Document:

exv4w10

 

EXHIBIT 4.10

 

 

GUARANTEE AGREEMENT

Dated as of                      __, 20__

By and Between

U.S. BANCORP,

as Guarantor

and

DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

 

 

 

 

CROSS REFERENCE TABLE1

	 	 	 
	Section of Trust	 	Section of
	Indenture Act of	 	Guarantee
	1939, as amended	 	Agreement
	310(a)
	 	4.1(a)
	310(b)
	 	2.8; 4.1(c)
	310(c)
	 	Inapplicable
	311(a)
	 	2.2(b)
	311(b)
	 	2.2(b)
	311(c)
	 	Inapplicable
	312(a)
	 	2.2(a); 2.9
	312(b)
	 	2.2(b); 2.9
	312(c)
	 	2.9
	313(a)
	 	2.3
	313(b)
	 	2.3
	313(c)
	 	2.3
	313(d)
	 	2.3
	314(a)
	 	2.4
	314(b)
	 	Inapplicable
	314(c)
	 	2.5
	314(d)
	 	Inapplicable
	314(e)
	 	2.5
	314(f)
	 	Inapplicable
	315(a)
	 	3.1(d); 3.2(a)
	315(b)
	 	2.7(a)
	315(c)
	 	3.1(c)
	315(d)
	 	3.1(d)
	316(a)
	 	2.6; 5.4(a)
	316(b)
	 	5.3
	316(c)
	 	Inapplicable
	317(a)
	 	2.10
	317(b)
	 	Inapplicable
	318(a)
	 	2.1(b)

	1	 	This Cross-Reference Table does not constitute
part of the Agreement and shall not have any bearing upon the interpretation of
any of its terms or provisions.

 

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Table of Contents

	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE 1 INTERPRETATION AND DEFINITIONS	 	1
	 
	 	 	 	 
	SECTION 1.1.
	 	Interpretation and Definitions	 	1
	 
	 	 	 	 
	ARTICLE 2 TRUST INDENTURE ACT	 	5
	 
	 	 	 	 
	SECTION 2.1.
	 	Trust Indenture Act; Application	 	5
	 
	 	 	 	 
	SECTION 2.2.
	 	Lists of Holders of Securities	 	5
	 
	 	 	 	 
	SECTION 2.3.
	 	Reports by Guarantee Trustee	 	5
	 
	 	 	 	 
	SECTION 2.4.
	 	Periodic Reports to Guarantee Trustee	 	5
	 
	 	 	 	 
	SECTION 2.5.
	 	Evidence of Compliance with Conditions Precedent	 	5
	 
	 	 	 	 
	SECTION 2.6.
	 	Guarantee Event of Default; Waiver	 	6
	 
	 	 	 	 
	SECTION 2.7.
	 	Guarantee Event of Default; Notice	 	6
	 
	 	 	 	 
	SECTION 2.8.
	 	Conflicting Interests	 	6
	 
	 	 	 	 
	SECTION 2.9.
	 	Disclosure of Information	 	6
	 
	 	 	 	 
	SECTION 2.10.
	 	Guarantee Trustee May File Proofs of Claim	 	6
	 
	 	 	 	 
	ARTICLE 3 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE	 	7
	 
	 	 	 	 
	SECTION 3.1.
	 	Powers and Duties of Guarantee Trustee	 	7
	 
	 	 	 	 
	SECTION 3.2.
	 	Certain Rights of Guarantee Trustee	 	8
	 
	 	 	 	 
	ARTICLE 4 GUARANTEE TRUSTEE	 	10
	 
	 	 	 	 
	SECTION 4.1.
	 	Guarantee Trustee; Eligibility	 	10
	 
	 	 	 	 
	SECTION 4.2.
	 	Appointment, Removal and Resignation of Guarantee Trustee	 	11
	 
	 	 	 	 
	ARTICLE 5 GUARANTEE	 	12
	 
	 	 	 	 
	SECTION 5.1.
	 	Guarantee	 	12
	 
	 	 	 	 
	SECTION 5.2.
	 	Waiver of Notice and Demand	 	12
	 
	 	 	 	 
	SECTION 5.3.
	 	Obligations Not Affected	 	12

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	 	 	 	 	Page
	SECTION 5.4.
	 	Rights of Holders	 	13
	 
	 	 	 	 
	SECTION 5.5.
	 	Guarantee of Payment	 	14
	 
	 	 	 	 
	SECTION 5.6.
	 	Subrogation	 	14
	 
	 	 	 	 
	SECTION 5.7.
	 	Independent Obligations	 	14
	 
	 	 	 	 
	ARTICLE 6 LIMITATION OF TRANSACTIONS; SUBORDINATION	 	14
	 
	 	 	 	 
	SECTION 6.1.
	 	Limitation of Transactions	 	14
	 
	 	 	 	 
	SECTION 6.2.
	 	Ranking	 	15
	 
	 	 	 	 
	SECTION 6.3.
	 	Subordination of Common Securities	 	15
	 
	 	 	 	 
	ARTICLE 7 TERMINATION	 	15
	 
	 	 	 	 
	SECTION 7.1.
	 	Termination	 	15
	 
	 	 	 	 
	ARTICLE 8 INDEMNIFICATION	 	15
	 
	 	 	 	 
	SECTION 8.1.
	 	Indemnification	 	15
	 
	 	 	 	 
	ARTICLE 9 MISCELLANEOUS	 	16
	 
	 	 	 	 
	SECTION 9.1.
	 	Successors and Assigns	 	16
	 
	 	 	 	 
	SECTION 9.2.
	 	Amendments	 	16
	 
	 	 	 	 
	SECTION 9.3.
	 	Notices	 	16
	 
	 	 	 	 
	SECTION 9.4.
	 	Benefit	 	17
	 
	 	 	 	 
	SECTION 9.5.
	 	Governing Law	 	17

 

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GUARANTEE AGREEMENT

          This GUARANTEE AGREEMENT (the “Guarantee”), dated as of                      ___, 20___, is executed and
delivered by U.S. BANCORP, a Delaware corporation (the “Guarantor”), and DELAWARE TRUST COMPANY,
NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the
United States of America, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as
defined herein) from time to time of the Securities (as defined herein) of USB CAPITAL                      , a
Delaware statutory trust (the “Trust”).

RECITALS

          WHEREAS, pursuant to the Trust Agreement (as defined herein), the Trust may issue up to
$                      aggregate liquidation amount of capital securities, having a liquidation amount of
$ ___ per security and designated the “___% Trust Preferred Securities” of the Trust (the “Capital
Securities”) and up to $                      aggregate liquidation amount of common securities, having a
liquidation amount of $ ___ per security and designated the “___% Common Securities” of the Trust
(the “Common Securities” and, together with the Capital Securities, the “Securities”);

          WHEREAS, as incentive for the Holders to purchase the Securities, the Guarantor desires
irrevocably and unconditionally to agree, to the extent set forth in this Guarantee, to pay to the
Holders of the Securities the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein; and

          WHEREAS, if a Trust Enforcement Event (as defined herein) has occurred and is continuing, the
rights of holders of the Common Securities to receive Guarantee Payments (as defined herein) under
this Guarantee are subordinated to the rights of Holders of Capital Securities to receive Guarantee
Payments under this Guarantee;

          NOW, THEREFORE, in consideration of the purchase by each Holder of Securities, which purchase
the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this
Guarantee for the benefit of the Holders.

ARTICLE 1

INTERPRETATION AND DEFINITIONS

     SECTION 1.1. Interpretation and Definitions. In this Guarantee, unless the context
otherwise requires:

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

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

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

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

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

          (f) a reference to the singular includes the plural and vice versa and a reference to
any masculine form of a term shall include the feminine form of a term, as applicable; and

          (g) the following terms have the following meanings:

          “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities Act of
1933, as amended, or any successor rule thereunder.

          “Business Day” has the meaning specified in the Trust Agreement.

          “Capital Securities” has the meaning specified in the Recitals hereto.

          “Common Securities” has the meaning specified in the Recitals hereto.

          “Common Stock” means the common stock, par value $0.01 per share, of the Guarantor.

          “Corporate Trust Office” means the principal office of the Guarantee Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of
execution of this Guarantee is located at 300 Delaware Avenue, 9th Floor, Wilmington,
Delaware 19801.

          “Debentures” means the series of junior subordinated debentures to be issued by U.S. Bancorp
designated the “___% Junior Subordinated Debentures
due ___ ___, ___”, held by the Property
Trustee as defined in the Trust Agreement.

          “Global Security” means a fully registered, global Capital Security, as defined in the
Indenture, representing the Capital Securities.

          “Guarantee Event of Default” means a default by the Guarantor on any of its payment or other
obligations under this Guarantee.

          “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Securities, to the extent not paid by or on behalf of the Trust: (i) any accumulated
and unpaid Distributions (as defined in the Trust Agreement) that are required to be paid on such
Securities to the extent the Trust has sufficient funds available therefor at the time, (ii) the
redemption price, including all accumulated and unpaid Distributions

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to the date of redemption,
with respect to any Securities called for redemption by the Trust, to
the extent the Trust shall have sufficient funds available therefor at the time or (iii) upon
a voluntary or involuntary dissolution, winding-up or termination of the Trust (other than in
connection with the distribution of Debentures to the Holders in exchange for Securities as
provided in the Trust Agreement), the lesser of (a) the aggregate of the liquidation amount and all
accumulated and unpaid Distributions on the Securities to the date of payment, to the extent the
Trust has sufficient funds available therefor and (b) the amount of assets of the Trust remaining
available for distribution to Holders in liquidation of the Trust (in either case, the “Liquidation
Distribution”).

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

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

          “Indenture”
means the Junior Subordinated Indenture, dated as of ___ ___, 2005, by and
between U.S. Bancorp and Delaware Trust Company, National Association, as Trustee, and any
indenture supplemental thereto pursuant to which the Debentures are to be issued to the Property
Trustee, as defined in the Trust Agreement.

