Document:

Exhibit 102

		

			 

		

		
			Exhibit 10.2
		

		
			 
		

		
			NINTH AMENDMENT
		

		
			TO
		

		
			LOAN AND SECURITY AGREEMENT
		

		
			 
		

		
			This Ninth Amendment to Loan and Security Agreement (the "Amendment"), is entered into as of April 30, 2018, by and between PACIFIC WESTERN BANK, a California state chartered bank ("Bank") and SENDGRID, INC. ("Borrower"),
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			Borrower and Bank are parties to that certain Loan and Security Agreement dated as of June 27, 2013 (as amended from time to time, the "Agreement"). The parties desire to amend the Agreement in accordance with the terms of this Amendment.
		

		
			 
		

		
			NOW, THEREFORE, the parties agree as follows:
		

		
			 
		

			
	
			
				 1)
			

			
	
			
			Section 6.2(i) of the Agreement is hereby amended and restated, as follows:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			As soon as available, but in any event within (A) in the event there are no outstanding Credit Extensions under this Agreement, 30 days after the end of each calendar quarter, and (B) in the event there are any outstanding Credit Extensions under this Agreement, 30 days after the end of each calendar month, a company prepared consolidated and consolidating balance sheet, income statement, and statement of cash flows covering Borrower's operations during such period, in a form reasonably acceptable to Bank and certified by a Responsible Officer (except that monthly financial statements may omit substantially all footnotes that would normally be required to be included in GAAP financial statements).

		
			 
		

			
	
			
				 2)
			

			
	
			
			Section 6.2(a) of the Agreement is hereby amended and restated, as follows:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			Within (1) in the event there are no outstanding Credit Extensions under this Agreement, 30 days after the last day of each calendar quarter, and (2) in the event there are any outstanding Credit Extensions under this Agreement, 30 days after the last day of each calendar month, Borrower shall deliver to Bank a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto, together with (i) aged listings by invoice date of accounts receivable and accounts payable and (ii) a Chum report.

		
			 
		

			
	
			
				 3)
			

			
	
			
			Section 6.2(b) of the Agreement is hereby amended and restated, as follows:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			Within (1) in the event there are no outstanding Credit Extensions under this Agreement, 30 days after the last day of each calendar quarter, and (2) in the event there are any outstanding Credit Extensions under this Agreement, 30 days after the last day of each calendar month, Borrower shall deliver to Bank with the financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit E hereto.

		
			 
		

			
	
			
				 4)
			

			
	
			
			Section 6.7(a) of the Agreement is hereby amended and restated, as follows:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			EBITDA Less Total CapEx. Measured monthly and calculated on a cumulative basis beginning January 1, 2018, Borrower shall achieve EBJTDA Less Total CapEx 

		
			
		

		
			

		 

		

			1

		

 

		

			 

		

		

		
			of at least the amounts shown in the table immediately below for the corresponding reporting periods.  For  subsequent reporting periods, Bank and Borrower hereby agree that, on or before February 1 of each year during the term of this Agreement,  Borrower shall provide Back with a budget for the upcoming calendar year, which shall be approved by Borrower's board of directors, and Bank shall use  that budget to establish the EBITDA amounts for the upcoming year, with such amounts being incorporated herein by an amendment, which Borrower hereby agrees to execute.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Reporting Period Ending

					
					
						Minimum EBITDA Less Total CapEx

				
	
					
						March 31, 2018

					
					
						($13,000,000)

				
	
					
						June 30, 2018

					
					
						($13,000,000)

				
	
					
						September 30, 20 l8

					
					
						($13,000,000)

				
	
					
						December 31, 2018

					
					
						($10,000,000)

				

		
			 
		

			
	
			
				 5)
			

			
	
			
			Section 6.7(b) of the Agreement is hereby amended and restated, as follows:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			Unfinanced Capital Expenditures. Borrower's unfinanced capital expenditures, measured as of the last day of each calendar quarter and calculated on a cumulative year-to-date basis, shall not exceed the amounts set forth in the table immediately below for the corresponding reporting periods. For subsequent reporting periods, Bank and Borrower hereby agree that, on or before February I of each year during the term of this Agreement,  Borrower shall provide Bank with a budget for the upcoming calendar year, which shall be  approved by Borrower's board of directors,  and Bank shall use that budget to establish the unfinanced capital expenditures amounts for the upcoming year, with such amounts being incorporated  herein by an amendment, which Borrower hereby agrees to execute.

