Document:

EX-10.20

 Exhibit 10.20 

FORWARD PURCHASE AGREEMENT 
 This
Forward Purchase Agreement (this “Agreement”) is entered into as of January 4, 2021, between Primavera Capital Acquisition Corporation, a Cayman Islands exempted company (the “Company”), Primavera Capital
Acquisition LLC, a Cayman Islands limited liability company (the “Sponsor”) and the party listed as the purchaser on the signature page hereof (the “Purchaser”). 

Recitals 
 WHEREAS, the Company
was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”); 

WHEREAS, the Company has confidentially submitted to the U.S. Securities and Exchange Commission (the “SEC”) a draft
registration statement on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”) of 30,000,000 units (or 34,500,000 units in the aggregate if the
underwriters’ over-allotment is exercised in full) (the “Public Units”) at a price of $10.00 per Public Unit, each comprised of one Class A ordinary share of the Company, par value $0.0001 per share (the
“Class A Share(s)”), and one-half of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase one Class A Share at an exercise price of
$11.50 per share (the “Warrant(s)”); 
 WHEREAS, following the closing of the IPO (the “IPO Closing”), the
Company will seek to identify and consummate a Business Combination; 
 WHEREAS, the parties wish to enter into this Agreement, pursuant to
which (i) immediately prior to the closing of the Company’s initial Business Combination (the “Business Combination Closing”), the Company shall issue and sell, and the Purchaser shall purchase, on a private placement
basis, the number of Class A Shares determined pursuant to Section 1(a)(i) hereof (the “Forward Purchase Shares”) and the applicable number of Warrants determined pursuant to Section 1(a)(i) hereof, with one Warrant
being issuable to the Purchaser per each increment of four Forward Purchase Shares actually issued and sold to the Purchaser hereunder (the “Forward Purchase Warrant(s)” and together with the Forward Purchase Shares, the
“Forward Purchase Units”) and (ii) concurrently herewith, the Sponsor will transfer to the Purchaser, on a private placement basis, Class B ordinary shares of the Company, par value $0.0001 per share (the
“Class B Share(s)”), in an amount equal to the Class B Shares Transfer Amount determined pursuant to Section 1(b) hereof, in each case on the terms and conditions set forth herein; 

WHEREAS, the Class B Shares are automatically convertible into Class A Shares following the Business Combination Closing on the
terms and conditions set forth in the Company’s memorandum and articles of association, as it may be amended from time to time (the “Charter”); and 

 WHEREAS, the Company has entered, or intends concurrently with this entry into this
Agreement to enter, into one or more agreements (collectively, the “Forward Contracts”) substantially in the form of this Agreement with other third parties (together with the Purchaser, the “Forward Contract
Parties” and each, a “Forward Contract Party”) for the purchase of Class A Shares and Warrants upon the Business Combination Closing (all Class A Shares to be purchased pursuant to such Forward Contracts, together
with the Forward Purchase Shares, collectively, the “Total Forward Purchase Shares”), and for the transfer by the Sponsor to such third parties of Class B Shares upon execution of such Forward Contracts. 

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Agreement 
 1. Sale and
Purchase. 
 (a) Forward Purchase Units. 

(i) The Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the number of
Forward Purchase Shares set forth on the signature page to this Agreement next to the line item “Number of Forward Purchase Shares,” plus the number of Forward Purchase Warrants set forth on the signature page to this Agreement next to the
line item “Number of Forward Purchase Warrants,” for an aggregate purchase price of $10.00 multiplied by the number of Forward Purchase Units issued and sold hereunder (the “FPU Purchase Price”). No fractional Forward
Purchase Warrants will be issued. 
 (ii) Each Forward Purchase Warrant will have the same terms as each Warrant sold as
part of the Public Units in the IPO (“Public Warrants”) and will be subject to the terms and conditions of the Warrant Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company, as
Warrant Agent, in connection with the IPO (the “Warrant Agreement”). Each Forward Purchase Warrant will entitle the holder thereof to purchase one Class A Share at a price of $11.50 per share, subject to adjustment as described
in the Warrant Agreement, and only whole Forward Purchase Warrants will be exercisable. The Forward Purchase Warrants will become exercisable on the later of thirty (30) days after the Business Combination Closing and twelve (12) months
from the closing of the IPO, and will expire at 5:00 p.m., New York City time, five (5) years after the Business Combination Closing or earlier upon redemption or the liquidation of the Company, as described in the Warrant Agreement. 

  
 2 

 (iii) The Company shall require the Purchaser to purchase the Forward
Purchase Shares and the Forward Purchase Warrants pursuant to Section 1(a)(i) hereof by delivering notice to the Purchaser, at least ten (10) Business Days before the funding of the FPU Purchase Price to the Escrow Account (as defined
below), specifying the number of Forward Purchase Shares and Forward Purchase Warrants the Purchaser is required to purchase, the anticipated date of the Business Combination Closing, the aggregate FPU Purchase Price and instructions for wiring the
FPU Purchase Price to an account of a third-party escrow agent (the “Escrow Account”) which shall be the Company’s transfer agent (the “Escrow Agent”) pursuant to an escrow agreement between the Company and the
Escrow Agent (the “Escrow Agreement”). At least two (2) Business Days before the anticipated date of the Business Combination Closing specified in such notice, the Purchaser shall deliver the FPU Purchase Price in cash via wire
transfer to the account specified in such notice, to be held in escrow pending the Business Combination Closing. If the Business Combination Closing does not occur within thirty (30) days after the Purchaser delivers the FPU Purchase Price to
the Escrow Agent, the Escrow Agreement will provide that the Escrow Agent shall automatically return to the Purchaser the FPU Purchase Price, provided that the return of the FPU Purchase Price placed in escrow shall not terminate the Agreement or
otherwise relieve either party of any of its obligations hereunder. For the purposes of this Agreement, “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking
institutions are generally authorized or required by law or regulation to close in the City of New York, New York, or Hong Kong. 

(iv) The closing of the sale of the Forward Purchase Units (the “FPU Closing”) shall be held on the same
date and immediately prior to the Business Combination Closing (such date being referred to as the “Closing Date”). At the FPU Closing, the Company will issue to the Purchaser the Forward Purchase Units, each registered in the name
of the Purchaser, against (and concurrently with) release of the FPU Purchase Price by the Escrow Agent to the Company. 

(b) Class B Shares. In consideration of the Purchaser’s agreement to purchase Forward Purchase Units, the
Sponsor shall transfer to the Purchaser the number of Class B Shares set forth on the signature page to this Agreement next to the line item “Class B Shares Transfer Amount,” which shall be calculated in accordance with the
definition of Class B Shares Transfer Amount set forth on the signature page to this Agreement. The Class B Shares received by the Purchaser hereunder are subject to forfeiture in accordance with Section 6(b) hereof. The transfer of
the Class B Shares (the “Class B Share Transfer”) to the Purchaser shall take place concurrently with the execution of this Agreement. 

  
 3 

 (c) Delivery of Securities. 

(i) The Company shall register the Purchaser as the owner of the Forward Purchase Units purchased, and the Class B
Shares received, by the Purchaser hereunder (individually or collectively, the “Securities”) in the register of members of the Company and with the Company’s transfer agent by book entry on or promptly after (but in no event
more than two (2) Business Days after) the date of the FPU Closing and the Class B Share Transfer, respectively. 

(ii) Each register and book entry for the Securities shall contain a notation, and each certificate (if any) evidencing
the Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form: 
 “THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.” 

(iii) Each register and book entry for the Class B Shares transferred to the Purchaser shall contain a notation, and
each certificate (if any) evidencing such Class B Shares shall be stamped or otherwise imprinted with a legend, in substantially the following form: 

“THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN
FORWARD PURCHASE AGREEMENT BY AND AMONG THE HOLDER AND THE OTHER PARTIES THERETO. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

(d) Legend Removal. Following the expiration of the transfer restrictions set forth in Section 6(a), if the
Securities are eligible to be sold without restriction under, and without the Company being in compliance with the current public information requirements of, Rule 144 under the Securities Act of 1933, as amended (the “Securities
Act”), or there is an effective registration statement covering the resale of the Securities (and the Purchaser provides the Company with a written undertaking to sell its Securities only in accordance with the plan of distribution
contained in such registration statement and only if such Purchaser has not been informed that the prospectus in such registration statement is not current or the registration statement is no longer effective), then at the Purchaser’s request,
the Company will cause the Company’s transfer agent to remove the legend set forth in Section 1(c)(ii). In connection therewith, if required by the Company’s transfer agent, the Company will promptly cause an opinion of counsel to be
delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent to transfer such Securities without any such legend;
provided, that, notwithstanding the foregoing, the Company will not be required to deliver any such opinion, authorization, certificate or direction if it reasonably believes that removal of the legend could result in or facilitate transfers of
Securities in violation of applicable law. 

  
 4 

 (e) Registration Rights. The Purchaser shall have registration
rights as set forth on Exhibit A (the “Registration Rights”). 
 2. Representations and Warranties of the
Purchaser. The Purchaser represents and warrants to the Company as follows, as of the date hereof: 

(a) Organization and Power. If an entity, the Purchaser is duly organized, validly existing, and in good standing
under the laws of the jurisdiction of its formation (if the concept of “good standing” is a recognized concept in such jurisdiction) and has all requisite power and authority to carry on its business as presently conducted and as proposed
to be conducted. 
 (b) Authorization. The Purchaser has full power and authority to enter into this Agreement.
This Agreement, when executed and delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable in accordance with its terms, except i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, ii) as limited by laws relating to the availability of specific performance, injunctive relief or
other equitable remedies, or iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws. 

(c) Governmental Consents and Filings. No consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated by this Agreement. 

(d) Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement
and the consummation by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default iv) of any provisions of its organizational documents, if applicable, v) of any instrument, judgment, order, writ or
decree to which it is a party or by which it is bound, vi) under any note, indenture or mortgage to which it is a party or by which it is bound, vii) under any lease, agreement, contract or purchase order to which it is a party or by which it is
bound or viii) of any provision of federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the Purchaser or its ability to consummate the
transactions contemplated by this Agreement. 

  
 5 

 (e) Purchase Entirely for Own Account. This Agreement is made
with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Securities to be acquired by the Purchaser will be acquired
for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or
otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or
grant participations to such Person or to any third Person, with respect to any of the Securities. If the Purchaser was formed for the specific purpose of acquiring the Securities, each of its equity owners is an accredited investor as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act. For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated
organization, any other entity or any government or any department or agency thereof. 
 (f) Disclosure of
Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions of the offering of the Securities, as well as the terms of the Company’s proposed IPO, with
the Company’s management. The Purchaser has reviewed the “Summary,” “Risk Factors,” “Description of Securities,” “Management” and “Certain Relationships and Related Party Transactions” sections
of the Registration Statement, dated July 24, 2020, which have been provided to the Purchaser. 
 (g) Restricted
Securities. The Purchaser understands that the Securities have not been registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Securities are “restricted securities” under applicable U.S. federal and state
securities laws and that, pursuant to these laws, the Purchaser must hold the Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Securities, or any Class A Shares into which they may be converted into or exercised for, for resale, except for the Registration Rights. The
Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Securities, and
on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser acknowledges that the Company confidentially submitted the
Registration Statement for its proposed IPO to the SEC for review. The Purchaser understands that the offering to the Purchaser of the Securities is not, and is not intended to be, part of the IPO, and that the Purchaser will not be able to rely on
the protection of Section 11 of the Securities Act with respect to such Securities. 

  
 6 

 (h) No Public Market. The Purchaser understands that no public
market now exists for the Securities, and that the Company has made no assurances that a public market will ever exist for the Securities. 

(i) High Degree of Risk. The Purchaser understands that its agreement to purchase the Securities involves a high
degree of risk which could cause the Purchaser to lose all or part of its investment, and that it will be contractually obligated to vote its Class B Shares in favor of the Company’s initial Business Combination. 

(j) Accredited Investor. The Purchaser is an “accredited investor” as defined in Rule 501(a) of
Regulation D promulgated under the Securities Act. 
 (k) Foreign Investors. If the Purchaser is not a United
States person (as defined by Section 7701(a)(30) of the Code), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the
Securities or any use of this Agreement, including ix) the legal requirements within its jurisdiction for the purchase of the Securities, x) any foreign exchange restrictions applicable to such purchase, xi) any governmental or other consents
that may need to be obtained, and xii) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Securities. The Purchaser’s subscription and payment for and continued
beneficial ownership of the Securities will not violate any applicable securities or other laws of the Purchaser’s jurisdiction. 

(l) No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents,
stockholders or partners has either directly or indirectly, including, through a broker or finder xiii) to its knowledge, engaged in any general solicitation, or xiv) published any advertisement in connection with the offer and sale of the
Securities. 
 (m) Residence. If the Purchaser is an individual, then the Purchaser resides in the state or
province identified in the address of the Purchaser set forth on the signature page hereof; if the Purchaser is a partnership, corporation, limited liability company or other entity, then its principal place of business is the office or offices
located at the address or addresses of the Purchaser set forth on the signature page hereof. 

