Document:

Exhibit
10.21

 

SEPARATION
AND RELEASE AGREEMENT

  

THIS
SEPARATION AND RELEASE AGREEMENT is entered into on this 9th day of November 2015, by and between Christopher Stark (“EMPLOYEE”)
and Ballantyne Strong, Inc. (“COMPANY”). For purposes of this Agreement, EMPLOYEE and COMPANY shall be collectively
referred to as the “Parties.”

 

EMPLOYEE
was employed by COMPANY as an at-will employee and pursuant to his December 20, 2013 Executive Employment Agreement (“EMPLOYMENT
AGREEMENT”), his employment will be terminated effective November 6, 2015 without Cause. Pursuant to Section 17 of the EMPLOYMENT
AGREEMENT, EMPLOYEE shall resign from any COMPANY office as of the Termination Date. This termination is without Cause as defined
in the EMPLOYMENT AGREEMENT. EMPLOYEE agrees and understands that the EMPLOYMENT AGREEMENT is hereby terminated, but that certain
provisions of that EMPLOYMENT AGREEMENT continue to survive pursuant to Section 15 of the EMPLOYMENT AGREEMENT, including, but
not limited to, Sections 11 and 13. COMPANY has offered, and EMPLOYEE has agreed to accept, these separation benefits in exchange
for a release from EMPLOYEE, which shall be governed by the terms and conditions of this Separation and Release Agreement set
forth below.

 

1. Employment and Insurance Coverage Dates. EMPLOYEE’S separation from employment with COMPANY is hereby acknowledged
and agreed to be effective at the close of business on November 6, 2015 (“Termination Date”). EMPLOYEE’S health
insurance benefits will cease on November 30, 2015, subject to EMPLOYEE’S right to continue his health insurance under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). EMPLOYEE’S participation in all
benefits and incidents of employment including, not limited to, accrual of bonuses, vacation and paid time off, ceases as of the
Termination Date.

 

2.
Separation Payments. On the first payday that occurs after the date which is ten (10) days after the date on which this
Agreement becomes effective and no longer revocable (“the Initial Payment Date”), COMPANY agrees to begin to pay and
EMPLOYEE agrees to accept separation payments in the gross amount of $191,618.30 (“Separation Payments”). All Separation
Payments shall be subject to deductions and applicable withholding, including federal and state income taxes, Medicare and FICA
amounts, and the Employee portion of COBRA payments if applicable. The Separation Payments shall consist of: 1) EMPLOYEE’S
base salary for a period of six (6) months in the gross amount of $104,313.30 (which shall be paid over a six-month period in
accordance with the COMPANY’s typical payroll schedule); and 2) a single lump-sum payment in the gross amount of $87,305.00
(in lieu of EMPLOYEE’s long-term incentive payment) which shall be paid, subject to withholdings, on the Initial Payment
Date. In addition, the Company shall pay the employer portion of EMPLOYEE’s health care costs for a period of six (6) months
through COBRA, if EMPLOYEE elects COBRA coverage. EMPLOYEE acknowledges that the Separation Payments are more than that to which
he is legally entitled.

 

3.
Unemployment Benefits. It is understood and agreed that COMPANY will not seek to disqualify EMPLOYEE from receiving unemployment
compensation benefits for which he may otherwise be entitled and that for purposes of such unemployment benefits, EMPLOYEE’S
separation from employment shall be treated as a termination without cause. COMPANY does not control the ultimate determination
for an award of unemployment benefits, and it will respond truthfully to requests for information from the appropriate state agency.
COMPANY will not appeal any award of unemployment compensation to EMPLOYEE.

 

    	 	1	 

    	 

    

 

4.
401(k) Retirement Plan. It is understood and agreed that EMPLOYEE did participate in a retirement plan offered by COMPANY
and therefore COMPANY has no further obligation to withhold any deductions nor make any contributions to any such plan on behalf
of EMPLOYEE. Therefore, for purposes of the retirement plan, EMPLOYEE is no longer considered an employee and voluntary contributions
will not be withheld from the separation payment.

