Document:

Exhibit 4.2

 

DESCRIPTION
OF REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

At December 31, 2019, First Horizon National Corporation (“FHN”)
had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (1) FHN’s common stock, par value $0.625 per share (“Common Stock”); and (2) FHN’s depositary
shares, each representing a 1/4,000th interest in a share of FHN’s Non-Cumulative Perpetual Preferred Stock, Series
A (“Series A Depositary Shares”).

 

The description of securities in this exhibit is a summary and
does not purport to be complete. It is subject to and qualified in its entirety by reference to FHN’s Restated Charter (the
“Charter”) and FHN’s Bylaws (the “Bylaws”), each of which is an exhibit (3.1 and 3.2, respectively)
to FHN’s Annual Report on Form 10-K for the year ended December 31, 2019. FHN’s Charter and Bylaws are subject to,
and governed by, the laws of Tennessee, including especially the Tennessee Business Corporation Act, Title 48 of the Tennessee
Code, chapters 11 through 27. In addition, the description of FHN’s Series A Depositary Shares is subject to and qualified
in its entirety by reference to a Deposit Agreement, dated as of January 31, 2013 (the “Series A Deposit Agreement”),
by and among FHN, Wells Fargo Bank, N.A., as depositary (the “Series A Depositary”), and the holders from time to time
of depositary receipts described therein, which also is an exhibit (4.1) to FHN’s Annual Report on Form 10-K.

 

Authorized Capital Stock

 

At December 31, 2019, FHN’s authorized capital shares
consist of 400,000,000 shares of Common Stock, and 5,000,000 shares of series preferred stock without par value (“Preferred
Stock”).

 

FHN’s Board of Directors is authorized to create one or
more series of Preferred Stock from the amount authorized and, for each series, to fix the powers (including voting power), designations,
preferences, and relative, participating, optional, or other special rights along with any qualifications, limitations, or restrictions.
At December 31, 2019, only one series has been designated, consisting of 1,000 shares of Non-Cumulative Perpetual Preferred Stock,
Series A, liquidation preference $100,000 per share (the “Series A Preferred Stock”).

 

The outstanding shares of FHN’s Common Stock and Preferred
Stock are fully paid and nonassessable.

 

Description of Common Stock

 

Voting Rights

 

Holders of Common Stock are entitled to one vote per share on
all matters voted on by the stockholders, including the election of directors. FHN’s Common Stock does not have cumulative
voting rights.

 

Dividend Rights

 

Subject to the rights of holders of outstanding shares of Preferred
Stock, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by FHN’s
Board of Directors in its discretion out of funds legally available for the payment of dividends.

 

The Series A Preferred Stock limits FHN’s ability to declare
or pay dividends on, or purchase, redeem or otherwise acquire, shares of Common Stock in the event that FHN does not declare and
pay (or set aside)

    	Exh 4.2 | 1

    	

    

 dividends on the Series A Preferred Stock. See “Description of Series A Depositary Shares and Series A
Preferred Stock” below.

 

Liquidation Rights

 

Subject to any preferential rights of outstanding shares of
Preferred Stock, holders of Common Stock will share ratably in all assets legally available for distribution to FHN’s common
stockholders in the event of dissolution.

 

Other Rights and Preferences

 

FHN’s Common Stock has no sinking fund or redemption provisions,
and no preemptive, conversion, or exchange rights.

 

Listing 

 

FHN’s Common Stock is listed on the New York Stock Exchange
LLC under the symbol FHN.

 

Description of Series A Depositary Shares and Series A Preferred
Stock

 

Relationship of Depositary Shares to Preferred Stock

 

All 1,000 designated shares of Series A Preferred Stock have
been issued and are held by the Series A Depositary under the Series A Deposit Agreement. The Series A Depositary has issued 4,000,000
Series A Depositary Shares, which are evidenced by depositary receipts. Each Series A Depositary Share represents a 1/4,000th
ownership interest in one share of Series A Preferred Stock held by the Series A Depositary. The holders of the Series A Depositary
Shares, pro-rata through the Series A Depositary, may exercise, receive, and enjoy all the rights of the underlying Series A Preferred
Stock.

