Document:

EX 4.1 2004ESOP

EXHIBIT 4.1
DELAVAN BANCSHARES,   INC.

2004 EXECUTIVE   STOCK  OPTION  PLAN

I.  PURPOSE

1.1    Establishment of Plan. The purpose of the Delavan Bancshares, Inc. Executive Stock Option Plan (the "Plan") is to promote the growth of Delavan Bancshares, Inc. ("Bancshares") by providing increased incentives for key employees of Bancshares and of any current or future subsidiaries.  A "Subsidiary" as used herein shall mean any corporation in which Bancshares or another corporation qualifying as a Subsidiary within this definition owns 50% or more of the total combined voting power of all classes of stock. This Plan provides for the granting of incentive stock options intended to qualify as such within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended from time to time (the "Code").

IL  SHARES SUBJECT TO OPTION

2.1    Available Shares. The shares available for options under this Plan shall be 10,000 shares of Bancshares' common stock, ($1.00 par value) and may be authorized but unissued stock or stock issued and reacquired by Bancshares. Shares subject to and not issued under any option which expires, terminates, or is cancelled for any reason during the term of the Plan shall again become available for the granting of options under the Plan.

2.2    Changes in the Number of Available Shares.  In the event of any recapitalization, stock split, or reverse split, combination or exchange of shares, stock dividend, merger in which Bancshares is the surviving corporation, combination or exchange of shares, or other capital change affecting the common stock of Bancshares, the Committee (defined in Section 3.1 hereof) shall make, subject to the approval of the Board of Directors of Bancshares, equitable and appropriate changes in the aggregate number and kind of shares available for options under the plan and in the number, price, and kind of shares covered by options granted or to be granted under the Plan, provided that no changes shall be made in any option which would cause such option to fail to continue to qualify as an incentive stock option within the meaning of Section 422 of the Code.

III. ADMINISTRATION

3 .1    The Compensation Committee of the Board of Directors of Bancshares (the "Board") or such other committee appointed by the Board (the "Committee") shall administer the Plan with respect to options granted in accordance with the provisions of Section 4.1.  The Committee shall consist  of at  least three members  of the Board, and a majority  of the  Committee shall  be "disinterested persons", as that term is defined under applicable federal law, at the time any options are granted under the Plan. The Committee shall have the power, subject always to, the express provisions of the Plan:

		
	(a)
	to determine from time to time which of the eligible persons shall be granted options under the Plan, the type of options, the time or times when, and the price per share and number  of  shares for which, an option or options shall be granted to such, persons;

		
	(b)
	to prescribe  the other  terms  and provisions  (which  need  not be identical)  of each option granted  under the Plan to eligible  persons;

		
	(c)
	to construe  and  interpret  the Plan  and options  granted  under  it, and  to  establish, amend, and revoke rules and regulations for Plan administration.  The Committee, in the  exercise  of  this  power,  may  correct  any  defect  or  supply  any  omission,  or reconcile  any inconsistency  in the Plan, in any option agreement,  in the manner  and to the extend  it shall deem necessary  or expedient  to make the Plan  fully effective. All decisions and determinations by the Committee in exercising  this power shall be final and binding  upon Bancshares  and the optionees;  and

		
	(d)
	generally,  to exercise  such powers and to perform  such acts as are deemed necessary or expedient  to promote  the best interests  of Bancshares   with respect  to the Plan.

IV.  ELIGIBILITY FOR OPTIONS

4.1    Key full-time employees  of Bancshares   or any Subsidiary  shall be eligible to receive options.   The Committee  may from time to time grant options to one or more eligible  persons.   The maximum  number  of shares  for which  grants may be made  to any  eligible employee  pursuant  to Delavan Bancshares, Inc.'s Executive  Stock Option Plan, effective April 1, 1996, and the Plan in the aggregate  shall not exceed  12,500 shares.

V.  OPTION TERMS AND CONDITIONS

5.1    Option Agreements.   Options   granted  hereunder   shall  be  evidenced   by  option agreements containing  such terms and conditions as the Committee  shall establish from time to time consistent  with the Plan.  Option agreements  need not be identical  but each option  agreement  shall, as appropriate,  contain  language  including  the substance  of the following  provisions:

		
	(a)
	Number of Shares and Price.   Each  option  agreement   shall  state  the number  of shares subject  to the option and the option price therefor.   The price for each option shall  be not  less than  100% of the fair market value of a share on the  date such option   is  granted.    For  all  purposes   of  the  Plan,   fair  market   value,   shall  be determined   by  the Committee   in  its sole judgment.     Notwithstanding    any  other provision   in this  Plan,  for any  eligible  employee   who,  at the  time  an  option  is granted,  owns  (directly  and under  the  attributable   rules  of Section  425(d)  of the Code)  stock  possessing  more  than  10% of the total  combined   voting  power  of Bancshares  (or any parent or Subsidiary)  the option price under such option shall be not less than  110% of the fair market value of the shares subject  to such option and such option,  by its terms,  shall not be exercisable  after the expiration  of five years from the date such option  is granted.

		
	(b)
	Vesting of Options. Options may be exercised  only in accordance  with the terms of each option  agreement.   The Committee  shall determine  the maximum  number  of shares which  may  be exercisable  in any year.   The maximum  fair market value  of Bancshares   stock  (determined   at the  time  of grant)  covered  by  options  that first become  exercisable  by any optionee  in any calendar  year is limited  to $100,000.

		
	(c)
	Term of Options and Restriction on Exercise.  All rights to exercise  an option shall expire  ten  years  from the date such option  is granted;  provided,  however  that the Committee  may designate  an earlier expiration  date for options granted to optionees.

Although  Bancshares  intends  to exert its best efforts  so that the shares purchasable upon the exercise  of an option will be or exempt from the registration  requirements of the Federal  Securities  Act of 1933 (the "Act")  and any applicable  state securities law at the time  the option becomes  exercisable,   if the exercise  of an option  would otherwise  result  in the violation  by Bancshares  of any provision  of the Act or of any state   securities  law,  Bancshares  may  require  that  exercise  be  deferred  until Bancshares   has taken appropriate  action  to avoid any violation  of the Act.

