Document:

Exhibit

Exhibit 10.26

June 19, 2019
Thomas Donohue 
[                               ] 
[                               ] 

Dear Tom,
It’s my pleasure to update the terms and conditions of your employment with Barnes & Noble Education, Inc.  The following represents the key elements of these revised terms and conditions:

		
	Job Title: 
	EVP, Chief Financial Officer, Barnes & Noble Education, Inc. and its affiliates (the “Company”)

		
	Reports to: 
	Mike Huseby, Chairman & CEO

		
	Salary:
	$500,000/Annualized

		
	Annual Incentive Plan: 
	The bonus target for your position is 60% of your base salary for the 2019 fiscal year and 85% of your base salary for the 2020 fiscal year and thereafter.  Your bonus percentage will be subject to proration between the time spent in your current role and your new role through the end of the fiscal year.

		
	Equity:
	Subject to approval by the Compensation Committee, you will be eligible to receive an equity grant under our annual long-term incentive program as part of the annual process.  Additional details will be shared after approval.

		
	Severance:
	If (a) your employment is terminated by the Company without Cause or (b) you voluntarily terminate your employment for Good Reason, the Company shall (i) pay you an amount equal to one (1) times the sum of (a) one year’s salary and (b) your target annual bonus for the year of termination (“Severance Amount”), and (ii) provide you continued health care coverage at the Company’s cost pursuant to the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”) if you elect COBRA coverage until the earlier of when you are no longer eligible for COBRA coverage or twelve (12) months following your date of termination (the “COBRA Benefits”); provided that (x) you execute and deliver to the Company, and do not revoke, a release of all claims against the Company substantially in the form attached hereto as Exhibit A (“Release”) and (y) you have not materially breached as of the date of such termination any provisions of this letter or your Agreement Regarding Certain Terms and Conditions of Employment (the “Agreement”) and do not materially breach such provisions at any time during the Relevant Period (as defined in the Agreement). The Company’s obligation to make such payment shall be cancelled upon the occurrence of any such material breach and, in the event such payment has already been made, you shall repay to the Company such payment within 30 days after demand therefor; provided, however, such repayment shall not be required if the Company shall have materially breached this offer letter or the Agreement prior to the time of your breach. The Severance Amount shall be paid in cash in a single 

Exhibit 10.26

lump sum on the later of (1) the first day of the month following the month in which such termination occurs and (2) the date the Revocation Period (as defined in the Release) has expired and the COBRA Benefits will be provided on a monthly basis. Notwithstanding anything in this paragraph to the contrary, if a Release is not executed and delivered to the Company within 60 days of such termination of employment (or if such Release is revoked in accordance with its terms), the Severance Amount shall not be paid and the COBRA Benefits shall not be made available to you.

		
	Change of Control:
	If at any time during your employment (i) there is a Change of Control (as defined below) and (ii) your employment is terminated by the Company without Cause or you voluntarily terminate your employment for Good Reason, in either case, within 90 days preceding or two years following the Change of Control or the remainder of the current Renewal Term (as defined in the Employment Agreement), as applicable, then the Company shall (A) pay you an amount equal to two times the sum of (i) your then Annual Base Salary, and (ii) your target annual bonus for the year of termination (or, if higher, as in effect immediately prior to the Change of Control) (“Change of Control Amount”), and (B) provide you the COBRA Benefits, less all applicable withholding and other applicable taxes and deductions.  (A) The Change of Control Amount and the COBRA Benefits are subject to you executing and delivering to the Company (and not revoking) the Release within 60 days following your termination date, (B) the Change of Control Amount shall be paid to you in cash in a single lump sum within 30 days after the date your employment terminates (or, if later, when the Release becomes irrevocable) and (C) the COBRA Benefits will be provided on a monthly basis.  In the event that it is determined that the aggregate amount of the payments and benefits that could be considered “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (collectively, with the regulations and other guidance promulgated thereunder, the “Code”; and such payments and benefits, the “Parachute Payments”) that, but for this paragraph would be payable to you under this Agreement or any other plan, policy, or arrangement of the Company or Barnes & Noble Education, Inc. or any affiliate, exceeds the greatest amount of Parachute Payments that could be paid to you without giving rise to any liability for any excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the aggregate amount of Parachute Payments payable to you shall not exceed the amount that produces the greatest after-tax benefit to you after taking into account any Excise Tax to be payable by you.  Any reduction in Parachute Payments pursuant to the immediately preceding sentence shall be made in the following order: (1) cash payments that do not constitute deferred compensation within the meaning of Section 409A of the Code, (2) welfare or in-kind benefits, (3) equity compensation awards and (4) cash payments that do constitute deferred compensation; in each case, such reductions shall be made in the manner that maximizes the present value to you of all such payments.  For the avoidance of doubt, the amounts payable to you under this paragraph shall be in lieu of any amounts payable to you under the previous paragraph (Severance).

Exhibit 10.26

As used herein, “Change of Control” shall mean the occurrence of one or more of the following events:
(i)  during any period of 24 consecutive months, individuals who were Directors of the Company on the first day of such period (the “Incumbent Directors”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a Director of the Company subsequent to the first day of such period whose election, or nomination for election, by the Company’s stockholders was approved by a vote of at least a majority of the Incumbent Directors shall be considered as though such individual were an Incumbent Director; 
(ii) the consummation of (A) a merger, consolidation, statutory share exchange or similar form of corporate transaction involving (x) the Company or (y) any of its Subsidiaries, but in the case of this clause (y) only if Company Voting Securities (as defined below) are issued or issuable (each of the events referred to in this clause (A) being hereinafter referred to as a “Reorganization”) or (B) the sale or other disposition of all or substantially all the assets of the Company to an entity that is not an affiliate (a “Sale”), in each case, if such Reorganization or Sale requires the approval of the Company’s stockholders under the law of the Company’s jurisdiction of organization (whether such approval is required for such Reorganization or Sale or for the issuance of securities of the Company in such Reorganization or Sale), unless, immediately following such Reorganization or Sale, (1) all or substantially all the individuals and entities who were the “beneficial owners” (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934 (or a successor rule thereto)) (the “Exchange Act”) of the securities eligible to vote for the election of the Board (“Company Voting Securities”) outstanding immediately prior to the consummation of such Reorganization or Sale beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the corporation resulting from such Reorganization or Sale (including a corporation that, as a result of such transaction, owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries) (the “Continuing Corporation”) in substantially the same proportions as their ownership, immediately prior to the consummation of such Reorganization or Sale, of the outstanding Company Voting Securities (excluding any outstanding voting securities of the Continuing Corporation that such beneficial owners hold immediately following the consummation of the Reorganization or Sale as a result of their ownership prior to such consummation of voting securities of any company or other entity involved in or forming part of such Reorganization or Sale other than the Company), (2) no “person” (as such term is used in Section 13(d) of the Exchange Act) (each, a “Person”) (excluding (x) any employee benefit plan (or related trust) sponsored or maintained by the Continuing Corporation or any 

Exhibit 10.26

corporation controlled by the Continuing Corporation or (y) Leonard Riggio, his spouse, his lineal descendants, trusts for the exclusive benefit of any such individuals, the executor or administrator of the estate or the legal representative of any of such individuals and any entity controlled by any of the foregoing Persons (the “Riggio Shareholders”) beneficially owns, directly or indirectly, 40% or more of the combined voting power of the then outstanding voting securities of the Continuing Corporation and (3) at least a majority of the members of the board of directors of the Continuing Corporation were Incumbent Directors at the time of the execution of the definitive agreement providing for such Reorganization or Sale or, in the absence of such an agreement, at the time at which approval of the Board was obtained for such Reorganization or Sale; or 
(iii) any person, corporation or other entity or “group” (as used in Section 14(d)(2) of the Exchange Act) (other than (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an affiliate, (C) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the voting power of the Company Voting Securities or (D) the Riggio Shareholders) becomes the beneficial owner, directly or indirectly, of securities of the Company representing 40% or more of the combined voting power of the Company Voting Securities; provided, however, that for purposes of this subparagraph (iii), the following acquisitions shall not constitute a Change of Control: (w) any acquisition directly from the Company, (x) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or an affiliate, (y) any acquisition by an underwriter temporarily holding such Company Voting Securities pursuant to an offering of such securities or any acquisition by a pledgee of Company Voting Securities holding such securities as collateral or temporarily holding such securities upon foreclosure of the underlying obligation or (z) any acquisition pursuant to a Reorganization or Sale that does not constitute a Change of Control for purposes of subparagraph (ii) above. 
For purposes of this letter, “Cause” means (A) your engaging in intentional misconduct or gross negligence that, in either case, is injurious to Company; (B) your indictment, entry of a plea of nolo contendere, or conviction by a court of competent jurisdiction with respect to any felony or other crime or violation of law involving fraud or dishonesty (with the exception of misconduct based in good faith on the advice of professional consultants, such as attorneys and accountants) or any felony (or equivalent crime in a non-U.S. jurisdiction); (C) any gross negligence, intentional acts or intentional omissions by you in the performance of your duties; (D) fraud, dishonesty, embezzlement, or misappropriation in connection with the performance of the your employment duties and responsibilities; (E) your engaging in any act of intentional misconduct or moral turpitude reasonably likely to adversely affect the Company or its business; (F) your abuse of or dependency on alcohol or drugs (illicit or otherwise) that adversely affects your job performance; (G) your willful failure or refusal to properly perform the duties, responsibilities, or obligations of your employment for reasons other than Disability or authorized leave, or to properly perform or follow any lawful direction by the Company (with the exception of a willful failure or refusal to properly perform 