 

The number of designated shares of Series A Preferred Stock
may be increased by action of FHN’s Board without the consent of the current holder of Series A Preferred Stock or the holders
of the Series A Depositary Shares.

 

Ranking

 

With respect to the payment of dividends and distributions of
assets upon any liquidation, dissolution or winding-up, the Series A Preferred Stock ranks:

 

		•	senior to FHN’s Common Stock and all other junior stock;

 

		•	senior to or on a parity with each other series of preferred stock FHN may issue (except for any senior series that may be
issued upon the requisite vote or consent of the holders of at least a two-thirds of the shares of the Series A Preferred Stock
at the time outstanding and entitled to vote) with respect to the payment of dividends and distributions of assets upon any liquidation,
dissolution or winding-up; and

 

		•	junior to all existing and future indebtedness and other non-equity claims on us.

 

Voting Rights

 

The Series A Preferred Stock has no voting rights, except as
required by Tennessee law and except for the following:

 

		1.	Election of Two Directors if Dividends are Missed. If FHN fails to declare and pay six quarterly dividends, whether
or not consecutive, the number of FHN’s directors will increase by two, and the holders of Series A Preferred Stock (along
with any other series of Preferred Stock with voting parity rights) will be entitled to elect the two additional directors. The
election right will 

    	Exh 4.2 | 2

    	

    

	 	 	end if FHN pays, in full, at least four consecutive quarterly dividends on the Series A Preferred Stock (along with any
                              other series of Preferred Stock with voting parity rights) after the last missed quarter.
	 	 	 
		2.	Approval Required In Certain Situations. The affirmative vote of the holders of at least two-thirds of all of the shares
of Series A Preferred Stock at the time outstanding and entitled to vote, voting separately as a class, is required to: (a) authorize
or increase the authorized amount of, or issue shares of, any class or series of FHN’s capital stock ranking senior to the
Series A Preferred Stock with respect to payment of dividends or as to distributions upon FHN’s liquidation, dissolution,
or winding-up, or issue any obligation or security convertible into or evidencing the right to purchase, any such class or series
of FHN’s capital stock; (b) amend the provisions of our Charter or restated bylaws so as to materially and adversely affect
the special powers, preferences, privileges or rights of the Series A Preferred Stock, taken as a whole; or (c) consummate a binding
share-exchange or reclassification involving the Series A Preferred Stock, or a merger or consolidation of us with or into another
entity, unless the shares of the Series A Preferred Stock (i) remain outstanding or (ii) are converted into or exchanged for preference
securities of the surviving entity or any entity controlling such surviving entity and such new preference securities have terms
that are not materially less favorable than those of the Series A Preferred Stock.

 

Each holder of the Series A Preferred Stock will have one vote
per share on any matter on which holders of the Series A Preferred Stock are entitled to vote, including any action by written
consent. Whether the vote or consent of a majority or other portion of the Series A Preferred Stock and any voting parity stock
has been cast or given on any matter will be determined by reference to the respective liquidation preference amounts of the Series
A Preferred Stock and voting parity stock voted or covered by the consent.

 

Whenever the Series A Preferred Stock is entitled to vote, the
Series A Depositary is required to notify holders of Series A Depositary Shares. Depositary Share holders may instruct the Series
A Depositary to vote in proportion to the Depositary Shares held. The Series A Depositary may not vote in respect of Series A Depositary
Shares as to which voting instructions are not given.

 

Dividend Rights

 

The holder of Series A Preferred Stock is entitled to receive
dividends, if any, as may be declared from time to time by FHN’s Board of Directors in its discretion out of funds legally
available for the payment of dividends. Any such dividends are payable in arrears on each January 10, April 10, July 10 and October
10, commencing April 10, 2013, at an annual rate of 6.20% of the liquidation preference amount. As mentioned below, the liquidation
preference amount is $100,000 per share of Series A Preferred Stock (or $25 per Series A Depositary Share). Accordingly, the dollar
amount of the dividend is $6,200 per share of Series A Preferred Stock (or $1.55 per Series A Depositary Share). Dividends on the
Series A Preferred Stock are not cumulative; if FHN’s Board of Directors fails to declare a quarterly dividend, FHN has no
obligation to pay dividends for that quarterly period at any future time.

