohibited by applicable law or regulation, the Depository is authorized and directed to destroy all Receipts so cancelled. 

  
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 Section 2.9. Redemption of Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Stock in accordance with the terms of the Certificate, it
shall (unless otherwise agreed to in writing with the Depository) give or cause to be given to the Depository, not less than 30 days and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed
redemption of Stock and of the number of such shares held by the Depository to be so redeemed and the applicable redemption price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in
accordance with the provisions of the Certificate. On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of the Stock to be redeemed, which redemption price
shall include, if required by the provisions of the Certificate, an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption and any other applicable amounts, all in accordance with the provisions of the Certificate,
the Depository shall redeem the number of Depositary Shares representing such Stock. The Depository shall mail notice of the Corporation’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares
representing the Stock to be redeemed by first-class mail, postage prepaid (or another reasonably acceptable transmission method), not less than 30 days and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary
Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they appear on the records of the Depository; but neither failure to mail any
notice of redemption of Depositary Shares to one or more Holders nor any defect in any notice of redemption of Depositary Shares to one or more Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each
notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any Holder are to be redeemed, the number of
Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that
dividends in respect of the Stock represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed
shall be selected either pro rata or by lot. 
 Notice having been mailed (or transmitted) by the Depository as aforesaid, from and after
the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Stock so called for Redemption shall cease
to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right
to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption
(properly endorsed or assigned for transfer, if the Depository or applicable law shall so require), such Depositary Shares shall be redeemed by Computershare at a redemption price per Depositary Share equal to one
one-thousandth of the redemption price per share of Stock so redeemed plus all money represented by such Depositary Shares, including, if required by the provisions of the Certificate,

  
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all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares of Stock to be so redeemed and have not theretofore been paid. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depository will deliver to the Holder of such
Receipt upon its surrender to the Depository, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that the Depository shall not issue
any Receipt evidencing a fractional Depositary Share and cash will be payable in respect of fractional interests. 
 Computershare shall, to
the extent permitted by law, release or repay to the Corporation any funds deposited by or for the account of the Corporation for the purpose of redeeming any Depositary Shares that remain unclaimed at the end of three years from the applicable
Redemption Date, without further action necessary on the part of the Corporation. 
 Section 2.10. Deposits. 

All funds received by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of services
hereunder (the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this
Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with
Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short-term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier
1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
Finance L.P.). Computershare shall bear responsibility and liability to the Corporation for any diminution of the Funds, other than those resulting from a default by Bank of America, National Association (“BANA”), with respect to one or
more bank accounts in which the Funds are deposited that is maintained by Computershare at BANA in accordance with the foregoing. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or
investments. Computershare shall not be obligated to pay such interest, dividends or earnings to the Corporation, any Holder or any other party. 

ARTICLE III 
 CERTAIN
OBLIGATIONS OF HOLDERS OF 
 RECEIPTS AND THE CORPORATION 

Section 3.1. Filing Proofs; Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file proof of residence, or other matters or other information, to execute
certificates and to make such representations and warranties as the Depository or the Corporation may reasonably deem necessary or proper. The 

  
 9 

 
Depository or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Stock represented by the Depositary Shares
and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and
warranties are made. 
 Section 3.2. Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depository of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Stock and all money represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends , interest payments or other
distributions may be withheld or any part of or all the Stock represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify
such Holder prior to such sale), and such dividends , interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any
deficiency. 
 Section 3.3. Warranty as to Stock. 

The Corporation hereby represents and warrants that the Stock, when issued, will be duly authorized, validly issued, fully paid and
nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of the related Receipts. 

Section 3.4. Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Depositary
Shares, and each Depositary Share will represent one one-thousandth interest in a share of deposited Stock. Such representation and warranty shall survive the deposit of the Stock and the issuance of the
Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1. Cash Distributions. 

Whenever Computershare, as distribution agent, shall receive any cash dividend or other cash distribution on the Stock, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers
of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or Computershare shall be required to withhold, and shall withhold, from any cash dividend or other cash distribution in respect of
the Stock an amount on account of taxes, or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the
calculation of any such cash dividend or other cash distribution to be paid to any Record Holder on the aggregate number of Depositary Shares held by such 

  
 10 

 
Record Holder results in an amount that is a fraction of a cent and that fraction of a cent is equal to or greater than $0.005, the amount Computershare shall distribute to such record holder
shall be rounded up to the next highest whole cent; otherwise, such fractional amount shall be disregarded by the Depository; provided, however, upon the Depository’s request, the Corporation shall pay the additional amount to the Depository
for distribution. 
 Each Holder of a Receipt shall provide Computershare with its certified tax identification number on a properly
completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with
the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distributions to be made hereunder. 