Exhibit 10.26

based in good faith on the advice of professional consultants, such as attorneys and accountants); or (H) your material breach of this offer letter, the Agreement or of any other contractual duty to, written policy of, or written agreement with the Company (with the exception of a material breach based in good faith on the advice of professional consultants, such as attorneys and accountants); provided that, with respect to clauses (C), (G) and (H), you have failed to cure such circumstances within 10 days following written notice from the Company.
For purposes of this letter, “Good Reason” shall mean the occurrence of one or more of the following events without your written consent:  (A) a material diminution of your duties; (B) a material diminution in the authority, duties or responsibilities of the supervisor to whom you are required to report; (C) a reduction in the annual Base Salary you receive from the Company or reduction in your target annual bonus; (D) a reduction in your title; (E) a required relocation of your principal place of employment by more than 50 miles or (F) during the two-year period following a Change in Control, a material reduction in the value of the employee benefits provided to you.  Notwithstanding the foregoing, you will have grounds to resign for Good Reason only if (A) you notify the Company in writing of the grounds therefor within 60 days following their occurrence, (B) the Company does not cure such grounds within 30 days following the receipt of such notice, and (C) you actually resign your employment within 30 days following the end of such cure period.
For purposes of this letter, the term “Disability” shall mean a written determination by a majority of three physicians (one of which shall be your most recent primary care provider) mutually agreeable to the Company and you (or, in the event of your total physical or mental disability, your legal representative) that you are physically or mentally unable to perform your duties as EVP, Chief Financial Officer of the Company under this letter and that such disability can reasonably be expected to continue for a period of six (6) consecutive months or for shorter period aggregating 180 days in any 12 month period.
This letter shall not be deemed to be a contract of employment for a specific period of time and nothing contained herein shall alter your status as an at-will employee.  This letter supersedes any prior written or oral agreements between you and the Company relating to the subject matter hereof.
Please sign this letter to acknowledge receipt and acceptance of the terms.  Please return a signed copy to me and keep a copy for your records.
Please contact me with any questions.
Sincerely,
/s/ JoAnn Magill 
SVP, Human Resources
	
		
	AGREED AND ACCEPTED
/s/ Thomas Donohue 
Thomas Donohue
	Date
June 19, 2019

Exhibit 10.26

EXHIBIT A
GENERAL RELEASE AND WAIVER

1.  Thomas Donohue (“Employee”) hereby acknowledges and agrees Employee’s employment with Barnes and Noble Education, LLC, a subsidiary of Barnes & Noble Education, Inc. (the “Company”) terminated on __________, 20__ (the “Termination Date”).
2.      Employee acknowledges and agrees that Employee’s executing this General Release and Waiver (“Release”) is a condition precedent to the Company’s obligation to pay (and the Employee’s right to retain) the Severance Amount (or, as applicable, the Change in Control Amount) and the COBRA Benefits, each as defined in the offer letter dated as of June __, 2019, including the attached Agreement, between Employee and the Company (such agreement referred to collectively herein as the “Employment Agreement” and such payments and benefits collectively referred to herein as the “Separation Benefit”), that the Separation Benefit is adequate consideration for this Release, and that any monetary or other benefits that, prior to the execution of this Release, Employee may have earned or accrued, or to which Employee may have been entitled, have been paid or such payments or benefits have been released, waived or settled by Releasor (as defined below) except as expressly provided in this Release.
3.      (a) THIS SECTION PROVIDES A COMPLETE RELEASE AND WAIVER OF ALL EXISTING AND POTENTIAL CLAIMS EMPLOYEE MAY HAVE AGAINST EVERY PERSON AND ENTITY INCLUDED WITHIN THE DESCRIPTION BELOW OF “RELEASEE.” BEFORE EMPLOYEE SIGNS THIS RELEASE, EMPLOYEE MUST READ THIS SECTION CAREFULLY, AND MAKE SURE THAT EMPLOYEE UNDERSTANDS IT FULLY.
(b)      In consideration of Employee’s receipt and acceptance of the Separation Benefit from the Company, and on behalf of the Company and each Releasee (as defined below), Employee, on Employee’s behalf and on behalf of Employee’s heirs, executors, administrators, successors and assigns (collectively, “Releasor”), hereby irrevocably, unconditionally and generally releases the Company, its current and former officers, directors, shareholders, trustees, parents, members, managers, affiliates, subsidiaries, branches, divisions, benefit plans, agents, attorneys, advisors, counselors and employees, and the current and former officers, directors, shareholders, agents, attorneys, advisors, counselors and employees of any such parent, affiliate, subsidiary, branch or division of the Company and the heirs, executors, administrators, receivers, successors and assigns of all of the foregoing (each, a “Releasee”), from or in connection with, and hereby waives and/or settles, except as provided in Section 3(c) herein, any and all actions, causes of action, suits, debts, dues, sums of money, accounts, controversies, agreements, promises, damages, judgments, executions, or any liability, claims or demands, known or unknown and of any nature whatsoever, whether or not related to employment, and which Releasor ever had, now has or hereafter can, shall or may have as of the date of this Release, including, without limitation, (i) any rights and/or claims arising under any contract, express or implied, written or oral, including, without limitation, the Employment Agreement; (ii) any rights and/or claims arising under any applicable foreign, federal, state, local or other statutes, orders, laws, ordinances, regulations or the like, or case law, that relate to employment or employment practices, including, without limitation, family and medical, and/or, specifically, that prohibit discrimination based upon age, race, religion, sex, color, creed, national origin, sexual orientation, marital status, disability, medical condition, pregnancy, veteran status or any other unlawful bases, including, without limitation, the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as amended, the Civil Rights Acts of 1866 and 1871, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefit Protection Act, the Immigration Reform and Control Act, the Fair Credit Reporting Act, the Consumer Credit Protection Act, the Fair Labor Standards Act, the National Labor Relations Act, the Uniform Services Employment and Reemployment Rights Act of 1994, the Genetic Information Nondiscrimination Act, the Occupational Safety and Health Act, the Patient Protection and Affordable Care Act, the Drug-Free Workplace Act, the Equal 

