Document:

EX-4.2

Exhibit 4.2

AMENDED AND RESTATED DECLARATION OF TRUST

among

SOUTHWEST BANCORP, INC.,

as Sponsor

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

and

THE ADMINISTRATORS NAMED HEREIN

Dated as of                     , 2008

SOUTHWEST CAPITAL TRUST II

 

 

Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust
Indenture Act of 1939:

	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION
	§310(a)(1), (2) and (5)
	 	8.7
	(a)(3)
	 	8.9
	(a)(4)
	 	2.7(a)(ii)
	(b)
	 	8.8
	(c)
	 	Not Applicable
	§311(a)
	 	8.13
	(b)
	 	8.13
	(c)
	 	Not Applicable
	§312(a)
	 	5.8
	(b)
	 	5.8
	(c)
	 	5.8
	§313(a)
	 	8.15(a)
	(b)
	 	8.15(a)
	(c)
	 	10.8
	(d)
	 	8.15(c)
	§314(a)(1), (2) and (3)
	 	8.16
	(a)(4)
	 	8.16
	(b)
	 	Not Applicable
	(c)(1)
	 	8.17
	(c)(2)
	 	8.17
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	1.1, 8.17
	(f)
	 	Not Applicable
	§315(a)
	 	8.1(a), 8.3
	(b)
	 	8.2, 10.8
	(c)
	 	8.1(d)
	(d)
	 	8.1,8.3
	(e)
	 	10.1
	§316(a)
	 	Not Applicable
	(a)(1)(A)
	 	8.1(e)
	(a)(1)(B)
	 	5.13(b)
	(a)(2)
	 	Not Applicable
	(b)
	 	5.13
	(c)
	 	6.7
	§317(a)(1)
	 	Not Applicable
	(a)(2)
	 	Not Applicable
	(b)
	 	5.10
	§318(a)
	 	10.10

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.

i 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Article I DEFINED TERMS
	 	 	 	 
	Section 1.1 Definitions
	 	 	4	 
	Article II CONTINUATION OF THE TRUST
	 	 	 	 
	Section 2.1 Name
	 	 	10	 
	Section 2.2 Office of the Delaware Trustee; Principal Place of Business
	 	 	11	 
	Section 2.3 Initial Contribution of Trust Property; Organizational
Expenses
	 	 	11	 
	Section 2.4 Issuance of the Preferred Securities
	 	 	11	 
	Section 2.5 Issuance of the Common Securities; Subscription and
Purchase of Debentures
	 	 	11	 
	Section 2.6 Continuation of Trust
	 	 	12	 
	Section 2.7 Authorization to Enter into Certain Transactions
	 	 	12	 
	Section 2.8 Assets of Trust
	 	 	15	 
	Section 2.9 Title to Trust Property
	 	 	15	 
	Section 2.10 Liability of the Sponsor for Trust Expenses
	 	 	15	 
	Article III PAYMENT ACCOUNT
	 	 	 	 
	Section 3.1 Payment Account
	 	 	15	 
	Article IV DISTRIBUTIONS; REDEMPTION
	 	 	 	 
	Section 4.1 Distributions
	 	 	16	 
	Section 4.2 Redemption
	 	 	16	 
	Section 4.3 Subordination of Common Securities
	 	 	18	 
	Section 4.4 Payment Procedures
	 	 	18	 
	Section 4.5 Tax Returns and Reports
	 	 	18	 
	Section 4.6 Payment of Taxes, Duties, Etc. of the Trust
	 	 	18	 
	Section 4.7 Payments under Indenture or Pursuant to Direct Actions
	 	 	18	 
	Article V TRUST SECURITIES CERTIFICATES
	 	 	 	 
	Section 5.1 Initial Ownership
	 	 	19	 
	Section 5.2 The Trust Securities Certificates
	 	 	19	 
	Section 5.3 Execution, Delivery and Authentication of Trust Securities
Certificates
	 	 	19	 
	Section 5.4 Book-Entry Preferred Securities
	 	 	20	 
	Section 5.5 Registration of Transfer and Exchange of Preferred
Securities Certificates
	 	 	21	 
	Section 5.6 Mutilated, Destroyed, Lost or Stolen Trust Securities
Certificates
	 	 	22	 
	Section 5.7 Persons Deemed Holders
	 	 	22	 
	Section 5.8 Access to List of Holders’ Names and Addresses
	 	 	22	 
	Section 5.9 Maintenance of Office or Agency
	 	 	22	 
	Section 5.10 Appointment of Paying Agent
	 	 	22	 
	Section 5.11 Ownership of Common Securities by Sponsor
	 	 	23	 
	Section 5.12 Notices to Depositary
	 	 	23	 
	Section 5.13 Rights of Holders; Waivers of Past Defaults
	 	 	23	 
	Article VI ACTS OF HOLDERS; MEETINGS; VOTING
	 	 	 	 
	Section 6.1 Limitations on Voting Rights
	 	 	25	 
	Section 6.2 Notice of Meetings
	 	 	25	 
	Section 6.3 Meetings of Holders of the Preferred Securities
	 	 	25	 
	Section 6.4 Voting Rights
	 	 	26	 
	Section 6.5 Proxies, etc
	 	 	26	 
	Section 6.6 Holder Action by Written Consent
	 	 	26	 
	Section 6.7 Record Date for Voting and Other Purposes
	 	 	26	 

ii 

 

	 	 	 	 	 
	Section 6.8 Acts of Holders
	 	 	26	 
	Section 6.9 Inspection of Records
	 	 	27	 
	Article VII REPRESENTATIONS AND WARRANTIES
	 	 	 	 
	Section 7.1 Representations and Warranties of the Property Trustee and
the Delaware Trustee
	 	 	27	 
	Section 7.2 Representations and Warranties of Sponsor
	 	 	28	 
	Article VIII THE TRUSTEES
	 	 	 	 
	Section 8.1 Certain Duties and Responsibilities
	 	 	28	 
	Section 8.2 Certain Notices
	 	 	29	 
	Section 8.3 Certain Rights of Property Trustee
	 	 	29	 
	Section 8.4 Not Responsible for Recitals or Issuance of Securities
	 	 	31	 
	Section 8.5 May Hold Securities
	 	 	31	 
	Section 8.6 Compensation; Indemnity; Fees
	 	 	31	 
	Section 8.7 Corporate Property Trustee Required; Eligibility of Trustees
	 	 	32	 
	Section 8.8 Conflicting Interests
	 	 	32	 
	Section 8.9 Co-Trustees and Separate Trustee
	 	 	32	 
	Section 8.10 Resignation and Removal; Appointment of Successor
	 	 	33	 
	Section 8.11 Acceptance of Appointment by Successor
	 	 	34	 
	Section 8.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	25	 
	Section 8.13 Preferential Collection of Claims Against Sponsor or Trust
	 	 	35	 
	Section 8.14 Property Trustee May File Proofs of Claim
	 	 	35	 
	Section 8.15 Reports by Property Trustee
	 	 	35	 
	Section 8.16 Reports to the Property Trustee
	 	 	36	 
	Section 8.17 Evidence of Compliance with Conditions Precedent
	 	 	36	 
	Section 8.18 Number of Trustees
	 	 	36	 
	Section 8.19 Delegation of Power
	 	 	36	 
	Section 8.20 Appointment of Administrators
	 	 	36	 
	Article IX TERMINATION, LIQUIDATION AND MERGER
	 	 	 	 
	Section 9.1 Dissolution Upon Expiration Date
	 	 	37	 
	Section 9.2 Early Dissolution
	 	 	37	 
	Section 9.3 Termination
	 	 	37	 
	Section 9.4 Liquidation
	 	 	37	 
	Section 9.5 Mergers, Consolidations, Amalgamations or Replacements of
Trust
	 	 	38	 
	Article X MISCELLANEOUS PROVISIONS
	 	 	 	 
	Section 10.1 Limitation of Rights of Holders
	 	 	39	 
	Section 10.2 Amendment
	 	 	39	 
	Section 10.3 Separability
	 	 	40	 
	Section 10.4 Governing Law
	 	 	40	 
	Section 10.5 Payments Due on Non-Business Day
	 	 	40	 
	Section 10.6 Successors
	 	 	40	 
	Section 10.7 Headings
	 	 	40	 
	Section 10.8 Reports, Notices and Demands
	 	 	41	 
	Section 10.9 Agreement Not to Petition
	 	 	41	 
	Section 10.10 Trust Indenture Act; Conflict with Trust Indenture Act
	 	 	41	 
	Section 10.11 Acceptance of Terms of Declaration, Guarantee Agreement and
Indenture
	 	 	41	 
	Section 10.12 Counterparts
	 	 	42	 
	Section 10.13 Exchange Act Obligations
	 	 	42	 
	Exhibit A            Form of Common Securities Certificate
	 	 	44	 
	Exhibit B            Form of Preferred Securities Certificate
	 	 	46	 

iii 

 

     AMENDED AND RESTATED DECLARATION OF TRUST , dated as of                     , 2008, among SOUTHWEST
BANCORP, INC., an Oklahoma corporation (including any successors or assigns, the “Sponsor”), U.S.
BANK TRUST NATIONAL ASSOCIATION, as property trustee (in such capacity, the “Property Trustee”),
U.S. BANK TRUST NATIONAL ASSOCIATION, as Delaware trustee, Rick J. Green, an individual, Kerby
Crowell, an individual, and Laura Bright, an individual (each an “Administrator” and collectively
the “Administrators”) (the Property Trustee, the Delaware Trustee and the Administrators being
referred to collectively as the “Trustees” and individually as “Trustee”), and the several Holders,
as hereinafter defined.

W I T N E S S E T H

     WHEREAS, the Sponsor and the Property Trustee have heretofore duly declared and established a
statutory trust under the name “Southwest Capital Trust II” pursuant to the Delaware Statutory
Trust Act by entering into the Declaration, dated as of May 29, 2008 (the “Original Declaration”),
and by the execution and filing by the Property Trustee with the Secretary of State of the State of
Delaware of the Certificate of Trust, filed on May 29, 2008;

     WHEREAS, the parties hereto desire to amend and restate the Original Declaration in its
entirety as set forth herein to provide for, among other things, (i) the issuance of the Common
Securities by the Trust to the Sponsor, (ii) the issuance and sale of the Preferred Securities by
the Trust pursuant to the Underwriting Agreement, (iii) the acquisition by the Trust from the
Sponsor of all of the right, title and interest in the Debentures; and (iv) the appointment of the
Trustees;

     NOW THEREFORE, in consideration of the premises, the agreements and obligations set forth
herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the
Holders, hereby amends and restates the Original Declaration in its entirety and agrees as follows:

ARTICLE I

DEFINED TERMS

     Section 1.1 Definitions. For all purposes of this Declaration, except as otherwise
expressly provided or unless the context otherwise requires:

     (a) capitalized terms used in this Declaration but not defined in the preamble above have the
respective meanings assigned to them in this Section 1.1;

     (b) a term defined anywhere in this Declaration has the same meaning throughout;

     (c) all references to “the Declaration” or “this Declaration” are to this Declaration as
modified, supplemented or amended from time to time;

     (d) a reference to the singular includes the plural and vice versa.

     (e) unless the context otherwise requires, any reference to an “Article”, a “Section” or an
“Exhibit” refers to an Article, a Section or an Exhibit, as the case may be, of or to this
Declaration;

     (f) the words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Declaration as a whole and not to any particular Article, Section or other
subdivision; and

     (g) all capitalized terms used herein that are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein .

     “Act” has the meaning specified in Section 6.8.

     “Additional Amounts” has the meaning set forth in Section 3.06 of the Indenture.

     “Additional Interest” has the meaning set forth in Section 2.11 of the Indenture.

4

 

     “Administrator” means each of the Persons appointed in accordance with Section 8.20 solely in
such Person’s capacity as Administrator of the Trust and not in such Person’s individual capacity,
or any successor Administrator appointed as herein provided.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     “Applicable Procedures” means, with respect to any transfer or transaction involving a
Book-Entry Preferred Security, the rules and procedures of the Depositary for such Book-Entry
Preferred Security, in each case to the extent applicable to such transaction and as in effect from
time to time.

     “Bankruptcy Event” means, with respect to any Person:

     (a) the entry of a decree or order by a court having jurisdiction in the premises judging such
Person a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjudication or composition of or in respect of such Person under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law, or appointing a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or
of any substantial part of its property or ordering the winding up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days; or

     (b) the institution by such Person of proceedings to be adjudicated a bankrupt or insolvent,
or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the
filing by it of a petition or answer or consent seeking reorganization or relief under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the
consent by it to the filing of any such petition or to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or similar official) of such Person or of any substantial part of
its property, or the making by it of an assignment for the benefit of creditors, or the admission
by it in writing of its inability to pay its debts generally as they become due or its willingness
to be adjudicated a bankrupt, or the taking of corporate action by such Person in furtherance of
any such action.

     “Bankruptcy Law” has the meaning specified in the Indenture

     “Board of Directors” means either the board of directors of the Sponsor or any committee of
that board duly authorized to act hereunder.

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Sponsor to have been duly adopted by the Board of Directors, or such committee of
the Board of Directors or officers of the Sponsor to which authority to act on behalf of the Board
of Directors has been delegated, and to be in full force and effect on the date of such
certification, and delivered to the Trustees.

     “Book-Entry Preferred Securities Certificate” means a Preferred Securities Certificate
evidencing ownership of Book-Entry Preferred Securities.

     “Book-Entry Preferred Security” means a Preferred Security, the ownership and transfers of
which shall be made through book entries by a Depositary as described in Section 5.4.