 

5.
Release of Claims. EMPLOYEE agrees that the foregoing consideration represents settlement in full of all outstanding obligations
owed to EMPLOYEE by the COMPANY and its current and former officers, directors, employees, agents, investors, attorneys, shareholders,
administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor
and successor corporations and assigns (collectively, the “Releasees”). EMPLOYEE, on his own behalf and on behalf
of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees
not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, duty, obligation, demand, or
cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that EMPLOYEE
may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including
the Effective Date of this Agreement, including, without limitation:

 

a.
any and all claims relating to or arising from EMPLOYEE’S employment relationship with the COMPANY, EMPLOYEE’S EMPLOYMENT
AGREEMENT, the termination of that relationship, or the failure or refusal to provide EMPLOYEE with any benefits pursuant to any
employee benefit plan or arrangement maintained, administered, sponsored, or funded by the COMPANY;

 

b.
any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment;
retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and
implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation;
negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation;
libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability
benefits;

 

c.
any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the
Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of
1990; the Equal Pay Act;; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit
Protection Act; the Employee Retirement Income Security Act of 1974 (including but not limited to any claim for denial of benefits,
interference with benefits, or breach of fiduciary duty); the Worker Adjustment and Retraining Notification Act; the Family and
Medical Leave Act; the Sarbanes-Oxley Act of 2002; any and all amendments to any such laws; and other applicable federal, state,
or local fair employment and anti-discrimination statutes not listed above;

 

d.
any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; and

 

e.
any and all claims for attorneys’ fees and costs.

 

    	 	2	 

    	 

    

 

EMPLOYEE
agrees that the release set forth in this section will be and remain in effect in all respects as a complete general release as
to the matters released. This release does not extend to any obligations incurred under this Agreement. This release does not
release claims that cannot be released as a matter of law, including, but not limited to, EMPLOYEE’S right to file a charge
with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative
body or government agency that is authorized to enforce or administer laws related to employment, against the COMPANY (with the
understanding that any such filing or participation does not give EMPLOYEE the right to recover any monetary damages against the
COMPANY; EMPLOYEE’S release of claims herein bars EMPLOYEE from recovering such monetary relief from the COMPANY).

 

6.
Acknowledgment of Waiver of Claims under ADEA. EMPLOYEE acknowledges that he is waiving and releasing any rights he may
have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing
and voluntary. EMPLOYEE agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA
after the Effective Date of this Agreement. EMPLOYEE acknowledges that the consideration given for this waiver and release is
in addition to anything of value to which EMPLOYEE was already entitled. EMPLOYEE further acknowledges that he has been advised
by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days
within which to consider this Agreement; (c) he has seven (7) days following his execution of this Agreement to revoke this Agreement;
(d) this Agreement will not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents
or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA,
nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In
the event EMPLOYEE signs this Agreement and returns it to the COMPANY in less than the 21-day period identified above, EMPLOYEE
hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement.

 

7.
Confidentiality. EMPLOYEE agrees that the existence of this Agreement and its terms and conditions are to be held in strict
confidence. EMPLOYEE further agrees not to disclose the existence or terms of this Agreement to any past, present or future agent
or employee of COMPANY or any other individual or entity except EMPLOYEE’S spouse, his tax consultants, accountants and
attorneys, state and federal taxing authority (if required and upon request), or as may be otherwise required by law. This provision
will not prevent EMPLOYEE from disclosing the fact that COMPANY employed him through November 6, 2015.

 

8.
No Claims. EMPLOYEE represents that he has not filed any complaints or lawsuits against COMPANY with any court and that
he will not do so at any time hereafter involving COMPANY and relating to any matter arising prior to the date of this Agreement.
EMPLOYEE likewise represents that he has not suffered any discrimination on account of his age, sex, national origin, marital
status or any other protected status and none of these has been an adverse factor used against him by COMPANY; that he has not
suffered any job-related wrongs or injuries for which he might still be entitled to compensation or relief such as an injury for
which EMPLOYEE might receive a workers’ compensation award in the future; EMPLOYEE has not been denied any leave to which
he is legally entitled; EMPLOYEE acknowledges that he has reported workplace injuries or illnesses, if any; EMPLOYEE has no knowledge
of any wrongdoing by the COMPANY that would subject COMPANY to any harm, civil or criminal; EMPLOYEE acknowledges that he has
been paid in full for all hours worked and there is no compensation or benefits owed to him whatsoever other than the specific
payments set forth in this Agreement; and that EMPLOYEE has provided no information, oral or in writing, to anyone that involves
any wrong doing, civil or criminal, by COMPANY that has not been disclosed in writing to COMPANY.

 

    	 	3	 

    	 

    

 

9.
COMPANY Property. EMPLOYEE understands and agrees that he shall return any and all COMPANY files, keys, equipment and any
and all documents and property belonging to COMPANY. EMPLOYEE further states that he has not retained any documents or electronic
information or data, or any copies thereof, belonging to COMPANY, other than his laptop, which the COMPANY has permitted EMPLOYEE
to retain, subject to the device being reviewed and cleaned by the COMPANY’s IT department. EMPLOYEE further states that
he has not damaged, marred, spoiled, ruined or otherwise destroyed any property, equipment or electronic files belonging to COMPANY
and acknowledges that COMPANY may hold EMPLOYEE liable for any damage caused by EMPLOYEE to the property, equipment and electronic
files belonging to COMPANY, whether such damage is currently known or subsequently discovered after EMPLOYEE’S separation
of employment. EMPLOYEE’S signature below constitutes his certification under penalty of perjury that he has returned all
documents and other items provided to EMPLOYEE by the EMPLOYEE, developed or obtained by EMPLOYEE in connection with his employment
with the COMPANY, or otherwise belonging to the COMPANY.