Exhibit 10.26

Pay Act, the Americans with Disabilities Act of 1990, as amended, the Family Medical Leave Act of 1993, as amended, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Vietnam Era Veterans’ Readjustment Assistance Act of 1974, as amended, the Worker Adjustment and Retraining Notification Act of 1988, as amended, and any similar applicable statutes, orders, laws, ordinances, regulations or the like, or case law, of the State of New Jersey and the State of New York and any state in which any Releasee is subject to jurisdiction, or any political subdivision thereof, including, without limitation, the New York State Human Rights Law, the New York State Labor Law, the New York City Human Rights Law, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act, and the New Jersey Wage and Hour Law, and all applicable rules and regulations promulgated pursuant to or concerning any of the foregoing statutes, orders, laws, ordinances, regulations or the like; (iii) any waivable rights and/or claims relating to wages and hours, including under state or local labor or wage payment laws; (iv) any rights and/or claims to benefits that Employee may have or become entitled to receive under any severance, termination, change of control, bonus or similar policy, plan, program, agreement or similar or related arrangements, including, without limitation, any offer letter, letter agreement or employment agreement between Employee and the Company; (v) any rights and/or claims that Employee may have to receive any equity in the Company (whether restricted or unrestricted) in the future; and (vi) and any rights and/or claims for attorneys’ fees. Employee agrees not to challenge or contest the reasonableness, validity, or enforceability of this Release.
(c)  Notwithstanding the foregoing, Employee does not release any Releasee from any of the following rights and/or claims: (i) any rights and/or claims Employee may have that arise after the date Employee signs this Release; (ii) any rights and/or claims that by law cannot be waived by private agreement; (iii) Employee’s right to file a charge or report with, or participate in, any investigation or proceeding conducted by the U.S. Equal Employment Opportunity Commission (“EEOC”) or other government agency; provided that even though Employee can file a charge or report or participate in an investigation or proceeding conducted by the EEOC or other government agency, by executing this Release, Employee is waiving his/her ability to obtain relief of any kind from any Releasee to the extent permitted by law (but Employee does not waive the right to any recovery authorized under Section 21F of the Securities Exchange Act of 1934); (iv) Employee’s non-forfeitable rights to accrued benefits (within the meaning of Sections 203 and 204 of ERISA); or (v) any rights and/or claims to indemnification from the Company pursuant to its governing documents or applicable law and any rights and/or claims to insurance coverage under any directors’ and officers’ personal liability insurance or fiduciary insurance policy.
4.      Nothing in or about this Release is intended to, and shall not, prohibit Employee from engaging in the following activities, and the limitations in Section 3 of the Agreement shall not apply to the disclosure of Confidential Information under the following circumstances: (i) filing and, as provided for under Section 21F of the Securities Exchange Act of 1934, maintaining the confidentiality of a claim with a government agency that is responsible for enforcing a law; (ii) providing Confidential Information (as defined in Section 3 of the Agreement) to the extent required by law or legal process or permitted by Section 21F of the Securities Exchange Act of 1934; or (iii) cooperating with or participating or assisting in any government or regulatory entity investigation or proceeding.   With respect to each of these three scenarios, however, Employee agrees to take all reasonable steps to prevent the disclosure of Confidential Information beyond the allowable parameters described in this Section 4.
5.      Employee represents and warrants that Employee has not filed or commenced any complaints, claims, actions, or proceedings of any kind against any Releasee with any federal, state, or local court or any administrative, regulatory or arbitration agency or body except those that Employee has listed with specificity next to Employee’s name in the signature block below; provided, however, that Employee is not required to disclose any complaint or other disclosures that are required or protected under the Sarbanes-

Exhibit 10.26

Oxley Act of 2002, the Securities Exchange Act of 1934, 18 U.S.C. §1513(e), or any other law, rule, or regulation that is subject to the jurisdiction of the Securities and Exchange Commission. 
Employee hereby waives any right to, and agrees not to, seek reinstatement or employment of any kind with any Releasee and, without waiver by any Releasee of the foregoing, the existence of this Release shall be a valid, nondiscriminatory basis for rejecting any such application or, in the event Employee obtains such employment, for terminating such employment. This Release and the Separation Benefit are not intended to be, shall not be construed as, and are not an admission or concession by any Releasee of any wrongdoing or illegal or actionable acts or omissions.
6.      (a)  Employee hereby represents and agrees that, except as shall be required by law or as permitted under Section 3(c)(iii) or Section 4 of this Release, Employee shall (i) keep confidential and not disclose orally or in writing, to any person, except as may be required by law, any and all information concerning the existence or terms of this Release and the amount of any payments made hereunder and (ii) keep confidential and not disclose orally or in writing, directly or indirectly, to any person (except Employee’s immediate family, attorneys and accountant), any and all information concerning any potential claims or causes of action that are being released in this Release, or allegations or facts that would support such claims or causes of action.
(b) If Employee is requested or required (by oral questions, interrogatories, requests for information, or documents, subpoena, civil investigative demand or similar process) to disclose any information covered by Section 6(a) herein, Employee shall promptly notify the Company of such request or requirement so that the Company may seek to avoid or minimize the required disclosure and/or to obtain an appropriate protective order or other appropriate relief to ensure that any information so disclosed is maintained in confidence to the maximum extent possible by the agency or other person receiving the disclosure, or, in the discretion of the Company, to waive compliance with the provisions of this Release. Employee shall use reasonable efforts, in cooperation with the Company or otherwise, to avoid or minimize the required disclosure and/or to obtain such protective order or other relief. If, in the absence of a protective order or the receipt of a waiver hereunder, Employee is compelled to disclose such information or else stand liable for contempt or suffer other sanction, censure, or penalty, Employee shall disclose only so much of such information to the party compelling disclosure as he/she believes in good faith on the basis of advice of counsel is required by law, and Employee shall give the Company prior notice of such information he believes he is required to disclose.
7.      (a) Except as shall be required by law or as permitted under Section 3(c)(iii) or Section 4 of this Release, Employee shall not make, either directly or by or through another person, any oral or written negative, disparaging or adverse statements or representations of or concerning any Releasee.
(b) Without limitation to the survival of any other terms of the Employment Agreement subsequent to the end of Employee’s employment, the expiration or termination of the Employment Agreement, and/or the execution and effectiveness of this Release, Employee and the Company expressly acknowledge that the terms of Sections 3 through 6 of the Agreement survive and shall be in full force and effect as provided in the Agreement.
8.      The covenants, representations, and acknowledgments made by Employee in this Release shall continue to have full force and effect after the execution and effectiveness of this Release and the delivery of the Separation Benefit, and this Release shall inure to the benefit of each Releasee, and the successors and assigns of each of them, to the extent necessary to preserve the intended benefits of such provisions. If any section of this Release is determined to be void, voidable, or unenforceable, it shall have no effect on the remainder of this Release, which shall remain in full force and effect, and the provisions so held invalid 

Exhibit 10.26

or unenforceable shall be deemed modified as to give such provisions the maximum effect permitted by applicable law. The Company shall be excused and released from any obligation to make payment of the Separation Benefit, and Employee shall be obligated to return to the Company the Separation Benefit, in the event that Employee is found to have (a) made a material misstatement in any term, condition, covenant, representation, or acknowledgment in this Release, or (b) Employee is found to have committed or commits a material breach of any term, condition, or covenant in this Release.
9.      This Release and the Employment Agreement constitute the sole and complete agreement between the parties with respect to the matters set forth therein and supersedes all prior agreements, understandings, and arrangements, oral or written, between Employee and the Company with respect to the subject matter thereof. This Release may not be amended or modified except by an instrument or instruments in writing signed by the party against whom enforcement of any such modification or amendment is sought. Either party may, by an instrument in writing, waive compliance by the other party with any term or provision of this Release to be performed or complied with by such other party.
10.      With respect to any claims or disputes under or in connection with this Release or any claims released under Section 3 of this Release, Employee and the Company hereby acknowledge and agree that Section 9 of the Agreement shall govern. Employee acknowledges that a breach or threatened breach of the provisions of this Release may give rise to losses or damages for which the Company cannot be reasonably or adequately compensated in an action at law, and that such violation may result in irreparable and continuing harm to the Company. Accordingly, Employee agrees that, in addition to any other remedy that the Company may have at law or in equity, the Company shall be entitled to seek equitable relief, including, without limitation, injunction and specific performance and Employee hereby waives any requirements for security or posting of any bond in connection with such relief. No specification in this Release of any particular remedy shall be construed as a waiver or prohibition of any other remedies (including claims for damages) in the event of a breach or threatened breach of this Release.
11.      Employee agrees and acknowledges that (a) Employee has had an adequate opportunity to review this Release and all of its terms, (b) Employee understands all of the terms of this Release, which are fair, reasonable, and are not the result of any fraud, duress, coercion, pressure, or undue influence exercised by or on behalf of any Releasee, and (c) Employee has agreed to and/or entered into this Release and all of the terms hereof, knowingly, freely, and voluntarily.
12.      By executing this Release, Releasor acknowledges that (a) Employee has been advised by the Company to consult with an attorney before executing this Release; (b) Employee was provided and has adequate time (that is, 21 days) to review this Release and to consider whether to sign this Release, (c) Employee has been advised that Employee has 7 days following execution to revoke this Release (“Revocation Period”), (d) the Release is written in a manner calculated to be understood by Employee, (e) the Release represents Employee’s knowing and voluntary release of any and all claims that he/she might have up through the date this Release is signed, including, but not limited to, any claims arising under the Age Discrimination in Employment Act, (f) Employee has not been asked to release, nor has he/she released, any claim that may arise after the date of this Release, and (g) the consideration that Employee will receive in exchange for signing this Release (that is, the Separation Benefit) is something of value to which he/she was not already entitled. Notwithstanding anything to the contrary contained herein or in the Employment Agreement, this Release shall not be effective or enforceable, and the Separation Benefit is not payable and shall not be delivered or paid by the Company, until the Revocation Period has expired (that is, the 8th day after the Employee signs the Release) and provided that Employee has not revoked this Release. Employee agrees that any revocation shall be made in writing and delivered to JoAnn Magill, SVP, Human Resources Officer, 120 Mountain View Boulevard, Basking Ridge, NJ 07920 in a manner such that it is delivered before 

Exhibit 10.26

the expiration of the Revocation Period. Employee acknowledges that revocation of this Release shall result in the Company’s not having an obligation to pay the Separation Benefit.

