Document:

EX-4.17 Form of Guarantee Agreement

Exhibit 4.17

GUARANTEE AGREEMENT

Between

SEACOAST BANKING CORPORATION OF FLORIDA

as Guarantor,

and

WILMINGTON TRUST COMPANY

as Guarantee Trustee,

Dated as of _______________

 

 

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

	 	 	 	 	 
	Trust Indenture	 	Guarantee Agreement
	Act Section	 	Section
	310 (a)(1)

	 	 	4.1	(a)
	(a)(2)

	 	 	4.1	(a)
	(a)(3)

	 	Not Applicable

	(a)(4)

	 	Not Applicable

	(b)

	 	 	2.8, 4.1	(c)
	311(a)

	 	Not Applicable

	(b)

	 	Not Applicable

	312(a)

	 	 	2.2	(a)
	(b)

	 	 	2.2	(b)
	(c)

	 	Not Applicable

	313(a)

	 	 	2.3	 
	(a)(4)

	 	 	2.3	 
	(b)

	 	 	2.3	 
	(c)

	 	 	2.3	 
	(d)

	 	 	2.3	 
	314(a)

	 	 	2.4	 
	(b)

	 	 	2.4	 
	(c)(1)

	 	 	2.5	 
	(c)(2)

	 	 	2.5	 
	(c)(3)

	 	 	2.5	 
	(e)

	 	 	1.1, 2.5, 3.2	 
	315(a)

	 	 	3.1	(d)
	(b)

	 	 	2.7	 
	(c)

	 	 	3.1	(c)
	(d)

	 	 	3.1	(d)
	(e)

	 	Not Applicable

	316(a)

	 	 	1.1, 2.6, 5.4	 
	(a)(1)(A)

	 	 	5.4	 
	(a)(1)(B)

	 	 	5.4	 
	(a)(2)

	 	Not Applicable

	(b)

	 	 	5.3	 
	(c)

	 	Not Applicable

	317(a)(1)

	 	Not Applicable

	(a)(2)

	 	Not Applicable

	(b)

	 	Not Applicable

	318(a)

	 	 	2.1	 

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

i

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS

	 	 	1	 
	     Section 1.1. Definitions

	 	 	1	 
	 
	 	 	 	 
	ARTICLE II TRUST INDENTURE ACT

	 	 	3	 
	     Section 2.1. Trust Indenture Act; Application

	 	 	3	 
	     Section 2.2. List of Holders

	 	 	4	 
	     Section 2.3. Reports by the Guarantee Trustee

	 	 	4	 
	     Section 2.4. Periodic Reports to the Guarantee Trustee

	 	 	4	 
	     Section 2.5. Evidence of Compliance with Conditions Precedent

	 	 	4	 
	     Section 2.6. Events of Default; Waiver

	 	 	4	 
	     Section 2.7. Event of Default; Notice

	 	 	4	 
	     Section 2.8. Conflicting Interests

	 	 	5	 
	 
	 	 	 	 
	ARTICLE III POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

	 	 	5	 
	     Section 3.1. Powers and Duties of the Guarantee Trustee

	 	 	5	 
	     Section 3.2. Certain Rights of Guarantee Trustee

	 	 	6	 
	     Section 3.3. Indemnity

	 	 	7	 
	     Section 3.4. Expenses

	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV GUARANTEE TRUSTEE

	 	 	7	 
	     Section 4.1. Guarantee Trustee; Eligibility

	 	 	7	 
	     Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee

	 	 	8	 
	 
	 	 	 	 
	ARTICLE V GUARANTEE

	 	 	8	 
	     Section 5.1. Guarantee

	 	 	8	 
	     Section 5.2. Waiver of Notice and Demand

	 	 	9	 
	     Section 5.3. Obligations Not Affected

	 	 	9	 
	     Section 5.4. Rights of Holders

	 	 	9	 
	     Section 5.5. Guarantee of Payment

	 	 	10	 
	     Section 5.6. Subrogation

	 	 	10	 
	     Section 5.7. Independent Obligations

	 	 	10	 
	 
	 	 	 	 
	ARTICLE VI COVENANTS AND SUBORDINATION

	 	 	10	 
	     Section 6.1. Subordination

	 	 	10	 
	     Section 6.2. Pari Passu Guarantees

	 	 	10	 
	 
	 	 	 	 
	ARTICLE VII TERMINATION

	 	 	11	 
	     Section 7.1. Termination

	 	 	11	 
	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS

	 	 	11	 
	     Section 8.1. Successors and Assigns

	 	 	11	 
	     Section 8.2. Amendments

	 	 	11	 

ii

 

TABLE
OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	     Section 8.3. Notices

	 	 	11	 
	     Section 8.4. Benefit

	 	 	12	 
	     Section 8.5. Interpretation

	 	 	12	 
	     Section 8.6. Governing Law

	 	 	13	 
	     Section 8.7. Counterparts

	 	 	13	 
	     Section 8.8. Force Majeure

	 	 	13	 

iii

 

GUARANTEE AGREEMENT

     THIS GUARANTEE AGREEMENT, dated as of ___, 2008, is executed and delivered by SEACOAST
BANKING CORPORATION OF FLORIDA, a Florida corporation (the “Guarantor”), having its
principal office at 815 Colorado Avenue, Stuart, Florida 34994, and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Capital Securities (as defined
herein) of SBCF Capital Trust [ ], a Delaware statutory trust (the “Issuer Trust”).

     Pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”), dated of
even date herewith, among the Guarantor, as Depositor, Wilmington Trust Company, as Property
Trustee (the “Property Trustee”), Wilmington Trust Company, as Delaware Trustee (the
“Delaware Trustee,” and together with the Property Trustee, collectively, the “Issuer
Trustees”), the Administrators named therein and the Holders from time to time of undivided
beneficial interests in the assets of the Issuer Trust, the Issuer Trust is issuing up to $[Amount]
aggregate Liquidation Amount (as defined herein) of its Preferred Capital Securities (the
“Preferred Capital Securities”), representing preferred undivided beneficial interests in
the assets of the Issuer Trust and having the terms set forth in the Trust Agreement;

     The Preferred Capital Securities will be issued by the Issuer Trust and the proceeds thereof,
together with the proceeds from the issuance of the Issuer Trust’s Common Securities (the
“Common Securities”), representing common undivided beneficial interests in the assets of
the Issuer Trust, to the Guarantor, will be used to purchase the Junior Subordinated Debentures due
[Maturity Date] (the “Junior Subordinated Debentures”) of the Guarantor, which will be
deposited with Wilmington Trust Company, as Property Trustee under the Trust Agreement, as trust
assets; and

     As an inducement to the Holders to purchase the Preferred Capital Securities, the Guarantor is
willing to irrevocably and unconditionally agree, to the extent set forth herein, to pay to the
Holders of the Preferred Capital Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the purchase of the Preferred Capital Securities by each
Holder, which purchase the Guarantor hereby acknowledges shall benefit the Guarantor, the
Guarantor, intending to be legally bound hereby, executes and delivers this Guarantee Agreement for
the benefit of the Holders from time to time of the Preferred Capital Securities.

ARTICLE I

DEFINITIONS

     Section 1.1. Definitions.

     As used in this Guarantee Agreement, the terms set forth below shall have the following
meanings. Capitalized terms used but not otherwise defined herein shall have the meanings assigned
to such terms in the Trust Agreement.

     “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person
means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

     “Event of Default” means (i) a default by the Guarantor in any of its payment
obligations under this Guarantee Agreement, or (ii) a default by the Guarantor in any other
obligation hereunder that remains unremedied for 60 days.

 

 

     “Guarantee Agreement” means this Guarantee Agreement, as modified, amended or
supplemented from time to time.

     “Guarantee Payments” means the following payments or distributions, without
duplication, with respect to the Preferred Capital Securities, to the extent not paid or made by or
on behalf of the Issuer Trust: (i) any accumulated and unpaid Distributions (as defined in the
Trust Agreement) required to be paid on the Preferred Capital Securities, to the extent the Issuer
Trust shall have funds on hand available therefor at such time, (ii) the Redemption Price, with
respect to the Preferred Capital Securities called for redemption by the Issuer Trust to the extent
that the Issuer Trust shall have funds on hand available therefor at such time, and (iii) upon a
voluntary or involuntary dissolution, termination, winding-up or liquidation of the Issuer Trust,
unless the Junior Subordinated Debentures are distributed to the Holders, the lesser of (a) the
aggregate of the Liquidation Amount of all outstanding Trust Securities and all accumulated and
unpaid Distributions to the date of payment to the extent the Issuer Trust shall have funds on hand
available to make such payment at such time and (b) the amount of assets of the Issuer Trust
remaining available for distribution to Holders on liquidation of the Issuer Trust (in either case,
the “Liquidation Distribution”).

     “Guarantee Trustee” means Wilmington Trust Company, until a Successor Guarantee
Trustee has been appointed and has accepted such appointment pursuant to the terms of this
Guarantee Agreement and thereafter means each such Successor Guarantee Trustee.

     “Guarantor” shall have the meaning specified in the first paragraph of this Guarantee
Agreement.

     “Holder” means any holder, as registered on the books and records of the Issuer Trust,
of any Preferred Capital Securities; provided, however, that, in determining whether the holders of
the requisite percentage of Preferred Capital Securities have given any request, notice, consent or
waiver hereunder, “Holder” shall not include the Guarantor, the Guarantee Trustee, or any Affiliate
of the Guarantor or the Guarantee Trustee.

     “Indenture” means the Junior Subordinated Indenture, dated as of ___, 20___,
between the Guarantor and Wilmington Trust Company, as trustee, as it may be modified, amended or
supplemented from time to time to provide for the Junior Subordinated Debentures.

     “Issuer Trust” shall have the meaning specified in the first paragraph of this
Guarantee Agreement.

     “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust
Securities having a Liquidation Amount equal to that portion of the principal amount of Junior
Subordinated Debentures to be contemporaneously redeemed in accordance with the Indenture,
allocated to the Common Securities and to the Preferred Capital Securities based upon the relative
Liquidation Amounts of such classes and (b) with respect to a distribution of Junior Subordinated
Debentures to Holders of Trust Securities in connection with a dissolution or liquidation of the
Issuer Trust, Junior Subordinated Debentures having a principal amount equal to the Liquidation
Amount of the Trust Securities of the Holder to whom such Junior Subordinated Debentures are
distributed.