     “Business Day” means any day other than a Saturday, Sunday, or any other day on which banking
institutions and trust companies in The City of New York, New York, Wilmington, Delaware or
Stillwater Oklahoma, are permitted or required by any applicable law to close.

     “Certificate Depository Agreement” means the agreement among the Trust, the Sponsor and DTC,
as the initial Depositary, dated as of the Closing Date.

5

 

     “Closing Date” means the date of execution and delivery of this Declaration.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

     “Common Securities Certificate” means a certificate evidencing ownership of Common Securities,
substantially in the form attached as Exhibit A.

     “Common Security” means a common undivided beneficial interest in assets of the Trust, having
a Liquidation Amount of $25.00 and having the rights provided therefor in this Declaration,
including the right to receive Distributions and a Liquidation Distribution to the extent provided
herein.

     “Corporate Trust Office” when used with respect to any Trustee who is not a natural person,
the principal office of such Trustee at which at any particular time its corporate trust business
is administered.

     “Debenture Event of Default” means any “Event of Default” specified in Section 5.01 of the
Indenture.

     “Debenture Redemption Date” means, with respect to any Debentures to be redeemed under the
Indenture, the date fixed for redemption of such Debentures under the Indenture.

     “Debentures” means the Sponsor’s [ ]% Junior Subordinated Notes due 2038, issued pursuant to
the Indenture.

     “Debenture Trustee” means the Person identified as the “Trustee” in the Indenture, solely in
its capacity as Trustee pursuant to the Indenture and not in its individual capacity, or its
successor in interest in such capacity, or any successor Trustee appointed as provided in the
Indenture.

     “Declaration” means this Amended and Restated Declaration, as the same may be modified,
amended or supplemented in accordance with the applicable provisions hereof, including (i) all
exhibits, and (ii) for all purposes of this Declaration and any such modification, amendment or
supplement, the provisions of the Trust Indenture Act that are deemed to be a part of and govern
this Declaration and any such modification, amendment or supplement, respectively.

     “Definitive Preferred Securities Certificates” means either or both (as the context requires)
of (i) Preferred Securities Certificates issued as Book-Entry Preferred Securities Certificates as
provided in Section 5.2 or 5.4, and (ii) Preferred Securities Certificates issued in certificated,
fully registered form as provided in Section 5.2, 5.4 or 5.5.

     “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§ 3801 et seq., as it may be amended from time to time.

     “Delaware Trustee” means the Person identified as the “Delaware Trustee” in this Declaration,
solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity, or its
successor in interest in such capacity, or any successor Delaware Trustee appointed as herein
provided.

     “Depositary” means an organization registered as a “Depositary” pursuant to Section 17A of the
Exchange Act. DTC will be the initial Depositary.

     “Depositary Participant” means a broker, dealer, bank, other financial institution or other
Person for whom from time to time a Depositary effects book-entry transfers and pledges of
securities deposited with the Depositary.

     “Distribution Date” has the meaning specified in Section 4.1(a).

6

 

     “Distributions” means amounts payable in respect of the Trust Securities as provided in
Section 4.1.

     “DTC” means The Depository Trust Company.

     “Early Dissolution Event” has the meaning specified in Section 9.2.

     “Event of Default” means any one of the following events (whatever the reason for such event
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body):

     (a) the occurrence of a Debenture Event of Default; or

     (b) default by the Trust in the payment of any Distribution when it becomes due and payable,
and continuation of such default for a period of 30 days; or

     (c) default by the Trust in the payment of any Redemption Price of any Trust Security when it
becomes due and payable; or

     (d) default in the performance, or breach, in any material respect, of any covenant or
warranty of the Trustees in this Declaration (other than those specified in clause (b) or (c)
above) and continuation of such default or breach for a period of 60 days after there has been
given, by registered or certified mail, to the Trustees and to the Sponsor by the Holders of at
least 25% in aggregate Liquidation Amount of the Outstanding Preferred Securities a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or

     (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee if a successor
Property Trustee has not been appointed within 90 days thereof.

     “Exchange Act” means the Securities Exchange Act of 1934, and any successor statute thereto,
in each case as amended from time to time.

     “Expense Agreement” means the Agreement as to Expenses and Liabilities, dated as of the
Closing Date, between the Sponsor and the Trust, substantially in the form attached as Exhibit B ,
as amended from time to time.

     “Expiration Date” has the meaning specified in Section 9.1.

     “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to
time constituted, or if at any time after the execution of this Declaration the Federal Reserve is
not existing and performing the duties now assigned to it, then the bodies performing such duties
at such time, or the Federal Reserve Bank of Chicago, or any successor Federal reserve bank having
primary jurisdiction over the Sponsor.

     “Guarantee Agreement” means the Guarantee Agreement executed and delivered by the Sponsor and
U.S. Bank National Association, as guarantee trustee, contemporaneously with the execution and
delivery of this Declaration, for the benefit of the holders of the Preferred Securities, as
amended from time to time.

     “Holder” means a Person in whose name a Trust Security or Trust Securities are registered in
the Securities Register; any such Person shall be a beneficial owner within the meaning of the
Delaware Statutory Trust Act.

     “Indenture” means the Junior Subordinated Indenture, dated as of the date hereof, between the
Sponsor and the Debenture Trustee, as trustee, as may be amended or supplemented from time to time.

     “Investment Company Act” means the Investment Company Act of 1940, or any successor statute
thereto, in each case as amended from time to time.

7

 

     “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership
interest, hypothecation, assignment, security interest or preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever.

     “Like Amount” means (a) with respect to a redemption of any Trust Securities, Trust Securities
having a Liquidation Amount equal to the principal amount of Debentures to be contemporaneously
redeemed in accordance with the Indenture, the proceeds of which will be used to pay the Redemption
Price of such Trust Securities, (b) with respect to a distribution of Debentures to Holders of
Trust Securities in connection with a dissolution or liquidation of the Trust, Debentures having a
principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such
Debentures are distributed, and (c) with respect to any distribution of Additional Amounts to
Holders of Trust Securities, Debentures having a principal amount equal to the Liquidation Amount
of the Trust Securities in respect of which such distribution is made.

     “Liquidation Amount” means the stated amount of $25.00 per Trust Security.

     “Liquidation Date” means the date of the dissolution of the Trust pursuant to Section 9.4.

     “Liquidation Distribution” has the meaning specified in Section 9.4(d).

     “Majority in Liquidation Amount of the Preferred Securities” or “Majority in Liquidation
Amount of the Common Securities” means, except as provided by the Trust Indenture Act, Preferred
Securities or Common Securities, as the case may be, representing more than 50% of the aggregate
Liquidation Amount of all then Outstanding Preferred Securities or Common Securities, as the case
may be.

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors,
the Chairman of the Executive Committee of the Board of Directors, the Chief Executive Officer, the
President, the Chief Operating Officer, a Vice Chairman or a Vice President, the Treasurer, an
Assistant Treasurer, the Secretary, an Assistant Secretary or the Comptroller of the Company of the
Sponsor, and delivered to the Trustees. Any Officers’ Certificate delivered with respect to
compliance with a condition or covenant provided for in this Declaration shall include:

     (a) a statement by each officer signing the Officers’ Certificate that such officer has read
the covenant or condition and the definitions relating thereto;

     (b) a brief statement of the nature and scope of the examination or investigation undertaken
by each officer in rendering the Officers’ Certificate;

     (c) a statement that such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable each officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

     (d) a statement as to whether, in the opinion of each officer, such condition or covenant has
been complied with.

     “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be counsel
to the Trust, any Trustee or the Sponsor or may be other counsel reasonably satisfactory to the
Property Trustee.

     “Option” has the meaning specified in the Underwriting Agreement.

     “Option Closing Date” has the meaning specified in the Underwriting Agreement.

     “Optional Redemption Price” means, with respect to any Trust Security, the Liquidation Amount
of such Trust Security, plus accumulated and unpaid Distributions to the Redemption Date, plus the
related amount of the premium, if any, paid by the Sponsor upon the concurrent redemption of a Like
Amount of Debentures.

     “Original Declaration” has the meaning specified in the recitals to this Declaration.

8

 

     “Outstanding”, when used with respect to Trust Securities, means, as of the date of
determination, all Trust Securities theretofore executed and delivered under this Declaration,
except:

     (a) Trust Securities theretofore cancelled by the Property Trustee or delivered to the
Property Trustee for cancellation;

     (b) Trust Securities for which payment or redemption money in the necessary amount has been
theretofore deposited with the Property Trustee or any Paying Agent; provided that, if such Trust
Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Declaration; and

     (c) Trust Securities that have been paid or in exchange for or in lieu of which other Trust
Securities have been executed and delivered pursuant to Sections 5.4, 5.5, 5.6 and 5.11;

provided, however, that in determining whether the Holders of the requisite Liquidation Amount of
the Outstanding Preferred Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Preferred Securities owned by the Sponsor, any Trustee or any
Affiliate of the Sponsor or of any Trustee shall be disregarded and deemed not to be Outstanding,
except that (a) in determining whether any Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Preferred Securities
that such Trustee knows to be so owned shall be so disregarded, and (b) the foregoing shall not
apply at any time when all of the outstanding Preferred Securities are owned by the Sponsor, one or
more of the Trustees and/or any such Affiliate. Preferred Securities so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Administrators the pledgee’s right so to act with respect to such Preferred Securities and
that the pledgee is not the Sponsor or any Affiliate of the Sponsor.

     “Owner” means each Person who is the beneficial owner of Book-Entry Preferred Securities as
reflected in the records of the Depositary or, if a Depositary Participant is not the Owner, then
as reflected in the records of a Person maintaining an account with such Depositary (directly or
indirectly, in accordance with the rules of such Depositary).

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 5.10
and shall initially be U.S. Bank Trust National Association.

     “Payment Account” means a segregated non-interest-bearing corporate trust account maintained
by or on behalf of the Property Trustee for the benefit of the Holders in which all amounts paid in
respect of the Debentures will be held and from which the Property Trustee, through the Paying
Agent, shall make payments to the Holders in accordance with Sections 4.1 and 4.2.

     “Person” means a legal person, including any individual, corporation, estate, partnership,
joint venture, association, joint stock company, company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision thereof, or any
other entity of whatever nature.

     “Preferred Securities Certificate” means a certificate evidencing ownership of Preferred
Securities, substantially in the form attached as Exhibit B.

     “Preferred Security” means a preferred undivided beneficial interest in the assets of the
Trust, having a Liquidation Amount of $25.00 and having the rights provided therefor in this
Declaration, including the right to receive Distributions and a Liquidation Distribution to the
extent provided herein.

     “Property Trustee” means the Person identified as the “Trustee” in the preamble to this
Declaration, solely in its capacity as Property Trustee of the Trust and not in its individual
capacity, or its successor in interest in such capacity, or any successor Property Trustee
appointed as herein provided. In the event of any amendment or supplement to this Declaration to
provide for a separate Property Trustee and Delaware Trustee, then the Property trustee shall mean
the Person identified therein as “Property Trustee, or any solely in its capacity as Property
Trustee of the Trust and not in its individual capacity, or its successor in interest in such
capacity, or any successor Property Trustee appointed as herein provided.

9

 

     “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for
such redemption by or pursuant to this Declaration; provided that each Debenture Redemption Date
and the stated maturity of the Debentures shall be a Redemption Date for a Like Amount of Trust
Securities.

     “Redemption Price” means the Optional Redemption Price or the Special Redemption Price, as
applicable.

     “Relevant Trustee” has the meaning specified in Section 8.10.

     “Responsible Officer” means, with respect to the Property Trustee, any officer of the Property
Trustee with direct responsibility for the administration of the Indenture, including any
vice-president, any assistant vice-president, any secretary, any assistant secretary, the
treasurer, any assistant treasurer, any trust officer or other officer of the Property Trustee
customarily performing functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of that officer’s knowledge of and familiarity with the particular
subject.

     “Securities Act” means the Securities Act of 1933, and any successor statute thereto, in each
case as amended from time to time.

     “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.5.

     “Special Redemption Price” means, with respect to the redemption of any Debenture following a
Special Event, an amount in cash equal to 100% of the principal amount of Debentures to be redeemed
plus unpaid interest accrued thereon to the Special Redemption Date:

     “Sponsor” has the meaning specified in the preamble to this Declaration.

     “Trust” means the Delaware statutory trust heretofore known as “Southwest Capital Trust II,”
which was formed on May 29, 2008 under the Delaware Statutory Trust Act pursuant to the Original
Declaration and the filing of the Certificate of Trust, and continued pursuant to this Declaration
under the name “Southwest Capital Trust II”.

     “Trustees” has the meaning specified in the preamble to this Declaration.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Guarantee Agreement was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

     “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to, the
Payment Account, and (c) all proceeds and rights in respect of the foregoing and any other property
and assets for the time being held or deemed to be held by the Property Trustee pursuant to the
trusts of this Declaration.

     “Trust Securities Certificate” means any one of the Common Securities Certificates or the
Preferred Securities Certificates.

     “Trust Security” means the Common Securities or the Preferred Securities.

     “Underwriting Agreement” means the Underwriting Agreement, dated as of ___, 2008, among
the Trust, the Sponsor and the Underwriters named therein, as the same may be amended from time to
time.

ARTICLE II

CONTINUATION OF THE TRUST

     Section 2.1 Name. The trust established under the Original Declaration under the name
“Southwest Capital Trust II” and continued hereby shall continue to be known as “Southwest Capital
Trust II”, as such name may be modified from time to time by the Administrators following written
notice to the Holders of Trust Securities and the other Trustees. The Trustees may conduct the
business of the Trust, make and execute contracts and other

10

 

instruments on behalf of the Trust and sue and be sued in such name or in their own names together
with an indication of their capacities as trustees.

