Document:

Exhibit 4.31

    

    

    

    

    

    ATHENS, 16/04/2020

    

    

    EUROSEAS LTD

      40, Agiou Konstantinou Str.

      GR 15124, Marousi

      Attn: Mr A. Pittas / Mr. T. Aslidis

    

    

    RE: SWAP TRANSACTION

    

    

    Our Ref: 20295-21787

    

    

    The purpose of this confirmation is to confirm the terms and conditions of the Swap Transaction entered into between EUROBANK SA/ATHENS (“Party A”) and EUROSEAS LTD (“Party B”) on the Trade Date specified below (The Swap Transaction).

    The definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association,
      Inc., are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.

    This Confirmation constitutes a “Confirmation” as referred to in , and supplements, forms part of and is subject to the 1SDA Master
      Agreement dated as of July 10, 2008 , as amended and supplemented from time to time (the “Agreement”), between EUROBANK SA (“Party A”) and EUROSEAS LTD (“Party B”). All provisions contained in the Agreement govern this Confirmation except as
      expressly modified below.

    THE TERMS OF THE PARTICULAR TRANSACTION TO WHICH THIS CONFIRMATION RELATES ARE A FOLLOWS:

    	
            Trade Date:

          	
            16/04/2020

          
	 	 
	
            Effective Date:

          	
            24/04/2020

          
	 	 
	
            Termination Date:

          	
            24/04/2025, subject to adjustment in accordance with the Modified Following Business Day Convention.

          
	 	 
	
            FIXED AMOUNTS:

          	 
	 	 
	
            Fixed Rate Payer:

          	
            Party B

          
	 	 
	 	 
	
            Fixed Rate Payer Currency Amount:

          	
            USD 30,000,000.00 as set forth in Schedule

          
	 	 
	
            Transaction fee:

          	
            In relation to each Calculation Period, 0.13% of the Notional Amount for such Calculation Period, embedded in the Fixed Rate. The total Transaction fee in respect of the Transaction is USD
              197,816.65.

          

    
      
        

    

    

    

    	
            Fixed Rate Payer Payment Dates:

          	
            Quarterly, commencing on 24/07/2020 up to and including the Termination Date subject to adjustment in accordance with the Modified Following Business Day Convention and there will be an
              adjustment to the Calculation Period.

          
	 	 
	
            Initial Calculation Period:

          	
            From and including 24/04/2020 to and excluding 24/07/2020.

          
	 	 
	
            Fixed Rate:

          	
            0.7800000 PERCENT

          
	 	 
	
            Fixed Rate Day Count Fraction:

          	
            ACT/360

          
	 	 
	
            Business Days for Payment Date is:

          	
            New York, London and Athens Settlement Days

          
	 	 
	
            FLOATING AMOUNTS:

          	 
	 	 
	
            Floating Rate Payer:

          	
            Party A

          
	 	 
	
            Floating Rate Payer Currency Amount:

          	
            USD 30,000,000.00 as set forth in Schedule

          
	 	 
	
            Floating Rate Payer Payment Dates:

          	
            Quarterly, commencing on 24/0712020 up to and including the Termination Date subject to adjustment in accordance with the Modified Following Business Day Convention and there will be an
              adjustment to the Calculation Period.

          
	 	 
	
            Floor Rate:

          	
            From 24/04,2020 up to and including 24/04.2025, 0.00000 PERCENT, in the event that the Relevant Rate determined in respect of a Calculation Period is less than 0.00% the Floating Rate for such
              Calculation Period shall be 0.00%

          
	 	 
	
            Initial Calculation Period

          	
            From and including 24/04/2020 to and excluding 24/07/2020.

          
	 	 
	
            Floating Rate Option

          	
            USD-LIBOR-BBA

          
	 	 
	
            Designated Maturity

          	
            3 MONTHS

          
	 	 
	
            Spread

          	
            0.0000 bps

          
	 	 
	
            Floating Rate Day Count Fraction

          	
            ACT/360

          
	 	 
	
            Reset Dates

          	
            The First Date of each Calculation Period

          
	 	 

    
      
        

    

    

    

    	
            Business Days for Payment Dates is:

          	
            London, New York and Athens Settlement Days

          
	 	 
	
            Account Details

          	 
	 	 
	
            Account(s) for payments to

          	
            00260029211200236674

          
	
            EUROBANK SA:

          	 
	 	 
	
            Account(s) for payments to

          	
            0026002921 1200236674

          
	
            Party B:

          	 
	 	 

    

    

    Offices:

    (a) The Office of EUROBANK SA for the Swap Transaction is: 8, Othonos Str. GR 105 57 Athens

    (b) The Office of Party B for the Swap Transaction is: 40, Agiou Konstantinou Str. GR 15124, Marousi

    REPRESENTATIONS:

    Relationship Between Parties. Each party will be deemed to represent to the other party on the date on which it
      enters into this Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for this Transaction):

    (a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into this Transaction and as to whether this Transaction
        is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to
        enter into this Transaction, it being understood that information and explanations related to the terms and conditions of this Transaction shall not be considered investment advice or a recommendation to enter into this Transaction. No
        communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of this Transaction.