          “List of Holders” has the meaning assigned to it in Section 2.2 hereof.

          “Majority in Liquidation Amount” means, except as provided in the terms of the Capital
Securities or by the Trust Indenture Act, Holder(s) of outstanding Securities, voting together as a
single class, or, as the context may require, Holders of outstanding Capital Securities or Holders
of outstanding Common Securities, voting separately as a class, who are the record owners of more
than 50% of the aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accumulated and unpaid Distributions to the date upon
which the voting percentages are determined) of all outstanding Securities of the relevant class.
In determining whether the Holders of the requisite amount of Securities have voted, Securities
which are owned by the Guarantor or any Affiliate of the Guarantor or any other obligor on the
Securities shall be disregarded for the purpose of any such determination.

          “Officers’ Certificate” means, with respect to any Person, a certificate signed on behalf of
such Person by two Authorized Officers (as defined in the Trust Agreement) of such Person. Any
Officers’ Certificate delivered with respect to compliance with a condition or covenant provided
for in this Guarantee shall include:

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

               (ii) a brief statement of the nature and scope of the examination or
investigation undertaken by each officer on behalf of such Person in rendering the
Officers’ Certificate;

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

               (iv) a statement as to whether, in the opinion of each such officer acting on
behalf of such Person, 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 Price” has the meaning specified in the Trust Agreement.

          “Responsible Officer” means, with respect to the Guarantee Trustee, any officer with direct
responsibility for the administration of this Guarantee and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of
that officer’s knowledge of and familiarity with the particular subject.

          “Securities” has the meaning specified in the Recitals hereto.

          “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 4.1.

          “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the date hereof,
as amended, modified or supplemented from time to time, among the trustees of the Trust named
therein, the Guarantor, as sponsor, and the Holders, from time to time, of undivided beneficial
ownership interests in the assets of the Trust.

          “Trust Enforcement Event” in respect of the Securities means an Indenture Event of Default (as
defined in the Indenture) has occurred and is continuing in respect of the Debentures.

          “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or
any successor legislation.

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ARTICLE 2

TRUST INDENTURE ACT

     SECTION 2.1. Trust Indenture Act; Application

(a) This Guarantee is subject to the provisions of the Trust Indenture Act that are
required to be part of this Guarantee and shall, to the extent applicable, be governed by such
provisions.

          (b) If and to the extent that any provision of this Guarantee limits, qualifies or conflicts
with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

     SECTION 2.2. Lists of Holders of Securities. (a) The Guarantor shall provide the
Guarantee Trustee (i) except while the Capital Securities are represented by one or more Global
Securities, at least two Business Days prior to the date for payment of Distributions, a list, in
such form as the Guarantee Trustee may reasonably require, of the names and addresses of the
Holders of the Securities (“List of Holders”) as of the record date relating to the payment of such
Distributions, and (ii) at any other time, within 30 days of receipt by the Guarantor of a written
request from the Guarantee Trustee for a List of Holders as of a date no more than 15 days before
such List of Holders is given to the Guarantee Trustee; provided that the Guarantor shall not be
obligated to provide such List of Holders at any time the List of Holders does not differ from the
most recent List of Holders given to the Guarantee Trustee by the Guarantor. The Guarantee Trustee
shall preserve, in as current a form as is reasonably practicable, all information contained in
Lists of Holders given to it, provided that the Guarantee Trustee may destroy any List of Holders
previously given to it on receipt of a new List of Holders.

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

     SECTION
2.3. Reports by Guarantee Trustee. Within 60 days after ___ ___of each
year (commencing with the year of the first anniversary of the issuance of the Securities), the
Guarantee Trustee shall provide to the Holders of the Securities such reports as are required by
Section 313 of the Trust Indenture Act (if any) in the form and in the manner provided by Section
313 of 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 Guarantee Trustee. The Guarantor shall provide to
the Guarantee Trustee such documents, reports and information as required by Section 314(a) (if
any) of the Trust Indenture Act and the compliance certificate required by Section 314(a) of the
Trust Indenture Act in the form, in the manner and at the times required by Section 314(a) of the
Trust Indenture Act, but in no event later than 120 days after the end of each calendar year.

     SECTION 2.5. Evidence of Compliance with Conditions Precedent. The Guarantor shall
provide to the Guarantee Trustee such evidence of compliance with any conditions precedent, if any,
provided for in this Guarantee that relate to
any of the matters set forth in

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

     SECTION 2.7. Guarantee Event of Default; Notice. (a) The Guarantee Trustee shall,
within 90 days after the occurrence of a Guarantee Event of Default actually known to a Responsible
Officer of the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders of
the Securities, notices of all such Guarantee Events of Default, unless such defaults have been
cured before the giving of such notice; provided, that the Guarantee Trustee shall be protected in
withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good
faith determines that the withholding of such notice is in the interests of the Holders of the
Securities.

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

     SECTION 2.8. Conflicting Interests. The Trust Agreement shall be deemed to be
specifically described in this Guarantee for the purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

     SECTION 2.9. Disclosure of Information. The disclosure of information as to the names
and addresses of the Holders of the Securities in accordance with Section 312 of the Trust
Indenture Act, regardless of the source from which such information was derived, shall not be
deemed to be a violation of any existing law, or any law hereafter enacted which does not
specifically refer to Section 312 of the Trust Indenture Act, nor shall the Guarantee Trustee be
held accountable by reason of mailing any material pursuant to a request made under Section 312(b)
of the Trust Indenture Act.

     SECTION 2.10. Guarantee Trustee May File Proofs of Claim. Upon the occurrence of a
Guarantee Event of Default, the Guarantee Trustee is hereby authorized to (a) recover judgment, in
its own name and as trustee of an express trust,
against the Guarantor for the whole amount of any Guarantee Payments remaining unpaid and (b)
file such proofs of claim and other papers or documents as may be necessary or advisable in order
to have its claims and those of the Holders of the Securities allowed in any judicial proceedings
relative to the Guarantor, its creditors or its property.

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ARTICLE 3

POWERS, DUTIES AND RIGHTS OF

GUARANTEE TRUSTEE

     SECTION 3.1. Powers and Duties of Guarantee Trustee.

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

          (b) If a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee
Trustee has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee for the
benefit of the Holders of the Securities.

          (c) The Guarantee Trustee, before the occurrence of any Guarantee Event of Default and after
the curing of all Guarantee Events of Default that may have occurred, shall undertake to perform
only such duties as are specifically set forth in this Guarantee, and no implied covenants shall be
read into this Guarantee against the Guarantee Trustee. In case a Guarantee Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6) and is actually known to a
Responsible Officer of the Guarantee Trustee, the Guarantee Trustee shall exercise such of the
rights and powers vested in it by this Guarantee, 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 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 Guarantee Event of Default and after the
curing or waiving of all such Guarantee 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, 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, and no implied
covenants or obligations shall be read into this Guarantee
against the Guarantee Trustee; and

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	 	(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; but in the
case of any such certificates or opinions that by any provision
hereof are specifically 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;

               (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 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; and

               (iv) no provision of this Guarantee 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,
if the Guarantee Trustee shall have reasonable grounds for believing that the
repayment of such funds or liability is not reasonably assured to it under the terms
of this Guarantee or if the Guarantee Trustee shall have reasonable grounds for
believing that an indemnity, reasonably satisfactory to the Guarantee Trustee,
against such risk or liability is not reasonably assured to it under the terms of
this Guarantee.

     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
believed by it to be genuine and to have been signed, sent or presented by the
proper party or parties;

               (ii) Any direction or act of the Guarantor contemplated by this Guarantee shall
be sufficiently evidenced by an Officers’ Certificate;

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               (iii) Whenever, in the administration of this Guarantee, the Guarantee Trustee
shall deem it desirable that a matter be proved or established before taking,
suffering or omitting 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, shall be promptly delivered by the Guarantor;

               (iv) The Guarantee Trustee shall have no duty to see to any recording, filing
or registration or any instrument (or any rerecording, refiling or re-registration
thereof);

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

               (vi) The Guarantee Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Guarantee at the request or direction of any
Holder, unless such Holder shall have provided to the Guarantee Trustee such
security and indemnity, reasonably satisfactory to the Guarantee Trustee, against
the costs, expenses (including attorneys’ fees and expenses and the expenses of the
Guarantee Trustee’s agents, nominees or custodians) 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)(vi) shall be taken to relieve the Guarantee
Trustee, upon the occurrence of a Guarantee Event of Default, of its obligation to
exercise the rights and powers vested in it by this Guarantee;

               (vii) 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;

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

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               (ix) Any action taken by the Guarantee Trustee or its agents hereunder shall
bind the Holders, and the signature of the Guarantee Trustee or its agents alone
shall be sufficient and effective to perform any such action. No third party shall
be required to inquire as to the authority of the Guarantee Trustee to so act or as
to its compliance with any of the terms and provisions of this Guarantee, both of
which shall be conclusively evidenced by the Guarantee Trustee’s or its agent’s
taking such action; and

               (x) Whenever in the administration of this Guarantee, the Guarantee Trustee
shall deem it desirable to receive instructions with respect to enforcing any remedy
or right or taking any other action hereunder, the Guarantee Trustee (i) may request
written instructions from the Holders of a Majority in Liquidation Amount of the
Securities, (ii) may refrain from enforcing such remedy or right or taking such
other action until such written instructions are received and (iii) shall be
protected in conclusively relying on or acting in accordance with such written
instructions.

     (b) No provision of this Guarantee 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 to act 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.

ARTICLE 4

GUARANTEE TRUSTEE

     SECTION 4.1. Guarantee Trustee; Eligibility.