     Section 2.2 Office of the Property Trustee; Principal Place of Business. The address
of the Property Trustee in the State of Delaware is 300 East Delaware Avenue, 9th Floor,
Wilmington, Delaware 19801, or such other address in the State of Delaware as the Property Trustee
may designate by written notice to the Holders, the Sponsor, and the Administrators. The principal
executive office of the Trust is c/o Southwest Bancorp, Inc., 608 South Main Street, Stillwater,
Oklahoma, 74074.

     Section 2.3 Initial Contribution of Trust Property; Organizational Expenses. The
Sponsor deposited the sum of $1.00 in connection with the Original Declaration, which constituted
the initial Trust Property. The Sponsor shall pay organizational expenses of the Trust as they
arise and shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses
paid by such Trustee. The Sponsor shall make no claim upon the Trust Property for the payment of
such expenses.

     Section 2.4 Issuance of the Preferred Securities. The Sponsor, both on its own behalf
and on behalf of the Trust pursuant to the Original Declaration, executed and delivered the
Underwriting Agreement, which action is hereby authorized, approved, ratified and confirmed in all
respects. Contemporaneously with the execution and delivery of this Declaration, an Administrator,
on behalf of the Trust, shall manually execute in accordance with Sections 5.2, 5.3 and 8.9(a) and
deliver to the Property Trustee for authentication and the Property Trustee shall deliver to the
Underwriters, a Preferred Securities Certificate, registered in the name as set forth in
Section 5.2(b), evidencing an aggregate of [                                        ] Preferred Securities having an
aggregate Liquidation Amount of $[                                         ], against receipt of the aggregate purchase price of such
Preferred Securities of $[                                         ], by the Property Trustee. If the underwriters exercise their
over-allotment option and there is an Option Closing Date (as such term is defined in the
Underwriting Agreement), then an Administrator, on behalf of the Trust, shall execute in accordance
with Section 5.2 and deliver in accordance with the Underwriting Agreement, Preferred Securities
Certificates, registered in the name of the Persons entitled thereto in an aggregate amount of up
to [                                        ] Preferred Securities having an aggregate Liquidation Amount of up to $[                          
              ]
against receipt of the aggregate purchase price of such Preferred Securities of up to $[                                        ],
which amount such Administrator shall promptly deliver to the Property Trustee.

     Section 2.5 Issuance of the Common Securities; Subscription and Purchase of
Debentures.

     (a) Contemporaneously with the execution and delivery of this Declaration, an Administrator,
on behalf of the Trust, shall execute in accordance with Sections 5.2, 5.3 and 8.9(a) and the
Property Trustee shall deliver to the Sponsor, Common Securities Certificates, registered in the
name of the Sponsor, evidencing an aggregate of [                                        ] Common Securities having an aggregate
Liquidation Amount of $[                                        ] 00, against receipt of the aggregate purchase price of such Common
Securities of $[                                        ], by the Property Trustee. Contemporaneously therewith, an Administrator, on
behalf of the Trust, shall subscribe for and purchase from the Sponsor the Debentures, registered
in the name of the Property Trustee on behalf of the Trust and having an aggregate principal amount
equal to $[                                        ], and, in satisfaction of the purchase price for such Debentures, the Property
Trustee, on behalf of the Trust, shall deliver to the Sponsor the sum of $[                                        ] (being the sum of the
amounts delivered to the Property Trustee pursuant to (i) the second sentence of Section 2.4, and
(ii) the first sentence of this Section 2.5).

     (b) If the underwriters exercise the Option and there is an Option Closing Date, then an
Administrator, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to
the Sponsor, Common Securities Certificates, registered in the name of the Sponsor, in an
additional aggregate amount of Common Securities having an aggregate Liquidation Amount of up to
$[                                        ] against payment by the Sponsor of such amount. Contemporaneously therewith, an
Administrator, on behalf of the Trust, shall subscribe to and purchase from the Sponsor, additional
Debentures, registered in the name of the Trust and having an aggregate principal amount of up to
$[                                        ], and, in satisfaction of the purchase price of such Debentures, the Property Trustee,
on behalf of the Trust, shall deliver to the Sponsor up to $[                                        ], such aggregate amount to
be equal to the sum of the amounts received from the Sponsor pursuant to Section 2.5(b) and from
one of the Administrative Trustees pursuant to the last sentence of Section 2.4.

11

 

     Section 2.6 Continuation of Trust. The exclusive purposes and functions of the Trust
are (a) to issue and sell Trust Securities and use the proceeds from such sale to acquire the
Debentures, and (b) to engage in those activities necessary or incidental thereto. The Sponsor
hereby appoints the Property Trustee, the Delaware Trustee and the Administrators as trustees of
the Trust, to have all the rights, powers and duties to the extent set forth herein, and the
respective Trustees hereby accept such appointment. The Property Trustee hereby declares that it
will hold the Trust Property in trust upon and subject to the conditions set forth herein for the
benefit of the Trust and the Holders. The Administrators shall have all rights, powers and duties
set forth herein and in accordance with applicable law with respect to accomplishing the purposes
of the Trust. The Delaware Trustee shall not be entitled to exercise any powers, nor shall the
Delaware Trustee have any of the duties and responsibilities, of the Property Trustee or the
Administrators set forth herein. The Delaware Trustee shall be one of the trustees of the Trust for
the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware
Statutory Trust Act and for taking such actions as are required to be taken by a Delaware trustee
under the Delaware Statutory Trust Act. The Property Trustee shall, until such time as a separate
Delaware Trustee may be appointed, shall maintain its principal office in the State of Delaware,
and otherwise enable the Trust to fulfill the requirements of Section 3807 of the Delaware
Statutory Trust Act and shall take such actions as are required to be taken by a Delaware trustee
under the Delaware Statutory Trust Act.

     Section 2.7 Authorization to Enter into Certain Transactions. 

     (a) The Trustees shall conduct the affairs of the Trust in accordance with the terms of this
Declaration. Subject to the limitations set forth in paragraph (b) of this Section, and in
accordance with the following provisions (i) and (ii), the Trustees shall have the authority to
enter into all transactions and agreements determined by the Trustees to be appropriate in
exercising the authority, express or implied, otherwise granted to the Trustees, as the case may
be, under this Declaration, and to perform all acts in furtherance thereof, including, the
following:

     (i) As among the Trustees, each Administrator, acting singly or collectively, shall have the
power and authority to act on behalf of the Trust with respect to the following matters:

     (A) the preparation and filing by the Trust with the Commission and the execution on behalf of
the Trust of a registration statement on the appropriate form in relation to the Preferred
Securities, including any amendments thereto and the taking of any action necessary or desirable to
sell the Preferred Securities in a transaction or a series of transactions pursuant thereto;

     (B) the issuance and sale of the Trust Securities;

     (C) causing the Trust to perform the transactions contemplated by and its obligations under
the Underwriting Agreement and causing the Trust to enter into, and to execute, deliver and perform
the Certificate Depository Agreement and such other agreements as may be necessary or desirable in
connection with the purposes and function of the Trust;

     (D) assisting in the registration of the Preferred Securities under the Securities Act and
under applicable state securities or blue sky laws and the qualification of this Declaration as a
trust indenture under the Trust Indenture Act;

     (E) assisting in the listing of the Preferred Securities upon such securities exchange or
exchanges as shall be determined by the Sponsor, with the registration of the Preferred Securities
under the Exchange Act and with the preparation and filing of all periodic and other reports and
other documents pursuant to the foregoing;

     (F) assisting in the sending of notices (other than notices of default) and other information
regarding the Trust Securities and the Debentures to the Holders in accordance with this
Declaration;

     (G) the consent to the appointment of a Paying Agent, authenticating agent and Securities
Registrar in accordance with this Declaration (which consent shall not be unreasonably withheld);

     (H) the execution of the Trust Securities on behalf of the Trust in accordance with this
Declaration;

12

 

     (I) the execution and delivery of closing certificates, if any, pursuant to the Underwriting
Agreement and application for a taxpayer identification number for the Trust;

     (J) to the extent provided herein, the winding-up of the affairs of and the liquidation of the
Trust and the preparation and filing of the certificate of cancellation with the Secretary of State
of the State of Delaware.

     (K) unless otherwise required by the Delaware Statutory Trust Act or the Trust Indenture Act,
executing on behalf of the Trust (either acting alone or together with the other Administrator) any
documents that the Administrators have the power to execute pursuant to this Declaration;

     (L) assign in the listing of the Preferred Securities upon The Nasdaq Global Select Market or
such securities exchange or exchanges as shall be determined by the Sponsor, the registration of
Preferred Securities under the Exchange Act, the compliance with the listing requirements of The
Nasdaq Global Select Market or the applicable securities exchanges and the preparation and filing
of all periodic and other reports and other documents pursuant to the foregoing; and

     (M) the taking of any action incidental to the foregoing as the Trustees may from time to time
determine to be necessary or advisable to give effect to the terms of this Declaration.

     (ii) As among the Trustees, the Property Trustee shall have the power, duty and authority to
act on behalf of the Trust with respect to the following matters:

     (A) the establishment of the Payment Account;

     (B) the receipt of the Debentures;

     (C) the collection of interest, principal and any other payments made in respect of the
Debentures and the
holding of such amounts in the Payment Account;

     (D) the distribution through the Paying Agent of amounts distributable to the Holders in
respect of the Trust Securities;

     (E) the exercise of all of the rights, powers and privileges of a holder of the Debentures;

     (F) the sending of notices of default and other information regarding the Trust Securities and
the
Debentures to the Holders in accordance with this Declaration;

     (G) the distribution of the Trust Property in accordance with the terms of this Declaration;

     (H) to the extent provided in this Declaration, the winding up of the affairs of and
liquidation of the Trust;

     (I) performing the duties of the Property Trustee set forth in this Declaration;

     (J) after an Event of Default (other than under paragraph (b), (c), (d) or (e) of the
definition of such term if such Event of Default is by or with respect to the Property Trustee) the
taking of any action incidental to the foregoing as the Property Trustee may from time to time
determine is necessary or advisable to give effect to the terms of this Declaration and protect and
conserve the Trust Property for the benefit of the Holders (without consideration of the effect of
any such action on any particular Holder);

     (K) registering transfers of the Trust Securities in accordance with this Declaration; and

     (L) any of the duties, liabilities, powers or the authority of the Administrators set forth
herein; and in the event of a conflict between the action of the Administrators and the action of
the Property Trustee, the action of the Property Trustee shall prevail.

13

 

     (b) So long as this Declaration remains in effect, the Trust (or the Trustees acting on behalf
of the Trust) shall not undertake any business, activities or transaction except as expressly
provided herein or contemplated hereby. In particular, the Trustees shall not (i) acquire any
investments or engage in any activities not authorized by this Declaration, (ii) sell, assign,
transfer, exchange, mortgage, pledge, set off or otherwise dispose of any of the Trust Property or
interests therein, including to Holders, except as expressly provided herein, (iii) take any action
that would reasonably be expected to cause the Trust to be classified as an association taxable as
a corporation or classified as other than a grantor trust for United States Federal income tax
purposes, (iv) incur any indebtedness for borrowed money or issue any other debt, or (v) take or
consent to any action that would result in the placement of a Lien on any of the Trust Property.
The Administrators shall defend all claims and demands of all Persons at any time claiming any Lien
on any of the Trust Property adverse to the interest of the Trust or the Holders in their capacity
as Holders.

     (c) In connection with the issue and sale of the Preferred Securities, the Sponsor shall have
the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust,
the following (and any actions taken by the Sponsor in furtherance of the following prior to the
date of this Declaration are hereby ratified and confirmed in all respects):

     (i) the preparation and filing by the Trust with the Commission and the execution on behalf of
the Trust of a registration statement on the appropriate form in relation to the Preferred
Securities, including any amendments thereto and the taking of any action necessary or desirable to
sell the Preferred Securities in a transaction or a series of transactions pursuant thereto;

     (ii) the determination of the States in which to take appropriate action to qualify or
register for sale all or part of the Preferred Securities the Debentures and the Guarantee and the
taking of any and all such acts, other than actions that must be taken by or on behalf of the
Trust, and advice to the Trust of actions that must be taken by or on behalf of the Trust, and the
preparation for execution and filing of any documents to be executed and filed by the Trust or on
behalf of the Trust, as the Sponsor deems necessary or advisable in order to comply with the
applicable laws of any such States in connection with the sale of the Preferred Securities;

     (iii) the preparation for filing by the Trust and execution on behalf of the Trust of an
application to the Nasdaq Global Select Market or any other national securities exchange for
listing upon notice of issuance of any Preferred Securities and to file or cause an Administrator
to file thereafter with each exchange or organization such notifications and documents as may be
necessary from time to time;

     (iv) the preparation for filing by the Trust with the Commission and the execution on behalf
of the Trust of a registration statement on Form 8-A relating to the registration of the Preferred
Securities under Section 12(a) or Section 12(b) of the Exchange Act, including any amendments
thereto;

     (v) the preparation and execution of a Letter of Representation to the Depository Trust
Company on behalf of the Trust;

     (vi) the negotiation of the terms of, and the execution and delivery of, the Underwriting
Agreement providing for the sale of the Preferred Securities; and

     (vii) the taking of any other actions necessary or desirable to carry out any of the foregoing
activities.

