Document:

EX-4.2

 Exhibit 4.2 
  

 
 VALLEY NATIONAL BANCORP,

 Company, 

AND 
 U.S. BANK TRUST
COMPANY, NATIONAL ASSOCIATION, 
 Trustee 

SECOND 
 SUPPLEMENTAL

 INDENTURE 
 Dated
as of 
 September 20, 2022 

TO 
 INDENTURE 

Dated as of 
 May 28, 2021

 6.25% FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE
2032 
  
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	Definitions	  	 	1	 
	 ARTICLE II GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	7	 
	 Section 2.1
	 	Designation and Principal Amount	  	 	7	 
	 Section 2.2
	 	Form and Denomination of Notes	  	 	7	 
	 Section 2.3
	 	Initial Limit on Amount of Series	  	 	7	 
	 Section 2.4
	 	Rank; Subordination	  	 	7	 
	 Section 2.5
	 	Further Issues Without Holders’ Consent	  	 	7	 
	 Section 2.6
	 	Form and Payment	  	 	8	 
	 Section 2.7
	 	Interest	  	 	8	 
	 Section 2.8
	 	No Sinking Fund	  	 	10	 
	 Section 2.9
	 	Notes Not Convertible or Exchangeable	  	 	10	 
	 Section 2.10
	 	Global Securities	  	 	10	 
	 Section 2.11
	 	No Additional Amounts	  	 	11	 
	 ARTICLE III ORIGINAL ISSUE OF NOTES
	  	 	11	 
	 Section 3.1
	 	Original Issue of Notes	  	 	11	 
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	11	 
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	11	 
	 ARTICLE V REMEDIES
	  	 	12	 
	 Section 5.1
	 	Events of Default	  	 	12	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	13	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	13	 
	 Section 5.12
	 	Control by Holders	  	 	14	 
	 ARTICLE VI DEFEASANCE
	  	 	14	 
	 Section 6.1
	 	Defeasance Applicable to Notes	  	 	14	 
	 ARTICLE VII REDEMPTION
	  	 	14	 
	 Section 7.1
	 	Redemption	  	 	14	 
	 Section 7.2
	 	Effect of Notice of Redemption	  	 	15	 
	 ARTICLE VIII MISCELLANEOUS
	  	 	15	 
	 Section 8.1
	 	Ratification of Indenture	  	 	15	 
	 Section 8.2
	 	Conflict with Trust Indenture Act	  	 	15	 
	 Section 8.3
	 	Effect of Headings and Table of Contents	  	 	15	 
	 Section 8.4
	 	Successors and Assigns	  	 	16	 
	 Section 8.5
	 	Separability Clause	  	 	16	 
	 Section 8.6
	 	Benefits of Indenture	  	 	16	 
	 Section 8.7
	 	Governing Law	  	 	16	 
	 Section 8.8
	 	Waiver of Jury Trial	  	 	16	 
	 Section 8.9
	 	Consent to Jurisdiction	  	 	16	 
	 Section 8.10
	 	Counterparts	  	 	16	 
	 Section 8.11
	 	Trustee	  	 	17	 
	 Section 8.12
	 	USA PATRIOT Act	  	 	17	 
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	17	 
	 Section 9.1
	 	Supplemental Indentures Without Consent of Holders	  	 	17	 
	 Section 9.2
	 	Supplemental Indenture With Consent of Holders	  	 	18	 
	 Section 14.11
	 	Modification of Subordination Provisions	  	 	19	 

 THIS SECOND SUPPLEMENTAL INDENTURE, dated as of September 20, 2022 (this “Supplemental
Indenture”), between Valley National Bancorp, a New Jersey corporation having an address at One Penn Plaza, New York, NY 10119 (hereinafter called the “Company,” which term shall include any successors pursuant to the terms
of this Supplemental Indenture), and U.S. Bank Trust Company, National Association, a national banking association having a corporate trust office at 13737 Noel Road, 8th Floor, Dallas, TX 75240,
as trustee (hereinafter called the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company executed and delivered the Indenture (the “Base Indenture”), dated as of May 28, 2021, to U.S. Bank National
Association, the Trustee’s predecessor, to provide for the issuance from time to time of the Company’s subordinated debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more
series; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities under
the Base Indenture to be known as its “6.25% Fixed-to-Floating Rate Subordinated Notes due 2032” (the “Notes”), the form and the terms,
provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture (the Base Indenture, together with this Supplemental Indenture, referred to herein as this “Indenture”); 

WHEREAS, the Pricing Committee of the Board of Directors of the Company, pursuant to authority granted to it by the Board of Directors of the Company on
August 16, 2022 and September 13, 2022 and resolutions duly adopted by the Pricing Committee on September 13, 2022 and September 15, 2022, after consultation with, and advice from, the Company’s Chief Financial Officer, has
duly authorized the issuance of the Notes and the amendments to the Base Indenture with respect to the Notes provided for in this Supplemental Indenture, and has authorized the proper officers of the Company to execute any and all appropriate
documents necessary or appropriate to effect each such issuance; 
 WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of
Section 2.1, Section 3.1 and Section 9.1 of the Base Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with
its terms, and to make each of the Notes, when executed by the Company and authenticated and delivered by the Trustee or an authentication agent, the valid obligations of the Company, have been performed, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects. 
 NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the
Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Notes, the Company covenants and agrees with the Trustee, for the equal and proportionate benefit of the Holders of the
Notes, as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. 
 For all
purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) all
references in this instrument to designated “Articles,” “Sections” and other subdivisions are to be designated Articles, Sections and other subdivisions of this Supplemental Indenture unless the context otherwise requires; the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

  
 1 

 (b) each term defined in the Base Indenture has the same meaning when used in this
Supplemental Indenture, except to the extent specifically defined herein, in which case the meaning ascribed to it in this Supplemental Indenture shall control; and 

(c) Section 1.1 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following
additional defined terms in their appropriate alphabetical positions: 
 “Administrative or Judicial Action” has the meaning provided in
the definition of “Tax Event.” 
 “Bank” means: 

(1) any institution organized under the laws of the United States, any State of the United States, the District of Columbia, any territory of
the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands which 
  

	 	(A)	 accepts deposits that the depositor has a legal right to withdraw on demand, and 

 

	 	(B)	 engages in the business of making commercial loans, or 

(2) any trust company organized under any of the foregoing laws. 