  
 7 

 (n) Non-Public
Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of material non-public information relating to the Company 

(o) Adequacy of Financing. The Purchaser has available to it sufficient funds to satisfy its obligations under this
Agreement. 
 (p) Affiliation of Certain FINRA Members. The Purchaser is neither a person associated nor
affiliated with Credit Suisse Securities (USA) LLC or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”) that is participating in the IPO. 

(q) No Other Representations and Warranties; Non-Reliance. Except for the
specific representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor any of the Purchaser’s affiliates
(the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this offering, and the Purchaser Parties disclaim any such representation
or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement, the representations and warranties expressly made by the Sponsor in Section 4 of the this Agreement and in
any certificate or agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or any
of the Company’s affiliates (collectively, the “Company Parties”). 
 3. Representations and Warranties of the
Company. The Company represents and warrants to the Purchaser as follows: 
 (a) Incorporation and Corporate
Power. The Company is an exempted company duly incorporated and validly existing and in good standing as an exempted company under the laws of the Cayman Islands and has all requisite corporate power and authority to carry on its business as
presently conducted and as proposed to be conducted. The Company has no subsidiaries. 
 (b) Capitalization. The
authorized share capital of the Company consists, immediately prior to the Class B Share Transfer, of: 
 (i)
400,000,000 Class A Shares, none of which are issued and outstanding. 
 (ii) 40,000,000 Class B Shares,
8,625,000 of which are issued and outstanding, 8,409,375 of which are held by the Sponsor (1,125,000 of which are subject to forfeiture to the extent that the underwriters’ over-allotment option in connection with the IPO is not exercised in
full) and 215,625 of which are held by certain of the Company’s independent directors. All of the issued and outstanding Class B Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all
applicable federal and state securities laws. 

  
 8 

 (iii) 1,000,000 preference shares, none of which are issued and
outstanding. 
 (c) Immediately following the transfer of Class B Shares to the Forward Contract Parties, there
will be a total of 1,000,000 Class B Shares held by the Forward Contract Parties, 7,409,375] Class B Shares held by the Sponsor and 215,625 Class B Shares held by certain of the Company’s independent directors. 

(d) Authorization. All corporate action required to be taken by the Company’s Board of Directors and
shareholders in order to authorize the Company to enter into this Agreement, and to issue the Securities at the FPU Closing, and the securities issuable upon conversion or exercise of the Securities, has been taken or will be taken prior to the FPU
Closing. All action on the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of the
FPU Closing, and the issuance and delivery of the Securities and the securities issuable upon conversion or exercise of the Securities has been taken or will be taken prior to the FPU Closing. This Agreement, when executed and delivered by the
Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except xv) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, xvi) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies, or xvii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws. 

(e) Valid Issuance of Securities. 

(i) The Securities, when issued, sold and delivered in accordance with the terms and for the consideration set forth in
this Agreement and the Charter and registered in the register of members of the Company, and the securities issuable upon conversion or exercise of the Securities, when issued in accordance with the terms of the Securities, the amended and restated
memorandum and articles of association and this Agreement, and registered in the register of members of the Company, will be validly issued, fully paid and nonassessable and free of all preemptive or similar rights, taxes, liens, encumbrances and
charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser.
Assuming the accuracy of the representations of the Purchaser in this Agreement and subject to the filings described in Section 3(f) below, the Securities will be issued in compliance with all applicable federal and state securities laws. 

  
 9 

 (ii) No “bad actor” disqualifying event described in Rule
506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except for a Disqualification Event as to which
Rule 506(d)(2)(ii-iv) or (d)(3), is applicable. “Company Covered Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities
Act, any Person listed in the first paragraph of Rule 506(d)(1). 
 (f) Governmental Consents and Filings.
Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or
local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state
securities laws. 
 (g) Compliance with Other Instruments. The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated by this Agreement will not result in any violation or default xviii) of any provisions of its Charter or other governing documents, xix) of any instrument, judgment, order, writ or
decree to which it is a party or by which it is bound, xx) under any note, indenture or mortgage to which it is a party or by which it is bound, xxi) under any lease, agreement, contract or purchase order to which it is a party or by which it is
bound or xxii) of any provision of federal or state statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions
contemplated by this Agreement. 
 (h) Operations. As of the date hereof, the Company has not conducted, and
prior to the IPO Closing the Company will not conduct, any operations other than organizational activities and activities in connection with offerings of the Securities and securities in the IPO. 

(i) Foreign Corrupt Practices. Neither the Company, nor any director, officer, agent, employee or other Person
acting on behalf of the Company has, in the course of its actions for, or on behalf of, the Company xxiii) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; xxiv)
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; xxv) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or xxvi)
made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee. 

  
 10 

 (j) Compliance with Anti-Money Laundering Laws. The operations
of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering laws
and regulations, including, but not limited to, those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of 2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by
or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

(k) Economic Sanctions. Neither the Company, nor any director, director nominee or officer or, to the knowledge of
the Company, any agent or affiliate of the Company is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or any similar sanctions imposed by any other
body, governmental or other, to which any of such persons is subject (collectively, “other economic sanctions”); and the Company will not directly or indirectly use the proceeds of the IPO, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any sanctions administered by OFAC or other economic sanctions. 

(l) Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court,
public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of the Company’s officers or directors, whether of a civil or criminal nature
or otherwise, in their capacities as such. 
 (m) No General Solicitation. Neither the Company, nor any of its
officers, directors, employees, agents or shareholders has either directly or indirectly, including, through a broker or finder xxvii) engaged in any general solicitation, or xxviii) published any advertisement in connection with the offer and sale
of the Securities. 
 (n) Issuance Totals. Prior to or concurrently with the execution and delivery of this
Agreement, the Company has or is entering into forward purchase agreements providing for the transfer of an aggregate of 1,000,000 Class B Shares, and the purchase of an aggregate of 8,000,000 Forward Purchase Shares and 2,000,000 Forward
Purchase Warrants (in each case including the Class B Shares, Forward Purchase Shares and Forward Purchase Warrants transferred, purchased or sold under this Agreement). 

  
 11 

 (o) Full Disclosure. On the date of any filing pursuant to Rule
424(b) under the Securities Act, the prospectus relating to the Public Units will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. 
 (p) No Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or
shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty.
Except for the specific representations and warranties expressly made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying
upon any other representations or warranties that may have been made by the Purchaser Parties. 
 4. Representations and Warranties
of the Sponsor. The Sponsor represents and warrants to the Purchaser as follows: 
 (a) Incorporation and
Corporate Power. The Sponsor is an exempted company duly incorporated and validly existing and in good standing as an exempted company under the laws of the Cayman Islands and has all requisite corporate power and authority to carry on its
business as presently conducted and as proposed to be conducted. 
 (b) Authorization. All corporate action
required to be taken by the Sponsor’s Board of Directors and shareholders in order to authorize the Sponsor to enter into this Agreement, and to transfer the Class B Shares in accordance with this Agreement has been taken. All action on
the part of the shareholders, directors and officers of the Sponsor necessary for the execution and delivery of this Agreement, the performance of all obligations of the Sponsor under this Agreement to be performed, and the transfer and delivery of
the Class B Shares has been taken. This Agreement, when executed and delivered by the Sponsor, shall constitute the valid and legally binding obligation of the Sponsor, enforceable against the Sponsor in accordance with its terms except xxix)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or xxx) as limited by laws relating
to the availability of specific performance, injunctive relief, or other equitable remedies. 

  
 12 

 (c) Title to Securities. Immediately prior to the Class B
Share Transfer, the Sponsor shall have good and valid title to the Class B Shares to be transferred by it, free and clear of all liens, encumbrances, equities or claims, and, upon delivery of such Class B Shares, good and valid title to
such Class B Shares, free and clear of all liens, encumbrances, equities or claims, will pass to the Purchaser. 
 5. Right of
First Offer. Subject to the terms and conditions of this Section 5, if, in connection with or prior to the Business Combination Closing, the Company proposes to raise additional capital by issuing any equity securities, or securities
convertible into, exchangeable or exercisable for equity securities, other than the Public Units (and their component Class A Shares (the “Public Shares”), Public Warrants and the Class A Shares underlying the Public
Warrants) and Excluded Securities (as defined below) (“New Equity Securities”), the Company shall first make an offer of the applicable pro rata New Equity Securities to the Purchaser in accordance with the following
provisions of this Section 5: 
 (a) Offer Notice. 

(i) The Company shall give written notice (the “Offering Notice”) to the Purchaser and the other Forward
Contract Parties stating its bona fide intention to offer the New Equity Securities and specifying the number of New Equity Securities and the material terms and conditions, including the price, pursuant to which the Company proposes to offer the
New Equity Securities and the applicable pro rata share of such New Equity Securities offered to the Purchaser pursuant to such Offering Notice. 

(ii) The Offering Notice shall constitute the Company’s offer to sell the applicable pro rata New Equity
Securities to the Purchaser and the other Forward Contract Parties, which offer shall be irrevocable for a period of five (5) Business Days (the “ROFO Notice Period”). 

(b) Exercise of Right of First Offer. 

(i) Upon receipt of the Offering Notice, the Purchaser shall have until the end of the ROFO Notice Period to offer to
purchase all or a portion of its pro rata share of the New Equity Securities, based on the number of Forward Purchase Shares the Purchaser has agreed to purchase hereunder out of the total number of Class A Shares that the Purchaser and
other Forward Contract Parties have agreed to purchase at the FPU Closing, by delivering a written notice (a “ROFO Offer Notice”) to the Company stating that it offers to purchase such New Equity Securities on the terms specified in
the Offering Notice. Any ROFO Offer Notice so delivered shall be binding upon delivery and irrevocable by the Purchaser. 

  
 13 

 (ii) If the Purchaser does not deliver a ROFO Offer Notice during the
ROFO Notice Period, the Purchaser shall be deemed to have waived all of the Purchaser’s rights to purchase the New Equity Securities offered pursuant to the Offering Notice under this Section 4, and the Company shall thereafter be free to
sell or enter into an agreement to sell the Purchaser’s pro rata portion of such New Equity Securities to any third party (including any Forward Contract Parties) without any further obligation to the Purchaser pursuant to this
Section 5 within the ninety (90) day period thereafter (and with respect to an agreement to sell, consummate such sale at any time thereafter) on terms and conditions not more favorable to the third party than those set forth in the
Offering Notice. If the Company does not sell or enter into an agreement to sell the Purchaser’s pro rata portion of the New Equity Securities within such period, the rights provided hereunder shall be deemed to be revived and the New
Equity Securities shall not be offered to any third party unless first re-offered to the Purchaser in accordance with this Section 5. 

(c) Excluded Securities. For purposes hereof, the term “Excluded Securities” means Class B
Shares (and Class A Shares into which such Class B Shares are convertible) issued to the Sponsor prior to the IPO, the private placement warrants sold to the Sponsor or its affiliates in connection with the IPO (the “Private
Placement Warrants”), warrants issued upon the conversion of working capital loans to the Company to be made by the Sponsor or an affiliate thereof to finance transaction costs in connection with an intended initial Business Combination (up
to $1,500,000 of which may be convertible at the option of the lender into warrants of the post-Business Combination entity having the same terms as the Private Placement Warrants at a price of $1.00 per warrant), any securities issued by the
Company as consideration to any seller in the Business Combination, and any Class A Shares, Class B Shares (and Class A Shares into which such Class B Shares are convertible) and Forward Purchase Warrants issued pursuant to
forward purchase contracts entered into prior to the IPO Closing with Forward Contract Parties. 

  
 14 

 6. Additional Agreements and Acknowledgements and Waivers of the Purchaser. 

(a) Lock-up; Transfer Restrictions. The Purchaser agrees that it shall not
Transfer (as defined below) any Class B Shares owned by it and the Class A Shares into which such Class B Shares are convertible, until the earlier of (A) one year after the Business Combination Closing and (B) the date
following the Business Combination Closing on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s ordinary shareholders having the right to exchange their ordinary
shares of the Company for cash, securities or other property (the “Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price of the
Class A Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalization, reorganizations, recapitalizations and the like) for any twenty (20) trading days within
any thirty (30) trading day period commencing at least one hundred and fifty (150) days after the Business Combination Closing, the Class B Shares (and the Class A Shares into which the Class B Shares are convertible) shall
be released from the lockup referred to in this Section 6(a). Notwithstanding the first sentence hereinabove, Transfers of the Class B Shares (and the Class A Shares into which the Class B Shares are convertible) are permitted
xxxi) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor or any affiliates of the Sponsor; xxxii) in the case of an individual, by gift to a
member of the individual’s immediate family, or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; xxxiii) in the case of an individual, by
virtue of laws of descent and distribution upon death of the individual; xxxiv) in the case of an individual, pursuant to a qualified domestic relations order; xxxv) by private sales or transfers made in connection with the consummation of a
Business Combination at prices no greater than the price at which the Class B Shares were originally purchased; xxxvi) in the event of the Company’s liquidation prior to the completion of a Business Combination; xxxvii) by virtue of the
laws of the Cayman Islands or the Purchaser’s organizational documents, as amended from time to time, upon dissolution of the Purchaser; or xxxviii) in the event of the Company’s completion of a liquidation, merger, amalgamation, share
exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property subsequent to the completion of a
Business Combination; provided, however, that in the case of clauses (i) through (v) and (vii), these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. As used in this
Agreement, “Transfer” shall mean the (x) sale of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly,
or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position (within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”, and the rules and regulations of the SEC promulgated thereunder) with respect to, any of the Securities (excluding any pledges in the ordinary course of business for bona fide financing purposes or as part of prime brokerage
arrangements), (y) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Securities, whether any such transaction is to be settled by delivery of such
Securities, in cash or otherwise, or (z) public announcement of any intention to effect any transaction specified in clause (x) or (y). For the avoidance of doubt, this Section 6(a) shall not restrict the ability to exercise any
Forward Purchase Warrants in accordance with their terms. 

