Document:

Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of September 21, 2022, by and between PROPANC BIOPHARMA,
INC,, a Delaware corporation, with headquarters located at 302, 6 Butler Street, Camberwell, VIC 3124 Australia (the “Company”),
and GS CAPITAL PARNTERS, LLC, a Nevada limited liability company, with its address at 1 East Liberty Street, Suite 600, Reno,
NV 85901 (the “Buyer”).

 

WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the
Securities Act of 1933, as amended (the “1933 Act”);

 

B.
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement an 8%
convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $71,500.00 (together
with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms
thereof, the “Note”), convertible into shares of common stock, of the Company (the “Common Stock”), upon the
terms and subject to the limitations and conditions set forth in such Note. The Note shall contain an original issue discount of $4,000
such that the purchase price of the Note shall be $67,500.

 

C.
The Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth immediately
below its name on the signature page hereto; and

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.
Purchase and Sale of the Note.

 

a.
Purchase of the Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees
to purchase from the Company such Note as is set forth immediately below the Buyer’s name on the signature pages hereto.

 

b.
Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued
and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to
the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount
equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (ii) the Company
shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

    	_____
	Company Initials

     

    

 

c.
Closing Date. The date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”)
shall be on or about September 21, 2022, or such other mutually agreed upon time. The closing of the transactions contemplated by this
Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

2.
Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.
Investment Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion
of or otherwise pursuant to the Note, such shares of Common Stock being collectively referred to herein as the “Conversion Shares”
and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public sale
or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act; provided, however,
that by making the representations herein, the Buyer does not agree to hold any of the Securities for any minimum or other specific term
and reserves the right to dispose of the Securities at any time in accordance with or pursuant to an effective registration statement
with respect to such Securities or an exemption under the 1933 Act.

 

b.
Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D (an “Accredited Investor”). Any of Buyer’s transferees, assignees, or purchasers must be “accredited investors”
in order to qualify as prospective transferees, permitted assignees in the case of Buyers’ or Holder’s transfer, assignment
or sale of the Note.

 

c.
Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the
Securities.

 

d.
Information. The Buyer and its advisors, if any, have been furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Buyer or its
advisors. The Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Notwithstanding the
foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless
such information is disclosed to the public prior to or promptly following such disclosure to the Buyer. Neither such inquiries nor any
other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or affect Buyer’s
right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer understands that its investment
in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that may constitute a breach of any of the
Company’s representations and warranties made herein.

 

    	2

     

    

 

e.
Governmental Review. The Buyer understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities.

 

f.
Transfer or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being registered
under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities are sold
pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have delivered to the Company, at the cost of
the Buyer, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions
to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from such registration,
which opinion may be accepted by the Company in its reasonable discretion, (c) the Securities are sold or transferred to an “affiliate”
(as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”)) of the Buyer who agrees to sell
or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited Investor, or (d) the Securities
are sold pursuant to Rule 144 or Regulation S under the 1933 Act (or a successor rule) (“Regulation S”), and the Buyer shall
have delivered to the Company, at the cost of the Buyer, an opinion of counsel that shall be in form, substance and scope customary for
opinions of counsel in corporate transactions, which opinion may be accepted by the Company in its reasonable discretion; (ii) any sale
of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said Rule 144 and further, if said Rule
144 is not applicable, any re-sale of such Securities under circumstances in which the selling Buyer (or the person through whom the
sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption
under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other person is under any
obligation to register such Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of
any exemption thereunder (in each case).

 

g.
Legends. The Buyer understands that the Note and, until such time, if any, as the Conversion Shares have been registered under
the 1933 Act may be sold pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular
date that have been sold, the Conversion Shares shall bear a restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A FORM ACCEPTABLE TO THE COMPANY,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.”

 

    	3

     

    

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon
which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under
an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation S without any
restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides the
Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the
effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be accepted
by the Company in its reasonable discretion so that the sale or transfer is effected. The Buyer agrees to sell all Securities, including
those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements,
if any.

 

h.
Authorization; Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered
on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its
terms.