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

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

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

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

(4) the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement
Adjustment. 
 “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Calculation Agent as of the Benchmark Replacement Date: 

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

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

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due
consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S.
dollar-denominated floating rate securities at such time. 
 “Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “interest period,” timing and frequency of determining rates with respect to each interest period and making payments of
interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as
the Calculation Agent determines is reasonably necessary). 
 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
 (1) in the case of clause (1) of the definition of “Benchmark Transition
Event,” the relevant Reference Time in respect of any determination; 
 (2) in the case of clause (2) or (3) of the definition of
“Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to
provide the Benchmark; or 
 (3) in the case of clause (4) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 
 For the avoidance of doubt, for purposes of the definitions of
Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

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

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

(1) if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term
rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the
Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 
 (2)
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

  
 3 

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

(4) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative. 
 “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which the Trustee or banking institutions in the City of New York are authorized or required by law, regulation or executive order to close. 

“Calculation Agent” means the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may include the
Company or any of its Affiliates) to act in accordance with Section 2.7. The Company shall initially act as the Calculation Agent. 

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate,
and conventions for this rate being established by the Calculation Agent in accordance with: 
 (1) the rate, or methodology for this rate,
and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 

(2) if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause
(1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate
securities at such time. 
 For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if
applicable) and the spread of 278 basis points per annum. 
 “Corresponding Tenor” means (i) with respect to Term SOFR, three months,
and (ii) with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 

“DTC” means The Depository Trust Company. 

“Events of Default” has the meaning provided in Section 5.1. 

“Federal Reserve” means the Board of Governors of the Federal Reserve System, and any successors thereto. 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or
any successor source. 
 “Fixed Rate Interest Payment Date” has the meaning provided in Section 2.7(a). 

“Fixed Rate Period” has the meaning provided in Section 2.7(a). 

“Fixed Rate Regular Record Date” has the meaning provided in Section 2.7(a). 

“Floating Rate Interest Payment Date” has the meaning provided in Section 2.7(b). 

  
 4 

 “Floating Rate Period” has the meaning provided in
Section 2.7(b). 
 “Floating Rate Regular Record Date” has the meaning provided in
Section 2.7(b). 
 “Interest Payment Date” has the meaning provided in Section 2.7(b).

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

“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear
basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor, and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is
longer than the Corresponding Tenor. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and
Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

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

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

“Issue Date” means September 20, 2022. 

“Maturity Date” has the meaning provided in Section 2.2. 

“Notice of Default” has the meaning provided in Section 5.3(c). 

“Principal Subsidiary Bank” means (i) any Subsidiary Bank the consolidated assets of which as set forth in the most recent statement of
condition of such Subsidiary Bank constitute 40% or more of the Company’s consolidated assets as determined from the most recent quarterly balance sheet of the Company or (ii) any Subsidiary Bank designated as a Principal Subsidiary Bank
by the Board of Directors, provided that if the Federal Reserve notifies the Company that any Subsidiary Bank that is a Principal Subsidiary Bank applying the tests in clause (i) or (ii) above does not qualify as a “major subsidiary
depository institution” within the requirements of the Federal Reserve’s risk-based capital guidelines or regulations applicable to bank holding companies, such Subsidiary Bank shall not be a Principal Subsidiary Bank from and after the
time the Company receives from the Federal Reserve such a notice. 
 “Redemption Date” has the meaning provided in
Section 7.1. 
 “Reference Time” with respect to any determination of the Benchmark means (1) if the
Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent
after giving effect to the Benchmark Replacement Conforming Changes. 
 “Relevant Governmental Body” means the Federal Reserve and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto. 

  
 5 

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

“Subsidiary Bank” means any Subsidiary which is a Bank. 

“Tax Event” means the receipt by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment
to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or taxing authorities; (b) a judicial decision, administrative
action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the
foregoing, an “Administrative or Judicial Action”); or (c) an amendment to or change in any official position with respect to, or any interpretation of, an Administrative or Judicial Action or a law or regulation of the United
States that differs from the previously generally accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which pronouncement, decision or challenge is announced on or after the original issue
date of the Notes, there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or, within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes. 
 “Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that
has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Administrator” means any entity designated by the
Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator). 
 “Three-Month Term SOFR” means the rate for
Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any interest period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All
percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to
0.00001%. 
 “Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical,
administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of determining Three-Month Term SOFR
with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark
in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for
the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary). 
 “Tier 2 Capital
Event” means the Company’s good faith determination that, as a result of (a) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality
of the United States, including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the original issue date of the Notes; (b) any
proposed change in those laws, rules or regulations that is announced or becomes effective after the original issue date of the Notes; or (c) any official administrative decision or judicial decision or administrative action or other official
pronouncement interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the original issue date of the Notes, there is more than an insubstantial risk that the Company will not be
entitled to treat the Notes then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of
any successor appropriate federal banking agency) as then in effect and applicable to the Company, for so long as any Notes are outstanding. 

  
 6 

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

GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.1 Designation and Principal Amount. 

There is hereby authorized and established a series of Securities under this Indenture, designated as the “6.25% Fixed-to-Floating Rate Subordinated Notes due 2032.” 
 Section 2.2 Form and
Denomination of Notes. 
 The definitive form of the Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be
substantially in the form set forth in Exhibit A attached hereto, which is incorporated herein and made part hereof. The Notes shall bear interest and have such other terms as are stated in the form of definitive Notes or in this
Indenture. The Stated Maturity of the Notes shall be September 30, 2032 (the “Maturity Date”). The Notes shall be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

Section 2.3 Initial Limit on Amount of Series. 

The Notes shall initially be limited to U.S. $150,000,000 in aggregate principal amount, and may, upon the execution and delivery of this Supplemental
Indenture or from time to time thereafter, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the delivery of a Company Order. Following the
initial issuance of the Notes, the aggregate principal amount of Notes may be increased as provided in Section 2.5 hereof. 

Section 2.4 Rank; Subordination. 

The Notes are unsecured and shall rank subordinate and junior, to the extent and in the manner set forth in this Indenture, in right of payment and upon
liquidation of all the Company’s obligations to the holders of Senior Debt of the Company. The Notes shall rank equally among themselves and with all of the Company’s other subordinated unsecured indebtedness that, in the instrument
creating or evidencing the same or pursuant to which the same is outstanding, provides that such obligations are not superior in right of payment to the Notes or to other indebtedness that is pari passu with, or is not subordinate to, the
Notes. It is intended that the Notes be and are Tier 2 capital or the equivalent, for all regulatory purposes. 
 Section 2.5
Further Issues Without Holders’ Consent. 
 The Company may, without notice to or the consent of the Holders of the Notes, but in
compliance with the terms of this Indenture, create and issue additional Notes having the same ranking, interest rate, maturity date and other terms as the Notes (other than the date of issuance, the issue price, the initial interest accrual date
and the first Interest Payment Date). Any such additional Notes shall rank equally and ratably with the Notes. Any such additional Notes, together with the Notes initially issued hereunder, shall constitute a single series of Securities for all
purposes under this Indenture. Notwithstanding anything to the contrary in the foregoing, no additional Notes may be issued unless (1) the additional Notes will be fungible with the Notes initially issued hereunder for United States securities
law purposes, (2) (a) the additional Notes are issued pursuant to a “qualified reopening” of the Notes initially issued hereunder for United States federal income tax purposes, or (b) the Notes initially issued hereunder were, and the
additional Notes are, issued without any original issue discount for United States federal income tax purposes and (3) the additional Notes have the same CUSIP number as the Notes initially issued hereunder. No additional Notes may be issued if
any Event of Default has occurred and is continuing with respect to the Notes. 