		
	(d)
	Non-transferability.  Except as provided  in Section  VI hereof:

(i) all options granted pursuant to the Plan shall not be transferable except by will or the laws of descent and distribution, and shall be exercisable during the optionee's lifetime only by the optionee or by his/her  guardian  or legal representative; and (ii) no options or any privileges pertaining thereto or under the Plan shall be transferred, assigned, pledged, or hypothecated in any way, whether by operation of law or otherwise, nor be subject to execution, attachment, or similar process.

		
	(e)
	Method of Exercise and Payment of Purchase Price.  Subject to subparagraph   (c) above,  an option  may be exercised,  as to all or part  of the shares  covered by the option, by the optionee by delivering to the Secretary of Bancshares at its principal business office on any business day, a written notice specifying the number of shares the optionee  desires to purchase.   The option price shall be paid in full in cash.

5 .2    Rights as Shareholder.  An optionee  shall not be deemed  the holder  of any shares subject to an option until such shares are fully paid and issued to the optionees  after exercise  of such option.

VI.  TERMINATION OF EMPLOYMENT OR SERVICE

6.1    Death. In the event of the death of an optionee while in the employ of Bancshares  or its Subsidiaries,  the options then held by such optionee, whether or not otherwise exercisable  at the time of such death, may be exercised,  by the estate of the optionee or by a person who acquired the right to exercise such options by bequest or inheritance from such optionee, within one year after the date of such death,  but not later than the date on which  the options would otherwise expire.  Any options  or portions  thereof  not so exercised  shall terminate.

6.2    Disability.  If the employment  of an optionee is terminated  by reason of disability (as defined  in  Section  105(d)(4)  of the  Code,  the  options  then  held  by such  optionee  may  be exercised, whether or not otherwise exercisable at the time of such termination, within one year after such termination,   but not  later  than the date on which  the options  would  otherwise  expire.   Any options  or portions  thereof  not so exercised  shall terminate.

6.3    Other Termination.  If the employment or service of an optionee is terminated for any reason other than such death or disability, but is not terminated for cause  or by the  optionee's voluntary  termination,   options  then held by such optionee  to the extent that the same are exercisable on the date of such termination  shall be exercisable  at any time within  three months thereafter,  but 

not later than the date on which  the options would  otherwise  expire.  Notwithstanding  the foregoing, an  optionee whose  employment    or  service   is  terminated   by  retirement   in  accordance   with Bancshares'  normal  retirement   policies,  as determined  by the Committee,  shall be permitted  to exercise   any  options  held  by  such  optionee,   whether   or  not  exercisable   at  the  time  of  such termination,   within  three months  after the date of such termination,  but not later than the date on which the options would  otherwise  expire.   However,  notwithstanding  any other provision  of the Plan, if the employment   or service  of an optionee  is terminated   for cause,  as determined   by the Committee  or if an optionee's voluntary  termination  of employment  with  Bancshares,   all options then held by such optionee shall be deemed immediately  terminated and shall not be exercisable  by such optionee.

6.4    Transfers and Leaves.  A change in employment from Bancshares to a Subsidiary, or vice versa, shall not constitute termination of employment for purposes  of the Plan.   The Committee may determine that for purposes of the Plan, an optionee who is on leave of absence (but only to the extent that his/her employment is not determined to be interrupted thereby for purposes of Section 422 of the Code) will still be considered as in the continuous employment of Bancshares or a Subsidiary.

VII.   CORPORATE   SALE OR CHANGE  OF CONTROL

7.1    Effect of Change in Control of Bancshares. Notwithstanding any of the provisions of the Plan or any option agreement evidencing options granted hereunder, upon a Change in Control of Bancshares (as defined in Section 7.2) all outstanding options shall become fully exercisable and all restrictions thereon shall  terminate in order that optionees may  fully realize the benefits thereunder. Further, in addition to Committee's authority set forth in Section III, the Committee, as constituted before such Change in Control, is authorized, and has sole discretion, as to any option, either at the time such option is granted hereunder or any time thereafter, to take any one or more of the following actions: (a) provide for the purchase of any such option, upon the optionee' s request, for an amount of cash equal to the difference between the exercise price and then fair market value of the Common Stock covered thereby had such option been currently exercisable; (b) make such adjustment to any such option then outstanding as the Committee deems appropriate to reflect such Change in Control; and (c) cause any such option then outstanding to be assumed, by the acquiring or surviving corporation, after such Change in Control.

7.2    Definition of Change in Control.  The term "Change in Control" shall mean the occurrence, at any time during the specified term of an option granted under the Plan, of any of the following events:

(a)    Bancshares is merged or consolidated or reorganized into or with another corporation or other legal person (an "Acquiror") and as a result of such merger, consolidation or reorganization less than 50% of the outstanding voting securities or other capital interests of the surviving, resulting or acquiring corporation or other person are owned in the aggregate by the stockholders of Bancshares, directly or indirectly, immediately prior to such merger, consolidation or reorganization, other than the Acquiror or any corporation or other person controlling, controlled by or under common control with the Acquiror;

(b)    Bancshares sells all or substantially all of its business and/or assets to an Acquiror, of which  less than  50% of the outstanding voting securities or other capital interests are owned in the aggregate by the stockholders of Bancshares, directly or indirectly, immediately prior to such sale, other than the Acquiror or any corporation or other person controlling, controlled by or under common control with the Acquiror; or

(c)    The election to the Board, without the recommendation or approval of the incumbent Board, of the lesser of (i) three Directors or (ii) Directors constituting a majority of the number of Directors of Bancshares then in office.

VIII. MISCELLANEOUS

8.1    Term of Plan and Effective Date. Options may be granted under this Plan at any time up until the expiration often years following the effective Date of the Plan; on which date the plan shall expire, except as to notwithstanding options, which options shall remain in effect until they have been exercised or have expired.  The Effective Date of the Plan shall be January 1, 2005.

8.2     No Employment or Retention Agreement Intended. The grant of an option hereunder shall not be deemed to imply the right to continued employment or retention in service in any capacity by Bancshares or a Subsidiary and shall not constitute an employment agreement of any kind.

8.3     Separate Plan.  This Plan is separate and independent from any other stock option plan or similar plan of Bancshares.

8.4     Amendment or Discontinuance.   The Board may amend or discontinue the Plan at any time, but may not, without the consent of the optionee to whom an option has been granted, make any alteration in an option which would adversely affect the same, or (except as provided in Section 2.2 hereof) without the approval of the shareholders of Bancshares, make any alteration which would increase the aggregate number of shares available for options under the Plan, decrease the minimum option price, extend the term of the Plan or the maximum period during which any option may be exercised, or so alter the Plan that options issued under it would fail to meet the requirements for incentive stock options under Section 422 of the Code.