     (d) Notwithstanding anything herein to the contrary, the Trustees are authorized and directed
to conduct the affairs of the Trust and to operate the Trust so that the Trust will not be deemed
to be an “investment company” required to be registered under the Investment Company Act, and will
not be taxable as a corporation or classified as other than a grantor trust for United States
Federal income tax purposes and so that the Debentures will be treated as indebtedness of the
Sponsor for United States Federal income tax purposes. In this connection, subject to Section 10.2,
each Administrator, the Property Trustee and the Holders of at least a Majority in Liquidation
Amount of the Common Securities are authorized to take any action, not inconsistent with applicable
law, the Certificate of Trust, or this Declaration, that such Administrator, the Property Trustee
or Holders of Common Securities determine in their discretion to be necessary or desirable for such
purposes, as long as such action does not adversely affect in any material respect the interests of
the Holders of the Outstanding Preferred Securities. In no event shall the Trustees be

14

 

liable to the Trust or the Holders for any failure to comply with this section or Section 2.7(b)
(iii) that results from a change in law or regulation or in the interpretation by a governmental
authority thereof.

     Section 2.8 Assets of Trust. The assets of the Trust shall consist of the Trust
Property.

     Section 2.9 Title to Trust Property. Legal title to all Trust Property shall be vested
at all times in the Property Trustee (in its capacity as such) and shall be held and administered
by the Property Trustee in trust for the benefit of the Trust and the Holders in accordance with
this Declaration.

     Section 2.10 Liability of the Sponsor for Trust Expenses. (a) As permitted under the
Delaware Statutory Trust Act, the Sponsor, as Holder of the Common Securities, and as Debenture
Issuer, shall be liable for the debts and obligations of the Trust, and shall:

     (a) pay all reasonable costs and expenses owing to the Debenture Trustee pursuant to Section
6.06 of the Indenture;

     (b) be responsible for and shall pay all debts and obligations (other than with respect to the
Trust Securities) and all costs and expenses of the Trust, the offering, sale and issuance of the
Trust Securities (including fees to the Underwriters in connection therewith), the costs and
expenses (including reasonable counsel fees and expenses) of the Property Trustee, the Delaware
Trustee and the Administrators, the costs and expenses relating to the operation of the Trust,
including, without limitation, costs and expenses of accountants, attorneys, statistical or
bookkeeping services, expenses for printing and engraving and computing or accounting equipment,
Paying Agents, Registrars, Transfer Agents, duplicating, travel and telephone and other
telecommunications expenses and costs and expenses incurred in connection with the acquisition,
financing, and disposition of Trust assets and the enforcement by the Property Trustee of the
rights of the Holders); and

     (c) pay any and all taxes (other than United States withholding taxes attributable to the
Trust or its assets) and all liabilities, costs and expenses with respect to such taxes of the
Trust.

     (d) The Sponsor’s obligations under this Section 2.10 shall be for the benefit of, and shall
be enforceable by, any Person to whom such debts, obligations, costs, expenses and taxes are owed
(a “Creditor”) whether or not such Creditor has received notice hereof. Any such Creditor may
enforce the Sponsor’s obligations under this Section 2.10 directly against the Sponsor and the
Sponsor irrevocably waives any right or remedy to require that any such Creditor take any action
against the Trust or any other Person before proceeding against the Sponsor. The Sponsor agrees to
execute such additional agreements as may be necessary or desirable in order to give full effect to
the provisions of this Section 2.10.

ARTICLE III

PAYMENT ACCOUNT

     Section 3.1 Payment Account. 

     (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account
with the Paying Agent. The Property Trustee and its agents shall have exclusive control and sole
right of withdrawal with respect to the Payment Account for the purpose of making deposits in and
withdrawals from the Payment Account in accordance with this Declaration. All monies and other
property deposited or held from time to time in the Payment Account shall be held by the Property
Trustee in the Payment Account for the exclusive benefit of the Holders and for distribution as
herein provided, including (and subject to) any priority of payments provided for herein.

     (b) The Property Trustee shall deposit (or cause to be deposited) in the Payment Account,
promptly upon receipt, all payments of principal of or interest on, and any other payments or
proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested
by the Property Trustee pending distribution thereof.

15

 

ARTICLE IV

DISTRIBUTIONS; REDEMPTION

     Section 4.1 Distributions.

     (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and
Distributions (including of Additional Amounts) will be made on the Trust Securities at the rate
and on the dates that payments of interest (including of Additional Interest, as defined in the
Indenture) are made on the Debentures. Accordingly:

     (i) Distributions on the Trust Securities shall be cumulative, and will accumulate whether or
not there are funds of the Trust available for the payment of Distributions. Distributions shall
accumulate from                     , 2008, and, except in the event (and to the extent) that the Sponsor
exercises its right to defer the payment of interest on the Debentures pursuant to the Indenture,
shall be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each
year, commencing on September 15, 2008. If any date on which a Distribution is otherwise payable on
the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on
the next succeeding day that is a Business Day, and additional interest will accrue for each day
that such payment is delayed as a result thereof (each date on which Distributions are payable in
accordance with this Section 4.1(a), a “Distribution Date”).

     (ii) The Trust Securities shall be entitled to Distributions payable at a rate of                    % per
annum of the Liquidation Amount of the Trust Securities. The amount of Distributions payable for
any period less than a full Distribution period shall be computed on the basis of a 360-day year of
twelve 30-day months and the actual number of days elapsed in a partial month in a period.
Distributions payable for each full Distribution period will be computed by dividing the rate per
annum by four. The amount of Distributions payable for any period shall include any Additional
Interest in respect of such period.

     (iii) Distributions on the Trust Securities shall be made by the Paying Agent on behalf of the
Property Trustee from the Payment Account and shall be payable on each Distribution Date only to
the extent that the Trust has funds then on hand and available in the Payment Account for the
payment of such Distributions.

     (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable
to the Holders thereof as they appear on the Securities Register for the Trust Securities at the
close of business on the relevant record date, which shall be the fifteenth day prior to the day on
which the relevant Distribution Date occurs without giving effect to the third sentence of
Section 4.1(a)(i) (whether or not such record date is a Business Day).

     Section 4.2 Redemption.

     (a) On each Debenture Redemption Date and on the stated maturity of the Debentures, the Trust
will be required to redeem a Like Amount of Trust Securities at the Redemption Price.

     (b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date to each Holder
of Trust Securities to be redeemed, at such Holder’s address appearing in the Security Register.
All notices of redemption shall state:

     (i) the Redemption Date;

     (ii) the Redemption Price or if the Redemption Price cannot be calculated prior to the time
the notice is required to be sent, an estimate of the Redemption Price provided pursuant to the
Indenture together with a statement that it is an estimate and that the actual Redemption Price
will be calculated on the third Business Day prior to the Redemption Date (and if an estimate is
provided, a further notice shall be sent of the actual Redemption Price on the date that such
Redemption Price is calculated);

     (iii) the CUSIP number or CUSIP numbers of the Preferred Securities affected (if applicable);

     (iv) if less than all the Outstanding Trust Securities are to be redeemed, the identification
and the aggregate Liquidation Amount of the particular Trust Securities to be redeemed;

16

 

     (v) that on the Redemption Date the Redemption Price will become due and payable upon each
such Trust Security to be redeemed and that Distributions thereon will cease to accumulate on and
after said date, except as provided in Section 4.2(d) below; and

     (vi) the place or places where the Trust Securities are to be surrendered for the payment of
the Redemption Price.

     The Trust in issuing the Trust Securities may use “CUSIP” numbers (if then generally in use),
and, if so, the Property Trustee shall indicate the “CUSIP” numbers of the Trust Securities in
notices of redemption and related materials as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as
printed on the Trust Securities or as contained in any notice of redemption and related materials.

     (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption
Price with the proceeds from the contemporaneous redemption or repayment of Debentures. Redemptions
of the Trust Securities shall be made and the Redemption Price shall be payable on each Redemption
Date only to the extent that the Trust has funds then on hand and available in the Payment Account
for the payment of such Redemption Price.

     (d) If the Property Trustee gives a notice of redemption in respect of any Preferred
Securities, then, by 12:00 noon, New York City time, on the Redemption Date, subject to
Section 4.2(c), the Property Trustee will, with respect to Book-Entry Preferred Securities,
irrevocably deposit with the Depositary for such Book-Entry Preferred Securities, to the extent
available therefor, funds sufficient to pay the applicable Redemption Price and will give such
Depositary irrevocable instructions and authority to pay the Redemption Price to the Holders of the
Preferred Securities. With respect to Preferred Securities that are not Book-Entry Preferred
Securities, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit with the
Paying Agent, to the extent available therefor, funds sufficient to pay the applicable Redemption
Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption
Price to the Holders of the Preferred Securities upon surrender of their Preferred Securities
Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption
Date for any Trust Securities called for redemption shall be payable to the Holders of such Trust
Securities as they appear on the Securities Register for the Trust Securities on the relevant
record dates for the related Distribution Dates. If notice of redemption shall have been given and
funds deposited as required, then upon the date of such deposit, all rights of Holders holding
Trust Securities so called for redemption will cease, except the right of such Holders to receive
the Redemption Price and any Distribution payable in respect of the Trust Securities on or prior to
the Redemption Date, but without interest, and such Securities will cease to be outstanding. In the
event that any date on which any Redemption Price is payable is not a Business Day, then payment of
the Redemption Price payable on such date will be made on the next succeeding day that is a
Business Day (without any interest or other payment in respect of any such delay), except that, if
such Business Day falls in the next calendar year, such payment will be made on the immediately
preceding Business Day, in each case, with the same force and effect as if made on such date. In
the event that payment of the Redemption Price in respect of any Trust Securities called for
redemption is improperly withheld or refused and not paid either by the Trust or by the Sponsor
pursuant to the Guarantee Agreement, Distributions on such Trust Securities will continue to
accumulate, as set forth in Section 4.1, from the Redemption Date originally established by the
Trust for such Trust Securities to the date such Redemption Price is actually paid, in which case
the actual payment date will be the date fixed for redemption for purposes of calculating the
Redemption Price.

     (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be
redeemed shall be allocated pro rata to the Common Securities and the Preferred Securities based
upon the relative Liquidation Amounts of such classes. The particular Preferred Securities to be
redeemed shall be selected on a pro rata basis based upon their respective Liquidation Amounts not
more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding
Preferred Securities not previously called for redemption, provided that so long as the Preferred
Securities are in book-entry-only form, such selection shall be made in accordance with the
customary procedures for the Depositary for the Preferred Securities. The Property Trustee shall
promptly notify the Securities Registrar in writing of the Preferred Securities selected for
redemption and, in the case of any Preferred Securities selected for partial redemption, the
Liquidation Amount thereof to be redeemed. For all purposes of this Declaration, unless the context
otherwise requires, all provisions relating to the redemption of Preferred Securities shall relate,
in the case of

17

 

any Preferred Securities redeemed or to be redeemed only in part, to the portion of the aggregate
Liquidation Amount of Preferred Securities that has been or is to be redeemed.

     Section 4.3 Subordination of Common Securities.

     (a) Payment of Distributions (including any Additional Interest) on, the Redemption Price of,
and the Liquidation Distribution in respect of the Trust Securities, as applicable, shall be made,
subject to Section 4.2(e), pro rata among the Common Securities and the Preferred Securities based
on the Liquidation Amount of the Trust Securities; provided, however, that if on any Distribution
Date, Redemption Date or Liquidation Date any Event of Default resulting from a Debenture Event of
Default specified in Section 5.1(1) of the Indenture shall have occurred and be continuing, no
payment of any Distribution (including any Additional Interest) on, Redemption Price of, or
Liquidation Distribution in respect of any Common Security, and no other payment on account of the
redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in
full in cash of all accumulated and unpaid Distributions (including any Additional Interest) on all
Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or
in the case of payment of the Redemption Price the full amount of such Redemption Price on all
Outstanding Preferred Securities then called for redemption, or in the case of payment of the
Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding
Preferred Securities, shall have been made or provided for, and all funds immediately available to
the Property Trustee shall first be applied to the payment in full in cash of all Distributions
(including any Additional Interest) on, or the Redemption Price of, the Preferred Securities then
due and payable.

     (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event
of Default, the Holders of the Common Securities shall have no right to act with respect to any
such Event of Default under this Declaration until the effect of all such Events of Default with
respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such
Events of Default under this Declaration with respect to the Preferred Securities have been so
cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the
Holders of the Preferred Securities and not on behalf of the Holders of the Common Securities, and
only the Holders of the Preferred Securities will have the right to direct the Property Trustee to
act on their behalf.

     Section 4.4 Payment Procedures. Payments of Distributions (including any Additional
Interest) in respect of the Preferred Securities shall be made by check mailed to the address of
the Person entitled thereto as such address shall appear on the Securities Register or, if the
Preferred Securities are held by a Depositary, such Distributions shall be made to the Depositary
in immediately available funds available funds when due at such place and to such account as may be
designated by the Property Trustee. Payments in respect of the Common Securities shall be made in
such manner as shall be mutually agreed between the Property Trustee and the Holders of the Common
Securities.

     Section 4.5 Tax Returns and Reports. The Administrators shall prepare (or cause to be
prepared), at the Sponsor’s expense, and file all United States Federal, state and local tax and
information returns and reports required to be filed by or in respect of the Trust. In this regard,
the Administrators shall (a) prepare and file (or cause to be prepared and filed) all Internal
Revenue Service forms required to be filed in respect of the Trust in each taxable year of the
Trust, and (b) prepare and furnish (or cause to be prepared and furnished) to each Holder all
Internal Revenue Service forms required to be provided by the Trust to such Holder. The
Administrators shall provide the Sponsor and the Property Trustee with a copy of all such returns
and reports promptly after such filing or furnishing. The Trustees shall comply with United States
Federal withholding and backup withholding tax laws and information reporting requirements with
respect to any payments to Holders under the Trust Securities.