     “Liquidation Amount” means the stated amount of $[___] per Preferred Capital
Security and $[___] per Common Security.

     “Majority in Liquidation Amount of the Preferred Capital Securities” means, except as
provided by the Trust Indenture Act, Preferred Capital Securities representing more than 50% of the
aggregate Liquidation Amount of all then outstanding Preferred Capital Securities issued by the
Issuer Trust.

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board, Vice
Chairman of the Board, Chief Executive Officer, President, Executive Vice President or a Senior
Vice President or Vice President, and by the Treasurer, an Assistant Treasurer, the Chief Financial
Officer, the Secretary or an Assistant Secretary of the Guarantor, and delivered to the Guarantee
Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or
covenant provided for in this Guarantee Agreement shall include:

2

 

     (a) a statement by each officer signing the Officers’ Certificate that such officer has read
the covenant or condition and the definitions relating thereto;

     (b) a brief statement of the nature and scope of the examination or investigation undertaken
by such officer in rendering the Officers’ Certificate;

     (c) a statement that such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

     (d) a statement as to whether, in the opinion of such officer, such condition or covenant has
been complied with.

     “Person” means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision thereof, or any
other entity of whatever nature.

     “Redemption Date” means, with respect to any Preferred Capital Security to be
redeemed, the date fixed for such redemption by or pursuant to the Trust Agreement; provided that
each Debenture Redemption Date and the stated maturity of the Junior Subordinated Debentures shall
be a Redemption Date for a Like Amount of Preferred Capital Securities, including, but not limited
to any date of redemption pursuant to the occurrence of any Special Event.

     “Redemption Price” shall have the meaning specified in the Trust Agreement.

     “Responsible Officer” means, when used with respect to the Guarantee Trustee, any
officer assigned to the Corporate Trust Office, including any managing director, vice president,
principal, assistant vice president, assistant treasurer, assistant secretary or any other officer
of the Guarantee Trustee customarily performing functions similar to those performed by any of the
above designated officers and having direct responsibility for the administration of this Guarantee
Agreement, and also, with respect to a particular matter, any other officer of the Guarantee
Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

     “Senior Indebtedness” shall have the meaning specified in the Indenture.

     “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Article IV hereof.

     “Trust Agreement” has the meaning specified in the recitals hereto.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb), as amended.

     “Trust Securities” means the Common Securities and the Preferred Capital Securities.

ARTICLE II

TRUST INDENTURE ACT

     Section 2.1. Trust Indenture Act; Application.

     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 Guarantee Agreement, the
provision of the Trust Indenture Act shall control. If any provision of this Guarantee Agreement
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 Guarantee Agreement as so modified or
excluded, as the case may be.

3

 

     Section 2.2. List of Holders.

     (a) The Guarantor will furnish or cause to be furnished to the Guarantee Trustee a list of
Holders at the following times:

     (i) [quarterly], not more than 15 days after the last day of [February, May, August and
November], in each year, a list, in such form as the Guarantee Trustee may reasonably
require, of the names and addresses of the Holders as of the last day of [February, May,
August and November], as applicable; and

     (ii) at such other times as the Guarantee Trustee may request in writing, within 30
days after the receipt by the Guarantor of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is furnished.

     (b) The Guarantee Trustee shall comply with the requirements of Sections 311(a), 311(b) and
312(b) of the Trust Indenture Act.

     Section 2.3. Reports by the Guarantee Trustee.

     Not later than [January 31] of each year, commencing [January 31, ___], the Guarantee
Trustee shall provide to the Holders such reports, if any, as are required by Section 313 of the
Trust Indenture Act in the form and in the manner provided by Section 313 of the Trust Indenture
Act. If this Guarantee Agreement shall have been qualified under the Trust Indenture Act, the
Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture
Act.

     Section 2.4. Periodic Reports to the Guarantee Trustee.

     The Guarantor shall provide to the Guarantee Trustee and the Holders such documents, reports
and information, if any, as required by Section 314 of the Trust Indenture Act and the compliance
certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act, provided that such documents, reports
and information shall be required to be provided to the Securities and Exchange Commission only if
this Guarantee Agreement shall have been qualified under the Trust Indenture Act.

     Section 2.5. Evidence of Compliance with Conditions Precedent.

     The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officers’ Certificate.

     Section 2.6. Events of Default; Waiver.

     The Holders of a Majority in Liquidation Amount of the Preferred Capital Securities may, by
vote, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such
waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent therefrom.

     Section 2.7. Event of Default; Notice.

     (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default,
transmit by mail, first class postage prepaid, to the Holders, notice of all Events of Default
known to the Guarantee Trustee, unless such Events of Default have been cured or waived before the
giving of such notice; provided that, except in the case of a default in the payment of a Guarantee
Payment, the Guarantee Trustee shall be protected in

4

 

withholding such notice if and so long as the Board of Directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith
determines that the withholding of such notice is in the interests of the Holders.

     (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless
a Responsible Officer charged with the administration of this Guarantee Agreement shall have
received written notice of such Event of Default.

     Section 2.8. Conflicting Interests.

     The Trust Agreement shall be deemed to be specifically described in this Guarantee Agreement
for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.

ARTICLE III

POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     Section 3.1. Powers and Duties of the Guarantee Trustee.

     (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the
Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except
a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee
Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor
Guarantee Trustee hereunder. The right, title and interest of the Guarantee Trustee, as such,
hereunder shall automatically vest in any Successor Guarantee Trustee upon acceptance by such
Successor Guarantee Trustee of its appointment hereunder, and such vesting and cessation of title
shall be effective whether or not conveyancing documents have been executed and delivered pursuant
to the appointment of such Successor Guarantee Trustee.

     (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce
this Guarantee Agreement for the benefit of the Holders.

     (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the cure or
waiver of all Events of Default that may have occurred, shall be obligated to perform only such
duties as are specifically set forth in this Guarantee Agreement (including pursuant to Section
2.1), and no implied covenants shall be read into this Guarantee Agreement against the Guarantee
Trustee. If an Event of Default has occurred (that has not been cured or waived pursuant to
Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by
this Guarantee Agreement, and use the same degree of care and skill in its exercise thereof, as a
prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs.

     (d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee
Trustee from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:

     (i) Prior to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

     (A) the duties and obligations of the Guarantee Trustee shall be determined
solely by the express provisions of this Guarantee Agreement (including pursuant to
Section 2.1), and the Guarantee Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Guarantee Agreement (including pursuant to Section 2.1); and

     (B) in the absence of bad faith on the part of the Guarantee Trustee, the
Guarantee Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Guarantee Trustee and conforming to the requirements of this
Guarantee Agreement; but in the case of any such certificates or opinions that by
any provision hereof or of the Trust Indenture Act are specifically

5

 

required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall
be under a duty to examine the same to determine whether or not they conform to the
requirements of this Guarantee Agreement;

     (ii) The Guarantee Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the
Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment
was made;

     (iii) The Guarantee Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
not less than a Majority in Liquidation Amount of the Preferred Capital Securities relating
to the time, method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee
under this Guarantee Agreement; and

     (iv) No provision of this Guarantee Agreement shall require the Guarantee Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers.

     Section 3.2. Certain Rights of Guarantee Trustee.

     (a) Subject to the provisions of Section 3.1:

     (i) The Guarantee Trustee may conclusively rely and shall be fully protected in acting
or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document (including e-mail, facsimile or other electronic
transmission) reasonably believed by it to be genuine and to have been signed, sent or
presented by the proper party or parties (without being required to determine the
correctness of any fact stated therein).

     (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement
shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed
herein.

     (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee
Trustee shall deem it desirable that a matter be proved or established before taking,
suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on its part,
request and conclusively rely upon an Officers’ Certificate which, upon receipt of such
request from the Guarantee Trustee, shall be promptly delivered by the Guarantor.

     (iv) The Guarantee Trustee may consult with legal counsel, and the advice or written
opinion of such legal counsel with respect to legal matters shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted to be taken
by it hereunder in good faith and in accordance with such advice or opinion. Such legal
counsel may be legal counsel to the Guarantor or any of its Affiliates and may be one of its
employees. The Guarantee Trustee shall have the right at any time to seek instructions
concerning the administration of this Guarantee Agreement from any court of competent
jurisdiction.

     (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Guarantee Agreement at the request or direction of any Holder,
unless such Holder shall have provided to the Guarantee Trustee such security and indemnity
as would satisfy a reasonable person in the position of the Guarantee Trustee, against the
costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that
might be incurred by it in complying with such request or direction, including such
reasonable advances as may be requested by the Guarantee Trustee; provided that nothing
contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon
occurrence of an Event of Default, of its obligation to exercise the rights and powers
vested in it by this Guarantee Agreement.

6

 

     (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit and
shall incur no liability of any kind by reason of such inquiry or investigations.

     (vii) The Guarantee Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through its agents or attorneys, and
the Guarantee Trustee shall not be responsible for any negligence or willful misconduct on
the part of any such agent or attorney appointed with due care by it hereunder.

     (viii) The Guarantee Trustee shall not be liable for any action taken, suffered, or
omitted to be taken by it in good faith and reasonably believed by it to be authorized or
within the discretion or rights or powers conferred upon it hereunder.

     (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation
on the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or
obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which
the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to
act in accordance with such power and authority.

     Section 3.3. Indemnity.

     The Guarantor agrees to indemnify the Guarantee Trustee (which for purposes of this Section
3.3 shall include its officers, directors, employees and agents) for, and to hold it harmless
against, any loss, liability or expense incurred without negligence, willful misconduct or bad
faith on the part of the Guarantee Trustee, arising out of or in connection with the acceptance or
administration of this Guarantee Agreement, including the reasonable costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of
any of its powers or duties hereunder. The Guarantee Trustee will not claim or exact any lien or
charge on any Guarantee Payments as a result of any amount due to it under this Guarantee
Agreement. The provisions of this Section 3.3 shall survive the termination of this Guarantee
Agreement and the resignation or removal of the Guarantee Trustee.

     Section 3.4. Expenses.

     The Guarantor shall from time to time reimburse the Guarantee Trustee for its expenses and
costs (including reasonable attorneys’ or agents’ fees) incurred in connection with the performance
of its duties hereunder.

