Document:

Exhibit 4.1

  

[FORM OF DEPOSIT AGREEMENT]

 

MERCHANTS BANCORP

 

8.25% FIXED RATE RESET SERIES D NON-CUMULATIVE
PERPETUAL PREFERRED STOCK

 

DEPOSIT AGREEMENT

 

among MERCHANTS BANCORP,

 

COMPUTERSHARE INC.,

 

and

 

COMPUTERSHARE TRUST COMPANY, N.A.,

 

and

 

THE HOLDERS FROM TIME TO TIME OF

 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

Dated as of September [ ], 2022

  

     

     

    

 

TABLE OF CONTENTS

 

Page

  

	Article I. DEFINED TERMS	 	 	1	 
	Section 1.1 Definitions	 	 	1	 
	 	 	 	 	 
	Article II. APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	 	 	2	 
	Section 2.1 Appointment of Depository	 	 	2	 
	Section 2.2 Book-Entry System; Form and Transfer of Receipts	 	 	2	 
	Section 2.3 Deposit of Stock; Execution and Delivery of Receipts	 	 	4	 
	Section 2.4 Registration of Transfer of Receipts	 	 	5	 
	Section 2.5 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	 	 	5	 
	Section 2.6 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	 	 	6	 
	Section 2.7 Lost Receipts, etc.	 	 	6	 
	Section 2.8 Cancellation and Destruction of Surrendered Receipts	 	 	6	 
	Section 2.9 Redemption of Stock	 	 	6	 
	 	 	 	 	 
	Article III. CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	 	 	8	 
	Section 3.1 Filing Proofs; Certificates and Other Information	 	 	8	 
	Section 3.2 Payment of Taxes or Other Governmental Charges	 	 	8	 
	Section 3.3 Warranty as to Stock	 	 	8	 
	Section 3.4 Warranty as to Receipts	 	 	8	 
	 	 	 	 	 
	Article IV. THE DEPOSITED SECURITIES; NOTICES	 	 	9	 
	Section 4.1 Cash Distributions	 	 	9	 
	Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges	 	 	9	 
	Section 4.3 Subscription Rights, Preferences or Privileges	 	 	9	 
	Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	 	 	10	 
	Section 4.5 Voting Rights	 	 	10	 
	Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	 	 	10	 
	Section 4.7 Delivery of Reports	 	 	11	 
	Section 4.8 Lists of Receipt Holders	 	 	11	 

 

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	Article V. THE DEPOSITORY, THE DEPOSITORY’S AGENTS, THE REGISTRAR AND THE CORPORATION	 	 	11	 
	Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents	 	 	11	 
	Section 5.2 Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar, the Transfer Agent or the Corporation	 	 	12	 
	Section 5.3 Obligations of the Depository, the Depository’s Agents, the Registrar, the Transfer Agent and the Corporation	 	 	12	 
	Section 5.4 Resignation and Removal of the Depository; Appointment of Successor Depository	 	 	15	 
	Section 5.5 Corporate Notices and Reports	 	 	16	 
	Section 5.6 Indemnification by the Corporation	 	 	16	 
	Section 5.7 Fees, Charges and Expenses	 	 	16	 
	Section 5.8 Tax Compliance	 	 	16	 
	 	 	 	 	 
	Article VI. AMENDMENT AND TERMINATION	 	 	17	 
	Section 6.1 Amendment	 	 	17	 
	Section 6.2 Termination	 	 	17	 
	 	 	 	 	 
	Article VII. MISCELLANEOUS	 	 	18	 
	Section 7.1 Counterparts	 	 	18	 
	Section 7.2 Exclusive Benefit of Parties	 	 	18	 
	Section 7.3 Invalidity of Provisions	 	 	18	 
	Section 7.4 Notices	 	 	18	 
	Section 7.5 Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent	 	 	19	 
	Section 7.6 Holders of Receipts Are Parties	 	 	19	 
	Section 7.7 Governing Law	 	 	19	 
	Section 7.9 Force Majeure	 	 	20	 
	Section 7.10 Confidentiality	 	 	20	 

 

	EXHIBIT A [FORM OF FACE OF RECEIPT]	 	 	 	A-1	 

  

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THIS DEPOSIT AGREEMENT dated as of September
[ ], 2022, among (i) MERCHANTS BANCORP, an Indiana corporation and its successors (the “Corporation”), (ii) COMPUTERSHARE
INC., a Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered trust company
and the wholly-owned subsidiary of Computershare (the “Trust Company”), and (iii) the Holders (as defined herein) from time
to time of the Receipts (as defined herein) described in this Agreement.

 

RECITALS

 

WHEREAS, the parties desire to provide,
as set forth in this Agreement, for the deposit of shares of the Corporation’s 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual
Preferred Stock, no par value, with a liquidation preference of $1,000 per share, from time to time with the Depository (as defined herein)
for the purposes set forth in this Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares (as defined herein)
in respect of the Stock (as defined herein) so deposited; and

 

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
Agreement;

 

NOW, THEREFORE, in consideration of the
foregoing 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 used in this Agreement:

 

“Agreement” shall mean this Agreement,
as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

 

“Articles” shall mean the Articles
of Amendment filed with the Secretary of State of the State of Indiana establishing the Stock as a series of preferred stock of the Corporation.

 

“Computershare” shall have the meaning
set forth in the Preamble of this Agreement.

 

“Corporation” shall have the meaning
set forth in the Preamble of this Agreement.

 

“Depository” shall mean, collectively,
Computershare and the Trust Company, and any successor as depository hereunder.

 

“Depositary Shares” shall mean the
depositary shares, each representing 1/40th of a share of the Stock and evidenced by a Receipt.

 

“Depository’s Agent” shall mean
an agent appointed by the Depository pursuant to Section 5.1 hereof.

 

“Depository’s Office” shall mean
the designated office of the Depository, at which at any particular time its depositary receipt business shall be administered.

 

“person” shall mean any natural person,
partnership, joint venture, firm, corporation, limited liability company, limited liability partnership, unincorporated association,
trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing. 

 

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“Receipt” shall mean one of the depositary
receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and
evidencing the number of Depositary Shares held of record by the Record Holder of those Depositary Shares and shall include the DTC Receipt,
as defined in Section 2.2 hereof, where appropriate.

 

“Record Holder” or “Holder”
as applied to a Receipt shall mean the person in whose name such Receipt is registered on the books of the Depository maintained for such
purpose.

 

“Redemption Date” shall have the meaning
set forth in Section 2.9 of this Agreement.

 

“Registrar” shall mean the Trust Company
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 Registrar shall be deemed, as applicable, to refer as well to the register maintained by such successor Registrar for such purpose.

 

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

 

“Signature Guarantee” shall have the
meaning set forth in Section 2.4 of this Agreement.

 

“Stock” shall mean the shares of the
Corporation’s 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock, no par value, with a liquidation preference
of $1,000 per share, designated in the Articles.

 

“Transfer Agent” shall mean the Trust
Company or such other successor bank or trust company which shall be appointed by the Corporation to transfer the Receipts and the deposited
Stock.

 

“Trust Company” shall have the meaning
set forth in the Preamble of this Agreement.

 

Article
II.

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS;

DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER,

SURRENDER AND REDEMPTION OF RECEIPTS

 

Section 2.1 Appointment
of Depository.

 

The Corporation hereby appoints Computershare and
Trust Company, together, as depository for the Stock, and each of Computershare and Trust Company hereby accepts such appointment and
agrees to perform the same in accordance with the express terms and conditions set forth in this Agreement.

 

Section 2.2 Book-Entry
System; Form and Transfer of Receipts.

 

The Corporation and the Depository shall make application
to The Depository Trust Company (“DTC”) for acceptance of all of the Receipts for its book-entry settlement system. The Corporation
hereby appoints the Depository acting through any authorized officer thereof as its attorney-in-fact, with full power to delegate, for
purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance
of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required
by law, all Depositary Shares with book-entry settlement through DTC shall be represented by one or more receipts (the “DTC Receipt”),
which shall be deposited with DTC (or its designee) evidencing all such Depositary Shares and registered in the name of the nominee of
DTC (initially expected to be Cede & Co.). The Depository or such other entity as is agreed to by DTC may hold the DTC Receipt as
custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be
effected through, records maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts with DTC.
The DTC Receipt shall bear such legend or legends as may be required by DTC in order for it to accept the Depositary Shares for its book-entry
settlement system.

 

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If DTC subsequently ceases to make its book-entry
settlement system available for the Receipts, the Corporation may instruct the Depository regarding making other arrangements for book-entry
settlement. If the Receipts are not eligible for book-entry form, the Depository shall provide written instructions to DTC to deliver
the DTC Receipt to the Depository for cancellation and the Corporation shall instruct the Depository to deliver to the beneficial owners
of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares.

 

Beneficial owners of Depositary Shares through
DTC will not be entitled to receive Receipts in physical, certificated form or have Depositary Shares registered in their name, except
as described below.