 

i.
Residency. The Buyer is a resident of the jurisdiction set forth immediately below the Buyer’s name on the signature pages
hereto.

 

3.
Representations and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a.
Organization and Qualification. The Company and each of its subsidiaries, if any, is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other)
to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted,
except for those jurisdictions in which failure to have such authority would not have a Material Adverse Effect.

 

b.
Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement,
the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement and the Note by the Company and the consummation by it of the transactions
contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation for issuance
of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of Directors
and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this Agreement
has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true
and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the
Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments
will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except
as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’
rights generally and general principles of equity.

 

    	4

     

    

 

c.
Issuance of Shares. The shares reserved for conversion of the Note shall be duly authorized and reserved for issuance as soon
as practicable after the Company has increased its shares of authorized Common Stock in an amount equal to or greater than that permitting
it to reserve such shares. Upon conversion of the Note in accordance with its respective terms, Conversion Shares will be validly issued,
fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not
be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon the
holder thereof.

 

d.
Acknowledgment of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon
the issuance of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement and the Note is absolute and unconditional regardless of the dilutive
effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

e.
No Conflicts. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation or
By-laws, (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice
or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its subsidiaries is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations
and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or
any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries is bound or affected (except for
such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the
aggregate, have a Material Adverse Effect). Except for applicable blue sky state notice filings, all consents, authorizations, orders,
filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected on
or prior to the date hereof. The Company is not in violation of the eligibility requirements of the OTC Markets Exchange (the “OTC
Markets”) and does not reasonably anticipate that the Common Stock will be ineligible for quotation on the OTC MARKETS in the foreseeable
future, nor are the Company’s securities “chilled” by DTC. The Company and its subsidiaries are unaware of any facts
or circumstances which might give rise to any of the foregoing. For purposes of this Agreement, “Material Adverse Effect”
means an event or combination of events, which individually or in the aggregate, would reasonably be expected to (a) adversely affect
the legality, validity or enforceability of the Agreement or the Note, or (b) have or result in a material adverse effect on the results
of operations, assets, or financial condition of the Company, taken as a whole.

 

    	5

     

    

 

f.
Absence of Litigation. Except as disclosed to the Buyer or in the Company’s filings with the SEC, there is no action, suit,
claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or
body pending or, to the knowledge of the Company or any of its subsidiaries, threatened against or affecting the Company or any of its
subsidiaries, or their officers or directors in their capacity as such, that could have a Material Adverse Effect.

 

g.
Acknowledgment Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely
in the capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby. The Company
further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with
respect to this Agreement and the transactions contemplated hereby and any statement made by the Buyer or any of its respective representatives
or agents in connection with this Agreement and the transactions contemplated hereby is not advice or a recommendation and is merely
incidental to the Buyer’ purchase of the Securities.

 

h.
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require
registration under the 1933 Act of the issuance of the Securities to the Buyer.

 

i.
Title to Property. The Company and its subsidiaries have good and marketable title in fee simple to all real property and good
and marketable title to all personal property owned by them which is material to the business of the Company and its subsidiaries, in
each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(i) or such as would not have
a Material Adverse Effect. Any real property and facilities held under lease by the Company and its subsidiaries are held by them under
valid, subsisting and enforceable leases with such exceptions as would not have a Material Adverse Effect.

 

j.
Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the
basis of being a “bad actor” as that term is established in the September 19, 2013 Small Entity Compliance Guide published
by the Securities and Exchange Commission.

 

k.
Breach of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set
forth in this Section 3 in any material respect (subject to a 10-day cure period from the date that the Buyer notifies the Company in
writing of such breach with reasonable detail), and in addition to any other remedies available to the Buyer pursuant to this Agreement,
it will be considered an Event of Default under the Note.

 

    	6

     

    

 

4.
COVENANTS.

 

a.
Expenses. The Company agrees that Buyer can deduct $2,500.00 (Two Thousand Five Hundred Dollars) from the principal payment due
under the Note, at the time of cash funding, to be applied to the legal expenses of Buyer.