Section 4.2. Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever Computershare shall receive any distribution other than cash, rights, preferences or privileges upon the Stock, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that Computershare may deem equitable and practicable for accomplishing such distribution. If in the opinion of Computershare such distribution
cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or Computershare withhold an amount on account of taxes or governmental charges) Computershare deems, after
consultation with the Corporation, such distribution not to be feasible, Computershare may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the
sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for
distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities or property to
Computershare, and Computershare shall not make any distribution of such securities or property to the Holders of Receipts, unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been
registered under the Securities Act or do not need to be registered in connection with such distributions. 
 Section 4.3. Subscription
Rights, Preferences or Privileges. 
 If the Corporation shall at any time offer or cause to be offered to the persons in whose names the
deposited Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges
shall in each such instance be communicated to the Depository and thereafter made available by the Depository to the Record Holders of Receipts in such manner as the Depository (in consultation with the Corporation) may determine, either by the
issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depository in its discretion with the approval of the Corporation; provided, however, that (i) if at
the time of issue 

  
 11 

 
or offer of any such rights, preferences or privileges the Depository or the Corporation determines that it is not lawful or (after consultation with the Corporation) not feasible to make such
rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges,
then Computershare, in its discretion (with approval of the Corporation, in any case where the Depository has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such
rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to
Sections 3.1 and 3.2, be distributed by Computershare to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Corporation shall notify the Depository whether registration under the Securities Act of the securities to which any rights, preferences
or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depository that it will file promptly a registration
statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in
advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depository make available to the Holders of Receipts any right, preference or
privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depository an opinion of counsel to the effect that the offering and
sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 
 The Corporation shall
notify the Depository whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders
of Receipts, and the Corporation agrees with the Depository that the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 
 Section 4.4. Notice of
Dividends, etc.; Fixing Record Date for Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall become payable
or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Stock, or whenever the Depository shall receive notice of any meeting at which holders of the Stock are
entitled to vote or of which holders of the Stock are entitled to notice, or whenever the Depository and the Corporation shall decide it is appropriate, the Depository shall in each such instance fix a record date (which shall be the same date as
the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or
privileges or the net proceeds of the sale thereof, or 

  
 12 

 
to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

Section 4.5. Voting Rights. 

Subject to the provisions of the Certificate, upon receipt of notice of any meeting at which the holders of the Stock are entitled to vote,
the Depository shall, as soon as practicable thereafter, mail to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4, a notice prepared by the Corporation which shall contain (i) such information as is
contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depository as to the exercise of the voting rights pertaining to the amount of Stock represented by their
respective Depositary Shares (including an express indication that instructions may be given to the Depository to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions
may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depository shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the
maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed
necessary by the Depository in order to enable the Depository to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depository will not vote (but at its discretion, may appear at
any meeting with respect to such Stock unless directed otherwise by the Holders of all the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by the Receipts of such Holders. 

Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the
Stock, subject to the provisions of the Certificate, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depository may in its discretion with the approval of, and shall upon
the instructions of, the Corporation, and (in either case) in such manner as the Depository may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in
one share of Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depository in
exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Stock. In any such case the Corporation may in its discretion direct the Depository to
execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of
Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Stock or

  
 13 

 
any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depository with instructions to convert, exchange or surrender the Stock represented thereby
only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might have been exchanged or
surrendered immediately prior to the effective date of such transaction. 
 Section 4.7. Delivery of Reports. 

The Depository shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the
Depository, as the holder of the Stock, and which the Corporation is required to furnish to the holders of the Stock. 
 Section 4.8.
Lists of Receipt Holders. 
 Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the Corporation,
the Depository shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE
DEPOSITORY, THE DEPOSITORY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION 

Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents. 

Upon execution of this Agreement, the Depository shall maintain at the Depository’s Office, facilities for the execution and delivery,
registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance
with the provisions of this Agreement; provided that, to the extent provisions of this Agreement regarding transfer or registration functions performed by the Depository conflict with the terms of any transfer agency agreement between the
Corporation and the Depository, the terms of such transfer agency agreement shall control. 
 The Registrar shall keep books at the
Depository’s Office for the registration and transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Registrar, the Depository shall open its books for inspection by the Record Holders of Receipts as directed
by the Corporation; provided that any Holder shall be granted such right by the Corporation only after certifying that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares
evidenced by the Receipts. 
 The Registrar may close such books, at any time or from time to time, when deemed expedient by it in
connection with the performance of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Stock
represented by such Depositary Shares shall be listed on one or more national securities exchanges, the 

  
 14 

 
Depository will appoint a registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such registrar
(which may be the Trust Company if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depository upon the request or with the approval of the Corporation. If the Receipts, Depositary
Shares or Stock are listed on one or more other securities exchanges, the Registrar will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts,
Depositary Shares or Stock as may be required by law or applicable securities exchange regulation. 
 The Depository may from time to time
appoint Depository’s Agents to act in any respect for the Depository for the purposes of this Agreement and may from time to time appoint additional Depository’s Agents and vary or terminate the appointment of such Depository’s
Agents, provided that the Depository will notify the Corporation of any such appointment or variation or termination of such appointment. 