    (b) Assessment and Understanding. It is capable of assessing the merits of an understanding (on its own behalf or through independent professional advice) and
        understands and accepts the terms, conditions and risks of this Transaction. It is also capable of assuming, and assumes, the risks of this Transaction.

    (c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of this Transaction.

    
      
        

    

    

    

    

    

    Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this confirmation enclosed for that purpose and returning it to us.

    

    

    

    

    	 	 	
            Yours sincerely,

          
	 	 	 
	 	 	 
	 	 	
            EUROBANK SA

          
	 	 	 
	 	 	
            By:

          	 	 
	 	 	 	 
	 	 	 	 
	
            Confirmed as of the

              Date first above written:

          	 	 	 
	 	 	 	 
	 	 	 	 	 
	
            By:

          	
            /s/ Aristides J. Pittas

          	 	 	 	 
	
            Name:

          	
            Aristides J. Pittas

          	 	 	 
	
            Title:

          	 	 	 	 
	 	 	 	 	 
	 	
            /s/ Stefania Karmiri

            

          	 	 	 	 
	 	
            Stefania Karmiri 

          	 	 	 
	 	 	 	 	 

    

    

    
      

      

    

    

    

    
      
        

    

    

    

    

    

    

    

    PAYMENT SCHEDULE FOR Party A

    

    

    	
            Notional Amount

              USD

          	
            Calculation Period

          	
            Payment Date

          
	
            Start Date

          	
            End Date

          
	
            30,000,000.00

          	
            24/04/2020

          	
            24/07/2020

          	
            24/07/2020

          
	
            30,000,000.00

          	
            24/07/2020

          	
            26/10/2020

          	
            26/10/2020

          
	
            30,000,000.00

          	
            26/10/2020

          	
            25/01/2021

          	
            25/01/2021

          
	
            30,000,000.00

          	
            25/01/2021

          	
            26/04/2021

          	
            26/04/2021

          
	
            30,000,000.00

          	
            26/04/2021

          	
            26/07/2021

          	
            26/07/2021

          
	
            30,000,000.00

          	
            26/07/2021

          	
            25/10/2021

          	
            25/10/2021

          
	
            30,000,000.00

          	
            25/10/2021

          	
            24/01/2022

          	
            24/01/2022

          
	
            30,000,000.00

          	
            24/01/2022

          	
            26/04/2022

          	
            26/04/2022

          
	
            30,000,000.00

          	
            26/04/2022

          	
            25/07/2022

          	
            25/07/2022

          
	
            30,000,000.00

          	
            25/07/2022

          	
            24/10/2022

          	
            24/10/2022

          
	
            30,000,000.00

          	
            24/10/2022

          	
            24/01/2023

          	
            24/01/2023

          
	
            30,000,000.00

          	
            24/01/2023

          	
            24/04/2023

          	
            24/04/2023

          
	
            30,000,000.00

          	
            24/04/2023

          	
            24/07/2023

          	
            24/07/2023

          
	
            30,000,000.00

          	
            24/07/2023

          	
            24/10/2023

          	
            24/10/2023

          
	
            30,000,000.00

          	
            24/10/2023

          	
            24/01/2024

          	
            24/01/2024

          
	
            30,000,000.00

          	
            24/01/2024

          	
            24/04/2024

          	
            24/04/2024

          
	
            30,000,000.00

          	
            24/04/2024

          	
            24/07/2024

          	
            24/07/2024

          
	
            30,000,000.00

          	
            24/07/2024

          	
            24/10/2024

          	
            24/10/2024

          
	
            30,000,000.00

          	
            24/10/2024

          	
            24/01/2025

          	
            24/01/2025

          
	
            30,000,000.00

          	
            24/01/2025

          	
            24/04/2025

          	
            24/04/2025

          

    

    

    
      
        

    

    

    

    

    

    PAYMENT SCHEDULE FOR Party B

    	
            Notional Amount

              USD

          	
            Calculation Period

          	
            Payment Date

          	
            Fixed Rate %

            

          
	
            Start Date

          	
            End Date

          
	
            30,000,000.00

          	
            24/04/2020

          	
            24/07/2020

          	
            24/07/2020

          	
            0.78000

          
	
            30,000,000.00

          	
            24/07/2020

          	
            26/10/2020

          	
            26/10/2020

          	
            0.78000

          
	
            30,000,000.00

          	
            26/10/2020

          	
            25/01/2021

          	
            25/01/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            25/01/2021

          	
            26/04/2021

          	
            26/04/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            26/04/2021

          	
            26/07/2021

          	
            26/07/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            26/07/2021