8.5    Liability.  No member of the Board, the Committee, the officers, or employees of Bancshares shall be personally liable for any action, omission or determination made in good faith in connection with the Plan.

8.6     Government and Other Regulations.   The obligations of Bancshares to sell and deliver shares of stock under this Plan shall be subject to all applicable laws, rules, and regulations and the obtaining of all such approvals by the governmental agencies as may be deemed necessary or desirable by the Board of Directors of Bancshares, including (without limitation) the satisfaction of any applicable federal, state, and local tax withholding requirements.

8.7    Governing Law. The Plan and any option contracts extended pursuant hereto shall be interpreted and enforced in accordance with the laws of the State of Wisconsin.

DELAVAN  BANCSHARES,  INC.

2004 EXECUTIVE STOCK OPTION AGREEMENT

This Agreement is made this 18th day of December, 2008, by and between Delavan
Bancshares, Inc. ("Company") and Michael Murphy ("Employee").

WHEREAS, on November 15, 2004, the Board of Directors of the Company adopted and on December 13, 2004, the shareholders approved the Company Executive Stock Option Plan (the "Plan'');

WHEREAS, the Plan provides for the Board of Directors to appoint a Committee that will issue grants of stock options to key full-time employees to purchase shares of Common Stock, par value $1.00, of the Company ("Common Stock");

WHEREAS, the Committee considers Employee to be a person who is eligible for a grant of executive stock options under the Plan, and has determined that it would be in the best
interests of the Company to grant the stock options as provided in this Agreement.

NOW THEREFORE, in consideration of the mutual covenants set forth in this Agreement, for good and valuable consideration, and intending to be legally bound by this Agreement, the parties agree as follows:

1.    Grant of Option.  Subject to the terms and conditions of the Plan and as set forth in this Agreement, Company, with the approval and at the direction of the Committee, hereby
grants to Employee, as of the date of this Agreement, an option to purchase up to 1,000 shares of
Common Stock for an amount equal to $56.42 per share (the "Option"), subject to adjustments as provided in this Agreement.  The Option is intended by the parties to be, and shall be treated as, an incentive stock option (as such term is defined under section 422 of the Internal Revenue Code).

2.     Vesting Period.  Employee shall have the right and ability to exercise the Option in whole or in part, at the discretion of the Employee, at the end of three (3) years from date of issuance, said date being December 18th, 2008, until the Expiration Date as described in paragraph 3 below.

3.    Exercise Period.  The Option may be exercised in whole or in part, at the discretion of Employee, for a period often  (10) years commencing from the date of this Agreement, subject to the terms and limitations of the Plan and this Agreement.

4.    Method of Exercising Option.  Subject to the terms and conditions of the Plan and this Agreement, the Option may be exercised by written notice delivered to the Secretary of Company at Company's principal office.  Such notice shall be provided at least ten (10) days before the date of exercise; shall state the election to exercise the Option and the Number of shares with respect to which it is being exercised; shall be signed by Employee; and shall be accompanied by payment of the full Purchase Price of such shares.

The Purchase Price shall be paid to Company in cash, or its equivalent.

Company shall deliver or cause to be delivered  a certificate or certificates for the shares with respect to which the Option has been exercised  as soon as practicable following the exercise date.  Such certificate(s) shall be registered in the name of Employee  and shall be delivered as provided above to or upon  the written  order of Employee.   The obligation of Company  to deliver the Common Stock upon the exercise of the Option shall be subject to applicable federal, state and local tax withholding requirements.

5.    Changes  in Stock.  If there shall be any change in the stock subject to any Option, through merger in which Company is the surviving corporation, consolidation, reorganization, exchange of shares, recapitalization, stock dividend or distribution, stock split or other change in the corporate structure, Company shall make appropriate adjustments in the number and kind of shares and the price per share subject to outstanding Options, provided that no changes shall be made in any Option which would cause such Option to fail or continue to qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code.  The number and kind of shares and the price per share  subject to the Option, after adjustment, shall be substantially equivalent to the number and price per share of Common  Stock granted to Employee  pursuant  to this Agreement.

6.    Non-Transferability of Option.  Employee shall not assign, transfer, pledge or hypothecate the Options, in whole or in part, except by will or by the laws of descent and distribution, and no Option shall be subject to execution, attachment or similar process.  During the lifetime of Employee, the Option shall be exercisable only by Employee or his or her guardian or legal representative.

7.    Termination,   Permanent  Disability.  Retirement  or Death.   All Options shall terminate immediately upon the termination of Employee's employment and shall not be exercisable by Employee, except if the termination is due to Employee's retirement, disability (as defined in Section 105(d)(4) of the Internal Revenue Code), death, or for any reason other than for cause as determined by the Committee or by Employee's voluntary termination.  If Employee retires from employment at Company in accordance with Company's normal retirement policies, Employee must exercise his or her vested Options within three (3) months after the date of such termination.  If the employment of Employee is terminated by reason of death or disability (as defined in Section 105(d)(4) of the Internal Revenue Code), Employee or Employee's legal successor must exercise his or her vested Options within one (1) year after retirement or disability. If the employment of Employee is terminated for any reason other than death or disability (as defined in Section 105(d)(4) of the Internal Revenue Code), but is not terminated for cause as determined by the Committee or by Employee's voluntary termination, Employee must exercise his or her vested Options within ninety (90) days after such termination.  Notwithstanding any other provision of this Agreement, if the employment of Employee is terminated for cause as determined by the Committee or by voluntary termination by Employee, all Options then held by Employee shall be deemed terminated 

and shall not be exercisable by Employee.  Any Options that were not vested on the date of the Employee's termination, disability, retirement or death shall immediately expire.  Employee must  exercise his or her vested Options within the time period set forth above or such Options shall immediately thereafter expire.  Notwithstanding the time periods set forth above, all Options shall be exercised no later than the date on which the Options would otherwise expire under this Agreement.  In the event of an Employee's death, the person or persons to whom a vested Option is transferred by will or the laws of descent and distribution may exercise such vested Options, subject to the terms of this Agreement and the Plan.