Section 5.2. Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar or the Corporation.

 None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall incur any liability to any Holder of a
Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depository, the Depository’s Agent or the Registrar, by
reason of any provision, present or future, of the Corporation’s Amended and Restated Certificate of Incorporation (including the Certificate) or by reason of any act of God or war or other circumstance beyond the control of the relevant party,
the Depository, the Depository’s Agent, the Registrar or the Corporation shall be prevented, delayed or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Agreement provide
shall be done or performed. Nor shall the Depository, any Depository’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance
of any act or thing which the terms of this Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Agreement except, in case of any such
exercise or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence or willful misconduct of the party charged with such exercise or failure to exercise, or as otherwise explicitly set forth in this Agreement. 

Section 5.3. Obligations of the Depository, the Depository’s Agents, the Registrar and the Corporation. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation assumes any obligation or shall be subject to any
liability under this Agreement to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. 
 None of the
Depository, any Depository’s Agent, any Registrar or the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts, which, in
its opinion, may involve it 

  
 15 

 
in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be reasonably required. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall be liable for any action or any failure to act by
it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information.
The Depository, any Depository’s Agent, any Registrar and the Corporation may each rely, and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine
and to have been signed or presented by the proper party or parties. 
 The Depository shall indemnify the Corporation against any liability
which may directly arise out of acts performed or omitted by the Depository or any Depository’s Agent due to its or their gross negligence, willful misconduct or bad faith. 

The Depository shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or
effect of any such vote made, as long as any such action or inaction is not taken in bad faith. The Depository undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in
this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depository or any Registrar. 
 The
Depository, its parent, affiliates or subsidiaries, the Depository’s Agents and the Registrar may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become
pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to any such person or otherwise act as fully or as freely as if it were not the Depository, the parent, affiliate
or subsidiary or the Depository’s Agent or the Registrar hereunder. The Depository may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

It is intended that none of the Depository, any Depository’s Agent or the Registrar, acting as the Depository’s Agent or Registrar,
as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depository, any Depository’s Agent and
the Registrar are acting only in a ministerial capacity as Depository or Registrar for the Stock. 
 None of the Depository (or its
officers, directors, employees or agents), any Depository’s Agent or the Registrar makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under
the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its counter-signatures thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein. 

The Depository assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other
provision herein or in the Receipts, the 

  
 16 

 
Depository makes no warranties or representations as to the validity or genuineness of any Stock at any time deposited with the Depository hereunder or of the Depositary Shares, as to the
validity or sufficiency of this Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depository shall not be accountable for the use or
application by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof. 
 Notwithstanding anything to the contrary
herein, no party to this Agreement shall be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by breach of any provision of this
Agreement even if apprised of the possibility of such damages. 
 The Depository shall not be under any liability for interest on any monies
at any time received by it pursuant to any of the provisions of this Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The
Depository shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depository believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depository hereunder, or in the administration of any of the provisions of this Agreement, the Depository shall deem it necessary or desirable that a matter be proved or established prior to taking,
omitting or suffering to take any action hereunder, the Depository may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation,
any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depository receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the
satisfaction of the Depository or which proves or establishes the applicable matter to the satisfaction of the Depository. 
 The Depository
undertakes not to issue any Receipt other than to evidence the Depositary Shares representing interests in the shares of Stock that have been delivered to and are then on deposit with the Depository. The Depository also undertakes not to sell,
except as provided herein, pledge or lend Depositary Shares or any shares of deposited Stock by it as Depository. 
 The Depository shall
not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation. The obligations of the Corporation and the rights of the Depository set forth in this Section 5.3 shall survive
the termination of this Agreement and any succession of any Depository, Registrar or Depository’s Agent. 
 Section 5.4.
Resignation and Removal of the Depository; Appointment of Successor Depository. 
 The Depository may at any time resign as Depository
hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a successor Depository and its acceptance of such appointment as hereinafter provided. 

  
 17 

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

In case at any time the Depository acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of
the notice of resignation or removal, as the case may be, appoint a successor Depository, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If no successor Depository shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depository may petition any court of competent jurisdiction for the appointment
of a successor Depository. Every successor Depository shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depository, without any further act
or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depository under this Agreement, and such predecessor, upon payment of all sums due it and on the written
request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and
any moneys held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. 