 

The DTC Receipt shall be exchangeable for definitive
Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling or unable to continue to make its book-entry settlement
available for the Receipts and a successor to DTC is not appointed by the Corporation within 90 days of the date the Corporation is so
informed in writing, (ii) DTC notifies the Corporation at any time that it has ceased to be a clearing agency registered under applicable
law and a successor to DTC is not appointed within 90 days of the date the Corporation is so informed in writing, or (iii) the Corporation
in its sole discretion notifies the Depository in writing that the DTC Receipt shall be exchangeable for definitive Receipts. If beneficial
owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of an event described
in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date
on which such beneficial interests may be so exchanged, upon receipt by the Depository of the DTC Receipt for cancellation and any other
necessary documentation, the Depository is hereby directed to and shall execute and deliver to the beneficial owners of the Depositary
Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares and to make appropriate
entries in the register with respect thereto. Notwithstanding any other provision herein to the contrary, delivery of shares of Stock
and other property in connection with the withdrawal or redemption of Depositary Shares evidenced by a DTC Receipt will be made through
DTC and in accordance with its procedures, unless the holder of the relevant DTC Receipt otherwise requests and such request is reasonably
acceptable to the Depository and the Corporation.

 

Receipts shall be in denominations of any number
of whole Depositary Shares. The Corporation shall deliver to the Depository from time to time such quantities of Receipts as the Depository
may request to enable the Depository to perform its obligations under this Agreement.

 

The DTC Receipt and definitive Receipts, if any,
shall be substantially in the form set forth in Exhibit A annexed to this Agreement and incorporated herein by reference, with
appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply
with applicable rules of any securities exchange on which the Depositary Shares are then listed. In the case of any of the events described
above resulting in the issuance of definitive Receipts in exchange for the DTC Receipt, the Depository, pending preparation of definitive
Receipts and upon the written order of the Corporation, delivered in compliance with Section 2.3 hereof, shall execute and deliver
temporary Receipts which may be printed, lithographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which
they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts
may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depository
will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary
Receipts shall be exchangeable by the Holder for definitive Receipts upon surrender of the temporary Receipts at an office described in
the first paragraph of Section 2.3 hereof, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Receipts, the Depository shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary
Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense
and without any charge therefor to the Holder or the Depository. Until so exchanged, the temporary Receipts shall in all respects be entitled
to the same benefits under this Agreement as definitive Receipts.

 

Receipts shall be executed by the Depository by
the manual or facsimile signature of a duly authorized officer of the Depository; provided that, if a Registrar for the Receipts (other
than the Trust Company) shall have been appointed, such Receipts shall also be countersigned by manual or facsimile signature of a duly
authorized officer of such Registrar. No Receipt shall be entitled to any benefits under this Agreement or be valid or obligatory for
any purpose unless it shall have been executed as described in the preceding sentence. The Registrar shall record on its books each Receipt
so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of
the Depository who was at any time a proper and duly authorized signatory of the Depository shall bind the Depository, notwithstanding
that such signatory ceased to hold such office prior to the delivery of such Receipts or did not hold such office on the date of issuance
of such receipts.

 

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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 Agreement all as may be reasonably
required by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations
of any securities 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 duly executed instrument of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument; provided, that until transfer of any particular Receipt shall be registered on the books
of the Registrar as provided in Section 2.4 hereof, the Depository 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 payments, to exercise any redemption or voting rights or to receive any notice provided for in this Agreement and
for all other purposes.

 

Section 2.3 Deposit
of Stock; Execution and Delivery of Receipts.

 

Subject to the terms and conditions of this Agreement,
the Corporation may from time to time deposit shares of Stock under this Agreement by delivery to the Depository, including via electronic
book-entry, for such shares of Stock to be deposited (or in such other manner as may be agreed to by the Corporation and the Depository),
properly endorsed or accompanied, if required by the Depository, by a duly executed instrument of transfer or endorsement, in form satisfactory
to the Depository, together with (i) all such certifications as may be required by the Depository in accordance with the provisions of
this Agreement, including the resolutions of the Board of Directors of the Corporation or a committee of the Board of Directors, as certified
by the Secretary or any Assistant Secretary of the Corporation on the date thereof as being complete, accurate and in effect, relating
to the issuance and sale of the Stock, (ii) an opinion of counsel to the Corporation addressed to the Depository containing opinions,
or a letter of counsel to the Corporation authorizing reliance on such counsel’s opinions delivered to the underwriters named therein,
relating to, (A) the existence and good standing of the Corporation, (B) the due authorization of the Depositary Shares and the status
of the Depositary Shares as validly issued, fully paid and non-assessable, and (C) the effectiveness of any registration statement under
the Securities Act relating to the Depositary Shares or whether exemption from such registration is applicable, and (iii) a written order
of the Corporation, directing the Depository to execute and deliver to, or upon the written order of, the person or persons stated in
such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. Shares of deposited Stock shall
be held by the Depository in an account to be established by the Depository at the Depository’s Office, or at such other place or
places as the Depository shall determine. As Registrar and Transfer Agent for the deposited Stock, the Trust Company will reflect changes
in the number of shares of deposited Stock held by it by notation, book-entry or other appropriate method.

 

Upon receipt by the Depository of shares of Stock
deposited in accordance with the provisions of this Section 2.3 hereof, together with the other documents required as above specified,
and upon registering the Stock on the books of the Corporation (or its duly appointed Transfer Agent) in the name of the Depository or
its nominee, the Depository, subject to the terms and conditions of this Agreement, shall execute and deliver to, or upon the order of,
the person or persons named in the written order delivered to the Depository referred to in the first paragraph of this Section 2.3, 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 Depository shall execute and deliver such Receipt or Receipts at
the Depository’s Office or such other offices, if any, as the Depository may designate. Delivery at other offices shall be at the
risk and expense of the person requesting such delivery.

 

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Section 2.4 Registration
of Transfer of Receipts.

 

Subject to the terms and conditions of this Agreement,
the Trust Company, as Registrar and Transfer Agent for the Receipts, shall register on its books from time to time transfers of Receipts
upon any surrender thereof by the Holder in person or by a duly authorized attorney, properly endorsed or accompanied by a duly executed
instrument of transfer, including a guarantee of the signature thereon from an eligible guarantor institution participating in a signature
guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the “Signature Guarantee”),
and any other evidence of authority as may be reasonably required by the Trust Company (or successor Registrar or Transfer Agent). Thereupon,
the Depository 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.

 

Section 2.5 Split-ups
and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.

 

Upon surrender of a Receipt or Receipts at the
Depository’s Office or at such other offices as the Depository 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 Agreement, the Depository 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 represented thereby by surrendering such Receipt or Depositary Shares represented by
the Receipts at the Depository’s Office or at such other offices as the Depository may designate for such withdrawals; provided,
that a holder of a Receipt or Receipts may not withdraw such Stock (or money, if any, represented thereby) which has previously been called
for redemption. If such holder’s Depositary Shares are being held by DTC or its nominee, DTC shall be deemed the holder hereunder
for all purposes. It shall be the duty of the DTC participant or the beneficial owner to request DTC to withdraw from the book-entry system
the number of Depositary Shares specified above. Upon such surrender, upon payment of the fee of the Depository for the surrender of Receipts
to the extent provided in Section 5.7 and payment of all taxes and governmental charges in connection with such surrender and withdrawal
of Stock, and subject to the terms and conditions of this Agreement, the Depository 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 represented by the Receipt
or Receipts, or Depositary Shares represented by such 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 Depository 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 withdrawn, the Depository shall at
the same time, in addition to such number of whole shares of Stock and such money to be so withdrawn, deliver to such Holder, or subject
to Section 2.4 hereof upon his order, a new Receipt evidencing such excess number of Depositary Shares; provided, that the Depository
shall not issue any Receipt evidencing a fractional Depositary Share.

 

Delivery of the Stock and money being withdrawn
may be made by the delivery of such certificates, documents of title and other instruments as the Depository may deem appropriate (or
in such other manner as may be agreed to by the Corporation and the Depository), which, if required by the Depository, shall be properly
endorsed or accompanied by proper instruments of transfer including, but not limited to, a Signature Guarantee.

  

If the Stock and the money being withdrawn are
to be delivered to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal
of such Stock, such Holder shall execute and deliver to the Depository a written order so directing the Depository, and the Depository
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 duly executed instrument of transfer in blank.

 

Delivery of the Stock and the money represented
by Receipts surrendered for withdrawal shall be made by the Depository at the Depository’s Office, except that, at the written request,
sole 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.

 

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Section 2.6 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 Depository, any of the Depository’s Agents
or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depository 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
3.2 and Section 5.7 hereof, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature,
including a Signature Guarantee, and may also require compliance with such regulations, if any, as the Depository or the Corporation may
establish consistent with the provisions of this Agreement and applicable law and as may be required by any securities exchange on which
the Stock, the Depositary Shares or the Receipts may be listed.

 

The deposit of the 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 shareholders of the Corporation
is closed or (ii) if any such action is deemed necessary or advisable by the Depository, any of the Depository’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 Agreement.

 

Section 2.7 Lost
Receipts, etc.

 

If any Receipt is lost, stolen, mutilated or destroyed,
absent notice to the Corporation or the Depository that such certificates have been acquired by a protected purchaser, the Corporation
may, upon receipt by the Depository of an open penalty surety bond satisfactory to it and holding it and the Corporation harmless, cause
to be issued, in a form mutually agreed to by the Depository and the Corporation, a new Receipt of like denomination, tenor and date as
the Receipt so lost, stolen, mutilated or destroyed, and countersigned by the Depository. Any such new Receipt shall constitute a substitute
contractual obligation of the Corporation, whether or not the allegedly lost, stolen, mutilated or destroyed Receipt shall be at any time
enforceable by anyone. The Depository may, at its option, countersign replacement Receipts for mutilated certificates upon presentation
thereof without such indemnity.