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

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

               (ii) be a corporation organized and doing business under the laws of the United
States of America or any state or territory thereof or of the District of Columbia,
or a corporation or other Person permitted by the Securities and Exchange Commission
to act as an institutional trustee under the Trust Indenture Act, authorized under
such laws to exercise corporate trust powers, having a combined capital and surplus
of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or
examination by federal, state, territorial or District of Columbia authority. If
such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the supervising or
examining authority referred to above, then, for the purposes of this Section
4.1(a)(ii), the combined capital and surplus of such corporation shall be deemed to
be its

- 10 -

 

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).

          (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 Guarantee Trustee.

          (a) Subject to Section 4.2(b), unless a Guarantee Event of Default shall have occurred and be
continuing, the Guarantee Trustee may be appointed or removed with or without cause at any time by
the Guarantor.

          (b) The Guarantee Trustee shall not be removed in accordance with Section 4.2(a) until a
Successor Guarantee Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor.

          (c) The Guarantee Trustee appointed to office shall hold such office until a Successor
Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee
Trustee may resign from office (without need for prior or subsequent accounting) by an instrument
in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation
shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such
appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to
the Guarantor and the resigning Guarantee Trustee.

          (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as
provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of
removal or resignation, the removed or resigning Guarantee Trustee may petition any court of
competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee
Trustee.

          (e) No Guarantee Trustee shall be liable for the acts or omissions to act of any Successor
Guarantee Trustee.

          (f) Upon termination of this Guarantee or removal or resignation of the Guarantee Trustee
pursuant to this Section 4.2, the Guarantor shall pay to the Guarantee Trustee all amounts owing
for fees and reimbursement of expenses which have accrued to the date of such termination, removal
or resignation.

- 11 -

 

ARTICLE 5

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 the Trust), as and when due,
regardless of any defense, right of set-off or counterclaim that the Trust may have or assert. 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 Trust to pay such amounts to the
Holders. Notwithstanding anything to the contrary herein, the Guarantor retains all of its rights
under the Indenture to extend the interest payment period on the Debentures pursuant to Section
3.11 thereof and the Guarantor shall not be obligated hereunder to make any Guarantee Payments
during any Extension Period (as defined in the certificate evidencing the Debentures) with respect
to the Distributions (as defined in the Trust Agreement) on the Securities.

     SECTION 5.2. Waiver of Notice and Demand.

          The Guarantor hereby waives notice of acceptance of this Guarantee and of any liability to
which it applies or may apply, presentment, demand for payment, any right to require a proceeding
first against the 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 shall
be absolute and unconditional and shall remain in full force and effect until the entire
liquidation amount of all outstanding Securities shall have been paid and such obligation shall in
no way be affected or impaired by reason of the happening from time to time of any event, including
without limitation, the following, whether or not with notice to, or the consent of, the Guarantor:

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

          (b) The extension of time for the payment by the Trust of all or any portion of the
Distributions, Redemption Price, Liquidation Distribution or any other sums payable under
the terms of the Securities or the extension of time for the performance of any other
obligation under, arising out of, or in connection with the Securities (other than an
extension of time for payment of Distributions, Redemption Price, Liquidation Distribution
or other sum payable that results from the extension of any interest payment period on the
Debentures);

- 12 -

 

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

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

          (e) Any invalidity of, or defect or deficiency in, the 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, 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 Guarantee Trustee or the Holders to give notice to, or
obtain consent of the Guarantor or any other Person with respect to the happening of any of the
foregoing.

          No setoff, counterclaim, reduction or diminution of any obligation, or any defense of any kind
or nature that the Guarantor has or may have against any Holder shall be available hereunder to the
Guarantor against such Holder to reduce the payments to it under this Guarantee.

     SECTION 5.4. Rights of Holders.

          (a) The Holders of at least a Majority in Liquidation Amount of the 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 or to direct the exercise of any trust or power
conferred upon the Guarantee Trustee under this Guarantee.

          (b) If the Guarantee Trustee fails to enforce this Guarantee, then any Holder of Securities
may, subject to the subordination provisions of Section 6.2, institute a legal proceeding directly
against the Guarantor to enforce the Guarantee Trustee’s rights under this Guarantee without first
instituting a legal proceeding against the Trust, the Guarantee Trustee or any other person or
entity. In addition, if the Guarantor has failed to make a Guarantee Payment, a Holder of
Securities may, subject to the subordination provisions of Section 6.2, directly institute a
proceeding against the Guarantor for enforcement of the Guarantee for such payment to the Holder of
the Securities of the principal of or interest on the Debentures on or after the respective due
dates specified in the Debentures, and the amount of the payment will be based on the Holder’s pro
rata share of the amount due and owing on all of the Securities. The Guarantor

- 13 -

 

hereby waives any right or remedy to require that any action on this Guarantee be brought
first against the Trust or any other person or entity before proceeding directly against the
Guarantor.

     SECTION 5.5. Guarantee of Payment.

          This Guarantee creates a guarantee of payment and not of collection.

     SECTION 5.6. Subrogation.

          The Guarantor shall be subrogated to all (if any) rights of the Holders of Securities against
the Trust in respect of any amounts paid to such Holders by the Guarantor under this Guarantee;
provided, however, that the Guarantor shall not (except to the extent required by mandatory
provisions of law) be entitled to enforce or exercise any right that 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, if at the time of any such payment, any amounts are due and unpaid under this
Guarantee. 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 Guarantee Trustee for the benefit of the Holders.

     SECTION 5.7. Independent Obligations.

          The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Trust with respect to the 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
notwithstanding the occurrence of any event referred to in subsections 5.3(a) through 5.3(g),
inclusive, hereof.

ARTICLE 6

LIMITATION OF TRANSACTIONS; SUBORDINATION

     SECTION 6.1. Limitation of Transactions.

          So long as any Securities remain outstanding, if (i) there shall have occurred an event of
default under the Indenture with respect to the Debentures, (ii) there shall be a Guarantee Event
of Default or (iii) the Guarantor shall have given notice of its election of an Extension Period as
provided in the certificate evidencing the Debentures and shall not have rescinded such notice, or
such Extension Period or any extension thereof shall be continuing, then the Guarantor shall not,
and shall not permit any subsidiary of the Guarantor, to (x) declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any
of the Guarantor’s capital stock or (y) make any payment of principal, interest or premium, if any,
on or repay, repurchase or redeem any debt securities of the Guarantor that rank pari passu with or
junior in interest to the Debentures or make any guarantee payments with respect to any guarantee
by the Guarantor of the debt securities of any subsidiary of the Guarantor if such guarantee ranks
pari passu with or junior in interest to the Debentures (other than (a) dividends or distributions
in Common Stock of the Guarantor, (b) any declaration of a dividend in connection with the
implementation of a rights plan or the issuance

- 14 -

 

of stock under any such plan or the redemption or
repurchase of any such rights pursuant thereto,
(c) payments under this Guarantee and (d) purchases of Common Stock related to the issuance of
Common Stock or rights under any of the Company’s benefits plans for its directors, officers or
employees).

     SECTION 6.2. Ranking.

          This Guarantee will constitute an unsecured obligation of the Guarantor and will rank
subordinate and junior in right of payment to all Senior and Subordinated Debt (as defined in the
Indenture) of the Guarantor in the same manner and to the same extent as set forth in Article XIII
of the Indenture.

     SECTION 6.3. Subordination of Common Securities.

          If a Trust Enforcement Event has occurred and is continuing under the Trust Agreement, the
rights of the holders of the Common Securities to receive Guarantee Payments hereunder shall be
subordinated to the rights of the Holders of the Capital Securities to receive Guarantee Payments
under this Guarantee.

ARTICLE 7

TERMINATION

     SECTION 7.1. Termination.

          This Guarantee shall terminate upon (i) full payment of the Redemption Price of all
Securities, (ii) distribution of the Debentures to the Holders of all the Securities or (iii) full
payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the
Trust. Notwithstanding the foregoing, this Guarantee will continue to be effective or will be
reinstated, as the case may be, if at any time any Holder of Securities must restore payment of any
sums paid under the Securities or under this Guarantee.

ARTICLE 8

INDEMNIFICATION

     SECTION 8.1. Indemnification.

          The Guarantor agrees to indemnify each Indemnified Person for, and to hold each Indemnified
Person harmless against any loss, liability or expense incurred without negligence or bad faith on
its part, arising out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the reasonable costs and expenses of defending itself against, or
investigating, any claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder. The provisions of this Section 8.1 shall survive the termination of
this Guarantee or the resignation or removal of the Guarantee Trustee.

- 15 -

 

ARTICLE 9

MISCELLANEOUS

     SECTION 9.1. Successors and Assigns.

          All guarantees and agreements contained in this Guarantee shall bind the successors, assigns,
receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the
Holders of the 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 successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder,
the Guarantor shall not assign its obligations hereunder.

     SECTION 9.2. 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 may not be
amended without the prior approval of the Holders of at least a Majority in Liquidation Amount of
the Securities. The provisions of Section 11.2 of the Trust Agreement with respect to meetings of,
and action by written consent of, the Holders of the Securities apply to the giving of such
approval.

     SECTION 9.3. Notices.

          All notices provided for in this Guarantee shall be in writing, duly signed by the party
giving such notice, and shall be delivered by hand, telecopied or mailed by registered or certified
mail, as follows:

          (a) If given to the Guarantee Trustee, at the Guarantee Trustee’s mailing address set
forth below (or such other address as the Guarantee Trustee may give notice of to the
Guarantor and the Holders of the Securities):

Delaware Trust Company, National Association

300 Delaware Avenue

Wilmington, Delaware 19801

Facsimile No.: (   )   -

Attention:                                         

          (b) If given to the Guarantor, at the Guarantor’s mailing addresses set forth below (or
such other address as the Guarantor may give notice of to the Guarantee Trustee and the
Holders of the Securities):

- 16 -

 

U.S. Bancorp

800 Nicollet Mall

Minneapolis, Minnesota 55402

Facsimile No.: (  )   -

Attention:                                         

          (c) If given to any Holder of Securities, at the address set forth on the books and
records of the Trust.