Signature: ______________________________________     Date: ___________________________Exhibit
4.1

 

 

 

 

 

 

 

SECOND AMENDED AND RESTATED DEPOSIT AGREEMENT

 

among

 

FIFTH THIRD BANCORP,

 

and

 

American
Stock Transfer & Trust Company, LLC, as Depositary, Transfer Agent and Registrar

 

and

 

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

Dated as of [●], 2019

 

as amended and
supplemented by the

 

Amended and Restated
Deposit Agreement

 

Dated as of June
24, 2019

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE I  DEFINED TERMS	1
	Section 1.1	Definitions	1
	ARTICLE II  FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED 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 Series A Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	4
	Section 2.3	Registration of Transfer of Receipts	4
	Section 2.4	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series A Preferred Stock	5
	Section 2.5	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	5
	Section 2.6	Lost Receipts, etc	6
	Section 2.7	Cancellation and Destruction of Surrendered Receipts	6
	Section 2.8	Redemption of Series A Preferred Stock	6
	Section 2.9	Deposits	7
	Section 2.10	Receipts Issuable in Global Registered Form	7
	ARTICLE III  CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	8
	Section 3.1	Filing Proofs, Certificates and Other Information	8
	Section 3.2	Payment of Taxes or Other Governmental Charges	8
	Section 3.3	Warranty as to Series A Preferred Stock	8
	Section 3.4	Warranty as to Receipts	9
	ARTICLE IV  THE DEPOSITED SECURITIES; NOTICES	9
	Section 4.1	Cash Distributions	9
	Section 4.2	Distributions Other than Cash, Rights, Preferences or Privileges	9
	Section 4.3	Subscription Rights, Preferences or Privileges	9
	Section 4.4	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	10
	Section 4.5	Voting Rights	10
	Section 4.6	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc	11
	Section 4.7	Delivery of Reports	11
	Section 4.8	Lists of Receipt Holders	11
	ARTICLE V  THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION	11
	Section 5.1	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	11
	Section 5.2	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar, the Transfer Agent or the Corporation	12
	Section 5.3	Obligations of the Depositary, the Depositary’s Agents, the Registrar, the Transfer Agent and the Corporation	12
	Section 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary	15

 

     

     

    

 

	Section 5.5	Corporate Notices and Reports	15
	Section 5.6	Indemnification by the Corporation	16
	Section 5.7	Fees, Charges and Expenses	16
	ARTICLE VI  AMENDMENT AND TERMINATION	16
	Section 6.1	Amendment	16
	Section 6.2	Termination	17
	ARTICLE VII  MISCELLANEOUS	17
	Section 7.1	Counterparts	17
	Section 7.2	Exclusive Benefit of Parties	17
	Section 7.3	Invalidity of Provisions	17
	Section 7.4	Notices	17
	Section 7.5	Depositary’s Agents	18
	Section 7.6	Appointment of Registrar, Dividend Disbursing Agent, Transfer Agent and Redemption Agent in Respect of Receipts	18
	Section 7.7	Holders of Receipts Are Parties	18
	Section 7.8	Governing Law	18
	Section 7.9	Inspection of Deposit Agreement	18
	Section 7.10	Headings	18
	Section 7.11	Confidentiality	19
	Section 7.12	Further Assurances	19

 

    ii 

     

    
 

SECOND AMENDED AND RESTATED DEPOSIT AGREEMENT
dated as of [●], 2019, by and among (i) Fifth Third Bancorp, an Ohio corporation (“Fifth Third”), (ii) American
Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Depositary” or “AST”),
and (iii) the Holders from time to time of the Receipts described herein.

 

WHEREAS, MB Financial, Inc. (“MB Financial”),
a Maryland corporation, and Computershare Inc., a Delaware corporation, and its wholly-owned subsidiary, Computershare Trust Company,
N.A., a national banking association (together, “Computershare”) entered into a deposit agreement dated as of November
22, 2017 (the “Prior Deposit Agreement”) providing for the deposit of shares of MB Financial’s 6.00% Non-Cumulative
Perpetual Preferred Stock, Series C (“Series C Preferred Stock”);

 

WHEREAS, pursuant to the First Amended and
Restated Deposit Agreement dated as of June 24, 2019 (the “First A&R Deposit Agreement”), Fifth Third has
removed Computershare as depositary under the Prior Deposit Agreement and has appointed the Depositary as successor depositary
under the Prior Deposit Agreement, and the Depositary has accepted that appointment;

 

WHEREAS, Fifth Third entered into an
Agreement and Plan of Merger with MB Financial dated June 24, 2019, pursuant to which MB Financial merged with and into Fifth
Third, with Fifth Third as the surviving entity, and each share of MB Financial’s Series C Preferred Stock was
converted into the right to receive one share of Fifth Third’s newly created 6.00% Non-Cumulative Perpetual Class B
Preferred Stock, Series A (the “Series A Preferred Stock”), having substantially the same terms as the Series C
Preferred Stock;

 

WHEREAS, pursuant to the Prior Deposit Agreement,
the Series A Preferred Stock was received by the Depositary in respect of the Series C Preferred Stock as new deposited securities
(the “Existing Series A Preferred Stock”);

 

WHEREAS, it is desired to provide, as hereinafter
set forth in this Deposit Agreement, for the deposit of shares of Series A Preferred Stock of the Corporation from time to time
with the Depositary for the purposes set forth in this Deposit Agreement (including the Existing Series A Preferred Stock) and
for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series A Preferred Stock so deposited;

 

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 Corporation and the Depositary
now wish to amend and restate the Prior Deposit Agreement in its entirety pursuant to Section 6.1 of the Prior Deposit Agreement.

 

NOW, THEREFORE, in consideration of the
premises, the parties hereto agree as follows:

 

ARTICLE
I

DEFINED TERMS

 

Section 1.1     Definitions. The
following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

 

“Articles of Incorporation”
shall mean the relevant amended Articles of Incorporation of the Corporation filed with the Secretary of State of the State of
Ohio establishing the Series A Preferred Stock as a series of preferred stock of the Corporation.

 

“Corporation” shall mean Fifth
Third Bancorp, an Ohio corporation, and its successors.

 

“Deposit Agreement” shall mean
this Second Amended and Restated Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof.

 

     

     

    

 

“Depositary” shall be defined
as indicated in the preamble, above, and shall include any successor as Depositary hereunder.

 

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

 

“Depositary’s Agent” shall
mean an agent appointed by the Depositary pursuant to ‎Section 7.5.

 

“Depositary’s Office”
shall mean the principal office of the Depositary at which at any particular time its depositary receipt business shall be administered,
which is currently located at 6201 15th Avenue, Brooklyn, New York 11219.

 

“DTC” shall mean The Depository
Trust Company.

 

“Effective Date” shall mean
the date first stated above.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended.

 

“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 Global Registered 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 Exchange Act, and (B) the Corporation has not appointed a qualified successor Global Receipt Depository within
90 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 Registered Receipt or Global Registered Receipts.

 

“Global Receipt Depository”
shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the
Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation,
a clearing agency registered under the Exchange Act.

 

“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.

 

“Officer’s Certificate”
shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation
and which shall include the terms and conditions of the Series A Preferred Stock to be issued by the Corporation and deposited
with the Depositary from time to time in accordance with the terms hereof.

 

“person” means an individual,
a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an
unincorporated organization or a government or an agency or a political subdivision thereof.

 

“Receipt” shall mean one of
the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive
or temporary form, and evidencing the number of Depositary Shares with respect to the Series A Preferred Stock held of record by
the Record Holder of such Depositary Shares.

 

     2

     

    

 

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

 

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

 

“Registrar” shall mean American
Stock Transfer & Trust Company, LLC or such other successor bank or trust company which shall be appointed by the Corporation
to register ownership and transfers of Receipts and the deposited Series A Preferred Stock, as herein provided; and if a successor
Registrar shall be so appointed, references herein to “the books” of or maintained by the Registrar shall be deemed,
as applicable, to refer as well to the register maintained by such successor Registrar for such purpose.

 

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

 

“Series A Preferred Stock” shall
mean the shares of the Corporation’s 6.00% Non-Cumulative Perpetual Preferred Stock, Series A, no par value, with a liquidation
preference of $1,000 per share, designated in the Articles of Incorporation.

 

“Transfer Agent” shall mean
AST or such other successor bank or trust company which shall be appointed by the Corporation to transfer the Receipts and deposited
Series A Preferred Stock, as the case may be, as herein provided.