  
 7 

 Section 2.6 Form and Payment. 

Principal of, premium, if any, and interest on the Notes shall be payable in U.S. Dollars. Principal, premium, if any, and interest shall be considered paid
on the date due if the Paying Agent, if other than the Company or one of its Subsidiaries, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all
such amounts then due. At the option of the Company, interest may be paid by mailing a check to the address of the Person entitled to such interest as such address shall appear in the Security Register. 

Section 2.7 Interest. 

(a) The Notes shall bear interest at a fixed rate of 6.25% per annum from and including September 20, 2022 to, but excluding,
September 30, 2027 or any earlier Redemption Date (the “Fixed Rate Period”). Interest accrued on the Notes during the Fixed Rate Period shall be payable semiannually in arrears on March 30 and September 30 of each
year, commencing on March 30, 2023 (each such date, a “Fixed Rate Interest Payment Date”). The last Fixed Rate Interest Payment Date shall be September 30, 2027, unless the Notes are earlier redeemed. The interest payable
on each Fixed Rate Interest Payment Date during the Fixed Rate Period shall be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable
Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”), except that interest that is paid at Maturity shall be paid to the Person to whom the principal shall be payable. 

(b) The Notes shall bear a floating interest rate from, and including September 30, 2027, to, but excluding, the Maturity Date or earlier
Redemption Date (the “Floating Rate Period”). The floating interest rate shall be reset quarterly, and the interest rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR plus 278 basis points for
each quarterly interest period during the Floating Rate Period. During the Floating Rate Period, interest on the Notes shall be payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year,
commencing on December 30, 2027 (each such date, a “Floating Rate Interest Payment Date” and, together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”). The interest payable on each Floating
Rate Interest Payment Date during the Floating Rate Period shall be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable Floating
Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”), except that interest that is paid at Maturity shall be paid to the Person to whom the principal shall be payable. Notwithstanding the foregoing, if
Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero. The Calculation Agent shall provide the Company and the Trustee with the interest rate in
effect on the Notes promptly after the Reference Time (or such other date of determination for the applicable Benchmark). 
 (c) The amount
of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period shall be computed on the basis of a 360-day year consisting of twelve 30-day
months to, but excluding, September 30, 2027, and, the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period shall be computed on the basis of a 360-day
year on the basis of the actual number of days elapsed. The Company or the Calculation Agent, as applicable, shall calculate the amount of interest payable on any Interest Payment Date and the Trustee shall have no duty to confirm or verify any such
calculation. In the event that any scheduled Interest Payment Date or the Maturity Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on
the Maturity Date shall be paid on the next succeeding day which is a Business Day (any payment made on such date shall be treated as being made on the date that the payment was first due and no interest on such payment shall accrue for the period
from and after such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding
calendar month, such Floating Rate Interest Payment Date shall be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day shall include interest accrued to, but excluding, such Business
Day. Dollar amounts resulting from interest calculations shall be rounded to the nearest cent, with one half cent being rounded upward. 

  
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 (d) The Company shall take such actions as are necessary to ensure that from the
commencement of the Floating Rate Period for so long as any of the Notes remain outstanding there shall at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR in respect of each Floating Rate Period and to determine and
calculate any interest in respect of any Benchmark Replacement. The calculation of Three-Month Term SOFR for each applicable Floating Rate Period by the Calculation Agent shall (in the absence of manifest error) be final and binding. The Calculation
Agent’s determination of any interest rate and its calculation of interest payments for any period shall be maintained on file at the Calculation Agent’s principal offices, shall be made available to any Holder of the Notes upon request
and shall be provided to the Trustee (for informational purposes only). The Trustee shall have no responsibility to determine whether any manifest error has occurred, may conclusively assume that no such manifest error exists and shall not be liable
in so assuming. The Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under this Indenture. The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or
unwilling to act as Calculation Agent or is removed by the Company, the Company shall promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign its duties without a successor having been duly appointed; provided, that if
a successor Calculation Agent has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by the Calculation Agent, then the resigning Calculation Agent may petition, at
the expense of the Company, any court of competent jurisdiction for the appointment of a successor Calculation Agent with respect to such series. The Trustee shall have no duty to monitor compliance or see to the performance by the Calculation Agent
of any of its obligations in respect of the Notes or to perform such obligations, and shall not be under any duty to succeed to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement in the event
of the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance on the part of the Calculation Agent with respect to the Calculation Agent’s duties and
obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, or the Calculation Agent appointed by the Company is unable or unwilling to perform its duties hereunder, then the Company
shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent. 
 (e) 

(1) If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior
to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement shall replace the then-current Benchmark for all purposes relating to the Notes during the Floating Rate Period in respect of such
determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent shall have the right to make Benchmark Replacement Conforming Changes from time to
time. 
 (2) Notwithstanding anything set forth in Section 2.7(b) above, if the Calculation Agent determines on or
prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the provisions set forth in this Section 2.7(e)
shall thereafter apply to all determinations of the interest rate on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate on the Notes for each
interest period during the Floating Rate Period shall be an annual rate equal to the Benchmark Replacement plus 278 basis points. 
 (3) The
Calculation Agent is expressly authorized to make the determinations, decisions and elections set forth in the terms of the Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark, and in this
Section 2.7(e). Any determination, decision or election that may be made by the Calculation Agent under the terms of the Notes, including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or selection (A) shall be conclusive and binding on the Holders of the Notes and the Trustee
absent manifest error, (B) if made by the Company as Calculation Agent, shall be made in the Company’s sole discretion, (C) if made by a Calculation Agent other than the Company, shall be made after consultation with the Company, and
the Calculation Agent shall not make any such determination, decision or election to which the Company reasonably objects and (D) notwithstanding anything to the contrary herein or in the Base Indenture, shall become effective without consent
from the Holders of the Notes, the Trustee or any other party. If the Calculation Agent fails to make any determination, decision or election that it is required to make under the terms of the Notes, then the Company shall make such determination,
decision or election on the same basis as described above. 