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

     SECTION 9.4. Benefit.

          This Guarantee is solely for the benefit of the Holders of the Securities and, subject to
Section 3.1(a), is not separately transferable from the Securities.

     SECTION 9.5. Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

          IN WITNESS WHEREOF, this Guarantee is executed as of the day and year first above written.

	 	 	 	 	 
	 	 	U.S. BANCORP,
	 	 	as Guarantor
	 
	 	 	 	 
	

	 	By:	 	 
	 	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

	 	 	 	 	 
	 	 	DELAWARE TRUST COMPANY, NATIONAL ASSOCIATION
	 	 	as Guarantee Trustee
	 
	 	 	 	 
	

	 	By:	 	 
	 	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

- 17 -exv4w15

 

EXHIBIT 4.15

Form of Equity Securities Warrant Agreement

     EQUITY SECURITIES WARRANT AGREEMENT dated as of                      , ___, between U.S. Bancorp, a
Delaware corporation (hereinafter called the “Company”), and                                          having a corporate trust office in
                     as warrant agent (hereinafter called the “Warrant Agent”).

     WHEREAS, the Company proposes to issue [Class ] Purchase Warrants (hereinafter called the
“Warrants”) entitling the holders thereof to purchase an aggregate of ___shares of [title of
equity securities] (hereinafter called the “Shares”)
at an initial cash purchase price of $ ___  per
Share at any time [after                      and] prior to 5:00 p.m., New York City time,                                         on ,                     , (hereinafter
called the “expiration date”) (unless extended as provided in §9A hereof); and

[IF WARRANTS ARE ATTACHED TO OTHER SECURITIES, INSERT —

     WHEREAS, the Warrants will be offered in Units, each of which consists of ___and Warrants
to purchase ___Shares; and]

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance, registration, transfer,
exchange and exercise of Warrants to be issued from time to time by the Company;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereto agree as follows:

     §1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to
act as agent for the Company in accordance with the instructions hereinafter in this Agreement set
forth, and the Warrant Agent hereby accepts such appointment.

     §2. Form of Warrant. The text of the Warrants and the form of election to purchase
Shares to be set forth on the reverse thereof shall be substantially as set forth in Exhibit A
attached hereto. Each Warrant shall, subject to the terms of this Warrant Agreement, entitle the
registered holder thereof to initially purchase the number of Shares specified therein at an
initial exercise price of $ ___ per Share[; provided, however, that the warrant exercise price and the
number of Shares issuable upon exercise of Warrants are subject to adjustment upon the occurrence
of certain events, all as hereinafter provided]. The Warrants shall be executed on behalf of the
Company by the manual or facsimile signature of the present or any future Chairman of the Board,
President or Vice President of the Company, under its seal, affixed or in facsimile, and by the
manual or facsimile signature of the present or any future Secretary or Assistant Secretary of the
Company.

 

 

     The Company shall promptly notify the Warrant Agent from time to time in writing of the number
of Warrants to be issued and furnish written instructions in connection therewith signed by an
executive officer of the Company; such notification and instructions may, but need not be, in the
form of a general or continuing authorization to the Warrant Agent.

     The Warrants shall be dated by the Warrant Agent as of the date of each initial issuance, and
as of the date of issuance thereof upon any transfer or exchange thereof.

     §3. Countersignature and Registration. The Warrant Agent shall maintain books for the
transfer and registration of the Warrants. Upon the initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the respective registered holders
thereof. The Warrants shall be countersigned by the Warrant Agent (or by any successor to the
Warrant Agent then acting as warrant agent under this Agreement) and shall not be valid for any
purpose unless so countersigned. Such Warrants may be so countersigned, however, by the Warrant
Agent (or by its successor as warrant agent) and be delivered by the Warrant Agent, notwithstanding
that the persons whose manual or facsimile signatures appear thereon as proper officers of the
Company shall have ceased to be such officers at the time of such countersignature or delivery.

     Upon issuance of any Warrant, the Company will present the same, or cause the same to be
presented, to the Warrant Agent for countersignature of such Warrant.

     §4. Transfers and Exchanges. The Warrant Agent shall transfer, from time to time, any
outstanding Warrants upon the books to be maintained by the Warrant Agent for that purpose, upon
the surrender thereof for transfer properly endorsed or accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant of like tenor shall be issued to the transferee
and the surrendered Warrant shall be cancelled by the Warrant Agent. All such Warrants so
cancelled shall be delivered by the Warrant Agent to the Company from time to time. The Warrants
may be exchanged at the option of the holder thereof, when surrendered at the office in                    
of the Warrant Agent, for another Warrant, or other Warrants of different
denominations, of like tenor and representing in the aggregate the right to purchase a like number
of Shares. The Warrant Agent is hereby irrevocably authorized to countersign and deliver, in
accordance with the provisions of this Section and §3 of this Agreement, such new Warrants required
pursuant to the provisions of this Section, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such
purpose.

[IF THE WARRANTS ARE ATTACHED TO OTHER SECURITIES, INSERT --

     Notwithstanding the foregoing, until
                    , the Warrants shall not be transferable apart from the                     
to which they are attached, any transfer of the                      shall be deemed a transfer of the Warrants attached
thereto, and any attempt to transfer the Warrants apart from the                      shall be void and of no
effect. Each Warrant shall contain a legend to the foregoing effect.]

- 2 -

 

     §5. Exercise of Warrants. The registered holder of each Warrant shall have the right,
which may be exercised as in such Warrant expressed, to purchase from the Company (and the Company
shall issue and sell to such registered holder) the number of Shares specified in such Warrants,
upon surrender to the Company, at the office in                      of the Warrant Agent of such Warrant,
with the form of election to purchase on the reverse thereof duly filled in and signed, and upon
payment to the Warrant Agent for the account of the Company of the warrant exercise price,
determined in accordance with the provisions of §9 of this Agreement, for the number of Shares in
respect of which such Warrant is then exercised. Payment of such warrant exercise price may be
made in cash, or by certified check or bank draft or postal or express money order, payable in
United States dollars, to the order of the Warrant Agent. No adjustment shall be made for any
dividends on any Shares issuable upon exercise of any Warrant.

     Subject to §6, upon such surrender of Warrants, and payment of the warrant exercise price as
aforesaid, the Company shall issue and cause to be delivered with all reasonable dispatch to or
upon the written order of the registered holder of such Warrants, and in such name or names as such
registered holder may designate, a certificate or certificates for the number of full Shares so
purchased upon the exercise of such Warrants, together with cash, as provided in §9 of this
Agreement, in respect of any fraction of a Share otherwise issuable upon such surrender. Such
certificate or certificates shall be deemed to have been issued and any person so designated to be
named therein shall be deemed to have become a holder of record of such Shares as of the date of
the surrender of such Warrants and payment of the warrant exercise price as aforesaid; provided,
however, that if, at the date of surrender of such Warrants and payment of such warrant exercise
price, the transfer books for the Shares purchasable upon the exercise of such Warrants shall be
closed, no such surrender of such Warrants and no such payment of such warrant exercise price shall
be effective to constitute the person so designated to be named therein as the holder of record of
such Shares on such date, but shall be effective to constitute such person as the holder of record
of such Shares for all purposes at the opening of business on the next succeeding day on which the
transfer books for the Shares purchasable upon the exercise of such Warrants shall be opened, and
the certificates for the Shares in respect of which such Warrants are then exercised shall be
issuable as of the date on which such books shall next be opened, and until such date the Company
shall be under no duty to deliver any certificate for such Shares. The rights of purchase
represented by the Warrants shall be exercisable, at the election of the registered holders
thereof, either as an entirety or from time to time for part only of the Shares specified therein
and, in the event that any Warrant is exercised in respect of less than all of the Shares specified
therein at any time prior to the date of expiration of the Warrants, a new Warrant or Warrants of
like tenor will be issued for the remaining number of Shares specified in the Warrant so
surrendered, and the Warrant Agent is hereby irrevocably authorized to countersign and to deliver
the required new Warrants pursuant to the provisions of this Section and of §3 of this Agreement,
and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with
Warrants duly executed on behalf of the Company for such purpose.

     §6. Payment of Taxes. The Company will pay any documentary stamp taxes attributable
to the initial issuance of Shares issuable upon the exercise of Warrants; provided, however, that
the Company shall not be required to pay any tax or taxes which may be payable in respect of any
transfer involved in the issue or delivery of any certificates for Shares in a name

- 3 -

 

other than that of the registered holder of Warrants in respect of which such Shares are issued and
the Company shall not be required to issue and deliver the certificates for such Shares unless and
until the holder has paid to the Company the amount of any tax which may be payable in respect of
any transfer involved in such issuance or shall establish to the satisfaction of the Company that
such tax has been paid.

     §7. Mutilated or Missing Warrants. In case any of the Warrants shall be mutilated,
lost, stolen or destroyed, the Company will issue and the Warrant Agent will countersign and
deliver in exchange and substitution for and upon cancellation of the mutilated Warrant, or in lieu
of and substitution for the Warrant lost, stolen or destroyed, a new Warrant of like tenor and
representing an equivalent right or interest, but only upon receipt of evidence satisfactory to the
Company and the Warrant Agent of such loss, theft or destruction of such Warrants and indemnity, if
requested, also satisfactory to them. Applicants for such substitute Warrants shall also comply
with such other reasonable regulations and pay such other reasonable charges as the Company or the
Warrant Agent may prescribe. Any such new Warrant shall constitute an original contractual
obligation of the Company whether or not the allegedly lost, stolen, mutilated or destroyed Warrant
shall be at any time enforceable by anyone.