ARTICLE IV

GUARANTEE TRUSTEE

     Section 4.1. Guarantee Trustee; Eligibility.

     (a) There shall at all times be a Guarantee Trustee, which shall:

     (i) not be an Affiliate of the Guarantor; and

     (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such
and has a combined capital and surplus of at least $50,000,000, and shall be a corporation
meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of
the supervising or examining authority, then, for the purposes of this Section and to the
extent permitted by the Trust Indenture Act, the combined capital and

7

 

surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.

     (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section
4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in
Section 4.2.

     (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in
all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

     Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee.

     (a) Subject to Section 4.2(b), the Guarantee Trustee may be removed by the Guarantor (i)
without cause at any time when an Event of Default has not occurred and is not continuing and (ii)
at any time when the Guarantee Trustee ceases to be eligible to act as the Guarantee Trustee
pursuant to Section 4.1 hereof or becomes incapable of acting or is adjudged a bankrupt or
insolvent or a receiver of the Guarantee Trustee or of its property is appointed or any public
officer takes charge or control of the Guarantee Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation.

     (b) No resignation or removal of the Guarantee Trustee and no appointment of a Successor
Guarantee Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the Successor Guarantee Trustee by written instrument executed by the Successor
Guarantee Trustee and delivered to the Holders and the Guarantee Trustee.

     (c) Subject to Section 4.2(b), a Guarantee Trustee may resign at any time by giving written
notice thereof to the Holders. The Guarantee Trustee shall appoint a successor by requesting from
at least three Persons meeting the eligibility requirements hereunder, such Persons’ expenses and
charges to serve as the Guarantee Trustee, and selecting the Person who agrees to the lowest
expenses and charges. If the instrument of acceptance by the Successor Guarantee Trustee shall not
have been delivered to the Guarantee Trustee within 30 days after the giving of such notice of
resignation, the Guarantee Trustee may petition, at the expense of the Guarantor, any court of
competent jurisdiction for the appointment of a Successor Guarantee Trustee that meets the
eligibility requirements hereunder.

     (d) The Guarantee Trustee may be removed for cause at any time by Act (within the meaning of
Section 6.8 of the Trust Agreement) of the Holders of at least a Majority in Liquidation Amount of
the Preferred Capital Securities, delivered to the Guarantee Trustee.

     (e) If a resigning Guarantee Trustee shall fail to appoint a successor, or if a Guarantee
Trustee shall be removed or become incapable of acting as Guarantee Trustee, or if any vacancy
shall occur in the office of any Guarantee Trustee for any cause, the Holders of the Preferred
Capital Securities, by Act of the Holders of record of not less than 25% in aggregate Liquidation
Amount of the Preferred Capital Securities then outstanding delivered to such Guarantee Trustee,
shall promptly appoint a successor Guarantee Trustee. If no Successor Guarantee Trustee shall have
been so appointed by the Holders of the Preferred Capital Securities and such appointment accepted
by the Successor Guarantee Trustee, any Holder, on behalf of himself and all others similarly
situated, may petition any court of competent jurisdiction for the appointment of a Successor
Guarantee Trustee.

ARTICLE V

GUARANTEE

     Section 5.1. Guarantee.

     The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the
Guarantee Payments (without duplication of amounts theretofore paid by or on behalf of the Issuer
Trust), as and when due, regardless of any defense, right of set-off or counterclaim which the
Issuer Trust may have or assert, except the defense of

8

 

payment. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing the Issuer Trust to
pay such amounts to the Holders. The Guarantor shall give prompt written notice to the Guarantee
Trustee in the event it makes any direct payment hereunder.

     Section 5.2. Waiver of Notice and Demand.

     The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any
liability to which it applies or may apply, presentment, demand for payment, any right to require a
proceeding first against the Guarantee Trustee, the Issuer Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands.

     Section 5.3. Obligations Not Affected.

     The obligations, covenants, agreements and duties of the Guarantor under this Guarantee
Agreement shall in no way be affected or impaired by reason of the happening from time to time of
any of the following:

     (a) the release or waiver, by operation of law or otherwise, of the performance or observance
by the Issuer Trust of any express or implied agreement, covenant, term or condition relating to
the Preferred Capital Securities to be performed or observed by the Issuer Trust;

     (b) the extension of time for the payment by the Issuer Trust of all or any portion of the
Distributions (other than an extension of time for payment of Distributions that results from an
election by the Depositor to defer any interest payment on the Junior Subordinated Debentures as so
provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable
under the terms of the Preferred Capital Securities or the extension of time for the performance of
any other obligation under, arising out of, or in connection with, the Preferred Capital
Securities;

     (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the
terms of the Preferred Capital Securities, or any action on the part of the Issuer Trust granting
indulgence or extension of any kind;

     (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral,
receivership, conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings
affecting, the Issuer Trust or any of the assets of the Issuer Trust;

     (e) any invalidity of, or defect or deficiency in, the Preferred Capital Securities;

     (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

     (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor (other than payment of the underlying obligation), it being the
intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and
unconditional under any and all circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain the consent of, the
Guarantor with respect to the happening of any of the foregoing.

     Section 5.4. Rights of Holders.

     The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with
the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the
right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority
in Liquidation Amount of the Preferred Capital Securities have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect
of this Guarantee Agreement or exercising any trust or power

9

 

conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may
institute a legal proceeding directly against the Guarantor to enforce its rights under this
Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee,
the Issuer Trust or any other Person.

     Section 5.5. Guarantee of Payment.

     This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee
Agreement will not be discharged except by payment of the Guarantee Payments in full (without
duplication of amounts theretofore paid by the Issuer Trust) or upon the distribution of Junior
Subordinated Debentures to Holders as provided in the Trust Agreement.

     Section 5.6. Subrogation.

     The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer
Trust in respect of any amounts paid to the Holders by the Guarantor under this Guarantee
Agreement; provided, however, that the Guarantor shall not (except to the extent required by
mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by
way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of
payment under this Guarantee Agreement, if at the time of any such payment, any amounts are due and
unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation
of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to
pay over such amount to the Holders.

     Section 5.7. Independent Obligations.

     The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Issuer Trust with respect to the Preferred Capital Securities and that the Guarantor shall
be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of
this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

ARTICLE VI

COVENANTS AND SUBORDINATION

     Section 6.1. Subordination.

     This Guarantee Agreement will constitute an unsecured obligation of the Guarantor and will
rank subordinate and junior in right of payment to all Senior Indebtedness (as defined in the
Indenture) of the Guarantor to the same extent and in the same manner set forth in the Indenture
with respect to the Junior Subordinated Debentures, and the provisions of Article [XIII] of the
Indenture will apply, mutatis mutandis, to the obligations of the Guarantor hereunder. The
obligations of the Guarantor hereunder do not constitute Senior Indebtedness of the Guarantor.

     Section 6.2. Pari Passu Guarantees.

     The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with any
similar guarantee agreements issued by the Guarantor on behalf of the holders of Trust Securities
issued by the Issuer Trust and with any other security, guarantee or other obligation that is
expressly stated to rank pari passu with the obligations of the Guarantor under this Guarantee
Agreement.

10

 

ARTICLE VII

TERMINATION

     Section 7.1. Termination.

     This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full
payment of the Redemption Price of all Outstanding Preferred Capital Securities, (ii) the
distribution of Junior Subordinated Debentures to the Holders in exchange for all of the
Outstanding Preferred Capital Securities or (iii) full payment of the amounts payable in accordance
with Article IX of the Trust Agreement upon liquidation of the Issuer Trust. Notwithstanding the
foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the
case may be, if at any time any Holder is required to restore payment of any sums paid under the
Preferred Capital Securities or this Guarantee Agreement.

ARTICLE VIII

MISCELLANEOUS

     Section 8.1. Successors and Assigns.

     All guarantees and agreements contained in this Guarantee Agreement shall bind the successors,
assigns, receivers, conservators, trustees and representatives of the Guarantor and shall inure to
the benefit of the Holders of the Preferred Capital Securities then outstanding. Except in
connection with a consolidation, merger or sale involving the Guarantor that is permitted under
Article [VIII] of the Indenture and pursuant to which the assignee agrees in writing to perform the
Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder, and
any purported assignment that is not in accordance with these provisions shall be void.

     Section 8.2. Amendments.

     Except with respect to any changes that do not materially adversely affect the rights of the
Holders (in which case no consent of the Holders will be required), this Guarantee Agreement may
only be amended with the prior approval of the Holders of not less than a Majority in Liquidation
Amount of the Preferred Capital Securities. The provisions of Article VI of the Trust Agreement
concerning meetings of the Holders shall apply to the giving of such approval.

     Section 8.3. Notices.

     Any notice, request or other communication required or permitted to be given hereunder shall
be in writing, duly signed by the party giving such notice, and delivered, telecopied (confirmed by
delivery of the original) or mailed by first class mail as follows:

     (a) if given to the Guarantor, to the address or telecopy number set forth below or such other
address or telecopy number or to the attention of such other Person as the Guarantor may give
notice to the Holders:

Seacoast Banking Corporation of Florida

815 Colorado Avenue

Stuart, Florida 34994

Facsimile No.: [__________]

Attention: William R. Hahl

11

 

     (b) if given to the Issuer Trust, in care of the Guarantee Trustee, at the Issuer Trust’s (and
the Guarantee Trustee’s) address set forth below or such other address or telecopy number or to the
attention of such other Person as the Guarantee Trustee on behalf of the Issuer Trust may give
notice to the Holders:

SBCF Capital Trust [ ]

c/o Seacoast Banking Corporation of Florida

815 Colorado Avenue

Stuart, Florida 34994

Facsimile No.: [__________]

Attention: William R. Hahl

     with a copy to:

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Facsimile No.: (302) 636-4140

Attention: Corporate Trust Administration

     (c) if given to the Guarantee Trustee:

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Facsimile No.: (302) 636-4140

Attention: Corporate Trust Administration

     (d) if given to any Holder of record, at the address set forth on the books and records of the
Issuer Trust.

     All notices hereunder shall be deemed to have been given when received in person, telecopied
with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or
other document is refused delivery or cannot be delivered because of a changed address of which no
notice was given, such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

     Section 8.4. Benefit.

     This Guarantee Agreement is solely for the benefit of the Holders and is not separately
transferable from the Preferred Capital Securities.