  
 15 

 (b) Potential Forfeiture. The Purchaser agrees that, to the
extent that it fails to pay the FPU Purchase Price when required in accordance with Section 1 hereof and such failure to pay remains uncured after five (5) Business Days’ notice from the Company, the Purchaser shall forfeit to the
Company all of its Class B Shares. If the Purchaser fails to forfeit any Class B Shares it is required to forfeit hereunder, the Purchaser hereby grants hereunder to the Company and any representative designated by the Company without
further action by the Purchaser a limited irrevocable power of attorney to effect such forfeiture on behalf of the Purchaser, which power of attorney shall be deemed to be coupled with an interest. Any forfeiture under this Agreement shall take
effect as a surrender for no consideration as a matter of Cayman Islands law. 
 (c) Waiver of Adjustment to
Conversion Price and Recapitalization Shares. In the event that the Company issues equity or equity-linked securities in addition to the Forward Purchase Units in connection with the Business Combination Closing and the Sponsor waives, in whole
or in part, its right to have its Class B Shares converted into a greater number of Class A Shares in respect of such issuance pursuant to the Charter, such waiver shall also automatically waive such right on behalf of the Purchaser in
respect of the Purchaser’s Founder Shares on a pro rata basis. In addition, the Purchaser: (i) agrees that it waives its right to receive any additional Class B Shares in the event of any share split, share capitalization,
reorganization or recapitalization of or in respect of the Class B Shares prior to the closing of the IPO that is effected in order to increase the number of issued and outstanding Class B Shares due to an increase in the number of
Class A Shares being sold in the IPO (“Share Capitalization”); (ii) directs the Company to issue its portion of a Share Capitalization to the Sponsor; and (iii) confirms that it has no claims against the Company, or its
directors, officers, employees or other shareholders in respect of a Share Capitalization. 
 (d) Trust Account.

 (i) The Purchaser hereby acknowledges that it is aware that the Company will establish a trust account (the
“Trust Account”) for the benefit of its public shareholders upon the closing of the IPO. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held
in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

(ii) The Purchaser hereby agrees that it shall have no right of set-off or any
right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for
redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely against the
Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

  
 16 

 (e) Redemption and Liquidation. The Purchaser hereby waives,
with respect to any Class B Shares (including the Class A Shares into which such Class B Shares are convertible) held by it, any redemption rights it may have in connection with xxxix) the consummation of a Business Combination,
including any such rights available in the context of a shareholder vote to approve such Business Combination and xl) any shareholder vote to approve an amendment to the Charter that would affect the substance or timing of the Company’s
obligation to redeem 100% of the Class A Shares sold in the IPO if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or in the context of a tender offer made by the Company to
purchase Class A Shares, it being understood that the Purchaser shall be entitled to redemption and liquidation rights with respect to any Public Shares beneficially owned by it. 

(f) Voting. The Purchaser hereby agrees that if the Company seeks shareholder approval of a proposed Business
Combination, then in connection with such proposed Business Combination, the Purchaser shall vote any Class B Shares and Class A Shares owned by it in favor of any proposed Business Combination. If the Purchaser fails to vote any
Class B Shares or Class A Shares it is required to vote hereunder in favor of a Proposed Business Combination, the Purchaser hereby grants to the Company and any representative designated by the Company without further action by the
Purchaser a limited irrevocable power of attorney to effect such vote on behalf of the Purchaser, which power of attorney shall be deemed to be coupled with an interest. 

(g) No Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or
pursuant to any understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. For purposes of this Section, “Short Sales” shall include, without
limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime
brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or
foreign regulated brokers. 

  
 17 

 7. Additional Agreements of the Sponsor and the Company. 

(a) Sponsor Class B Share Lock-up. The Sponsor agrees
that it shall not, and shall cause its affiliates and permitted transferees not to, Transfer any Class B Shares or Class A Shares into which such Class B Shares are convertible (the “Sponsor Shares”) until the
earliest of (1) one year after the Business Combination Closing and (2) subsequent to a Business Combination, (x) the closing price of the Class A Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalization, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one hundred and fifty
(150) days after the Business Combination Closing or (y) the date following the Business Combination Closing on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the
Company’s ordinary shareholders having the right to exchange their ordinary shares of the Company for cash, securities or other property. Notwithstanding the foregoing, the Sponsor, its affiliates and its and their permitted transferees will be
permitted to Transfer the Sponsor Shares in accordance with clauses (i) through (viii) of Section 6(a) of this Agreement (applied mutatis mutandis), subject to the requirement that these permitted transferees must enter into a
written agreement agreeing to be bound by the transfer restrictions set forth in Section 7(a) of this Agreement. 

(b) QEF Election; Tax Information. The Company shall use commercially reasonable efforts to determine whether, in
any year, the Company (or any subsidiary of the Company) is deemed to be a “passive foreign investment company” (a “PFIC”) or a “controlled foreign corporation” (a “CFC”) within the meaning of
U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the “Code”), and shall notify the Purchaser if the Company (or any subsidiary of the Company) is deemed to be a PFIC or CFC.
If the Company determines that the Company (or any subsidiary of the Company) is a PFIC in any year, for the year of determination and for each year thereafter during which the Purchaser holds an equity interest in the Company, including Warrants,
and the Purchaser is subject to income tax in the United States, the Company shall use commercially reasonable efforts to xli) make available to the Purchaser the information that may be required to make or maintain a “qualified electing
fund” election under the Code with respect to the Company (or any subsidiary of the Company, as applicable) and xlii) furnish the information required to be reported under Section 1298(f) of the Code or under any other applicable tax law.

 (c) IPO. The Company will offer at least 25,000,000 Public Units in the IPO. Each Public Unit will be
comprised of one Class A Share and no more than one-half of one Warrant. Each whole Warrant will have an exercise price of not less than $11.50 per share. 

(d) No Material Non-Public Information. The Company and the Sponsor agree
that no information provided to the Purchaser in connection with this Agreement will, upon the IPO Closing, constitute material non-public information of the Company, and following the IPO Closing, neither the
Company nor the Sponsor will provide the Purchaser with any material non-public information of the Company (including any material non-public information with respect to
any other Person in connection with any proposed Business Combination) without the prior written consent of the Purchaser. 

  
 18 

 (e) NYSE Listing. The Company will use commercially reasonable
efforts to effect the listing of the Class A Shares and Warrants on the New York Stock Exchange (or another national securities exchange). 

(f) No Amendments to Charter. The Charter of the Company will be in substantially the same form of Exhibit B
hereto and will not be materially amended prior to the closing of the IPO without the Purchaser’s prior written consent. 

8. Transfer. This Agreement and all of the Purchaser’s rights and obligations hereunder (including the Purchaser’s
obligation to purchase the Forward Purchase Units) may be transferred or assigned, at any time and from time to time, in whole or in part, to one or more third parties (each such transferee, a “Transferee”), subject to the
prior written consent of the Company (not to be unreasonably denied, withheld or delayed). Upon any such assignment: 

(a) the applicable Transferee shall execute a signature page to this Agreement, substantially in the form of the
Purchaser’s signature page hereto (the “Joinder Agreement”), which shall reflect the number of Forward Purchase Shares and Forward Purchase Warrants to be purchased by such Transferee (the “Transferee
Securities”), and, upon such execution, such Transferee shall have all the same rights and obligations of the Purchaser hereunder with respect to the Transferee Securities, and references herein to the “Purchaser” shall
be deemed to refer to and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the Purchaser and any such Transferee shall be
several and not joint and shall be made as to the Purchaser or any such Transferee, as applicable, as to itself only; and 

(b) upon a Transferee’s execution and delivery of a Joinder Agreement, the number of Forward Purchase Shares and
Forward Purchase Warrants to be purchased by the Purchaser hereunder shall be reduced by the total number of Forward Purchase Shares and Forward Purchase Warrants to be purchased by the applicable Transferee pursuant to the applicable Joinder
Agreement, which reduction shall be evidenced by the Purchaser and the Company amending the “Number of Forward Purchase Shares”, “Number of Forward Purchase Warrants”, and “Aggregate Purchase Price for Forward Purchase
Units” on the Purchaser’s signature page hereto to reflect such reduced number of Forward Purchase Units, and the Purchaser shall be fully and unconditionally released from its obligation to purchase such Transferee Securities hereunder.
For the avoidance of doubt, this Agreement need not be amended and restated in its entirety, but only the Purchaser’s signature page hereto need be so amended and updated and executed by each of the Purchaser and the Company upon the occurrence
of any such transfer of Transferee Securities. 

  
 19 

 9. FPU Closing Conditions. 

(a) The obligation of the Purchaser to purchase the Forward Purchase Units at the FPU Closing under this Agreement shall
be subject to the fulfillment, at or prior to the FPU Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser: 

(i) The conditions to the Business Combination Closing shall have been satisfied; 

(ii) The Business Combination shall be consummated substantially concurrently with, and immediately following, the
purchase of Forward Purchase Units; 
 (iii) The Company shall have delivered to such Purchaser a certificate
evidencing the Company’s good standing as a Cayman Islands exempted company, as of a date within ten (10) Business Days of the FPU Closing; 

(iv) The representations and warranties of the Company set forth in Section 3 of this Agreement and those of the
Sponsor set forth in Section 4 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct, in the case of the Company, as of the FPU Closing, as applicable, with the same effect as though such
representations and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except, in the case of
the Company, where the failure to be so true and correct would not have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement and, in the case of the Sponsor, where the failure to be so
true and correct would not have a material adverse effect on the Sponsor or its ability to consummate the transactions contemplated by this Agreement; 

(v) The Company and the Sponsor shall have performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company or the Sponsor at or prior to the FPU Closing; and 

(vi) No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any
governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of the Securities. 

(b) The obligation of the Company to sell the Forward Purchase Units at the FPU Closing under this Agreement shall be
subject to the fulfillment, at or prior to the FPU Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Company: 

(i) The Business Combination shall be consummated substantially concurrently with, and immediately following, the
purchase of Forward Purchase Units; 

  
 20 

 (ii) The representations and warranties of the Purchaser set forth in
Section 2 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the FPU Closing, as applicable, with the same effect as though such representations and warranties had been made on and as of
such date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material
adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement; 

(iii) The Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the FPU Closing; and 

(iv) No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any
governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of the Securities. 

10. Termination. This Agreement may be terminated at any time prior to the FPU Closing: 

(a) by mutual written consent of the Company and the Purchaser; 

(b) automatically 

(i) if the IPO is not consummated on or prior to March 31, 2021; 

(ii) if the aggregate gross proceeds from the IPO, this Agreement and the Forward Contracts are less than $250,000,000;

 (iii) if the Business Combination is not consummated within twenty four (24) months from the closing of the IPO,
unless extended upon approval of the Company’s shareholders in accordance with the Charter up to a maximum of three months or such longer period as is mutually agreed by the Company and the Purchaser; or 

  
 21 

 (iv) if the Sponsor or the Company becomes subject to any voluntary or
involuntary petition under the United States federal bankruptcy laws or any state insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal agent or similar officer is appointed by a
court for business or property of the Sponsor or the Company, in each case which is not removed, withdrawn or terminated within sixty (60) days after such appointment. 

In the event of any termination of this Agreement pursuant to this Section 10, the FPU Purchase Price (and interest thereon, if any), if
previously paid, and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement shall forthwith become null and void and have no effect, without any liability on the part of the
Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or shareholders and all rights and obligations of each party shall cease; provided, however, that nothing contained in this
Section 10 shall relieve either party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in this Agreement. 

11. General Provisions. 

(a) Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and
shall be deemed effectively given upon the earlier of actual receipt, or xliii) personal delivery to the party to be notified, xliv) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if
not sent during normal business hours, then on the recipient’s next Business Day, xlv) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or xlvi) one (1) Business
Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Primavera Capital Acquisition
Corporation, 41/F Gloucester Tower, 15 Queen’s Road Central, Hong Kong Attn: Max Chen, Chief Executive Officer, email: max.chen@primavera-capital.com, with a copy to the Company’s counsel at: Davis Polk & Wardwell LLP, 450
Lexington Avenue, New York, NY 10017, Attn: Derek Dostal, Esq., email: derek.dostal@davispolk.com, fax: (212) 701-5322. 