  
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 (4) The Company (or its Calculation Agent) shall notify the Trustee in writing (for
informational purposes only) (i) upon the occurrence of the Benchmark Transition Event and the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the
interest rate on the Notes after a Benchmark Transition Event. 
 (5) The Trustee shall not be responsible or liable for the actions or
omissions of the Calculation Agent hereunder, or any failure or delay in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of the Calculation Agent. For
the avoidance of doubt (and without limitation of the foregoing), the Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR Conventions, (B) selection of an
alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement),
(C) determination or calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through (D) above shall be
entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in performing its duties hereunder as a
result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as a result of the Company’s or Calculation Agent’s failure to select a Benchmark Replacement or the Calculation
Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to
Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. All notices received hereunder by the Trustee from the Calculation Agent and all notices received by the
Trustee from the Company pursuant to this Section 2.7(e) shall be for informational purposes only and shall not require the Trustee to take any action in respect thereof. The Trustee shall be entitled to conclusively rely
on any determination made, and any instruction, notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent verification, investigation or inquiry of any kind. The Trustee shall not be
obligated to enter into any amendment or supplement hereto that adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation, in connection with the adoption of any Benchmark Replacement Conforming
Changes). 
 (6) If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent shall have the right to establish the
Three-Month Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions
determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions shall apply. 
 Section 2.8 No Sinking
Fund. 
 No sinking fund shall be provided with respect to the Notes. In no event shall any Holder of the Notes have the right to require the Company to
call, redeem or repurchase the Notes, in whole or in part, and Article XII of the Base Indenture shall not be applicable to the Notes. Nothing in this Section 2.8 shall limit the ability of Holders of Notes to enforce their
rights to the payment of principal, premium, if any, and interest on the Notes at maturity as provided in the Notes and in the Base Indenture, including Section 5.8 of the Base Indenture. 

Section 2.9 Notes Not Convertible or Exchangeable. 

The Notes shall not be convertible or exchangeable for other securities or property. 

Section 2.10 Global Securities. 

The Notes shall be issued as Securities and in the form of one or more permanent global Securities, without coupons, registered in the name of the Depositary
or its nominee. The initial Depositary for the Notes shall be DTC. Except as otherwise provided in Section 3.5 of the Base Indenture, the global Securities described above may be transferred by the Depositary, in whole but not in part, only to
a nominee of the Depositary, or by a nominee of the Depositary to the Depositary, or to a successor Depositary or to a nominee of such successor Depositary. 

  
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 Owners of beneficial interests in such global Securities shall not be considered the Holders thereof for any
purpose under this Indenture. The rights of owners of beneficial interests in such global Securities shall be exercised only through the Depositary. 

Section 2.11 No Additional Amounts. 

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

ORIGINAL ISSUE OF NOTES 

Section 3.1 Original Issue of Notes. 

The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee
shall, upon Company Order, authenticate and deliver such Notes as in such Company Order provided. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 
 With respect
to the Notes only, Section 4.1 of the Base Indenture is hereby replaced with the following: 
 Section 4.1 Satisfaction and
Discharge of Indenture. 
 This Indenture, including the provisions of Article XIV of the Base Indenture as modified hereby (except as to any surviving
rights of registration of transfer or exchange of Notes expressly provided for in this Indenture), shall upon Company Request cease to be of further effect with respect to the Notes, and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture as to the Notes, when 
 (a) either: 

(1) all Notes previously authenticated and delivered (other than (i) Notes which have been destroyed, lost, or stolen and which have been
replaced or paid as provided in Section 3.6 of the Base Indenture and (ii) Notes for whose payment money has previously been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 10.3 of the Base Indenture) have been delivered to the Trustee for cancellation; or 

(2) all such Notes not previously delivered to the Trustee for cancellation 

 

	 	(A)	 have become due and payable, 

 

	 	(B)	 will become due and payable at their Stated Maturity within one year, or 

 

	 	(C)	 are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, 

 and the Company, in the case of
(A), (B) or (C) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Notes not previously

  
 11 

 
delivered to the Trustee for cancellation (other than Notes which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.6 of the Base Indenture),
for principal and any premium and interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable by the Company under this Supplemental Indenture; and 

(c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture with respect to the Notes have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Notes, the obligations of the Company to the Trustee
under Section 6.7 of the Base Indenture, the obligations (if any) of the Company to any Authenticating Agent under Section 6.14 of the Base Indenture and, if money shall have been deposited with the Trustee pursuant to subclause
(2) of Clause (a) of this Section, the obligations of the Trustee under Section 4.2 of the Base Indenture and the last paragraph of Section 10.3 of the Base Indenture shall survive. 

ARTICLE V 
 REMEDIES 

With respect to the Notes only, the limitations set forth in Section 5.7 of the Base Indenture do not apply to a suit instituted by a holder of Notes for
the enforcement of payment of the principal of or interest on the Notes on or after the Maturity Date. 
 With respect to the Notes only, Sections 5.1, 5.2,
5.3 and 5.12 of the Base Indenture are hereby replaced with the following: 
 Section 5.1 Events of Default. 

“Events of Default,” wherever used in this Indenture with respect to the Notes, means any one of the following events (whatever the reason
for such Event of Default, whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree, or order of any court or any order, rule, or regulation of any administrative or governmental body): 

(a) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or a Principal Subsidiary
Bank in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or a Principal
Subsidiary Bank is appointed for the Company or for any substantial part of its property or for a Principal Subsidiary Bank, or a court or a bank regulatory authority having jurisdiction in the premises, shall appoint a receiver or similar official,
or order the winding-up or liquidation of the affairs of the Company or a Principal Subsidiary Bank, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(b) the Company or a Principal Subsidiary Bank shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or the Company or a Principal Subsidiary Bank shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or a Principal Subsidiary Bank or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due or shall take any corporate action in furtherance of any of the foregoing. 

  
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 Section 5.2 Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default under clause (a) or (b) of Section 5.1 hereof with respect to the Notes occurs and is continuing, then
the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes may declare the principal of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal or such lesser amount shall become immediately due and payable. 
 At any time after such a
declaration has been made with respect to the Notes and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided in Article V of this Indenture, the Holders of a majority in principal amount of the
Outstanding Notes, by written notice to the Company and the Trustee may waive all defaults with respect to all affected series, and may rescind and annul such declaration and the consequences of the Event of Default if: 

(a) the Company has paid or deposited with the Trustee a sum sufficient to pay (1) all overdue interest on all Notes, (2) the
principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration of acceleration and any interest on such Notes at the rate or rates prescribed herein and in the Notes, and (3) all sums paid or advanced
by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel; and 

(b) all defaults and Events of Default with respect to the Notes, other than the non-payment of the
principal of the Notes which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Base Indenture. 