Any entity into or with which the Depository may be merged, consolidated or converted shall be the successor of the Depository without the
execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depository may authenticate the Receipts in the name of the predecessor Depository or its own name as successor Depository.

 Section 5.5. Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depository, and the Depository will, promptly after receipt thereof, transmit to the Record
Holders of Receipts, in each case at the addresses recorded in the Depository’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon
which the Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Amended and Restated Certificate of Incorporation (including the Certificate), to be furnished to the Record Holders of Receipts. Such transmission will
be at the Corporation’s expense and the Corporation will provide the Depository with such number of copies of such documents as the Depository may reasonably request. In addition, the Depository will transmit to the Record Holders of Receipts
at the Corporation’s expense, including applicable fees, such other documents as may be requested by the Corporation. 

Section 5.6. Indemnification by the Corporation. 

Subject to Section 5.3, the Corporation shall indemnify the Depository, any Depository’s Agent and any Registrar (including each of
their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or 

  
 18 

 
expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to be taken in connection with this Agreement and the Receipts
by the Depository, any Registrar or any of their respective agents (including any Depository’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of negligence, willful misconduct or bad faith on
the respective parts of any such person or persons. The obligations of the Corporation and the rights of the Depository set forth in this Section 5.6 shall survive the termination of this Agreement and any succession of any Depository,
Registrar or Depository’s Agent. 
 Section 5.7. Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depository the compensation to be agreed upon with the Corporation for all services rendered by the
Depository hereunder and to reimburse the Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depository without negligence, willful misconduct or bad faith on its part (or on the part of any agent or Depository’s Agent) in connection with the services rendered by it (or such agent or Depository’s Agent) hereunder. The Corporation
shall pay all charges of the Depository in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares and any redemption or exchange of the Stock at the option of the Corporation. The Corporation shall pay all
transfer and other taxes and governmental charges arising solely from the existence of the depository arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by
Receipts. If, at the request of a Holder of Receipts, the Depository incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the
Depository may, at its sole option, request that the Corporation direct a Holder of a Receipt to prepay the Depository any charge or expense the Depository has been asked to incur at the request of such Holder of Receipts. The Depository shall
present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depository may agree. 

Section 5.8. Tax Compliance. 

Computershare and, where applicable, the Trust Company, on its own behalf and on behalf of the Corporation, will comply with all applicable
certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the
Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing
of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 

The Depository shall comply with any direction received from the Corporation with respect to the application of such requirements to
particular payments or holders or in other particular circumstances, and may for purposes of this Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

  
 19 

 The Depository shall maintain all appropriate records documenting compliance with such
requirements, and shall make such records available on request to the Corporation or to its authorized representatives. 
 ARTICLE VI

 AMENDMENT AND TERMINATION 

Section 6.1. Amendment. 

The form of the Receipts and any provisions of this Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depository in any respect which they may deem necessary or desirable; provided, however, that no such amendment (other than a change in fees) which shall materially and adversely alter the rights of the Holders of Receipts shall
be effective unless such amendment shall have been approved by the Holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. Every Holder of an outstanding receipt at the time any such amendment becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Agreement. 

Notwithstanding the foregoing, in no event shall the Corporation be required to execute any amendment which may impair the right, subject to
the provisions of Sections 2.6 and 2.7 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depository with instructions to deliver to the Holder the Stock and all money represented
thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depository’s
execution of any amendment, the Corporation shall deliver to the Depository a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1, except
that, if, under the foregoing paragraph, such amendment would require approval of at least a majority of Holders of Receipts to be effective, such Holders shall be deemed to have consented and agreed to such amendment for purposes of the statement
in such certificate that such amendment is in compliance with the terms of this Section 6.1. 
 Section 6.2. Termination. 

This Agreement may be terminated by the Corporation or the Depository only if (i) all outstanding Depositary Shares issued hereunder have
been redeemed pursuant to Section 2.9, or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been
distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 
 Upon the
termination of this Agreement, the Corporation shall be discharged from all obligations under this Agreement except for its obligations to the Depository, any Depository’s Agent and any Registrar under Sections 5.6 and 5.7. 

  
 20 

 ARTICLE VII 

MISCELLANEOUS 

Section 7.1. Counterparts. 

This Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Agreement transmitted electronically shall have the same effect as
an original signature. 
 Section 7.2. Exclusive Benefit of Parties. 

This Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give
any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.3. Invalidity of Provisions. 