 

ARTICLE
II

FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

Section 2.1     Form and Transfer
of Receipts. The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit
Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise
prepared so as to comply with the applicable rules of the NASDAQ Global Market. Pending the preparation of definitive Receipts,
the Depositary, upon the written order of the Corporation, delivered in compliance with ‎Section 2.2, shall execute
and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the
tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable
delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon
surrender of the temporary Receipts at an office described in the penultimate paragraph of ‎Section 2.2. Upon surrender
for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive
Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such
exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged, the temporary Receipts
shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive Receipts. Notwithstanding anything
in this Deposit Agreement to the contrary, Receipts may be issued electronically or otherwise in book-entry format.

 

Receipts shall be executed by the Depositary
by the manual or facsimile signature of a duly authorized officer of the Depositary. 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 or by facsimile
signature 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 manual
or facsimile signature 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.

 

     3

     

    

 

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 Series A Preferred Stock, the Depositary Shares or
the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions
to which any particular Receipts are subject (but which do not affect the rights, duties, obligations or immunities of the Depositary
as set forth in this Deposit Agreement without the Depositary’s consent).

 

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 dividends or other distributions or to any notice provided for in this Deposit Agreement
and for all other purposes.

 

Section 2.2     Deposit of Series
A Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. As of the date of this Agreement, the Existing
Series A Preferred Stock is deposited with the Depositary. Subject to the terms and conditions of this Deposit Agreement, the Corporation
may from time to time deposit additional shares of Series A Preferred Stock under this Deposit Agreement by delivery to the Depositary
of a certificate or certificates for such shares of Series A Preferred Stock to be deposited, properly endorsed or accompanied,
if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary,
together with an executed Officer’s Certificate attaching the Articles of Incorporation and all other information required
to be set forth therein, 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 Series A Preferred Stock. Each Officer’s Certificate delivered to
the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to be incorporated into this Deposit Agreement
and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates.

 

The Series A Preferred Stock that is deposited
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 Series A Preferred Stock deposited hereunder.

 

Upon receipt by the Depositary of a certificate
or certificates for Series A Preferred Stock deposited in accordance with the provisions of this ‎Section 2.2, together
with the other documents required as above specified, and upon recordation of the Series A Preferred Stock on the books of the
Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the
terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in
the written order delivered to the Depositary in accordance with the first paragraph of this ‎Section 2.2, a Receipt
or Receipts evidencing in the aggregate the number of Depositary Shares representing the Series A Preferred Stock so deposited
and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such
Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at
other offices shall be at the risk and expense of the person requesting such delivery.

 

Section 2.3     Registration of
Transfer of Receipts. The Corporation hereby appoints the Depositary as depositary for the Series A Preferred Stock, and the
Depositary hereby accepts such appointment on the express terms and conditions set forth in this Deposit Agreement. 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. Such instrument of transfer shall include evidence of the authority of the party seeking transfer
which shall include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program
approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Depositary,
together with evidence of the payment by the applicable party of any taxes or charges as may be required by law. Thereupon, the
Depositary shall execute a new Receipt or Receipts evidencing
the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new
Receipt or Receipts to or upon the order of the person entitled thereto.

 

     4

     

    

 

The Depositary shall not be required (a)
to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days next preceding any selection
of Depositary Shares and Series A Preferred Stock to be redeemed and ending at the close of business on the day of the mailing
of notice of redemption, or (b) to transfer or 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 Series A Preferred Stock. Upon surrender of a Receipt or Receipts
at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination
of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a
new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary
Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of
the Holder of the Receipt or Receipts so surrendered.

 

Any Holder of a Receipt or Receipts may
withdraw the number of whole shares of Series A Preferred 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; provided, however, that a Holder of a Receipt or Receipts may not withdraw such whole
shares of Series A Preferred Stock (or money and other property, if any, represented thereby) which has previously been called
for redemption. Upon such surrender and payment of all amounts due under ‎Section 5.7 in connection with such surrender
and withdrawal, the Depositary shall, without unreasonable delay, deliver to such Holder, or to the person or persons designated
by such Holder as hereinafter provided, the number of whole shares of Series A Preferred 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 Series A Preferred
Stock will not thereafter be entitled to deposit such Series A Preferred Stock hereunder or to receive a Receipt evidencing Depositary
Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number
of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series A Preferred
Stock, the Depositary shall at the same time, in addition to such number of whole shares of Series A Preferred Stock and such money
and other property, if any, to be so withdrawn, deliver to such Holder, or subject to ‎Section 2.3 upon his order, a
new Receipt evidencing such excess number of Depositary Shares.

 

In no event will fractional shares of Series
A Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series A Preferred Stock
and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and
other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied
by proper instruments of transfer including, but not limited to, a signature guarantee.

 

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

 

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

 

Section 2.5     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

 

     5

     

    

 

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, including a signature
guarantee, 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 the Series A Preferred Stock
may be refused, the delivery of Receipts against Series A Preferred Stock may be suspended, the registration of transfer of Receipts
may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any
period when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable
by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement
of law or of any government or governmental body or commission or under any provision of this Deposit Agreement.

 

Section 2.6     Lost Receipts,
etc. In case any Receipt shall have been 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 upon cancellation thereof,
or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the
Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity
thereof and of his or her ownership thereof, (ii) the Holder thereof furnishing the Depositary with an affidavit and an open penalty
surety bond satisfactory to the Depositary, and (iii) the payment of any reasonable expense (including reasonable fees, charges
and expenses of the Depositary) in connection with such execution and delivery.

 

Applicants for such substitute Receipts
shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe
and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York.

 

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 Series A Preferred Stock. Whenever the Corporation shall be permitted and shall elect to redeem shares of Series A Preferred
Stock in accordance with the terms of the Articles of Incorporation, 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 Series A Preferred Stock, the number of such shares
held by the Depositary to be so redeemed, the applicable redemption price, and the place or places where the certificates evidencing
such shares, if any, are to be surrendered for payment of the redemption price, which notice shall be accompanied by a certificate
from the Corporation stating that such redemption of Series A Preferred Stock is in accordance with the provisions of the Articles
of Incorporation. On the date of such redemption, provided that the Corporation shall then have paid or caused to be paid
in full to AST the redemption price of the Series A Preferred Stock to be redeemed, plus an amount equal to any declared and unpaid
dividends, without regard to, or accumulation of, any undeclared dividends, to but excluding the date fixed for redemption, in
accordance with the provisions of the Articles of Incorporation, the Depositary shall redeem the number of Depositary Shares representing
such Series A Preferred Stock. The Depositary shall mail notice of the Corporation’s redemption of Series A Preferred Stock
and the proposed simultaneous redemption of the number of Depositary Shares representing the Series A Preferred Stock to be redeemed
by first-class mail, postage prepaid (or another reasonably acceptable transmission method), not less than 30 days and not more
than 60 days prior to the date fixed for redemption of such Series A Preferred Stock and Depositary Shares (the “Redemption
Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last
addresses as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary
Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders
shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by
the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less
than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder
to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares
are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Series A Preferred Stock
represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding
Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot.

 

     6

     

    

 

Notice having been mailed or transmitted
by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds
necessary to redeem the Series A Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the
shares of Series A Preferred Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary
Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts
evidencing such Depositary Shares (except the right to receive the amounts described in clause (iv) of this paragraph) shall,
to the extent of such Depositary Shares, cease and terminate, and (v) upon surrender in accordance with such redemption notice
of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the
Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price
per Depositary Share equal to 1/40th of the redemption price per share of Series A Preferred Stock so redeemed plus all money
and other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect of
dividends (and not previously distributed to the Holders of Depositary Shares) in accordance with the provisions of the Articles
of Incorporation.

 

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

 

Section 2.10     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 the
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 Global Registered Receipts, and (ii) shall be registered in the name of
the Global Receipt Depository therefor or its nominee.

 

Notwithstanding any other provision of
this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt
may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a
nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository
or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor
Global Receipt Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor
Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall
not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial
owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement
with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository
may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary
as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered
to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make
book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered
Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any
notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement,
the Corporation and the Depositary shall give all such notices, payments and communications specified herein to be given to such
holders to the applicable Global Receipt Depository.

 

     7

     

    

  

If an Exchange Event has occurred with
respect to any Global Registered Receipt, then 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 so exchanged, in exchange for such Global Registered
Receipt.

 

Definitive registered Receipts issued in
exchange for a Global Registered Receipt pursuant to this ‎Section 2.10 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 any Letter of Representations.

 

ARTICLE
III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 

Section 3.1     Filing Proofs,
Certificates and Other Information. Any Holder of a Receipt may be required from time to time to file such proof of residence,
or other matters or other information, to execute such certificates and to make such representations and warranties as the Depositary
or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay
the registration of transfer or redemption, of any Receipt or the withdrawal of the Series A Preferred Stock and all money or other
property, if any, represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other
distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates
are executed or such representations and warranties are made.