 

b.
Listing. The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated
quotation system, if necessary, upon which shares of Common Stock are then listed or quoted (subject to official notice of issuance)
and, so long as the Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed
or quoted, such listing or quotation of all Conversion Shares from time to time issuable upon conversion of the Note. The Company will
obtain and, so long as the Buyer owns any of the Securities, maintain the listing and trading of its Common Stock on the OTC MARKETS
or any equivalent replacement market, the Nasdaq stock market (“Nasdaq”), or the New York Stock Exchange (“NYSE”),
as applicable, and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules
of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable. The Company shall promptly provide
to the Buyer copies of any notices it receives, if any, from the OTC MARKETS and any other markets on which the Common Stock is then
listed regarding the continued eligibility of the Common Stock for listing on such markets.

 

c.
Corporate Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall
not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or substantially
all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s obligations
hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded corporation whose
Common Stock is listed for trading on the OTC MARKETS, Nasdaq or NYSE.

 

d.
No Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of the Securities
to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval provision applicable
to the Company or its securities.

 

e.
Breach of Covenants. If the Company breaches any of the covenants set forth in this Section 4 (subject to a 10-day cure period
from the date that the Buyer notifies the Company in writing of such breach with reasonable detail), and in addition to any other remedies
available to the Buyer pursuant to this Agreement, it will be considered an event of default under the Note.

 

    	7

     

    

 

5.
Governing Law; Miscellaneous.

 

a.
Governing Law. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Nevada without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of Nevada or in the federal courts located in the state Nevada
and county or city of either Washoe County, Nevada or Clark County, Nevada. The parties to this Agreement hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. The Company and Buyer waive trial by jury. The prevailing party shall be entitled
to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Agreement or
any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such
statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability
of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being
served in any suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

b.
Counterparts; Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed
by each party and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto
by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

c.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

d.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to
conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e.
Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor
the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may
be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

    	8

     

    

 

f.
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be
in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, (iv) via electronic
mail or (v) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is
to be received) or delivery via electronic mail, or the first business day following such delivery (if delivered other than on a business
day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be:

 

If
to the Company, to:

Propanc
Biopharma, Inc.

302,
6 Butler Street

Camberwell,
VIC 3124

Australia

Attn:
James Nathanielsz

 

If
to the Buyer:

GS
CAPITAL PARNTERS, LLC

1
East Liberty Street, Suite 600

Reno,
NV 85901

Attn:
Gabe Sayegh, Manager

 

Each
party shall provide notice to the other party of any change in address.

 

g.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any “qualified person”,
any “permitted assigns”, or “prospective transferee” that acquires or purchases Conversion Securities in a private
transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1933 Act, without the consent
of the Company with Buyer’s opinion of counsel (from a reputable law firm) permitting the same. A qualified person is an “accredited
investor” transferee, assignee, or purchaser of the Note who succeeds to the Holder’s right, title and interest to all or
a portion of the Note accompanied with an opinion of counsel as provided for in Section 2(f).

 

h.
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

    	9

     

    

 

i.
Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall
survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees
to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result
of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this
Agreement or any of its covenants and obligations under this Agreement.

 

j.
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

k.
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

l.
Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by
vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law
or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any
breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss
and without any bond or other security being required.

 

[Signature
page follows]

 

    	10

     

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

	PROPANC BIOPHARMA, INC.	 
	 	 
	By:	 	 
	Name:	James Nathanielsz	 
	Title:	CEO	 
	 	 
	GS CAPITAL PARNTERS, LLC	 
	 	 
	By:	 	 
	Name:	Gabe Sayegh	 
	Title:	Manager	 

 

AGGREGATE
SUBSCRIPTION AMOUNT:

 

	Aggregate Principal Amount of the Note:	 	$	71,500.00	 

 

Aggregate
Purchase Price:

 

Note:
$71,500.00 less $4,000.00 in original issue discount, less $2,500.00 in legal fees.