All communications to the Purchaser shall be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 11(a). 

  
 22 

 (b) No Finder’s Fees. Each party represents that it neither
is nor will be obligated for any finder’s fee or commission in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a
finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible.
The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending
against such liability or asserted liability) for which the Company or any of its officers, directors, employees or representatives is responsible. 

(c) Survival of Representations and Warranties. All of the representations and warranties contained herein shall
survive the Class B Share Transfer and the FPU Closing. 
 (d) Entire Agreement. This Agreement, together
with any documents, instruments and writings that are delivered pursuant hereto or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

(e) Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this
Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(f) Assignments. Except as otherwise specifically provided herein, including under Section 8, no party hereto
may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other parties. 

(g) Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an
original but all of which together will constitute one and the same instrument. 
 (h) Headings. The section
headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 

(i) Governing Law. This Agreement, the entire relationship of the parties hereto, and any dispute between the
parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of Hong Kong. 

  
 23 

 (j) Jurisdiction/Arbitration. The Parties agree that all
disputes arising under, or relating to, this Agreement shall be resolved in accordance with the ICC Rules of Arbitration by a panel of three arbitrators. The arbitration shall be seated in Hong Kong, although hearings may take place anywhere that
the arbitral tribunal deems convenient after consultation with the parties. The language of the proceedings shall be English. 

(k) Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any
litigation pursuant to this Agreement and the transactions contemplated hereby. 
 (l) Amendments. This Agreement
may not be amended, modified or waived as to any particular provision, except with the written consent of the Company, the Sponsor and the Purchaser. 

(m) Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability
of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental authority,
arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will have the power to modify the provision in a manner
consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

(n) Expenses. Each of the Company and the Purchaser will bear its own costs and expenses incurred in connection
with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants. The
Company shall be responsible for the fees of its transfer agent, stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Securities and the securities issuable upon conversion or exercise of the
Securities. 
 (o) Construction. The parties hereto have participated jointly in the negotiation and drafting of
this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto
because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires
otherwise. The words “include” “includes” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant. 

  
 24 

 (p) Waiver. No waiver by any party hereto of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights
arising because of any prior or subsequent occurrence. 
 (q) Confidentiality. Except as may be required by law,
regulation or applicable stock exchange listing requirements, unless and until the transactions contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto shall keep
confidential and shall not publicly disclose the existence or terms of this Agreement. 
 (r) Specific
Performance. The Purchaser agrees that irreparable damage would occur in the event that any provision of this Agreement was not performed by the Purchaser in accordance with the specific terms hereof or was otherwise breached, and that money
damages or legal remedies would not be an adequate remedy for any such damages. Therefore, it is accordingly agreed that the Company shall be entitled to enforce specifically the terms and provisions of this Agreement, or to enforce compliance with,
the covenants and obligations of the Purchaser, in any arbitration proceeding, and may also seek preliminary injunctive relief in aid of arbitration in any court of competent jurisdiction in addition to any other remedy to which the Company is
entitled at law or in equity. 
 (s) Most Favored Nations. The Company hereby represents and warrants that as of
the date hereof, and covenants and agrees that after the date hereof, none of the agreements with other Forward Contract Parties or any other person for the purchase of Forward Purchase Units includes or will include terms, rights or other benefits
that are more favorable, in any material respect, to such other Person than the terms, rights and benefits in favor of the Purchaser under this Agreement, and the Company will not amend any of the material terms, rights or benefits in, or waive any
material obligation under, any of the agreements with such other Person unless, in any such case, the Purchaser has been offered in writing the opportunity to concurrently receive the benefits of all such terms, rights and benefits or waiver. The
Purchaser shall notify the Company in writing, within ten (10) days after the date it has been offered the opportunity to receive the benefit of such terms, rights, benefits or waiver, of its election to receive any such term, right, benefit or
waiver so offered. 
 [Signature page follows] 

  
 25 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as
of the date first set forth above. 
  

									
	PURCHASER: 
SKY VENTURE PARTNERS L.P.	 		 	Address for Notices: 
ZQ Capital hong Kong Limited, 
7/F, St. John’s Building, 33 Garden 
Road, Central, Hong Kong
					
	By:	 	/s/ Zheqing Shen	 		 		 	
		 	Name: Zheqing Shen	 		 	Email: shen@zqcap.com
		 	Title: Authorized Officer	 		 	Fax: 852 3890 6599

  

			
	COMPANY: 
PRIMAVERA CAPITAL ACQUISITION CORPORATION
		
	By:	 	/s/ Tong Chen
		 	Name: Tong Chen
		 	Title: Director

  

			
	SPONSOR: 
PRIMAVERA CAPITAL ACQUISITION LLC
		
	By:	 	/s/ Fred Hu
		 	Name: Fred Hu
		 	Title: Director

  

					
	 Number of Forward Purchase Shares:
	  	 	4,000,000	 
	 Number of Forward Purchase Warrants:
	  	 	1,000,000	 
	 Aggregate Purchase Price for Forward Purchase Units:
	  	$	40,000,000.00	 
	 Class B Shares Transfer Amount:
	  	 	500,000	 

 [Signature Page to Forward Purchase Agreement] 

 Where: 

Class B Shares Transfer Amount = Product of (A) Total Class B Shares Transfer Amount and (B) Purchaser’s Forward
Purchase Percentage. 
 Purchaser’s Forward Purchase Percentage = Quotient of (A) one divided by (B) total number of Forward Contract
Parties. 
 Total Class B Shares Transfer Amount = 1,000,000 

  
 27 

 Exhibit A 

Registration Rights 
 1. Within thirty
(30) days after the Business Combination Closing, the Company shall use reasonable best efforts (i) to file a registration statement on Form S-3 for a secondary offering (including any successor
registration statement covering the resale of the Registrable Securities a “Resale Shelf’) of (x) the Class A Shares and Warrants (and underlying Class A Shares) comprising the Forward Purchase Units and the
Class A Shares into which the Class B Shares are convertible, (y) any other Class A Shares and Warrants that may be acquired by the Purchaser after the date of this Agreement, including any time after the Business Combination
Closing and (z) any other equity security of the Company issued or issuable with respect to the securities referred to in clauses (x) and (y) by way of a share capitalization or share sub-division or
in connection with a combination of shares, recapitalization, merger, consolidation or reorganization (collectively, the “Registrable Securities”) pursuant to Rule 415 under the Securities Act; provided, that if Form S-3 is unavailable for such a registration, the Company shall register the resale of the Registrable Securities on another appropriate form and undertake to register the Registrable Securities on Form S-3 as soon as such form is available, (ii) to cause the Resale Shelf to be declared effective under the Securities Act promptly thereafter, but in no event later than sixty (60) days thereafter, and
(iii) to maintain the effectiveness of such Resale Shelf with respect to the Purchaser’s Registrable Securities until the earliest of (A) the date on which the Purchaser ceases to hold Registrable Securities covered by such Resale
Shelf, (B) the date all of the Purchaser’s Registrable Securities covered by the Resale Shelf can be sold publicly without restriction or limitation under Rule 144 under the Securities Act and without the requirement to be in compliance
with Rule 144(c)(1) under the Securities Act; and provided, further, with respect to Registrable Securities acquired after the Business Combination Closing, the Company shall only be obligated to amend the Resale Shelf or file a new
registration statement that will constitute a Resale Shelf to include such Registrable Securities on two (2) occasions, each upon the written request of Purchaser with respect to at least 100,000 Registrable Securities. 

2. In the event the Company is prohibited by applicable rule, regulation or interpretation by the staff (“Staff’) of the Securities and
Exchange Commission (“SEC”) from registering all of the Registrable Securities on the Resale Shelf or the Staff requires that the Purchaser be specifically identified as an “underwriter’ in order to permit such
registration statement to become effective, and such Purchaser does not consent in writing to being so named as an underwriter in such registration statement, the number of Registrable Securities to be registered on the Resale Shelf will be reduced
on a pro rata basis among all the holders of Registrable Securities to be so included, unless otherwise required by the Staff, so that the number of Registrable Securities to be registered is permitted by Staff and such Purchaser is not required to
be named as an “underwriter”; provided, that any Registrable Securities not registered due to this paragraph 2 shall thereafter as soon as allowed by the SEC guidance be registered to the extent the prohibition no longer is
applicable. 

  
 A-1

 3. If at any time the Company proposes to file a registration statement (a “Registration
Statement”) on its own behalf, or on behalf of any other Persons who have registration rights (“Other Holders”), relating to an underwritten offering of ordinary shares, or engage in an Underwritten Shelf Takedown (as
defined below) off an existing registration statement (a “Company Offering”), then the Company will provide the Purchaser and each other Forward Contract Party who purchased at least 1,000,000 Forward Purchase Shares (collectively,
the “Piggyback Holders”) with notice in writing (an “Offer Notice”) at least five (5) Business Days prior to such filing, which Offer Notice will offer to include in the Registration Statement Purchaser’s
Registrable Securities and a minimum of 500,000 of the securities of each other Forward Contract Party which is a Piggyback Holder that constitute “Registrable Securities” under such parties’ forward purchase agreements (collectively
“Piggyback Securities”). Within five (5) Business Days (or, in the case of an Offer Notice delivered to the Purchaser or the other Forward Contract Parties in connection with an Underwritten Shelf Takedown, within three
(3) Business Days) after receiving the Offer Notice, the Purchaser may make a written request (a “Piggyback Request”) to the Company to include some or all of Purchaser’s Registrable Securities in the Registration
Statement. If the underwriter(s) for any Company Offering advise the Company that marketing factors require a limitation on the number of securities that may be included in the Company Offering, the number of securities to be so included shall be
allocated as follows: (i) first, to the Company and the Other Holders, if any; and (ii) second, to the Piggyback Holders based on the pro rata percentage of Piggyback Securities held by the Piggyback Holders and requested to be
included in the Underwritten Offering. Notwithstanding anything to the contrary in this paragraph 3, the Company hereby agrees that it will not provide an Offer Notice to any other Forward Contract Party unless such other Forward Contract Party
agrees in writing to treat the contents of such Offer Notice as material non-public information. 
 4. At any
time during which the Company has an effective Resale Shelf with respect to the Purchaser’s Registrable Securities, the Purchaser may make a written request (which request shall specify the intended method of disposition thereof) (a
“Shelf Takedown Request”) to the Company to effect a sale, of all or a portion of the Purchaser’s Registrable Securities that are covered by the Resale Shelf, and the Company shall use commercially reasonable efforts to file,
to the extent required by applicable law or regulation, a prospectus supplement (a “Shelf Takedown Prospectus Supplement”) for such purpose as soon as reasonably practicable following receipt of a Shelf Takedown Request. The
Purchaser may request that any such sale be conducted as an underwritten public offering (an “Underwritten Shelf Takedown”). The Company shall not be obligated to effect more than two Underwritten Shelf Takedowns. The Purchaser
acknowledges that, pursuant to the terms and conditions of Forward Contracts among the Company and other Forward Contract Parties (such agreements, as they relate to the rights of the other Forward Contract Parties set forth in paragraphs 3, 4 and 5
of this Exhibit A, not to be amended without the Purchaser’s prior written consent), each other Forward Contract Party who purchased at least 1,000,000 Forward Purchase Shares and proposes to sell at least 500,000 Registrable Securities in the
Underwritten Shelf Takedown (a “Requesting Holder”) shall have the right, pursuant to a timely Piggyback Request, to include securities that are covered by the Resale Shelf (“Requesting Holder Securities”) in the
prospectus supplement relating to any Underwritten Shelf Takedown and the Purchaser agrees to cooperate with the Company and such other Forward Contract Parties in furtherance thereof. If the underwriter(s) for any Underwritten Shelf Takedown advise
the Company that marketing factors require a limitation on the number of securities that may be included in the Underwritten Shelf Takedown, the number of securities to be so included shall be allocated as follows: (i) first, to the Purchaser;
and (ii) second, to the Requesting Holders based on the pro rata percentage of Requesting Holder Securities held by the Requesting Holders and requested to be included in the Underwritten Offering. It is understood that any other Forward
Contract Party electing to include securities on an Underwritten Shelf Takedown proposed by Purchaser shall not have the ability to withdraw such securities from such offering without the consent of the Purchaser, it being understood that the terms
of the offering may not be known at the time of such offering and that Purchaser shall have the sole discretion to approve such terms (and such other Forward Contract Party shall not have the right to make any determinations other than whether they
wish to include their Requesting Holder Securities in the prospectus supplement). In this regard, by electing to include securities in such offering, such other Forward Contract Party agrees to cooperate with the Company and the Purchaser in
furtherance of such offering, including entering into such customary agreements and take all such actions (including supplying all reasonably requested information) within 48 hours of a reasonable request by the Company, underwriters or Purchaser.