 

Section 3.2     Payment of Taxes
or Other Governmental Charges. Holders of Receipts shall be obligated to make payments to the Depositary of certain charges
and expenses, as provided in ‎Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series A Preferred
Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until
any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all
the Series A Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore
sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such
sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment
of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency.

 

Section 3.3     Warranty as to
Series A Preferred Stock. The Corporation hereby represents and warrants that the Series A Preferred Stock, when issued, will
be duly authorized, validly issued, fully paid and nonassessable.

 

     8

     

    

 

Such
representation and warranty shall survive the deposit of the Series A Preferred Stock and the issuance of the related Receipts.

 

Section 3.4     Warranty as to
Receipts. The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests
in the Series A Preferred Stock. Such representation and warranty shall survive the deposit of the Series A Preferred Stock and
the issuance of the Receipts.

 

ARTICLE
IV

THE DEPOSITED SECURITIES; NOTICES

 

Section 4.1     Cash Distributions.
Whenever AST shall receive any cash dividend or other cash distribution on the Series A Preferred Stock, AST 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 AST shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series
A Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary
Shares shall be reduced accordingly. AST shall distribute or make available for distribution, as the case may be, only such amount,
however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable
shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next
sum received by AST 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 provisions of the Internal Revenue
Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions thereto to be made
hereunder.

 

Section 4.2Distributions Other
than Cash, Rights, Preferences or Privileges. Whenever the Depositary shall receive any distribution other than cash, rights,
preferences or privileges upon the Series A Preferred Stock, the Depositary shall, at the direction of the Corporation, subject
to ‎Section 3.1 and ‎Section 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant
to ‎Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary
may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot
be made proportionately among such Record Holders 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 ‎Section 3.1 and ‎Section 3.2, be distributed or made
available for distribution, as the case may be, by AST 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 any such securities or property
to the Depositary and the Depositary shall not make any distribution of any such securities or property to the Holders of Receipts
unless the Corporation shall have provided an opinion of counsel reasonably satisfactory to the Depositary stating that such securities
or property have been registered under the Securities Act or do not need to be registered in connection with such distributions.

 

Section
4.3     Subscription Rights, Preferences or Privileges. If the Corporation shall at
any time offer or cause to be offered to the persons in whose names the Series A Preferred Stock is recorded on the books of
the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be
communicated promptly to the Depositary and thereafter such rights, options or privileges shall be made available by the
Depositary to the Record Holders of Receipts in such manner as the Corporation shall direct and the Depositary shall agree,
either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other
method as may be approved by the Depositary and 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 ‎Section 3.1 and ‎Section 3.2, be
distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by ‎Section 4.1 in
the case of a distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or
privileges, unless the Corporation shall have provided to the Depositary an opinion of counsel stating that such rights,
preferences or privileges have been registered under the Securities Act or do not need to be registered.

 

     9

     

    

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

 

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

 

Section 4.4     Notice of Dividends,
etc.; Fixing Record Date for Holders of Receipts. Whenever any cash dividend or other cash distribution shall become payable
or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect
to the Series A Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series
A Preferred Stock are entitled to vote or of which holders of the Series A Preferred 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 Series A Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise
of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons.

 

Section 4.5     Voting
Rights. Subject to the provisions of the Articles of Incorporation, upon receipt of notice of any meeting at which the holders
of the Series A Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail 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 Series A Preferred Stock represented by their respective Depositary
Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person
designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written
request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or
cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series
A Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions
are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order
to enable the Depositary to vote such Series A Preferred Stock or cause such Series A Preferred Stock to be voted. In the absence
of specific instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any
meeting with respect to such Series A Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the
extent of the Series A Preferred Stock represented by the Depositary Shares evidenced by such Receipt.

 

     10

     

    

 
 Section
4.6     Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
Upon any change in par or stated value, split-up, combination or any other reclassification of the Series A Preferred Stock, subject
to the provisions of the Articles of Incorporation, 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 in one share of Series A Preferred Stock represented by one Depositary
Share and in the ratio of the redemption price per Depositary Share to the redemption price per share of Series A Preferred Stock,
in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or
other reclassification of the Series A Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and
(ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the
Series A Preferred Stock as new deposited securities so received in exchange for or upon conversion of or in respect of such Series
A Preferred 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
Series A Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the
Depositary with instructions to convert, exchange or surrender the Series A Preferred Stock represented thereby only into or for,
as the case may be, the kind and amount of shares and other securities and property and cash into which the Series A Preferred
Stock represented by such Receipts might have been converted or for which such Series A Preferred Stock might have been exchanged
or surrendered immediately prior to the effective date of such transaction.

 

Section 4.7     Delivery of Reports.
The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which is received
by the Depositary and which the Corporation is required to furnish to the holders of the Series A Preferred Stock.

 

Section 4.8     Lists of Receipt
Holders. Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the Corporation, the
Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary
Shares of all registered Holders of Receipts.

 

ARTICLE
V

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

 

Section 5.1     Maintenance of
Offices, Agencies and Transfer Books by the Depositary; Registrar. Upon execution of this Deposit Agreement, the Depositary
shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer,
surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration
of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer of Receipts, which books at all reasonable times during regular business
hours 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.

 

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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, or because
of any requirement of law or of any government, governmental body or commission, stock exchange or any applicable self-regulatory
body.

 

The Depositary may, with the approval of
the Corporation, 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 Series A Preferred Stock represented by such Depositary Shares shall be listed
on one or more national securities exchanges, the Depositary will appoint a Registrar (acceptable to the Corporation) for registration
of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the 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, Depositary Shares or Series A Preferred Stock are listed
on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for
the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series A Preferred
Stock as may be required by law or applicable securities exchange regulation.

 

Section 5.2     Prevention of or
Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar, the Transfer Agent or the Corporation.
Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall incur
any liability to any Holder of a Receipt or any beneficial owner thereof 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 or any Transfer Agent, by reason of any provision, present or future, of the Corporation’s
charter, as amended or supplemented (including the Articles of Incorporation), 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, any Transfer Agent, 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, any Transfer Agent or the Corporation, as the case may be, incur liability to any Holder of a Receipt or
any beneficial owner thereof (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, the Transfer Agent and the Corporation. Neither the Depositary
nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation assumes any obligation or shall be
subject to any liability to any person under this Deposit Agreement to Holders of Receipts other than for its willful misconduct,
fraud or bad faith (each as determined by a final non-appealable judgment of a court of competent jurisdiction) in the performance
of the such duties as are specifically set forth in this Deposit Agreement.

 

Notwithstanding anything in this Deposit
Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor any Transfer Agent nor
the Corporation, as the case may be, 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) even if that party has been advised of the
likelihood of such loss or damage and regardless of the form of action.

 

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

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor any Transfer Agent nor the Corporation shall be liable for any action or any failure to act by it
in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series A Preferred
Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information.
The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent 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.

 

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 The
Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series A Preferred
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 and Transfer Agent 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 or any Transfer Agent.

 

The Depositary, the Depositary’s Agents,
and any Registrar and Transfer Agent 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 other securities of the Corporation and its affiliates.

 

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

 

It is intended that none of the Depositary,
any Depositary’s Agent, any Registrar or any Transfer Agent, as the case may be, shall be deemed to be an “issuer”
of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed
that the Depositary, any Depositary’s Agent, any Registrar and any Transfer Agent are acting only in a ministerial capacity
as Depositary, Registrar or Transfer Agent, as applicable, for the deposited Depositary Shares.

 

Neither the Depositary, any Depositary’s
Agent, any Registrar nor any Transfer Agent (or their respective officers, directors, employees or agents) makes any representation
or has any responsibility as to the validity of any registration statement pursuant to which any securities may be registered under
the Securities Act, the deposited Series A Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon)
or any instruments referred to therein or herein, or as to the correctness of any statement made in any such registration statement
or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement,
and for any information provided by the Depositary to the Company in writing for the purpose of including such information in any
such registration statement.

 

The Depositary assumes no responsibility
for the correctness of the description that appears in the Receipts. Notwithstanding any other provision herein or in the Receipts,
the Depositary makes no warranties or representations as to the validity or genuineness of any Series A Preferred Stock at any
time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this Deposit Agreement
(except as to due authorization and due execution by the Depositary), as to the value of the Depositary Shares or as to any right,
title or interest of the record holders of Receipts in and to the Depositary Shares. The Depositary shall not be accountable for
the use or application by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof.