 

10.
Trade Secrets and Confidential Information/COMPANY Property. EMPLOYEE reaffirms and agrees to observe and abide by the
terms of the General Confidentiality Obligations set forth in the COMPANY’S employee handbook, specifically including the
provisions therein regarding nondisclosure of the COMPANY’S trade secrets and confidential and proprietary information,
and non-solicitation of COMPANY employees. Moreover, EMPLOYEE reaffirms that confidentiality obligation set forth in his EMPLOYMENT
AGREEMENT.

 

11.
Non-disparagement and Letter of Reference. EMPLOYEE agrees to refrain from any disparagement, defamation, libel, or slander
of any of the Releasees, and agrees to refrain from soliciting for business or interfering with the contracts and relationships
of any of the Releasees have with their current or former customers. COMPANY agrees that it will provide a positive letter of
reference to EMPLOYEE in a form substantially similar to the draft letter attached as Exhibit 1 to this Agreement. COMPANY agrees
to provide EMPLOYEE with the original letter of reference on COMPANY letterhead within ten (10) days of his execution of this
Agreement, provided that it is not revoked pursuant to Section 6.

 

12.
Non-solicitation; Cooperation. EMPLOYEE agrees that for a period of twelve (12) months immediately following the Effective
Date of this Agreement, EMPLOYEE will not directly or indirectly solicit any of the COMPANY’S employees to leave their employment
at the COMPANY. EMPLOYEE reaffirms the Non-Solicitation obligation contained in his EMPLOYMENT AGREEMENT. Nothing herein, including
the confidentiality and non-disparagement provisions, shall be construed to limit EMPLOYEE’S right to (1) respond accurately
and fully to any question, inquiry or request for information when required by legal process or (2) disclose information to regulatory
bodies. EMPLOYEE is not required to contact the COMPANY before engaging in such communications. EMPLOYEE agrees that he will use
his best efforts to cooperate with the COMPANY and its counsel and to be available to provide such truthful testimony and other
information at such times as are reasonably requested of EMPLOYEE.

 

13.
Non-admission of Liability. The Parties agree that the promises contained in this Agreement are not to be construed as
any admission of any liability on the part of either Party arising out of EMPLOYEE’s employment or termination. By signing
this document, the Parties intend to avoid any action arising out of or related to the employment or employment termination of
EMPLOYEE.

 

    	 	4	 

    	 

    

 

14.
Acknowledgment of Understanding. EMPLOYEE hereby declares, agrees, and warrants that he: (a) understands the terms set
forth herein; (b) voluntarily accepts without coercion or duress those terms for the purpose of obtaining the separation benefits
as promised herein and providing the full release of all claims against COMPANY and (c) was advised by COMPANY to consult
with an attorney of his own choosing prior to the execution of this Agreement.

 

15.
Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made a
part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this
Agreement will continue in full force and effect without said provision or portion of provision.

 

16.
Entire Agreement. This Agreement represents the entire agreement and understanding between the COMPANY and EMPLOYEE concerning
the subject matter of this Agreement and EMPLOYEE’S employment with and separation from the COMPANY and the events leading
thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject
matter of this Agreement and EMPLOYEE’S relationship with the COMPANY, with the exception of those provisions of the EMPLOYMENT
AGREEMENT that survive termination of employment. EMPLOYEE acknowledges that he is not otherwise entitled to the payments and
benefits provided in this Agreement unless he executes and does not revoke this Agreement. Each Party is responsible for its own
costs, expenses and attorneys’ fees incurred in preparation of this Agreement. Acceptance of the terms of this Agreement
must occur no earlier than November 6, 2015 and no later than November 26, 2015. EMPLOYEE agrees that any modifications, material
or otherwise, made to this Agreement at any time by EMPLOYEE or COMPANY prior to the Effective Date, and even after the Termination
Date, do not restart or affect in any manner the original 21-day consideration period provided in section 19.