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

Section 7.4. Notices. 
 Any
and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission or electronic mail, confirmed by
letter, addressed to the Corporation at 
 Bank of America Corporation 

Bank of America Corporate Center 

NC1-007-06-11 

100 North Tryon Street 

Charlotte, North Carolina 28255 

Attn: Corporate Treasury – Strategic Asset Liability Management 

Facsimile: (704) 548-5999 

Email: TMTreasuryFunding@bankofamerica.com 
 or
at any other addresses of which the Corporation shall have notified the Depository in writing. 
 Any and all notices to be given to the
Depository hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Depository at the
Depository’s Office at 

  
 21 

 Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 150
Royall Street 
 Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 

or at any other address of which the Depository shall have notified the Corporation in writing. 

The Depository shall give any and all notices directed to be given by the Corporation to any Record Holder of a Receipt in writing, which
notices shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears on the books of the
Depository. 
 Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly
addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depository or the Corporation may, however, act upon any facsimile transmission
received by it from the other, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5. Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent. 

Unless otherwise set forth on a certificate duly executed by an authorized officer of the Corporation, the Corporation hereby appoints the
Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock deposited with the Depository hereunder and the Receipts, and the Trust Company and Computershare hereby accept
their respective appointments. With respect to the appointments of the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock and the Receipts, each of the
Corporation, the Trust Company and Computershare, in their respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the Corporation and Depository hereunder, respectively, as if
explicitly named in each such provision. 
 Section 7.6. Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof and
of the Receipts. The provisions of this Agreement are intended to benefit only the parties hereto and their respective permitted successors and assigns, and no rights shall be granted to any other person by virtue of this Agreement. 

  
 22 

 Section 7.7. Governing Law. 

This Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by,
and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

Section 7.8. Headings. 

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

[Signature page follows.] 

  
 23 

 IN WITNESS WHEREOF, the Corporation, Computershare and the Trust Company have duly executed
this Agreement as of the day and year first above set forth. 
  

					
	BANK OF AMERICA CORPORATION

 
					
		
	By:	 	 /s/ Min Zhang

					
		 	Name:	 	Min Zhang
		 	Title:	 	Director

 
					
	
	COMPUTERSHARE INC.

 
					
		
	By:	 	 /s/ Dennis V. Moccia

					
		 	Name:	 	Dennis V. Moccia
		 	Title:	 	Senior Manager, Contract Operations

 
					
	
	COMPUTERSHARE TRUST COMPANY, N.A.

 
					
		
	By:	 	 /s/ Dennis V. Moccia

					
		 	Name:	 	Dennis V. Moccia
		 	Title:	 	Senior Manager, Contract Operations

 [SIGNATURE PAGE TO DEPOSIT AGREEMENT – SERIES LL] 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 THE DEPOSITARY SHARES
REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. 

[To be included in any DTC Receipt or other global Receipt: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS RECEIPT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.] 
  

			
	Number DR-___	  	____________ Depositary Shares
		  	 (CUSIP 06055H202)

 DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, 

EACH REPRESENTING ONE ONE-THOUSANDTH OF ONE SHARE OF 

5.000% NON-CUMULATIVE PREFERRED STOCK, SERIES LL, OF 

BANK OF AMERICA CORPORATION 

Incorporated under the laws of the State of Delaware 

(See reverse for certain definitions.) 

Computershare Inc., a Delaware corporation, and Computershare Trust Company, N.A., a national banking association, acting jointly as
Depository (the “Depository”), hereby certifies that CEDE & CO. is the registered owner of ___________ (_______) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing one one-thousandth of a share of 5.000% Non-Cumulative Preferred Stock, Series LL, liquidation preference $25,000 per share, par value $0.01 per share (the “Stock”), of
BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), on deposit with the Depository, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of September ____, 2019 (the “Deposit
Agreement”), among the Corporation, Computershare Inc., Computershare Trust Company, N.A. and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be
bound by all the terms and 

 
conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been
executed by the Depository by the manual or facsimile signature of a duly authorized officer and countersigned and registered by the Transfer Agent and Registrar. 
  

							
	 Dated:
                    
	 		 	Computershare Inc. and Computershare Trust Company, N.A., as Depository
				
		 		 	 By:
	 	 
		 		 		 	 Authorized Officer

 Countersigned and Registered: 

Computershare Trust Company, N.A., 

Transfer Agent and Registrar 
  

			
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE OF RECEIPT] 

BANK OF AMERICA CORPORATION 

UPON REQUEST, BANK OF AMERICA CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE
DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF THE 5.000% NON-CUMULATIVE PREFERRED STOCK, SERIES LL, OF BANK OF AMERICA CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE
SECRETARY OF THE CORPORATION OR THE DEPOSITORY NAMED ON THE FACE OF THIS RECEIPT. 
 The Corporation will furnish without charge to each
holder of a depositary receipt who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or
restrictions of such preferences or rights. Such request may be made to the Corporation or to the Registrar. 
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT
IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
 The following
abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

									
		 	TEN COM – as tenants in common	  	UNIF GIFT MIN ACT-______Custodian______
		 	TEN ENT – as tenants by the entireties	  	
(Cust)                (Minor)

		 	 JT TEN – as joint tenants with right of survivorship and not as tenants in
common
	  	Under Uniform Gifts to Minors Act
		 		  		  	(State)	  	

 Additional abbreviations may also be used though not in the above list. 