 

No dividend may be declared or paid on the Common Stock unless
the full amount for the Series A Preferred Stock, for the most recent quarterly period, has been declared and paid (or set aside
for payment).

 

The Series A Depositary is required to distribute, pro-rata,
all dividends it receives to the holders of Series A Depositary Shares, subject to applicable taxes and other governmental charges
which FHN or the Series A Depositary is required to withhold or remit.

    	Exh 4.2 | 3

    	

    

Maturity and Redemption

 

The Series A Preferred Stock is perpetual. It has no maturity
date, no mandatory redemption date, and no sinking fund requirement or process.

 

The holder of the shares of Series A Preferred Stock has no
right to require purchase or redemption of those shares. Holders of Series A Depositary Shares similarly have no right to require
purchase or redemption of those shares.

 

FHN may, at its option, redeem the Series A Preferred Stock
(i) in whole or in part, from time to time, on any dividend payment date on or after April 10, 2018, or (ii) in whole, but not
in part, at any time within 90 days following certain “Regulatory Capital Events” defined in FHN’s Charter, in
either case at a redemption price equal to $100,000 per share (equivalent to $25 per Series A Depositary Share), plus the per share
amount of any declared and unpaid dividends. Redemption of the Series A Preferred Stock would result in a corresponding redemption
of Depositary Shares.

 

Liquidation Rights

 

If FHN voluntarily or involuntarily liquidates, dissolves or
winds up its affairs, holders of the Series A Preferred Stock will be entitled to receive an amount per share (the “total
liquidation amount”) equal to the liquidation preference of $100,000 per share (equivalent to $25 per Depositary Share),
plus any declared and unpaid dividends (but not including any undeclared dividends). The holder of the Series A Preferred Stock
will be entitled to receive the total liquidation amount out of assets available for distribution to shareholders, after payment
or provision for payment of our debts and other liabilities to creditors and subject to the rights of holders of any securities
ranking senior to the Series A Preferred Stock with respect to distributions but before any distribution of assets is made to holders
of Common Stock or any other shares ranking junior to the Series A Preferred Stock.

 

The Series A Preferred Stock may be fully subordinate to interests
held by the U.S. government in the event of a receivership, insolvency, liquidation, or similar proceeding, including a proceeding
under the “orderly liquidation authority” provisions of U.S. law.

 

If FHN’s assets are sufficient to pay part of, but not
the total, liquidation amount to the holder of Series A Preferred Stock and all holders of any parity shares, the amounts paid
to the holders of the Series A Preferred Stock and to such parity share holders will be paid pro rata in accordance with
the respective total liquidation amounts.

 

Series A Preferred Stock is non-participating. If the applicable
liquidation preference amounts have been paid in full to all holders of Series A Preferred Stock and of parity shares, the holders
of Common Stock or any other shares ranking, as to such distribution, junior to the Series A Preferred Stock will be entitled to
receive all of our remaining assets according to their respective rights and preferences, and the Series A Preferred Stock will
not be entitled to participate in any such distribution.

 

For purposes of the liquidation rights, neither FHN’s
sale, lease, exchange or transfer of all or substantially all of its property and assets, nor FHN’s consolidation, merger
or other business combination with or into any other entity, will constitute a liquidation, dissolution, or winding-up of FHN’s
affairs.

 

Other Rights and Preferences

 

FHN’s Series A Preferred Stock has no preemptive, conversion,
or exchange rights.

    	Exh 4.2 | 4

    	

    

Listing 

 

Series A Depositary Shares are listed on the New York Stock
Exchange LLC under the trading symbol FHN PR A. The Series A Preferred Stock is not listed on any exchange, and is not registered
under the Securities Exchange Act of 1934.