     Section 8.5. Interpretation.

     In this Guarantee Agreement, unless the context otherwise requires:

     (a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto
have the respective meanings assigned to them in Section 1.1;

     (b) a term defined anywhere in this Guarantee Agreement has the same meaning throughout;

     (c) all references to “the Guarantee Agreement” or “this Guarantee Agreement” are to this
Guarantee Agreement as modified, supplemented or amended from time to time;

     (d) all references in this Guarantee Agreement to Articles and Sections are to Articles and
Sections of this Guarantee Agreement unless otherwise specified;

12

 

     (e) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee
Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise
requires;

     (f) a reference to the singular includes the plural and vice versa; and

     (g) the masculine, feminine or neuter genders used herein shall include the masculine,
feminine and neuter genders.

     Section 8.6. Governing Law.

     THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

     Section 8.7. Counterparts.

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

     Section 8.8. Force Majeure.

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

[Signatures appear on next page]

13

 

     THIS GUARANTEE AGREEMENT is executed as of the day and year first above written.

	 	 	 	 	 
	 	SEACOAST BANKING CORPORATION OF FLORIDA, as

Guarantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

as Guarantee Trustee, and not in its individual

capacity

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

14EX-4.21 Form of Deposit Agreement

Exhibit 4.21

FORM OF DEPOSIT AGREEMENT

     This DEPOSIT AGREEMENT (“Deposit Agreement”) is made and entered into as of
___, 2008, by and among Seacoast Banking Corporation of Florida, a Florida corporation,
Wilmington Trust Company, a Delaware banking corporation, and all holders from time to time of
Receipts (as hereinafter defined) issued hereunder.

WITNESSETH:

     WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the
deposit of ___shares of Preferred Stock (as hereinafter defined) with the Depositary (as
hereinafter defined) for the purposes set forth in this Deposit Agreement and for the issuance
hereunder of the Receipts evidencing Depositary Shares (as hereinafter defined), on the date hereof
representing a fractional interest in the deposited Preferred Stock; and

     WHEREAS, the Receipts are to be substantially in the form as set forth in Exhibit A
annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as
hereinafter provided in this Deposit Agreement;

     NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among
the parties hereto as follows:

ARTICLE I

DEFINITIONS

     The following definitions shall apply to the respective terms (in the singular and plural
forms of such terms) used in this Deposit Agreement and the Receipts:

     “Articles of Incorporation” shall mean the Articles of Incorporation of the Company,
as amended and supplemented from time to time.

     “Articles of Amendment” shall mean the Articles of Amendment filed by the Company with
the Secretary of State of the State of Florida designating ___shares of preferred stock of the
Company as Preferred Stock.

     “Company” shall mean Seacoast Banking Corporation of Florida, a Florida corporation,
and its successors.

     “Corporate Office” shall mean the corporate office of the Depositary at which at any
particular time its business in respect of matters governed by this Deposit Agreement shall be
administered, which at the date of this Deposit Agreement is located at Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890.

     “Depositary” shall mean Wilmington Trust Company, a Delaware banking corporation, and
any successor as depositary hereunder.

     “Depositary Share” shall mean a 1/___fractional interest of a share of Preferred
Stock deposited with the Depositary hereunder and the same proportionate interest in any and all
other property received by the Depositary in respect of such share of Preferred Stock and held
under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the
terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to
all the rights, preferences and privileges of the Preferred Stock represented by such Depositary
Share, including the dividend and distribution, voting, redemption, conversion and liquidation
rights contained in the Articles of Amendment.

     “Exchange Event” shall mean with respect to any Global Registered Receipt:

     (1) (A) the Global Receipt Depository which is the holder of such Global Registered
Receipt or Receipts notifies the Company that it is no longer willing or able to properly
discharge its responsibilities under any Letter of Representations or that it is no longer
eligible or in good standing under

 

 

the Securities Exchange Act of 1934, as amended, and (B) the Company has not appointed
a qualified successor Global Receipt Depository within ninety (90) calendar days after the
Company received such notice, or

     (2) the Company in its sole discretion notifies the Depositary in writing that the
Receipts or portion thereof issued or issuable in the form of one or more Global Registered
Receipts shall no longer be represented by such Global Receipt or Receipts.

     “Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder,
The Depository Trust Company (“DTC”) or such other entity designated as Global Receipt
Depository by the Company in or pursuant to this Deposit Agreement, which Person must be, to the
extent required by any applicable law or regulation, a clearing agency registered under the
Securities Exchange Act of 1934, as amended.

     “Global Registered Receipts” shall mean a global registered Receipt registered in the
name of a nominee of DTC.

     “Letter of Representations” shall mean any applicable agreement among the Company, the
Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights
and obligations with respect to any Global Registered Receipts, as the same may be amended,
supplemented, restated or otherwise modified from time to time and any successor agreement thereto.

     “Preferred Stock” shall mean shares of the Company’s [description of preferred stock].

     “Receipt” shall mean a Depositary Receipt issued hereunder to evidence one or more
Depositary Shares, whether in definitive or temporary form, substantially in the form as set forth
in Exhibit A hereto.

     “record date” shall mean the date fixed pursuant to Section 4.04.

     “record holder” or “holder” as applied to a Receipt shall mean the person in
whose name a Receipt is registered on the books maintained by the Depositary for such purpose.

     “redemption date” shall mean the date fixed for redemption of Preferred Stock and
Depositary Shares contemplated in Section 2.03.

     “Registrar” shall mean Wilmington Trust Company, or any bank or trust company
appointed to register ownership and transfers of Receipts or the deposited Preferred Stock, as the
case may be, as herein provided.

     “Securities Act” shall mean the Securities Act of 1933, as amended.

     “Signature Guarantee” shall have the meaning as set forth in Section 2.04.

     “Special Damages” shall have the meaning as set forth in Section 5.07.

     “Transfer Agent” shall mean Wilmington Trust Company, or any bank or trust company
appointed to transfer the Receipts or the deposited Preferred Stock, as the case may be, as herein
provided.

ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY,

TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

     SECTION 2.01. Form and Transferability of Receipts. Definitive Receipts shall be
engraved or printed or lithographed with steel-engraved borders and underlying tint and shall be
substantially in the form as set forth in Exhibit A annexed to this Deposit Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided. Pending the
preparation of definitive Receipts, the Depositary, upon the written order of the Company,
delivered in compliance with Section 2.02, shall execute and deliver temporary Receipts which may
be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in

2

 

lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the persons executing such Receipts may determine, as evidenced by their
execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will
cause definitive Receipts to be prepared without unreasonable delay. After the preparation of
definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon
surrender of the temporary Receipts at the Corporate Office or such other offices, if any, as the
Depositary may designate, without charge to the holder. Upon surrender for cancellation of any one
or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor
definitive Receipts representing the same number of Depositary Shares as represented by the
surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and
without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be
entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock
deposited, as definitive Receipts.

     Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly
authorized signatory of the Depositary, provided that if a Registrar (other than the Depositary)
shall have been appointed then such Receipts shall also be countersigned by manual signature of a
duly authorized signatory of such Registrar. No Receipt shall be entitled to any benefits under
this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed
as provided in the preceding sentence. The Depositary shall record on its books each Receipt
executed as provided above and delivered as hereinafter provided.

     Except as the Depositary may otherwise determine, Receipts shall be in denominations of any
number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.

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

     Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly
endorsed or accompanied by a properly executed instrument of transfer or endorsement shall be
transferable by delivery with the same effect as in the case of a negotiable instrument; provided,
however, that until a Receipt shall be transferred on the books of the Registrar, the Depositary
may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as
the absolute owner thereof for the purpose of determining the person entitled to dividends or other
distributions, the exercise of any redemption or voting rights or to any notice provided for in
this Deposit Agreement and for all other purposes.

     The Receipts may be issued in the form of one or more Global Registered Receipts, in which
case, the Depositary shall, in accordance with the other provisions of this Deposit Agreement,
execute and deliver one or more Global Registered Receipts evidencing the Receipts, which (i) shall
represent the aggregate number of Depositary Shares to be represented by such Receipts, (ii) shall
be registered in the name of the Global Receipt Depository therefor or its nominee.

     Notwithstanding any other provision of this Deposit Agreement to the contrary, unless
otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be
transferred in whole and only by the applicable Global Receipt Depository for such Global
Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global
Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt
Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt
Depository for such Global Registered Receipt selected or approved by the Company or to a nominee
of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial
interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the
Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any
direct or indirect participant of a Global Receipt Depository shall have any rights under this
Deposit Agreement with respect to any Global Registered Receipt held on their behalf by a Global
Receipt Depository and such Global Receipt Depository may be treated by the Company, the Depositary
and any director, officer, employee or agent of the Company or the Depositary as the holder of such
Global Registered Receipt for all purposes whatsoever. Unless and until definitive

3

 

Receipts are delivered to the owners of the beneficial interests in a Global Registered
Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its
participants and receive and transmit all payments and distributions in respect of the Global
Registered Receipts to such participants, in each case, in accordance with its applicable
procedures and arrangements, and (2) whenever any notice, payment or other communication to the
holders of Global Registered Receipts is required under this Deposit Agreement, the Company and the
Depositary shall give all such notices, payments and communications specified herein to be given to
such holders to the applicable Global Receipt Depository.

     If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any
such event, the Depositary shall, upon receipt of a written order from the Company for the
execution and delivery of individual definitive registered Receipts in exchange for such Global
Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in
authorized denominations and of like tenor and terms in an aggregate principal amount equal to the
principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt.

     Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to
this Section shall be registered in such names and in such authorized denominations as the Global
Receipt Depository for such Global Registered Receipt, pursuant to instructions from its
participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts
to the persons in whose names such Receipts are so registered.

     Notwithstanding anything to the contrary in this Deposit Agreement, should the Company
determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto
shall comply with the terms of each Letter of Representations.