No such rescission shall affect any subsequent default or impair any consequent right. 

Except for an Event of Default specified in Section 5.1(a) or 5.1(b), no other default, or failure to perform, or breach of
any covenant or warranty of the Company, shall result in a right to accelerate the principal or interest due under the Securities then Outstanding. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 
 (a) default is
made in the payment of any interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days, 

(b) default is made in the payment of the principal of (or premium, if any, on) any Note at its Maturity and such default continues for a
period of 30 days, or 
 (c) default is made in the performance, or breach, of any covenant or warranty of the Company in this Indenture
(other than a covenant or warranty a default in the performance of which or breach of which is expressly addressed elsewhere in this Indenture specifically dealt with or which has been expressly included in this Indenture solely for the benefit of a
series of Securities other than such series), and such default or breach continues for a period of 30 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of
at least 25% in principal amount of the Outstanding Securities of such series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under this Indenture,

 the Company shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on
such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed in
such Securities, and, in addition, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel. 

  
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 If the Company fails to pay such amounts immediately upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such
Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Notes, wherever situated. 

If an Event of Default with respect to the Notes occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders of the Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy. 
 Section 5.12 Control by
Holders. 
 The Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Notes, provided that: 

(a) such direction shall not be in conflict with any rule of law or with this Indenture, 

(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, 

(c) such direction is not unduly prejudicial to the rights of other Holders of the Notes (it being understood that the Trustee does not have
an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders); and 
 (d) the Trustee shall
have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. 

ARTICLE VI 
 DEFEASANCE

 Section 6.1 Defeasance Applicable to Notes. 

Pursuant to Section 3.1 of the Base Indenture, provision is hereby made for defeasance of the Notes under Section 13.1 of the Base Indenture upon
the terms and conditions contained in Article XIII of the Base Indenture. 
 ARTICLE VII 

REDEMPTION 

Section 7.1 Redemption. 
 The Notes
shall be redeemable, in each case, in whole at any time or in part from time to time, at the option of the Company beginning with the Interest Payment Date on September 30, 2027, but not prior thereto (except upon the occurrence of certain
events specified below), and on any Interest Payment Date thereafter (each, a “Redemption Date”), subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the
Federal Reserve. The Notes may not otherwise be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the Notes before the Maturity Date, in whole, but not in part, subject to obtaining the prior approval of the
Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the
Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 

  
 14 

 
et seq.). Any such redemption shall be at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date fixed by the Company. The provisions of Article XI of the Base Indenture shall apply to any redemption of the Notes pursuant to this Section 7.1. Any partial redemption of a global Security representing the Notes shall
be made in accordance with DTC’s applicable procedures among all of the Holders of the Notes. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state that it is a partial redemption and the portion
of the principal amount thereof to be redeemed, and a replacement Note in principal amount equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note. 

Section 7.2 Effect of Notice of Redemption. 

With respect to the Notes only, Section 11.6 of the Base Indenture is hereby revised to read as follows: 

Notice of redemption having been given in accordance with this Indenture, the Notes to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price specified in the notice, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest; provided that any redemption or notice
of any redemption may, at the Company’s discretion, be subject to the satisfaction (or waiver by the Company in its sole discretion) of one or more conditions precedent, including, but not limited to, completion of an equity offering, other
offering, issuance of indebtedness, or other corporate transaction or event, and notice of any redemption in respect thereof may be given prior to the completion thereof and may be partial as a result of only some of the conditions being satisfied.
Any such conditions precedent shall be set forth in the notice of redemption, and such notice shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or
waived by the Company in its sole discretion), including to a date that is more than 60 days following the date of the initial notice of redemption, or such redemption may not occur and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the Redemption Date, or by the Redemption Date so delayed. The Company shall provide written notice of the delay or rescission of such notice of redemption
to the Trustee no later than 5:00 p.m. Eastern Time on the second Business Day prior to the Redemption Date. Upon surrender of any Note for redemption in accordance with a notice of redemption, such Note shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1 Ratification of Indenture. 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed
part of the Base Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions of this Supplemental Indenture shall apply solely with respect to the Notes and shall govern in the event of any
difference with the Base Indenture. 
 Section 8.2 Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern
this Indenture, the latter provision shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be. 
 Section 8.3 Effect of Headings and Table of Contents.

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

  
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 Section 8.4 Successors and Assigns. 

All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether expressed or not. 

Section 8.5 Separability Clause. 

In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 8.6 Benefits of Indenture. 

Nothing in this Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the Holders of the Securities, the parties
hereto and their successors hereunder, any benefit of any legal or equitable right, remedy or claim under this Supplemental Indenture. 

Section 8.7 Governing Law. 
 This
Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York (including but not limited to N.Y. General Obligations Law Section 5-1401 and
any successor statute thereto), without regard to the conflicts of law provisions thereof. 
 Section 8.8 Waiver of Jury Trial.

 EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE SECURITIES, THE BASE INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. 
 Section 8.9 Consent to Jurisdiction. 

Each of the Company and the Trustee irrevocably consents and submits, for itself and in respect of any of its assets or property, to the nonexclusive
jurisdiction of any court of the State of New York or any United States court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United States of America, and of any appellate court in respect thereof in any suit,
action or proceeding that may be brought in connection with this Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. Each of the Company and the Trustee irrevocably waives, to the fullest extent permitted by
law, any objection to any such suit, action or proceeding that may be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum.
Each of the Company and the Trustee agrees, to the fullest extent that it lawfully may do so, that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company and the Trustee,
respectively, and the Company waives, to the fullest extent permitted by law, any objection to the enforcement by any competent court in the Company’s jurisdiction of organization of judgments validly obtained in any such court in New York on
the basis of such suit, action or proceeding. 
 Section 8.10 Counterparts. 

This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same
instrument. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile, email or other electronic format (i.e.,
“pdf,” “tif” or “jpg”) shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile, email or other electronic format shall be deemed to be their original signatures for all purposes. This Supplemental Indenture and any other document, certificate or opinion delivered in
connection with this Supplemental Indenture or the issuance and delivery of Notes may be signed by or on behalf of the Company and the Trustee by manual, facsimile or pdf, tif or jpg. 

  
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 Section 8.11 Trustee. 

The Trustee shall not be responsible for and makes no representation as to the validity, sufficiency or adequacy of this Supplemental Indenture or the Notes,
and the recitals contained in this Supplemental Indenture and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no
responsibility for their correctness. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof and it shall not be responsible for any statement in any other document in connection with the
sale of the Notes. 
 Section 8.12 USA PATRIOT Act. 