 

Charter and Bylaw Provisions which Might Operate to Deter
a Change in Control Event

 

FHN’s Charter contains certain provisions which might
discourage or delay attempts to gain control of FHN. Those Charter provisions include:

 

		1.	providing that only the Board of Directors may fill any newly created directorships resulting from an increase in the number
of directors (by means of amending the Bylaws);

 

		2.	providing that only the Board of Directors may fill vacancies on the Board, including those caused by an increase in the size
of the board, except for vacancies on the board resulting from a director’s removal (which shareholders may choose to fill);

 

		3.	providing that shareholders may remove a director only for cause by the affirmative vote of at least a majority of the voting
power of all outstanding voting stock;

 

		4.	requiring the affirmative vote by holders of at least 80% of the voting power of all outstanding voting stock in order for
FHN’s shareholders (a) to make, amend, or repeal any Bylaw provision, and (b) to adopt any Charter provision which is inconsistent
with any Bylaw provision; and

 

		5.	requiring the affirmative vote by holders of at least 80% of the voting power of all outstanding voting stock to alter any
of the above provisions.

 

FHN’s Bylaws contain certain provisions which might have
a similar effect. Those Bylaw provisions include:

 

		1.	authorizing only the board of directors or FHN’s Chairman of the Board to call a special meeting of shareholders;

 

		2.	requiring timely notice before a shareholder may nominate a director or propose other business to be presented at a shareholders’
meeting;

 

		3.	requiring timely notice and adherence to certain procedures and restrictions before a shareholder’s nomination of a director
may be included in FHN’s proxy materials; and

 

		4.	requiring the affirmative vote by holders of at least 80% of the voting power of all outstanding voting stock in order for
FHN’s shareholders to make, amend, or repeal any Bylaw provision.

 

In addition, in certain instances, the ability of FHN’s
Board to issue authorized but unissued shares of common stock or preferred stock may have an anti-takeover effect.

 

This summary does not include the effects of laws and regulations
which might, and in some cases would, significantly restrict the ability of anyone to gain control of FHN. The most significant
of those are embodied in federal laws regulating control of banks and bank holding companies, and related regulations of the Board
of Governors of the Federal Reserve.

    	Exh 4.2 | 5Exhibit 10.4(e)

 

 

 

GRANT NOTICE

 

Special Executive Restricted Stock:

IBKC Merger Closing Incentive Award

 

[Recipient Name]

You have been granted an award of shares
of Restricted Stock (“RS”) of First Horizon National Corporation (“FHNC”):

 

	Amount
    of Award:	shares
    of Restricted Stock	Grant
    Date:	November
    25, 2019
	Governing
    Plan:	Equity
    Compensation Plan	Vesting
    Date:	The
    first anniversary of the legal closing of FHNC’s merger with IBERIABANK Corporation

 

This RS award is your “Closing Incentive Award”
granted pursuant to Section 3 of the letter agreement dated November 3, 2019, between you and FHNC (your “Letter Agreement”).
In accordance with your Letter Agreement, the number of shares covered by this Award was determined by dividing the total dollar
value of your grant, as provided in Section 3 of your Letter Agreement, by the volume weighted average price per share of FHNC
common stock measured over the period of ten trading days ended November 15, 2019, which was the last trading day before November
18, 2019. If any provision of this Grant Notice is inconsistent with your Letter Agreement, the terms of your Letter Agreement
will control. The provisions of Section 3 and Exhibit A of your Letter Agreement are incorporated herein, as are all other provisions
of your Letter Agreement related to the grant, administration, payment, forfeiture, or other disposition of this RS award.

 

This RS award is granted under the Governing Plan specified
above, and, subject to your Letter Agreement, is governed by the terms and conditions of that Plan and by policies, practices,
and procedures (“Procedures”) of the Compensation Committee (that administers the Governing Plan) that are in effect
from time to time during the vesting period. Also, this award is subject to the terms and restrictions of FHNC’s Compensation
Recovery Policy (“Policy”) as in effect during the vesting period. Amendments to any of those documents after the Grant
Date may apply to this award, if consistent with your Letter Agreement and applicable law.

 

This RS award is subject to possible reduction or forfeiture
in advance of vesting in accordance with the Governing Plan, the Procedures, the Policy, and your Letter Agreement.