  
 A-2

 5. The determination of whether any offering of Registrable Securities pursuant to the Resale Shelf or
a Shelf Takedown Prospectus Supplement will be an underwritten offering shall be made in the sole discretion of the Purchaser, after consultation with the Company, and the Purchaser shall have the right, after consultation with the Company, to
determine the plan of distribution, including the price at which the Registrable Securities are to be sold and the underwriting commissions, discounts and fees (and the Piggyback Holders or Requesting Holders (as applicable) shall not have the right
to make any determinations other than whether they wish to include their Requesting Holder Securities in the prospectus supplement). The Purchaser shall select the investment banker or bankers and managers to administer the offering, including the
lead managing underwriter (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the Company). 
 6. In
connection with any underwritten offering, the Company shall enter into such customary agreements and take all such other actions in connection therewith (including those requested by the Purchaser) in order to facilitate the disposition of such
Registrable Securities as are reasonably necessary or required, and in such connection enter into a customary underwriting agreement that provides for customary opinions, comfort letters and officer’s certificates and other customary
deliverables. 
 7. The Company shall pay all fees and expenses incident to the performance of or compliance with its obligation to prepare, file and
maintain the Resale Shelf (including the fees of its counsel and accountants). The Company shall also pay all Registration Expenses. For purposes of this paragraph 6, “Registration Expenses” shall mean the out-of-pocket expenses of a Company Offering or an Underwritten Shelf Takedown, including, without limitation, the following: (i) all registration and filing fees
(including fees with respect to filings required to be made with FINRA) and any securities exchange on which the Registrable Securities are then listed; (ii) fees and expenses of compliance with securities or blue sky laws (including reasonable
fees and disbursements of one counsel to the underwriters in connection with blue sky qualifications of the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) reasonable fees and disbursements of counsel
for the Company; (v) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Underwritten Shelf Takedown; and (vi) reasonable fees and expenses of one
legal counsel selected by the Purchaser; provided, that it is understood and agreed that the Company shall be responsible for any underwriting fees, discounts, selling commissions, underwriter expenses and stock transfer taxes relating to the
registration and sale of the Purchaser’s Registrable Securities. 

  
 A-3

 8. The Company may suspend the use of a prospectus included in the Resale Shelf by furnishing to the
Purchaser a written notice (“Suspension Notice”) stating that in the good faith judgment of the Company, it would be either (i) prohibited by the Company’s insider trading policy (as if the Purchaser were covered by such
policy) or (ii) materially detrimental to the Company and its shareholders for such prospectus to be used at such time. The Company’s right to suspend the use of such prospectus under clause (ii) of the preceding sentence may be
exercised for a period of not more than sixty (60) days after the date of such notice to the Purchaser; provided such period may be extended for an additional thirty (30) days with the consent of a majority-in-interest of the holders of Registrable Securities covered by the Resale Shelf; provided further, that such right to suspend the use of a prospectus shall be exercised by the Company not more than
once in any twelve (12) month period. A holder of Registrable Securities shall not effect any sales of Registrable Securities pursuant to the Resale Shelf at any time after it has received a Suspension Notice from the Company and prior to
receipt of an End of Suspension Notice (as defined below). The holders may recommence effecting sales of the Registrable Securities pursuant to the Resale Shelf following further written notice to such effect (an “End of Suspension
Notice”) from the Company to the holders. The Company shall act in good faith to permit any suspension period contemplated by this paragraph to be concluded as promptly as reasonably practicable. 

9. The Purchaser agrees that, except as required by applicable law, the Purchaser shall treat as confidential the receipt of any Suspension Notice
(provided that in no event shall such notice contain any material nonpublic information of the Company) hereunder and shall not disclose or use the information contained in such Suspension Notice without the prior written consent of the Company
until such time as the information contained therein is or becomes public, other than as a result of disclosure by a holder of Registrable Securities in breach of the terms of this Agreement. 

  
 A-4

 10. The Company shall indemnify and hold harmless the Purchaser, its directors and officers, partners,
members, managers, employees, agents, and representatives of such Purchaser and each person, if any, who controls the Purchaser within the meaning of the Securities Act and the Securities Exchange Act of 1934, as amended, and any agent thereof
(collectively, “Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation and reasonable
attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any
Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), promptly as incurred, arising out of, based upon or resulting from any
untrue statement or alleged untrue statement of any material fact contained in the Resale Shelf (or any amendment or supplement thereto), the related prospectus, or any amendment or supplement thereto, or arise out of, are based upon or resulting
from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading; provided, however, that the
Company shall not be liable in any such case or to any Indemnified Person to the extent that any such Loss arises out of, is based upon or results from an untrue statement or alleged untrue statement or omission or alleged omission or so made in
reliance upon or in conformity with information furnished by or on behalf of such Indemnified Person in writing specifically for use in the preparation of the Resale Shelf, the related prospectus, or any amendment or supplement thereto. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Person, and shall survive the transfer of such securities by the Purchaser. 

11. The Company’s obligation under paragraph (1) of this Exhibit A is subject to the Purchaser’s furnishing to the Company in writing such
information as the Company reasonably requests for use in connection with the Resale Shelf, the related prospectus, or any amendment or supplement thereto. The Purchaser shall indemnify the Company, its officers, directors, managers, employees,
agents and representatives, and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue statement or alleged untrue statement of material
fact contained in the Resale Shelf, the related prospectus, or any amendment or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any information so furnished in writing by such Purchaser expressly for inclusion in such document; provided that the obligation to indemnify shall be individual, not joint
and several, for each Purchaser and shall be limited to the net amount of proceeds received by such Purchaser from the sale of Registrable Securities pursuant to the Resale Shelf. 

12. The Company shall cooperate with the Purchaser, to the extent the Registrable Securities become freely tradable, to facilitate the timely preparation
and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Resale Shelf and enable such certificates to be in such denominations or amounts, as the case may be, as the
Purchaser may reasonably request and registered in such names as the Purchaser may request. 

  
 A-5

 13. If requested by the Purchaser, the Company shall as soon as practicable, subject to any Suspension
Notice, (i) incorporate in a prospectus supplement or post-effective amendment such information as the Purchaser reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without
limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make
all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any
Registration Statement if reasonably requested by the Purchaser holding any Registrable Securities. 
 14. As long as the Purchaser shall own
Registrable Securities, the Company, at all times while it shall be reporting under the Securities Exchange Act of 1934, as amended, shall file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and shall promptly furnish the Purchaser with true and complete copies of all such filings, unless
filed through the SEC’s EDGAR system. The Company further covenants that it shall take such further action as the Purchaser may reasonably request, all to the extent required from time to time, to enable the Purchaser to sell the Class A
Shares and Warrants held by the Purchaser without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request of
the Purchaser, the Company shall deliver to the Purchaser a written certification of a duly authorized officer as to whether it has complied with such requirements. 

15. The rights, duties and obligations of the Purchaser under this Exhibit A may be assigned or delegated by the Purchaser in conjunction with and to the
extent of any transfer or assignment of Registrable Securities by the Purchaser to any transferee or assignee. 

  
 A-6

 Exhibit B 

Memorandum and Articles of Association of the companyexhibit4

Exhibit 4.1          DEPOSIT AGREEMENT  among  THE PNC FINANCIAL SERVICES GROUP, INC.,  COMPUTERSHARE TRUST COMPANY, N.A., and COMPUTERSHARE INC.,  as Depositary,  and  THE HOLDERS FROM TIME TO TIME OF  THE DEPOSITARY RECEIPTS DESCRIBED HEREIN  Dated as of August 19, 2022  

 

TABLE OF CONTENTS    Page     -i-     ARTICLE I DEFINED TERMS ........................................................................................................................ 1  Section 1.1 Definitions. ....................................................................................................................................... 1  ARTICLE II APPOINTMENT OF DEPOSITARY; BOOK-ENTRY SYSTEM; FORM OF AND  TRANSFER OF RECEIPTS; DEPOSIT OF SERIES V PREFERRED STOCK,  EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION  OF RECEIPTS ............................................................................................................................... 2  Section 2.1 Appointment of Depositary. ............................................................................................................. 2  Section 2.2 Book-Entry System; Form and Transfer of Receipts. ...................................................................... 2  Section 2.3 Deposit of Series V Preferred Stock; Execution and Delivery of Receipts in Respect  Thereof. .................................................................................................................................. 4  Section 2.4 Registration of Transfer of Receipts. ................................................................................................ 4  Section 2.5 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series  V Preferred Stock. .................................................................................................................. 5  Section 2.6 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. ............... 5  Section 2.7 Lost Receipts, etc. ............................................................................................................................ 6  Section 2.8 Cancellation and Destruction of Surrendered Receipts. ................................................................... 6  Section 2.9 Redemption of Series V Preferred Stock. ......................................................................................... 6  Section 2.10 Deposits. ......................................................................................................................................... 7  ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE  CORPORATION ........................................................................................................................... 7  Section 3.1 Filing Proofs, Certificates and Other Information. ........................................................................... 7  Section 3.2 Payment of Taxes or Other Governmental Charges. ........................................................................ 8  Section 3.3 Warranty as to Series V Preferred Stock. ......................................................................................... 8  Section 3.4 Warranty as to Receipts. ................................................................................................................... 8  ARTICLE IV THE DEPOSITED SECURITIES; NOTICES .............................................................................. 8  Section 4.1 Cash Distributions. ........................................................................................................................... 8  Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges. ................................................... 8  Section 4.3 Subscription Rights, Preferences or Privileges. ................................................................................ 9  Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. ......................................... 9  Section 4.5 Voting Rights. ................................................................................................................................ 10  Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. ................. 10  Section 4.7 Delivery of Reports. ....................................................................................................................... 10  Section 4.8 Lists of Receipt Holders. ................................................................................................................ 11  ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE  CORPORATION ......................................................................................................................... 11  Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. .................. 11  

 

TABLE OF CONTENTS  (continued)  Page     -ii-     Section 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the  Registrar or the Corporation. ................................................................................................ 11  Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation. ........ 11  Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. .................. 14  Section 5.5 Corporate Notices and Reports. ...................................................................................................... 14  Section 5.6 Indemnification by the Corporation. .............................................................................................. 15  Section 5.7 Fees, Charges and Expenses. .......................................................................................................... 15  ARTICLE VI AMENDMENT AND TERMINATION ..................................................................................... 15  Section 6.1 Amendment. ................................................................................................................................... 15  Section 6.2 Termination. ................................................................................................................................... 16  ARTICLE VII MISCELLANEOUS .................................................................................................................... 16  Section 7.1 Counterparts. .................................................................................................................................. 16  Section 7.2 Exclusive Benefit of Parties. .......................................................................................................... 16  Section 7.3 Invalidity of Provisions. ................................................................................................................. 16  Section 7.4 Notices. ........................................................................................................................................... 16  Section 7.5 Depositary’s Agents. ...................................................................................................................... 17  Section 7.6 Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect  of Receipts. ........................................................................................................................... 17  Section 7.7 Appointment of Calculation Agent. ............................................................................................... 17  Section 7.8 Holders of Receipts Are Parties. .................................................................................................... 17  Section 7.9 Governing Law. .............................................................................................................................. 18  Section 7.10 Inspection of Deposit Agreement. ................................................................................................ 18  Section 7.11 Headings. ...................................................................................................................................... 18  Section 7.12 Confidentiality. ............................................................................................................................. 18  

 

  1    DEPOSIT AGREEMENT (this “Deposit Agreement”) dated as of August 19, 2022, among (i) The PNC  Financial Services Group, Inc., a Pennsylvania corporation, (the “Corporation”), (ii) Computershare Inc., a Delaware  corporation (“Computershare”), and its affiliate, Computershare Trust Company, N.A., a federally chartered national  association (the “Trust Company”), jointly as “Depositary”, and (iii) the Holders from time to time of the Receipts  described herein.  WHEREAS, the Corporation desires to appoint Computershare and the Trust Company jointly as Depositary;   WHEREAS, Computershare and the Trust Company each desires to accept such appointment and perform the  services related to such appointment;   WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of  shares of Series V Preferred Stock of the Corporation from time to time with the Depositary for the purposes set forth in  this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the  Series V Preferred Stock 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 Deposit Agreement;  NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:  ARTICLE I  DEFINED TERMS  Section 1.1 Definitions.  The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used  in this Deposit Agreement:  “Computershare” shall mean Computershare Inc.  “Corporation” shall mean The PNC Financial Services Group, Inc., a Pennsylvania corporation, and its  successors.  “Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in  accordance with the terms hereof.  “Depositary” shall mean, collectively, Computershare Trust Company, N.A. and Computershare Inc., and any  successor as Depositary hereunder.  “Depositary Shares” shall mean the depositary shares, each representing 1/100th of one share of the Series V  Preferred Stock, evidenced by a Receipt.  “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5.  “Depositary’s Office” shall mean the principal office of the Depositary, or such other office at which at any  particular time its depositary receipt business shall be administered, which is currently in Canton, MA.  “DTC” shall mean the Depository Trust Company.  “Officer’s Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is  signed by an officer of the Corporation and which shall include the terms and conditions of the Series V Preferred Stock  to be issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms  hereof.  “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 with respect  

 