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Reporting Period Ending

					
					
						Maximum Unfinanced Capital Expenditures

				
	
					
						March 31, 2018

					
					
						$20,000,000

				
	
					
						June 30, 2018

					
					
						$20,000,000

				
	
					
						September 30, 2018

					
					
						$20,000,000

				
	
					
						December 31, 2018

					
					
						$20,000,000

				

		
			 
		

			
	
			
				 6)
			

			
	
			
			The following defined terms set forth in Exhibit A to the Agreement are hereby amended and. restated, as follows:

		
			 
		

		
			"Formula Revolving Maturity Date" means  August 8, 2018.
		

		
			 
		

		
			"Letter of Credit Services Non-Formula Revolving Maturity Date" means August 8, 2018.
		

		
			 
		

			
	
			
				 7)
			

			
	
			
			Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall

		
			

		 

		

			2

		

 

		

			 

		

		

		
			not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.
		

		
			 
		

			
	
			
				 8)
			

			
	
			
			Borrower represents and warrants that the representations and warranties contained in the Agreement arc true and correct in all respects as of the date of this Amendment (provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all respects as of such date).

		
			 
		

			
	
			
				 9)
			

			
	
			
			This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

		
			 
		

			
	
			
				 10)
			

			
	
			
			As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

			
	
			
				 a)
			

			
	
			
			this Amendment, duly executed by Borrower;

			
	
			
				 b)
			

			
	
			
			payment of a $10,000 facility fee, which may be debited from any of Borrower's accounts;

			
	
			
				 c)
			

			
	
			
			payment of all Bank Expenses, including Bank's expenses for the documentation of this Amendment and any related documents, and any UCC, good standing and intellectual property search or filing fees, which may be debited from any of Borrower's accounts; and

			
	
			
				 d)
			

			
	
			
			such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

		
			 
		

		
			 
		

		
			[Signature Page Follows]
		

		
			
		

		
			

		 

		

			3

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						SENDGRID, INC.

					
					
						PACIFIC WESTERN BANK

				
	
					
						/s/ Yancey Spruill

					
					
						Adam Glick

				
	
					
						CFO/COO

					
					
						SVP

				

		
			 
		

		
			[Signature Page to Ninth Amendment to Loan and Security Agreement]
		

		
			 
		

		 

		

			4EX-4.2

 Exhibit 4.2 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF OR A SUCCESSOR OF SUCH DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR, AND NO
SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OR TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY
SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER 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. 
 THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY FEDERAL OR OTHER GOVERNMENTAL AGENCY. 

  
 -1- 

 COMERICA INCORPORATED 

3.700% SENIOR NOTES DUE 2023 
  

			
	No. R-1	  	$500,000,000

 CUSIP 200340 AS6 

ISIN US200340AS60 
 Comerica
Incorporated, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on July 31, 2023, and to pay interest thereon from July 31, 2018 or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually on January 31 and July 31 in each year, commencing January 31, 2019, at the rate of 3.700% per annum, until the principal hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which shall be the January 16 or July 16 (whether or not a Business Day), respectively, next preceding such Interest Payment Date. Interest shall be computed on the basis
of a 360-day year of twelve 30-day months. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 -2- 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Signature Pages Follow] 

  
 -3- 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Dated: July 31, 2018	 	COMERICA INCORPORATED
				
		 		 	By:	 	  

		 		 		 	Name: Muneera S. Carr
		 		 		 	 Title:   Executive Vice President and

Chief Financial Officer

 Attest: 
  

			
	By:	 	  

		 	Name: John D. Buchanan
		 	 Title:   Executive Vice President –

Chief Legal Officer and Corporate Secretary

  
 -4- 

 Trustee’s Certificate of Authentication 

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

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

as Trustee 
  

					
		 	By:	 	  