     §8. Reservation of Shares, etc. Prior to the issuance of any Warrants there shall
have been reserved, and the Company shall at all times through the expiration date keep reserved,
out of its authorized and unissued [title of equity securities], a number of Shares sufficient to
provide for the exercise of the rights of purchase represented by the Warrants, and the Transfer
Agent for the Shares and every subsequent Transfer Agent for the Shares issuable upon the exercise
of any of the rights of purchase aforesaid are hereby irrevocably authorized and directed at all
times to reserve such number of authorized and unissued Shares as shall be requisite for such
purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent for the
Shares and with every subsequent Transfer Agent for the Shares issuable upon the exercise of the
rights of purchase represented by the Warrants. The Warrant Agent is hereby irrevocably authorized
to requisition from time to time from such Transfer Agent certificates required to honor
outstanding Warrants that have been exercised.

     The Company will supply such Transfer Agent with duly executed certificates for such purpose
and will itself provide or otherwise make available any cash which may be issuable as provided in
§9 of this Agreement. All Warrants surrendered in the exercise of the rights thereby evidenced or
surrendered for transfer, exchange or partial exercise shall be cancelled by the Warrant Agent and
shall thereafter be delivered to the Company.

     §9. Warrant Price[; Adjustments].

     A. The warrant price per share at which Shares shall be purchasable upon exercise of Warrants
(herein called the “warrant exercise price”) to and including the expiration date (unless the
expiration date is extended as provided below in this §9A) shall be $                      per share[, or, if adjusted
as provided in this Section, shall be such price as so adjusted]. The Warrants will not be
exercisable prior to [the close of business on the date of any initial issuance thereof] [                     ] and
will expire at 5:00 p.m., New York City time, on the expiration date; provided that the Company
reserves the right to, and may, in its sole discretion, at any time and from time to

- 4 -

 

time, at such time or times as the Company so determines, extend the expiration date of the
Warrants for such periods of time as it chooses; further provided that in no case may the
expiration date of the Warrants (as extended) be extended beyond five years from the expiration
date set forth above. Whenever the expiration date of the Warrants is so extended, the Company
shall at least 20 days prior to the then expiration date cause to be mailed to the Warrant Agent
and the registered holders of the Warrants in accordance with the provisions of §17 hereof a notice
stating that the expiration date has been extended and setting forth the new expiration date.

     [IF SHARES ARE COMMON STOCK, INSERT —

     B. The above provision is, however, subject to the following:

          (1) The warrant purchase price, the number of Shares purchasable upon exercise of each
Warrant and the number of Warrants outstanding shall be subject to adjustment as follows:

               (a) In case the Company shall at any time after the date of this Agreement (i)
pay a dividend, or make a distribution, on the Common Stock which is payable in
shares of its capital stock (whether shares of Common Stock or of capital stock of
any other class), (ii) subdivide or reclassify its outstanding shares of Common
Stock into a greater number of securities (including shares of Common Stock), or
(iii) combine or reclassify its outstanding shares of Common Stock into a smaller
number of shares (including shares of Common Stock), the number of shares
purchasable upon exercise of each Warrant immediately prior to the occurrence of
such event shall be adjusted so that the holder of each Warrant shall be entitled to
receive upon payment of the warrant purchase price the aggregate number of shares of
the Company which, if such Warrant had been exercised immediately prior to the
occurrence of such event, such holder would have owned or have been entitled to
receive immediately after the occurrence of such event. An adjustment made pursuant
to this subparagraph (a) shall become effective immediately after the record date in
the case of a dividend and shall become effective immediately after the effective
date in the case of a subdivision or combination. If, as a result of an adjustment
made pursuant to this subparagraph (a), the holder of any Warrant thereafter
exercised shall become entitled to receive shares of two or more classes of capital
stock of the Company, the Board of Directors of the Company (whose determination
shall be conclusive) shall determine the allocation between or among shares of such
classes of capital stock.

               In the event that at any time, as a result of an adjustment made pursuant to
this subparagraph (a), the holder of any Warrant thereafter exercised shall become
entitled to receive any shares or other securities of the Company other than shares
of Common Stock, thereafter the number of such other shares so received upon
exercise of any Warrant shall be subject to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions with

- 5 -

 

respect to the shares of Common Stock contained in this paragraph, and other
provisions of this paragraph 9B(1) with respect to the shares of Common Stock shall
apply on like terms to any such other shares or other securities.

               [(b) In case the Company shall fix a record date for the issuance of rights or
warrants to all holders of its Common Stock entitling them (for a period expiring
within 45 days after such record date) to subscribe for or purchase Common Stock at
a price per share less than the current market price per share of Common Stock (as
defined in subparagraph (e) below) at such record date, the warrant purchase price
shall be determined by multiplying the warrant purchase price in effect immediately
prior to such record date by a fraction, the numerator of which shall be the number
of Shares of Common Stock outstanding on such record date plus the number of Shares
of Common Stock which the aggregate offering price of the total number of Shares so
offered would purchase at such current market price, and the denominator of which
shall be the number of Shares of Common Stock outstanding on such record date plus
the number of additional Shares of Common Stock offered for subscription or
purchase. Such adjustment shall be made successively whenever such a record date is
fixed, and shall become effective immediately after such record date. In
determining whether any rights or warrants entitle the holders to subscribe for or
purchase Shares of Common Stock at less than such current market price, and in
determining the aggregate offering price of such shares, there shall be taken into
account any consideration received by the Company for such rights or warrants, the
value of such consideration, if other than cash, to be determined by the Board of
Directors of the Company. Common Stock owned by or held for the account of the
Company or any majority owned subsidiary shall not be deemed outstanding for the
purpose of any adjustment required under this subparagraph (b).]

               [(c) In case the Company shall fix a record date for making a distribution to
all holders of its Common Stock of evidences of its indebtedness or assets
(excluding regular quarterly or other periodic or recurring cash dividends or
distributions and cash dividends or distributions paid from retained earnings or
referred to in subparagraph (a) above) or rights or warrants to subscribe or
warrants to purchase (excluding those referred to in subparagraph (b) above), then
in each such case the warrant purchase price shall be determined by multiplying the
warrant purchase price in effect immediately prior to such record date by a fraction
(x) the numerator of which shall be such current market price (as defined in
subparagraph (e) below) per Share of Common Stock on such record date, less the then
fair market value (as determined in good faith by the Board of Directors, whose
determination shall be conclusive) of the portion of the assets or evidences of
indebtedness so distributed or of such subscription rights or warrants applicable to
one share of the Common Stock and (y) the denominator of which shall be the current
market price per share of the Common Stock on such record date. Such adjustment
shall be made successively whenever such a record date is fixed and shall become
effective immediately after such record date. Notwithstanding the foregoing, in the
event that the Company shall distribute any rights or warrants to

- 6 -

 

acquire capital stock (“Rights”) pursuant to this subparagraph (c), the
distribution of separate certificates representing such Rights subsequent to their
initial distribution (whether or not such distribution shall have occurred prior to
the date of the issuance of such Warrants) shall be deemed to be the distribution of
such Rights for purposes of this subparagraph (c), provided that the Company may, in
lieu of making any adjustment pursuant to this subparagraph (c) upon a distribution
of separate certificates representing such Rights, make proper provision so that
each holder of such Warrants who exercises such Warrants (or any portion thereof)
(A) before the record date for such distribution of separate certificates shall be
entitled to receive upon such exercise shares of Common Stock issued with Rights and
(B) after such record date and prior to the expiration, redemption or termination of
such Rights shall be entitled to receive upon such exercise, in addition to the
shares of Common Stock issuable upon such exercise, the same number of such Rights
as would a holder of the number of shares of Common Stock that such Warrants so
exercised would have entitled the holder thereof to purchase in accordance with the
terms and provisions of and applicable to the Rights if such Warrants were exercised
immediately prior to the record date for such distribution. Common Stock owned by
or held for the account of the Company or any majority owned subsidiary shall not be
deemed outstanding for the purpose of any adjustment required under this
subparagraph (c).]

               (d) After each adjustment of the number of shares purchasable upon exercise of
each Warrant pursuant to subparagraph 9B(1)(a), the warrant exercise price shall be
adjusted by multiplying such warrant exercise price immediately prior to such
adjustment by a fraction of which the numerator shall be the number of Shares
purchasable upon exercise of each Warrant immediately prior to such adjustment, and
the denominator of which shall be the number of Shares so purchasable immediately
thereafter. [After each adjustment of the warrant exercise price pursuant to
subparagraph 9B(1)(b) or (c), the total number of Shares or fractional part thereof
purchasable upon the exercise of each Warrant shall be proportionately adjusted to
such number of shares or fractional parts thereof as the aggregate warrant exercise
price of the number of shares or fractional part thereof purchasable immediately
prior to such adjustment will buy at the adjusted warrant exercise price.]

               [(e) For the purpose of any computation under subparagraphs 9B(1)(b) and (c)
above, the current market price per Share of Common Stock at any date shall be
deemed to be the average of the daily closing prices for the 30 consecutive business
days commencing 45 business days before the day in question. The closing price for
each day shall be (i) if the Common Stock is listed or admitted for trading on the
New York Stock Exchange, the last sale price (regular way), or the average of the
closing bid and ask prices (regular way), if no sale occurred, of Common Stock, in
either case as reported on the New York Stock Exchange Composite Tape or, if the
Common Stock is not listed or admitted to trading on the New York Stock Exchange, on
the principal national

- 7 -

 

securities exchange on which the Common Stock is listed or admitted to trading
or, if not listed or admitted to trading on any national securities exchange, on the
Nasdaq National Market of the National Association of Securities Dealers, Inc.
Automated Quotations System (“NASDAQ”) or, (ii) if not listed or quoted as described
in (i), the mean between the closing high bid and low asked quotations of Common
Stock reported by NASDAQ, or any similar system for automated dissemination of
quotations of securities prices then in common use, if so quoted, or (iii) if not
quoted as described in clause (ii), the mean between the high bid and low asked
quotations for Common Stock as reported by the National Quotation Bureau
Incorporated if at least two securities dealers have inserted both bid and asked
quotations for Common Stock on at least 5 of the 10 preceding days. If none of the
conditions set forth above is met, the closing price of Common Stock on any day or
the average of such closing prices for any period shall be the fair market value of
Common Stock as determined by a member firm of the New York Stock Exchange selected
by the Company.]