  2    to the Series V Preferred Stock held of record by the Record Holder of such Depositary Shares and shall include the  DTC Receipt, as defined in Section 2.2, 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 Depositary maintained for such purpose.  “Redemption Date” shall have the meaning set forth in Section 2.9.  “Registrar” shall mean the Depositary or such other successor bank or trust company which shall be appointed  by the Corporation to register ownership and transfers of Receipts as herein provided; and if a successor Registrar shall  be so appointed, references herein to “the books” of or maintained by the Registrar shall be deemed, as applicable, to  refer as well to the register maintained by such Registrar for such purpose.  “Securities Act” shall mean the Securities Act of 1933, as amended.  “Series V Preferred Stock” shall mean the shares of the Corporation’s 6.200% Fixed-Rate Reset Non- Cumulative Perpetual Preferred Stock, Series V, $1.00 par value, with a liquidation preference of $100,000 per share,  designated in the Statement and described in the Officer’s Certificate delivered pursuant to Section 2.3 hereof.  “Statement” shall mean the relevant Statement with Respect to Shares filed with the Department of State of the  Commonwealth of Pennsylvania establishing the Series V Preferred Stock as a series of preferred stock of the  Corporation.  “Trust Company” shall mean Computershare Trust Company, N.A.  ARTICLE II  APPOINTMENT OF DEPOSITARY; BOOK-ENTRY SYSTEM; FORM OF AND TRANSFER OF RECEIPTS;  DEPOSIT OF SERIES V PREFERRED STOCK; EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND  REDEMPTION OF RECEIPTS  Section 2.1 Appointment of Depositary.  The Corporation hereby appoints Computershare and Trust Company, collectively, as Depositary for the Series  V Preferred Stock, and each of Computershare and Trust Company hereby accepts such appointment as Depository for  the Series V Preferred Stock, on the terms and conditions set forth in this Deposit Agreement.  Section 2.2 Book-Entry System; Form and Transfer of Receipts.  The Corporation and the Depositary shall make application to DTC for acceptance of all of the Receipts for its  book-entry settlement system.  The Corporation hereby appoints the Depositary 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 a single receipt (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 Depositary 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.  If DTC subsequently ceases to make its book-entry settlement system available for the Receipts, the  Corporation may instruct the Depositary regarding making other arrangements for book-entry settlement.  If the  Receipts are not eligible for book-entry form, the Depositary shall provide written instructions to DTC to deliver the  DTC Receipt to the Depositary for cancellation and the Corporation shall instruct the Depositary 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.  

 

  3    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 ninety (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 ninety (90) days of the date the Corporation is so  informed in writing, or (iii) the Corporation in its sole discretion notifies the Depositary 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 Depositary of the DTC Receipt for cancellation and any  other necessary documentation, the Depositary 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.  Receipts shall be in denominations of any number of whole Depositary Shares. The Corporation shall deliver  to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary  to perform its obligations under this Deposit Agreement.  The DTC Receipts and definitive Receipts, if any, shall be substantially in the form set forth in Exhibit A  annexed to this Deposit 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 the  preparation of definitive Receipts and upon the written order of the Corporation delivered in compliance with  Section 2.3, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten,  mimeographed 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 (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of such  Receipts. If temporary Receipts are issued, the Corporation and the Depositary 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 second paragraph of Section 2.3, without charge to the Holder. Upon surrender for cancellation of any one or more  temporary Receipts, the Depositary 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 Depositary. Until so  exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement as  definitive Receipts.  Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer  of the Depositary; provided that, if a Registrar for the Receipts (other than the Depositary) 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 Deposit 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 Depositary who was at any time a proper and duly authorized signatory of the  Depositary shall bind the Depositary, 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.  Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not  inconsistent with the provisions of this Deposit Agreement all as may be required by the Corporation or by the  Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder  or with the rules and regulations of any securities exchange upon which the Series V Preferred 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.  

 

  4    Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly  executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable  instrument in accordance with the Depositary’s procedures; provided, however, that until transfer of any particular  Receipt, it shall be registered on the books of the Registrar as provided in Section 2.4, the Depositary may,  notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof  for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice  provided for in this Deposit Agreement and for all other purposes.  Section 2.3 Deposit of Series V Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.  Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit  shares of Series V Preferred Stock under this Deposit Agreement by delivery to the Depositary, including via electronic  book-entry (or in such other manner as may be agreed to by the Corporation and the Depository), of such shares of  Series V Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly  executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with: (i) all such  certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, (ii) an  opinion of counsel to the Corporation addressed to the Depositary which it is permitted to rely upon, stating that: (1) the  Depositary Shares and the Series V Preferred Stock have been registered under the Securities Act and (2) the Series V  Preferred Stock, when issued and delivered against payment therefor, will be duly and validly issued and fully paid and  non-assessable, (iii) an executed Officer’s Certificate attaching the Certificate of Designations and all other information  required to be set forth therein which the Depository is permitted to rely upon, and (iv) a written order of the  Corporation directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated  in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such  deposited Series V Preferred Stock.  Shares of Series V Preferred Stock that are deposited shall be held by the Depositary in an account to be  established by the Depositary at the Depositary’s Office, or at such other place or places as the Depositary shall  determine. As Registrar and Transfer Agent for the deposited Series V Preferred Stock, the Depositary will reflect  changes in the number of shares of deposited Series V Preferred Stock held by it by notation, book-entry or other  appropriate method. The Depositary shall not lend any Series V Preferred Stock deposited hereunder.  Upon receipt by the Depositary of shares of Series V Preferred Stock deposited in accordance with the  provisions of this Section 2.3, together with the other documents required as above specified, and upon recordation of  the Series V Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the  Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute  and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred  to in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of Depositary  Shares representing the Series V Preferred Stock so deposited and registered in such name or names as may be  requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the  Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at  the risk and expense of the person requesting such delivery.  Section 2.4 Registration of Transfer of Receipts.  Subject to the terms and conditions of this Deposit Agreement, the Depositary, 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 properly executed instrument  of transfer and including a signature guarantee from an eligible guarantor institution participating in a signature  guarantee program approved by the Securities Transfer Association, and any other evidence of authority that may be  reasonably required by the Depositary (or successor Registrar or Transfer Agent), together with evidence of the  payment of any applicable taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new  Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or  Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto.  The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at  the opening of business 15 days next preceding any selection of Depositary Shares and Series V Preferred Stock to be  redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or  

 

  5    exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in  Section 2.9.  Section 2.5 Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series V Preferred Stock.  Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate  for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and  conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized  denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the  Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of  the Receipt or Receipts so surrendered.  Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series V Preferred Stock  and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts, or Depositary  Shares represented by such Receipt or Receipts, at the Depositary’s Office or at such other offices as the Depositary  may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred  Stock (or money and other property, if any, represented thereby) which has previously been called for redemption; and  provided further that the fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.7 and all  taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock have been paid in  accordance with the terms of this Deposit Agreement. Thereafter, without unreasonable delay, the Depositary shall  deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of  whole shares of Series V Preferred Stock and all money and other property, if any, 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 Series V Preferred Stock will not thereafter be entitled to deposit such Series V Preferred Stock  hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the  Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number  of Depositary Shares representing the number of whole shares of Series V Preferred Stock to be withdrawn, the  Depositary shall at the same time, in addition to such number of whole shares of Series V Preferred Stock and such  money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.4 upon his order, a  new Receipt evidencing such excess number of Depositary Shares.  In no event will fractional shares of Series V Preferred Stock (or any cash payment in lieu thereof) be delivered  by the Depositary or Computershare, as applicable. Delivery of the Series V Preferred Stock and money and other  property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other  instruments as the Depositary may deem appropriate (or in such other manner as may be agreed by the Corporation and  the Depositary), which if required by the Depositary shall be properly endorsed or accompanied by proper instruments  of transfer.  If the Series V Preferred Stock and the money and other property, if any, being withdrawn are to be delivered  to a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal  of such Series V Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing  the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal  of such shares of Series V Preferred Stock be properly endorsed in blank or accompanied by a properly executed  instrument of transfer in blank.  Delivery of the Series V Preferred Stock and the money and other property, if any, represented by Receipts  surrendered for withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk  and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such  delivery may be made at such other place as may be designated by such Holder.  Section 2.6 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 Depositary, any of the Depositary’s Agents or the Corporation may require payment to  it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such  payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to  Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature  (which evidence will include a signature guarantee and any other reasonable evidence of authority that may be required  

 

  6    by the Depositary), and may also require compliance with such regulations, if any, as the Depositary or the Corporation  may establish consistent with the provisions of this Deposit Agreement and/or applicable law and as may be required by  any securities exchange on which the Series V Preferred Stock, the Depositary Shares or the Receipts may be listed.  The deposit of the Series V Preferred Stock may be refused, the delivery of Receipts against Series V Preferred  Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer,  surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders  of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the  Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any  government or governmental body or commission or under any provision of this Deposit Agreement.  Section 2.7 Lost Receipts, etc.  In case any Receipt shall be mutilated and surrendered to the Depositary, destroyed, lost or stolen, the  Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for  such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by  the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of  such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing the  Depositary with an affidavit and an open penalty surety bond satisfactory to the Depositary; and (iii) the payment of any  reasonable expense (including reasonable fees, charges, and expenses of the Depositary) in connection with such  execution and delivery. Applicants for such substitute Receipts shall also comply with such other reasonable regulations  and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform  Commercial Code.  Section 2.8 Cancellation and Destruction of Surrendered Receipts.  All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary.  Except as prohibited by applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so  cancelled.  Section 2.9 Redemption of Series V Preferred Stock.  Whenever the Corporation shall be permitted and shall elect to redeem shares of Series V Preferred Stock in  accordance with the terms of the Certificate of Designations, it shall (unless otherwise agreed to in writing with the  Depositary) give or cause to be given to the Depositary or Computershare, as applicable, not less than five (5) days and  not more than thirty (30) days prior to the Redemption Date (as defined below), written notice of the date of such  proposed redemption of Series V Preferred Stock and of the number of such shares held by the Depositary 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 Series V Preferred Stock is in accordance with the provisions of the Certificate of  Designations. On the date of such redemption, provided that the Corporation shall then have paid or caused to be paid in  full to Computershare the redemption price of the Series V Preferred Stock to be redeemed, plus (i) an amount equal to  any declared and unpaid dividends thereon to the date fixed for redemption, or (ii) in the case of a Regulatory Capital  Treatment Event (as defined in the Statement) plus any declared and unpaid dividends and an amount equal to the  partial dividend that would have accrued from the prior scheduled dividend payment date up to the redemption date,  thereon to the date fixed for redemption, in each case in accordance with the provisions of the Statement, the Depositary  shall redeem the number of Depositary Shares representing such Series V Preferred Stock. The Depositary shall mail  notice of the Corporation’s redemption of Series V Preferred Stock and the proposed simultaneous redemption of the  number of Depositary Shares representing the Series V Preferred Stock to be redeemed by first-class mail, postage  prepaid (or another reasonably acceptable transmission method), not less than five (5) days and not more than thirty (30)  days prior to the date fixed for redemption of such Series V Preferred 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 Depositary (provided that, if the Depositary Shares are held through  DTC, the Depositary shall give such notice in accordance with the procedures of DTC); but neither failure to mail any  such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption  of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to  the other Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date;  (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder  are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption  

 

  7    price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of  the redemption price; and (v) that dividends in respect of the Series V Preferred Stock represented by such Depositary  Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary  Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot.  Notice having been mailed (or transmitted) by the Depositary as aforesaid, from and after the Redemption Date  (unless the Corporation shall have failed to provide the funds necessary to redeem the Series V Preferred Stock  evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series V Preferred Stock so  called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from  such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such  Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease  and 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 Depositary or applicable law  shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary  Share equal to 1/100th of the redemption price per share of Series V Preferred Stock so redeemed plus all money and  other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect  of dividends in accordance with the provisions of the Statement.  If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary or  Computershare, as appropriate, will deliver to the Holder of such Receipt upon its surrender to the Depositary, together  with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not  called for redemption. In any such case, the Corporation shall redeem Depositary Shares only in increments of 10  Depositary Shares and any multiple thereof.  The Depositary 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 three years from the applicable Redemption Date, without further action necessary on the part of the  Corporation.  Section 2.10 Deposits.  All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by  Computershare in the performance of services under this Deposit Agreement (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 Deposit 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 Global Ratings (“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, 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 not bear  responsibility nor 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.    ARTICLE III  CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION  Section 3.1 Filing Proofs, Certificates and Other Information.  Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or  other information, to execute such certificates and to make such representations and warranties as the Depositary or the  Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery,  or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Series V Preferred Stock  represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other  

 