 

17.
No Oral Modification. This Agreement may only be amended in a writing signed by EMPLOYEE and the COMPANY’S Chairman.

 

18.
Binding Effects/Venue. This Agreement shall be binding upon the Parties, as well as their successors, assigns, heirs, beneficiaries
and designees. This Agreement shall be construed and enforced in accord with the laws of the State of Nebraska without application
of Nebraska’s choice of law rules and principles. The Parties acknowledge and agree that the exclusive venue for any proceeding
or action to enforce this Agreement or any provision thereof shall be in a Federal or State Court of competent jurisdiction in
the State of Nebraska located in Omaha, Nebraska.

 

19.
Rescission Rights/Effective Date. EMPLOYEE understands that this Agreement will be null and void if not executed by him
within twenty-one (21) days of the Termination Date. Each Party has seven (7) days after that Party signs this Agreement to revoke
it. This Agreement will become effective on the eighth (8th) day after EMPLOYEE signed this Agreement, so long as it has been
signed by the Parties and has not been revoked by either Party before that date (the “Effective Date”). To be effective,
this revocation must be in writing and delivered to the COMPANY’S Director of Human Resources, within this seven (7) day
period. If sent by mail, the revocation must be: (1) postmarked within the seven (7) day period; (2) properly addressed to COMPANY;
and (3) sent by certified mail, return receipt requested.

 

I
understand that if I revoke this Agreement as outlined above, that this Agreement will not be effective or enforceable and that
I will not be eligible to receive any severance benefits under this Agreement or otherwise.

 

    	 	5	 

    	 

    

 

BY
SIGNING BELOW, EMPLOYEE ACKNOWLEDGES THAT HE HAS RECEIVED THIS SEPARATION AGREEMENT AND RELEASE ON NOVEMBER 5, 2015 AND HAS READ
AND UNDERSTANDS ALL OF ITS TERMS. EMPLOYEE HAS BEEN ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THE AGREEMENT.
EMPLOYEE UNDERSTANDS THAT WHETHER OR NOT HE CONSULTS WITH AN ATTORNEY IS HIS DECISION. EMPLOYEE UNDERSTANDS THAT A SIGNED COPY
OF THIS AGREEMENT MUST BE RECEIVED BEFORE 4:30 P.M. CST ON THE 21ST DAY FOLLOWING HIS RECEIPT OF THIS AGREEMENT IN ORDER TO BE
ELIGIBLE TO RECEIVE ANY SEPARATION BENEFITS. FURTHER, EMPLOYEE ACKNOWLEDGES THAT THIS AGREEMENT IS EXECUTED VOLUNTARILY AND WITH
FULL KNOWLEDGE OF ITS SIGNIFICANCE AND THAT HIS DECISION TO SIGN IT IS BASED ON THE WRITTEN PROVISIONS AND NOT ON ANY OTHER STATEMENT
BY OR ON BEHALF OF COMPANY OR THE OTHER RELATING TO MY EMPLOYMENT OR ANY OTHER MATTER. 

 

IN
WITNESS WHEREOF the parties have entered into this Agreement on the 9th day of November, 2015.

  

	EMPLOYEE	 	 
	 	 	 
	/s/
    Christopher D. Stark	 	 
	 	 	 
	STATE
    OF NEBRASKA	 	)
	 	 	)
    ss.
	COUNTY
    OF DODGE	 	)

 

The
foregoing instrument was acknowledged before me this 9th day of November 2015 by Christopher D. Stark.

 

	 	/s/
    notary signature
	 	Notary
    Public

 

	COMPANY	 
	 	 	 
	By	/s/
    Nathan Legband	 
	Name: 	Nathan
    Legband	 
	Title:	CFO	 

  

The
foregoing instrument was acknowledged before me this 9th day of November, 2015 by Nathan Legband, an Officer of COMPANY a Delaware
corporation, on behalf of the Company.

 

	 	/s/
    notary     signature
	 	Notary
    Public

  

    	 	6EX-4.1

 Exhibit 4.1 
  

 
  

DEPOSIT AGREEMENT 
 among 

The Charles Schwab Corporation, 

as Issuer 
 Wells Fargo Bank, N.A.

 as Depositary, 
 and 

THE HOLDERS FROM TIME TO TIME OF 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of March 7, 2016 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	 	 	  	 Page

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

  
 -i- 

					
	Section 4.4.	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	12
			
	Section 4.5.	 	 Voting Rights
	  	12
			
	Section 4.6.	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	13
			
	Section 4.7.	 	 Delivery of Reports
	  	13
			
	Section 4.8.	 	 Lists of Receipt Holders
	  	14
		
	 ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S
AGENTS, THE REGISTRAR AND THE CORPORATION
	  	14
			
	Section 5.1.	 	 Appointment, Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	14
			