     SECTION 2.02. Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect
Thereof. Concurrently with the execution of this Deposit Agreement, the Company is delivering
to the Depositary a certificate or certificates, registered in the name of the Depositary and
evidencing ___shares of Preferred Stock, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with (i) all such certifications as may be required by the Depositary in
accordance with the provisions of this Deposit Agreement and (ii) a written letter of instruction
of the Company directing the Depositary to execute and deliver to, or upon the written order of,
the person or persons stated in such order a Receipt or Receipts for the Depositary Shares
representing such deposited Preferred Stock. The Depositary acknowledges receipt of the deposited
Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an
account to be established by the Depositary at the Corporate Office or at such other office as the
Depositary shall determine. The Company hereby appoints the Depositary as the Registrar and
Transfer Agent for the Preferred Stock deposited hereunder and the Depositary hereby accepts such
appointment and, as such, will reflect changes in the number of shares (including any fractional
shares) of deposited Preferred Stock held by it by notation, book-entry or other appropriate
method. The Depositary also acknowledges that the Company may deposit additional shares of
Preferred Stock from time to time after the date hereof.

     If required by the Depositary, Preferred Stock presented for deposit by the Company at any
time, whether or not the register of stockholders of the Company is closed, shall also be
accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that
will provide for the prompt transfer to the Depositary or its nominee of any distribution or right
to subscribe for additional Preferred Stock or to receive other property that any person in whose
name the Preferred Stock is or has been registered may thereafter receive upon or in respect of
such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement
as shall be satisfactory to the Depositary.

     Upon receipt by the Depositary of a certificate or certificates for Preferred Stock deposited
hereunder, together with the other documents specified above, and upon registering such Preferred
Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this
Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named
in the written order delivered to the Depositary referred to in the first paragraph of this Section
2.02 a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred
Stock so deposited and registered in such name or names as may be requested by such person or
persons. The Depositary shall execute and deliver such Receipt or Receipts at the Corporate Office,
except

4

 

that, at the request, risk and expense of any person requesting such delivery, such delivery
may be made at such other place as may be designated by such person.

     Other than in the case of splits, combinations or other reclassifications affecting the
Preferred Stock, or in the case of distributions of Preferred Stock, if any, there shall be
deposited hereunder not more than the number of shares constituting the Preferred Stock as set
forth in the Articles of Amendment, as such may be amended.

     The Company shall deliver to the Depositary from time to time such quantities of Receipts as
the Depositary may request to enable the Depositary to perform its obligations under this Deposit
Agreement.

     SECTION 2.03. Optional Redemption of Preferred Stock for Cash. Whenever the Company
shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the
provisions of the Articles of Amendment, it shall (unless otherwise agreed in writing with the
Depositary) give the Depositary not less than 30 days’ prior written notice of the date of such
proposed redemption and of the number of such shares of Preferred Stock held by the Depositary to
be redeemed and the applicable redemption price, as set forth in the Articles of Amendment,
including the amount, if any, of accrued and unpaid dividends thereon to and including the date
fixed for redemption. The Depositary shall mail, first-class postage prepaid, notice of the
redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares
representing the Preferred Stock to be redeemed, not less than 30 nor more than 60 days prior to
the date fixed for redemption of such Preferred Stock and Depositary Shares (the “redemption
date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed,
at the addresses of such holders as the same appear on the records of the Depositary; provided that
if the Depositary Shares are held in the form of Global Registered Receipts through the Global
Receipt Depositary, the Company may provide such notice of redemption in any manner permitted by
such Global Receipt Depositary. No failure to give such notice or any defect thereto or in the
mailing thereof shall affect the sufficiency of notice or validity of the proceedings for
redemption except as to a holder to whom notice was defective or not given. A redemption notice
which has been mailed in the manner provided herein shall be conclusively presumed to have been
duly given on the date mailed whether or not the holder received the redemption notice. The Company
shall provide the Depositary with such notice, and each such notice shall state: the redemption
date; the redemption price and accrued and unpaid dividends payable on the redemption date; the
number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; if fewer than
all the Depositary Shares held by any holder are to be redeemed, the number of such Depositary
Shares held by such holder to be so redeemed; the place or places where Receipts evidencing the
Depositary Shares to be redeemed are to be surrendered for payment of the redemption price and
accrued and unpaid dividends payable on the redemption date; and that from and after the redemption
date dividends in respect of the Preferred Stock represented by the Depositary Shares to be
redeemed will cease to accrue. If fewer than all of the outstanding Depositary Shares are to be
redeemed, the Depositary Shares to be redeemed shall be redeemed pro rata (as nearly as may be
practicable without creating fractional Depositary Shares) or by any other equitable method
determined by the Company.

     In the event that notice of redemption has been made as described in the immediately preceding
paragraph and the Company shall then have paid or caused to be paid in full to the Depositary the
redemption price (determined pursuant to the Articles of Amendment) of the Preferred Stock
deposited with the Depositary to be redeemed (including any accrued and unpaid dividends to and
including the redemption date), the Depositary shall redeem the number of Depositary Shares
representing such Preferred Stock so called for redemption by the Company and from and after the
redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to
be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph),
all dividends in respect of the shares of Preferred Stock called for redemption shall cease to
accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and
all rights of the holders of Receipts evidencing such Depositary Shares (except the right to
receive the redemption price plus all accrued and unpaid dividends to and including the redemption
date) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in
accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or
assigned for transfer, if the Depositary or applicable law shall so require), such Depositary
Shares shall be redeemed at a redemption price of $  per Depositary Share plus all accrued and
unpaid dividends to and including the redemption date. The foregoing shall be further subject to
the terms and conditions of the Articles of Amendment. In the event of any conflict between the
provisions of this Deposit Agreement and the provisions of the Articles of Amendment, the
provisions of the Articles of Amendment will govern and the Company will instruct the Depositary
accordingly.

5

 

     If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption,
the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with payment of the redemption price for and all other amounts payable in respect of the
Depositary Shares called for redemption, a new Receipt evidencing such holder’s Depositary Shares
evidenced by such prior Receipt that are not called for redemption.

     The Company acknowledges that the bank accounts maintained by the Depositary in connection
with the performance of the services described herein will be in the name of the Depositary and
that the Depositary may receive investment earnings in connection with the investment at the
Depositary’s risk and for its benefit of funds held in those accounts from time to time.

     SECTION 2.04. Registration of Transfers of Receipts. The Company hereby appoints the
Depositary as the Registrar and Transfer Agent for the Receipts and the Depositary hereby accepts
such appointment and, as such, the Depositary shall register on its books from time to time
transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized
attorney, agent or representative, properly endorsed or accompanied by a properly executed
instrument of transfer or endorsement and including a guarantee of the signature thereon by a
participant in a signature guarantee medallion program approved by the Securities Transfer
Association (a “Signature Guarantee”), together with evidence of the payment of any
transfer taxes as may be required by applicable law. Upon such surrender, the Depositary shall
execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled
thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or
Receipts surrendered.

     SECTION 2.05. Combinations and Split-ups of Receipts. Upon surrender of a Receipt or
Receipts at the Corporate Office or such other office as the Depositary may designate for the
purpose of effecting a split up or combination of Receipts, subject to the terms and conditions of
this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the
authorized denominations requested evidencing the same aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered.

     SECTION 2.06. Surrender of Receipts and Withdrawal of Preferred Stock. Any holder of
a Receipt or Receipts may withdraw any or all of the whole shares of deposited Preferred Stock
represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other
property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts at
the Corporate Office or at such other office as the Depositary may designate for such withdrawals.
Fractional shares of Preferred Stock may not be withdrawn by any holder. After such surrender,
without unreasonable delay, the Depositary shall deliver to such holder, or to the person or
persons designated by such holder as hereinafter provided, the number of whole shares of such
Preferred Stock and all such money and other property, if any, represented by the Depositary Shares
evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole
shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder
or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to
the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in
excess of the number of Depositary Shares representing the number of whole shares of deposited
Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number
of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn,
deliver to such holder, or (subject to Section 2.04) upon his order, a new Receipt or Receipts
evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock and such money
and other property being withdrawn may be made by the delivery of such certificates, documents of
title and other instruments as the Depositary may deem appropriate, which, if required by the
Depositary, shall be properly endorsed or accompanied by a properly executed instrument of transfer
or endorsement.

     If the deposited Preferred Stock and the money and other property being withdrawn are to be
delivered to a person or persons other than the record holder of the Receipt or Receipts being
surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the
Depositary a written order so directing the Depositary and the Depositary may require that the
Receipt or Receipts surrendered by such holder for withdrawal of such whole shares of Preferred
Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or
endorsement in blank with a Signature Guarantee.

6

 

     The Depositary shall deliver the whole shares of deposited Preferred Stock and the money and
other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for
withdrawal at the Corporate Office, except that, at the request, risk and expense of the holder
surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may
be made at such other place as may be designated by such holder.

     SECTION 2.07. Limitations on Execution and Delivery, Transfer, Split-up, Combination.
As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender
or exchange of any Receipt, the Depositary or the Company may require any or all of the following:
(i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the
Company shall have made such payment, the reimbursement to it) of any tax or other governmental
charge with respect thereto (including any such tax or charge with respect to the Preferred Stock
being withdrawn); (ii) the production of proof satisfactory to it as to the identity and
genuineness of any signature (or the authority of any signature), including a Signature Guarantee;
and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish
consistent with the provisions of this Deposit Agreement and as may be required by any securities
exchange upon which the deposited Preferred Stock, the Depositary Shares or the Receipts may be
included for quotation or listed.

     The transfer of Receipts may be refused, and the transfer, split-up, combination, surrender,
exchange or redemption of outstanding Receipts may be suspended (i) during any period when the
register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably
necessary or advisable by the Depositary or the Company at any time or from time to time because of
any requirement of applicable law or of any government or governmental body or commission, or under
any provision of this Deposit Agreement.

     SECTION 2.08. Lost Receipts, etc. In case any Receipt shall be mutilated or
destroyed or lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of
like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in
substitution for such destroyed, lost or stolen Receipt, provided that the holder thereof provides
the Depositary with (i) evidence reasonably satisfactory to the Depositary of such destruction,
loss or theft of such Receipt, of the authenticity thereof and of his ownership thereof and (ii)
reasonable indemnification and the provision of an open penalty surety bond, in each case,
satisfactory to the Depositary and the Company and holding the Depositary and the Company harmless.

     SECTION 2.09. Cancellation and Destruction of Surrendered Receipts. All Receipts
surrendered to the Depositary shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized to destroy such Receipts so cancelled.