The parties hereto acknowledge that in order to help the government fight the funding of terrorism and money laundering activities, pursuant to federal
regulations that became effective on October 1, 2003, Section 326 of the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person establishing a relationship or opening an
account with the Trustee. The parties hereto agree that they will provide the Trustee with name, address, tax identification number, if applicable, and other information that will allow the Trustee to identify the individual or entity who is
establishing the relationship, and will further provide the Trustee with formation documents such as articles of incorporation or other identifying documents. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 With respect to the Notes only, Sections 9.1, 9.2 and 14.11 of the Base Indenture are hereby replaced with the following: 

Section 9.1 Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holder of the Notes, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more supplemental indentures, in form satisfactory to the Trustee, for any of the following purposes: 
 (a) to evidence
the succession of another Person to the Company as obligor under this Indenture; 
 (b) to evidence and provide for the acceptance or
appointment of a successor Trustee with respect to the Notes or facilitate the administration of the trusts under this Indenture by more than one Trustee; 

(c) to add to the covenants for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company in this
Indenture, provided that such action shall not adversely affect the interests of the Holders of the Notes in any material respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 

(d) to add or eliminate additional Events of Default; 

(e) to cure any ambiguity, defect or inconsistency in this Indenture, provided that such action shall not adversely affect the interests of
the Holders of the Notes in any material respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 

  
 17 

 (f) to conform the text of this Indenture or the Notes to any provision of the
“Description of Notes” in the prospectus supplement applicable to the Notes at the time of the initial sale thereof; 
 (g) to
secure the Notes or add obligors or collateral; 
 (h) to establish the form of any Securities and to provide for the issuance of any series
of Securities under the Base Indenture and to set forth the terms thereof; 
 (i) to provide for additional Notes; 

(j) to provide for the issuance of Notes in uncertificated form in addition to or in place of certificated Notes; 

(k) to add to, change, or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any
such addition, change, or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of a supplemental indenture making such addition, change or elimination and entitled to the benefit of such
provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; 

(l) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes; provided, however, that
(a) compliance with this Indenture as so amended would not result in Notes being transferred in violation of applicable securities law and (b) such amendment does not materially and adversely affect the rights of Holders to transfer Notes;

 (m) to make any change that does not adversely affect the rights of any Holder of Notes in any material respect as determined in good
faith by the Company and evidenced by an Officers’ Certificate; 
 (n) to qualify or maintain qualification of this Indenture under the
Trust Indenture Act; or 
 (o) to comply with the rules and regulations of any securities exchange or automated quotation system on which
the Notes may be listed or traded. 
 Section 9.2 Supplemental Indenture With Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes and other Securities of each series affected by such
supplemental indenture, by Act of such Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into a supplemental indenture or indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture as applicable to the Notes; provided, however, that no such supplemental indenture entered into pursuant to this Section 9.2
shall, without the consent of the Holder of each Outstanding Security affected by such supplemental indenture: 
 (a) change the Stated
Maturity or due date of the principal of or interest payable on the Notes or change any Place of Payment where or the currency in which such principal or interest is payable; 

(b) reduce the principal amount of or the rate or amount of interest on the Notes; 

(c) impair the right to institute suit for the enforcement of any payment on or with respect to the Notes; 

(d) reduce the percentage in principal amount of the Outstanding Notes, the consent of the Holders of which is required (1) to modify or
amend this Indenture, or (2) to waive compliance with the provisions of or defaults under this Indenture and their consequences provided for in this Indenture; 

  
 18 

 (e) modify any of the provisions of this Section, Section 5.13 of the Base Indenture,
or Section 10.8 of the Base Indenture, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each affected Outstanding Note,
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance
with the requirements of Section 6.11(b) of the Base Indenture and Section 9.1(b) hereof; 
 (f) modify any
of the provisions of this Indenture with respect to the subordination of the Notes or of any series of Securities issued under the Base Indenture in a manner adverse to the Holders or adverse to the capital treatment of the Notes, except to clarify
ambiguities or to meet regulatory requirements and treatment of the Notes as Tier 2 capital; or 
 (g) modify or affect in any manner
adverse to the Holders of the Notes the terms and conditions of the obligation of the Company in respect of the due and punctual payment of the principal of or premium or interest on the Notes. 

Section 14.11 Modification of Subordination Provisions. 

Anything in Article IX of the Base Indenture or elsewhere contained in this Indenture to the contrary notwithstanding, no modification or amendment of this
Indenture that adversely affects the superior position of any holder of Senior Debt shall be effective against any such holder of Senior Debt unless such holder of Senior Debt has consented to such modification or amendment. 

[Signature page follows on next page] 

  
 19 

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

			
	VALLEY NATIONAL BANCORP
		
	By:	 	 /s/ Michael Hagedorn

	Name:	 	Michael Hagedorn
	Title:	 	Senior Executive Vice President and
		 	Chief Financial Officer

 [Signature page to Second Supplemental Indenture] 

 
			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Michael K. Herberger

	Name:	 	Michael K. Herberger
	Title:	 	Vice President

 [Signature page to Second Supplemental Indenture] 

 Exhibit A 

FORM OF NOTE 
 (See
Attached) 

 [FORM OF GLOBAL NOTE] 

VALLEY NATIONAL BANCORP 

6.25% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE
SEPTEMBER 30, 2032 
  

							
		 	 No. 1
 $150,000,000
	  	 CUSIP No. 919794 AG2

ISIN No. US919794AG29
	  	

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR ITS NOMINEE. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN
LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO VALLEY NATIONAL BANCORP (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT,
AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS NOT A DEPOSIT AND IT IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
(“FDIC”) OR ANY OTHER GOVERNMENT AGENCY. 
 THIS SECURITY IS SUBORDINATED, AS TO PRINCIPAL, INTEREST AND PREMIUM, AND
ADDITIONAL AMOUNTS, IF ANY, TO ALL “SENIOR DEBT” OF THE COMPANY, INCLUDING ALL OBLIGATIONS TO THE COMPANY’S DEPOSITORS AND GENERAL CREDITORS OR TRADE CREDITORS. THIS SECURITY IS NOT SECURED BY ANY ASSETS OF THE COMPANY OR BY THE
ASSETS OF ANY OF ITS SUBSIDIARIES OR AFFILIATES, IS NOT GUARANTEED BY ANY OF COMPANY’S SUBSIDIARIES OR AFFILIATES. 
 THIS SECURITY IS
ISSUABLE IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. AS PROVIDED IN THE INDENTURE AND SUBJECT TO CERTAIN LIMITATIONS THEREIN SET FORTH, SECURITIES OF THIS SERIES ARE EXCHANGEABLE FOR A LIKE AGGREGATE
PRINCIPAL AMOUNT OF SECURITIES OF SUCH SERIES OF A DIFFERENT AUTHORIZED DENOMINATION, AS REQUESTED BY THE HOLDER SURRENDERING THE SAME. 