	Section 5.2.	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation
	  	15
			
	Section 5.3.	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation
	  	15
			
	Section 5.4.	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	16
			
	Section 5.5.	 	 Corporate Notices and Reports
	  	17
			
	Section 5.6.	 	 Indemnification by the Corporation
	  	18
			
	Section 5.7.	 	 Fees, Charges and Expenses
	  	18
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	18
			
	Section 6.1.	 	 Amendment
	  	18
			
	Section 6.2.	 	 Termination
	  	19
		
	 ARTICLE VII MISCELLANEOUS
	  	20
			
	Section 7.1.	 	 Counterparts
	  	20
			
	Section 7.2.	 	 Exclusive Benefit of Parties
	  	20
			
	Section 7.3.	 	 Invalidity of Provisions
	  	20
			
	Section 7.4.	 	 Notices
	  	20
			
	Section 7.5.	 	 Depositary’s Agents
	  	21

  
 -ii- 

					
	Section 7.6.	 	Appointment of Registrar and Transfer Agent in Respect of the Receipts	  	21
			
	Section 7.7.	 	Holders of Receipts Are Parties	  	21
			
	Section 7.8.	 	Governing Law	  	22
			
	Section 7.9.	 	Inspection of Deposit Agreement	  	22
			
	Section 7.10.	 	Headings	  	22
			
	Section 7.11.	 	Confidentiality	  	22
			
	Exhibit A	 	Form of Receipt	  	A-1
			
	Exhibit B	 	Certificate of Designations	  	B-1

  
 -iii- 

 DEPOSIT AGREEMENT dated as of March 7, 2016, among (i) The Charles Schwab Corporation, a
Delaware corporation, (ii) Wells Fargo Bank, N.A., a national banking association formed under the laws of the United States, as Depositary and (iii) the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of 5.95% Non-Cumulative
Perpetual Preferred Stock, Series D, of the Corporation with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a fractional interest in the Stock deposited and for
the execution and delivery of Receipts evidencing Depositary Shares; 
 WHEREAS, the Receipts are to be substantially in the form of
Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and 

WHEREAS, the terms and conditions of the 5.95% Non-Cumulative Perpetual Preferred Stock, Series D, of the Corporation are substantially set
forth in the Certificate of Designations attached hereto as Exhibit B; 
 NOW, THEREFORE, in consideration of the premises, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
  

	 	Section 1.1.	Definitions. 

 The following definitions shall for all purposes, unless otherwise
indicated, apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

“Certificate of Designations” shall mean the Certificate of Designations filed with the Secretary of State of the State of
Delaware establishing the Stock as a series of preferred stock of the Corporation, and setting forth the rights, preferences and privileges of the Stock, and attached hereto as Exhibit B, and as such certificate may be amended or restated from time
to time. 
 “Corporation” shall mean The Charles Schwab Corporation, a Delaware corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as the same may be amended, modified or supplemented from time to time
in accordance with the terms hereof. 
 “Depositary” shall mean Wells Fargo Bank, N.A., a national banking association
formed under the laws of the United States and any successor as Depositary hereunder. 
 “Depositary Share Redemption
Price” shall have the meaning set forth in Section 2.8. 

  
 1 

 “Depositary Shares” shall mean the security representing a 1/40th fractional
interest in a share of the Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued
hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share (including the dividend,
voting, redemption and liquidation rights contained in the Certificate of Designations). 
 “Depositary’s Agent” shall
mean an agent appointed by the Depositary pursuant to Section 7.5. 
 “Depositary’s Office” shall mean the
principal office of the Depositary, at which at any particular time its depositary receipt business in respect of matters governed by this Deposit Agreement shall be administered. 

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

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

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

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

  
 2 

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

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

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

“Registrar” shall mean the Depositary or such other successor bank or trust company which shall be appointed by the
Corporation to register ownership and transfers of Receipts as herein provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer
as well to the register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of
1933, as amended. 
 “Stock” shall mean shares of the Corporation’s 5.95% Non-Cumulative Perpetual Preferred Stock,
Series D, $0.01 par value, $1,000 liquidation preference per share, designated and described in the Certificate of Designations. 

ARTICLE II 
 FORM
OF RECEIPTS, DEPOSIT OF STOCK, 
 EXECUTION
AND DELIVERY, TRANSFER, 
 SURRENDER AND REDEMPTION
OF RECEIPTS 
  

	 	Section 2.1.	Form and Transfer of Receipts. 

 Definitive Receipts shall be substantially in the form
set forth in Exhibit A annexed to this Deposit Agreement, in each case with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New
York Stock Exchange LLC. 
 Receipts shall be executed by the Depositary by the manual signature of a duly authorized officer of the
Depositary; provided, that such signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by a duly authorized officer of the Registrar. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the
Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed
and delivered as hereinafter provided.
 Receipts shall be in denominations of any number of whole Depositary Shares. All receipts
shall be dated the date of their issuance. 