 

Section 2.8 Cancellation
and Destruction of Surrendered Receipts.

 

All Receipts surrendered to the Depository or any
of the Depository’s Agents shall be cancelled by the Depository.

 

Except as prohibited by applicable law or regulation,
the Depository is authorized and directed to destroy all Receipts so cancelled.

 

Section 2.9 Redemption
of Stock.

 

Whenever the Corporation shall be permitted and
shall elect to redeem shares of Stock in accordance with the terms of the Articles, it shall (unless otherwise agreed to in writing with
the Depository) give or cause to be given to the Depository, not less than 35 days and not more than 60 days prior to the Redemption Date
(as defined below), written notice of the date of such proposed redemption of Stock and of the number of such shares held by the Depository
to be so redeemed and the applicable 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 Articles. On the Redemption Date, provided that the Corporation
shall then have paid or caused to be paid in full to Computershare the redemption price of the Stock to be redeemed in accordance with
the provisions of the Articles, the Depository shall redeem the number of Depositary Shares representing such Stock. The Depository shall
provide 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 reasonably acceptable transmission method, as determined by the Depository, 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 their respective last addresses as they appear
on the records of the Depository; but neither failure to provide any notice of redemption of Depositary Shares to one or more Holders
nor any defect in any notice of redemption of Depositary Shares to one or more Holders shall affect the sufficiency of the proceedings
for redemption as to the other Holders. Each notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii)
the redemption price; (iii) if fewer than all Depositary Shares are to be redeemed, the number of Depositary Shares to be redeemed; and
(iv) the manner in which holders of the Depositary Shares called for redemption may obtain payment of the redemption price in respect
to those Depositary Shares. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so
redeemed shall be selected in accordance with the Articles.

 

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Notice having been provided by the Depository 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) the Depositary Shares being redeemed from such proceeds shall no longer
be outstanding for any purpose, (ii) dividends on the shares of Stock so called for redemption shall cease to accrue from and after such
date, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price,
without interest) shall, to the extent of such Depositary Shares, terminate, and (iv) 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
Depository or applicable law shall so require), such Depositary Shares shall be redeemed by Computershare at a redemption price per Depositary
Share equal to 1/40th of the redemption price per share of Stock so redeemed plus all money represented by such Depositary Shares, including,
if required by the provisions of the Articles, all amounts paid by the Corporation in respect of dividends which on the Redemption Date
have been declared on the shares of Stock to be so redeemed and have not theretofore been paid.

 

If fewer than all of the Depositary Shares evidenced
by a Receipt are called for redemption, the Depository will deliver to the Holder of such Receipt upon its surrender to the Depository,
together with payment of the redemption price for any and all other amounts payable in respect of the Depositary Shares called for redemption,
a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that
the Depository shall not issue any Receipt evidencing a fractional Depositary Share and cash will be payable in respect of fractional
interests.

 

Computershare shall, to the extent permitted by
law, release or repay to the Corporation any funds deposited by or for the account of the Corporation for the purpose of redeeming any
Depositary Shares that remain unclaimed at the end of two years from the applicable Redemption Date, without further action necessary
on the part of the Corporation.

 

All funds received by Computershare under this
Agreement that are to be distributed or applied by Computershare in the performance of services (the “Funds”) shall be held
by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name
as agent for the Corporation. Until paid pursuant to this Agreement, Computershare may hold or invest the Funds through such accounts
in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by
Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”),
respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, as amended, or (iv) demand deposit
accounts, short-term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier
1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s
(Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall
have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare
in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party.
Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare
shall not be obligated to pay such interest, dividends or earnings to the Corporation, any holder or any other party.

 

    7

     

    

 

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 proof of residence, or other matters or other information, to execute certificates and to make such representations and
warranties as the Depository or the Corporation may reasonably deem necessary or proper. The Depository 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 and evidenced by a 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 Depository of certain charges and expenses, as provided in Section 5.7 hereof. Registration of transfer of any Receipt
or any withdrawal of Stock and all money represented by the Depositary Shares evidenced by such Receipt may be refused until any such
payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Stock 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, interest payments 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. Such representation and warranty shall
survive the deposit of the Stock and the issuance of the related 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 Depositary Shares, and each Depositary Share will represent
one 1/40th interest in a share of deposited Stock. Such representation and warranty shall survive the deposit of the Stock and the issuance
of the Receipts.

 

    8

     

    

 

Article
IV.

THE DEPOSITED SECURITIES; NOTICES

 

Section 4.1 Cash
Distributions.

 

Whenever Computershare, as distribution agent,
shall receive any cash dividend or other cash distribution on the Stock, Computershare shall, subject to Section 3.1 and Section 3.2 hereof,
distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 hereof 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, that in case the Corporation or Computershare 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, or as otherwise required by law, regulation or court
process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the
event that the calculation of any such cash dividend or other cash distribution to be paid to any Record Holder on the aggregate number
of Depositary Shares held by such Record Holder results in an amount that is a fraction of a cent and that fraction of a cent is equal
to or greater than $0.005, the amount Computershare shall distribute to such Record Holder shall be rounded up to the next highest whole
cent; otherwise, such fractional amount shall be disregarded by the Depository and shall be added to and be treated as part of the next
succeeding distribution.

  

Each Holder of a Receipt shall provide Computershare
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 Computershare of a portion of any of the distributions to be made hereunder.

 

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

 

Whenever Computershare shall receive any distribution
other than cash, rights, preferences or privileges upon the Stock, Computershare shall, subject to Section 3.1 and Section 3.2 hereof,
distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 hereof 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 such Receipts
held by such Holders, in any manner that Computershare may deem equitable and practicable for accomplishing such distribution. If in the
opinion of Computershare such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including
any requirement that the Corporation or Computershare withhold an amount on account of taxes or governmental charges) Computershare deems,
after consultation with the Corporation, such distribution not to be feasible, Computershare 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 Section 3.1 and Section 3.2 hereof, be distributed or made available for distribution, as the case
may be, by Computershare to Record Holders of Receipts as provided by Section 4.1 hereof in the case of a distribution received in cash.
The Corporation shall not make any distribution of securities to Computershare, and Computershare shall not make any distribution of such
securities 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.

 

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 the deposited 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 communicated to the Depository and thereafter made available by the Depository to the Record
Holders of Receipts in such manner as the Depository (in consultation with the Corporation) may determine, 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 Depository
in its discretion with the approval of the Corporation; provided, however, that (i) if at the time of issue or offer of any such rights,
preferences or privileges the Depository or the Corporation 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
Computershare, in its discretion (with approval of the Corporation, in any case where the Depository 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 Section 3.1 and Section 3.2 hereof, be distributed by Computershare
to the Record Holders of Receipts entitled thereto as provided by Section 4.1 hereof in the case of a distribution received in cash.

 

    9

     

    

 

The Corporation shall promptly notify the Depository
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 Depository that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights,
preferences or privileges and securities and use its 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 Depository 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 Depository an opinion of counsel to the effect that the offering and sale of such securities
to the Holders are exempt from registration under the provisions of the Securities Act.

 

The Corporation shall promptly notify the Depository
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 Depository 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 the Stock, or whenever the Depository shall receive notice of (A) any meeting at which holders of the Stock are entitled
to vote or of which holders of the Stock are entitled to notice or (B) any election on the part of the Corporation to redeem any such
Stock, or whenever the Depository and the Corporation shall decide it is appropriate, the Depository 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) 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 whose Depositary Shares are to be so redeemed or for any
other appropriate reasons.

 

Section 4.5 Voting
Rights.

 

Subject to the provisions of the Articles, upon
receipt of notice of any meeting at which the holders of the Stock are entitled to vote, the Depository shall, as soon as practicable
thereafter, provide to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4 hereof, 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 Depository 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 Depository
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 Depository 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 Depository in order to enable the Depository
to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depository will
not vote (but at its discretion, may appear at any meeting with respect to such Stock unless directed otherwise by the Holders of all
the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by the Receipts of such 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 provisions of the Articles, or upon any recapitalization, reorganization,
merger or consolidation affecting the Corporation or to which it is a party, the Depository 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 Depository 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 per Depositary Share to the redemption price per share of Stock, 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 the Stock,
or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depository
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 Corporation may in its discretion direct the Depository to execute and deliver additional
Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited
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 Depository 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 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.

 

    10

     

    

 

The Corporation shall cause reflective provisions
to be included in the charter of the resulting or surviving entity (if other than the Corporation) for the protection of such rights as
may be applicable upon exchange of the deposited Stock for securities or property or cash of the surviving entity in connection with the
transactions set forth above. The Corporation shall cause any such surviving entity (if other than the Corporation) expressly to assume
the obligations of the Corporation hereunder.

 

Section 4.7 Delivery
of Reports.

 

The Depository shall furnish to Holders of Receipts
any reports and communications received from the Corporation which are received by the Depository, as the holder of the Stock, and which
the Corporation is required to furnish to the holders of the Stock.

 

Section 4.8 Lists
of Receipt Holders.

 

Reasonably promptly upon request from time to time
by the Corporation, at the sole expense of the Corporation, the Depository shall furnish to it a list, as of the most recent practicable
date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

 

Article
V.

THE DEPOSITORY, THE DEPOSITORY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

 

Section 5.1 Maintenance
of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents.