 

In the event the Depositary, the Depositary’s
Agent, any Registrar or any Transfer Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction,
direction, request or other communication, paper or document received by it hereunder, or in the administration of any of the provisions
of this 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, the Depositary’s Agent, any Registrar or any
Transfer Agent, as the case may be, may in its sole discretion upon written notice to the Corporation, refrain from taking any
action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other
person for refraining from taking such action, unless the Depositary, the Depositary’s Agent, the Registrar or Transfer Agent,
as applicable, receives written instructions or a certificate signed by the Corporation which (x) eliminates such ambiguity or
uncertainty or (y) proves or establishes the applicable matter, in each case to the satisfaction of the Depositary, the Depositary’s
Agent, any Registrar or Transfer Agent, as applicable.

 

     13

     

    

 

In the event the Depositary, any Depositary’s
Agent, any Registrar or any Transfer Agent shall receive conflicting claims, requests or instructions from any Holders of Receipts,
on the one hand, and the Corporation, on the other hand, the Depositary, any Depositary’s Agent, any Registrar or any Transfer
Agent, shall be entitled to act on such claims, requests or instructions received from the Corporation, and shall be entitled to
the indemnification set forth in ‎Section 5.6 hereof in connection with any action so taken.

 

From time to time, the Corporation may provide
the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent with instructions concerning the services performed
by the Depositary under this Deposit Agreement. In addition, at any time, the Depositary, any Depositary’s Agent, any Registrar
or any Transfer Agent may apply to any officer of the Corporation for instruction, and may consult with legal counsel for the Depositary
or the Corporation with respect to any matter arising in connection with the services to be performed by the Depositary, Depositary’s
Agent, Registrar or Transfer Agent, as applicable, under this Deposit Agreement. The Depositary, Depositary’s Agent, Registrar
or Transfer Agent, as applicable, and their respective agents and subcontractors shall not be liable and shall be indemnified by
the Corporation for any action taken or omitted by them in reliance upon any instructions from the Corporation or upon the advice
or opinion of such counsel. None of the Depositary, Depositary’s Agent, Registrar or Transfer Agent, as applicable, shall
be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation.

 

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

 

The Depositary, any Depositary’s Agent,
Transfer Agent, and Registrar hereunder:

 

(i)       shall
have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may
subsequently be agreed to in writing by the parties;

 

(ii)      shall
have no obligation to make payment hereunder unless the Corporation shall have provided the necessary federal or other immediately
available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto;

 

(iii)     shall
not be obligated to institute any legal or other proceeding; if, however, the Depositary, any Depositary’s Agent, the
Transfer Agent or the Registrar determines to institute any legal or other proceeding, and, where the taking of such action might
in such person’s reasonable judgment subject or expose it to any expense or liability, it shall not be required to act unless
it shall have been furnished with an indemnity satisfactory to it;

 

(iv)     may
rely on and shall be authorized and protected in acting or omitting to act upon any certificate, instrument, opinion, notice, letter,
facsimile transmission or other document or security delivered to it and believed by it to be genuine and to have been signed by
the proper party or parties, and shall have no responsibility for determining the accuracy thereof;

 

(v)      may
rely on and shall be authorized and protected in acting or omitting to act upon the written, telephonic, electronic and oral instructions
of officers of the Corporation given in accordance with this Deposit Agreement, with respect to any matter relating to its actions
as Depositary, Transfer Agent or Registrar covered by this Agreement (or supplementing or qualifying any such actions), of officers
of the Corporation;

 

(vi)     may
consult counsel satisfactory to it (who may be an employee of the Depositary or the Registrar or counsel to the Corporation), and
the advice of such counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted to be taken by it hereunder in accordance with the advice of such counsel;

 

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(vii)    shall
not be called upon at any time to advise any person with respect to the Series A Preferred Stock, Depositary Shares or Receipts;

 

(viii)   shall
not be liable or responsible for any recital or statement contained in any documents relating hereto or to the Series A Preferred
Stock, the Depositary Shares or Receipts; and

 

(ix)     shall
not be liable in any respect on account of the identity, authority or rights of the parties (other than the Depositary) executing
or delivering or purporting to execute or deliver this Agreement or any documents or papers deposited or called for under this
Agreement.

 

The rights and obligations of the parties
under this ‎Section 5.3 shall survive the replacement, removal, resignation or any succession of any Depositary, Registrar,
Transfer Agent or Depositary’s Agent or the termination of this Deposit Agreement.

 

Section 5.4     Resignation and
Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder
by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a successor
Depositary and its acceptance of such appointment as hereinafter provided.

 

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

 

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

 

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

 

The provisions of this ‎Section 5.4
as they apply to the Depositary apply to the Registrar and Transfer Agent, as if specifically enumerated herein.

 

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 Series A Preferred Stock, the Depositary Shares or the Receipts are listed or
by the Corporation’s Charter, as amended or supplemented (including the Articles of Incorporation), 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.

 

     15

     

    

  

Section 5.6     Indemnification
by the Corporation. Notwithstanding ‎Section 5.3 to the contrary, the Corporation shall indemnify the Depositary,
any Depositary’s Agent, any Transfer Agent and any Registrar (including each of their officers, directors, agents and employees)
against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable
costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to be taken in connection with
this Deposit Agreement and the Receipts by the Depositary, any Transfer Agent, 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 and the rights of the Depositary set forth in this ‎Section 5.6 shall survive the replacement, removal,
resignation or any succession of any Depositary, Registrar or Depositary’s Agent or the termination of this Deposit Agreement.

 

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 without gross negligence, willful misconduct or bad faith on its
part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or Depositary
Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series
A Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series A Preferred Stock by Holders
of Receipts, and any redemption or exchange of the Series A Preferred Stock at the option of the Corporation. The Corporation shall
pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All
other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts.
If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise
liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the Depositary
may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked
to incur at the request of such Holder. 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; provided, however, that no such amendment which shall materially
and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment
shall have been approved by the Holders of Receipts representing in the aggregate at least a majority of the Depositary Shares
then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing
to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no
event shall any amendment impair the right, subject to the provisions of Sections ‎2.5 and ‎2.6 and Article ‎III,
of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions
to deliver to the Holder the Series A Preferred Stock and all money and other property, if any, represented thereby, except in
order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission,
or applicable securities exchange. As a condition precedent to the Depositary’s execution of any amendment, the Corporation
shall deliver to the Depositary a certificate from a duly authorized officer of the Corporation that states that the proposed amendment
is in compliance with the terms of this ‎Section 6.1.

 

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Section 6.2     Termination.
This Deposit Agreement may be terminated by the Corporation or the Depositary if (i) all outstanding Depositary Shares issued
hereunder have been redeemed pursuant to ‎Section 2.8, (ii) there shall have been made a final distribution in respect
of the Series A Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution
shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Sections ‎4.1 or ‎4.2,
as applicable, or (iii) upon the consent of Holders of Receipts representing in the aggregate not less than a majority of the Depositary
Shares outstanding. In addition, either the Corporation or the Depositary may terminate this Depositary Agreement at any time upon
a material breach of this Deposit Agreement by the other that is not cured within thirty days after the date of written notice
thereof by the terminating party to the breaching party.

 

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, any Transfer Agent and any Registrar under Sections ‎5.3, ‎5.6 and ‎5.7.

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.1     Counterparts.
This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together
shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same
authority, effect, and enforceability as an original signature.

 

Section 7.2     Exclusive Benefit
of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder,
and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

Section 7.3     Invalidity of Provisions.
In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein
shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if such provision affects
the rights, duties, liabilities or obligations of the Depositary, the Transfer Agent or the Registrar, such person shall be entitled
to resign immediately.

 

Section 7.4     Notices. Any
and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail or overnight delivery service, or by facsimile transmission (receipt confirmed)
or electronic mail (receipt confirmed), addressed to the Corporation at:

 

Fifth Third Bancorp

Fifth Third Center

38 Fountain Square Plaza

Cincinnati, Ohio 45202

Attention: Legal Department

 

or at any other addresses of which the Corporation shall have
notified the Depositary in writing. Any and all notices to be given to the Depositary hereunder or under the Receipts shall be
in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or
by facsimile transmission (receipt confirmed) or electronic mail (receipt confirmed), addressed to the Depositary at:

  

     17

     

    

 

American Stock Transfer & Trust Company,
LLC

6201 15th Avenue

Brooklyn, New York 11219

Attention: Relationship Management

 

with a copy to:

 

American Stock Transfer & Trust Company,
LLC

10150 Mallard Creek Road

Suite 307

Charlotte, North Carolina 28262

Attention: Felix Orihuela

 

or at any other addresses 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;
or in the case of any Global Receipt Depository, in accordance with its applicable procedures.