  
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 Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals
or changes not inconsistent with the provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed
instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided
in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
  

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

 Subject to the
terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of the Stock under this Deposit Agreement by delivery to the Depositary of (i) a certificate or certificates for the Stock to be deposited, properly
endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement or (ii) an instruction letter from the Corporation authorizing the Depositary to register such shares of the Stock in book-entry form,
each in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and all other information required to be set forth, and together with
a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares
representing such deposited Stock. 
 Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place
or places as the Depositary shall determine. The Depositary shall not lend any Stock deposited hereunder. 
 Upon receipt by the Depositary
of (i) a certificate or certificates for Stock deposited in accordance with the provisions of this Section or (ii) an instruction letter from the Corporation in accordance with the provisions of this Section, together with the other documents
required as above specified, and upon recordation of the Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit
Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the
number of Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or
such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

  
 4 

	 	Section 2.3.	Registration of Transfer of Receipts. 

 Subject to the terms and conditions of this
Deposit Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed
instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to
or upon the order of the person entitled thereto. 
 The Depositary shall not be required (a) to issue, transfer or exchange any
Receipts for a period beginning at the opening of business fifteen days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to
transfer or exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.8. 
  

	 	Section 2.4.	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock. 

Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of
effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested,
evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the holder of the Receipt or Receipts so surrendered. 

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

  
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 Except as provided in Section 6.2, in no event will fractional shares of Stock (or any cash
payment in lieu thereof) be delivered by the Depositary. Delivery of the Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may
deem appropriate. 
 If the Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other
than the record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or
Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the
Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be
designated by such holder. 
  

	 	Section 2.5.	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts. 

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

	 	Section 2.6.	Lost Receipts, etc. 

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

  
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	 	Section 2.7.	Cancellation and Destruction of Surrendered Receipts. 

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

 

	 	Section 2.8.	Redemption of Stock. 

 Whenever the Corporation shall be permitted and shall elect to
redeem shares of Stock in accordance with the provisions of the Certificate of Designations (including on account of a Regulatory Capital Treatment Event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary)
give or cause to be given to the Depositary, not less than 30 days and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Stock and of the number of such shares held by
the Depositary to be so redeemed and the Depositary Share Redemption Price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in accordance with the provisions of the Certificate of
Designations. On the date of such redemption, provided that the Corporation shall then have paid or caused to be paid in full to the Depositary the Redemption Price (as defined in the Certificate of Designations) per share of Stock to be redeemed,
in accordance with and as required by the provisions of the Certificate of Designations, the Depositary shall redeem the number of Depositary Shares representing such Stock. The Depositary shall mail notice of the Corporation’s redemption of
Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by first-class mail, postage prepaid, not less than 30 days and not more than 60 days prior to the date fixed for redemption
of such Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed at the addresses of such holders as they appear on the records of the Depositary;
but neither failure to mail any such notice of redemption of Depositary Shares to one or more such holders nor any defect in any notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings
for redemption as to the other holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by
any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the Depositary Share Redemption Price; (iv) the place or places where Receipts evidencing Depositary Shares are to be
surrendered for payment of the Depositary Share Redemption Price and (v) that dividends on such shares of Stock represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding
Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot. 
 Notice
having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) all
shares of Stock called for redemption shall cease to be outstanding and any rights with respect to such shares shall cease 

  
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and terminate (except for the right to receive the Preferred Stock Redemption Price without interest), (ii) the Depositary Shares being redeemed from such proceeds shall cease to be
outstanding and all rights of the holders of Receipts evidencing such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate (except the right to receive the Depositary Share Redemption Price without interest), and
(iii) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such
Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share (the “Depositary Share Redemption Price”) equal to one-fortieth of the Preferred Stock Redemption Price per share of Stock so redeemed
plus all money and other property, if any, represented by such Depositary Shares. 
 If fewer than all of the Depositary Shares evidenced by
a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt
and not called for redemption. 
  

	 	Section 2.9.	Receipts Issuable in Global Registered Form. 

 If the Corporation shall determine in a
writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute
and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered
Receipt or Receipts, and (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 
 Notwithstanding
any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such
Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository
or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of
beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a
Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the
Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the holder of such Global Registered Receipt for all purposes whatsoever.

Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the
applicable Global Receipt Depository will make book-entry 

  
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transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its
applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Depositary shall give all such notices, payments and
communications specified herein to be given to such holders to the applicable Global Receipt Depository. 
 If an Exchange Event has
occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for
such Global Registered Receipt, execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt
surrendered in exchange for such Global Registered Receipt. 
 Definitive registered Receipts issued in exchange for a Global Registered
Receipt pursuant to this Section shall be registered in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the
Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered. 