     Section 4.6 Payment of Taxes, Duties, Etc. of the Trust. Upon receipt under the
Debentures of Additional Amounts, the Property Trustee shall promptly pay any taxes, duties or
governmental charges of whatsoever nature (other than withholding taxes) imposed on the Trust by
the United States or any other taxing authority, which were included in such Additional Amounts.

     Section 4.7 Payments under Indenture or Pursuant to Direct Actions. Any amount payable
hereunder to any Holder of Preferred Securities (or any Owner with respect thereto) shall be
reduced by the amount of any corresponding payment such Holder (or Owner) has directly received
pursuant to Section 5.8 of the Indenture or Section 5.13 of this Declaration.

18

 

ARTICLE V

TRUST SECURITIES CERTIFICATES

     Section 5.1 Initial Ownership. Upon the formation of the Trust and the contribution by
the Sponsor pursuant to Section 2.3 and until the issuance of the Trust Securities, and at any time
during which no Trust Securities are outstanding, the Sponsor shall be the sole beneficial owner of
the Trust.

     Section 5.2 The Trust Securities Certificates.

     (a) The Preferred Securities Certificates shall be issued in minimum denominations of $25.00
Liquidation Amount and integral multiples of $25.00 in excess thereof, and the Common Securities
Certificates shall be issued in denominations of $25.00 Liquidation Amount and integral multiples
thereof. The Trust Securities Certificates shall be executed on behalf of the Trust by manual
signature of at least one Administrator. Trust Securities Certificates bearing the manual
signatures of individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefits of
this Declaration, notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices
at the date of delivery of such Trust Securities Certificates. A transferee of a Trust Securities
Certificate shall become a Holder, and shall be entitled to the rights and subject to the
obligations of a Holder hereunder, upon due registration of such Trust Securities Certificate in
such transferee’s name pursuant to Section 5.5.

     (b) Upon their original issuance, Preferred Securities Certificates shall be issued in the
form of one or more Book-Entry Preferred Securities Certificates registered in the name of DTC, as
Depositary, or its nominee and deposited with DTC or the Securities Registrar as custodian for DTC
for credit by DTC to the respective accounts of the Owners thereof (or such other accounts as they
may direct).

     (c) A single Common Securities Certificate representing the Common Securities shall be issued
to the Sponsor in the form of a definitive Common Securities Certificate.

     Section 5.3 Execution, Delivery and Authentication of Trust Securities Certificates.
At the Closing Date and on any date on which the underwriters exercise their over-allotment option,
as applicable, the Administrators shall cause Trust Securities Certificates, in the aggregate
Liquidation Amounts as provided in Sections 2.4 and 2.5 with respect to Preferred Securities and
Common Securities, respectively, to be executed on behalf of the Trust or upon the written order of
the Sponsor, executed by one authorized officer thereof, and shall cause the Preferred Securities
Certificates to be delivered to the Property Trustee and upon such delivery the Property Trustee
shall authenticate such Preferred Securities Certificates, in each case without further corporate
action by the Sponsor, in authorized denominations. After the Closing Date the Administrators may
without the consent of or notice to the Holders cause additional Preferred Securities to be
executed on behalf of the Trust and delivered to or upon the written order of the Sponsor, such
written order executed by one authorized officer thereof, without further corporate action by the
Sponsor, in authorized denominations; provided, however, that no such additional Preferred
Securities shall be issued unless the Administrators shall have receive an Opinion of Counsel to
the effect that such issuance will not cause the Trust to be taxable as other than one or more
grantor trusts or agency arrangements or to be classified as an association or partnership for U.S.
federal income tax purposes or affect the Trust’s exemption from status as an “investment company”
under the Investment Company Act.

     Each Preferred Securities Certificate shall be dated the date of its authentication.

     No Preferred Securities Certificate shall be entitled to any benefit under this Declaration or
be valid or obligatory for any purpose, unless there appears on such Preferred Securities
Certificate a certificate of authentication substantially in the form provided for in the form
attached as Exhibit B executed by the Property Trustee by the manual signature of one of its
authorized officers, and such certificate upon any Preferred Securities Certificate shall be
conclusive evidence, and the only evidence, that such Preferred Securities Certificate has been
duly authenticated and delivered hereunder.

19

 

     Section 5.4 Book-Entry Preferred Securities.

     (a) Each Book-Entry Preferred Securities Certificate issued under this Declaration shall be
registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Book-Entry Preferred Securities Certificate
shall constitute a single Preferred Securities Certificate for all purposes of this Declaration.

     (b) Notwithstanding any other provision in this Declaration, no Book-Entry Preferred
Securities Certificate may be exchanged in whole or in part for Book-Entry Preferred Securities
Certificates registered, and no transfer of a Book-Entry Preferred Securities Certificate in whole
or in part may be registered, in the name of any Person other than the Depositary for such
Book-Entry Preferred Securities Certificate or a nominee thereof unless (A) such Depositary (i) has
notified the Trust that it is unwilling or unable to continue as Depositary for such Book-Entry
Preferred Securities Certificate and no successor Depositary has been appointed within 90 days of
this notice or (ii) has ceased to be a Depositary registered under the Exchange Act at a time when
the Depositary is required to be so registered to act as clearing agent and no successor Depositary
has been appointed within 90 days after the Trust has learned that the Depositary has ceased to be
so registered, (B) there shall have occurred and be continuing a Debenture Event of Default, or
(C) the Sponsor in its sole discretion determines that such Book-Entry Preferred Securities
Certificate will be so exchangeable or transferable. Upon the occurrence of any event specified in
clause (A), (B) or (C) above, the Property Trustee shall notify the Depositary and instruct the
Depositary to notify all Owners of Book-Entry Preferred Securities and the Administrators of the
occurrence of such event and of the availability of the Definitive Preferred Securities
Certificates to Owners of such class or classes, as applicable, requesting the same.

     (c) If any Book-Entry Preferred Securities Certificate is to be exchanged for other Preferred
Securities Certificates or cancelled in part, or if any other Preferred Securities Certificate is
to be exchanged in whole or in part for Book-Entry Preferred Securities represented by a Book-Entry
Preferred Securities Certificate, then either (i) such Book-Entry Preferred Securities Certificate
shall be so surrendered for exchange or cancellation as provided in this Article V or (ii) the
aggregate Liquidation Amount represented by such Book-Entry Preferred Securities Certificate shall
be reduced, subject to Section 5.2, or increased by an amount equal to the Liquidation Amount
represented by that portion of the Book-Entry Preferred Securities Certificate to be so exchanged
or cancelled, or equal to the Liquidation Amount represented by such other Preferred Securities
Certificates to be so exchanged for Book-Entry Preferred Securities represented thereby, as the
case may be, by means of an appropriate adjustment made on the records of the Securities Registrar,
whereupon the Property Trustee, in accordance with the Applicable Procedures, shall instruct the
Depositary or its authorized representative to make a corresponding adjustment to its records. Upon
surrender to the Administrators or the Securities Registrar of the Book-Entry Preferred Securities
Certificate or Certificates by the Depositary, accompanied by registration instructions, the
Administrators, or any one of them, shall execute the Definitive Preferred Securities Certificates
in accordance with the instructions of the Depositary. None of the Securities Registrar, the
Property Trustees, the Delaware Trustee or the Administrators shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Preferred Securities Certificates, the Trustees
shall recognize the Holders of the Definitive Preferred Securities Certificates as Holders. The
Definitive Preferred Securities Certificates shall be printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Administrators, as evidenced by the
execution thereof by the Administrators or any one of them.

     (d) Every Preferred Securities Certificate executed and delivered upon registration of
transfer of, or in exchange for or in lieu of, a Book-Entry Preferred Securities Certificate or any
portion thereof, whether pursuant to this Article V or Article IV or otherwise, shall be executed
and delivered in the form of, and shall be, a Book-Entry Preferred Securities Certificate, unless
such Preferred Securities Certificate is registered in the name of a Person other than the
Depositary for such Book-Entry Preferred Securities Certificate or a nominee thereof.

     (e) The Depositary or its nominee, as registered owner of a Book-Entry Preferred Securities
Certificate, shall be the Holder of such Book-Entry Preferred Securities Certificate for all
purposes under this Agreement and the Book-Entry Preferred Securities Certificate, and Owners with
respect to a Book-Entry Preferred Securities Certificate shall hold such interests pursuant to the
Applicable Procedures. The Securities Registrar and the Trustees shall be entitled to deal with the
Depositary for all purposes of this Declaration relating to the Book-Entry Preferred Securities
Certificates (including the payment of the Liquidation Amount of and Distributions on the
Book-Entry

20

 

Preferred Securities represented thereby and the giving of instructions or directions by Owners of
Book-Entry Preferred Securities represented thereby) as the sole Holder of the Book-Entry Preferred
Securities represented thereby and shall have no obligations to the Owners thereof. None of the
Trustees nor the Securities Registrar shall have any liability in respect of any transfers effected
by the Depositary.

     The rights of the Owners of the Book-Entry Preferred Securities shall be exercised only
through the Depositary and shall be limited to those established by law, the Applicable Procedures
and agreements between such Owners and the Depositary and/or the Depositary Participants. Pursuant
to the Certificate Depository Agreement, unless and until Definitive Preferred Securities
Certificates are issued pursuant to Section 5.4(b), the initial Depositary will make book-entry
transfers among the Depositary Participants and receive and transmit payments on the Preferred
Securities to such Depositary Participants, and none of the Sponsor or the Trustees shall have any
responsibility or obligation with respect thereto.

     Section 5.5 Registration of Transfer and Exchange of Preferred Securities
Certificates.

     (a) The Property Trustee shall keep or cause to be kept, at the office or agency maintained
pursuant to Section 5.9, a register or registers for the purpose of registering Trust Securities
Certificates and transfers and exchanges of Trust Securities Certificates (the “Securities
Register”) in which the registrar and transfer agent with respect to the Trust Securities (the
“Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall provide
for the registration of Preferred Securities Certificates and Common Securities Certificates
(subject to Section 5.11 in the case of the Common Securities Certificates) and registration of
transfers and exchanges of Preferred Securities Certificates as herein provided. The Person acting
as the Property Trustee shall at all times also be the Securities Registrar.

     Upon surrender for registration of transfer of any Preferred Securities Certificate at the
office or agency maintained pursuant to Section 5.9, the Administrators or any one of them shall
execute and deliver to the Property Trustee, and the Property Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Preferred
Securities Certificates in authorized denominations of a like aggregate Liquidation Amount dated
the date of execution by such Administrator or Trustees.

     The Securities Registrar shall not be required, (i) to issue, register the transfer of or
exchange any Preferred Security during a period beginning at the opening of business 15 days before
the day of selection for redemption of such Preferred Securities pursuant to Article IV and ending
at the close of business on the day of mailing of the notice of redemption, or (ii) to register the
transfer of or exchange any Preferred Security so selected for redemption in whole or in part,
except, in the case of any such Preferred Security to be redeemed in part, any portion thereof not
to be redeemed.

     Every Preferred Securities Certificate presented or surrendered for registration of transfer
or exchange shall be accompanied by a written instrument of transfer in form satisfactory to an
Administrator and the Securities Registrar duly executed by the Holder or its attorney duly
authorized in writing. Each Preferred Securities Certificate surrendered for registration of
transfer or exchange shall be cancelled and subsequently disposed of by the Property Trustee in
accordance with its customary practice.

     No service charge shall be made for any registration of transfer or exchange of Preferred
Securities Certificates, but the Securities Registrar may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of Preferred Securities Certificates.

     (b) Notwithstanding any other provision of this Declaration, transfers and exchanges of
Preferred Securities Certificates and beneficial interests in a Book-Entry Preferred Securities
Certificate of the kinds specified in this Section 5.5(b) shall be made only in accordance with
this Section 5.5(b).

     (i) Non-Book-Entry Preferred Securities Certificate to Book-Entry Preferred Securities
Certificate. If the Holder of a Preferred Securities Certificate (other than a Book-Entry
Preferred Securities Certificate) wishes at any time to transfer all or any portion of such
Preferred Securities Certificate to a Person who wishes to take delivery thereof in the form of a
beneficial interest in a Book-Entry Preferred Securities Certificate, such transfer may be effected
only in accordance with the provisions of this Clause (b)(i) and subject to the Applicable
Procedures. Upon

21

 

receipt by the Securities Registrar of (A) such Preferred Securities Certificate as provided in
Section 5.5(a) and instructions satisfactory to the Securities Registrar directing that a
beneficial interest in the Book-Entry Preferred Securities Certificate of a specified number of
Preferred Securities not greater than the number of Preferred Securities represented by such
Preferred Securities Certificate be credited to a specified Depositary Participant’s account, then
the Securities Registrar shall cancel such Preferred Securities Certificate (and issue a new
Preferred Securities Certificate in respect of any untransferred portion thereof) as provided in
Section 5.5(a) and increase the aggregate Liquidation Amount of the Book-Entry Preferred Securities
Certificate by the Liquidation Amount represented by such Preferred Securities so transferred as
provided in Section 5.4(c).

     (ii) Non-Book-Entry Preferred Securities Certificate to Non-Book-Entry Preferred
Securities Certificate. A Preferred Securities Certificate that is not a Book-Entry Preferred
Securities Certificate may be transferred, in whole or in part, to a Person who takes delivery in
the form of another Preferred Securities Certificate that is not a Book-Entry Preferred Securities
Certificate as provided in Section 5.5(a).

     (iii) Exchanges between Book-Entry Preferred Securities Certificate and Non-Book-Entry
Preferred Securities Certificate. A beneficial interest in a Book-Entry Preferred Securities
Certificate may be exchanged for a Preferred Securities Certificate that is not a Book-Entry
Preferred Securities Certificate as provided in Section 5.4.