 

Notices will be deemed to have been given
hereunder when personally delivered or sent by facsimile transmission or electronic mail (receipt confirmed), five days after deposit
in the U.S. mail and one day after deposit with an overnight delivery service.

 

Section 7.5     Depositary’s
Agents. The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for
the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the
appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such appointment or variation
or termination of such appointment. The Depositary shall not be answerable or accountable for any act, default, neglect or misconduct
of any such Depositary’s Agent or for any loss to the Corporation or any other person resulting from any such act, default,
neglect or misconduct, absent willful misconduct, gross negligence or bad faith in the selection and continued employment thereof
(each as determined by a final non-appealable order of a court of competent jurisdiction).

 

Section 7.6     Appointment of
Registrar, Dividend Disbursing Agent, Transfer Agent and Redemption Agent in Respect of Receipts. The Corporation hereby appoints
American Stock Transfer & Trust Company, LLC as Transfer Agent, Registrar and as dividend disbursing agent and redemption agent
in respect of the Series A Preferred Stock deposited hereunder and the Receipts, and American Stock Transfer & Trust Company,
LLC hereby accepts such respective appointments, on the express terms and conditions set forth in this Deposit Agreement.

 

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 and of the Officer’s Certificate by acceptance of delivery of said
Receipts.

 

Section 7.8     Governing Law.
This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions hereof and thereof
shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts
of law principles.

 

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.

 

     18

     

    

 

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 without limitation personal, non-public Holder information and the fees for services, which are exchanged or received
pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily
disclosed to any other person, except as may be required by law or legal process.

 

Section 7.12     Further Assurances.
The Corporation agrees that it will perform, acknowledge, and deliver or cause to be performed, acknowledged or delivered, all
such further and other acts, documents, instruments and assurances as the Depositary may reasonably require to perform the provisions
of this Deposit Agreement.

 

[Remainder of page intentionally left
blank; signature page follows.]

 

     19

     

    

 

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

 

	 	FIFTH THIRD BANCORP	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

 

[Signature Page to Deposit Agreement]

 

     

     

    

 

EXHIBIT A

 

[FORM OF DEPOSITARY RECEIPT]

 

 

 

 

 

 

 

 

 

 

 

     A-1

     

    
 

	DEPOSITARY RECEIPT	 	DEPOSITARY RECEIPT
	Certificate Number	 	8,000,000 Depositary Shares
	D-1	 	CUSIP  [●]

 

 

FIFTH THIRD BANCORP

 

Incorporated
Under the Laws of the State of Ohio

This
Certifies that CEDE & CO. is the Owner of 8,000,000 Depositary Shares

Each
Representing a 1/40th Interest in a Share of

6.00%
Non-Cumulative Perpetual Preferred Stock, Series A

 

Unless this receipt is presented by an
authorized representative of the Depositary Trust Company, a New York corporation (“DTC”), to Fifth Third Bancorp,
or its agent for registration of transfer, exchange or payment and any certificate issued is registered in the name of Cede &
Ce. Or in such other names 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 SALE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co. has an interest here.

 

American
Stock Transfer & Trust Company, LLC, as Depositary (the “Depositary”), hereby certifies that Cede &
Co. is a registered owner of 8,000,000 DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing
a 1/40th interest in a share of 6.00% Non-Cumulative Perpetual Preferred stock, Series A, no par value per share, with
a liquidation preference of $1,000 per share (the “preferred Shares”) of Fifth Third Bancorp, an Ohio corporation (the
“Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement
dated as of [●], 2019 (the “Deposit Agreement”), among the Company, the Depositary and the holders from time
to time of Receipts of Depositary Shares. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound
by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose
or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile
signature of a duly authorized officer, or if executed in facsimile by the Depositary, countersigned by a Registrar in respect
of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer there.

 

	
         

        ___________________________

        President and Chief Executive Officer

         

        ___________________________

        Corporate Secretary

         
	 	
        DATED: [●], 2019

         

         

        COUNTERSIGNED AND REGISTERED:

        AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

        DEPOSITARY AND REGISTRAR

         

         

	 	 	 	By:	 
	 	 	 	 	Authorized Signature
	 	 	 	 	 

 

     

     

    

 

FIFTH THIRD BANCORP, AN OHIO CORPORATION
(THE “COMPANY”)

 

THE COMPANY WILL FURNISH TO ANY RECEIPTHOLDER
ON REQUEST AND WITHOUT CHARGE A FULL STATEMENT OF THE DESIGNATIONS AND ANY PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS,
RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS, QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH
THE COMPANY IS AUTHORIZED TO ISSUE, OF THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH SERIES
OF PREFERRED OR SPECIAL CLASS IN SERIES WHICH THE COMPANY IS AUTHORIZED TO ISSUE, TO THE EXTENT THEY HAVE BEEN SET, AND OF THE
AUTHORITY OF THE BOARD OF DIRECTORS TO SET THE RELATIVE RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES OF A PREFERRED OR SPECIAL CLASS
OF STOCK, SUCH REQUEST MAY BE MAD TO THE SECRETARY OF THE CORPORATION OR TO THE COMPANY’S TRANSFER AGENT.

 

THE BOARD OF DIRECTORS OF THE COMPANY MAY
REQUIRE THE OWNER OF A LOST OR DESTROYED RECEIPT, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND
THE DEPOSITARY AND REGISTRAR IN RESPECT OF THE DEPOSITARY RECEIPTS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF
THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH DEPOSITARY RECEIPT.

 

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

 

	TEN COM – as tenants in commonUNIF GIFT MIN ACT - ________________________________Custodian ________________________
	(Cust)(Minor)
	TEN COM – as tenants in entireties under Uniform Gifts to Minors Act _______________________
	(State)
	JN COM – as joint tenants with right of survivorshipUNIF TRF MIN ACT - ___________________________ Custodian (until age ______________________)

and not as tenants in common
	___________________ under Uniform Transfers to Minors Act ________

         (Minor)(State)
	 
	Additional abbreviations may also be used though not in the above list.
	 
	 	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	For value received, _______hereby sells, assigns and transfers unto	 
	 	 

 

 

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	of the Depositary Shares represented by the within Depositary Receipt, and do hereby irrevocably constitute and appoint	 
	 	 Attorney
	to transfer the said stock on the books of the within-named Depositary with full power of substitution in the premises.	 
	 	 

 

	
        Dated:______________________________________________
        20____________________

         

        Signature: _________________________________________________________________

         

        Signature: _________________________________________________________________

         
	
        Signature(s) Guaranteed: Medallion Guarantee
        Stamp

         

        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 SEC RULE 17Ad-15. 

 

     

     

    

 

EXHIBIT B

 

I, [                                ],
[TITLE] of Fifth Third Bancorp, an Ohio corporation (the “Corporation”), hereby certify that pursuant to the
terms of the Articles of Incorporation to the charter of the Corporation, filed with the Secretary of State of Ohio on __________________,
2019 (the “Articles of Incorporation”) and attached hereto as Annex A, and pursuant to resolutions adopted by the Board
of Directors of the Corporation and the Pricing Committee of the Board of Directors of the Corporation on [●], 2019 and [●],
2019, respectively, the Corporation has established the Series A Preferred Stock which the Corporation desires to deposit with
the Depositary pursuant to the terms and conditions of the Second Amended and Restated Deposit Agreement, dated as of , 2019, by
and among the Corporation, American Stock Transfer & Trust Company, LLC and the Holders of Receipts issued thereunder from
time to time (the “Deposit Agreement”). In connection therewith, the Board of Directors of the Corporation or a duly
authorized committee thereof has authorized the terms and conditions with respect to Series A Preferred Stock as described in the
Articles of Incorporation. Any terms of the Series A Preferred Stock that are not described in the Articles of Incorporation and
any terms of the Receipts representing such Series A Preferred Stock that are not described in the Deposit Agreement are described
below:

 

Aggregate Number of shares of Series A
Preferred Stock issued on the day hereof:

 

CUSIP Number for Receipt:

 

Denomination of Depositary Share per share
of Series A Preferred Stock (if different than 1/40th of a share of Series A Preferred Stock): N/A

 

Redemption Provisions (if different than
as set forth in the Deposit Agreement): N/A

 

Name of Global Receipt Depositary: The
Depository Trust Company

 

All capitalized terms used but not defined
herein shall have such meaning as ascribed thereto in the Deposit Agreement.

 

[Remainder of Page Intentionally Left
Blank]

 

     B-1

     

    

 

Fifth Third Bancorp

 

This certificate is

dated: ____________________________

 

By: _________________________________________

Name: [ ]

Title: [TITLE]

 

 

 

 

     B-2

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