 

Upon execution of this Agreement, the Depository
shall maintain at the Depository’s Office, facilities for the execution and delivery, registration and registration of transfer,
surrender and exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the delivery, registration
of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Agreement; provided that, to the extent
provisions of this Agreement regarding transfer or registration functions performed by the Depository conflict with the terms of any transfer
agency agreement between the Corporation and the Depository, the terms of such transfer agency agreement shall control.

 

The Registrar shall keep books at the Depository’s
Office for the registration and transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Registrar, the
Depository shall open its books for inspection by the Record Holders of Receipts as directed by the Corporation; provided, that any Holder
shall be granted such right by the Corporation only after certifying 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 Registrar 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.

 

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

 

    11

     

    

 

The Depository may from time to time appoint Depository’s
Agents to act in any respect for the Depository for the purposes of this Agreement and may from time to time appoint additional Depository’s
Agents and vary or terminate the appointment of such Depository’s Agents, provided that the Depository will notify the Corporation
of any such appointment or variation or termination of such appointment.

 

Section 5.2 Prevention
of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar, the Transfer Agent or the Corporation.

 

None of the Depository, any Depository’s
Agent, any Registrar, any Transfer Agent or the Corporation shall incur any liability to any Holder of a 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 Depository, the Depository’s Agent or the Registrar or the Transfer Agent, by reason of any provision, present or
future, of the Corporation’s Articles of Incorporation (including the Articles) or by reason of any act of God or war or other circumstance
beyond the control of the relevant party, the Depository, the Depository’s Agent, the Registrar, the Transfer Agent or the Corporation
shall be prevented, delayed or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the
terms of this Agreement provide shall be done or performed. Nor shall the Depository, any Depository’s Agent, any Registrar, any
Transfer Agent 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 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 Agreement except, in case of any such exercise or failure
to exercise discretion not caused as aforesaid, if caused by the gross negligence, willful misconduct or bad faith (each as determined
by a final judgment of a court of competent jurisdiction) of the party charged with such exercise or failure to exercise, or as otherwise
explicitly set forth in this Agreement.

 

Section 5.3 Obligations
of the Depository, the Depository’s Agents, the Registrar, the Transfer Agent and the Corporation.

 

Whenever in the performance of its duties under
this Agreement the Depository shall deem it necessary or desirable that any fact or matter be proved or established by the Corporation
prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chairman of the Board, the President,
Chief Executive Officer, Chief Financial Officer, or any Executive Vice President of the Corporation and delivered to the Depository.
The Depository may rely upon, and be held harmless for such reliance, upon such statement for any action taken or suffered by it pursuant
to the provisions of this Agreement and shall not be held liable in connection with any delay in receiving such statement.

 

The Depository, any Depository’s Agent and
any Registrar or Transfer Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose
or subject it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of
repayment or indemnity satisfactory to it.

 

The Depository shall not be accountable or under
any duty or responsibility for the use by the Corporation of any Receipts authenticated by the Depository and delivered by it to the Corporation
pursuant to this Agreement or for the application by the Corporation of the proceeds of the issue and sale, or exercise, of the Receipts.

 

The Depository shall not have any duty or responsibility
in the case of the receipt of any written demand from any Holder with respect to any action or default by the Corporation, including,
without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law
or otherwise or to make any demand upon the Corporation.

 

    12

     

    

 

None of the Depository, any Depository’s
Agent, any Registrar, any Transfer Agent or the Corporation shall be liable for any action or any failure to act by it in reliance upon
the written advice of legal counsel (including legal counsel for the Corporation) or accountants, or information from any person presenting
Stock for deposit, any Holder of a Receipt or any other person. Such advice shall be full and complete authorization, protection to, and
indemnification by the Corporation of, the Depository, the Depository’s Agent, any Registrar, any Transfer Agent and subcontractors
as to any action taken or omitted by it in accordance with such advice, believed (in the absence of gross negligence, willful misconduct
or bad faith, each as determined by a final judgment of a court of competent jurisdiction) by such parties to be genuine and to have been
signed or presented by the proper party or parties.

 

The Depository 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 inaction does not result from fraud, gross negligence, willful misconduct or bad faith (each as determined by a final
judgment of a court of competent jurisdiction). The Depository undertakes, and any Registrar and any Transfer Agent shall be required
to undertake, to perform such duties and only such duties as are expressly set forth in this Agreement, and no implied covenants or obligations
shall be read into this Agreement against the Depository or any Registrar or Transfer Agent. The Depository shall act hereunder solely
as agent for the Corporation and shall not assume any obligations or relationship of agency or trust with any of the Holders.

 

The Depository may execute and exercise any of
the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney or agents, and the
Depository shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any
loss to the Corporation resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct
(each as determined by a final judgment of a court of competent jurisdiction) in the selection and continued employment thereof.

 

From time to time, the Corporation may provide
the Depository with instructions concerning the services performed by the Depository hereunder. In addition, at any time the Depository
may apply to any officer of the Corporation for instructions. The Depository may rely on and shall be held harmless and protected and
shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in reliance upon any certificate,
statement, instrument, opinion, notice, letter, facsimile transmission, telegram or other document, or any security delivered to it, and
believed by it to be genuine and to have been made or signed by the proper party or parties, or upon any written or oral instructions
or statements from the Corporation with respect to any matter relating to its acting as Depository hereunder. The Depository shall not
be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation.

 

The Depository, its parent, affiliates or subsidiaries,
the Depository’s Agents, the Registrar, the Transfer Agent and each of their equity holders, directors, officers or employees may
own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become
pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money
to any such person or otherwise act as fully or as freely as if it were not the Depository, the parent, affiliate or subsidiary or the
Depository’s Agent or the Registrar or the Transfer Agent hereunder. The Depository may also act as trustee, transfer agent or registrar
of any of the securities of the Corporation and its affiliates. Nothing herein shall preclude the Depository from acting in any other
capacity for the Corporation or for any other legal entity.

 

It is intended that none of the Depository, any
Depository’s Agent or the Registrar or the Transfer Agent, acting as the Depository’s Agent or Registrar or Transfer Agent,
as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state
securities laws, it being expressly understood and agreed that the Depository, any Depository’s Agent and the Registrar and Transfer
Agent are acting only in a ministerial capacity as Depository or Registrar or Transfer Agent, as applicable, for the Stock; provided,
that the Depository agrees to comply with all information reporting and withholding requirements applicable to it under law or this Agreement
in its capacity as Depository.

 

    13

     

    

 

None of the Depository (or its officers, directors,
employees or agents), any Depository’s Agent or the Registrar or the Transfer Agent makes any representation or has any responsibility
as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the
Stock, the Depositary Shares or the Receipts (except for its counter-signatures thereon) or any instruments referred to therein or herein,
or as to the correctness of any statement made therein or herein and the Depository shall not be liable for or by reason of any of the
statements of fact or recitals contained in this Agreement or in the Receipts (except its countersignature hereof and thereof) or be required
to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Corporation only; provided,
that the Depository is responsible for any and all of its representations in this Agreement.

 

The Depository shall have no responsibility for
any breach by the Corporation of any covenant or condition contained in this Agreement or in any Receipt; nor shall it be responsible
to make any calculations or adjustments (or confirm or verify the accuracy or correctness of any such calculations or adjustments) required
under any provisions of the Receipts or this Agreement; nor shall it be responsible for the manner, method or amount of any such calculations
or adjustments or the ascertaining of the existence of facts that would require any such calculations or adjustments; nor shall it by
any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Stock to be
issued pursuant to this Agreement or any Receipt or as to whether any shares of Stock will when issued be valid and fully paid and nonassessable.

 

The Depository assumes no responsibility for the
correctness of the description that appears in the Receipts.

 

Notwithstanding any other provision herein or in
the Receipts, the Depository makes no warranties or representations as to the validity or genuineness of any Stock at any time deposited
with the Depository hereunder or of the Depositary Shares, as to the validity or sufficiency of this Agreement, as to the value of the
Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depository
shall not be accountable for the use or application by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof.

 

The Depository may rely on and be fully authorized
and protected in acting or failing to act upon (i) any guaranty of signature by an “eligible guarantor institution” that is
a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program”
or insurance program in addition to, or in substitution for, the foregoing; or (ii) any law, act, regulation or any interpretation of
the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed.

 

Notwithstanding anything to the contrary herein,
no party to this Agreement shall be liable for any incidental, indirect, punitive, special or consequential damages of any nature whatsoever,
including, but not limited to, loss of anticipated profits, arising under any provision of this Agreement or out of any act or failure
to act even if apprised of the possibility of such damages.

 

Notwithstanding anything contained herein to the
contrary, the Depository’s, any Depository’s Agent’s, Registrar’s or Transfer Agent’s aggregate liability
during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided
or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the
amounts paid hereunder by the Corporation to the Depository as fees and charges, but not including reimbursable expenses, during the 12
months immediately preceding the event for which recovery from the Depository is being sought.

 

The Depository 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 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 Depository
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.

 

In the event the Depository, any Depository’s
Agent, any Registrar or Transfer Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction,
request or other communication, paper or document received by it hereunder, or in the administration of any of the provisions of this
Agreement, the Depository, any Depository’s Agent, any Registrar or Transfer Agent 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 Depository, any Depository’s Agent,
any Registrar or Transfer Agent 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 for refraining
from taking such action, unless the Depository receives written instructions or a certificate signed by the Corporation which eliminates
such ambiguity or uncertainty to the satisfaction of the Depository, Depository’s Agent, Registrar or Transfer Agent or which proves
or establishes the applicable matter to the satisfaction of the Depository, Depository’s Agent, Registrar or Transfer Agent.