     Section 5.6 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. If
(a) any mutilated Trust Securities Certificate shall be surrendered to the Securities Registrar, or
if the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or
theft of any Trust Securities Certificate, and (b) there shall be delivered to the Securities
Registrar and the Administrators such security or indemnity as may be required by them to save each
of them harmless, then in the absence of notice that such Trust Securities Certificate shall have
been acquired by a protected purchaser, the Administrators, or any one of them, on behalf of the
Trust shall execute and make available for delivery, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities
Certificate of like class, tenor and denomination. In connection with the issuance of any new Trust
Securities Certificate under this Section 5.6, the Administrators or the Securities Registrar may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Trust Securities Certificate issued pursuant to this
Section shall constitute conclusive evidence of an undivided beneficial interest in the assets of
the Trust corresponding to that evidenced by the lost, stolen or destroyed Trust Securities
Certificate, as if originally issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

     Section 5.7 Persons Deemed Holders. The Trustees and the Securities Registrar shall
each treat the Person in whose name any Trust Securities Certificate shall be registered in the
Securities Register as the owner of such Trust Securities Certificate for the purpose of receiving
Distributions and for all other purposes whatsoever, and none of the Trustees and the Securities
Registrar shall be bound by any notice to the contrary.

     Section 5.8 Access to List of Holders’ Names and Addresses. Each Holder and each Owner
shall be deemed to have agreed not to hold the Sponsor, or the Trustees accountable by reason of
the disclosure of its name and address, regardless of the source from which such information was
derived.

     Section 5.9 Maintenance of Office or Agency. The Property Trustee shall designate,
with the consent of the Administrators, which consent shall not be unreasonably withheld, an office
or offices or agency or agencies where Preferred Securities Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Trustees in
respect of the Trust Securities Certificates may be served. The Administrators initially designate
the Property Trustee’s Corporate Trust Office, as its office and agency for such purposes. The
Property Trustee shall give prompt written notice to the Sponsor, the Administrators and to the
Holders of any change in the location of the Securities Register or any such office or agency.

     Section 5.10 Appointment of Paying Agent. The Paying Agent shall make Distributions to
Holders from the Payment Account and shall report the amounts of such Distributions to the Property
Trustee and the Administrators. Any Paying Agent shall have the revocable power to withdraw funds
from the Payment Account solely for the purpose of making the Distributions referred to above. The
Administrators may revoke such power and remove the Paying Agent in their sole discretion. The
Paying Agent shall initially be U.S. Bank Trust National Association. Any Person acting as Paying
Agent shall be permitted to resign as Paying Agent upon 30 days’ written

22

 

notice to the Administrators and the Property Trustee. If U.S. Bank Trust National Association
shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to
act be revoked, the Administrators shall appoint a successor (which shall be a bank or trust
company) to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent
appointed by the Administrators shall execute and deliver to the Trustees an instrument in which
such successor Paying Agent or additional Paying Agent shall agree with the Trustees that as Paying
Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by
it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such
sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the
Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds
in its possession to the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 herein shall
apply to U.S. Bank Trust National Association in its role as Paying Agent, for so long as U.S. Bank
Trust National Association shall act as Paying Agent and, to the extent applicable, to any other
paying agent appointed hereunder. Any reference in this Declaration to the Paying Agent shall
include any co-paying agent unless the context requires otherwise.

     Section 5.11 Ownership of Common Securities by Sponsor. At the Closing Date, the
Sponsor shall acquire, and thereafter shall retain, beneficial and record ownership of the Common
Securities. The Sponsor may not transfer the Common Securities except (i) in connection with a
consolidation or merger of the Sponsor into another corporation, or any conveyance, transfer or
lease by the Sponsor of its properties and assets substantially as an entirety to any Person,
pursuant to Article VIII of the Indenture, or (ii) to an Affiliate of the Sponsor in compliance
with applicable law (including the Securities Act and applicable state securities and blue sky
laws). To the fullest extent permitted by law, any attempted transfer of the Common Securities
other than as set forth in the next proceeding sentence shall be void. The Administrators shall
cause each Common Securities Certificate issued to the Sponsor to contain a legend stating
substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND
SECTION 5.11 OF THE DECLARATION.”

     Section 5.12 Notices to Depositary. To the extent that a notice or other communication
to the Holders is required under this Declaration, for so long as Preferred Securities are
represented by a Book-Entry Preferred Securities Certificate, the Trustees shall give all such
notices and communications specified herein to be given to the Depositary, and shall have no
obligations to the Owners.

     Section 5.13 Rights of Holders; Waivers of Past Defaults.

     (a) The legal title to the Trust Property is vested exclusively in the Property Trustee (in
its capacity as such) in accordance with Section 2.9, and the Holders shall not have any right or
title therein other than the undivided beneficial interest in the assets of the Trust conferred by
their Trust Securities and they shall have no right to call for any partition or division of
property, profits or rights of the Trust except as described below. The Trust Securities shall be
personal property giving only the rights specifically set forth therein, in this Declaration and in
the Delaware Statutory Trust Act. The Trust Securities shall have no preemptive or similar rights
and when issued and delivered to Holders against payment of the purchase price therefor will be
fully paid and nonassessable by the Trust. Subject to the provisions of Section 2.10, the Holders
of the Trust Securities, in their capacities as such, shall be entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit organized under the
General Corporation Law of the State of Delaware.

     (b) For so long as any Preferred Securities remain Outstanding, if, upon a Debenture Event of
Default, the Debenture Trustee fails or the holders of not less than 25% in principal amount of the
outstanding Debentures fail to declare the principal of all of the Debentures to be immediately due
and payable, then to the fullest extent permitted by law, and subject to the terms of the Indenture
and this Declaration, the Holders of at least 25% in Liquidation Amount of the Preferred Securities
then Outstanding shall have the right to make such declaration by a notice in writing to the
Sponsor and the Debenture Trustee.

     At any time after a declaration of acceleration with respect to the Debentures has been made
and before a judgment or decree for payment of the money due has been obtained by the Debenture
Trustee as in the Indenture provided, if the Property Trustee fails to annul any such declaration
and waive such default, the Holders of at least a Majority in Liquidation Amount of the Preferred
Securities, by written notice to the Property Trustee, the Sponsor and the Debenture Trustee, may
rescind and annul such declaration and its consequences if:

23

 

     (i) the Sponsor has paid or deposited with the Debenture Trustee a sum sufficient to pay

     (A) all overdue installments of interest (including any Additional Interest) on all of the
Debentures,

     (B) the principal of (and premium, if any, on) any Debentures that have become due otherwise
than by such declaration of acceleration and interest (including any Additional Interest) thereon
at the rate borne by the Debentures, and

     (C) all sums paid or advanced by the Debenture Trustee under the Indenture and the reasonable
compensation, expenses, disbursements and advances of the Debenture Trustee, its agents and
counsel; and

     (ii) all Events of Default with respect to the Debentures, other than the non-payment of the
principal of the Debentures that has become due solely by such acceleration, have been cured or
waived as provided in Section 5.13 of the Indenture.

     To the fullest extent permitted by law and subject to the terms of this Declaration and the
Indenture, the Holders of at least a Majority in Liquidation Amount of the Preferred Securities
may, on behalf of the Holders of all the Preferred Securities, waive any past default under the
Indenture, except a default in the payment of principal or interest (unless such default has been
cured and a sum sufficient to pay all matured installments of interest and principal due otherwise
than by acceleration has been deposited with the Debenture Trustee) or a default in respect of a
covenant or provision that under the Indenture cannot be modified or amended without the consent of
the holder of each outstanding Debenture. No such rescission shall affect any subsequent default or
impair any right consequent thereon.

     Upon receipt by the Property Trustee of written notice declaring such an acceleration, or
rescission and annulment thereof, by Holders of any part of the Preferred Securities a record date
shall be established for determining Holders of Outstanding Preferred Securities entitled to join
in such notice, which record date shall be at the close of business on the day the Property Trustee
receives such notice. The Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders
after such record date; provided that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the requisite percentage
having joined in such notice prior to the day that is 90 days after such record date, such notice
of declaration of acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no further effect.
Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after
expiration of such 90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a written notice that
has been canceled pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this Section 5.13(b).

     (c) For so long as any Preferred Securities remain Outstanding, to the fullest extent
permitted by law and subject to the terms of this Declaration and the Indenture, upon a Debenture
Event of Default specified in Section 5.1(1) of the Indenture, any Holder of Preferred Securities
shall have the right to institute a proceeding directly against the Sponsor, pursuant to
Section 5.8 of the Indenture, for enforcement of payment to such Holder of any amounts payable in
respect of Debentures having an aggregate principal amount equal to the aggregate Liquidation
Amount of the Preferred Securities of such Holder (a “Direct Action”). Except as set forth in
Section 5.13(b) and this Section 5.13(c), the Holders of Preferred Securities shall have no right
to exercise directly any right or remedy available to the holders of, or in respect of, the
Debentures.

     (d) Except as otherwise provided in clauses (a), (b) and (c) of this Section 5.13, to the
fullest extent permitted by law and subject to the terms of this Declaration and the Indenture, the
Holders of at least a Majority in Liquidation Amount of the Preferred Securities may, on behalf of
the Holders of all the Preferred Securities, waive any past default or Event of Default and its
consequences. Upon such waiver, any such default or Event of Default shall cease to exist, and any
default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Declaration, but no such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent thereon.

24

 

ARTICLE VI

ACTS OF HOLDERS; MEETINGS; VOTING

     Section 6.1 Limitations on Voting Rights.

     (a) Except as expressly provided in this Declaration and in the Indenture and as otherwise
required by law, no Holder of Preferred Securities shall have any right to vote or in any manner
otherwise control the administration, operation and management of the Trust or the obligations of
the parties hereto, nor shall anything herein set forth, or contained in the terms of the Trust
Securities Certificates, be construed so as to constitute the Holders from time to time as partners
or members of an association.

     (b) So long as any Debentures are held by the Property Trustee on behalf of the Trust, the
other Trustees shall not (i) direct the time, method and place of conducting any proceeding for any
remedy available to the Debenture Trustee, or execute any trust or power conferred on the Property
Trustee with respect to the Debentures, (ii) waive any past default that may be waived under
Section 5.13 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the
principal of all the Debentures shall be due and payable, or (iv) consent to any amendment,
modification or termination of the Indenture or the Debentures, where such consent shall be
required, without, in each case, obtaining the prior approval of the Holders of at least a Majority
in Liquidation Amount of the Preferred Securities, provided, however, that where a consent under
the Indenture would require the consent of each Holder of Debentures affected thereby, no such
consent shall be given by the Property Trustee without the prior written consent of each Holder of
Preferred Securities. The Trustees shall not revoke any action previously authorized or approved by
a vote of the Holders of the Preferred Securities, except by a subsequent vote of the Holders of
the Preferred Securities. The Property Trustee shall notify all Holders of the Preferred Securities
of any notice of default received with respect to the Debentures. In addition to obtaining the
foregoing approvals of the Holders of the Preferred Securities, prior to taking any of the
foregoing actions, the Trustees shall, at the expense of the Sponsor, obtain an Opinion of Counsel
experienced in such matters to the effect that such action shall not cause the Trust to be taxable
as a corporation or classified as other than a grantor trust for United States Federal income tax
purposes.

     (c) If any proposed amendment to the Declaration provides for, or the Trustees otherwise
propose to effect, (i) any action that would adversely affect in any material respect the powers,
preferences or special rights of the Preferred Securities, whether by way of amendment to this
Declaration or otherwise, or (ii) the dissolution of the Trust, other than pursuant to the terms of
this Declaration, then the Holders of Outstanding Preferred Securities as a class will be entitled
to vote on such amendment or proposal and such amendment or proposal shall not be effective except
with the approval of the Holders of at least a Majority in Liquidation Amount of the Preferred
Securities. Notwithstanding any other provision of this Declaration, no amendment to this
Declaration may be made if, as a result of such amendment, it would cause the Trust to be taxable
as a corporation or classified as other than a grantor trust for United States Federal income tax
purposes.

     Section 6.2 Notice of Meetings. Notice of all meetings of the Holders of the Preferred
Securities, stating the time, place and purpose of the meeting, shall be given by the
Administrators or, at the written request of the Administrators, by the Property Trustee pursuant
to Section 10.8 to each Holder of Preferred Securities, at such Holder’s registered address, at
least 20 days and not more than 90 days before the meeting. At any such meeting, any business
properly before the meeting may be so considered whether or not stated in the notice of the
meeting. Any adjourned meeting may be held as adjourned without further notice.

     Section 6.3 Meetings of Holders of the Preferred Securities. No annual meeting of
Holders is required to be held. The Administrators, however, shall call a meeting of the Holders of
the Preferred Securities to vote on any matter upon the written request of the Holders of at least
25% in aggregate Liquidation Amount of the Outstanding Preferred Securities and the Administrators
or the Property Trustee may, at any time in their or its discretion, call a meeting of the Holders
of the Preferred Securities to vote on any matters as to which such Holders are entitled to vote.

     The Holders of at least a Majority in Liquidation Amount of the Preferred Securities, present
in person or by proxy, shall constitute a quorum at any meeting of the Holders of the Preferred
Securities.

25

 

     If a quorum is present at a meeting, an affirmative vote by the Holders present, in person or
by proxy, holding Preferred Securities representing at least a Majority in aggregate Liquidation
Amount of the Preferred Securities held by the Holders present, either in person or by proxy, at
such meeting shall constitute the action of the Holders of the Preferred Securities, unless this
Declaration requires a greater number of affirmative votes.