          	
            25/10/2021

          	
            25/10/2021

          	
            0.78000

          
	
            30,000,000.00

          	
            25/10/2021

          	
            24/01/2022

          	
            24/01/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2022

          	
            26/04/2022

          	
            26/04/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            26/04/2022

          	
            25/07/2022

          	
            25/07/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            25/07/2022

          	
            24/10/2022

          	
            24/10/2022

          	
            0.78000

          
	
            30,000,000.00

          	
            24/10/2022

          	
            24/01/2023

          	
            24/01/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2023

          	
            24/04/2023

          	
            24/04/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/04/2023

          	
            24/07/2023

          	
            24/07/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/07/2023

          	
            24/10/2023

          	
            24/10/2023

          	
            0.78000

          
	
            30,000,000.00

          	
            24/10/2023

          	
            24/01/2024

          	
            24/01/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2024

          	
            24/04/2024

          	
            24/04/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/04/2024

          	
            24/07/2024

          	
            24/07/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/07/2024

          	
            24/10/2024

          	
            24/10/2024

          	
            0.78000

          
	
            30,000,000.00

          	
            24/10/2024

          	
            24/01/2025

          	
            24/01/2025

          	
            0.78000

          
	
            30,000,000.00

          	
            24/01/2025

          	
            24/04/2025

          	
            24/04/2025

          	
            0.78000EX-4.1

 Exhibit 4.1 
  

 
 DEPOSIT AGREEMENT 

among 
 The Charles
Schwab Corporation, 
 as Issuer 

Equiniti Trust Company 

as Depositary, 
 and

 THE HOLDERS FROM TIME TO TIME OF 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of April 30, 2020 
  

 

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	 
	 	  	 	  	 	 
	 ARTICLE I DEFINED TERMS
	  	 	1	 
			
	 Section 1.1.
	  	 Definitions
	  	 	1	 
		
	 ARTICLEII FORM OF RECEIPTS,
DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF
RECEIPTS
	  	 	3	 
			
	 Section 2.1.
	  	 Form and Transfer of Receipts
	  	 	3	 
			
	 Section 2.2.
	  	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	 
			
	 Section 2.3.
	  	 Registration of Transfer of Receipts
	  	 	4	 
			
	 Section 2.4.
	  	 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Stock
	  	 	5	 
			
	 Section 2.5.
	  	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	 
			
	 Section 2.6.
	  	 Lost Receipts, etc.
	  	 	6	 
			
	 Section 2.7.
	  	 Cancellation and Destruction of Surrendered Receipts
	  	 	6	 
			
	 Section 2.8.
	  	 Redemption of Stock
	  	 	7	 
			
	 Section 2.9.
	  	 Receipts Issuable in Global Registered Form
	  	 	8	 
		
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS
OF RECEIPTS AND THE CORPORATION
	  	 	9	 
			
	 Section 3.1.
	  	 Filing Proofs, Certificates and Other Information
	  	 	9	 
			
	 Section 3.2.
	  	 Payment of Taxes or Other Governmental Charges
	  	 	9	 
			
	 Section 3.3.
	  	 Warranty as to Stock
	  	 	9	 
			
	 Section 3.4.
	  	 Warranty as to Receipts
	  	 	10	 
		
	 ARTICLE IV THE DEPOSITED SECURITIES;
NOTICES
	  	 	10	 
			
	 Section 4.1.
	  	 Cash Distributions
	  	 	10	 
			
	 Section 4.2.
	  	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	10	 
			
	 Section 4.3.
	  	 Subscription Rights, Preferences or Privileges
	  	 	11	 
			
	 Section 4.4.
	  	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	12	 

  
 -i- 

							
		  		  	 	            	 
	 Section 4.5.
	  	 Voting Rights
	  	 	12	 
			
	 Section 4.6.
	  	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	12	 
			
	 Section 4.7.
	  	 Delivery of Reports
	  	 	13	 
			
	 Section 4.8.
	  	 Lists of Receipt Holders
	  	 	13	 
		
	 ARTICLE V THE DEPOSITARY, THE
DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION
	  	 	13	 
			
	 Section 5.1.
	  	 Appointment, Maintenance of Offices, Agencies and Transfer Books by the Depositary;
Registrar
	  	 	13	 
			
	 Section 5.2.
	  	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Corporation
	  	 	14	 
			
	 Section 5.3.
	  	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation
	  	 	14	 
			
	 Section 5.4.
	  	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	16	 
			
	 Section 5.5.
	  	 Corporate Notices and Reports
	  	 	17	 
			
	 Section 5.6.
	  	 Indemnification by the Corporation
	  	 	17	 
			
	 Section 5.7.
	  	 Fees, Charges and Expenses
	  	 	17	 
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	 	18	 
			
	 Section 6.1.
	  	 Amendment
	  	 	18	 
			
	 Section 6.2.
	  	 Termination
	  	 	18	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	19	 
			