8.    Change  in Control.  For purposes of this Agreement, "Change  in Control" of Company shall have the meaning as set forth in Section 7.2 of the Plan, as amended from time to time. Upon a Change in Control of Company, all outstanding Options shall become fully exercisable and all restrictions on those Options shall terminate in order that Employee may fully realize the benefits of those Options under this Agreement.

9.    No Employment or Retention Agreement Intended.  The grant of the Option shall not be deemed to imply the right to continued employment or retention in service in any capacity by Company or a subsidiary of Company and shall not constitute an employment agreement of any kind.

10.    Government and Other Regulations. The obligation of Company to sell and deliver shares of Common Stock under this Agreement shall be subject to all applicable laws, rules and regulations and the obtaining of all such approvals by governmental agencies as may be deemed necessary by Company, including (without limitation) the satisfaction of all applicable federal, state and local tax withholding requirements.

11.    Successors.  This Agreement shall be binding upon and inure to the benefit of any successor of Company and any heir, personal representative or successor of Employee.

12.    Governing Law.  This Agreement shall be construed in accordance with, and its interpretation shall be governed by, applicable federal law, and otherwise by the internal laws of the State of Wisconsin.

Dated:  March 19, 2009

	
			
	 
	 
	DELAVAN BANCSHARES, INC. 

	 
	 
	 

	 
	 
	By:                                                                            

	 
	 
	 

	 
	 
	EMPLOYEE

	 
	 
	/s/Michael Murphy                                                                  

	 
	 
	 

DELAVAN BANCSHARES, INC.

Notice of Exercise of Executive Stock Option

I hereby exercise the executive stock option granted to me by Delavan Bancshares, Inc. ("Company"), pursuant to the Executive Stock Option Agreement dated December 18th,  2008, with respect to the following number of shares of Company common stock, par value $1.00 per share ("Common Stock").

	
		
	Number of shares of Common Stock       to be purchased
	1,000

	Option price per share
	$56.42

	Total purchase price
	$56,420

A                check is enclosed payable to Company for the purchase price. Please have the certificate or certificates representing the purchased shares registered in the following names or names-                                    and sent to                                             .

Dated:                

Signature:                                                  

DELAVAN  BANCSHARES, INC.

2004 EXECUTIVE STOCK OPTION AGREEMENT

This Agreement is made this 16th day of July 2009, by and between Delavan Bancshares, Inc. ("Company'') and Michael Murphy ("Employee").

WHEREAS, on November 15, 2004, the Board of Directors of the Company adopted and on December 13, 2004, the shareholders approved the Company Executive Stock Option Plan (the "Plan");

WHEREAS, the Plan provides for the Board of Directors to appoint a Committee that will issue grants of stock options to key full-time employees to purchase shares of Common Stock, par value $1.00, of the Company ("Common Stock");

WHEREAS, the Committee considers Employee to be a person who is eligible for a grant of executive stock options under the Plan, and has determined that it would be in the best interests of the Company to grant the stock options as provided in this Agreement.

NOW THEREFORE, in consideration of the mutual covenants set forth in this Agreement, for good and valuable consideration, and intending to be legally bound by this Agreement, the parties agree as follows:

1.    Grant of Option.  Subject to the terms and conditions of the Plan and as set forth in this Agreement, Company, with the approval and at the direction of the Committee, hereby grants to Employee, as of the date of this Agreement, an option to purchase up to 3,250 shares of Common Stock for an amount equal to $53.73 per share (the "Option''), subject to adjustments as provided in this Agreement.  The Option is intended by the parties to be, and shall be treated as, an incentive stock option (as such term is defined under section 422 of the Internal Revenue Code).

2.    Vesting Period.  Employee shall have the right and ability to exercise the Option in whole or in part, in such a manner that each year the maximum number of options shall vest so that such options maintain their intended classifications as incentive stock options under Section 422 of the Code.

3.    Exercise Period.  The Option may be exercised in whole or in part, at the discretion of Employee, for a period often (10) years commencing from the date of this Agreement, subject to the terms and limitations of the Plan and this Agreement.

4.    Method of Exercising Option.  Subject to the terms and conditions of the Plan and this Agreement, the Option may be exercised by written notice delivered to the Secretary of Company at Company's principal office.  Such notice shall be provided at least ten (10) days before the date of exercise; shall state the election to exercise the Option and the Number of 

shares with respect  to which  it is being exercised;  shall be signed by Employee;  and shall  be accompanied  by payment  of the full Purchase  Price  of such shares.

The Purchase  Price  shall be paid to Company in cash, or its equivalent.

Company shall deliver or cause to be delivered a certificate or certificates for the shares with respect to which the Option has been exercised as soon as practicable following the exercise date.  Such certificate(s) shall be registered in the name of Employee and shall be delivered as provided above to or upon  the written order of Employee.  The obligation of Company to deliver the Common Stock upon the exercise of the Option shall be subject to applicable federal, state and local tax withholding requirements.

5.    Changes in Stock.   If there shall be any change in the stock subject to any Option, through merger in which Company is the surviving corporation, consolidation, reorganization, exchange of shares, recapitalization, stock dividend or distribution, stock split or other change in the corporate structure, Company shall make appropriate adjustments in the number and kind of shares and the price per share subject to outstanding Options, provided that no changes shall be made in any Option which would cause such Option to fail or continue to qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code.  The number and kind of shares and the price per share subject to the Option, after adjustment, shall be substantially equivalent to the number and price per share of Common Stock granted to Employee pursuant to this Agreement.

6.    Non-Transferability of Option. Employee shall not assign, transfer, pledge or hypothecate the Options, in whole or in part, except by will or by the laws of descent and distribution, and no Option shall be subject to execution, attachment or similar process.  During the lifetime of Employee, the Option shall be exercisable only by Employee or his or her guardian or legal representative.