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

     SECTION 3.01. Filing Proofs, Certificates and Other Information. Any holder of a
Receipt may be required from time to time to file such proof of residence or other information and
to execute such certificates as the Depositary or the Company may reasonably deem necessary or
proper. The Depositary or the Company may withhold or delay the delivery of any Receipt, the
transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock
represented by the Depositary Shares evidenced by any Receipt, the distribution of any distribution
or the sale of any rights or of the proceeds thereof, until such proof or other information is
filed or such certificates are executed.

     SECTION 3.02. Payment of Fees and Expenses. Holders of Receipts shall be obligated
to make payments to the Depositary of certain fees and expenses, as provided in Section 5.08, or
provide evidence reasonably satisfactory to the Depositary that such fees and expenses have been
paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock
or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt
may be refused, any distribution may be withheld, and any part or all of the Preferred Stock or
other property represented by the Depositary Shares evidenced by such Receipt may be sold for the
account of the holder thereof (after attempting by reasonable means to notify such holder a
reasonable number of days prior to such sale). Any distribution so withheld and the proceeds of any
such sale may be applied to any payment of such fees or expenses, the holder of such Receipt
remaining liable for any deficiency.

7

 

     SECTION 3.03. Representations and Warranties as to Preferred Stock. In the case of
the initial deposit of the Preferred Stock hereunder, the Company shall be deemed thereby to
represent and warrant that the Preferred Stock and each certificate therefor are valid and that
such deposit has been duly authorized. The Company hereby further represents and warrants that such
Preferred Stock, is validly issued, fully paid and non-assessable. Such representations and
warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts.

     SECTION 3.04. Representation and Warranty as to Receipts and Depositary Shares. The
Company hereby represents and warrants that the Receipts, when issued, will evidence legal and
valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid
fractional interest in a share of deposited Preferred Stock represented by such Depositary Share.
Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance
of Receipts evidencing the Depositary Shares.

ARTICLE IV

THE PREFERRED STOCK; NOTICES

     SECTION 4.01. Dividends and Other Cash Distributions. Whenever the Depositary shall
receive any dividend or other cash distributions on the deposited Preferred Stock, including any
cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the
Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record
date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided, however, that, in case the Company or the Depositary shall be required by law to
withhold and shall withhold from any cash distribution in respect of the Preferred Stock an amount
on account of taxes or as otherwise required by law, regulation or court process, the amount made
available for distribution or distributed in respect of Depositary Shares shall be reduced
accordingly. The Depositary shall distribute or make available for distribution, as the case may
be, only such amount, however, as can be distributed without attributing to any holder of Receipts
a fraction of one cent, and any balance not so distributable shall be held by the Depositary
(without liability for interest thereon) and shall be added to and be treated as part of the next
sum received by the Depositary for distribution to record holders of Receipts then outstanding.

     SECTION 4.02. Distributions Other Than Cash. Whenever the Depositary shall receive
any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to
Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section
4.04 such amounts of the securities or other property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts
held by such holders, in any manner that the Depositary and the Company may deem equitable and
practicable for accomplishing such distribution. If in the opinion of the Depositary after
consultation with the Company, such distribution cannot be made proportionately among such record
holders, or if for any other reason (including any requirement that the Company or the Depositary
withhold an amount on account of taxes) the Depositary deems, after consultation with the Company,
such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt
such method as it deems equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or other property thus received,
or any part thereof, at such place or places and upon such terms as the Depositary may deem proper.
The net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available
for distribution, as the case may be, by the Depositary to record holders of Receipts as provided
by Section 4.01 in the case of a distribution received in cash. The Depositary shall not be
obligated hereunder to make any distribution of such securities to the holders of Receipts unless
the Company shall have provided to the Depositary, upon request of the Depositary, an opinion of
counsel stating that such securities have been registered under the Securities Act or do not need
to be registered thereunder in order to be freely transferable.

     SECTION 4.03. Subscription Rights, Preferences or Privileges. If the Company shall
at any time offer or cause to be offered with respect to the deposited Preferred Stock any rights,
preferences or privileges to subscribe for or to purchase any securities or any rights, preferences
or privileges of any other nature, the offering of such rights, preferences or privileges shall in
each such instance be communicated to the Depositary and thereafter made available by the
Depositary to the record holders of Receipts in such manner as the Company shall instruct
(including by the issue to such record holders of warrants representing such rights, preferences or
privileges); provided, however, that (a) if at the time of issue or offer of any such rights,
preferences or privileges the Company determines upon advice of its legal counsel that it is not
lawful or feasible to make such rights, preferences or

8

 

privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (b)
if and to the extent instructed by holders of Receipts who do not desire to exercise such rights,
preferences or privileges, the Depositary shall then, if so instructed by the Company, and if
applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights,
preferences or privileges of such holders at public or private sale, at such place or places and
upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Section
3.01 and Section 3.02, be distributed by the Depositary to the record holders of Receipts entitled
thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary
shall not be obligated hereunder to make any distribution of such rights, preferences or
privileges, unless the Company shall have provided to the Depositary, upon request of the
Depositary, an opinion of counsel stating that such rights, preferences or privileges have been
registered under the Securities Act or do not need to be registered thereunder in order to be
freely transferable.

     SECTION 4.04. Notice of Distributions; Fixing of Record Date for Holders of Receipts.
Whenever any dividend or other cash distributions shall become payable, any distribution other
than cash shall be made, or any rights, preferences or privileges shall at any time be offered,
with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of
(i) any meeting at which holders of such Preferred Stock are entitled to vote or of which holders
of such Preferred Stock are entitled to notice or (ii) any election on the part of the Company to
redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date, if any, fixed by the Company with respect to
the Preferred Stock) for the determination of the holders of Receipts (a) who shall be entitled to
receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the
sale thereof, (b) who shall be entitled to give instructions for the exercise of voting rights at
any such meeting or to receive notice of such meeting or (c) whose Depositary Shares are to be so
redeemed.

     SECTION 4.05. Voting Rights. Upon receipt of notice of any meeting at which the
holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by
the Company and which shall contain (i) such information as is contained in such notice of meeting,
(ii) a statement that the holders of Receipts at the close of business on a specified record date
fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to
instruct the Depositary as to the exercise of the voting rights pertaining to the amount of
Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to
the manner in which such instructions may be given. Upon the written request of a holder of a
Receipt on such record date, the Depositary shall vote or cause to be voted the amount of Preferred
Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. To the extent any such instructions request the voting of a
fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such
interest with all other fractional interests resulting from requests with the same voting
instructions and shall vote the number of whole votes resulting from such aggregation in accordance
with the instructions received in such requests. The Company hereby agrees to take all reasonable
action that may be reasonably deemed necessary by the Depositary in order to enable the Depositary
to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific
instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of
the Preferred Stock represented by the Depositary Shares evidenced by such Receipt. The Depositary
shall not be required or allowed to exercise discretion in voting any Preferred Stock represented
by the Depositary Shares evidenced by such Receipt.

     SECTION 4.06. Changes Affecting Preferred Stock; Reclassifications, Recapitalizations,
etc. Upon any change in par or stated value, split-up, combination or any other
reclassification of Preferred Stock, or upon any recapitalization, reorganization, merger,
amalgamation or consolidation affecting the Company or to which the Company is a party, or upon the
sale of all or substantially all of the Company’s assets, the Depositary shall, upon the
instructions of the Company, (i) make such adjustments in (a) the fraction of an interest
represented by one Depositary Share in one share of Preferred Stock and (b) the ratio of the
redemption price per Depositary Share to the redemption price of a share of Preferred Stock, in
each case as may be required by or as is consistent with the provisions of the Articles of
Amendment to fully reflect the effects of such change in liquidation preference, split-up,
combination or other reclassification of stock, or of such recapitalization, reorganization,
merger, amalgamation, consolidation, or of such sale and (ii) treat any shares of stock or other
securities or property (including cash) that shall be received by the Depositary in exchange for or
upon conversion of or in respect of the Preferred Stock as new deposited property under this
Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate
interests of holders thereof in the new deposited property so received in exchange for or upon

9

 

conversion of or in respect of such Preferred Stock. In any such case the Depositary may, in
its discretion, with the approval of the Company, execute and deliver additional Receipts, or may
call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited property. Anything to the contrary herein notwithstanding, holders of
Receipts shall have the right from and after the effective date of any such change in par or stated
value, split-up, combination or other reclassification of the Preferred Stock, or any such
recapitalization, reorganization, merger, amalgamation or consolidation, or any such sale of
substantially all the assets of the Company to surrender such Receipts to the Depositary with
instructions to convert, exchange or surrender the Preferred Stock represented thereby only into or
for, as the case may be, the kind and amount of shares of stock and other securities and property
and cash into which the deposited Preferred Stock evidenced by such Receipts might have been
converted or for which such Preferred Stock might have been exchanged or surrendered immediately
prior to the effective date of such transaction, subject to any subsequent change in par or stated
value, split-up, combination or other reclassification or any subsequent recapitalization,
reorganization, merger, amalgamation or consolidation or sale of substantially all the assets. The
Company shall cause effective provision to be made in the charter of the resulting or surviving
corporation (if other than the Company) for protection of such rights as may be applicable upon
exchange of the deposited Preferred Stock for securities or property or cash of the surviving
corporation in connection with the transactions set forth above. The Company shall cause any such
surviving corporation (if other than the Company) expressly to assume the obligations of the
Company hereunder.

     SECTION 4.07. Inspection of Reports. The Depositary shall make available for
inspection by holders of Receipts at the Corporate Office and at such other places as the
Depositary may from time to time deem advisable during normal business hours any reports and
communications received from the Company that are both received by the Depositary as the holder of
the deposited Preferred Stock and made generally available to the holders of the Preferred Stock.
In addition, the Depositary shall transmit certain notices and reports to the holders of Receipts
as provided in Section 5.05.

     SECTION 4.08. Lists of Receipt Holders. Promptly upon reasonable request from time
to time by the Company, the Depositary shall furnish to the Company a list, as of a recent date
specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons
in whose names Receipts are registered on the books of the Depositary.