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

 CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE CORPORATION 

 

	 	Section 3.1.	Filing Proofs, Certificates and Other Information. 

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

 

	 	Section 3.2.	Payment of Taxes or Other Governmental Charges. 

 Holders of Receipts shall be obligated
to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary

  
 9 

 
Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends or other distributions may be withheld or any part of or all the Stock or other property
represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such dividends or other
distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency. 
  

	 	Section 3.3.	Warranty as to Stock. 

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

 

	 	Section 3.4.	Warranty as to Receipts. 

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

ARTICLE IV 
 THE
DEPOSITED SECURITIES; NOTICES 
  

	 	Section 4.1.	Cash Distributions. 

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

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

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

	 	Section 4.3.	Subscription Rights, Preferences or Privileges. 

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

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

The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to
take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

 

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

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

	 	Section 4.5.	Voting Rights. 

 Subject to the provisions of the Certificate of Designations, upon
receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the
record holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any applicable restrictions, instruct
the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to

  
 12 

 
the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of
the holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock
represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to
enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from holders of Receipts, the Depositary will vote the Stock represented by the Depositary Shares evidenced by the Receipts of such
holders proportionately with votes cast pursuant to instructions received from the other holders. 
  

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

Upon any change in par or stated value, split-up, combination or any other reclassification of the Stock, subject to the Certificate of
Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary may in its discretion with the approval of, and shall upon the instructions of, the Corporation,
and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Stock and in the ratio of
the Redemption Price to the Preferred Stock Redemption Price, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of Stock, or of such recapitalization,
reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon
conversion or in respect of such Stock. In any such case the Depositary may in its discretion, with the approval of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged
for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up,
combination or other reclassification of the Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby
only into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might have been exchanged or
surrendered immediately prior to the effective date of such transaction. 
  

	 	Section 4.7.	Delivery of Reports. 

 The Depositary shall furnish to holders of Receipts any reports
and communications received from the Corporation which are received by the Depositary and which the Corporation is required to furnish to the holders of the Stock. 

  
 13 

	 	Section 4.8.	Lists of Receipt Holders. 

 Promptly upon request from time to time by the Corporation,
the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. 

ARTICLE V 
 THE
DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE
REGISTRAR AND THE CORPORATION 
  

	 	Section 5.1.	Appointment, Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

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

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

  
 14 

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

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

	 	Section 5.3.	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation. 

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

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under, any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability
be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation
shall be liable for any action or any failure to act by it in reasonable reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other person
believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written
notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary will indemnify the Corporation against any liability which may directly arise out of acts performed or omitted by the
Depositary due to its gross negligence, willful 

  
 15 

 
misconduct or bad faith, however, in no event shall the Depositary be liable for consequential, special or indirect damages of any kind regardless of whether the Depositary is put on notice of
the possibility of such damages. The Depositary shall not be liable for the acts or omissions due to the gross negligence, willful misconduct or bad faith of any Depositary’s Agent, so long as such Depositary’s Agent was appointed with due
care. 
 The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the
manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically
set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 

The Depositary, the Depositary’s Agents, and any Registrar may own and deal in any class of securities of the Corporation and its
affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

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

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

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

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

  
 16 

 The Depositary may at any time be removed by the Corporation by notice of such removal delivered
to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery
of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust Corporation having its principal office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the
appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it
and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest
in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts and such records, books and other information in its possession relating thereto.
Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the record holders of Receipts. 

Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the
execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor Depositary.

  

	 	Section 5.5.	Corporate Notices and Reports. 

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

  
 17 

	 	Section 5.6.	Indemnification by the Corporation. 

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

 

	 	Section 5.7.	Fees, Charges and Expenses. 

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

AMENDMENT AND TERMINATION 

 

	 	Section 6.1.	Amendment. 

 The form of the Receipts and any provisions of this Deposit Agreement may at
any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the
rights of the holders of Receipts shall be effective unless such amendment shall have been approved by holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every holder of an
outstanding Receipt at the time any such amendment becomes 

  
 18 

 
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment
impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the
Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable stock exchange.

  

	 	Section 6.2.	Termination. 