Valley National Bancorp, a New Jersey corporation, and any successor thereto, as provided below (the “Company”), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of one-hundred and fifty million dollars ($150,000,000) on September 30, 2032 (the “Stated
Maturity Date”), unless redeemed prior to such date. This Security will bear interest at a fixed rate of 6.25% per annum from and including September 20, 2022, to, but excluding, September 30, 2027 (the “Fixed Rate
Period”), unless redeemed prior to such date. Interest accrued on this Security during the Fixed Rate Period will be payable semi-annually in arrears on March 30 and September 30 of each year (each such date, a “Fixed Rate
Interest Payment Date”), with the first such Fixed Rate Interest Payment Date being March 30, 2023, and the last such Fixed Rate Interest Payment Date being September 30, 2027, unless redeemed prior to such date. This Security
will bear interest at a floating per annum interest rate from and including September 30, 2027, to, but excluding, the Stated Maturity Date or any earlier redemption date (the “Redemption Date”) (such period, the
“Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Interest Period will be equal to the then-current Benchmark plus 

 278 basis points. During the Floating Rate Period, interest on this Security will be payable quarterly in
arrears on March 30, June 30, September 30 and December 30 of each year (each such date, a “Floating Rate Interest Payment Date”, and together with a Fixed Rate Interest Payment Date, an “Interest Payment
Date”), with the first such Floating Rate Interest Payment Date being December 30, 2027, and the last such Floating Rate Interest Payment Date being the Stated Maturity Date, unless redeemed prior to such date. Notwithstanding the
foregoing, if the Benchmark is less than zero, the Benchmark shall be deemed to be zero. The interest so payable, and punctually paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the fifteenth day (whether or not a Business Day) prior to such Interest Payment
Date; provided, however, that interest payable at Maturity shall be paid to the Person to whom principal shall be payable. 
 The interest
payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months to, but
excluding, September 30, 2027. The interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number of days
actually elapsed. If a Fixed Rate Interest Payment Date or the Stated Maturity Date for this Security falls on a day that is not a Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the
Stated Maturity Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date that the payment was first due and the Holder of this Security will not be entitled to any further
interest or other payment. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, unless such day falls in the next
succeeding calendar month, in which case such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to, but
excluding, such Business Day. 
 No sinking fund will be provided with respect to this Security. In no event shall any Holder of this
Security have the right to require the Company to call, redeem or repurchase this Security, in whole or in part prior to maturity. Nothing in this paragraph, however, shall limit the ability of the Holder of this Security to enforce its rights to
the payment of principal and premium, if any, and interest on the Security at maturity as provided herein. 
 Payment of the principal of
and interest on this Security will be made at the Corporate Trust Office of the Trustee, or such other office or agency designated by the Company for that purpose, in U.S. Dollars; provided that, at the option of the Company, interest on this
Security may be paid by mailing a check to the address of the Person entitled to such interest as such address shall appear in the Security Register. 

Under certain conditions, the Company may, without notice to or the consent of the Holder of this Security, create and issue additional notes
having the same ranking, interest rate, maturity date and other terms as this Security (other than the date of issuance, the issue price, the initial interest accrual date and the first Interest Payment Date), provided that no such additional
notes may be issued unless (1) the additional notes are fungible with this Security for United States securities law purposes, (2) (a) the additional notes are issued pursuant to a “qualified reopening” of this Security for United
States federal income tax purposes, or (b) this Security was, and the additional notes are, issued without any original issue discount for United States federal income tax purposes and (3) the additional notes have the same CUSIP number as
this Security. No additional notes may be issued if any Event of Default has occurred and is continuing with respect to this Security. Such additional notes shall be consolidated and form a single series with this Security for all purposes under the
Indenture. 
 Any “depository institution,” as defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds
this Security (or beneficial interest therein) shall be deemed to have agreed by acquiring this Security (or such beneficial interest) to waive any rights to offset all or any portion of the indebtedness represented by this Security (or such
beneficial interest) against any indebtedness or other obligations of such institution to the Company. 
 Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee by manual or pdf signature of an authorized signatory, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by manual,
facsimile or pdf. 
  

			
	VALLEY NATIONAL BANCORP
		
	By:	 	
                     

	Name:	 	Michael Hagedorn
	Title:	 	Senior Executive Vice President and
		 	Chief Financial Officer

 Dated: September 20, 2022 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 
 as Trustee 

 

			
	By:	 	
                     
        

	Authorized Signatory
	
	Dated: September 20, 2022

 [Signature Page to Global Note] 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (the “Securities”), issued and to be issued in
one or more series under an Indenture, dated as of May 28, 2021 (the “Base Indenture”), as supplemented by that Second Supplemental Indenture, dated as of September 20, 2022 (the “Second Supplemental
Indenture,” and together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Securities, and to which Indenture reference is hereby made for a statement of the terms upon which the Securities of this series designated on the face hereof are, and are to be, authenticated and delivered. By the
terms of the Indenture, the Securities are issuable in series that may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture. 

The indebtedness evidenced by this Security is subordinate and junior in right of payment to all Senior Debt to the extent provided in the
Indenture, and each Holder of this Security, by such Holder’s acceptance of this Security, covenants and agrees to the subordination provided in the Indenture and shall be bound by the provisions of the Indenture. Senior Debt shall continue to
be Senior Debt and entitled to the benefits of these subordination provisions irrespective of any amendment, modification, or waiver of any term of the Senior Debt or extension or renewal of the Senior Debt. 

Each Holder hereof, by his, her or its acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein
and in the Indenture by each holder of Senior Debt, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such Holder upon said provisions. 

The Indenture contains provisions for defeasance of this Security upon compliance with certain conditions set forth in the Indenture. 

If certain Events of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. Any Event of Default with respect to this Security may be waived by the Holder hereof, as and if provided in the Indenture. 

The Company may, at its option, redeem the Securities of this series, in whole at any time or in part from time to time, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date, on any Interest Payment Date on or after September 30, 2027. The Company may also, at its
option, redeem the Securities of this series before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event or if the Company is required to register as an investment company
pursuant to the Investment Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption
Date fixed by the Company. 
 Notwithstanding any of the foregoing, to the extent then required under or pursuant to applicable regulations
of the Federal Reserve, this Security may not be repaid prior to the Stated Maturity Date without the prior written consent of the Federal Reserve. In the event of redemption of this Security in part only, a new Security or Securities of this series
and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. The provisions of Article XI of the Base Indenture and Article VII of the Second Supplemental Indenture shall apply to
the redemption of any Securities of this series by the Company. 
 In the event that any payment on the Securities of this series is subject
to withholding of any U.S. federal income tax or other tax or assessment (as a result of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment. 