 

    	11

     

    

 

EXHIBIT
A

144
NOTE - $71,500

 

    	12Exhibit 4.1

 

MERCHANTS BANCORP

 

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

 

DEPOSIT AGREEMENT

 

among MERCHANTS BANCORP,

 

COMPUTERSHARE INC.,

 

and

 

COMPUTERSHARE TRUST COMPANY, N.A.,

 

and

 

THE HOLDERS FROM TIME TO TIME OF

 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of September 27, 2022

 

     

     

    

 

TABLE OF CONTENTS

 

Page 

 

	Article I. DEFINED TERMS	1
	Section 1.1 Definitions	1
	Article II. APPOINTMENT OF DEPOSITORY; BOOK-ENTRY
    SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	2
	Section 2.1 Appointment
    of Depository	2
	Section 2.2 Book-Entry
    System; Form and Transfer of Receipts	2
	Section 2.3 Deposit
    of Stock; Execution and Delivery of Receipts	4
	Section 2.4 Registration
    of Transfer of Receipts	5
	Section 2.5 Split-ups
    and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	5
	Section 2.6 Limitations
    on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	6
	Section 2.7 Lost
    Receipts, etc.	6
	Section 2.8 Cancellation
    and Destruction of Surrendered Receipts	6
	Section 2.9 Redemption
    of Stock	6
	Article III. CERTAIN OBLIGATIONS OF HOLDERS
    OF RECEIPTS AND THE CORPORATION	8
	Section 3.1 Filing
    Proofs; Certificates and Other Information	8
	Section 3.2 Payment
    of Taxes or Other Governmental Charges	8
	Section 3.3 Warranty
    as to Stock	8
	Section 3.4 Warranty
    as to Receipts	8
	Article IV. THE DEPOSITED SECURITIES; NOTICES	8
	Section 4.1 Cash
    Distributions	8
	Section 4.2 Distributions
    Other than Cash, Rights, Preferences or Privileges	9
	Section 4.3 Subscription
    Rights, Preferences or Privileges	9
	Section 4.4 Notice
    of Dividends, etc.; Fixing Record Date for Holders of Receipts	10
	Section 4.5 Voting
    Rights	10
	Section 4.6 Changes
    Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	10
	Section 4.7 Delivery
    of Reports	11
	Section 4.8 Lists
    of Receipt Holders	11
	Article V. THE DEPOSITORY, THE DEPOSITORY’S
    AGENTS, THE REGISTRAR AND THE CORPORATION	11
	Section 5.1 Maintenance
    of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents	11
	Section 5.2 Prevention
    of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar, the Transfer Agent or the Corporation	12

 

    	 	i	 

     

    

 

	Section
    5.3 Obligations of the Depository, the Depository’s Agents, the Registrar, the Transfer Agent and the Corporation	12
	Section 5.4 Resignation
    and Removal of the Depository; Appointment of Successor Depository	15
	Section 5.5 Corporate
    Notices and Reports	16
	Section 5.6 Indemnification
    by the Corporation	16
	Section 5.7 Fees,
    Charges and Expenses	16
	Section 5.8 Tax
    Compliance	16
	Article VI. AMENDMENT AND TERMINATION	17
	Section 6.1 Amendment	17
	Section 6.2 Termination	17
	Article VII. MISCELLANEOUS	18
	Section 7.1 Counterparts	18
	Section 7.2 Exclusive
    Benefit of Parties	18
	Section 7.3 Invalidity
    of Provisions	18
	Section 7.4 Notices	18
	Section 7.5 Appointment
    of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent	19
	Section 7.6 Holders
    of Receipts Are Parties	19
	Section 7.7 Governing
    Law	19
	Section 7.9 Force
    Majeure	20
	Section 7.10 Confidentiality	20
	 	 
	EXHIBIT A [FORM
    OF FACE OF RECEIPT]	A-1

 

		

    	 	ii	 

     

    

 

THIS DEPOSIT AGREEMENT dated as of September 27,
2022, among (i) MERCHANTS BANCORP, an Indiana corporation and its successors (the “Corporation”), (ii) COMPUTERSHARE
INC., a Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered trust company
and the wholly-owned subsidiary of Computershare (the “Trust Company”), and (iii) the Holders (as defined herein) from
time to time of the Receipts (as defined herein) described in this Agreement.