 This Deposit Agreement may be terminated by the Corporation at any time
upon not less than 60 days prior written notice to the Depositary, in which case, at least 30 days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record holders of
all Receipts then outstanding. 
 If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the
Depositary thereafter shall discontinue the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under
this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall deliver the number of
whole or fractional shares of Stock and any money and other property, if any, represented by Receipts upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of termination, the Depositary may sell
Stock then held hereunder at public or private sale, at such places and upon such terms as it deems proper and may thereafter hold the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability
for interest, for the benefit, pro rata in accordance with their holdings, of the holders of Receipts that have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit
Agreement except to account for such net proceeds and money and other property; provided, that Sections 5.3 and 5.6 shall survive the termination of this Deposit Agreement. 

This Deposit Agreement will terminate automatically if (i) all outstanding Depositary Shares have been redeemed pursuant to
Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the holders
of Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 
 Upon the termination of this Deposit Agreement, the Corporation
shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 

  
 19 

 ARTICLE VII 

MISCELLANEOUS 
  

	 	Section 7.1.	Counterparts. 

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

 

	 	Section 7.2.	Exclusive Benefit of Parties. 

 This Deposit Agreement is for the exclusive benefit of
the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
  

	 	Section 7.3.	Invalidity of Provisions. 

 In case any one or more of the provisions contained in this
Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or
disturbed thereby. 
  

	 	Section 7.4.	Notices. 

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

The Charles Schwab Corporation 

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

Facsimile: (415) 667-9731 
 Email:
Joseph.Martinetto@schwab.com, 
 Attention: Treasurer 

Facsimile: 415-667-8565 
 Email:
bill.quinn@schwab.com 
 Attention: General Counsel 

Facsimile: (415) 667-9814 
 Email:
david.garfield@schwab.com 
 or at any other addresses of which the Corporation shall have notified the Depositary in writing. 

  
 20 

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

Wells Fargo Bank, N.A. 
 1110
Centre Pointe Curve, Suite 101 
 Mendota Heights, MN 55120 

Attention: Relationship Manager 

Facsimile No.: 651-450-4078 
 or at any other
address of which the Depositary shall have notified the Corporation in writing. 
 Any and all notices to be given to any record holder of a
Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary, or if such holder shall have timely filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such
request. 
 Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may, however, act upon any facsimile transmission received
by it from the other or from any holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 
  

	 	Section 7.5.	Depositary’s Agents. 

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

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

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

	 	Section 7.7.	Holders of Receipts Are Parties. 

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

  
 21 

	 	Section 7.8.	Governing Law. 

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

	 	Section 7.9.	Inspection of Deposit Agreement. 

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

 

	 	Section 7.10.	Headings. 

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

	 	Section 7.11.	Confidentiality.  

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

  
 22 

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

 

					
	THE CHARLES SCHWAB CORPORATION
		
	By:	 	 /s/ Joseph R. Martinetto

		 	Name:	 	Joseph R. Martinetto
		 	Title:	 	Senior Executive Vice
		 		 	President and Chief Financial Officer
	
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Andrea Severson

		 	Name:	 	Andrea Severson
		 	Title:	 	AVP – Client Services

 Exhibit A 

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

DEPOSITARY SHARES 

[                    ] 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH 

REPRESENTING 1/40TH OF ONE SHARE OF 5.95% NON-CUMULATIVE PERPETUAL 

PREFERRED STOCK, SERIES D 
 OF 

THE CHARLES SCHWAB CORPORATION 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP 808513 600 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning June 1, 2016, each March 1, June 1, September 1 and December 1. 

Wells Fargo Bank, N.A., a national banking association formed under the laws of the United States, as Depositary (the “Depositary”),
hereby certifies that Cede & Co. is the registered owner of
[                    ][(            )] DEPOSITARY SHARES (“Depositary Shares”),
each Depositary Share representing 1/40th of one share of 5.95% Non-Cumulative Perpetual Preferred Stock, Series D, $0.01 par value, liquidation preference $1,000 per share, (the “Stock”), of The Charles Schwab Corporation, a
Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of March 7, 2016 (the “Deposit Agreement”), among the
Corporation, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement.
This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a duly authorized officer or, if
executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 

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

  
 A-1 

			
	Dated:	 	  

	
	Wells Fargo Bank, N.A., Depositary
		
	By:	 	  

		 	Authorized Officer

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

THE CHARLES SCHWAB CORPORATION 

THE CHARLES SCHWAB CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A
COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS ESTABLISHING THE 5.95% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES D, OF THE CHARLES SCHWAB CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS
RECEIPT. 
  
  

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

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

							
	 Abbreviation
	  	 Equivalent Phrase
	  	 Abbreviation
	  	 Equivalent Phrase

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

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	 	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

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

  
 A-3 

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

	
	  

 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

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

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

			
	 Dated:
	 	  

 

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

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

  
 A-4 

 Exhibit B 

Certificate of Designations 

[Included in Exhibit 3.1] 

  
 B-1

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