	 Section 7.1.
	  	 Counterparts
	  	 	19	 
			
	 Section 7.2.
	  	 Exclusive Benefit of Parties
	  	 	19	 
			
	 Section 7.3.
	  	 Invalidity of Provisions
	  	 	19	 
			
	 Section 7.4.
	  	 Notices
	  	 	19	 
			
	 Section 7.5.
	  	 Depositary’s Agents
	  	 	20	 
			
	 Section 7.6.
	  	 Appointment of Registrar in Respect of the Receipts
	  	 	21	 
			
	 Section 7.7.
	  	 Holders of Receipts Are Parties
	  	 	21	 

  
 -ii- 

							
			
	 Section 7.8.
	  	 Governing Law
	  	 	21	 
			
	 Section 7.9.
	  	 Inspection of Deposit Agreement
	  	 	21	 
			
	 Section 7.10.
	  	 Headings
	  	 	21	 
			
	 Section 7.11.
	  	 Confidentiality
	  	 	21	 
			
	 Exhibit A
	  	 Form of Receipt
	  	 	A-1	 
			
	 Exhibit B
	  	 Certificate of Designations
	  	 	B-1	 

  

  
 -iii- 

 DEPOSIT AGREEMENT dated as of April 30, 2020, among (i) The Charles Schwab Corporation,
a Delaware corporation, (ii) Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, as Depositary and (iii) the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of 5.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, of the Corporation with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a
fractional interest in the Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 
 WHEREAS, the
Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and 

WHEREAS, the terms and conditions of the 5.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred
Stock, Series G, of the Corporation are substantially set forth in the Certificate of Designations attached hereto as Exhibit B; 
 NOW,
THEREFORE, in consideration of the premises, the parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 

Section 1.1.     Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms (in the singular and plural forms
of such terms) used in this Deposit Agreement and the Receipts: 
 “Certificate of Designations” shall mean the Certificate
of Designations filed with the Secretary of State of the State of Delaware establishing the Stock as a series of preferred stock of the Corporation, and setting forth the rights, preferences and privileges of the Stock, and attached hereto as
Exhibit B, and as such certificate may be amended or restated from time to time. 
 “Corporation” shall mean The Charles
Schwab Corporation, a Delaware corporation, and its successors. 
 “Deposit Agreement” shall mean this Deposit Agreement,
as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof. 
 “Depositary”
shall mean Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, and any successor as Depositary hereunder. 

“Depositary Share Redemption Price” shall have the meaning set forth in Section 2.8. 

  
 1 

 “Depositary Shares” shall mean the security representing a 1/100th
fractional interest in a share of the Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement, all as evidenced by the Receipts
issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share (including the dividend,
voting, redemption and liquidation rights contained in the Certificate of Designations). 
 “Depositary’s Agent” shall
mean an agent appointed by the Depositary pursuant to Section 7.5. 
 “Depositary’s Office” shall mean the
principal office of the Depositary, at which at any particular time its depositary receipt business in respect of matters governed by this Deposit Agreement shall be administered. 

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

(1)    (A) the Global Receipt Depository which is the holder of such Global Registered Receipt or Receipts
notifies the Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended,
and (B) the Corporation has not appointed a qualified successor Global Receipt Depository within ninety (90) calendar days after the Corporation received such notice, or 

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

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, The Depository Trust Company
(“DTC”) or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which Person must be, to the extent required by any applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipts” shall mean a global
registered Receipt registered in the name of a nominee of DTC. 
 “Letter of Representations” shall mean any applicable
agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented,
restated or otherwise modified from time to time and any successor agreement thereto. 
 “Receipt” shall mean a receipt
issued hereunder to evidence one or more Depositary Shares held of record by the record holder of such Depositary Shares, whether in definitive or temporary form, substantially in the form set forth as Exhibit A. 

  
 2 

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

“Redemption Date” shall have the meaning set forth in Section 2.8. 

“Redemption Price” shall have the meaning set forth in the Certificate of Designations. 

“Registrar” shall mean the Depositary or such other successor bank or trust company which shall be appointed by the
Corporation to register ownership and transfers of Receipts as herein provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer
as well to the register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of
1933, as amended. 
 “Stock” shall mean shares of the Corporation’s 5.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, $0.01 par value, $100,000 liquidation preference per share, designated and described in the Certificate of Designations. 