  8    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 Computershare of certain charges and expenses, as  provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series V Preferred Stock and all  money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until  any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part  of or all the Series V Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt  and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to  notify such Holder prior to such sale), and such dividends, 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 Series V Preferred Stock.  The Corporation hereby represents and warrants that the Series V Preferred Stock, when issued, will be duly  authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of  the Series V Preferred 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 a 1/100th interest in a share of deposited  Series V Preferred Stock. Such representation and warranty shall survive the deposit of the Series V Preferred Stock and  the issuance of the Receipts.  ARTICLE IV  THE DEPOSITED SECURITIES; NOTICES  Section 4.1 Cash Distributions.  Whenever Computershare shall receive any cash dividend or other cash distribution on the Series V Preferred  Stock, Computershare shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date  fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion  to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however,  that in case the Corporation or Computershare shall be required to withhold and shall withhold from any cash dividend  or other cash distribution in respect of the Series V Preferred Stock an amount on account of taxes, the amount made  available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. Computershare  shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed  without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by  Computershare (without liability for interest thereon) and shall be added to and be treated as part of the next sum  received by Computershare for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt  shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as  may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding  sentence, the Internal Revenue Code of 1986, as amended, may require withholding by 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 the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon  the Series V Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of  Receipts on the record date fixed pursuant to Section 4.4 such amounts of 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 the Depositary may deem equitable and practicable for accomplishing such  distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such Record  Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an  

 

  9    amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be  feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and  practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or  property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale  shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by  Computershare to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash.  The Corporation shall not make any distribution of such securities or property to the Depositary and the Depositary  shall not make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall  have provided an opinion of counsel stating that such securities or property have been registered under the Securities  Act or do not need to be registered in connection with such distributions.  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 Series V  Preferred Stock is recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to  purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges  shall in each such instance be made available by the Depositary to the Record Holders of Receipts in such manner as the  Corporation shall reasonably direct, 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 Depositary 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 Depositary 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 the Depositary, in its discretion (with approval of the Corporation, in any case where the  Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if  applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or  privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds  of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of  Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash.  The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to  which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the  securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it  will file promptly a registration statement pursuant to 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 Depositary make available to the Holders  of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until it has  received written notice from the Corporation that such registration statement shall have become effective, or the  Corporation shall have provided to the Depositary an opinion of counsel to the effect that the offering and sale of such  securities to the Holders are exempt from registration under the provisions of the Securities Act.  The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any  governmental or administrative authorization, consent or permit is required in order for such rights, preferences or  privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the  Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit  sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such  rights, preferences or privileges.  The Depositary will not be deemed to have any knowledge of any item for which it is supposed to receive  notification under any section of this Deposit Agreement unless and until it has received such notification in writing.  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 Series V  Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series V  Preferred Stock are entitled to vote or of which holders of the Series V Preferred Stock are entitled to notice, or  

 

  10    whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance  fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise  in accordance with the terms of the Series V Preferred 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 any other appropriate reasons.  Section 4.5 Voting Rights.  Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the  holders of the Series V Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail  to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4, a notice prepared by the  Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that  the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights  pertaining to the amount of Series V Preferred Stock represented by their respective Depositary Shares (including an  express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated  by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written  request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to  vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole  shares of Series V Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any  particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be  deemed necessary by the Depositary in order to enable the Depositary to vote such Series V Preferred Stock or cause  such Series V Preferred Stock to be voted. In the absence of specific instructions from the Holder of a Receipt, the  Depositary will not vote (but, at its discretion, may appear at any meeting with respect to such Series V Preferred Stock  unless directed to the contrary by the Holders of all the Receipts) to the extent of the Series V Preferred Stock  represented by the Depositary Shares evidenced by the Receipts of such Holder.  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 Series V  Preferred Stock, subject to the provisions of the Certificate of Designations, or upon any recapitalization,  reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary may in its  discretion with the approval of, and shall upon the written instructions of the Corporation, and (in either case) in such  manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Corporation in the  fraction of an interest represented by one Depositary Share in one share of Series V Preferred Stock and in the ratio of  the redemption price per Depositary Share to the redemption price per share of Series V Preferred 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 Series V Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and  (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of  the Series V Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of  such Series V Preferred Stock. In any such case the Corporation in its discretion may direct the Depositary to, or the  Depositary may in its discretion, and with the written approval of the Corporation, 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 Series V Preferred Stock or any such recapitalization, reorganization, merger or consolidation to  surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series V Preferred  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 Series V Preferred Stock represented by such Receipts might have been converted or  for which such Series V Preferred Stock might have been exchanged or surrendered immediately prior to the effective  date of such transaction.  Section 4.7 Delivery of Reports.  The Depositary shall furnish to Holders of Receipts any reports and communications received from the  Corporation which are received by the Depositary, as holder of the Series V Preferred Stock, and which the Corporation  is required to furnish to the holders of the Series V Preferred Stock.  

 

  11    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 Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and  holdings of Depositary Shares of all registered Holders of Receipts.  ARTICLE V  THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION  Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.  Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities  for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the  offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of  Receipts, all in accordance with the provisions of this Deposit Agreement.  The Registrar shall keep books at the Depositary’s Office for the registration and transfer of Receipts.  Upon  direction by the Corporation and with reasonable notice to the Registrar, the Depositary 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, or because of any requirement of law or any government,  governmental body or commission, stock exchange or any applicable self-regulatory body.  If the Receipts or the Depositary Shares evidenced thereby or the Series V Preferred Stock represented by such  Depositary Shares shall be listed on one or more national securities exchanges, the Corporation will appoint a Registrar  for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such  Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and  a substitute registrar appointed by the Corporation. If the Receipts, Depositary Shares or Series V Preferred 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 Series V Preferred Stock as may be required by law or applicable securities exchange regulation.  Section 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the  Corporation.  Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall incur any  liability to any Holder of 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 Depositary, the  Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Amended and  Restated Articles of Incorporation (including the Certificate of Designations) or by reason of any act of God or other  circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar 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 Deposit Agreement provide shall be done or performed; nor shall  the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt  (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the  terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or  failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this  Deposit Agreement.  Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.  Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any  obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts other than for its  gross negligence, willful misconduct or bad faith (which gross negligence, willful misconduct, or bad faith must be  determined by a final, non-appealable order, judgement, decree or ruling of a court of competent jurisdiction).  

 

  12    Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary, nor the  Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental,  indirect or consequential losses or damages of any kind whatsoever (including but not limited to loss of anticipated  profit) occasioned by breach of any provision of this Deposit Agreement, even if apprised of the possibility of such  damages. Further, the aggregate liability of the Depositary; any Depositary Agent; or any Registrar during any term of  this Deposit Agreement with respect to, arising from, or arising in connection with this Deposit Agreement, or from all  services provided or omitted to be provided under this Deposit Agreement, whether in contract, or in tort, or otherwise,  is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to Depositary as fees and charges, but  not including reimbursable expenses.  Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any  obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series V Preferred  Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity  satisfactory to it against all expense and liability be furnished as often as may be reasonably required.  Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be liable for  any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information  from any person presenting Series V Preferred Stock for deposit, any Holder of a Receipt or any other person believed  by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and  the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice,  request, direction or other document believed by it to be genuine and to have been signed or presented by the proper  party or parties.  The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of  Series V Preferred Stock or for the manner or effect of any such vote made, as long as any such action or inaction is not  taken in bad faith (which bad faith must be determined by a final, non-appealable order, judgement, decree or ruling of a  court of competent jurisdiction). The Depositary undertakes, and any Registrar shall be required to undertake, to  perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied  covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar.  The Depositary, the Depositary’s Agents, and any Registrar may own and deal in any class of securities of the  Corporation and its affiliates and in Receipts or become pecuniarily interested in any transaction in which the  Corporation or its affiliates may be interested or contract with or lend money to or otherwise act as fully or freely as if it  were not the Depositary, Depositary’s Agent or Registrar hereunder. The Depositary may also act as transfer agent or  registrar of any of the securities of the Corporation and its affiliates.  The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to  any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series V Preferred  Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The  Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or  obligation to make any payments if it has not timely received sufficient funds to make timely payments.  It is intended that neither the Depositary nor any Depositary’s Agent nor the Registrar, acting as the  Depositary’s Agent or Registrar, 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 Depositary, any  Depositary’s Agent and the Registrar are acting only in a ministerial capacity as Depositary or Registrar for the Shares;  provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements  applicable to it under law or this Deposit Agreement in its capacity as Depositary.  The Depositary, any Depositary Agent, or any Registrar will not be under any duty or responsibility to ensure  compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of  the Series V Preferred Stock, Depositary Shares or Receipts.  Neither the Depositary (or its officers, directors, employees or agents) nor any Depositary’s Agent nor the  Registrar makes any representation or has any responsibility as to the validity of any registration statement pursuant to  which the Depositary Shares are registered under the Securities Act, the Series V Preferred 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  

 

  13    correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its  representations in this Deposit Agreement.  In the event the Depositary or any Registrar believes any ambiguity or uncertainty exists hereunder or in any  notice, instruction, direction, request or other communication, paper or document received by the Depositary hereunder,  or in the administration of any of the provisions of this Deposit Agreement, the Depositary or such Registrar shall deem  it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action  hereunder, the Depositary or such Registrar may, in its sole discretion upon written notice to the Corporation, refrain  from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of  Receipts or any other person or entity for refraining from taking such action, unless the Depositary or such Registrar  receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty  to the satisfaction of the Depositary or such Registrar, or which proves or establishes the applicable matter to its  satisfaction.  The Depositary undertakes not to issue any Receipt other than to evidence the Depositary Shares representing  interests in the shares of Series V Preferred Stock that have been delivered to and are then on deposit with the  Depositary.  The Depositary also undertakes not to sell, except as provided herein, pledge or lend Depositary Shares or  any shares of deposited Series V Preferred Stock by it as Depositary.  In the event the Depositary, any Depositary Agent, or any Registrar shall receive conflicting claims, requests or  instructions from any Holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary, such  Depositary Agent, or such Registrar, as applicable, shall be entitled to act on such claims, requests or instructions  received from the Corporation, and shall be entitled to the indemnification set forth in Section 5.6 hereof in connection  with any action so taken.  From time to time, the Corporation may provide the Depositary or any Registrar with instructions concerning  the services performed by the Depositary under this Deposit Agreement. In addition, at any time, the Depositary or any  Registrar may apply to any officer of the Corporation for instruction, and may consult with legal counsel for the  Depositary or any Registrar or the Corporation with respect to any matter arising in connection with the services to be  performed by the Depositary or any Registrar under this Deposit Agreement. The Depositary or such Registrar and its  respective agents and subcontractors shall not be liable and shall be indemnified by the Corporation for any action  taken, suffered or omitted by the Depositary or such Registrar in reliance upon any instructions from the Corporation or  upon the advice or opinion of such counsel. The Depositary or any Registrar 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 Depositary, any Depositary Agent, and any Registrar hereunder:  (i) shall have no duties or obligations other than those specifically set forth herein (and no implied duties  or obligations), or as may subsequently be agreed to in writing by the parties;  (ii) shall have no obligation to make any payment hereunder unless the Corporation shall have provided  the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full the  amounts due and payable with respect thereto;  (iii) may rely on and shall be authorized and protected in acting or omitting to act upon any certificate,  instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to it and believed by it  to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for determining  the accuracy thereof;  (iv) may rely on and shall be authorized and protected in acting or omitting to act upon the written,  telephonic, electronic and oral instructions given in accordance with this Deposit Agreement, with respect to any matter  relating to its actions as Depositary or Registrar covered by this Deposit Agreement (or supplementing or qualifying any  such actions), of officers of the Company;  (v) shall not be called upon at any time to advise any person with respect to the Series V Preferred Stock,  Depositary Shares or Receipts;  

 

  14    (vi) except as provided for herein, shall not be liable or responsible for any recital or statement contained  in any documents relating hereto or to the Series V Preferred Stock, the Depositary Shares or Receipts; and  (vii) shall not be liable in any respect on account of the identity, authority or rights of the parties (other  than the Depositary, any Depositary Agent, or any Registrar, as applicable) executing or delivering or purporting to  execute or deliver this Deposit Agreement or any documents or papers deposited or called for under this Deposit  Agreement.  The rights and obligations of the Corporation, the Depositary, and the Registrar set forth in this Section 5.3  shall survive termination of this Deposit Agreement or any resignation or succession of any Depositary, Registrar or  Depositary’s Agent.  Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to  the Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of  such appointment as hereinafter provided.  The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the  Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of  such appointment as hereinafter provided.   In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within  sixty (60) days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor  Depositary, which shall be a bank or trust company having its principal office in the United States of America and  having a combined capital and surplus, along with its affiliates, of at least $50,000,000. If no successor Depositary shall  have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or  removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary.  Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing  accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall  become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the  Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written  request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and  powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series V  Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list  of the Record Holders of all outstanding Receipts and such records, books and other information in its possession  relating thereto.  Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor  of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be  required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary  or its own name as successor Depositary.  Section 5.5 Corporate Notices and Reports.  The Corporation agrees that it will deliver to the Depositary, and if requested by the Corporation the  Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses  recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements)  required by law, by the rules of any national securities exchange upon which the Series V Preferred Stock, the  Depositary Shares or the Receipts are listed or by the Corporation’s Amended and Restated Articles of Incorporation  (including the Certificate of Designations), to be furnished to the Record Holders of Receipts. Such transmission will be  at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such  documents as the Depositary may reasonably request.  In addition, the Depositary will transmit to the Record Holders of  Receipts at the Corporation’s expense such other documents as may be requested by the Corporation.  From time to time and after the date hereof, the Company agrees that it will perform, acknowledge and deliver  or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and  

 

  15    assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of its  obligations under the provisions of this Deposit Agreement.  Section 5.6 Indemnification by the Corporation.  Subject to Section 5.3, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar  (including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any  loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which  may arise out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the  Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any  transactions or documents contemplated hereby, except for any liability arising out of gross negligence, willful  misconduct or bad faith on the respective parts of any such person or persons (which gross negligence, willful  misconduct, bad faith or fraud must be determined by a final, non-appealable order, judgement, decree or ruling of a  court of competent jurisdiction). The rights of the Depositary and the obligations of the Corporation set forth in this  Section 5.6 shall survive termination of this Deposit Agreement and any resignation or succession of any Depositary,  Registrar or Depositary’s Agent.  Section 5.7 Fees, Charges and Expenses.  The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the  Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable  out-of-pocket expenses (including reasonable fees and expenses) incurred by the Depositary without gross negligence,  willful misconduct or bad faith on its part (or on the part of any agent or Depositary Agent) in connection with the  services rendered by it (or such agent or Depositary Agent) hereunder (which gross negligence, willful misconduct or  bad faith must be determined by a final, non-appealable order, judgement, decree or ruling of a court of competent  jurisdiction). The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series  V Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series V Preferred  Stock by owners of Depositary Shares, and any redemption or exchange of the Series V Preferred Stock at the option of  the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the  existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the  expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the  Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be  liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of  a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such  Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such  intervals as the Corporation and the Depositary may agree.  ARTICLE VI  AMENDMENT AND TERMINATION  Section 6.1 Amendment.  The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time  be amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary  or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the  Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved  by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then  outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be  deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit  Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of  Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such  Depositary Shares to the Depositary with instructions to deliver to the Holder the Series V Preferred Stock and all  money and other property, if any, represented thereby, except in order to comply with mandatory provisions of  applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities  exchange. As a condition precedent to the Depositary’s execution of any amendment, the Corporation shall deliver to  the Depositary 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.  