(f) (A) Nothing contained herein shall be construed to require an adjustment
as a result of the issuance of Common Stock pursuant to, or the granting or
exercise of any rights under, the Company’s [List employee and shareholder
plans, if any, that might otherwise result in adjustments].

                         (B) In addition, no adjustment in the warrant exercise price shall be
required unless and until the earlier of the following shall have occurred:
(x) such adjustment would require an increase or decrease of at least 1% in
the warrant exercise price or (y) a period of 3 years shall have elapsed
from the date of the occurrence of any event requiring any such adjustment
pursuant to subparagraphs 9B(1)(a), (b) or (c) above. All adjustments shall
be made to the nearest one hundredth of a Share and the nearest cent, and
any adjustments which by reason of this subparagraph (f) are not required to
be made shall be carried forward cumulatively and taken into account in any
subsequent adjustment which (including such carry-forward) is required to be
made under this subparagraph (f).

               (g) In any case in which this subparagraph 9B(1) shall require that an
adjustment be made retroactively immediately following a record date, the Company
may elect to defer (but only until five business days following the mailing of the
notice described in subparagraph 9B(5) below) issuing to the holder of any Warrant
exercised after such record date the Shares of the Company issuable upon such
exercise over and above the Shares issuable upon such exercise only on the basis of
the warrant exercise price prior to adjustment.

               (h) The Company may, at its option, at any time until the expiration date,
reduce the then current warrant exercise price to any amount deemed appropriate by
the Board of Directors of the Company for any period not exceeding twenty (20)
consecutive days (as evidenced in a resolution adopted by

- 8 -

 

such Board of Directors),
but only upon giving the notices required by
subparagraph 9(B)(5) twenty (20) days prior to taking such action.

               (i) Except as herein otherwise expressly provided, no adjustment in the warrant
exercise price shall be made by reason of the issuance of Shares, or securities
convertible into or exchangeable for Shares, or securities carrying the right to
purchase any of the foregoing or for any other reason whatsoever.

               (j) Irrespective of any of the adjustments in the warrant exercise price or the
number of Shares, Warrant Certificates theretofore issued may continue to express
the same prices and number of shares as are stated in a similar Warrant Certificate
issuable initially, or at some subsequent time, pursuant to this Agreement and such
number of Shares specified therein shall be deemed to have been so adjusted.

          (2) No fractional Shares of Common Stock shall be issued upon the exercise of Warrants.
If more than one Warrant shall be exercised at one time by the same holder, the number of
full Shares which shall be issuable upon such exercise shall be computed on the basis of the
aggregate number of Shares purchased pursuant to the Warrants so exercised. Instead of any
fractional Share of Common Stock which would otherwise be issuable upon exercise of any
Warrant, the Company shall pay a cash adjustment in respect of such fraction in an amount
equal to the same fraction of the last sales price (or bid price if there were no sales) per
Share of Common Stock, in either case as reported on the New York Stock Exchange Composite
Tape on the business day which next precedes the day of exercise or, if the Common Stock is
not then listed or admitted to trading on the New York Stock Exchange, an amount equal to
the same fraction of the market price per share of Common Stock (as determined in a manner
described by the Board of Directors of the Company) at the close of business on the business
day which next precedes the day of exercise.

          (3) In case any of the following shall occur while any Warrants are outstanding: (a)
any reclassification or change of the outstanding Shares of Common Stock (other than a
change in par value, or from par value to no par value, or from no par value to par value);
or (b) any consolidation or merger to which the Company is a party (other than a
consolidation or a merger in which the Company is the continuing corporation and which does
not result in any reclassification of, or change in, the outstanding shares of Common Stock
issuable upon exercise of the Warrants); or (c) any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an entirety;
then the Company, or such successor or purchasing corporation, as the case may be, shall
make appropriate provision by amendment of this Agreement or otherwise so that the holders
of the Warrants then outstanding shall have the right at any time thereafter, upon exercise
of such Warrants, to purchase the kind and amount of shares of stock and other securities
and property receivable upon such reclassification, change, consolidation, merger, sale or
conveyance as would be received by a holder of the number of shares of Common Stock issuable
upon exercise of such Warrant immediately prior to such reclassification, change,
consolidation, merger, sale or

- 9 -

 

conveyance. Such provision shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 9.
The above provisions of this subparagraph 9B(3) shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales or conveyances.

          (4) Notwithstanding anything to the contrary contained herein, no adjustment to the
warrant exercise price shall decrease such warrant exercise price below the then par value
of the shares of Common Stock.

          (5) Whenever the warrant exercise price then in effect is adjusted as herein provided,
the Company shall mail to each holder of the Warrants at such holder’s address as it shall
appear on the books of the Company a statement setting forth the adjusted warrant exercise
price then and thereafter effective under the provisions hereof, together with the facts, in
reasonable detail, upon which such adjustment is based.

          (6) In case (i) the Company shall declare a dividend (or any other distribution) on its
Common Stock payable otherwise than in cash out of its current or retained earnings, or (ii)
the Company shall authorize the granting to the holders of its Common Stock of rights to
subscribe for or purchase any shares of capital stock of any class or of any other rights,
or (iii) there is to be any reclassification of the Common Stock of the Company (other than
a subdivision or combination of its outstanding shares of Common Stock), or any
consolidation or merger to which the Company is a party and for which approval of any
shareholders of the Company is required, or (iv) any distribution is to be made on or in
respect of the Common Stock in connection with the dissolution, liquidation or winding up of
the Company, then the Company shall mail to each holder of Warrants at such holder’s address
as it shall appear on the books of the Company, at least twenty days (or ten days in any
case specified in clause (i) or (ii) above) prior to the applicable record date hereinafter
specified, a notice stating (x) the record date for such dividend, distribution or rights,
or, if a record is not to be taken, the date as of which the holders of Common Stock of
record to be entitled to such dividend, distribution or rights are to be determined, or (y)
the date on which such reclassification, consolidation, merger, dissolution, liquidation or
winding up is expected to become effective, and the date as of which it is expected that
holders of Common Stock of record shall be entitled to exchange their shares of Common Stock
for securities or other property deliverable upon such reclassification, consolidation,
merger, dissolution, liquidation or winding up.

     No failure to mail such notice nor any defect therein or in the mailing thereof shall affect
any such transaction or any adjustment in the warrant exercise price required by this Section 9.]

     §10. Notice to Warrantholders. Nothing contained in this Agreement or in any of the
Warrants shall be construed as conferring upon the holders thereof the right to vote or to consent
or to receive notice as shareholders in respect of the meetings of shareholders or the election of
directors of the Company or any other matter, or any rights whatsoever as shareholders of the
Company.

     §11. Certain Covenants of the Company.

- 10 -

 

     A. So long as any unexpired Warrants remain outstanding and if required in order to comply
with the Securities Act of 1933, as amended (the “Act”), the Company covenants and agrees that it
will file such post-effective amendments to the registration statement filed pursuant to the Act
with respect to the Warrants (File No. 333___) (or such other registration statements or
post-effective amendments or supplements) as may be necessary to permit the Company to deliver to
each person exercising a Warrant a prospectus meeting the requirements of Section 10(a)(3) of the
Act and otherwise complying therewith, and will deliver such a prospectus to each such person. The
Company further covenants and agrees that it will obtain and keep effective all permits, consents
and approvals of governmental agencies and authorities, and will use its best efforts to take all
action which may be necessary to qualify the Shares for sale under the securities laws of such of
the United States, as may be necessary to permit the free exercise of the Warrants, and the
issuance, sale, transfer and delivery of the Shares issued upon exercise of the Warrants, and to
maintain such qualifications during the entire period in which the Warrants are exercisable.

     B. The Company covenants and agrees that it shall take all such action as may be necessary to
ensure that all Shares will at the time of delivery of certificates for such Shares (subject to
payment of the warrant exercise price) be duly and validly authorized and issued and fully paid and
nonassessable Shares, free from any preemptive rights and taxes, liens, charges and security
interests created by or imposed upon the Company.

     C. The Company covenants and agrees that it will take all action which may be necessary to
cause the Shares to be duly listed on the New York Stock Exchange or any securities exchange on
which the other shares of Common Stock of the Company are listed or on the National Market System
of NASDAQ at the dates of exercise of the Warrants.

     §12. Disposition of Proceeds, etc.

     A. The Warrant Agent shall account promptly to the Company with respect to Warrants exercised
and concurrently pay to the Company all moneys received by the Warrant Agent for the purchase of
Shares through the exercise of such Warrants.

     B. The Warrant Agent shall keep copies of this Agreement available for inspection by holders
of Warrants during normal business hours at its principal office in the City of                      ,
___.

     §13. Merger or Consolidation or Change of Name of Warrant Agent. Any corporation into
which the Warrant Agent may be merged or with which it may be consolidated, or any corporation
resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any
corporation succeeding to the corporate trust business of the Warrant Agent, shall be the successor
to the Warrant Agent hereunder without the execution or filing of any paper or any further act on
the part of any of the parties hereto, provided that such corporation would be eligible for
appointment as a successor Warrant Agent under the provisions of §15 of this Agreement. In case at
the time such successor to the Warrant Agent shall succeed to the agency created by this Agreement,
and if any of the Warrants shall have been countersigned but not

- 11 -

 

delivered, any such successor to
the Warrant Agent may adopt the countersignature of the
original Warrant Agent and deliver such Warrants so countersigned; and in case at that time any of
the Warrants shall not have been countersigned, any successor to the Warrant Agent may countersign
such Warrants either in the name of the predecessor Warrant Agent or in the name of the successor
Warrant Agent; and in all such cases such Warrant shall have the full force provided in the
Warrants and in this Agreement.