 

    14

     

    

 

The Depository undertakes not to issue any Receipt
other than to evidence the Depositary Shares representing interests in the shares of Stock that have been delivered to and are then on
deposit with the Depository. The Depository also undertakes not to sell, except as provided herein, pledge or lend Depositary Shares or
any shares of deposited Stock by it as Depository.

 

The Depository shall not be held to have notice
of any change of authority of any person, until receipt of written notice thereof from the Corporation. The obligations of the Corporation
and the rights of the Depository set forth in this Section 5.3 shall survive the termination of this Agreement, the resignation, removal
of the Depository, and any succession of any Depository, Registrar or Depository’s Agent.

 

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

 

The Depository may at any time resign as Depository
hereunder by delivering notice (pursuant to the notice provisions contained in Section 7.4) of its election to do so to the Corporation
upon 30 days’ notice of such resignation. The Depository may at any time be removed by the Corporation by 30 days’ written
notice of such removal delivered to the Depository.

 

In case at any time the Depository acting hereunder
shall resign or be removed, the Corporation shall, within 30 days after the delivery of the notice of resignation or removal, as the case
may be, appoint a successor Depository, which shall be authorized under applicable laws to exercise the powers of a transfer agent and
subject to supervision or examination by federal or state authorities having its principal office in the United States of America and
(together with its affiliates) having a combined capital and surplus of at least $50,000,000. If no successor Depository shall have been
so appointed and have accepted appointment within 30 days after delivery of such notice, a Holder may petition any court of competent
jurisdiction for the appointment of a successor Depository.

 

Every successor Depository shall execute and deliver
to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depository,
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 Depository under this 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 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 Depository shall promptly provide notice of its appointment to
the Record Holders of Receipts.

 

Any entity into or with which the Depository may
be merged, consolidated or converted, or any person to which all or a substantial part of the assets of the Depository may be transferred
or which succeeds to the shareholder services business of the Depository shall be the successor of the Depository without the execution
or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depository may authenticate
the Receipts in the name of the predecessor Depository or its own name as successor Depository.

 

    15

     

    

 

Section 5.5 Corporate
Notices and Reports.

 

The Corporation agrees that it will deliver to
the Depository, and the Depository will, as soon as practicable, after receipt thereof, transmit to the Record Holders of Receipts, in
each case at the addresses recorded in the Depository’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 Articles of Incorporation (including the Articles), to be furnished to the Record Holders of
Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depository with such number
of copies of such documents as the Depository may request. In addition, the Depository will transmit to the Record Holders of Receipts
at the Corporation’s expense, including applicable fees, such other documents as may be requested by the Corporation.

 

Section 5.6 Indemnification
by the Corporation.

 

The Corporation shall indemnify the Depository,
any Depository’s Agent and any Registrar or Transfer Agent (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 costs and expenses
of defending itself) may be paid, incurred or suffered by or to which it may become subject, arising from or out of, directly or indirectly,
any claims or liability resulting from acts performed, suffered or omitted to be taken in connection with this Agreement and the Receipts
by the Depository, any Registrar or Transfer Agent or any of their respective agents (including any Depository’s Agent) and any
transactions or documents contemplated hereby, except for any liability arising out of gross negligence, willful misconduct or bad faith
(each as determined by a final judgment of a court of competent jurisdiction) on the respective parts of any such person or persons. The
costs and expenses incurred by the Depository in enforcing this right of indemnification shall be paid by the Corporation. The obligations
of the Corporation and the rights of the Depository set forth in this Section 5.6 shall survive the termination of this Agreement and
any succession of any Depository, Registrar or Depository’s Agent.

 

Section 5.7 Fees,
Charges and Expenses.

 

The Corporation agrees promptly to pay the Depository
the compensation to be agreed upon with the Corporation for all services rendered by the Depository hereunder and to reimburse the Depository
for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depository without gross negligence,
willful misconduct or bad faith (each as determined by a final judgment of a court of competent jurisdiction) on its part (or on the part
of any agent or Depository’s Agent) in connection with the services rendered by it (or such agent or Depository’s Agent) hereunder.
The Corporation shall pay all charges of the Depository in connection with the initial deposit of the Stock and the initial issuance of
the 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 depository 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 Depository incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder
will be liable for such charges and expenses; provided, that the Depository may, at its sole option, request that the Corporation direct
a Holder of a Receipt to prepay the Depository any charge or expense the Depository has been asked to incur at the request of such Holder
of Receipts. The Depository shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation
and the Depository may agree. The Depository shall not register any transfer or issue or deliver any Receipt(s) or Depositary Shares unless
or until the persons requesting the registration or issuance shall have paid to the Depository for the account of the Corporation the
amount of such tax, if any, or shall have established to the reasonable satisfaction of the Corporation and the Depository that such tax,
if any, has been paid.

 

Section 5.8 Tax
Compliance.

 

Computershare and, where applicable, the Trust
Company, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting and
withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice
with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption
or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation
and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority
or its designated agent.

 

    16

     

    

 

The Depository shall comply with any written instructions
received from the Corporation with respect to the application of such requirements to particular payments or Holders, and may for purposes
of this Agreement rely on any such instructions in accordance with the provisions of Section 5.3 hereof. The Depository shall have no
duties, responsibilities or obligations to take any action under this paragraph without clear and precise instructions from the Corporation.

 

The Depository shall maintain all appropriate records
documenting compliance with such requirements, and shall make such records available on reasonable request to the Corporation or to its
authorized representatives.

 

Article
VI.

AMENDMENT AND TERMINATION

 

Section 6.1 Amendment.

 

The form of the Receipts and any provisions of
this Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depository without the consent
of Holders of Receipts in any respect which they may deem necessary or desirable; provided, that no such amendment (other than a change
in fees) which shall materially and adversely alter the rights of the Holders of Receipts shall be effective unless such amendment shall
have been approved by the Holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. Every Holder of
an outstanding receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent
and agree to such amendment and to be bound by this Agreement.

 

Notwithstanding the foregoing, in no event shall
the Corporation be required to execute any amendment which may impair the right, subject to the provisions of Section 2.6 and Section
2.7 and ARTICLE III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depository with
instructions to deliver to the Holder the Stock and all money 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 securities exchange. As a
condition precedent to the Depository’s execution of any amendment, the Corporation shall deliver to the Depository a certificate
from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section
6.1, provided that, if, under the foregoing paragraph, such amendment would require approval of at least a majority of Holders of Receipts
to be effective, such Holders shall be deemed to have consented and agreed to such amendment for purposes of the statement in such certificate
that such amendment is in compliance with the terms of this ARTICLE VI.

 

Section 6.2 Termination.

 

Without limiting the provisions contained in Section
5.4, this Agreement may be terminated by the Corporation or the Depository only if (i) all outstanding Depositary Shares issued hereunder
have been redeemed pursuant to Section 2.9 hereof, 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 Receipts representing Depositary Shares pursuant to Section 4.1 or Section 4.2 hereof, as applicable.

 

Upon the termination of this Agreement, the Corporation
shall be discharged from all obligations under this Agreement except for its obligations to the Depository, any Depository’s Agent
and any Registrar under Section 5.3, Section 5.6 and Section 5.7.

 

    17

     

    

 

Article
VII.

MISCELLANEOUS

 

Section 7.1 Counterparts.

 

This 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. A signature to this
Agreement transmitted by facsimile or electronically shall have the same authority, effect and enforceability as an original signature.

 

Section 7.2 Exclusive
Benefit of Parties.

 

This Agreement is for the exclusive benefit of
the parties hereto, including those named as parties in Section 7.6 hereof, 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 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,
overnight delivery or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at:

 

Merchants Bancorp

410 Monon Boulevard

Carmel, Indiana 46032

Facsimile: (317) 805-4374

Attn: Chief Financial Officer

 

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

 

With a copy to, which shall not constitute notice:

 

Krieg DeVault LLP

One Indiana Square, Suite 2800

Indianapolis, Indiana 46204

Facsimile: (317) 636-1507

Attn: Michael J. Messaglia

 

Any and all notices to be given to the Depository
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,
overnight delivery or by facsimile transmission confirmed by letter, addressed to the Depository at the Depository’s Office at Computershare
Trust Company, N.A.

 

Computershare Inc.

150 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile: 781-575-4210

 

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

 

    18

     

    

 

The Depository shall give any and all notices directed
to be given by the Corporation to any Record Holder of a Receipt in writing, which notices shall be deemed to have been duly given if
personally delivered or sent by mail, overnight delivery or electronic transmission or confirmed by letter, addressed to such Record Holder
at the address of such Record Holder as it appears on the books of the Depository. Any written notices given to any record holder of a
DTC Receipt shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures.

 

Delivery of a notice sent by mail or by electronic
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 Depository or the Corporation may,
however, act upon any facsimile transmission received by it from the other, notwithstanding that such facsimile transmission shall not
subsequently be confirmed by letter or as aforesaid.

 

Section 7.5 Appointment
of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent.