7.    Termination, Permanent Disability, Retirement or Death.  All Options shall terminate immediately upon the termination of Employee's employment and shall not be exercisable by Employee, except if the termination is due to Employee's retirement, disability (as defined in Section 105(d)(4) of the Internal Revenue Code), death, or for any reason other than for cause as determined by the Committee or by Employee's voluntary termination.  If Employee retires from employment at Company in accordance with Company's normal retirement policies, Employee must exercise his or her vested Options within three (3) months after the date of such termination.  If the employment of Employee is terminated by reason of death or disability (as defined in Section 105(d)(4) of the Internal Revenue Code), Employee or Employee's legal successor must exercise his or her vested Options within one (1) year after retirement or disability.  If the employment of Employee is terminated for any reason other than death or disability (as defined in Section 105(d)(4) of the Internal Revenue Code), but is not terminated for cause as determined by the Committee or by Employee's voluntary termination, Employee must exercise his or her vested Options within ninety (90) days after such termination. Notwithstanding any other provision of this Agreement, if the employment of Employee is terminated for cause as determined by the Committee or by voluntary termination by Employee, all Options then held by Employee shall be deemed terminated and shall not be exercisable by 

Employee.  Any Options  that were not vested on the date of the Employee's termination, disability, retirement or death shall immediately expire.  Employee must exercise his or her vested Options within  the time period set forth above or such Options shall immediately thereafter expire.  Notwithstanding the time periods set forth above, all Options shall be exercised  no later than the date on which the Options would otherwise expire under this Agreement.  In the event of an Employee's death, the person or persons to whom a vested Option is transferred by will or the laws of descent  and distribution may exercise  such vested Options, subject to the terms of this Agreement and the Plan.

8.    Change in Control.   For purposes  of this Agreement,  "Change  in Control''  of Company  shall have the meaning  as set forth in Section 7.2 of the Plan,  as amended  from time to time.  Upon a Change in Control  of Company,  all outstanding  Options  shall become  fully exercisable  and all restrictions  on those  Options  shall terminate  in order that Employee  may fully realize  the benefits  of those  Options  under this Agreement.

9.    No Employment or Retention Agreement Intended.  The grant  of the Option  shall not be deemed to imply the right to continued  employment  or retention in service  in any capacity by Company  or a subsidiary  of Company  and shall not constitute  an employment   agreement  of any kind.

10.    Government   and Other Regulations.  The obligation of Company to sell and deliver shares of Common  Stock under this Agreement shall be subject to all applicable laws, rules and regulations and the obtaining of all such approvals by governmental agencies as may be deemed necessary by Company, including (without  limitation) the satisfaction of all applicable  federal, state and local tax withholding requirements.

11.    Successors.   This Agreement  shall be binding  upon  and inure  to the benefit  of any successor  of Company  and any heir, personal  representative  or successor  of Employee.

12.    Governing  Law.  This Agreement  shall be construed  in accordance  with,  and its interpretation  shall be governed  by, applicable  federal law, and otherwise  by the internal  laws of the State of Wisconsin.

Dated:     July 16th, 2009
	
			
	 
	 
	DELAVAN BANCSHARES, INC. 

	 
	 
	 

	 
	 
	By:                                                                            

	 
	 
	 

	 
	 
	EMPLOYEE

	 
	 
	/s/Michael Murphy                                                                  

	 
	 
	 

DELAVAN BANCSHARES, INC.

Notice of Exercise of Executive Stock Option

I hereby exercise the executive stock option granted to me by Delavan Bancshares, Inc. ("Company"), pursuant to the Executive Stock Option Agreement dated July 16th,  2009, with respect to the following number of shares of Company common stock, par value $1.00 per share ("Common Stock").

	
		
	Number of shares of Common Stock       to be purchased
	3,250

	Option price per share
	TBD

	Total purchase price
	TBD

A                check is enclosed payable to Company for the purchase price. Please have the certificate or certificates representing the purchased shares registered in the following names or names-                                    and sent to                                             .

Dated:                

Signature:                                                  

TERMINATION  OF OPTION AGREEMENTS

This Termination of Option Agreements ("Termination") is made effective  April  30, 2013 ("Termination
Effective Date"), by and between Delavan Bancshares, Inc. ("Company") and Michael  Murphy ("Grantee").

RECITALS

A.   On June 6, 19961   Company's Board of Directors adopted and Company's shareholders approved the
Delavan Bancshares, Inc. Executive Stock Option Plan (the "1996 Plan").

		
	B.
	On November 15, 2004, Company's Board of Directors adopted and on December 13, 2004, Company's shareholders approved the Delavan Bancshares, Inc. 2004 Executive Stock Option Plan (the "2004 Plan").

		
	C.
	Under the 1996 Plan, Grantee was granted  250 Options (as defined under that  Plan) with  an exercise price of $68.00 per share, on December 30, 2005 (the "2005 1996 Plan Grant")

D.    Under the 2004 Plan, Grantee was granted 2,750 Options (as defined under that Plan) as follows:
750 Options with an exercise price of $68.00 per share, on December 30, 2005 (the "2005 2004 Plan
Grant"); 1,000 Options with an exercise price of $65.00 per share, on December 21, 2006 (the "2006
2004 Plan Grant"); and 1,000 Options with an exercise price of $68.44 per share, on December 20,
2007 (the "2007 2004 Plan Grant").

		
	E.
	For purposes of this Termination, the "Prior Grants" shall mean collectively the 2005 1996 Plan Grant, 2005 2004 Plan Grant, 2006 2004 Plan Grant, and 2007 2004 Plan Grant, and the "Prior Options" shall mean the options granted under the Prior Grants.

		
	F.
	Since the dates of the Prior Grants, the Company's fair market value per share has decreased to the extent that the Company is concerned that the Prior Grants no longer serve the purposes of the

1996 Plan and 2004 Plan as set forth in Section 1.1 of each, including providing increased incentives
for key employees of Company.

G.  Consequently, the Company wishes to terminate the Prior Grants and issue to Grantee 3,000 new Options under the 2004 Plan, in consideration of Grantee continuing in the employ of Company's subsidiary. Grantee agrees with such termination and issuance. This Termination sets forth the terms.

Therefore, for good and valuable consideration, the parties agree as follows:

1.  Termination. The Prior Grants are hereby terminated, effective as of the Termination Effective Date.

2.   Grant. Grantee is hereby granted options under the 2004 Plan as set forth in the Option Agreement attached as Schedule 2.

3.   Recitals Incorporated.  The Recitals are hereby incorporated into this Agreement.

Each party is signing this Termination as of the Termination Effective Date. Delavan Bancshares, Inc.                                      Grantee

By                                                                

Print Name:         Title                           Michael Murphy

SCHEDULE 2

DELAVAN BANCSHARES, INC.