ARTICLE II 
 FORM
OF RECEIPTS, DEPOSIT OF STOCK, 
 EXECUTION
AND DELIVERY, TRANSFER, 
 SURRENDER AND REDEMPTION
OF RECEIPTS 
 Section 2.1.     Form and Transfer of Receipts. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in each case with appropriate
insertions, modifications and omissions, as hereinafter provided. 
 Receipts shall be executed by the Depositary by the manual signature of
a duly authorized officer of the Depositary; provided, that such signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by a duly authorized officer of
the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the
Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by a duly authorized officer of such Registrar. The Depositary shall record on its
books each Receipt so signed and delivered as hereinafter provided. 
 Receipts shall be in denominations of any number of whole Depositary
Shares. All receipts shall be dated the date of their issuance. 
 Receipts may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or
with the rules and regulations of any securities 

  
 3 

 
exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to
which any particular Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by
a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the
Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 

Section 2.2.     Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of the Stock under this
Deposit Agreement by delivery to the Depositary of (i) a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement or
(ii) an instruction letter from the Corporation authorizing the Depositary to register such shares of the Stock in book-entry form, each in form satisfactory to the Depositary, together with all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement and all other information required to be set forth, and together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written
order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 

Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall
determine. The Depositary shall not lend any Stock deposited hereunder. 
 Upon receipt by the Depositary of (i) a certificate or
certificates for Stock deposited in accordance with the provisions of this Section or (ii) an instruction letter from the Corporation in accordance with the provisions of this Section, together with the other documents required as above
specified, and upon recordation of the Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary
Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices,
if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

Section 2.3.     Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the holder in 

  
 4 

 
person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing
the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business
fifteen days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called
or being called for redemption in whole or in part except as provided in Section 2.8. 
 Section 2.4.     Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. 
 Upon
surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject
to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or
Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the holder of the Receipt or Receipts so surrendered. 

Any holder of a Receipt or Receipts may withdraw the number of whole shares of Stock and all money and other property, if any, represented
thereby by surrendering such Receipt or Receipts, at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such holder, or
to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole
shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the holder to the Depositary in connection with such withdrawal shall evidence a
number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money
and other property, if any, to be so withdrawn, deliver to such holder, or subject to Section 2.3 upon such holder’s order, a new Receipt evidencing such excess number of Depositary Shares. 

Except as provided in Section 6.2, in no event will fractional shares of Stock (or any cash payment in lieu thereof) be delivered by the
Depositary. Delivery of the Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 

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

  
 5 

 Delivery of the Stock and the money and other property, if any, represented by Receipts
surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery
may be made at such other place as may be designated by such holder. 
 Section 2.5.     Limitations on
Execution and Delivery, Transfer, Surrender and Exchange of Receipts. 
 As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for
the payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production of
evidence satisfactory to it as to the identity and genuineness of any signature, and any other reasonable evidence of authority that may be required by the Depositary and may also require compliance with such regulations, if any, as the Depositary
or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 
 The deposit of Stock may
be refused, the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period
when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because
of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement. 

Section 2.6.     Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of such holder’s ownership thereof and (ii) the holder thereof furnishing of the Depositary with reasonable indemnification satisfactory to
the Depositary. 
 Section 2.7.     Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 

Section 2.8.     Redemption of Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Stock in accordance with the provisions of the Certificate of
Designations (including on account of a Regulatory Capital Treatment Event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days and

  
 6 

 
not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Stock and of the number of such shares held by the Depositary to be
so redeemed and the Depositary Share Redemption Price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in accordance with the provisions of the Certificate of Designations. On the date
of such redemption, provided that the Corporation shall then have paid or caused to be paid in full to the Depositary the Redemption Price (as defined in the Certificate of Designations) per share of Stock to be redeemed, in accordance with and as
required by the provisions of the Certificate of Designations, the Depositary shall redeem the number of Depositary Shares representing such Stock. The Depositary shall mail notice of the Corporation’s redemption of Stock and the proposed
simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by first-class mail, postage prepaid, not less than 30 days and not more than 60 days prior to the date fixed for redemption of such Stock and
Depositary Shares (the “Redemption Date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed at the addresses of such holders as they appear on the records of the Depositary; but neither
failure to mail any such notice of redemption of Depositary Shares to one or more such holders nor any defect in any notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption
as to the other holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such
holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the Depositary Share Redemption Price; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered
for payment of the Depositary Share Redemption Price and (v) that dividends on such shares of Stock represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding
Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot. 
 Notice
having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) all
shares of Stock called for redemption shall cease to be outstanding and any rights with respect to such shares shall cease and terminate (except for the right to receive the Preferred Stock Redemption Price without interest), (ii) the
Depositary Shares being redeemed from such proceeds shall cease to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate (except the right to
receive the Depositary Share Redemption Price without interest), and (iii) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for
transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share (the “Depositary Share Redemption Price”) equal to one one-hundredth of the Preferred Stock Redemption Price per share of Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such
Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

  
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 Section 2.9.     Receipts Issuable in Global Registered
Form. 
 If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in
part in the form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts, which
(i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, and (ii) shall be registered in the name of the Global
Receipt Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless
otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository,
or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such
Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to
receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with
respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the
Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. 
 Unless and until definitive Receipts are
delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in
respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered
Receipts is required under this Deposit Agreement, the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 

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

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

  
 8 

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

ARTICLE III 

CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE CORPORATION 

Section 3.1.     Filing Proofs, Certificates and Other Information. 

Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or
redemption, of any Receipt or the withdrawal of the Stock represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof
or other information is filed or such certificates are executed or such representations and warranties are made. 

Section 3.2.     Payment of Taxes or Other Governmental Charges. 

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

 Section 3.3.     Warranty as to Stock. 

The Corporation hereby represents and warrants that the Stock, when issued, will be duly authorized, validly issued, fully paid and
nonassessable (subject to 12 U.S.C. § 55). Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 

Section 3.4.     Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Stock. Such
representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 

  
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 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1.     Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on Stock, the Depositary shall, subject to Sections 3.1 and
3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on
account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such
amount, however, as can be distributed without attributing to any holder of Depositary Shares a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to
and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. Each holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly
completed Form W-8 or W-9, as may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with
the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder. 

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

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon Stock, the Depositary shall, at
the direction of the Corporation, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Corporation may deem equitable and practicable for accomplishing such distribution. If in the opinion of
the Depositary such distribution cannot be made proportionately among such record holders in accordance with the direction of the Corporation, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an
amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for
the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to
Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not
make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the holders of Receipts unless the Corporation shall have provided an opinion of counsel
stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions. 

  
 10 

 Section 4.3.     Subscription Rights, Preferences or
Privileges. 
 If the Corporation shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the
books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made
available by the Depositary to the record holders of Receipts in such manner as the Corporation shall instruct the Depositary in writing, either by the issue to such record holders of warrants representing such rights, preferences or privileges or
by such other method as may be approved by the Corporation; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or (after consultation with
the Corporation) not feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not desire to exercise
such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Corporation, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to which any rights, preferences
or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it will file promptly a registration
statement pursuant to such Act with respect to such rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in
advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or
privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the offering and
sale of such securities to such holders are exempt from registration under the provisions of the Securities Act. 
 The Corporation shall
notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders
of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

Section 4.4.     Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting 

  
 11 

 
at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary
shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to, or otherwise in accordance with the terms of, the Stock, as identified in a written notice to the Depositary of
such record date) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of
voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

Section 4.5.     Voting Rights. 

Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of Stock are entitled
to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the record holders of Receipts a notice prepared by the Corporation which shall
contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the
amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to
the manner in which such instructions may be given. Upon the written request of the holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take
all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from holders of Receipts, the Depositary will vote
the Stock represented by the Depositary Shares evidenced by the Receipts of such holders proportionately with votes cast pursuant to instructions received from the other holders. 

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

Upon any change in par or stated value, split-up, combination or any other reclassification of the
Stock, subject to the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary may in its discretion with the approval of, and shall upon
the instructions of, the Corporation, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in
one share of Stock and in the ratio of the Redemption Price to the Preferred Stock Redemption Price, in each case as may be necessary fully to reflect the effects of such change in par or stated value,
split-up, combination or other reclassification of Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in
exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Stock. In any such case the Depositary may in its discretion, with the approval of the
Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to 

  
 12 

 
be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the
effective date of any such change in par or stated value, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization, merger or consolidation to surrender such
Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Stock
represented by such Receipts might have been converted or for which such Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

Section 4.7.     Delivery of Reports. 

The Depositary shall furnish to holders of Receipts any reports and communications received from the Corporation which are received by the
Depositary and which the Corporation is required to furnish to the holders of the Stock. 
 Section 4.8.    
Lists of Receipt Holders. 
 Promptly upon request from time to time by the Corporation, the Depositary shall furnish to it a list, as
of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. 
 ARTICLE
V 
 THE DEPOSITARY, THE DEPOSITARY’S 

AGENTS, THE REGISTRAR AND THE CORPORATION 

Section 5.1.     Appointment, Maintenance of Offices, Agencies and Transfer Books by the Depositary;
Registrar. 
 The Corporation hereby appoints Equiniti Trust Company, as Depositary for the Stock, and Equiniti Trust Company hereby
accepts such appointment as Depositary for the Stock, on the terms and conditions set forth in this Deposit Agreement. Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the
execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of
Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer, surrender and exchange of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise
such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder. 

  
 13 

 The Corporation may appoint a Registrar for registration of the Receipts or the Depositary
Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national stock exchanges, the Corporation will appoint a Registrar for
registration of such Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute Registrar
appointed by the Depositary upon the request or with the approval of the Corporation If the Receipts, such Depositary Shares or such Stock are listed on one or more other stock exchanges, the Depositary will, at the request of the Corporation,
arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable stock exchange regulation. 

Section 5.2.     Prevention of or Delay in Performance by the Depositary, the Depositary’s
Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation
shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary,
the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Fifth Restated Certificate of Incorporation, as amended (including the Certificate of Designations), or by reason of any act of
God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or
performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any holder of a Receipt (i) by
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to
exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

Section 5.3.     Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation or
shall be subject to any liability under this Deposit Agreement to holders of Receipts other than for its gross negligence or willful misconduct. Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary, nor the
Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits). 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under, any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability
be furnished as often as may be required. 