 

Unless otherwise set forth on a certificate duly
executed by an authorized officer of the Corporation, the Corporation hereby appoints the Trust Company as Registrar and Transfer Agent
and Computershare as dividend disbursing agent and redemption agent in respect of the Stock deposited with the Depository hereunder and
the Receipts, and the Trust Company and Computershare hereby accept their respective appointments. With respect to the appointments of
the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the
Stock and the Receipts, each of the Corporation, the Trust Company and Computershare, in their respective capacities under such appointments,
shall be entitled to the same rights, indemnities, immunities and benefits as the Corporation and Depository hereunder, respectively,
as if explicitly named in each such provision.

 

Section 7.6 Holders
of Receipts Are Parties.

 

The Holders of Receipts from time to time shall
be parties to this Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts. The provisions of this
Agreement are intended to benefit only the parties hereto and their respective permitted successors and assigns, and no rights shall be
granted to any other person by virtue of this Agreement.

 

Section 7.7 Governing
Law.

 

This Agreement and the Receipts of each Stock 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 Indiana without giving effect to applicable conflicts of law principles.

 

The parties hereunder hereby agree that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of
the State of Indiana or the United States District Court for the Southern District of Indiana, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The parties hereunder hereby waive any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any such process or summons to be served upon either party may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.4 hereof.
Such mailing shall be deemed personal service and shall be legal and binding upon such party in any action, proceeding or claim.

 

Section 7.8 Headings.

 

The headings of articles and sections in this 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 Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein
or in the Receipts.

 

    19

     

    

 

Section 7.9 Force
Majeure.

 

Notwithstanding anything to the contrary contained
herein, the Depository will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control
including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction
of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems,
labor difficulties, war, or civil unrest.

 

Section 7.10 Confidentiality.

 

The Depository 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 Agreement, including the fees for
services contemplated hereunder, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may
be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce
and criminal actions).

 

[Signature page follows.]

 

    20

     

    

 

IN WITNESS WHEREOF, the Corporation, Computershare
and the Trust Company have duly executed this Agreement as of the day and year first above set forth.

	 	 	 
	 	 	MERCHANTS BANCORP
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

[SIGNATURE PAGE TO DEPOSIT AGREEMENT]

 

     

     

    

  

	 	
    COMPUTERSHARE INC. and COMPUTERSHARE

    TRUST COMPANY, N.A. (on behalf of both entities)

	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

[SIGNATURE PAGE TO DEPOSIT AGREEMENT]

 

     

     

    

EXHIBIT A

[FORM OF FACE OF RECEIPT]

 

THE DEPOSITARY SHARES REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS
ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY.

 

[To be included in any DTC Receipt or other global Receipt: UNLESS
THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT 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.

 

TRANSFERS OF THIS RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS RECEIPT
SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. IN CONNECTION
WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR
AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]

 

Number DR-_____ ____________ Depositary Shares

(CUSIP: 58844R 884)

 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,

EACH REPRESENTING ONE 1/40TH OF ONE SHARE OF

8.25% FIXED RATE RESET SERIES D NON-CUMULATIVE PERPETUAL PREFERRED STOCK

OF MERCHANTS BANCORP

 

Incorporated under the laws of the State of Indiana

(See reverse for certain definitions.)

 

Computershare Inc., a Delaware corporation, and
Computershare Trust Company, N.A., a federally chartered trust company, acting jointly as Depository (the “Depository”), hereby
certifies that CEDE & CO. is the registered owner of [ ] DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share
representing one 1/40th of a share of 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock, liquidation preference
$1,000 per share, no par value (the “Stock”), of MERCHANTS BANCORP, an Indiana corporation (the “Corporation”),
on deposit with the Depository, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of September [ ],
2022 (the “Deposit Agreement”), among the Corporation, Computershare Inc., Computershare Trust Company, N.A. and the Holders
from time to time of the Receipts. By accepting this Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms
and conditions of the Deposit Agreement. This 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 Depository by the manual or facsimile signature of a duly authorized officer
and countersigned and registered by the Transfer Agent and Registrar.

 

  

    A-1

     

    

 

	 
	Dated:	Computershare Inc. and Computershare Trust Company, N.A., as Depository
	 	 
	 	By:	 
	 	 	Authorized Officer

 

Countersigned and Registered:

Computershare Trust Company, N.A.,

Transfer Agent and Registrar

 

	By:	 	 
	Authorized Signatory	 

 

    A-2

     

    

 

[FORM OF REVERSE OF RECEIPT]

 

MERCHANTS BANCORP

 

UPON REQUEST, MERCHANTS BANCORP WILL FURNISH WITHOUT
CHARGE TO EACH HOLDER OF A DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF
AMENDMENT OF THE 8.25% FIXED RATE RESET SERIES D NONCUMULATIVE PERPETUAL PREFERRED STOCK, OF MERCHANTS BANCORP ANY SUCH REQUEST IS TO
BE ADDRESSED TO THE SECRETARY OF THE CORPORATION OR THE DEPOSITORY NAMED ON THE FACE OF THIS RECEIPT.

 

The Corporation will furnish without charge to
each holder of a depositary 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 or rights. Such request may be made to the Corporation or to the Registrar.

 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED
THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

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

 

	TEN COM – as tenants in common	UNIF GIFT M	IN ACT -
	Custodian
	TEN ENT – as tenants by the entireties	__________

(Cust)	Custodian	___________

(Minor)
	JT TEN – as joint tenants with right of survivorship and not as tenants in common	Under Uniform Gifts to Minors
	Act _______________________

(State)
	

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

 

For value received,_______________________ hereby
sells, assigns and transfers unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	 

 

_________________________________________________________________

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_________________________________________________________________________________

_________________________________________________________________________________

 

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

 

Dated:____________________________

 

	 	NOTICE:	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

     

     

    

 

	SIGNATURE(S) GUARANTEED:	_________________________________

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 PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934.Document

Exhibit 4.1

DESCRIPTION OF SECURITIES REGISTERED
UNDER SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
The following is a summary of the rights of the ordinary shares of 10 pence each (the “Ordinary Shares”) of Ferguson plc (the “Company”, “we”, “us” or “our”), which is the only class of securities of the Company registered under Section 12 of the Securities Exchange Act of 1934, as amended. 
This description is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Memorandum and Articles of Association (the “Articles”), as amended, which are incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part.
As of September 12, 2022, our authorized share capital consisted of 500,000,000 ordinary shares of 10 pence each and 209,756,022 shares were issued. 
All of the allotted and issued Ordinary Shares are registered shares and are fully paid or credited as fully paid.
Basic Rights of our Shares
Subject to the provisions of the Companies (Jersey) Law 1991, as amended (the “Jersey Companies Law”) relating to authority to allot, pre-emption rights or otherwise and to any resolution of the Company in a general meeting passed pursuant to those provisions and any provision of the Articles, all unissued shares for the time being in the capital of the Company are at the disposal of the Board. The Board may allot such shares on any terms and conditions, grant options over them, offer them for sale or otherwise dispose of them in any other way. The Board may issue shares which are to be redeemed or are liable to be redeemed at the option of the Company or the holder on such terms as provided by the Articles subject to the provisions of Jersey Companies Law.
There are no restrictions on the transfer of shares by a shareholder under the Articles or Jersey Companies Law although the board of directors can impose restrictions (including on certain transfers) for failure to comply with a disclosure notice (see “Disclosure of Shareholdings” below).
Voting Rights
Subject to any rights or restrictions as to voting attached to any shares, on a show of hands, every member present in person or (subject to certain conditions) by proxy shall have one vote, and, on a poll, every member present in person or by proxy has one vote for every share of which he or she is the holder.
If at the time of any general meeting or class meeting, a member owes the Company any money in relation to his or her share, he or she will not be entitled to vote that share (either in person or by proxy) or exercise any other right attached to that share at that general meeting or class meeting. A member may not (amongst other things) exercise voting rights in the Company in respect of shares which are the subject of a restriction notice served after failure to provide the Company with information concerning interests in certain shares required to be provided by the Company, in accordance with the Articles.
All Non-Executive Directors are appointed for terms of between one and three years. In accordance with the Company’s practice, all directors are subject to a vote for re-election each year at the Annual General Meeting.
Voting Thresholds
A special resolution of the Company is a resolution passed by three-fourths of the members who (being entitled to do so) vote in person, or by proxy, at a general meeting of the Company or at a separate meeting of a class of members of the Company (as the case may be). 
1