2004  EXECUTIVE STOCK OPTION PLAN
OPTION AGREEMENT

[ATTACHED]

DELAVAN BANCSHARES, INC.

2004 EXECUTIVE STOCK OPTION  PLAN
OPTIONAGREEMENT

This Option Agreement ("Agreement")  is  made effective  April 30,  2013 (the "Effective  Date"),  by and between Delavan Bancshares, Inc.  ("Company") and Michael Murphy ("Employee").

RECITALS

A.   On November 15,  2004, Company's Board of Directors adopted  and on December 13,  2004, Company's shareholders approved the  Delavan Bancshares, Inc. 2004 Executive  Stock Option Plan (the "Plan").

B.    The Plan provides for the Board of Directors to appoint  a Committee  that will  issue grants of stock options to key full-time  employees to purchase shares of common stock,  par value  $1.00, of the Company ("Common  Stock").

C.    The Committee  has determined  that  as of the  Effective  Date,  the  fair   market  value of the
Common Stock is $38.50 per share.

D.   The Committee considers Employee to be a person who is eligible for a grant of executive  stock options  under the  Plan, and  has determined  that  it  would  be in the  best interests  of the Company to grant the stock options as provided in this Agreement.

Therefore, in consideration of the  mutual covenants set forth  in this Agreement,  for good and valuable consideration,  and intending to be legally bound by this Agreement, the parties agree as follows:

AGREEMENT

1.     Grant of Option. Subject to the terms and conditions of the Plan and as  set forth  in this Agreement,   Company, with  the  approval  and at  the  direction  of the  Committee,  hereby grants  to Employee, as of the Effective Date, an option to purchase up to 3,000  shares of Common Stock for an amount equal to $38.50  per share (the "Option"),  subject to adjustments as provided in this Agreement. The Option is intended by the parties to be,  and shall be treated  as,  an incentive stock option (as such term is defined under Section 422 of the Internal Revenue Code of 1986 ("Code")).  The Option  expires on the tenth anniversary of the Effective Date (such tenth anniversary,  the "Expiration Date").

2.     Vesting Period.  Employee shall have the right and ability  to exercise  the Option in whole or in part, at the discretion of the Employee, according to the following vesting schedule:

	
			
	Number of Shares
	First Exercisable (Vesting Date)
	Date of Expiration

	2,500
	Effective Date
	Expiration Date

	500
	January 1, 2014
	Expiration Date

3.     Exercise  Period.   The  Option   may  be  exercised   in whole  or  in  part,  at the  discretion   of Employee,  for  a  period  of ten  years  commencing   from  the  Effective  Date  and  ending   on  the  Expiration Date, subject  to the terms  and limitations   of the  Plan and this Agreement.

4.     Option Exercise.

		
	a.
	Method.    Subject  to  the  terms  and  conditions  of  the Plan and  this  Agreement,   to exercise  all  or any part  of the  Option,   Employee  shall  deliver  written  notice  to  the Secretary  of Company  at Company's  principal  office.  Such notice  shall:

		
	i. 
	be provided  at least ten  days before  the date  of exercise;

		
	ii.
	state   the   election   to   exercise   the   Option   and  the   number  of  shares  of Common  Stock with  respect  to which  it is being exercised;

		
	iii.
	be signed   by Employee;  and

		
	iv.
	be accompanied  by payment of the full purchase  price of such shares, which is the  number  of shares with  respect  to which  the  Option is being  exercised times  $38.50   per share  (the  "Purchase  Price").

		
	b.
	Payment.    Employee   shall   pay   the   Purchase   Price   to   Company    in   cash  or   its equivalent.

		
	c.
	Delivery   of  Shares.  Company  shall deliver  or  cause to  be delivered a  certificate or certificates  for the shares of Common Stock with  respect  to  which  the  Option has been  exercised   and  the   Purchase   Price  paid  to   Company   as  soon  as  practicable following the exercise  ate.   Such certificate(s)    shall  be  registered   in  the  name  of Employee   and shall  be delivered   as  provided   above to  or upon  the  written    order  of Employee.   The  obligation    of  Company   to   deliver   the   Common   Stock   upon   the exercise   of  the  Option   shall  be  subject  to  applicable   federal,   state,   and  local  tax withholding     requirements.

5.    Changes  in Stock.  If there  is any  change  in  the  Common   Stock  subject  to  any Option, through  merger  in which  Company  is the  surviving  corporation,    consolidation,    reorganization,    exchange of  shares,  recapitalization,    stock  dividend  or  distribution,   stock  split,   or  other   change  in the  corporate structure, Company  shall  make  appropriate  adjustments  in the  number  and  kind of shares and the  price per share  subject  to  outstanding  Options,   provided  that  no changes shall  be made  in any Option  which would cause such  Option  to fail or continue  to qualify  as an incentive stock option within  the  meaning of Code Section 422.  The  number and  kind  of shares  and the  price  per share  subject  to  the  Option, after adjustment, shall  be·  substantially  equivalent  to  the   number   and  price   per  share  of  Common   Stock granted  to  Employee  pursuant   to this Agreement.

6.    Non-Transferability  of  Option.  Employee    shall    not    assign,   transfer,     pledge,    or hypothecate   the  Option,    in whole   or  in part,  except  by will  or  by the  laws  of descent  and  distribution, and  no  Option   shall  be  subject   to  execution,    attachment,    or  similar   process.   During  the   lifetime    of Employee,    the   Option    shall   be   exercisable    only   by   Employee    or   Employee's     guardian    or   legal representative.

7.     Termination  of Employment.

		
	a.
	    For Cause or  Voluntary  Termination   Other  Than  Retirement.    All   Options    shall terminate    immediately   and   shall   not   be   exercisable    by   Employee    upon   the termination  of  Employee's  employment  with  Company  for  cause (as determined  by the  Committee)  or by Employee's voluntary  termination   other than  by reason of retirement  in accordance with Company's normal retirement  policies.

		
	b.
	Death or Disability. Upon the termination  of Employee's employment  with Company by reason of death or disability (as defined in Code Section 22(e)(3) or any successor section of the Code defining disability), Employee or Employee's legal successor may exercise Employee's vested Options within  one year after  death or  disability, and any unexercised Options shall terminate and shall not be exercisable by Employee at the end of that  period. In the event of an Employee's death, the  person or persons to  whom   a   vested  Option  is  transferred   by  will  or  the   laws  of  descent  and distribution    may  exercise such  vested  Options,  subject  to   the  terms  of  this Agreement and the Plan.

		
	c.
	Other Termination.  Upon the termination  of Employee's employment with Company for  any reason other  than  those  in  subsections a   and  b above, Employee may exercise Employee's vested Options within  three  months  after  the  date of  such termination,    and  any  unexercised  Options  shall  terminate   and  shall  not   be exercisable by Employee at the end of that period.

		
	d.
	Additional   Provisions. Any Options  not  vested  on  the  date  of  the  Employee's termination   (for  any reason) shall immediately  expire. Notwithstanding  the time periods set forth  above, no Option may be exercised after the Expiration Date.