 

			
		 	For value received, __________________________________________________________ hereby sell, assign and transfer unto

 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 

							
		  	 	  		  	
	 	  	 	  	 	  	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

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

Dated ______________________________ 
  

			
	NOTICE:	  	 THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
  

			
	SIGNATURE(S) GUARANTEED:	 	  
 THE SIGNATURE(S) SHOULD BE
GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER
THE SECURITIES EXCHANGE ACT OF 1934.Exhibit
10.1

 

FORBEARANCE
AGREEMENT

 

This
Forbearance Agreement (this “Agreement”) is entered into as of September 11, 2019 by and between Iliad Research
and Trading, L.P., a Utah limited partnership (“Lender”), and China Recycling Energy Corporation, a Nevada
corporation (“Borrower”). Capitalized terms used in this Agreement without definition shall have the meanings
given to them in the Note (defined below).

 

A.
Borrower previously sold and issued to Lender that certain Promissory Note with an original issuance date of January 31, 2019
in the original principal amount of $1,173,480.00 (the “Note”) pursuant to that certain Exchange Agreement
dated April 14, 2019 by and between Lender and Borrower (the “Exchange Agreement,” and together with the Note
and all other documents entered into in conjunction therewith and in conjunction with the promissory note exchanged thereunder,
the “Transaction Documents”).

 

B.
Pursuant to Section 4 of the Note, upon receipt of a Redemption Notice, Borrower was obligated to repay the Redemption Amount
set forth in the Redemption Notice within three

(3)
Trading Days of its receipt of such Redemption Notice (each such instance, a “Redemption”).

 

C.
On August 1, 2019, Lender delivered a Redemption Notice to Borrower (the “August 1 Redemption Notice”, and
such Redemption, the “August 1 Redemption”).

 

D.
As of the date hereof, Borrower has not yet paid the Redemption Amount set forth in the August 1 Redemption Notice, which failure
to pay constitutes an Event of Default under the Note (the “Default”).

 

E.
As a result of the Default, Lender has the right to, among other things, accelerate the Maturity Date of the Note and cause the
Outstanding Balance of the Note to be increased by 25% (the “Balance Increase”).

 

F.
  No new or additional consideration is being provided in connection with this Agreement other than the modification of terms
as provided herein.

 

G.
Lender has agreed, subject to the terms, conditions and understandings expressed in this Agreement, to refrain and forbear from
exercising and enforcing remedies against Borrower for the Default as provided in this Agreement.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1.
  Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in
this Agreement are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2.
  Forbearance. Subject to the terms, conditions and understandings contained in this Agreement, Lender hereby agrees
to withdraw the August 1 Redemption Notice as if it had never been made or issued by Lender and agrees that there has been no
Event of Default, acceleration of the Outstanding Balance and Balance Increase due to the August 1 Redemption as of the day of
this Agreement (the “Forbearance”). For the avoidance of doubt, the Forbearance shall only apply to the withdrawal
of the August 1 Redemption Notice and not to any Events of Default that may occur subsequent to the date hereof or any other Event
of Default that occurred prior to the date hereof. Lender agrees not to make any Redemptions pursuant to the Section 4 of the
Note before October 1, 2019.

 

     

     

    

 

3.
  Redemption Adjustments. Notwithstanding anything to the contrary in the Note, in the event Lender delivers a Redemption
Notice to Borrower and the Redemption Amount set forth therein is not paid in cash to Lender within three (3) Trading Days, then
the applicable Redemption Amount shall be increased by 25% (the “First Adjustment,” and such increase to the
Redemption Amount, the “First Adjusted Redemption Amount”). In the event the First Adjusted Redemption Amount
is not paid within three (3) Trading Days after the date of First Adjustment, then the First Adjusted Redemption Amount shall
be increased in accordance with the following formula: $0.50 divided by the lowest Closing Trade Price of the Common Stock during
the twenty (20) Trading Days prior to the date of the Second Adjustment and the resulting quotient multiplied by the First Adjusted
Redemption Amount (the “Second Adjustment,” and such increase to the First Adjusted Redemption Amount, the
“Second Adjusted Redemption Amount”). provided, however, that such formula shall only be applied if the resulting
quotient is greater than one (1) and such formula shall in no event be used to reduce the First Adjusted Redemption Amount,. Upon
payment in cash of the First Adjusted Redemption Amount or Second Adjusted Redemption Amount, the Outstanding Balance will be
reduced by the original amount set forth in the Redemption Notice.