  
 R - 1 

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium (if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Base Indenture for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 Nothing in this Security, express or
implied, shall give to any person, other than the Holders of the Securities of this series, the parties hereto and their permitted successors hereunder, any benefit of any legal or equitable right, remedy or claim hereunder. 

All notices under this Security shall be in writing and, in the case of the Company, addressed to the Company at One Penn Plaza, New York, NY
10119, Attention: General Counsel, or, in the case of the Trustee, addressed to the Trustee at 13737 Noel Road, 8th Floor, Dallas, TX 75240 or to such other address of the Trustee as the Trustee may notify the Holders of the Securities of this
series. All notices to the Holder of this Security will be given to the Holder at its address as it appears in the Security Register. 
 All
covenants and agreements by the Company in this Security and the Indenture shall bind the Company’s successors and assigns, including successors by operation of law resulting from a merger or consolidation of the Company, or successors
resulting from the transfer of the Company’s assets and liabilities substantially or entirely, to another entity (“Successors”). Any Successor shall expressly assume in writing all the Company’s obligations hereunder prior
to becoming a Successor, and upon becoming a Successor, shall perform all the Company’s obligations hereunder and make all payments due hereunder. 

In case any provision in this Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY, THE
INDENTURE, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 This Security shall be governed by and construed in accordance with the
laws of the State of New York (including but not limited to N.Y. General Obligations Law Section 5-1401 and any successor statute thereto), without regard to the conflicts of law provisions thereof. 

  
 R - 2 

 [FORM OF TRANSFER NOTICE] 

To assign this Security, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to: 	 	  

		 	(Insert assignee’s legal name)

 (Insert assignee’s Soc. Sec. or tax I.D. no.) 

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

and irrevocably appoint to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 

					
		 	Date:	  	
			
		 	Your signature:	  	  

		 		  	 (Sign exactly as your name appears on

the face of this Security)

		
		 	Signature Guarantee*:

  

	 	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 R - 3EX-4.1

 Exhibit 4.1 

THIRD AMENDMENT TO RIGHTS AGREEMENT 

THIS THIRD AMENDMENT TO RIGHTS AGREEMENT (this “Amendment”) is made and entered into as of September 19,
2022, between MANITEX INTERNATIONAL, INC., a Michigan corporation (the “Company”), and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC (the “Rights Agent”). Except as otherwise provided herein,
all capitalized terms used in this Amendment and not defined herein shall have the meanings ascribed thereto in the Rights Agreement. 
 W
I T N E S S E T H: 
 WHEREAS, the Company and the Rights Agent have entered into that certain Rights Agreement,
dated as of October 17, 2008, as amended by that certain First Amendment to Rights Agreement, dated as of May 24, 2018, and that certain Second Amendment to Rights Agreement, dated as of October 2, 2018 (as amended, the “Rights
Agreement”); 
 WHEREAS, pursuant to Section 27 of the Rights Agreement, subject to the penultimate
sentence of Section 27, the Company may and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement without the approval of any holders of certificates representing Common Shares of the
Company and without the approval of any holder of Rights Certificates, in any manner which the Company deems necessary or desirable and which shall not adversely affect the interests of the holders of Rights Certificates; 

WHEREAS, the Board of Directors has determined, that it is necessary and desirable and in the interest of the holders
of the Common Shares and the Rights Certificates to amend the Rights Agreement as set forth herein; and 
 WHEREAS,
subject to and in accordance with the terms of this Amendment, the Company has directed and the Rights Agent has agreed to amend the Rights Agreement in certain respects, as more particularly set forth herein. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in the Rights Agreement and this
Amendment, the parties hereto agree to modify the Rights Agreement as set forth below. 

Section 1. Amendment to Section 7(a). Section 7(a) of the
Rights Agreement is hereby amended and restated as follows: 
 “(a) The registered holder of any Right
Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein) in whole or in part at any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to purchase on the reverse
side thereof duly executed, to the Rights Agent at the principal office of the Rights Agent, together with payment of the Purchase Price for each one one-hundredth of a Preferred Share as to which the Rights are exercised, at or prior to the
earliest of (i) the close of business on September 30, 2022, subject to extension (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof (the “Redemption
Date”), and (iii) the time at which such Rights are exchanged as provided in Section 24 hereof.” 

 Section 2. Amendment to Exhibit C. The fourth (4th) paragraph of Exhibit C to the Rights Agreement is hereby amended and restated as follows: 

“(a) The Rights are not exercisable until the Distribution Date. The Rights will expire on September 30,
2022 (the “Final Expiration Date”), subject to extension, unless the Rights are earlier redeemed or exchanged by the Company, in each case as described below.” 

Section 3. Effective Time of this Amendment. This Amendment shall be effective as of the date
hereof. 
 Section 4. Direction to the Rights Agent. Pursuant to Section 27 of the Rights
Agreement, by its execution and delivery hereof, the Company directs the Rights Agent to execute and deliver this Amendment, and the officer of the Company executing this Amendment on behalf of the Company, as an appropriate officer of the Company,
certifies on behalf of the Company that this Amendment complies with the terms of the Rights Agreement. For the avoidance of doubt and notwithstanding anything to the contrary set forth in this Amendment, this Amendment does not affect the Rights
Agent’s own rights, duties, obligations or immunities under the Rights Agreement. 
 Section 5. Confirmation of
the Rights Agreement. The term “Agreement” or “Rights Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as amended by this Amendment. Except as amended or modified hereby, all
terms, covenants and conditions of the Rights Agreement as heretofore in effect shall remain in full force and effect and are hereby ratified and confirmed in all respects. 

Section 6. Benefits of this Agreement. Nothing in this Amendment shall be construed to give to any person or
corporation other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares of the Company) any legal or equitable right, remedy or claim under this Agreement; but
this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares of the Company). 

Section 7. Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated. 
 Section 8. Governing Law. This Agreement and each Right Certificate issued
hereunder shall be deemed to be a contract made under the laws of the State of Michigan and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely
within such State. 

  
 2 

 Section 9. Counterparts. This
Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 10. Descriptive Headings. Descriptive headings of the several Sections of this
Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

[Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and attested, all as of the day and year first above written. 
  

			
	MANITEX INTERNATIONAL, INC.
		
	By:	 	/s/ J. Michael Coffey
	Name:	 	J. Michael Coffey
	Title:	 	Chief Executive Officer
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
		
	By:	 	/s/ Michael Legregin
	Name:	 	Michael Legregin
	Title:	 	Senior Vice President, Corporate Actions Relationship Management & Operations

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