     SECTION 4.09. Withholding. Notwithstanding any other provision of this Deposit
Agreement to the contrary, in the event that the Depositary determines that any distribution in
property is subject to any tax which the Depositary is obligated by applicable law to withhold, the
Depositary may dispose of all or a portion of such property in such amounts and in such manner as
the Depositary reasonably deems necessary and practicable to pay such taxes, by public or private
sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any
such property after deduction of such taxes to the holders of Receipts entitled thereto in
proportion to the number of Depositary Shares held by them, respectively; provided, however, that
in the event the Depositary determines that such distribution of property is subject to withholding
tax only with respect to some but not all holders of Receipts, the Depositary will use its best
efforts (i) to sell only that portion of such property distributable to such holders that is
required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such
sale in such a manner so as to avoid affecting the rights of any other holders of Receipts to
receive such distribution in property.

ARTICLE V

THE DEPOSITARY AND THE COMPANY

     SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the Registrar.
The Depositary shall maintain at the Corporate Office facilities for the execution and delivery,
transfer, surrender and exchange, split-up, combination and redemption of Receipts and the
withdrawal of Preferred Stock.

     The Depositary shall keep books at the Corporate Office for the registration and transfer of
Receipts, which books at all reasonable times shall be open for inspection by the record holders of
Receipts as provided by applicable law. The Depositary may close such books, at any time or from
time to time, when deemed expedient by it in connection with the performance of its duties
hereunder. The Depositary may maintain such books in customary electronic form.

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     If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented
by such Depositary Shares shall be listed on the Nasdaq Global Select Market or any other stock
exchange, or quoted on any interdealer quotation system, the Depositary will, at the request and
expense of the Company, arrange such facilities for the delivery, transfer, surrender, redemption
and exchange of such Receipts, such Depositary Shares or such Preferred Stock as maybe required by
applicable law or applicable stock exchange or quotation system regulations.

     SECTION 5.02. Prevention or Delay in Performance by the Depositary or the Company.
Neither the Depositary nor the Company shall incur any liability to any holder of any Receipt, if
by reason of any provision of any present or future law or regulation thereunder of the United
States of America or of any other governmental authority or, in the case of the Depositary or the
Registrar, by reason of any provision, present or future, of the Articles of Incorporation or the
Articles of Amendment or, by reason of any act of God or war or other circumstance beyond the
control of the relevant party, the Depositary, or the Company shall be prevented or forbidden from
doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done
or performed; nor shall the Depositary, the Registrar or the Company incur any liability to any
holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing that the terms of this Deposit Agreement provide shall or may be
done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided
for in this Deposit Agreement.

     SECTION 5.03. Obligations of the Depositary and the Company. The Depositary shall
at all times act in good faith and shall use its best efforts within reasonable time limits to
insure the accuracy of all services performed pursuant to this Deposit Agreement. The Company
assumes no obligation and shall not be subject to any liability under this Deposit Agreement or any
Receipt to holders of Receipts other than from acts or omissions arising out of conduct
constituting bad faith, gross negligence or willful misconduct in the performance of such duties as
are specifically set forth in this Deposit Agreement.

     The Company shall not be under any obligation to appear in, prosecute or defend any action,
suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or
Receipts that in its reasonable opinion may involve it in expense or liability, unless indemnity
reasonably satisfactory to it against all expense and liability be furnished as often as may be
required.

     The Company shall not be liable for any action or any failure to act by it in reliance upon
the written advice of legal counsel or accountants, or information provided by any holder of a
Receipt or any other person believed by it in good faith to be competent to give such advice or
information. The Company may rely and shall be protected in acting upon any written notice,
request, direction or other document believed by it in good faith to be genuine and to have been
signed or presented by the proper party or parties.

     In the event the Depositary shall receive conflicting claims, requests or instructions from
any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall
be entitled to act on such claims, requests or instructions received from the Company, and shall be
entitled to the full indemnification set forth in Section 5.06 hereof in connection with any action
so taken.

     The Depositary shall not be responsible for any failure to carry out any instruction to vote
any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as
any such action or non-action is in good faith and does not result from gross negligence or willful
misconduct of the Depositary. The Depositary undertakes to perform such duties and only such duties
as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations
shall be read into this Deposit Agreement against the Depositary.

     The Depositary, its parent, affiliate, or subsidiaries, may own, buy, sell or deal in any
class of securities of the Company and its affiliates and in Receipts or Depositary Shares or
become pecuniarily interested in any transaction in which the Company or its affiliates may be
interested or contract with or lend money to or otherwise act as fully or as freely as if it were
not the Depositary hereunder. If so appointed, the Depositary may also act as transfer agent or
registrar of any of the securities of the Company and its affiliates, or act in any other capacity
for the Company or its affiliates.

11

 

     It is intended that the Depositary shall not be deemed to be an “issuer” of the securities
under the federal securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary is acting only in a ministerial capacity as Depositary
for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all
information reporting and withholding requirements applicable to it under law or this Deposit
Agreement in its capacity as Depositary.

     The Depositary makes no representation and has no responsibility as to the validity of the
registration statement pursuant to which the Depositary Shares are registered under the Securities
Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its
countersignature thereon) or any instruments referred to therein or herein, or as to the
correctness of any statement made therein or herein; provided, however, that the Depositary is
responsible for its representations in this Deposit Agreement and for the validity of any action
taken or required to be taken by the Depositary in connection with this Deposit Agreement.

     The Company represents that it has registered the deposited Preferred Stock and the Depositary
Shares for sale in accordance with applicable securities laws.

     SECTION 5.04. Resignation and Removal of the Depositary; Appointment of Successor
Depositary. The Depositary may at any time resign as Depositary hereunder by notice of its
election to do so delivered to the Company, such resignation to take effect upon the appointment of
a successor depositary and its acceptance of such appointment as hereinafter provided.

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

     In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall, within 60 days after the delivery of the notice of resignation or removal, as the case may
be, appoint a successor depositary, which shall be a bank or trust company having its principal
office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning
Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every
successor depositary shall execute and deliver to its predecessor and to the Company an instrument
in writing accepting its appointment hereunder, and thereupon such successor depositary, without
any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depositary under this Deposit
Agreement, and such predecessor, upon payment of all sums due it and on the written request of the
Company, shall promptly execute and deliver an instrument transferring to such successor all rights
and powers of such predecessor hereunder, and shall duly assign, transfer and deliver all rights,
title and interest in the deposited Preferred Stock and any moneys or property held hereunder to
such successor and shall deliver to such successor a list of the record holders of all outstanding
Receipts. Any successor depositary shall promptly mail notice of its appointment to the record
holders of Receipts.

     Any corporation or other legal entity into or with which the Depositary may be merged,
consolidated or converted shall be the successor of such Depositary without the execution or filing
of any document or any further act. Such successor depositary may execute the Receipts either in
the name of the predecessor depositary or in the name of the successor depositary.

     SECTION 5.05. Notices, Reports and Documents. The Company agrees that it will
deliver to the Depositary, and the Depositary will, promptly after receipt thereof transmit to the
record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies
of all notices and reports (including financial statements) required by law, by the rules of any
national securities exchange or interdealer quotation system upon which the Preferred Stock, the
Depositary Shares or the Receipts are listed or quoted or by the Articles of Incorporation and the
Articles of Amendment to be furnished by the Company to holders of the deposited Preferred Stock
and, if requested by the holder of any Receipt, a copy of this Deposit Agreement, the form of
Receipt, the Articles of Amendment and the form of Preferred Stock. Such transmission will be at
the Company’s expense and the Company will provide the Depositary with such number of copies of
such documents as the Depositary may reasonably request. In addition, the Depositary will transmit
to the record holders of Receipts at the Company’s expense such other documents as may be requested
by the Company.

12

 

     SECTION 5.06. Indemnification by the Company. The Company agrees to indemnify the
Depositary against, and hold it harmless from, any claim, action, suit, penalty, liability, costs
and expenses (including reasonable attorneys’ fees) of any kind and nature whatsoever that may
arise out of, or in connection with, its acting as Depositary under this Deposit Agreement and the
Receipts, except for any liability arising out of the willful misconduct, gross negligence, or bad
faith on the part of the Depositary. The obligations of the Company set forth in this Section 5.06
shall survive any succession of any Depositary or termination of this Deposit Agreement.

     SECTION 5.07. Damages. The Depositary shall not be liable for any incidental,
indirect, special or consequential damages of any nature whatsoever, including, but not limited to,
loss of anticipated profits (collectively, “Special Damages”), occasioned by breach of any
provision of this Deposit Agreement by the Depositary even if apprised of the possibility of such
damages. The Company shall not be liable to the Depositary for Special Damages occasioned by breach
of any provision of this Deposit Agreement by the Company even if apprised of the possibility of
such damages.

     SECTION 5.08. Fees, Charges and Expenses. No charges and expenses of the Depositary
hereunder shall be payable by any person, except as provided in this Section 5.08. The Company
shall pay all transfer and other taxes and governmental charges arising solely from the existence
of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in
connection with the initial deposit of the Preferred Stock and the initial issuance of the
Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of
the Company and all withdrawals of the Preferred Stock by holders of Receipts. If a holder of
Receipts requests the Depositary to perform duties not required under this Deposit Agreement, the
Depositary shall notify the holder of time cost of the performance of such duties prior to the
performance thereof. Upon approval of such cost by such holder, such holder will thereafter be
liable for the charges and expenses related to such performance. All other fees and expenses of the
Depositary hereunder (including, in each case, fees and expenses of counsel) incident to the
performance of its obligations hereunder will be promptly paid by the Company. The Depositary shall
present its statement for fees and expenses to the Company every month or at such other intervals
as the Company and the Depositary may agree.