     In case at any time the name of the Warrant Agent shall be changed and at such time any of the
Warrants shall have been countersigned but not delivered, the Warrant Agent may adopt the
countersignature under its prior name and deliver Warrants so countersigned; and in case at that
time any of the Warrants shall not have been countersigned, the Warrant Agent may countersign such
Warrants either in its prior name or in its changed name; and in all such cases such Warrants shall
have the full force provided in the Warrants and in this Agreement.

     §14. Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations
imposed by this Agreement upon the following terms and conditions, by all of which the Company and
the holders of Warrants, by their acceptance thereof, shall be bound:

     A. The statements contained herein and in the Warrants shall be taken as statements of the
Company, and the Warrant Agent assumes no responsibility for the correctness of any of the same
except such as describe the Warrant Agent or action taken or to be taken by it. The Warrant Agent
assumes no responsibility with respect to the distribution of the Warrants except as herein
otherwise provided.

     B. The Warrant Agent shall not be responsible for any failure of the Company to comply with
any of the covenants contained in this Agreement or in the Warrants to be complied with by the
Company.

     C. The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it
or perform any duty hereunder either itself or by or through its attorneys, agents or employees,
and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or
misconduct of any such attorneys, agents or employees or for any loss to the Company resulting from
such neglect or misconduct, provided reasonable care shall have been exercised in the selection and
continued employment thereof.

     D. The Warrant Agent may consult at any time with counsel satisfactory to it (who may be
counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the
Company or to any holder of any Warrant in respect of any action taken, suffered or omitted by it
hereunder in good faith and in accordance with the opinion or the advice of such counsel.

     E. The Warrant Agent shall incur no liability or responsibility to the Company or to any
holder of any Warrant for any action taken in reliance on any notice, resolution, waiver, consent,
order, certificate, or other paper, document or instrument believed by it to be genuine and to have
been signed, sent or presented by the proper party or parties.

- 12 -

 

     F. The Company agrees to pay to the Warrant Agent agreed upon compensation for
all services rendered by the Warrant Agent in the execution of this Agreement, to reimburse the
Warrant Agent for all expenses, taxes and governmental charges and other charges of any kind and
nature incurred by the Warrant Agent in the execution of this Agreement and to indemnify the
Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and
reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this
Agreement except as a result of the Warrant Agent’s negligence, bad faith or willful misconduct.

     G. The Warrant Agent shall be under no obligation to institute any action, suit or legal
proceeding or to take any other action likely to involve expense unless the Company or one or more
registered holders of Warrants shall furnish the Warrant Agent with reasonable security and
indemnity for any costs and expenses which may be incurred, but this provision shall not affect the
power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether
with or without any such security or indemnity. All rights of action under this Agreement or under
any of the Warrants may be enforced by the Warrant Agent without the possession of any of the
Warrants or the production thereof at any trial or other proceeding relative thereto, and any such
action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as Warrant
Agent, and any recovery of judgment shall be for the ratable benefit of the registered holders of
the Warrants, as their respective rights or interests may appear.

     H. The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent
may buy, sell or deal in any of the Warrants or other securities of the Company or become
pecuniarily interested in any transaction in which the Company may be interested, or contract with
or lend money to or otherwise act as fully and freely as though it were not Warrant Agent under
this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity
for the Company or for any other legal entity.

     I. The Warrant Agent shall act hereunder solely as agent and not in a ministerial capacity,
and its duties shall be determined solely by the provisions hereof. The Warrant Agent shall not be
liable for anything which it may do or refrain from doing in connection with this Agreement except
for its own gross negligence or bad faith.

     §15. Change of Warrant Agent. The Warrant Agent may resign and be discharged from its
duties under this Agreement by giving to the Company notice in writing, and to the holders of the
Warrants notice by publication, of such resignation, specifying a date when such resignation shall
take effect, which notice shall be published at the expense of the Company at least once a week for
two consecutive weeks in a newspaper of general circulation in the City of New York prior to the
date so specified. The Warrant Agent may be removed by the Company by like notice from the Company
to the Warrant Agent and the holders of Warrants at the expense of the Company. If the Warrant
Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment
within a period of 30 days after such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Warrant Agent or by the registered
holder of a Warrant (who shall, with such

- 13 -

 

notice, submit his Warrant for inspection by the
Company), then, at the expense of the Company,
the Warrant Agent or the registered holder of any Warrant may apply to any court of competent
jurisdiction for the appointment of a successor to the Warrant Agent. Any successor Warrant Agent,
whether appointed by the Company or by such a court, shall be a bank or trust company, in good
standing, incorporated under the laws of any State or of the United States of America, having at
the time of its appointment as Warrant Agent a combined capital and surplus of at least
[$100,000,000]. After appointment the successor Warrant Agent shall be vested with the same
powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent
without further act or deed; but the former Warrant Agent shall deliver and transfer to the
successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any
further assurance, conveyance, act or deed necessary for the purpose. Failure to file or publish
any notice provided for in this Section, however, or any defect therein, shall not affect the
legality or validity of the resignation or removal of the Warrant Agent or the appointment of the
successor Warrant Agent, as the case may be.

     §16. Identity of Transfer Agent. Forthwith upon the appointment of any Transfer Agent
for the Shares or of any subsequent Transfer Agent for Shares issuable upon the exercise of the
rights of purchase represented by the Warrants, the Company will file with the Warrant Agent a
statement setting forth the name and address of such Transfer Agent.

     §17. Notices. Any notice pursuant to this Agreement to be given or made by the
Warrant Agent or by the registered holder of any Warrant to or on the Company shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed (until another address is
filed in writing by the Company with the Warrant Agent) as follows:

U.S. Bancorp

800 Nicollet Mall

Minneapolis, Minnesota 55402

Attn:                                          , Vice President

Any notice pursuant to this Agreement to be given or made by the Company or by the registered
holder of any Warrant to or on the Warrant Agent shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company) as follows:

	 	 	 	 	 
	 	 	 	 	 
	

	 	 
	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	 
	 	 
	 
	 	 	 	 
	 	 	 	 	 

     Any notice pursuant to this Agreement to be given or made by the Company or the Warrant Agent
to the registered holder of any Warrant shall be sufficiently given or made (unless otherwise
specifically provided for herein) if sent by first-class mail, postage prepaid, addressed to said
registered holder at his address appearing on the Warrant register.

     §18. Supplements and Amendments. The parties hereto may from time to time supplement
or amend this Agreement without the approval of any holders of Warrants in order to

- 14 -

 

cure any
ambiguity or to correct or supplement any provision contained herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions in
regard to matters or questions arising hereunder which the Company and the Warrant Agent may deem
necessary or desirable and which will not materially adversely affect the interest of the
registered holders of the Warrants.

     The parties hereto may also modify or amend this Agreement and the terms of the Warrant
Certificates with the consent of the holders of not less than a majority in number of the then
outstanding unexercised Warrant Certificates affected thereby; provided that no such modification
or amendment that accelerates the expiration date, increases the exercise price or reduces the
number of outstanding Warrant Certificates the consent of the holders of which is required for any
such modification or amendment, may be made without the consent of each holder affected thereby.

     §19. Successors. All the covenants and provisions of this Agreement by or for the
benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder.

     §20. Law Governing. This Agreement and each Warrant issued hereunder shall be deemed
to be a contract made under the laws of the State of New York and for all purposes shall be
construed in accordance with the laws of said State.

     §21. Benefits of This Agreement. Nothing in this Agreement shall be construed to give
to any person or entity other than the Company and the Warrant Agent and the holders of Warrants
any legal or equitable right, remedy or claim under this Agreement, but this Agreement shall be for
the sole and exclusive benefit of the Company and the Warrant Agent and the holders of Warrants.

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

     [IF THE WARRANTS ARE SUBJECT TO ACCELERATION BY THE COMPANY, INSERT —

     §23. Acceleration of Warrants by the Company.

     A. At any time on or after                      the Company shall have the right to accelerate
any or all Warrants at any time by causing them to expire at the close of business on the day next
preceding a specified date (the “Acceleration Date”), if the Market Price (as hereinafter defined)
of the Common Stock equals or exceeds ___percent (___%) of the then effective warrant exercise
price, adjusted as if no changes in such warrant exercise price had been made pursuant to
subsection 9B, on any 20 Trading Days (as hereinafter defined) within a period of 30 consecutive
Trading Days ending no more than five Trading Days prior to the date on which the Company gives
notice to the Warrant Agent of its election to accelerate the Warrants.

- 15 -

 

     B. “Market Price” for each Trading Day shall be, if the Common Stock is listed or admitted for
trading on the New York Stock Exchange, the last reported sale price, regular way (or, if no such
price is reported, the average of the reported closing bid and asked prices, regular way) of Common
Stock, in either case as reported on the New York Stock Exchange Composite Tape or, if the Common
Stock is not listed or admitted to trading on the New York Stock Exchange, on the principal
national securities exchange on which the Common Stock is listed or admitted to trading or, if not
listed or admitted to trading on any national securities exchange, on the National Market System of
NASDAQ or, if not listed or admitted to trading on any national securities exchange or quoted on
the National Market System of NASDAQ, the average of the closing high bid and low asked prices in
the over-the-counter market, as reported by NASDAQ, or such other system then in use, or if on any
such date the Shares of Common Stock are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by any New York Stock Exchange firm selected from time to
time by the Company for the purpose. “Trading Day” shall be each Monday through Friday, other than
any day on which securities are not traded in the system or on the exchange that is the principal
market for the Common Stock, as determined by the Board of Directors of the Company.