8.     Change in Control. Upon a Change   in Control of Company, all outstanding Options shall become fully  exercisable and all restrictions on those Options shall terminate  in order that  Employee may fully realize the benefits of those Options under this Agreement. "Change in Control" of Company shall have the meaning as set forth  in Section 7.2 of the Plan, as amended from time to time.

9.    No Employment  or Retention Agreement  Intended. The grant of the Option shall not, and shall not  be deemed to,  imply the  right to continued  employment  or retention  in service in any capacity by Company or a  subsidiary of Company and shall not constitute  an employment agreement of any kind.

10.    Government  and  Other  Regulations. The obligation  of  Company to  self and deliver shares of  Common Stock under  this  Agreement  shall be subject  to  all  applicable laws, rules, and regulations and the  obtaining  of  all such approvals  by governmental  agencies as may  be deemed necessary by Company, including (without  limitation) the satisfaction of all applicable federal, state, and local tax withholding  requirements.

11.    Successors. This Agreement  shall be binding  upon  and  inure  to  the  benefit  of  any successor of Company and any heir, personal representative, or successor of Employee.

12.    Governing  Law.  This  Agreement  shall  be  construed  in  accordance  with,  and  its interpretation  shall be governed  by, applicable federal law, and otherwise  by the internal laws of the State of Wisconsin.

The parties are signing this Agreement as of the Effective Date.

DELAVAN BANKSCHARES, INC.                  EMPLOYEE
        By:

                                        

Name:                             Michael Murphy

Title:            

DELAVAN BANCSHARES, INC.

Notice of Exercise of Executive Stock Option

I    hereby   exercise   the   executive    stock   option    granted    to   me   by  Delavan   Bancshares,    Inc. ("Company"),  pursuant   to  the  Executive  Stock Option  Agreement   dated   April 30,  2013  with  respect   to the   following  number   of  shares   of  Company   common   stock,    par  value  $1.00    per  share   ("Common Stock").

Number of shares of Common Stock                
to be purchased

Option price per share                      $38.50

Total purchase price                $            

A                                                              check is  enclosed payable to  Company for the  purchase  price. Please have the certificate or certificates representing the purchased shares registered  in the following names   or    names                                                                                                                 and    sent  to                                              .

Dated:                        

Signature:                        
Print  Name:Exhibit 4.1

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York Corporation (“DTC”), to the Company or
its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

	Certificate No.:  1 	CUSIP No.:  637432NC5
	 	 
	ISIN No.: US637432NC57	 
	 	 
	PRINCIPAL AMOUNT:  $400,000,000	 
	 	 
	MATURITY DATE:  January 27, 2020	 
	 	 
	ISSUE DATE:  January 27, 2015	CERTIFICATE INTEREST RATE: 2.00%

 

2.00% COLLATERAL TRUST BOND DUE 2020

 

National Rural Utilities Cooperative Finance
Corporation, a District of Columbia cooperative association (hereinafter called the “Company”, which term includes
any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of $400,000,000 on the Maturity Date set forth above; and to pay interest
thereon from the Issue Date set forth above at the Certificate Interest Rate set forth above, until the principal hereof is paid
or made available for payment.

 

Interest on the Bonds will be payable on January
27 and July 27 of each year commencing on July 27, 2015 to the persons in whose names such Bonds are registered at the close of
business on the fifteenth calendar day preceding the payment date, or if not a Business Day, the next succeeding Business Day.
Interest on the Bonds will accrue from and including the date of issue or from and including the last date in respect of which
interest has been paid, as the case may be, to, but excluding, the relevant interest payment date, date of redemption or the date
of maturity, as the case may be. Interest on the Bonds will be computed on the basis of a 360-day year of twelve 30-day months.

 

If any of the interest payment dates or the
maturity date falls on a day that is not a Business Day, the payment of interest or principal will be postponed to the next succeeding
Business Day, but the payment made on such dates will be treated as being made on the date payment was first due and the holders
of the Bonds will not be entitled to any further interest or other payments with respect to such postponements.

 

    	 

    	 

    

 

Reference is hereby made to the further provisions
of this Bond set forth on the reverse hereof which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of authentication hereon
has been executed by or on behalf of U.S. Bank National Association, as Trustee under the Indenture, or its successor thereunder,
by manual signature, this Bond shall not be entitled to any benefit under such Indenture, or be valid or obligatory for any purpose.

 

    	 

    	 

    

 

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

 

	 	NATIONAL RURAL UTILITIES
	 	COOPERATIVE FINANCE CORPORATION
	 	 	 
	 	By:	 
	 	 	J. Andrew Don
	 	 	Senior Vice President and Chief Financial Officer

 

(Seal)

 

Attest:

 

	By: 	 	 
	 	Assistant Secretary-Treasurer	 

 

Trustee’s Certificate of

Authentication

This is one of the Bonds

of the series designated therein,

described in the within-

mentioned Indenture

 

	Dated:	 	 
	 	 	 
	By: 	U.S. BANK NATIONAL ASSOCIATION,	 
	 	Trustee	 
	 	 	 
	By:  	 	 
	 	Authorized Officer	 

 

    	 

    	 

    

 

REVERSE OF BOND

 

This Bond is one of an authorized issue of
Bonds of the Company known as its “2.00% Collateral Trust Bonds due 2020”, issued and to be issued in one or more series
under, and all equally and ratably secured (except as any sinking or other fund may afford additional special security for the
Bonds of any particular series) by, an Indenture dated as of October 25, 2007 (as amended, supplemented and modified and in effect
from time to time, the “Indenture”), executed by the Company to U.S. Bank National Association, as Trustee (herein
called the “Trustee”, which term includes any successor Trustee under the Indenture), to which Indenture reference
is hereby made for a description of the nature and extent of the securities and other property assigned, pledged, transferred and
mortgaged thereunder the rights of the Holders of said Bonds and of the Trustee and of the Company in respect of such security,
and the terms upon which said Bonds are to be authenticated and delivered.