		 		 	Authorized Officer

 Dated: July 31, 2018 

  
 -5- 

 COMERICA INCORPORATED 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be
issued in one or more series under an indenture, dated as of May 23, 2014 (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, limited in aggregate principal
amount to $850,000,000; provided the Company may, without the giving of notice or seeking of consent of holders of the Securities, issue additional Securities having the same ranking and the same interest rate, maturity and other terms (other than
the original issue date and, in some cases, the public offering price, initial interest accrual date and initial interest payment date) as the Securities, which additional Securities will, together with the existing Securities, constitute a single
series of debt securities under the Indenture. 
 If any Interest Payment Date, other than the maturity date, falls on a day that is not a
Business Day (as defined below), the interest payment will be postponed to the next succeeding Business Day, but such payment shall be treated as having been made on the Interest Payment Date with the same force and effect as if made on the Interest
Payment Date and Holders will not be entitled to any further interest or other payments with respect to any such postponement. If the maturity date of this Security falls on a day that is not a Business Day, the payment of interest and principal
will be made on the next succeeding Business Day with the same force and effect as if made on the maturity date and Holders will not be entitled to any further interest or other payments with respect to such postponement. “Business Day”
means any day, other than a Saturday, a Sunday or a day in the City of New York on which banking institutions are authorized or obligated by law or executive order to close. 

The Securities of this series are subject to redemption at any time or from time to time on and after June 30, 2023, as a whole or in
part, at the election of the Company, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. The Securities will not be entitled
to any sinking fund. 
 The Indenture contains provisions for (a) defeasance at any time of the entire indebtedness evidenced by this
Security along with the obligations of the Company, subject, in each case, to the exceptions set forth in Section 13.2 of the Indenture and (b) defeasance with respect to the obligations of the Company pursuant to Section 13.3 of the
Indenture, in each case of (a) and (b) upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

  
 -6- 

 If an Event of Default with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses then payable. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 -7- 

 If (1) the Depositary notifies the Company that it is no longer willing or able to act as a
depository or clearing system for the Securities or the Depositary ceases to be registered or in good standing under the Exchange Act, and a successor depository or clearing system is not appointed within 90 days after the Company has received
notice or become aware of this condition, (2) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in certificated form under the Indenture or (3) upon the occurrence and
continuation of an Event of Default, then, upon surrender by the Depositary of the Global Security, certificated Securities will be issued to each person that the Depositary identifies as the owner of the Securities represented by the Global
Securities. Upon any such issuance, the Trustee is required to register the certificated Securities in the name of the Person or Persons or the nominee of any of these Persons and cause the same to be delivered to these Persons. 

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

  
 -8- 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
 TEN COM – as tenants in common 

TEN ENT – as tenants by the entireties 
 JT TEN – as
joint tenants with right of survivorship and not as tenants in common 
  

	
	UNIF GIFT MIN ACT
-                                         
                   
	 (Minor)

	
	
Custodian                     
                                         

	 (Cust)

	
	 Under Uniform Gifts to Minors
Act                                        
                    

	 (State)

 Additional abbreviations may also be used though not in the above list. 

  
 -9- 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to: 
  
  

(Insert assignee’s social security or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                             as agent to transfer this Security on the books of the Company. The agent may
substitute another to act for him. 
  
  

					
		
	 Your
 Signature:
	  	  

					
	 (Sign exactly as your name appears on the other side of this
Security)

					
		
	Your Name:	  	  

					
	
	Date:                                

					
			
	Signature Guarantee:	  	  
	 	*

 *NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature
Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable
to the Trustee. 

  
 -10- 

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF OR A SUCCESSOR OF SUCH
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OR TRANSFER OF, OR IN EXCHANGE FOR OR IN
LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER 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. 
 THIS
SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY FEDERAL OR OTHER GOVERNMENTAL AGENCY. 

  
 -1- 

 COMERICA INCORPORATED 

3.700% SENIOR NOTES DUE 2023 
  

			
	 No. R-2
	  	$350,000,000

 CUSIP 200340 AS6 

ISIN US200340AS60 
 Comerica
Incorporated, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED FIFTY MILLION DOLLARS ($350,000,000) on July 31, 2023, and to pay interest thereon from July 31, 2018 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually on January 31 and July 31 in each year, commencing January 31, 2019, at the rate of 3.700% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be the January 16 or July 16 (whether or not a Business Day), respectively, next preceding such Interest Payment Date. Interest shall be computed
on the basis of a 360-day year of twelve 30-day months. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 -2- 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Signature Pages Follow] 