     C. In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall
select the Warrants to be accelerated by lot, pro rata or in such other manner as it deems, in its
discretion, to be fair and appropriate.

     D. Notice of an acceleration specifying the Acceleration Date shall be sent by mailing first
class, postage prepaid, to each registered holder of a Warrant Certificate representing a Warrant
accelerated at such holder’s address appearing on the Warrant register not more than 60 days nor
less than 30 days before the Acceleration Date. Such notice of an acceleration also shall be given
no more than 20 days, and no less than 10 days, prior to the mailing of notice to registered
holders of Warrants pursuant to this Section, by publication at least once in a newspaper of
general circulation in the City of New York.

     E. Any Warrant accelerated may be exercised until 5:00 p.m., New York City time, on the
business day next preceding the Acceleration Date. The warrant exercise price shall be payable as
provided in §5.]

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

- 16 -

 

	 	 	 	 	 	 	 
	 	 	 	 	U.S. BANCORP
	 
	 	 	 	 	 	 
	

	 	 	 	By	 	 
	 	 	 	 	 	 	 
	

	 	 	 	Its	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	Warrant Agent
	 
	 	 	 	 	 	 
	

	 	 	 	By	 	 
	 	 	 	 	 	 	 
	

	 	 	 	Its	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 

- 17 -

 

EXHIBIT A

[Form of Warrant]

Unless extended, Void After 5:00 P.M.,

New York City time,                      *                    ,                    

[IF THE WARRANTS ARE ATTACHED TO OTHER SECURITIES, INSERT THE FOLLOWING — [UNTIL                     ,] THE
WARRANTS REPRESENTED BY THIS CERTIFICATE SHALL NOT BE TRANSFERABLE APART FROM THE ___TO WHICH THEY
ARE ATTACHED, ANY TRANSFER OF THE ___SHALL BE DEEMED A TRANSFER OF THE WARRANTS ATTACHED THERETO,
AND ANY ATTEMPT OF TRANSFER THE WARRANTS APART FROM THE ___SHALL BE VOID AND OF NO EFFECT.]

	 	 	 
	No. WA

	 	Warrant to Purchase ___
	

	 	Shares of [title of equity securities]

CLASS___ WARRANT

U.S. BANCORP

     FOR VALUE RECEIVED, U.S. Bancorp (the “Company”), upon the surrender [after                      ] and
prior to 5:00 P.M., New York City time, ___*___, ___(unless extended) of this Warrant for
exercise, with the exercise form on the reverse side hereof duly executed, at the office of
                     , will sell and deliver or cause to be sold and delivered to                     or assigns
(the “Warrant Holder”) a certificate or certificates for the number of whole shares purchasable, as
indicated above, of fully paid and non-assessable shares of [title of equity securities] of the
Company (the “Shares”), for which this Warrant is exercised, at a price of $  per Share (the
“Warrant Price”), subject to all the terms, provisions and conditions of a Equity Securities
Warrant Agreement dated as of                     , ___(the “Warrant Agreement”), executed by the Company
and                      (the “Warrant Agent”), which Warrant Agreement is hereby incorporated
herein by reference and made a part hereof.

     1. The Warrant Price shall be payable in cash, certified check, bank draft, postal or express
money order or by bank wire transfer, in each case, in immediately available funds, payable in
United States dollars, to the order of the Warrant Agent. [In certain events the Warrant Price and
the number of Shares deliverable on exercise of this Warrant are subject to adjustments, as
provided in the Warrant Agreement. No certificates for a fractional Share will be issued.]

     [As to any fraction of a Share which would otherwise be purchasable on the exercise of a
Warrant, the Company shall pay the cash value thereof determined as provided in the Warrant Agreement.]

A-1

 

     2. This Warrant is issued in accordance with the Warrant Agreement in which the rights of the
Warrant Holders and the terms, provisions and conditions upon which this Warrant has been executed
and delivered and may be exercised are more fully set forth. Every Warrant Holder, by acceptance
hereof, assents to all the terms, provisions and conditions of the Warrant Agreement. A
counterpart of the Warrant Agreement is on file at the office of the Company in Minneapolis,
Minnesota, and at the office of the Warrant Agent in                      , ___.

     3. In the event this Warrant shall not be exercised on or before ___*___, ___, unless
said date is extended as provided for in §9A of the Warrant Agreement, this Warrant shall become
void and all rights hereunder shall cease.

     Reference is made to the further provisions of this Warrant set forth on the reverse hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at
this place.

     This Warrant shall not be valid for any purpose until it shall have been countersigned by the
Warrant Agent.
 

* The expiration date; see page 1 of the Warrant Agreement.

A-2

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on its
behalf by the facsimile signatures of its duly authorized officers and a facsimile of its seal.

Dated:                                         ,                    

	 	 	 	 	 	 	 
	 	 	 	 	U.S. BANCORP
	 
	 	 	 	 	 	 
	

	 	 	 	By	 	 
	 	 	 	 	 	 	 
	

	 	 	 	Its	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Countersigned:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Warrant Agent
	 	 	 	 	 	 

	 	 	 	 	 
	By

	 	 	 	 
	 	 	 	 	 
	

	 	    Authorized Signature	 	 

A-3

 

[REVERSE OF WARRANT]

     4. Subject to the provisions of paragraph 3 contained on the face of this Warrant, (a) this
Warrant, with or without other Warrants, upon surrender at the office of the Warrant Agent, may be
exchanged for another Warrant or Warrants of like tenor in denominations entitling the Warrant
Holder to purchase a like aggregate number of Shares, but only to the extent provided in the
Warrant Agreement, or (b) this Warrant may be transferred at the office of the Warrant Agent by the
Warrant Holder or his assigns, in person or by attorney duly authorized in writing, but only in the
manner provided in the Warrant Agreement and upon surrender of this Warrant. If this Warrant shall
be exercised in part, the Warrant Holder shall be entitled to receive, upon surrender hereof,
another Warrant or Warrants of like tenor for the number of whole Shares not purchased upon such
exercise.

     5. No Warrant Holder shall be entitled to vote or receive dividends or be deemed the holder of
Shares of the Company for any purpose, nor shall anything contained in the Warrant Agreement or
herein be construed to confer upon the Warrant Holder, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors of the Company, or upon any
matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
action (whether upon any recapitalization, issue of securities, reclassification of securities,
consolidation, merger, conveyance or otherwise) or to receive notice of meetings or other action
affecting stockholders (except for notices as provided for in the Warrant Agreement), or to receive
dividends or subscription rights or otherwise, until this Warrant shall have been exercised and the
Shares purchasable on the exercise hereof shall have become deliverable as provided in the Warrant
Agreement.

     6. Every holder of a Warrant, by accepting this Warrant, consents and agrees with the Company,
the Warrant Agent and with every subsequent holder of this Warrant that until this Warrant is
transferred on the books of the Warrant Agent, the Company and the Warrant Agent may treat the
registered holder hereof as the absolute owner hereof for all purposes notwithstanding any notice
to the contrary.

     7. The Company represents and warrants that the Shares to be issued by it as provided in the
Warrant Agreement have been duly authorized and, when so issued in accordance with the Warrant
Agreement, will be validly issued, fully-paid and non-assessable. The Company represents and
warrants that it has authority to execute and deliver the Warrant Agreement and the Warrants
thereunder, but the Warrant Agent makes no representation with respect thereto, or with respect to
the validity or sufficiency of the Warrants, the Warrant Agreement or the Shares.

A-4

 

FORM OF EXERCISE

(Form of exercise to be executed by the Warrant Holder at the time of exercise)

	 	 	 	 	 
	To

	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	

	 	 	 	, Warrant Agent:
	 	 	 	 	 

     The undersigned, holder of the within Warrant, (1) exercises his right to purchase                     
of the Shares [title of equity securities] of U.S. Bancorp (the “Shares”), which the undersigned is
entitled to purchase under the terms of the within Warrant, and (2) makes payment in full for the
number of Shares so purchased by payment of $___in cash.

     Please issue the certificate for Shares (and any new Warrants in the case of a partial
exercise) as follows:

	 	 	 	 	 
	 	 	 	 	 
	 

	 	Print or Type Name
	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	Social Security or other Identifying Number	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	Street Address	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	City, State, Zip Code	 	 

and deliver it (together with any new Warrants in the case of a partial exercise) to the above
address unless a different address is indicated below.

	 	 	 	 	 
	Dated:

	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	 
	 

	 	 
	 	Signature

(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

A-5

 

To be used only for special instructions for delivery.

Deliver to:

	 	 	 	 	 
	 	 	 	 	 
	 

	 	Print or Type Name
	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	Social Security or other Identifying Number	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	Street Address	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	City, State, Zip Code	 	 

A-6

 

ASSIGNMENT

(Form of assignment to be executed if Warrant Holder desires to transfer Warrant)

     FOR VALUE RECEIVED,                                          hereby sells, assigns and transfers unto                                        

	 	 	 	 	 
	 	 	 	 	 
	 

	 	Print or Type Name
	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	Social Security or other Identifying Number	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	Street Address	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	City, State, Zip Code	 	 
	 
	 	 	 	 
	 	 	 	 	 
	

	 	Social Security or other Identifying Number	 	 

the right represented by the
within Warrant to purchase                      shares of [title of equity
securities] of U.S. Bancorp to which the within Warrant relates and appoints                      attorney
to transfer such right on the books of the Warrant Agent with full power of substitution in the
Premises.

	 	 	 	 	 
	Dated:

	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	 
	 

	 	 
	 	Signature

(Signature must conform in all respects To name of holder as specified on the face of the Warrant)

	 	 	 
	Signature Guaranteed

	 	 
	 
	 	 
	 	 	 

A-7

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