     Section 6.4 Voting Rights. Holders shall be entitled to one vote for each $25 of
Liquidation Amount represented by their Outstanding Trust Securities in respect of any matter as to
which such Holders are entitled to vote.

     Section 6.5 Proxies, etc. At any meeting of Holders, any Holder entitled to vote
thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall
have been placed on file with the Administrators, or with such other officer or agent of the Trust
as the Administrators may direct, for verification prior to the time at which such vote shall be
taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of
the Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall
be entitled to vote. When Trust Securities are held jointly by several persons, any one of them may
vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one
of them shall be present at such meeting in person or by proxy, and such joint owners or their
proxies so present disagree as to any vote to be cast, such vote shall not be received in respect
of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be
deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity
shall rest on the challenger. No proxy shall be valid more than three years after its date of
execution.

     Section 6.6 Holder Action by Written Consent. Any action that may be taken by Holders
at a meeting may be taken without a meeting and without prior notice if Holders holding at least a
Majority in Liquidation Amount of all Preferred Securities entitled to vote in respect of such
action (or such larger proportion thereof as shall be required by any other provision of this
Declaration) shall consent to the action in writing.

     Section 6.7 Record Date for Voting and Other Purposes. For the purposes of determining
the Holders who are entitled to notice of and to vote at any meeting or by written consent, or to
participate in any distribution on the Trust Securities in respect of which a record date is not
otherwise provided for in this Declaration, or for the purpose of any other action, the
Administrators or Property Trustee may from time to time fix a date, not more than 90 days prior to
the date of any meeting of Holders or the payment of a distribution or other action, as the case
may be, as a record date for the determination of the identity of the Holders of record for such
purposes.

     Section 6.8 Acts of Holders. Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Declaration to be given, made or
taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in writing; and,
except as otherwise expressly provided herein, such action shall become effective when such
instrument or instruments are delivered to an Administrator. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this Declaration and
(subject to Section 8.1) conclusive in favor of the Trustees, if made in the manner provided in
this Section.

     The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that any Trustee receiving the same deems sufficient.

     The ownership of Trust Securities shall be proved by the Securities Register.

     Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Trust Security shall bind every future Holder of the same Trust Security and the
Holder of every Trust Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done,

26

 

omitted or suffered to be done by the Trustees or the Trust in reliance thereon, whether or not
notation of such action is made upon such Trust Security.

     Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Trust Security may do so with regard to all or any part of the Liquidation
Amount of such Trust Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such Liquidation Amount.

     If any dispute shall arise among the Holders or the Trustees with respect to the authenticity,
validity or binding nature of any request, demand, authorization, direction, consent, waiver or
other Act of such Holder or Trustee under this Article VI, then the determination of such matter by
the Property Trustee shall be conclusive with respect to such matter.

     Section 6.9 Inspection of Records. Upon reasonable notice to the Administrators and
the Property Trustee, the records of the Trust shall be open to inspection by Holders during normal
business hours for any purpose reasonably related to such Holder’s interest as a Holder.

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

     Section 7.1 Representations and Warranties of the Property Trustee and the Delaware
Trustee. The Property Trustee and the Delaware Trustee, each severally on behalf of and as to
itself, hereby represents and warrants for the benefit of the Sponsor and the Holders that:

     (a) the Property Trustee is a national banking association having its principal place of
business in the State of Delaware, duly organized, validly existing and in good standing under the
laws of the United States of America;

     (b) the Property Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Declaration and has taken all necessary action to
authorize the execution, delivery and performance by it of this Declaration;

     (c) the Delaware Trustee is a national banking association having its principal place of
business in the State of Delaware, duly organized, validly existing and in good standing under the
laws of the United States of America;

     (d) the Delaware Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Declaration and has taken all necessary action to
authorize the execution, delivery and performance by it of this Declaration;

     (e) this Declaration has been duly authorized, executed and delivered by the Property Trustee
and the Delaware Trustee and constitutes the valid and legally binding agreement of each of the
Property Trustee and Delaware Trustee enforceable against each of them in accordance with its
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’ rights and to general
equity principles;

     (f) the execution, delivery and performance of this Declaration have been duly authorized by
all necessary corporate or other action on the part of the Property Trustee and Delaware Trustee
and does not require any approval of stockholders of the Property Trustee and Delaware Trustee and
such execution, delivery and performance will not (i) violate the Certificate of Incorporation or
By-laws of the Property Trustee and Delaware Trustee, (ii) violate any provision of, or constitute,
with or without notice or lapse of time, a default under, or result in the creation or imposition
of, any Lien on any properties included in the Trust Property pursuant to the provisions of, any
indenture, mortgage, credit agreement, license or other agreement or instrument to which the
Property Trustee or the Delaware is a party or by which it is bound, or (iii) violate any law,
governmental rule or regulation of the United States of America governing the banking, trust or
general powers of the Property Trustee and Delaware Trustee (as appropriate in context) or any
order, judgment or decree applicable to the Property Trustee and Delaware Trustee;

27

 

     (g) neither the authorization, execution or delivery by the Property Trustee and Delaware
Trustee of this Declaration nor the consummation of any of the transactions by the Property Trustee
or Delaware Trustee (as appropriate in context) contemplated herein requires the consent or
approval of, the giving of notice to, the registration with or the taking of any other action with
respect to any governmental authority or agency under any existing law governing the banking, trust
or general powers of the Property Trustee or Delaware Trustee, as the case may be, under the laws
of the United States, or the State of Delaware;

     (h) there are no proceedings pending or, to the best of each of the Property Trustee’s and
Delaware Trustee’s knowledge, threatened against or affecting the Property Trustee and Delaware
Trustee in any court or before any governmental authority, agency or arbitration board or tribunal
that, individually or in the aggregate, would materially and adversely affect the Trust or would
question the right, power and authority of the Property Trustee and Delaware Trustee, as the case
may be, to enter into or perform its obligations as one of the Trustees under this Declaration; and

     (i) the Property Trustee is a person eligible pursuant to the Trust Indenture Act to act as
such and has a combined capital and surplus of at least $50,000,000.00..

     Section 7.2 Representations and Warranties of Sponsor. The Sponsor hereby represents
and warrants for the benefit of the Holders that:

     (a) the Trust Securities Certificates issued on the Closing Date or on any Option Closing
Date, if applicable, on behalf of the Trust have been duly authorized and will have been duly and
validly executed, issued and delivered by the Trustees pursuant to the terms and provisions of, and
in accordance with the requirements of, this Declaration and the Holders will be, as of each such
date, entitled to the benefits of this Declaration; and

     (b) there are no taxes, fees or other governmental charges payable by the Trust (or the
Trustees on behalf of the Trust) under the laws of the State of Delaware or any political
subdivision thereof in connection with the execution, delivery and performance by the Property
Trustee and Delaware Trustee of this Declaration.

ARTICLE VIII

THE TRUSTEES

     Section 8.1 Certain Duties and Responsibilities.

     (a) The rights, immunities, duties and responsibilities of the Trustees shall be as provided
by this Declaration and, in the case of the Property Trustee, by the Trust Indenture Act (and there
shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or
in equity, of the Trustees). Notwithstanding the foregoing, no provision of this Declaration shall
require any of the Trustees to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it or they shall have reasonable grounds for believing that the repayment of
such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
Whether or not therein expressly so provided, every provision of this Declaration relating to the
conduct or affecting the liability of or affording protection to the Trustees shall be subject to
the provisions of this Section 8.1. The Property Trustee’s liability shall be determined under the
Trust Indenture Act. Nothing in this Declaration shall be construed to release an Administrator
from liability for his or her own negligent action, his or her own negligent failure to act, or his
or her own willful misconduct with respect to acts or omissions. To the extent that, at law or in
equity, an Trustee has duties and liabilities relating to the Trust or to the Holders, such Trustee
shall not be liable to the Trust or to any Holder for such Trustee’s good faith reliance on the
provisions of this Declaration. The provisions of this Declaration, to the extent that they
restrict or eliminate the duties and liabilities of the Trustees otherwise existing at law or in
equity, are agreed by the Sponsor and the Holders to replace such other duties and liabilities of
the Trustees.

     (b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust Property and only to the
extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the
Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each
Holder, by its acceptance of a Trust Security, agrees that it will look solely

28

 

to the revenue and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that the Trustees are not personally liable to it for any
amount distributable in respect of any Trust Security or for any other liability in respect of any
Trust Security. This Section 8.1(b) does not limit the liability of the Trustees expressly set
forth elsewhere in this Declaration or, in the case of the Property Trustee, in the Trust Indenture
Act.

     (c) No provision of this Declaration shall be construed to relieve the Property Trustee (or
any separate Delaware Trustee) from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

     (i) the Property Trustee shall not be liable for any error of judgment made in good faith by
an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee
was negligent in ascertaining the pertinent facts;

     (ii) the Property Trustee shall not be liable with respect to any action taken or omitted to
be taken by it in good faith in accordance with the direction of the Holders of at least a Majority
in Liquidation Amount of the Preferred Securities relating to the time, method and place of
conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust
or power conferred upon the Property Trustee under this Declaration;

     (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical
preservation of the Debentures and the Payment Account shall be to deal with such property in a
similar manner as the Property Trustee deals with similar property for its own account, subject to
the protections and limitations on liability afforded to the Property Trustee under this
Declaration and the Trust Indenture Act;

     (iv) the Property Trustee shall not be liable for any interest on any money received by it
except as it may otherwise agree with the Sponsor; and money held by the Property Trustee need not
be segregated from other funds held by it except in relation to the Payment Account maintained by
the Property Trustee pursuant to Section 3.1 and except to the extent otherwise required by law;

     (v) the Property Trustee shall not be responsible for monitoring the compliance by the
Administrators or the Sponsor with their respective duties under this Declaration, nor shall the
Property Trustee be liable for the default or misconduct of any other Trustee or the Sponsor; and

     (vi) No provision of this Declaration shall require the Property Trustee to expend or risk its
own funds or otherwise incur personal financial liability in the performance of any of its duties
or in the exercise of any of its rights or powers.

     (d) The Administrators shall not be responsible for monitoring the compliance by the other
Trustees or the Sponsor with their respective duties under this Declaration, nor shall any
Administrator be liable for the default or misconduct of any other Administrator, the other
Trustees or the Sponsor.

     Section 8.2 Certain Notices. Within five Business Days after the occurrence of any
Event of Default actually known to the Property Trustee, the Property Trustee shall transmit, in
the manner and to the extent provided in Section 10.8, notice of such Event of Default to the
Holders, the Administrators and the Sponsor, unless such Event of Default shall have been cured or
waived.

     Within five Business Days after the receipt of notice of the Sponsor’s exercise of its right
to defer the payment of interest on the Debentures pursuant to the Indenture, the Property Trustee
shall transmit, in the manner and to the extent provided in Section 10.8, notice of such exercise
to the Holders, unless such exercise shall have been revoked.

     Section 8.3 Certain Rights of Property Trustee. Subject to the provisions of
Section 8.1:

     (a) the Property Trustee may rely and shall be protected in acting or refraining from acting
in good faith upon any resolution, Opinion of Counsel, certificate, written representation of a
Holder or transferee, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal,

29

 

bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties;

     (b) if (i) in performing its duties under this Declaration the Property Trustee is required to
decide between alternative courses of action, (ii) in construing any of the provisions of this
Declaration the Property Trustee finds the same ambiguous or inconsistent with any other provisions
contained herein, or (iii) the Property Trustee is unsure of the application of any provision of
this Declaration, then, except as to any matter as to which the Holders of the Preferred Securities
are entitled to vote under the terms of this Declaration, the Property Trustee shall deliver a
notice to the Sponsor requesting the Sponsor’s opinion as to the course of action to be taken, and
the Property Trustee shall take such action, or refrain from taking such action, as the Property
Trustee shall be instructed in writing to take, or to refrain from taking, by the Sponsor;
provided, however, that if the Property Trustee does not receive such instructions of the Sponsor
within ten Business Days after it has delivered such notice, or such reasonably shorter period of
time set forth in such notice (which to the extent practicable shall not be less than two Business
Days), it may, but shall be under no duty to, take or refrain from taking such action not
inconsistent with this Declaration as it shall deem advisable and in the best interests of the
Holders, in which event the Property Trustee shall have no liability except for its own negligence
or willful misconduct;

     (c) any direction or act of the Sponsor contemplated by this Declaration shall be sufficiently
evidenced by an Officers’ Certificate;

     (d) any direction or act of an Administrator contemplated by this Declaration shall be
sufficiently evidenced by a certificate executed by such Administrator and setting forth such
direction or act;

     (e) the Property Trustee shall have no duty to see to any recording, filing or registration of
any instrument (including any financing or continuation statement or any filing under tax or
securities laws) or any rerecording, refiling or re-registration thereof;

     (f) the Property Trustee may consult with counsel (which counsel may be counsel to the Sponsor
or any of its Affiliates, and may include any of its employees) and the advice of such counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon and in accordance with such advice;
the Property Trustee shall have the right at any time to seek instructions concerning the
administration of this Declaration from any court of competent jurisdiction;

     (g) the Property Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Declaration at the request or direction of any of the Holders or the Sponsor
pursuant to this Declaration, unless such Holders or Sponsor shall have offered to the Property
Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be
incurred by it in compliance with such request or direction; provided that nothing contained in
this Section 8.3(g) shall be taken to relieve the Property Trustee, upon the occurrence of an Event
of Default actually known to a Responsible Officer of the Property Trustee, of its obligation to
exercise the rights and powers vested in it by this Declaration;

     (h) the Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other
paper or document, unless requested in writing to do so by one or more Holders, but the Property
Trustee may make such further inquiry or investigation into such facts or matters as it may see
fit;

     (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through its agents or attorneys, provided that the
Property Trustee shall be responsible for its own negligence or misconduct with respect to
selection of any agent or attorney appointed by it hereunder;

     (j) whenever in the administration of this Declaration the Property Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right or taking any other
action hereunder, the Property Trustee (i) may request instructions from the Holders (which
instructions may only be given by the Holders of the same proportion in Liquidation Amount of the
Trust Securities as would be entitled to direct the Property Trustee under the terms of the Trust
Securities in respect of such remedy, right or action), (ii) may refrain from enforcing such

30

 

remedy or right or taking such other action until such instructions are received, and (iii) shall
be protected in acting in accordance with such instructions; and

     (k) except as otherwise expressly provided by this Declaration, the Property Trustee shall not
be under any obligation to take any action that is discretionary under the provisions of this
Declaration.