 

4.
  Ratification of the Note. The Note shall be and remains in full force and effect in accordance with its terms, and
is hereby ratified and confirmed in all respects. Borrower acknowledges and agrees that the Outstanding Balance as of the date
hereof is $1,212,697.00.. Borrower acknowledges that it is unconditionally obligated to pay the Outstanding Balance and represents
that such obligation is not subject to any defenses, rights of offset or counterclaims. No forbearance or waiver other than as
expressly set forth herein may be implied by this Agreement. Except as expressly set forth herein, the execution, delivery, and
performance of this Agreement shall not operate as a waiver of, or as an amendment to, any right, power or remedy of Lender under
the Note or the Transaction Documents, as in effect prior to the date hereof.

 

5.
  Failure to Comply. Borrower understands that the Forbearance shall terminate immediately upon the earliest occurrence
of any Event of Default after the date hereof (or Lender becoming aware of any Event of Default other than the Default that occurred
prior to the date hereof), and that in such case, Lender may seek all recourse available to it under the terms of the Note, this
Agreement, any other Transaction Document, or applicable law (including without limitation applying the Balance Increase with
respect to the Default). For the avoidance of any doubt, the termination of the Forbearance pursuant to this Section shall not
terminate, limit or modify any other provision of this Agreement (including without limitation Sections 3 and 4 hereof).

 

6.
  Representations, Warranties and Agreements. In order to induce Lender to enter into this Agreement, Borrower, for
itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a)
Borrower has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of
any of the obligations of Borrower hereunder.

 

    2

     

    

 

(b)
Any Event of Default which may have occurred under the Note has not been, is not hereby, and shall not be deemed to be waived
by Lender, expressly, impliedly, through course of conduct or otherwise except upon full satisfaction of Borrower’s obligations
under this Agreement. The agreement of Lender to refrain and forbear from exercising any rights and remedies by reason of any
existing default or any future default shall not constitute a waiver of, consent to, or condoning of, any other future default.
For the avoidance of any doubt, the Forbearance described herein only applies to the to the withdrawal of the August 1 Redemption
Notice so that there is no Event of Default due to the August 1 Redemption as of the date of this Agreement, and shall not constitute
a waiver or forbearance of any other rights or remedies available to Lender with respect to any other Events of Default under
the Note or other breach of the Transaction Documents by Borrower.

 

(c)
All understandings, representations, warranties and recitals contained or expressed in this Agreement are true, accurate, complete,
and correct in all respects; and no such understanding, representation, warranty, or recital fails or omits to state or otherwise
disclose any material fact or information necessary to prevent such understanding, representation, warranty, or recital from being
misleading. Borrower acknowledges and agrees that Lender has been induced in part to enter into this Agreement based upon Lender’s
justifiable reliance on the truth, accuracy, and completeness of all understandings, representations, warranties, and recitals
contained in this Agreement. There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed
to Lender on or prior to the date hereof which would or could materially and adversely affect the understandings of Lender expressed
in this Agreement or any representation, warranty, or recital contained in this Agreement.

 

(d)
Except as expressly set forth in this Agreement, Borrower acknowledges and agrees that neither the execution and delivery of this
Agreement nor any of the terms, provisions, covenants, or agreements contained in this Agreement shall in any manner release,
impair, lessen, modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Note or any
of the other Transaction Documents.

 

(e)
Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or
causes of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any
manner connected with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted,
or begun prior to the execution of this Agreement and occurred, existed, was taken, permitted or begun in accordance with, pursuant
to, or by virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative
or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such
defenses, rights, claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby
acknowledges and agrees that the execution of this Agreement by Lender shall not constitute an acknowledgment of or admission
by Lender of the existence of any claims or of liability for any matter or precedent upon which any claim or liability may be
asserted.

 

    3

     

    

 

(f)
  Borrower hereby acknowledges that it has freely and voluntarily entered into this Agreement after an adequate opportunity
and sufficient period of time to review, analyze, and discuss (i) all terms and conditions of this Agreement, (ii) any and all
other documents executed and delivered in connection with the transactions contemplated by this Agreement, and (iii) all factual
and legal matters relevant to this Agreement and/or any and all such other documents, with counsel freely and independently selected
by Borrower (or had the opportunity to be represented by counsel). Borrower further acknowledges and agrees that it has actively
and with full understanding participated in the negotiation of this Agreement and all other documents executed and delivered in
connection with this Agreement after consultation and review with its counsel (or had the opportunity to be represented by counsel),
that all of the terms and conditions of this Agreement and the other documents executed and delivered in connection with this
Agreement have been negotiated at arm’s length, and that this Agreement and all such other documents have been negotiated,
prepared, and executed without fraud, duress, undue influence, or coercion of any kind or nature whatsoever having been exerted
by or imposed upon any party by any other party. No provision of this Agreement or such other documents shall be construed against
or interpreted to the disadvantage of any party by any court or other governmental or judicial authority by reason of such party
having or being deemed to have structured, dictated, or drafted such provision.