  
 14 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation
shall be liable for any action or any failure to act by it in reasonable reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other person
believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written
notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary will indemnify the Corporation against any liability which may directly arise out of acts performed or omitted by the
Depositary due to its gross negligence or willful misconduct, however, in no event shall the Depositary be liable for consequential, special or indirect damages of any kind regardless of whether the Depositary is put on notice of the possibility of
such damages. The Depositary shall not be liable for the acts or omissions due to the gross negligence or willful misconduct of any Depositary’s Agent, so long as such Depositary’s Agent was appointed with due care. Notwithstanding
anything to the contrary in this Agreement or otherwise, the Depositary’s aggregate liability to the Corporation, or any of the Corporation’s representatives or agents, under this Section 5.3, or under any other term or provision of
this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one year’s fees received by the Depositary as fees and charges under this Agreement, but not including reimbursable
expenses previously reimbursed to the Depositary by the Corporation hereunder, provided that such limitation on liability shall not apply to any act or omission finally adjudicated to have been caused by the willful misconduct or gross negligence of
the Depositary. It is understood that such limitation in the preceding sentence will be applicable only to claims arising out of the Depositary’s role as Depositary and Registrar for the Receipts, and shall not be applicable to any other
relationship that the Depositary may have with the Corporation, or to any other agreement. 
 The Depositary shall not be responsible for
any failure to carry out any instruction to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not due to the willful misconduct or
gross negligence of the Depositary. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or
obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 
 The Depositary, the Depositary’s
Agents, and any Registrar may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Corporation and its affiliates.

 The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions
of this Deposit Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds
on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

  
 15 

 In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any
notice, instruction, direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable
that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully
protected and shall not be liable in any way to the Corporation, any holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the
Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. The Depositary shall not be liable to the Corporation or any
holder of Receipts, for any action taken by it in accordance with the written instruction of the Corporation. 

Section 5.4.     Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take
effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank
or trust company having its principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days
after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the
Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and
for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list
of the record holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary,
in its reasonable discretion, notice of its appointment to the record holders of Receipts. 
 Any entity into or with which the Depositary
may be merged, consolidated or converted shall be the successor of such Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the
Receipts in the name of the predecessor Depositary or in the name of the successor Depositary. 

  
 16 

 Section 5.5.     Corporate Notices and Reports. 

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

Section 5.6.     Indemnification by the Corporation. 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar
(including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable out-of-pocket costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any
Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of gross negligence or willful misconduct on the respective parts of any
such person or persons. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent. 

Section 5.7.     Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the
Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depositary in connection with the services rendered by it (or such Depositary’s Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the
Depositary Shares, all withdrawals of shares of the Stock by owners of Depositary Shares, and any redemption or exchange of the Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges
arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares evidenced by Receipts. If, at the request of a holder of Receipts,
the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a holder of a
Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the
Corporation and the Depositary may agree. 

  
 17 

 ARTICLE VI 

AMENDMENT AND TERMINATION 

Section 6.1.     Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the
time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right,
subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the Stock and all money
and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable stock exchange. 

Section 6.2.     Termination. 

This Deposit Agreement may be terminated by the Corporation at any time upon not less than 60 days prior written notice to the Depositary,
in which case, at least 30 days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record holders of all Receipts then outstanding. 

If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue
the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under this Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall deliver the number of whole or fractional shares of Stock and
any money and other property, if any, represented by Receipts upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of termination, the Depositary may sell Stock then held hereunder at public or
private sale, at such places and upon such terms as it deems proper and may thereafter hold the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the benefit, pro rata
in accordance with their holdings, of the holders of Receipts that have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net
proceeds and money and other property; provided, that Sections 5.3 and 5.6 shall survive the termination of this Deposit Agreement. 
 This
Deposit Agreement will terminate automatically if (i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with any
liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the holders of Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 

  
 18 

 Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1.     Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by
facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

Section 7.2.     Exclusive Benefit of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.3.    
Invalidity of Provisions. 
 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4.     Notices. 

Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by telegram, facsimile transmission or electronic mail confirmed by letter, addressed to the Corporation at or at any other addresses of which the Corporation shall have notified the Depositary in
writing. 
 The Charles Schwab Corporation 

211 Main Street 
 San Francisco,
California 94105 
 Attention: Chief Financial Officer 

Facsimile: (415) 667-9731 
 Email:
peter.crawford@schwab.com 
 Attention: Treasurer 

Facsimile: 415-667-8565 

Email: bill.quinn@schwab.com 

  
 19 

 Attention: General Counsel 

Facsimile: 415-667-9814 

Email: peter.morgan@schwab.com 

Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office at 

Equiniti Trust Company 
 1110
Centre Pointe Curve, Suite 101 
 Mendota Heights, MN 55120 

Attention: Relationship Manager 

Facsimile No.: 651-552-6942 

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

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

Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may, however, act upon any facsimile transmission received by it
from the other or from any holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5.     Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit
Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation in advance of any such action. 