  
 -3- 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Dated: July 31, 2018	 		 	COMERICA INCORPORATED
				
		 		 	By:	 	  

		 		 		 	Name: Muneera S. Carr
		 		 		 	 Title:   Executive Vice President and

           Chief Financial Officer

 Attest: 
  

			
	By:	 	  

		 	Name: John D. Buchanan
		 	Title:   Executive Vice President –
		 	            Chief Legal Officer and Corporate Secretary

  
 -4- 

 Trustee’s Certificate of Authentication 

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

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

as Trustee 
  

			
	By:	 	  

		 	Authorized Officer

 Dated: July 31, 2018 

  
 -5- 

 COMERICA INCORPORATED 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be
issued in one or more series under an indenture, dated as of May 23, 2014 (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, limited in aggregate principal
amount to $850,000,000; provided the Company may, without the giving of notice or seeking of consent of holders of the Securities, issue additional Securities having the same ranking and the same interest rate, maturity and other terms (other than
the original issue date and, in some cases, the public offering price, initial interest accrual date and initial interest payment date) as the Securities, which additional Securities will, together with the existing Securities, constitute a single
series of debt securities under the Indenture. 
 If any Interest Payment Date, other than the maturity date, falls on a day that is not a
Business Day (as defined below), the interest payment will be postponed to the next succeeding Business Day, but such payment shall be treated as having been made on the Interest Payment Date with the same force and effect as if made on the Interest
Payment Date and Holders will not be entitled to any further interest or other payments with respect to any such postponement. If the maturity date of this Security falls on a day that is not a Business Day, the payment of interest and principal
will be made on the next succeeding Business Day with the same force and effect as if made on the maturity date and Holders will not be entitled to any further interest or other payments with respect to such postponement. “Business Day”
means any day, other than a Saturday, a Sunday or a day in the City of New York on which banking institutions are authorized or obligated by law or executive order to close. 

The Securities of this series are subject to redemption at any time or from time to time on and after June 30, 2023, as a whole or in
part, at the election of the Company, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. The Securities will not be entitled
to any sinking fund. 
 The Indenture contains provisions for (a) defeasance at any time of the entire indebtedness evidenced by this
Security along with the obligations of the Company, subject, in each case, to the exceptions set forth in Section 13.2 of the Indenture and (b) defeasance with respect to the obligations of the Company pursuant to Section 13.3 of the
Indenture, in each case of (a) and (b) upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

  
 -6- 

 If an Event of Default with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses then payable. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 -7- 

 If (1) the Depositary notifies the Company that it is no longer willing or able to act as a
depository or clearing system for the Securities or the Depositary ceases to be registered or in good standing under the Exchange Act, and a successor depository or clearing system is not appointed within 90 days after the Company has received
notice or become aware of this condition, (2) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in certificated form under the Indenture or (3) upon the occurrence and
continuation of an Event of Default, then, upon surrender by the Depositary of the Global Security, certificated Securities will be issued to each person that the Depositary identifies as the owner of the Securities represented by the Global
Securities. Upon any such issuance, the Trustee is required to register the certificated Securities in the name of the Person or Persons or the nominee of any of these Persons and cause the same to be delivered to these Persons. 

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

  
 -8- 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
 TEN COM – as tenants in common 

TEN ENT – as tenants by the entireties 
 JT TEN – as
joint tenants with right of survivorship and not as tenants in common 
  

	
	UNIF GIFT MIN ACT
-                                         
                   
	 (Minor)

	
	
Custodian                     
                                         

	 (Cust)

	
	 Under Uniform Gifts to Minors
Act                                        
                    

	 (State)

 Additional abbreviations may also be used though not in the above list. 

  
 -9- 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to: 
  
  

(Insert assignee’s social security or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                         as agent to transfer this Security on the books of the Company. The agent may substitute another to act
for him. 
  
  

 

					
		
	 Your
 Signature:
	  	  

					
	 (Sign exactly as your name appears on the other side of this
Security)

					
		
	Your Name:	  	  

					
	
	Date:                                

					
			
	Signature Guarantee:	  	  
	 	*

 *NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature
Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable
to the Trustee. 

  
 -10-

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