An ordinary resolution of the Company is a resolution passed by a simple majority of the members who (being entitled to do so) vote in person, or by proxy, at a general meeting of the Company or at a separate meeting of a class of members of the Company (as the case may be). Except as otherwise provided by applicable law, rule or regulation, by the rules or regulations of any securities exchange applicable to the Company or its securities, or the Articles, all matters shall be decided by the members by ordinary resolution. 
Quorum Requirements
Three qualifying persons present at a general meeting of the Company and entitled to vote on the business to be dealt with are a quorum, unless (i) each is a qualifying person only because they are authorised under Jersey Companies Law to act as a representative of a corporation in relation to the meeting, and they are representatives of the same corporation; or (ii) each is a qualifying person only because they are appointed as proxy of a member in relation to the meeting, and they are proxies of the same member. A qualifying person means (i) an individual who is a member of the Company, (ii) a person authorised under Jersey Companies Law to act as a representative of the corporation in relation to the meeting, or (iii) a person appointed as proxy of a member in relation to the meeting.
Dividends and other distributions
Subject to the provisions of Jersey Companies Law, the members may, by ordinary resolution, declare dividends, but no dividend shall exceed the amount recommended by the Board. Subject to the provisions of Jersey Companies Law, the Board may pay interim dividends if it appears to the Board that it is justified by the financial position of the Company.
Except as otherwise provided by the rights attached to shares, all dividends shall be declared and paid according to the amounts paid up on the shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately to the amounts paid up on the shares during the whole period in respect of which the dividend is paid. Any amount paid on a share in advance of the date on which a call is payable will not be treated as paid up for these purposes.
The Company does not have to pay interest on any dividend or other money due to a member in respect of his or her shares, unless the rights of the share state otherwise. If a dividend or other money payable in respect of a share remains unclaimed for 12 years from the date it was declared or became due for payment, the Board can pass a resolution to forfeit the payment and the member will lose the right to the dividend.
If recommended by the Board, members can pass an ordinary resolution to direct that a dividend will be satisfied in whole or in part by distributing assets instead of cash. This includes, amongst other things, paid up shares or debentures of another company. The Board can make any arrangements it wishes to settle any difficulties which may arise in connection with the distribution, including for example (i) the valuation of the assets, or (ii) the payment of cash to any member on the basis of that value in order to adjust the rights of members, and (iii) the transfer of any asset to a trustee. The Board may, if authorized by an ordinary resolution of the Company, offer members the right to elect to receive shares by way of scrip dividend (which are credited as fully paid) instead of cash in respect of some or all of their dividend.
Lien and Forfeiture
The Company has the right to any unpaid money on a partly paid share. This covers any money which is owed to the Company by the member, where the money has been called for or is payable under the terms on which the share was issued. The Company has the right to sell any partly paid share if a member fails to pay any money due on the partly paid share within 14 clear days of notice of the amount of money owed being given to the holder of the share or to the person entitled to the share by transmission.
The Board can call at any time on members on one or more occasions to pay any money which they owe to the Company on a share, provided that there must be at least one month between the payment dates of two consecutive calls and that the call is made in accordance with the Articles and the terms of allotment of the relevant share. Members must be given at least one month’s notice of a requirement to pay and the notice must state when and where the payment is to be made. If a member does not pay the money due under a call or any instalment of a call by 
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the due date, he or she must pay interest on the amount due from the due date until it is actually paid. If the terms of any allotment of any share require money to be paid when the share is allotted or on a fixed date, the amount payable will be treated in the same way as if a valid call had been made for that money the same date the money is due. If the money is not paid, the provisions of the Articles relating to calls and forfeiture will apply as if the member had been notified of a valid call for that amount on that date.
Ownership of Shares by Non-UK Persons
There are no provisions in the Articles that restrict non-UK residents or overseas shareholders from holding shares or from exercising voting rights attaching to shares.
Pre-emption Rights
If the Company issues certain specific kinds of additional securities, current members will generally have pre-emption rights to those securities on a pro rata basis. Pre-emption rights are transferable during the subscription period relating to a particular offering. The members may, by way of special resolution, grant authority to the Board to allot shares as if the pre-emption rights did not apply.
Liquidation Rights
If the Company is wound up, the liquidator can, with the approval of a special resolution passed by the members and any other sanction required by Jersey Companies Law, divide some or all of the Company’s assets among the members. The liquidator may determine the value of such assets and how they are to be divided between the members.
Disclosure of Shareholdings
Pursuant to the Articles, the provisions of chapter five of the United Kingdom Disclosure Guidance and Transparency Rules are deemed to be incorporated by reference in the Articles as if the Company were a UK issuer. Accordingly, the Articles require members to notify the Company if the voting rights attached to shares held by them (subject to some exceptions) reach, exceed or fall below 3% and each 1% threshold thereafter up to 100%. In addition, pursuant to the Articles, the Company may also send a notice to any person whom it knows or believes to be interested in its shares, requiring such person to confirm whether he or she has such an interest and, if so, details of that interest. Under the Articles, if a member fails to supply the information requested in the notice or provides information that is materially inaccurate, the Board may serve a restriction notice on such person stating amongst other things that the member may not attend or vote at any general meeting or class meeting in respect of some or all of his or her shares.
Rights to Share in the Company’s Profits
If authorized by ordinary resolution of the members, the Board can pass a resolution to capitalize any undistributed profits (unless required for paying a preferential dividend) or other sum in any reserve or fund. The amount capitalized must be distributed to the members or holders of shares of any class on the record date as if it were distributed by way of dividend.
Changes in capital and allotment of securities
The Company, may, by special resolution of its shareholders, alter its Memorandum of Association to increase or reduce the number of shares that it is authorized to issue, to consolidate all or any of its shares (whether issued or not) into fewer shares or to divide all or any of our shares (whether issued or not) into more shares, in each case in compliance with the Jersey Companies Law. The Articles specify that a special resolution of the Company is required to be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy.
Subject to the provisions of the Jersey Companies Law, the board has the discretion to issue authorized but unissued shares.
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Variation of Rights
Subject to the provisions of Jersey Companies Law, rights attached to any class of shares in the capital of the Company may be varied or abrogated either with the written consent of the holders of at least three quarters in nominal value of the issued shares of the class, or with the sanction of a special resolution passed at a separate class meeting of the class of members affected. While the Company’s shares are divided into different classes, the rights of a share will be treated as varied if either (i) the capital paid up on that share or class of shares is reduced (unless this results from the Company buying back or redeeming its own shares), or (ii) another share is allotted which has (a) priority for payment of a dividend, (b) priority on a return of capital or (c) voting rights more favorable than those attached to that share or class of shares.
Change of Control
There are no provisions in the Articles which would have an effect of delaying, deferring or preventing a change in the control of the Company.
Other Jersey, Channel Islands Law Considerations
Purchase or redemption of own shares
The Company may not buy back or redeem its shares unless its directors who are to authorize the buy back or redemption have made a statutory solvency statement that, immediately following the date on which the buy back or redemption is proposed, the Company will be able to discharge its liabilities as they fall due and, having regard to prescribed factors, the Company will be able to continue to carry on business and discharge its liabilities as they fall due for the 12 months immediately following the date on which the buy back or redemption is proposed (or until the company is dissolved on a solvent basis, if earlier).
If the above conditions are met, the Company may purchase shares in the manner described below.
It may purchase on a stock exchange its own fully paid shares pursuant to a special resolution of its shareholders. The resolution authorizing the purchase must specify:
•the maximum number of shares to be purchased;
•the maximum and minimum prices which may be paid; and 
•a date, not being later than 18 months after the passing of the resolution, on which the authority to purchase is to expire.
It may purchase its own fully paid shares otherwise than on a stock exchange pursuant to a special resolution of its shareholders but only if the purchase is made on the terms of a written purchase contract which has been approved by an ordinary resolution of its shareholders. The shareholder from whom the Company proposes to purchase or redeem shares is not entitled to take part in such shareholder vote in respect of the shares to be purchased.
The Company may fund a redemption or purchase of its own shares from any source. The Company cannot purchase its shares if, as a result of such purchase, only redeemable shares would remain in issue.
If authorized by a resolution of its shareholders, any shares that it redeems or purchases may be held by the Company as treasury shares. Any shares held by the Company as treasury shares may be cancelled, sold, transferred for the purposes of or under an employee share scheme or held without cancelling, selling or transferring them. Shares redeemed or purchased by the Company are cancelled where the Company has not been authorized to hold these as treasury shares.
Mandatory Bids
The United Kingdom City Code on takeovers and mergers (the “City Code”) applies to the Company. Under the City Code, if an acquisition of an interest in the Company’s ordinary shares were to increase the aggregate 
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holding of an acquirer and its “concert parties” to an interest in the Company’s ordinary shares carrying 30% or more of the voting rights in the Company, the acquirer and, depending upon the circumstance, its concert parties, would be required (except with the consent of the UK Takeover Panel) to make an offer in cash (or accompanied by a cash alternative) for the outstanding ordinary shares in the Company at a price not less than the highest price paid for any interest in the Company’s ordinary shares by the acquirer or its concert parties during the 12 months prior to the announcement of the offer. A similar obligation to make such a mandatory offer would also arise on the acquisition of the Company’s ordinary shares by a person (together with its concert parties) interested in the Company’s ordinary shares carrying between 30% and 50% of the voting rights in the Company if the effect of such acquisition were to increase the percentage of shares carrying voting rights in which he or she is interested.
Squeeze-Out and Sell-Out
Jersey Companies Law provides that where a person (the “Offeror”) makes a takeover offer to acquire all of the shares (or all of the shares of any class) in a Jersey company (other than any shares already held by the Offeror at the date of the offer), if the Offeror has by virtue of acceptances of the offer acquired or contracted to acquire not less than 90% in nominal value of the shares (or class of shares) to which the offer relates, the Offeror may (subject to the requirements of Jersey Companies Law), by notice to the holders of the shares (or class of shares) to which the offer relates which the Offeror has not already acquired or contracted to acquire, compulsorily acquire those shares. A holder of any shares who receives a notice of compulsory acquisition may (within six weeks from the date on which such notice was given) apply to the Royal Court of Jersey for an order that the Offeror not be entitled and bound to purchase the holder’s shares or that the Offeror purchase the holder’s shares on terms different to those of the offer.
Where before the end of the period within which the takeover offer can be accepted, the Offeror has by virtue of acceptances of the offer acquired or contracted to acquire not less than 90% in nominal value of all of the shares (or all of the shares of a particular class) of the Jersey company, the holder of any such shares (or class of shares) who has not accepted the offer may, by written notice to the Offeror, require the Offeror to acquire the holder’s shares. The Offeror shall (subject to the requirements of Jersey Companies Law) be entitled and bound to acquire the holder’s shares on the terms of the offer or on such other terms as may be agreed. Where a holder gives the Offeror a notice of compulsory acquisition, each of the Offeror and the holder of the shares is entitled to apply to the Royal Court for an order that the terms on which the Offeror is entitled and bound to acquire the holder’s shares shall be such as the court thinks fit.