 

  16    Section 6.2 Termination.  This Deposit Agreement may be terminated by the Company upon not less than thirty (30) days’ prior written  notice to the Depositary if the holders of Receipts evidencing in the aggregate not less than two-thirds of the Depositary  Shares outstanding then outstanding consent to such termination, whereupon the Depositary shall deliver or make  available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or  fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt,  together with any other property held by the Depositary in respect of such Receipt. This Deposit Agreement will  automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.9 or (ii)  there shall have been made a final distribution in respect of the Series V Preferred 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 4.2, as applicable.  Upon the termination of this Deposit Agreement, the parties hereto shall be discharged from all obligations  under this Deposit Agreement except for their respective obligations under Sections 5.3, 5.6 and 5.7, and the rights of  the Depositary set forth in Sections 5.3, 5.6 and 5.7 shall survive the termination of this Deposit Agreement and any  resignation, removal or succession of the Depositary.  ARTICLE VII  MISCELLANEOUS  Section 7.1 Counterparts.  This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on  separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all  such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement  transmitted electronically shall have the same authority, effect, and enforceability as an original signature.  Section 7.2 Exclusive Benefit of Parties.  This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors  hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.  Section 7.3 Invalidity of Provisions.  In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or  become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining  provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however,  that if any such provision adversely affects the rights, duties, liabilities or obligations of the Depositary, the Depositary  shall be entitled to resign immediately.  Section 7.4 Notices.  Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall  be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram  or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at:  The PNC Financial Services Group, Inc.  The Tower at PNC Plaza  300 Fifth Avenue  Pittsburgh PA 15222-2401  Attention: Legal Department  or at any other addresses of which the Corporation shall have notified the Depositary in writing.  Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall  be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram  or facsimile transmission or electronic mail, confirmed by letter, addressed to the Depositary at:  

 

  17    Computershare Trust Company, N.A.  150 Royall Street  Canton, MA 02021  Attention: Client Services  or at any other addresses of which the Depositary shall have notified the Corporation in writing.  The Depositary 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 or  facsimile 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 Depositary (provided that, if the Depositary Shares are held through DTC, the Depositary  shall give any and all notices in accordance with the procedures of DTC).  Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a  duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited,  postage prepaid, in a post office letter box. The Depositary or the Corporation may, however, act upon any facsimile  transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile  transmission shall not subsequently be confirmed by letter or as aforesaid.  Section 7.5 Depositary’s Agents.  The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for  the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or  terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any  such action.  Section 7.6 Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of Receipts.  The Corporation hereby appoints Computershare Trust Company, N.A. as Registrar and Transfer Agent, and  Computershare Inc. as dividend disbursing agent and redemption agent in respect of the Receipts, and Computershare  Trust Company, N.A. and Computershare Inc. hereby accept such respective appointments. With respect to the  appointments of Computershare Trust Company, N.A. as Registrar and Transfer Agent and Computershare, Inc. as  dividend disbursing agent and redemption agent in respect of the Series V Preferred Stock and the Receipts, each of  Computershare Trust Company, N.A. and Computershare, in their respective capacities under such appointments, shall  be entitled to the same rights, indemnities, immunities and benefits as the  Depository hereunder, respectively, as if  explicitly named in each such provision.  Section 7.7 Appointment of Calculation Agent.  The Corporation hereby names PNC Bank, National Association the calculation agent with respect to  calculating the amount of dividends to be paid with respect to the Series V Preferred Stock, and PNC Bank, National  Association shall be deemed to be appointed as calculation agent only if PNC Bank, National Association has accepted  such appointment in writing as agreed between PNC Bank, National Association and the Corporation. If PNC Bank,  National Association is appointed as such calculation agent, it shall be entitled to receive a description of the  calculations required under the Series V Preferred Stock and the categories of information under which it is entitled to  seek guidance from the Corporation. In furtherance thereof, such calculation agent may seek guidance from the  Corporation with one day notice in making any determinations thereunder.  Section 7.8 Holders of Receipts Are Parties.  The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all  of the terms and conditions hereof and of the Receipts. The provisions of this Deposit 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 Deposit Agreement.  

 

  18    Section 7.9 Governing Law.  This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions  hereof and thereof shall be governed by, and construed in accordance with, the laws of the Commonwealth of  Pennsylvania without giving effect to applicable conflicts of law principles, except that the rights, duties, and  obligations of the Depositary, Registrar, and Transfer Agent under this Deposit Agreement shall be governed by and  construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed  entirely within the State of Delaware.  Section 7.10 Inspection of Deposit Agreement.  Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be  open to inspection during business hours at the Depositary’s Office and the respective offices of the Depositary’s  Agents, if any, by any Holder of a Receipt.  Section 7.11 Headings.  The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in  Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement  or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the  Receipts.  Section 7.12 Confidentiality.  The Depositary and the Company agree that all books, records, information and data pertaining to the business  of the other party, including inter alia, personal, non-public Holder information and the fees for services, which are  exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain  confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal  process. However, each party may disclose relevant aspects of the other party’s confidential information to its officers,  affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its duties and obligations  under this Deposit Agreement and such disclosure is not prohibited by applicable law. To avoid doubt, the parties hereto  shall not be required to keep the terms of this Deposit Agreement confidential.  Section 7.13 Force Majeure.   Notwithstanding anything to the contrary contained herein, the Depositary 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, war, or civil unrest.    [Remainder of page intentionally left blank; signature page follows.] 

 

  19    IN WITNESS WHEREOF, the Corporation and the Depositary have duly executed this Deposit Agreement as  of the day and year first above set forth, and all Holders of Receipts shall become parties hereto by and upon acceptance  by them of delivery of Receipts issued in accordance with the terms hereof.    THE PNC FINANCIAL SERVICES GROUP, INC.     By: /s/ Lisa M. Kovac    Name:  Lisa M. Kovac  Title: Vice President    COMPUTERSHARE TRUST  COMPANY, N.A. and  COMPUTERSHARE INC. (on behalf  of both entities)     By: /s/ Katherine Anderson    Name:  Katherine Anderson  Title: VP, Relationship Management        [Signature Page to Deposit Agreement]  

 

  A-1       EXHIBIT A  [FORM OF FACE OF RECEIPT]  UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST  COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE 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.      DEPOSITARY SHARES    $  DEPOSITARY RECEIPT NO. FOR DEPOSITARY SHARES,    EACH REPRESENTING 1/100TH OF ONE SHARE OF  6.200% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES V  OF  THE PNC FINANCIAL SERVICES GROUP, INC.  INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA  CUSIP 693475 BF1  SEE REVERSE FOR CERTAIN DEFINITIONS    Dividend Payment Dates: Beginning December 15, 2022, on March 15, June 15, September 15 and December 15 of each year until  such date, if any, on which the Series V Preferred Stock (as defined below) is redeemed.    COMPUTERSHARE INC., a Delaware corporation (“Computershare”) and its affiliate COMPUTERSHARE TRUST  COMPANY, N.A., a federally chartered national association (the “Trust Company”, and jointly with Computershare the  “Depositary”), hereby certifies that Cede & Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each  Depositary Share representing 1/100th of one share of 6.200% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series  V, liquidation preference $100,000 per share, par value $1.00 per share (the “Series V Preferred Stock”), of The PNC Financial  Services Group, Inc., a Pennsylvania corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and  entitled to the benefits of the Deposit Agreement dated as of August 19, 2022 (the “Deposit Agreement”), among the Corporation,  the Depositary and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder  hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary  Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have  been executed by the Depositary by the manual or facsimile signature of a duly authorized officer; provided that, if a Registrar for  this Depositary Receipt (other than the Depositary) shall have been appointed, this Depositary Receipt shall also be countersigned  by manual or facsimile signature of a duly authorized officer of such Registrar.      Dated:    Computershare Inc. and Computershare Trust  Company, N.A., as Depositary       By:      Authorized Officer  

 

  A-2       [FORM OF REVERSE OF RECEIPT]  THE PNC FINANCIAL SERVICES GROUP, INC.    THE PNC FINANCIAL SERVICES GROUP, INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER  WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE STATEMENT  WITH RESPECT TO SHARES OF 6.200% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK,  SERIES V OF THE PNC FINANCIAL SERVICES GROUP, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE  DEPOSITARY NAMED ON THE FACE    The Corporation will furnish without charge to each receiptholder who so requests the powers, designations, preferences and  relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the  qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the  Registrar.    EXPLANATION OF ABBREVIATIONS    The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they  were written out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be  used.  Abbreviation Abbreviation Abbreviation Equivalent Word  JT TEN As joint tenants, with right of survivorship  and not as tenants in common  TEN BY ENT As tenants by the entireties  TEN IN COM As tenants in common UNIF GIFT MIN ACT Uniform Gifts to Minors Act    Abbreviation    Equivalent  Word    Abbreviation    Equivalent Word    Abbreviation    Equivalent  Word    ADM Administrator(s),  Administratrix  EX Executor(s),  Executrix  PL Public Law  AGMT Agreement FBO For the benefit of TR (As) trustee(s), for, of  ART Article FDN Foundation U Under  CH Chapter GDN Guardian(s) UA Under Agreement  CUST Custodian for GDNSHP Guardianship UW Under will of, Of will  of, Under last will &  testament  DEC Declaration MIN Minor(s)     EST Estate, of Estate of PAR Paragraph       For value received,              hereby sell(s), assign(s) and transfer(s) unto    INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE    PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE    Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint              Attorney to  transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.    Dated:    NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every  particular, without alteration or enlargement or any change whatsoever.    SIGNATURE GUARANTEED    NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and  loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to  Rule 17Ad-15 under the Securities Exchange Act of 1934.  

 

  B-1       EXHIBIT B    I,             , [title]              of The PNC Financial Services Group, Inc. (the “Corporation”), hereby certify that pursuant to the terms  of the Statement with Respect to Shares effective August 18, 2022, filed with the Department of State of the Commonwealth of  Pennsylvania on August 18, 2022 (the “Statement”), and pursuant to resolutions adopted by the Board of Directors of the  Corporation on August 11, 2022 and the resolutions of the Capital Committee of the Board of Directors of the Corporation (the  “Capital Committee”) adopted on August 16, 2022, the Corporation has established the Series V Preferred Stock which the  Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit  Agreement, dated as of August 19, 2022, by and among the Corporation, Computershare Trust Company, N.A., Computershare  Inc. and the Holders of Receipts issued thereunder from time to time (the “Deposit Agreement”). In connection therewith, the  Board of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect  to the Series V Preferred Stock as described in the Statement attached as Annex A hereto. Any terms of the Series V Preferred  Stock that are not so described in the Certificate of Designations and any terms of the Receipts representing such Series V  Preferred Stock that are not described in the Deposit Agreement are described below:    Aggregate Number of shares of Series V Preferred Stock issued on the day hereof:    CUSIP Number for Receipt: 693475 BF1    Denomination of Depositary Share per share of Series V Preferred Stock (if different than 1/100th of a share of Series V Preferred  Stock):    Redemption Provisions (if different than as set forth in the Deposit Agreement):    All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement.    The PNC Financial Services Group, Inc.    This certificate is dated:      By:     Name:     Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]