 

(g)
There are no proceedings or investigations pending or threatened before any court or arbitrator or before or by, any governmental,
administrative, or judicial authority or agency, or arbitrator, against Borrower.

 

(h)
There is no statute, regulation, rule, order or judgment and no provision of any mortgage, indenture, contract or other agreement
binding on Borrower, which would prohibit or cause a default under or in any way prevent the execution, delivery, performance,
compliance or observance of any of the terms and conditions of this Agreement and/or any of the other documents executed and delivered
in connection with this Agreement.

 

(i)
Borrower is solvent as of the date of this Agreement, and none of the terms or provisions of this Agreement shall have the effect
of rendering Borrower insolvent. The terms and provisions of this Agreement and all other instruments and agreements entered into
in connection herewith are being given for full and fair consideration and exchange of value.

 

7.
  Headings. The headings contained in this Agreement are for reference purposes only and do not affect in any way
the meaning or interpretation of this Agreement.

 

8.
  Arbitration. By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as
defined in the Exchange Agreement) and the parties agree to submit all Claims (as defined in the Exchange Agreement) arising under
this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding arbitration
pursuant to the Arbitration Provisions.

 

9.
  Governing Law; Venue. This Agreement shall be governed by and interpreted in accordance with the laws of the State
of Utah without regard to the principles of conflict of laws. Each party consents to and expressly agrees that the exclusive venue
for arbitration of any dispute arising out of or relating to this Agreement or any Transaction Document or the relationship of
the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties obligations to resolve disputes
hereunder or under any Transaction Document pursuant to the Arbitration Provisions, each party hereto submits to the exclusive
jurisdiction of any state or federal court sitting in Salt Lake County, Utah in any proceeding arising out of or relating to this
Agreement and agrees that all Claims in respect of the proceeding may only be heard and determined in any such court and hereby
expressly submits to the exclusive personal jurisdiction and venue of such court for the purposes hereof and expressly waives
any claim of improper venue and any claim that such courts are an inconvenient forum. BORROWER HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    4

     

    

 

10.
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing parties
had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange of
copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email) shall
constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement
for all purposes. Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including
email) shall be deemed to be their original signatures for all purposes.

 

11.
Attorneys’ Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms
of this Agreement, the parties agree that the party who is awarded the most money shall be deemed the prevailing party for all
purposes and shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses paid
by such prevailing party in connection with the arbitration, litigation and/or dispute without reduction or apportionment based
upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s
or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

12.
No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers,
equity holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Agreement.

 

13.
Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified to
achieve the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force
and effect.

 

14.
Entire Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein,
supersedes all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf
with respect to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding
of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein,
neither Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

    5

     

    

 

15.
Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision
of this Agreement may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

16.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed
by Lender hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower
may not assign this Agreement or any of its obligations herein without the prior written consent of Lender.

 

17.
Continuing Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Note and each
of the other Transaction Documents shall remain in full force and effect, enforceable in accordance with all of its original terms
and provisions. This Agreement shall not be effective or binding unless and until it is fully executed and delivered by Lender
and Borrower. If there is any conflict between the terms of this Agreement, on the one hand, and the Note or any other Transaction
Document, on the other hand, the terms of this Agreement shall prevail.

 

18.
Time of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

19.
Notices. Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under
this Agreement to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Exchange
Agreement.

 

20.
Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

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of page intentionally left blank]

 

    6

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

 

	 	BORROWER:
	 	 	 	 
	 	CHINA
    RECYCLING ENERGY CORPORATION
	 	 	 	 
		By:	 /s/Guohua Ku   
	 	Name:	Guohua Ku 
	 	 	 	 
	 	LENDER:
	 	 	 	 
	 	ILIAD
    RESEARCH AND TRADING, L.P.
	 	 	 	 
	 	By:	Iliad Management, LLC, its General Partner
	 	 	 	 
	 	By:	Fife Trading, Inc., its Manager
	 	 	 	 
	 		By:	 /s/ John M. Fife
	 		 	John M. Fife,
    President

 

 

 

 

[Signature
Page to Forbearance Agreement]

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