 

RECITALS

 

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

 

WHEREAS, the Receipts are to be substantially
in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided
in this Agreement;

 

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

 

Article I.

DEFINED TERMS

 

Section 1.1 Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	1	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article II.

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

DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER,

SURRENDER AND REDEMPTION OF RECEIPTS

 

Section 2.1 Appointment
of Depository.

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	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 Agreement all as may be reasonably
required by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations
of any securities exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with
respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject.

 

Title to Depositary Shares evidenced by a Receipt
which is properly endorsed, or accompanied by a duly executed instrument of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument; provided, that until transfer of any particular Receipt shall be registered on the
books of the Registrar as provided in Section 2.4 hereof, the Depository may, notwithstanding any notice to the contrary, treat
the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions
of dividends or other distributions or payments, to exercise any redemption or voting rights or to receive any notice provided for in
this Agreement and for all other purposes.

 

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

 

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

 

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

 

    	 	4	 

     

    

 

Section 2.4 Registration
of Transfer of Receipts.

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

    	 	5	 

     

    

 

Section 2.6 Limitations
on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 

As a condition precedent to the execution and
delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depository, any of the Depository’s
Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depository or the
Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant
to Section 3.2 and Section 5.7 hereof, may require the production of evidence satisfactory to it as to the identity and genuineness
of any signature, including a Signature Guarantee, and may also require compliance with such regulations, if any, as the Depository or
the Corporation may establish consistent with the provisions of this Agreement and applicable law and as may be required by any securities
exchange on which the Stock, the Depositary Shares or the Receipts may be listed.

 

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

 

Section 2.7 Lost Receipts, etc.

 

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

 

Section 2.8 Cancellation
and Destruction of Surrendered Receipts.

 

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

 

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

 

Section 2.9 Redemption
of Stock.

 

Whenever the Corporation shall be permitted and
shall elect to redeem shares of Stock in accordance with the terms of the Articles, it shall (unless otherwise agreed to in writing with
the Depository) give or cause to be given to the Depository, not less than 35 days and not more than 60 days prior to the Redemption
Date (as defined below), written notice of the date of such proposed redemption of Stock and of the number of such shares held by the
Depository to be so redeemed and the applicable redemption price, which notice shall be accompanied by a certificate from the Corporation
stating that such redemption of Stock is in accordance with the provisions of the Articles. On the Redemption Date, provided that the
Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of the Stock to be redeemed in accordance
with the provisions of the Articles, the Depository shall redeem the number of Depositary Shares representing such Stock. The Depository
shall provide notice of the Corporation’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary
Shares representing the Stock to be redeemed by reasonably acceptable transmission method, as determined by the Depository, not less
than 30 days and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption
Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses
as they appear on the records of the Depository; but neither failure to provide any notice of redemption of Depositary Shares to one
or more Holders nor any defect in any notice of redemption of Depositary Shares to one or more Holders shall affect the sufficiency of
the proceedings for redemption as to the other Holders. Each notice shall be prepared by the Corporation and shall state: (i) the
Redemption Date; (ii) the redemption price; (iii) if fewer than all Depositary Shares are to be redeemed, the number of Depositary
Shares to be redeemed; and (iv) the manner in which holders of the Depositary Shares called for redemption may obtain payment of
the redemption price in respect to those Depositary Shares. In case less than all the outstanding Depositary Shares are to be redeemed,
the Depositary Shares to be so redeemed shall be selected in accordance with the Articles.

 

    	 	6	 

     

    

 

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

 

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

 

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

 

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

 

    	 	7	 

     

    

 

Article III.

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 

Section 3.1 Filing Proofs;
Certificates and Other Information.

 

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

 

Section 3.2 Payment
of Taxes or Other Governmental Charges.

 

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

 

Section 3.3 Warranty
as to Stock.

 

The Corporation hereby represents and warrants
that the Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty
shall survive the deposit of the Stock and the issuance of the related Receipts.

 

Section 3.4 Warranty
as to Receipts.

 

The Corporation hereby represents and warrants
that the Receipts, when issued, will represent legal and valid interests in the Depositary Shares, and each Depositary Share will represent
one 1/40th interest in a share of deposited Stock. Such representation and warranty shall survive the deposit of the Stock and the issuance
of the Receipts.