 

Except as otherwise provided in this Grant Notice, forfeiture
generally will occur immediately upon termination of employment—you must remain continuously employed by FHNC or one of its
subsidiaries through the close of business on the Vesting Date. However, in accordance with your Letter Agreement, forfeiture will
not occur, and vesting will accelerate, if your employment is terminated by FHNC (or a subsidiary, as applicable) other than for
Cause, as defined (for purposes of

this paragraph) in the change in control severance agreement between you and FHNC. Your RS award
may be suspended pending any investigation of, or any determinations associated with, the circumstances of any such termination.
The Procedures provide for full or partial non-forfeiture of awards in cases of death, disability, or retirement; however, in accordance
with your Letter Agreement, none of those standard provisions applies to this RS award.

 

In accordance with your Letter Agreement, this RS award will
be forfeited in full if the IBKC Merger is abandoned by the parties before legal closing, or if the IBKC Merger Agreement is terminated
before legal closing of the Merger, in either case for any reason. “IBKC Merger” means FHNC’s proposed merger
with IBERIABANK Corporation under their Agreement and Plan of Merger dated as of November 3, 2019, as it may be amended from time
to time (“IBKC Merger Agreement”). Legal closing of the IBKC Merger occurs when articles of merger (or the legal equivalent)
are filed by FHNC and IBERIABANK Corporation with appropriate state offices in Tennessee and Louisiana, respectively, and, by their
terms or by action of government officials, become fully and unconditionally effective for all legal purposes under the corporation
laws of those states. For the avoidance of doubt, this RS award is not a Section 10 Award under the Governing Plan.

 

This RS award is subject to forfeiture (before vesting) or repayment
and recovery in full by FHNC (after vesting) if you materially violate the provisions of Exhibit A contained in your Letter Agreement.
You will not be found to have materially violated the provisions of Exhibit A of your Letter Agreement until you have been provided
with written notice setting forth in reasonable detail the determination of material violation, and such basis has not been cured
within 30 days, and you have been delivered a resolution duly adopted by the vote of not less than three-quarters of FHNC’s
board of directors that you were guilty of such material violation and specifying the particulars in detail.

 

By accepting this RS award, you acknowledge that FHNC may reduce
or offset other amounts owed to you, including but not limited to wages, bonuses, or 

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commissions owed, among other things, to satisfy
any repayment obligation.

 

The Compensation Committee or FHNC’s Board of Directors,
as applicable, reserves the right, in its sole and absolute discretion, to waive forfeiture or accelerate vesting in whole or part.
You have no right to any waiver or acceleration. If a request for a waiver were granted, only the shares not covered by the waiver
would forfeit.

 

RS shares are non-transferable. Your RS
shares will be held by FHNC until vesting. You may vote your RS shares prior to vesting.

 

FHNC will accrue dividends declared upon your RS shares during
the vesting period and pay them pro-rata (if applicable) at vesting. No interest will accrue on cash dividends. Stock splits and
stock dividends will result in a proportionate adjustment to the RS award as provided in the Governing Plan and Procedures. If
RS shares are forfeited, any related accrued dividends are forfeited also.

 

Vesting is a taxable event for you. Your withholding and other
taxes will depend upon FHNC’s stock value on the Vesting Date and the amount of dividend equivalents paid to you. As of the
Grant Date, the Procedures

provide that FHNC will withhold shares and cash at vesting in the amount necessary to cover your withholding
taxes; however, the Procedures may be changed at any time. You are not permitted to make any election in accordance with Section
83(b) of the Internal Revenue Code of 1986, as amended, to include in your gross income for federal income tax purposes the value
of this award this year. If you make a Section 83(b) election, this award will forfeit.

 

Questions about your
RS award?

 

Important information concerning the Governing Plan and this
RS award is contained in a prospectus. Copies of the current prospectus (including all applicable supplements) are delivered separately,
and you may request a copy of the Governing Plan or prospectus at any time. If you have questions about your RS award or need a
copy of the Governing Plan, related prospectus, or current Procedures, please contact Fidelity Investment’s Executive Relationship
Officer at 800-823-0217. For all your personal stock incentive information, you may view your award and other information on Fidelity’s
website at www.NetBenefits.com.

 

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