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Differences in Corporate Law between United States (Delaware) and Jersey, Channel Islands
Set forth below is a comparison of certain shareholder rights and corporate governance matters under Delaware law and Jersey law:
																											
	Corporate Law Issue
	Delaware Law
	Jersey Law

	Special Meetings of Shareholders
	Shareholders generally do not have the right to call meetings of shareholders unless that right is granted in the certificate of incorporation or by-laws. However, if a corporation fails to hold its annual meeting within a period of 30 days after the date designated for the annual meeting, or if no date has been designated for a period of 13 months after its last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting, the Delaware Court of Chancery may order a meeting to be held upon the application of a shareholder or a director.
	Shareholders holding 10% or more of a Jersey company's voting rights and entitled to vote at the relevant meeting may legally require our directors to call a meeting of shareholders. The Jersey Financial Services Commission (“JFSC”), may, at the request of any officer, secretary or shareholder, call or direct the calling of an annual general meeting. Failure to call an annual general meeting in accordance with the requirements of the Jersey Companies Law is a criminal offence on the part of a Jersey company and its directors and secretary.

	Interested Director Transactions 
	Interested director transactions are permissible and may not be legally voided if:
•either a majority of disinterested directors, or a majority in interest of holders of shares of the corporation's capital stock entitled to vote upon the matter, approves the transaction in good faith upon disclosure of all material facts; or
•the transaction is determined to have been fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors, a committee thereof or the shareholders.
	An interested director must disclose to the company the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware. 
Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit.
A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution and the nature and extent of the director's interest in the transaction are disclosed in reasonable detail in the notice calling the meeting at which the resolution is passed.
Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into.
Our Articles set out a limited number of transactions and matters in which a director may be interested and in which he or she may vote and be counted in the quorum in relation to a resolution on the matter.

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	Cumulative Voting 
	The certificate of incorporation of a Delaware corporation may provide that shareholders of any class or classes or of any series may vote cumulatively either at all elections of directors or at elections under specified circumstances.
	There are no provisions in the Jersey Companies Law relating to cumulative voting.

	Approval of Corporate Matters by Written Consent
	Unless otherwise specified in a corporation's certificate of incorporation, shareholders may take action permitted to be taken at an annual or special meeting, without a meeting, notice or a vote, if consents, in writing, setting forth the action, are signed by shareholders with not less than the minimum number of votes that would be necessary to authorize the action at a meeting. All consents must be dated and are only effective if the requisite signatures are collected within 60 days of the earliest dated consent delivered.
	If permitted by the articles of association of a company, a written consent signed and passed by the specified majority of members may affect any matter that otherwise may be brought before a shareholders' meeting, except for the removal of a company's auditors. Such consent shall be deemed effective when the instrument, or the last of several instruments, is signed by the specified majority of members or on such later date as is specified in the resolution.
Our Articles do not contain provisions regarding shareholder resolutions in writing.

	Business Combinations
	With certain exceptions, a merger, consolidation or sale of all or substantially all of the assets of a Delaware corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon.
	A sale or disposal of all or substantially all the assets of a Jersey company must be approved by the board of directors and, only if the articles of association of the company require, by the shareholders in a general meeting. A merger involving a Jersey company must be generally documented in a merger agreement which must be approved by special resolution of that company.
In the case of a merger requiring approval by special resolution, our Articles specify that a special resolution of the Company must be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing. Further, in certain scenarios, the UK listing rules to which we are subject also require shareholder approval for dispositions and business combination transactions.
In the case of a merger requiring approval by special resolution, our Articles specify that a special resolution of the Company must be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing. Further, in certain scenarios, the UK listing rules to which we are subject also require shareholder approval for dispositions and business combination transactions.

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	Limitations on Director’s Liability and Indemnification of Directors and Officers
	A Delaware corporation may include in its certificate of incorporation provisions limiting the personal liability of its directors or officers to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director or officer. However, these provisions may not limit liability for any breach of the duty of loyalty, acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (for directors) the authorization of unlawful dividends, stock purchases, or redemptions, any transaction from which a director or officer derived an improper personal benefit, or (for officers) any action by or in right of the corporation. Moreover, these provisions would not be likely to bar claims arising under U.S. federal securities laws.
A Delaware corporation may indemnify a director or officer of the corporation against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in defense of an action, suit or proceeding by reason of his or her position if (i) the director or officer acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation and (ii) with respect to any criminal action or proceeding, the director or officer had no reasonable cause to believe his or her conduct was unlawful.
	The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty.
However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities:
• incurred in defending any civil or criminal legal proceedings where:
- judgment is given in the person's favor or the person is acquitted;
- the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or
- the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person's resistance to the proceedings;
• incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company;
• incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in which relief is granted to the person by the court; or
• incurred in a case in which the company normally maintains insurance for persons other than directors.
Our Articles provide that the Company is required to indemnify every director or other officer of the Company (other than any person (whether an officer or not) engaged by the Company as auditor) out of its assets against any liability incurred by him or her for negligence, default, breach of duty, breach of trust or otherwise in relation to the affairs of the Company. The extent of such indemnities shall be limited in accordance with the provisions of the Jersey Companies Law.

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	Appraisal Rights
	A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights under which the shareholder may receive cash in the amount of the fair value of the shares held by that shareholder (as determined by a court) in lieu of the consideration the shareholder would otherwise receive in the transaction.
	There are no appraisal rights under the Jersey Companies Law.

	Shareholder Suits
	Class actions and derivative actions generally are available to the shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action.
	Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company's affairs, including a proposed or actual act or omission by a company, is “unfairly prejudicial” to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application.
There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders.

	Inspection of Books and Records
	All shareholders of a Delaware corporation have the right, upon written demand, to inspect or obtain copies of the corporation's shares ledger and its other books and records for any purpose reasonably related to such person's interest as a shareholder.
	The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a shareholder of the company without charge.
The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge.

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	Amendments to Charter
	Amendments to the certificate of incorporation of a Delaware corporation require the affirmative vote of the holders of a majority of the outstanding shares entitled to vote thereon or such greater vote as is provided for in the certificate of incorporation. A provision in the certificate of incorporation requiring the vote of a greater number or proportion of the directors or of the holders of any class of shares than is required by Delaware corporate law may not be amended, altered or repealed except by such greater vote.
	The memorandum of association and the articles of association of a Jersey company may only be amended by special resolution (being a two-thirds majority if the articles of association of the company do not specify a greater majority) passed by shareholders in general meeting or by written resolution signed by all the shareholders entitled to vote.
Our Articles specify that a special resolution of the Company is required to be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing.
Our Articles specify that a special resolution of the Company is required to be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing.

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	Blank Check Preferred Stock/Shares
	Under Delaware law, the certificate of incorporation of a corporation may give the board of directors the right to issue new classes of preferred shares with voting, conversion dividend distribution, and other rights to be determined by the board of directors at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares. 
In addition, Delaware law does not prohibit a corporation from adopting a shareholder rights plan, or “poison pill,” which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares.
	The City Code requires a target company shareholders’ consent in general meeting before the target company can take any action (other than seeking alternative bids) that may result in the frustration of a takeover bid. Moreover, the City Code provides that the board of directors of an offeree company must act in the interests of the company as a whole and must not deny the holders of securities the opportunity to decide on merits of a takeover bid. 

	Distributions and Dividends: Repurchases and Redemptions
	Under Delaware law, subject to any restrictions contained in the certificate of incorporation, a corporation may pay dividends out of capital surplus or, if there is no surplus, out of net profits for the current and/or the preceding fiscal year in which the dividend is declared, as long as the amount of capital of the corporation following the declaration and payment of the dividend is not less than the aggregate amount of the capital represented by issued and outstanding shares having a preference upon the distribution of assets. Surplus is defined in Delaware law as the excess of the net assets over capital, as such capital may be adjusted by the board of directors. 
A Delaware corporation may purchase or redeem shares of any class except when its capital is impaired or would be impaired by the purchase or redemption, and it may not purchase, for more than the price at which they may be redeemed, any of its shares which are redeemable at the option of the corporation. A corporation may, however, purchase or redeem out of capital shares that are entitled upon any distribution of its assets to a preference over another class or series of its shares if the shares are to be retired and the capital reduced. 
	Under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source provided that the directors the company who authorize the distribution make an immediate and 12 month forward looking cash-flow solvency statement. 
Likewise, authorizing directors must also make a solvency statement in the event of redeeming or purchasing the company's shares. 
A description of Repurchase and Redemptions provisions under Jersey Companies Law is set out above under the heading “Other Jersey, Channel Islands Law Considerations-Purchase or redemption of own shares.” 

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