 

The principal amount of the Bonds, designated
on the face hereof as $400,000,000 may be increased from time to time pursuant to Section 2.03 of the Indenture. All Bonds need
not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuance of
additional Bonds. Any such additional Bonds will have the same terms and conditions and the same CUSIP number as set forth herein.
No Bonds shall be authenticated and delivered in excess of the principal amount so increased except in accordance with the Indenture.
No additional Bonds shall be authenticated and delivered unless such additional Bonds would be fungible with all Bonds for United
States federal income tax purposes.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Bonds under the Indenture at any time by the Company with the consent of the Holders of not less than a majority
in aggregate principal amount of the Bonds at the time Outstanding as defined in the Indenture. The Indenture also permits, without
the consent of the holders of any Bonds, the parties to any Mortgage Notes pledged under the Indenture, and any Mortgages or Loan
Agreements pursuant to which they were issued, to modify, alter, supplement or amend such Mortgage Notes, Mortgages and Loan Agreements,
so long as thereafter such Mortgage will comply with the requirements of the Company’s standard lending practices, as such
policies may be amended from time to time. The Indenture also contains provisions permitting the Holders of specified percentages
in principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Bond shall be binding upon such Holder and upon all future Holders of this Bond 

 

    	 

    	 

    

 

and of any Bond
issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such action is made upon this
Bond.

 

As provided in the Indenture, said Bonds are
issuable in series which may vary as in said Indenture provided or permitted. This Bond is one of a series entitled 2.00% Collateral
Trust Bonds due 2020.

 

The Company may redeem
the Bonds at any time prior to December 27, 2019, in whole or in part, at a “make-whole” redemption price equal to
the greater of (1) 100% of the principal amount being redeemed or (2) the sum of the present values of the remaining scheduled
payments of the principal and interest (other than accrued interest) on the Bonds being redeemed that would be due if such Bonds
matured on December 27, 2019, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 12.5 basis points for the Bonds, plus in each of (1) and (2) above, accrued interest to,
but excluding, the redemption date.

 

At any time on or after
December 27, 2019, the Company may redeem the Bonds, at its option, in whole or in part, at a redemption price equal to 100% of
the principal amount of the Bonds to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date.

 

If the Company elects
to redeem less than all of the Bonds, and such Bonds are at the time represented by a global security, then the depositary will
select by lot the particular interest to be redeemed. If the Company elects to redeem less than all of the Bonds, and such Bonds
are not represented by a global security, the particular Bonds to be redeemed shall be selected by the Trustee from the outstanding
Bonds not previously called for redemption, in a manner the Trustee deems appropriate and fair.

 

Notice of any redemption
will be mailed at least 30 days but not more than 60 days before the date of redemption to each holder of the Bonds to be redeemed.
Unless the Company defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue
on such Bonds or the portions called for redemption.

 

If an Event of Default, as defined in the
Indenture, shall occur, the principal of this Bond may become or be declared due and payable immediately, in the manner and with
the effect provided in the Indenture.

 

This Bond is transferable by the registered
owner hereof in person or by attorney authorized in writing at the office or agency of the Company in the Borough of Manhattan,
City and State of New York or any other place or places where such Bond may be paid, upon surrender of this Bond, and upon any
such transfer a new 

 

    	 

    	 

    

 

Bond for the same series, for the same aggregate principal amount, will be issued to the transferee in exchange
hereof.

 

The Bonds of this series are issuable only
as registered Bonds without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided
in, and subject to the provisions of, the Indenture, Bonds of this series are exchangeable for other Bonds of this series of any
authorized denominations, of a like aggregate principal amount, as requested by the Holder surrendering the same.

 

No service charge will be made for any such
transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment for transfer at any
office or agency of the Company designated for such purpose, the Company, the Trustee and any agent of the Company or the Trustee
may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided
and for all other purposes whether or not this Bond be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

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

 

The following terms shall have the following
meanings:

 

“Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the Borough of Manhattan, City and
State of New York are authorized by law to close.

 

“Comparable Treasury Issue’’
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term of the Bonds being redeemed (assuming, for this purpose, that the Bonds matured on December 27, 2019) that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of such Bonds.

 

“Comparable Treasury Price’’
means with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for the redemption date,
after excluding the highest and lowest Reference

 

    	 

    	 

    

 

Treasury Dealer Quotations for that redemption date, or (B) if the Company obtains
fewer than four Reference Treasury Dealer Quotations, the average of all the Reference Treasury Dealer Quotations obtained.

 

“Independent Investment Banker’’
means one of the Reference Treasury Dealers appointed by the trustee after consultation with the Company.

 

“Reference Treasury Dealer’’
means (1) each of J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc., and their respective affiliates
or successors; provided, however, that if any of them ceases to be a primary U.S. Government securities dealer in the United States,
the Company will appoint another primary U.S. Government securities dealer as a substitute, (2) one primary U.S. Government securities
dealer selected by each of Mitsubishi UFJ Securities (USA), Inc. and SunTrust Robinson Humphrey, Inc. and (3) any other U.S. Government
securities dealers selected by the Company.

 

“Reference Treasury Dealer Quotations’’
means, for each Reference Treasury Dealer and any redemption date, the average, as determined by the trustee, of the bid and ask
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to
the Trustee by the Reference Treasury Dealer at 5:00 p.m. New York City time on the third business day preceding the redemption
date for the bonds being redeemed.

 

“Treasury Rate’’ means,
for any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for the redemption date.

 

All terms used in this Bond which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	 

    	 

    

 

ASSIGNMENT

 

For value received the
undersigned sells, assigns and transfers unto (name, address including zip code and taxpayer I.D. or Social Security number
of assignee)
_______________________________________________________________________________________________
the within Certificate and does hereby irrevocably constitute and
appoint __________________________________________________________________ attorney to transfer the said Certificate on the
books kept for registration thereof with full power of substitution on the premises.

 

	Dated:  	 	 
	 	 	 
	 	 	 
	 	Signature by or on behalf of Assignor

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