Section 7.6.     Appointment of Registrar in Respect of the Receipts. 

The Corporation hereby appoints the Depositary as Registrar in respect of the Receipts and the Depositary hereby accepts such appointments.

  
 20 

 Section 7.7.     Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof. 
 Section 7.8.     Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the laws of the State of New York, not including the conflict or choice of law rules other than Section 5-1401 of the General Obligations Law. Each party hereby agrees
that any action, suit or proceeding arising out of or relating to this Deposit Agreement or the Receipts, or such rights or provisions, may be brought in or removed to the U.S. District Court for the Southern District of New York or, if that court
does not have subject matter jurisdiction, any state court located in The City and County of New York. Each party hereby accepts, for itself and in respect of its property, generally and unconditionally, to submit to the non-exclusive jurisdiction of, and venue in, such courts (and courts of appeals therefrom) with respect to any such action, suit or proceeding, and hereby waives the defenses of improper venue or inconvenient forum
with respect thereto. 
 Section 7.9.     Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during
business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 

Section 7.10.     Headings. 

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

Section 7.11.     Confidentiality.  

The Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party,
including, inter alia, personal, non-public holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall
not be voluntarily disclosed to any other person, except as may be required by law or legal process. 

  
 21 

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

 

			
	THE CHARLES SCHWAB CORPORATION
		
	By:	 	/s/ Peter Crawford
	Name:	 	Peter Crawford
	Title:	 	Executive Vice President and Chief Financial Officer

  

			
	EQUINITI TRUST COMPANY
		
	By:	 	/s/ Martin J. Knapp
	Name:	 	Martin J. Knapp
	Title:	 	Vice President

 Exhibit A 

[FORM OF FACE OF RECEIPT] 
 Unless this receipt is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to The Charles Schwab Corporation 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. 

DEPOSITARY SHARES 
 2,500,000 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH 

REPRESENTING 1/100TH OF ONE SHARE OF 5.375% FIXED-RATE RESET 

NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES G 

OF 
 THE CHARLES SCHWAB
CORPORATION 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP 808513 BD6 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning on September 1, 2020, March 1, June 1, September 1 and
December 1 of each year. 
 Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, as
Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of Two Million Five Hundred Thousand (2,500,000) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/100th
of one share of 5.375% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, $0.01 par value, liquidation preference $100,000 per share (the “Stock”), of The Charles Schwab
Corporation, a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of April 30, 2020 (the “Deposit
Agreement”), among the Corporation, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and
conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a
duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 

This Depositary Receipt is transferable in New York, New York and Saint Paul, Minnesota. 

  
 A-1 

			
	Dated: April 30, 2020
	
	Equiniti Trust Company, Depositary
		
	By:	 	 
	      Authorized Officer

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

THE CHARLES SCHWAB CORPORATION 

THE CHARLES SCHWAB CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A
COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS ESTABLISHING THE 5.375% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES G, OF THE CHARLES SCHWAB CORPORATION. ANY SUCH REQUEST IS TO BE
ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 
  

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

EXPLANATION OF ABBREVIATIONS 

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

							
	 Abbreviation
	 	 Equivalent Phrase
	 	 Abbreviation
	 	 Equivalent Phrase

	JT TEN	 	As joint tenants, with right of survivorship and not as tenants in common	 	TEN BY ENT	 	As tenants by the entireties
	TEN IN COM	 	As tenants in common	 	UNIF GIFT MIN ACT	 	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	 	 Equivalent Word
	 	 Abbreviation
	 	 Equivalent Word
	 	 Abbreviation
	 	 Equivalent Word

	ADM	 	Administrator(s), Administratrix	 	EX	 	Executor(s), Executrix	 	PAR	 	Paragraph
	AGMT	 	Agreement	 	FBO	 	For the benefit of	 	PL	 	Public Law
	ART	 	Article	 	FDN	 	Foundation	 	TR	 	(As) trustee(s), for, of
	CH	 	Chapter	 	GDN	 	Guardian(s)	 	U	 	Under
	CUST	 	Custodian for	 	GDNSHP	 	Guardianship	 	UA	 	Under agreement
	DEC	 	Declaration	 	MIN	 	Minor(s)	 	UW	 	Under will of, Of will of, Under last will & testament
	EST	 	Estate, of Estate of	 		 		 		 	

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

 
  

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

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

  
 A-3 

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

Dated:                         
    
  

	
	 NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every
particular, without alteration or enlargement or any change whatsoever.

 SIGNATURE GUARANTEED 

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

  
 A-4 

 Exhibit B 

Certificate of Designations 

[Included in Exhibit 3.1] 

  
 B-1

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