 

Article IV.

THE DEPOSITED SECURITIES; NOTICES

 

Section 4.1 Cash Distributions.

 

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

 

    	 	8	 

     

    

 

Each Holder of a Receipt shall provide Computershare
with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt
acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require
withholding by Computershare of a portion of any of the distributions to be made hereunder.

 

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

 

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

 

Section 4.3 Subscription
Rights, Preferences or Privileges.

 

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

 

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

 

    	 	9	 

     

    

 

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

 

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

 

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

 

Section 4.5 Voting Rights.

 

Subject to the provisions of the Articles, upon
receipt of notice of any meeting at which the holders of the Stock are entitled to vote, the Depository shall, as soon as practicable
thereafter, provide to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4 hereof, a notice
prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement
that the Holders may, subject to any applicable restrictions, instruct the Depository as to the exercise of the voting rights pertaining
to the amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be given
to the Depository to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in
which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depository
shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the
maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting
instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depository
in order to enable the Depository to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from Holders
of Receipts, the Depository will not vote (but at its discretion, may appear at any meeting with respect to such Stock unless directed
otherwise by the Holders of all the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by the Receipts
of such Holders.

 

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

 

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

 

    	 	10	 

     

    

 

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

 

Section 4.7 Delivery
of Reports.

 

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

 

Section 4.8 Lists of
Receipt Holders.

 

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

 

Article V.

THE DEPOSITORY, THE DEPOSITORY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

 

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

 

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

 

The Registrar shall keep books at the Depository’s
Office for the registration and transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Registrar,
the Depository shall open its books for inspection by the Record Holders of Receipts as directed by the Corporation; provided, that any
Holder shall be granted such right by the Corporation only after certifying that such inspection shall be for a proper purpose reasonably
related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts.

 

The Registrar may close such books, at any time
or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.

 

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

 

    	 	11	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	12	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	13	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	14	 

     

    

 

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

 

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

 

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

 

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

 

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

 

Every successor Depository shall execute and deliver
to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor
Depository, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
and for all purposes shall be the Depository under this Agreement, and such predecessor, upon payment of all sums due it and on the written
request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys held hereunder
to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books
and other information in its possession relating thereto. Any successor Depository shall promptly provide notice of its appointment to
the Record Holders of Receipts.

 

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

 

    	 	15	 

     

    

 

Section 5.5 Corporate
Notices and Reports.

 

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

 

Section 5.6 Indemnification
by the Corporation.

 

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

 

Section 5.7 Fees, Charges
and Expenses.

 

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

 

Section 5.8 Tax Compliance.

 

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

 

    	 	16	 

     

    

 

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

 

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

 

Article VI.

AMENDMENT AND TERMINATION

 

Section 6.1 Amendment.

 

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

 

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

 

Section 6.2 Termination.

 

Without limiting the provisions contained in Section 5.4,
this Agreement may be terminated by the Corporation or the Depository only if (i) all outstanding Depositary Shares issued hereunder
have been redeemed pursuant to Section 2.9 hereof, or (ii) there shall have been made a final distribution in respect of the
Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed
to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or Section 4.2 hereof, as applicable.

 

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

 

    	 	17	 

     

    

 

Article VII.

MISCELLANEOUS

 

Section 7.1 Counterparts.

 

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

 

Section 7.2 Exclusive
Benefit of Parties.

 

This Agreement is for the exclusive benefit of
the parties hereto, including those named as parties in Section 7.6 hereof, and their respective successors hereunder, and shall
not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

Section 7.3 Invalidity
of Provisions.

 

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

 

Section 7.4 Notices.

 

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

 

Merchants Bancorp

410 Monon Boulevard

Carmel, Indiana 46032

Facsimile: (317) 805-4374

Attn: Chief Financial Officer

 

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

 

With a copy to, which shall not constitute notice:

 

Krieg DeVault LLP

One Indiana Square, Suite 2800

Indianapolis, Indiana 46204

Facsimile: (317) 636-1507

Attn: Michael J. Messaglia

 

Any and all notices to be given to the Depository
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail,
overnight delivery or by facsimile transmission confirmed by letter, addressed to the Depository at the Depository’s Office at
Computershare Trust Company, N.A.