     SECTION 5.09. Additional Depositary Rights and Duties. The Depositary shall:

	 	(a)	 	have no duties or obligations other than those specifically set forth herein.
Depositary shall not be liable for any improper payment made in accordance with the
information provided by the Company;
	 
	 	(b)	 	not be obligated to take any legal action hereunder that might, in its
judgment, involve any expense or liability, unless it has been furnished with
reasonable indemnity by the Company;
	 
	 	(c)	 	be able to rely on and shall be protected in acting on the written or oral
instructions with respect to any matter relating to its actions as Depositary
specifically covered by this Deposit Agreement, of any officer of the Company
authorized to give instructions;
	 
	 	(d)	 	be able to rely on and shall be protected in acting upon any certificate,
instrument, opinion, notice, letter, telegram or any other document or security
delivered to it and believed by it reasonably and in good faith to be genuine and to
have been signed by the proper party or parties;
	 
	 	(e)	 	not be responsible for or liable in any respect on account of the identity,
authority or rights of any person executing or delivering or purporting to execute or
deliver any document or property under this Deposit Agreement, and shall have no
responsibility with respect to the use or application of any property delivered by it
pursuant to the provisions hereof;
	 
	 	(f)	 	be able to consult with counsel satisfactory to it (including counsel for the
Company) and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in accordance with advice or opinion of such counsel;

13

 

	 	(g)	 	not be liable for anything which it may do or refrain from doing in connection
with this Deposit Agreement except for its own gross negligence, willful misconduct or
bad faith;
	 
	 	(h)	 	not be bound by any notice or demand, or any waiver or modification of this
Deposit Agreement or any of the terms hereof, unless evidenced by a writing delivered
to the Depositary signed by the proper authority or authorities;
	 
	 	(i)	 	have no duty to enforce any obligation of any person to make delivery, or to
direct or cause any delivery to be made, or to enforce any obligation of any person to
perform any other act; and
	 
	 	(j)	 	have the right to assume, in the absence of written notice to the contrary from
the proper person or persons, that a fact or an event by reason of which an action
would or might be taken by the Depositary does not exist or has not occurred without
incurring liability for any action taken or omitted, or any action suffered by the
Depositary to be taken or omitted, in good faith or in the exercise of the Depositary’s
best judgment, in reliance upon such assumption.

ARTICLE VI

AMENDMENT AND TERMINATION

     SECTION 6.01. Amendment. The form of the Receipts and any provision of this Deposit
Agreement may at any time and from time to time be amended by agreement between the Company and the
Depositary in any respect that they may deem necessary or desirable; provided, however, that no
such amendment (other than any change in the fees of the Depositary that are payable by the
Company) which (i) shall materially and adversely alter any substantial existing right of the
holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted
to the holders of the Preferred Stock pursuant to the Articles of Amendment shall be effective
unless such amendment shall have been approved by the holders of Receipts evidencing at least a
majority of the Depositary Shares then outstanding. In no event shall any amendment impair the
right, subject to the provisions of Section 2.06 and Section 2.07 and Article III, of any holder of
any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions
to the Depositary to deliver to the holder the whole shares of the deposited Preferred Stock and
all money and other property if any, represented thereby, except in order to comply with mandatory
provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment
becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by this Deposit Agreement as amended thereby.

     SECTION 6.02. Termination. This Deposit Agreement may be terminated by the Company
upon not less than 30 days’ prior written notice to the Depositary, whereupon the Depositary shall
deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such
holder, such number of whole or fractional shares of deposited Preferred Stock as are represented
by the Depositary Shares evidenced by such Receipt, together with any other property held by the
Depositary in respect of such Receipt. This Deposit Agreement will automatically terminate if (i)
all outstanding Depositary Shares shall have been (A) redeemed pursuant to Section 2.03 and/or (B)
surrendered in connection with withdrawal of Preferred Stock pursuant to Section 2.06, or (ii)
there shall have been made a final distribution in respect of the deposited Preferred Stock in
connection with any liquidation, dissolution or winding up of the Company and such distribution
shall have been distributed to the holders of Receipts entitled thereto.

     Upon the termination of this Deposit Agreement, (i) the Company shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary under Section
5.06 and Section 5.08 and (ii) the Depositary shall be discharged from all obligations under this
Deposit Agreement.

ARTICLE VII

MISCELLANEOUS

     SECTION 7.01. Counterparts. This Deposit Agreement may be executed in any number of
counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such
counterparts taken together shall constitute one and the same

14

 

instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement
by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit
Agreement.

     SECTION 7.02. Exclusive Benefits of Parties. This Deposit Agreement is for the
exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not
be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

     SECTION 7.03. Invalidity of Provisions. In case any one or more of the provisions
contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

     SECTION 7.04. Notices. Unless otherwise expressly provided herein, all notices,
requests, demands and other communications hereunder or under the Receipts shall be in writing,
shall be delivered by hand or by First Class Mail, postage prepaid, shall be deemed given when
received and shall be addressed to the Depositary and the Company at the respective addresses
listed below or to such other addresses as they shall designate from time to time in writing,
forwarded in like manner.

     If to the Depositary, to:

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-1615

Attention: Corporate Capital Markets

     If to the Company, to:

Seacoast Banking Corporation of Florida

815 Colorado Avenue

Stuart, Florida 34994

Attention: William R. Hahl

     Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be
in writing and shall be deemed to have been duly given if personally delivered or sent by First
Class mail, postage prepaid, addressed to such record holder at the address of such record holder
as it appears on the books of the Depositary or, if such holder shall have filed with the
Depositary in a timely manner a written request that notices intended for such holder he mailed to
some other address, at the address designated in such request.

     SECTION 7.05. Holders of Receipts Are Parties. The holders of Receipts from time to
time shall be deemed to be parties to this Deposit Agreement amid shall be bound by all of the
terms and conditions hereof and of the Receipts by acceptance of delivery thereof.

     SECTION 7.06. Governing Law. This Deposit Agreement and the Receipts and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in
accordance with, the internal laws of the State of ___, without regard to its conflicts
of law provisions.

     SECTION 7.07. Inspection of Deposit Agreement and Articles of Amendment. Copies of
this Deposit Agreement and the Articles of Amendment shall be filed with the Depositary and shall
be open to inspection during business hours at the Corporate Office by any holder of any Receipt.

     SECTION 7.08. Headings. The headings of articles and sections in this Deposit
Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted
for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any
bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.

15

 

     IN WITNESS WHEREOF, the Company and the Depositary have caused this Deposit Agreement to be
duly executed on their behalf as of the day and year first above set forth and all holders of
Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued
in accordance with the terms hereof.

	 	 	 	 	 
	 	SEACOAST BANKING CORPORATION OF FLORIDA

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY, as Depositary

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

16

 

	 	 	 	 	 

EXHIBIT A

[FORM OF FACE OF RECEIPT]

DEPOSITARY SHARES

DR __________

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH

REPRESENTING 1/_________ OF ONE SHARE OF

[DESCRIPTION OF PREFERRED STOCK],

OF

SEACOAST BANKING CORPORATION OF FLORIDA

INCORPORATED UNDER THE LAWS OF THE STATE OF FLORIDA

CUSIP _____________

SEE REVERSE FOR CERTAIN DEFINITIONS

     Wilmington Trust Company, as Depositary (the “Depositary”), hereby certifies that Cede
& Co. is the registered owner of ___Depositary Shares (“Depositary Shares”), each
Depositary Share representing 1/___of one share of [Description of Preferred Stock], (the
“Stock”), of Seacoast Banking Corporation of Florida, a Florida corporation (the
“Corporation”), on deposit with the Depositary, subject to the terms and entitled to the
benefits of the Deposit Agreement dated as of ___, 2008 (the “Deposit Agreement”),
among the Corporation, the Depositary, and the holders from time to time of the Depositary
Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to
be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall
not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement
unless it shall have been executed by the Depositary by the manual signature of a duly authorized
officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of
the Depositary Receipts by the manual signature of a duly authorized officer thereof.

     This Depositary Receipt is transferable in New York, New York.

Dated: ___, 2008

Wilmington Trust Company, Depositary

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Officer 	 
	 	 	 	 

A-1

 

	 	 	 	 	 

[FORM OF REVERSE OF RECEIPT]

SEACOAST BANKING CORPORATION OF FLORIDA

     SEACOAST BANKING CORPORATION OF FLORIDA WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO
SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT
ESTABLISHING THE [DESCRIPTION OF PREFERRED STOCK] OF SEACOAST BANKING CORPORATION OF FLORIDA. ANY
SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

     The Corporation will furnish without charge to each stockholder who so requests the powers,
designations, preferences and relative, participating, optional or other special rights of each
class of stock or series thereof of the Corporation, and the qualifications, limitations or
restrictions of such preferences and/or rights. Such request may be made to the Corporation.

EXPLANATION OF ABBREVIATIONS

     The following abbreviations when used in the form of ownership on the face of this certificate
shall be construed as though they were written out in full according to applicable laws or
regulations. Abbreviations in addition to those appearing below may be used.

	 	 	 	 	 	 	 
	Abbreviation	 	Equivalent Phrase	 	Abbreviation	 	Equivalent Phrase
	JT TEN

	 	As joint tenants,
with right of
survivorship and
not as tenants in
common
	 	TEN BY ENT
	 	As tenants by the

entireties
	 
	 	 	 	 	 	 
	TEN IN COM

	 	As tenants in common
	 	UNIF GIFT MIN ACT
	 	Uniform Gifts to
Minors Act

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Equivalent	 	 	 	Equivalent	 	 	 	Equivalent
	Abbreviation	 	Word	 	Abbreviation	 	Word	 	Abbreviation	 	Word
	ADM

	 	Administrator(s),

Administratrix
	 	EX
	 	Executor(s),

Executrix
	 	PAR
	 	Paragraph
	 
	 	 	 	 	 	 	 	 	 	 
	AGMT

	 	Agreement
	 	FBO
	 	For the benefit of
	 	PL
	 	Public Law
	 
	 	 	 	 	 	 	 	 	 	 
	ART

	 	Article
	 	FDN
	 	Foundation
	 	TR
	 	(As) trustee(s),

for, of
	 
	 	 	 	 	 	 	 	 	 	 
	CH

	 	Chapter
	 	GDN
	 	Guardian(s)
	 	U
	 	Under
	 
	 	 	 	 	 	 	 	 	 	 
	CUST

	 	Custodian for
	 	GDNSHP
	 	Guardianship
	 	UA
	 	Under agreement
	 
	 	 	 	 	 	 	 	 	 	 
	DEC

	 	Declaration
	 	MIN
	 	Minor(s)
	 	UW
	 	Under will of, Of

will of, Under last

will & testament
	 
	 	 	 	 	 	 	 	 	 	 
	EST

	 	Estate, of Estate of	 	 	 	 	 	 	 	 

A-2

 

For value received, ___hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF

ASSIGNEE

Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and
appoint ___Attorney to transfer the said Depositary
Shares on the books of the within named Depositary with full power of substitution in the premises.

Dated: __________________________

NOTICE: The signature to the assignment must correspond with the

name as written upon the face of this Receipt in every particular,

without alteration or enlargement or any change whatsoever.

SIGNATURE GUARANTEED

NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations, and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act
of 1934.

A-3

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