 

Computershare Inc.

150 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile: 781-575-4210

 

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

 

    	 	18	 

     

    

 

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

 

Delivery of a notice sent by mail or by electronic
transmission shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in
the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depository or the Corporation may,
however, act upon any facsimile transmission received by it from the other, notwithstanding that such facsimile transmission shall not
subsequently be confirmed by letter or as aforesaid.

 

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

 

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

 

Section 7.6 Holders
of Receipts Are Parties.

 

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

 

Section 7.7 Governing
Law.

 

This Agreement and the Receipts of each Stock
and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the
laws of the State of Indiana without giving effect to applicable conflicts of law principles.

 

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

 

Section 7.8 Headings.

 

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

 

    	 	19	 

     

    

 

Section 7.9 Force Majeure.

 

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

 

Section 7.10 Confidentiality.

 

The Depository and the Corporation agree that
all books, records, information and data pertaining to the business of the other party, including inter alia, personal, non-public Holder
information, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement, including the fees for
services contemplated hereunder, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may
be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce
and criminal actions).

 

[Signature page follows.]

 

    	 	20	 

     

    

 

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

 

	 	 	 
	 	 	MERCHANTS BANCORP
	 	 	 

	 	By:	/s/ Michael J. Dunlap
	 	 	Name: Michael J. Dunlap
	 	 	Title: President

 

[SIGNATURE PAGE TO DEPOSIT
AGREEMENT]

 

     

     

    

 

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

	 	 	 
	 	By:	/s/ Drew Waford
	 	 	Name: Drew Waford
	 	 	Title: Relationship Manager
	 	 	 

 

[SIGNATURE PAGE TO DEPOSIT AGREEMENT]

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF RECEIPT]

 

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

 

[To be included in any DTC Receipt or other global Receipt: UNLESS
THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

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

 

Number DR-_____ ____________ Depositary Shares

(CUSIP: 58844R 884)

 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,

EACH REPRESENTING ONE 1/40TH OF ONE SHARE OF

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

OF MERCHANTS BANCORP

 

Incorporated under the laws of the State of Indiana

(See reverse for certain definitions.)

 

Computershare Inc., a Delaware corporation, and
Computershare Trust Company, N.A., a federally chartered trust company, acting jointly as Depository (the “Depository”),
hereby certifies that CEDE & CO. is the registered owner of 5,980,000 DEPOSITARY SHARES (“Depositary Shares”), each
Depositary Share representing one 1/40th of a share of 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock,
liquidation preference $1,000 per share, no par value (the “Stock”), of MERCHANTS BANCORP, an Indiana corporation
(the “Corporation”), on deposit with the Depository, subject to the terms and entitled to the benefits of the Deposit Agreement
dated as of September 27, 2022 (the “Deposit Agreement”), among the Corporation, Computershare Inc., Computershare Trust
Company, N.A. and the Holders from time to time of the Receipts. By accepting this Receipt, the Holder hereof becomes a party to and
agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or obligatory for any purpose
or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depository by the manual or facsimile
signature of a duly authorized officer and countersigned and registered by the Transfer Agent and Registrar.

 

    	 	A-1	 

     

    

 

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

 

Countersigned and Registered:

Computershare Trust Company, N.A.,

Transfer Agent and Registrar

 

	By:	             	 
	Authorized Signatory	

 

    	 	A-2	 

     

    

 

[FORM OF REVERSE OF RECEIPT]

 

MERCHANTS BANCORP

 

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

 

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

 

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

 

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

 

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

    (Cust)	Custodian	___________

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

    (State)
	

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

 

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

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	 

 

_________________________________________________________________

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

 

_________________________________________________________________________________

_________________________________________________________________________________

 

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

 

Dated:____________________________

 

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

 

	SIGNATURE(S) GUARANTEED:	_________________________________

    THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
    AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE
    ACT OF 1934.

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