     No provision of this Declaration shall be deemed to impose any duty or obligation on any
Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or
imposed on it, in any jurisdiction in which it shall be illegal, or in which such Person shall be
unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or
to exercise any such right, power, duty or obligation. No permissive power or authority available
to any Trustee shall be construed to be a duty.

     Whether or not therein expressly so provided, every provision of this Declaration relating to
the conduct or affecting the liability of or affording protection to the Property Trustee shall
extend to each of the Security Registrar, the Paying Agent and the Delaware Trustee and shall be
subject to the provisions of this Article VIII.

     Section 8.4 Not Responsible for Recitals or Issuance of Securities. The recitals
contained herein and in the Trust Securities Certificates shall be taken as the statements of the
Trust and the Sponsor, and the Trustees do not assume any responsibility for their correctness. The
Trustees shall not be accountable for the use or application by the Sponsor of the proceeds of the
Debentures.

     The Property Trustee may conclusively assume that any funds held by it hereunder are legally
available unless an officer of the Property Trustee assigned to its institutional trust services
department shall have received written notice from the Sponsor, any Holder or any other Trustee
that such funds are not legally available.

     Section 8.5 May Hold Securities. Any Trustee or any other agent of any Trustee or the
Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities
and, subject to Sections 8.8 and 8.13, and except as provided in the definition of the term
“Outstanding” in Article I, may otherwise deal with the Trust with the same rights it would have if
it were not an Trustee or such other agent.

     Section 8.6 Compensation; Indemnity; Fees. The Sponsor agrees:

     (a) to pay to the Trustees from time to time such reasonable compensation for all services
rendered by them hereunder as may be agreed by the Sponsor and the Trustees from time to time
(which compensation shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust);

     (b) except as otherwise expressly provided herein, to reimburse the Trustees upon request for
all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance
with any provision of this Declaration (including the reasonable compensation and the expenses and
disbursements of their agents and counsel), except any such expense, disbursement or advance as may
be attributable to their negligence or willful misconduct; and

     (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each
Trustee, (ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee,
representative or agent of any Trustee, and (iv) any employee or agent of the Trust (referred to
herein as an “Indemnified Person”) from and against any loss, damage, liability, action, suit, tax,
penalty, expense or claim of any kind or nature whatsoever incurred by such Indemnified Person by
reason of the creation, operation or termination of the Trust or any act or omission performed or
omitted by such Indemnified Person on behalf of the Trust, except that no Indemnified Person shall
be entitled to be indemnified in respect of any loss, damage, action, suit or claim incurred by
such Indemnified Person by reason of negligence or willful misconduct with respect to such acts or
omissions.

     The provisions of this Section 8.6 shall survive the termination of this Declaration and the
removal or resignation of any Trustee.

     No Trustee may claim any Lien on any Trust Property as a result of any amount due pursuant to
this Section 8.6.

31

 

     Section 8.7 Corporate Trustee Required; Eligibility of Trustees.

     (a) There shall at all times be a trustee hereunder with respect to the Trust Securities who
shall serve the function of Property Trustee. The Property Trustee shall be a Person that is a
national or state chartered bank and eligible pursuant to the Trust Indenture Act to act as such
and that has a combined capital and surplus of at least $50,000,000. If any such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of its supervising
or examining authority, then for the purposes of this Section and to the extent permitted by the
Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If
at any time the Property Trustee with respect to the Trust Securities shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article. At the time of appointment, the Property Trustee
must have securities rated in one of the three highest rating categories by a nationally recognized
statistical rating organization.

     (b) There shall at all times be one or more Administrators hereunder with respect to the Trust
Securities. Each Administrator shall be either a natural person who is at least 21 years of age or
a legal entity that shall act through one or more persons authorized to bind that entity.

     (c) There shall at all times be a Delaware Trustee with respect to the Trust Securities. Such
trustee shall either be (i) a natural person who is at least 21 years of age and a resident of the
State of Delaware, or (ii) a legal entity with its principal place of business in the State of
Delaware and that otherwise meets the requirements of applicable Delaware law and that shall act
through one or more persons authorized to bind such entity. At any such time when the Property
Trustee is eligible to fulfill the role of Delaware Trustee, then there shall be only a Property
Trustee and Administrators hereunder, unless there shall expressly be appointed in accordance with
the provisions of this Declaration, a separate Delaware Trustee.

     Section 8.8 Conflicting Interests.

     (a) If the Property Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to
the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act
and this Declaration.

     (b) The Guarantee Agreement and the Indenture shall be deemed to be specifically described in
this Declaration for the purposes of clause (i) of the first proviso contained in Section 310(b) of
the Trust Indenture Act.

     Section 8.9 Co-Trustees and Separate Trustee. Unless an Event of Default shall have
occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements
of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at
the time be located, the Sponsor and the Administrators, by agreed action of the majority of such
Trustees, shall have power to appoint, and upon the written request of the Administrators, the
Sponsor shall for such purpose join with the Administrators in the execution, delivery, and
performance of all instruments and agreements necessary or proper to appoint, one or more Persons
approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of
all or any part of such Trust Property, or to the extent required by law to act as separate trustee
of any such property, in either case with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title,
right or power deemed necessary or desirable, subject to the other provisions of this Section. Any
co-trustee or separate trustee appointed pursuant to this Section shall either be (i) a natural
person who is at least 21 years of age and a resident of the United States, or (ii) a legal entity
with its principal place of business in the United States that shall act through one or more
persons authorized to bind such entity. In case an Event of Default under the Indenture shall have
occurred and be continuing, the Property Trustee alone shall have the power to make such
appointment.

     Unless an Event of Default shall have occurred and be continuing, at any time or times, for
the purpose of meeting the legal requirements of the Delaware Statutory Trust Act, the Sponsor and
the Administrators, by agreed action of the majority of such Trustees, shall have power to appoint,
and upon the written request of the Administrators, the Sponsor shall for such purpose join with
the Administrators in the execution, delivery, and performance of all instruments and agreements
necessary or proper to appoint a separate Delaware Trustee.

32

 

     Should any written instrument from the Sponsor be required by any co-trustee or separate
trustee so appointed for more fully confirming to such co-trustee or separate trustee such
property, title, right, or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Sponsor.

     Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent
only, be appointed subject to the following terms, namely:

     (a) The Trust Securities Certificates shall be executed by one or more Administrators, and the
Trust Securities Certificates shall be delivered by the Property Trustee, and all rights, powers,
duties, and obligations hereunder in respect of the custody of securities, cash and other personal
property held by, or required to be deposited or pledged with, the Property Trustee specified
hereunder shall be exercised solely by the Property Trustee and not by such co-trustee or separate
trustee.

     (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property
Trustee in respect of any property covered by such appointment shall be conferred or imposed upon
and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee
or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or
separate trustee, except to the extent that under any law of any jurisdiction in which any
particular act is to be performed, the Property Trustee shall be incompetent or unqualified to
perform such act, in which event such rights, powers, duties and obligations shall be exercised and
performed by such co-trustee or separate trustee.

     (c) The Property Trustee at any time, by an instrument in writing executed by it, with the
written concurrence of the Sponsor, may accept the resignation of or remove any co-trustee or
separate trustee appointed under this Section, and, in case a Debenture Event of Default has
occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or
remove, any such co-trustee or separate trustee without the concurrence of the Sponsor. Upon the
written request of the Property Trustee, the Sponsor shall join with the Property Trustee in the
execution, delivery and performance of all instruments and agreements necessary or proper to
effectuate such resignation or removal. A successor to any co-trustee or separate trustee so
resigning or removed may be appointed in the manner provided in this Section.

     (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any
act or omission of the Property Trustee or any other trustee hereunder.

     (e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate
trustee.

     (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee.

     Section 8.10 Resignation and Removal; Appointment of Successor. No resignation or
removal of any Trustee (the “Relevant Trustee”) and no appointment of a successor Trustee pursuant
to this Article shall become effective until the acceptance of appointment by the successor Trustee
in accordance with the applicable requirements of Section 8.11.

     Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by
giving written notice thereof to the Sponsor. If the instrument of acceptance by the successor
Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30
days after the giving of such notice of resignation, the Relevant Trustee may petition, at the
expense of the Trust, any court of competent jurisdiction for the appointment of a successor
Relevant Trustee.

     Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may be
removed at any time by Act of the Holders of Common Securities. If a Debenture Event of Default
shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of
them, may be removed at such time by Act of the Holders of a Majority in Liquidation Amount of the
Preferred Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf
of the Trust). An Administrator may be removed by the Holders of Common Securities at any time. In
no event will the Holders of the Preferred Securities have a right to vote to appoint, remove or
replace the Administrators.

33

 

     If any Trustee shall resign, be removed or become incapable of acting as Trustee, or if a
vacancy shall occur in the office of any Trustee for any reason, at a time when no Debenture Event
of Default shall have occurred and be continuing, the Holders of Common Securities, by Act of the
Holders of Common Securities, shall promptly appoint a successor Trustee or Trustees, and the
retiring Trustee shall comply with the applicable requirements of Section 8.11. If the Property
Trustee or the Delaware Trustee shall resign, be removed or become incapable of continuing to act
as the Property Trustee or the Delaware Trustee, as the case may be, at a time when a Debenture
Event of Default shall have occurred and be continuing, the Holders of Preferred Securities, by Act
of the Holders of a Majority in Liquidation Amount of the Preferred Securities then Outstanding
shall promptly appoint a successor Relevant Trustee or Trustees, and such successor Trustee shall
comply with the applicable requirements of Section 8.11. If an Administrator shall resign, be
removed or become incapable of acting as Administrator, at a time when a Debenture Event of Default
shall have occurred and be continuing, the Holders of Common Securities by Act of the Holders of
Common Securities shall promptly appoint a successor Administrator or Administrators and such
successor Administrator or Trustees shall comply with the applicable requirements of Section 8.11.
If no successor Relevant Trustee shall have been so appointed by the Holders of Common Securities
or the Holders of Preferred Securities and accepted appointment in the manner required by
Section 8.11, any Holder who has been a Holder of Trust Securities for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Relevant Trustee.

     The Property Trustee shall give notice of each resignation and each removal of an Trustee and
each appointment of a successor Trustee to all Holders in the manner provided in Section 10.8 and
shall give notice to the Sponsor. Each notice shall include the name of the successor Relevant
Trustee and the address of its Corporate Trust Office if it is the Property Trustee.

     Notwithstanding the foregoing or any other provision of this Declaration, in the event any
Administrator or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the
Sponsor, incompetent or incapacitated, the vacancy created by such death, incompetence or
incapacity may be filled by (a) the unanimous act of the remaining Administrators if there are at
least two of them or (b) otherwise by the Sponsor (with the successor in each case being a Person
who satisfies the eligibility requirement for Administrators or Delaware Trustee, as the case may
be, set forth in Section 8.7).

     Section 8.11 Acceptance of Appointment by Successor. In case of the appointment
hereunder of a successor Trustee such successor Trustee so appointed shall execute, acknowledge and
deliver to the Trust and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Sponsor or
the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of
the retiring Trustee and if the Property Trustee is the resigning Trustee shall duly assign,
transfer and deliver to the successor Trustee all property and money held by such retiring Property
Trustee hereunder.

     In case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant
Trustee (if requested by the Sponsor) and each successor Relevant Trustee with respect to the Trust
Securities may execute and deliver an amendment hereto wherein each successor Relevant Trustee
shall accept such appointment and which (a) may contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all the
rights, powers, trusts and duties of the retiring Relevant Trustee with respect to the Trust
Securities and the Trust, and (b) may add to or change any of the provisions of this Declaration as
may be necessary to provide for or facilitate the administration of the Trust by more than one
Relevant Trustee, it being understood that nothing herein or in such amendment shall constitute
such Relevant Trustees co-trustees and upon the execution and delivery of such amendment the
resignation or removal of the retiring Relevant Trustee shall become effective to the extent
provided therein and each such successor Relevant Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Relevant Trustee; but, on request of the Trust or any successor Relevant Trustee such retiring
Relevant Trustee shall duly assign, transfer and deliver to such successor Relevant Trustee all
Trust Property, all proceeds thereof and money held by such retiring Relevant Trustee hereunder
with respect to the Trust Securities and the Trust.

34

 

     Upon request of any such successor Relevant Trustee, the Trust shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Relevant
Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph,
as the case may be.

     No successor Relevant Trustee shall accept its appointment unless at the time of such
acceptance such successor Relevant Trustee shall be qualified and eligible under this Article.

     Section 8.12 Merger, Conversion, Consolidation or Succession to Business. Any Person
into which any of the Trustees that is not a natural Person may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger, conversion or consolidation
to which such Relevant Trustee shall be a party, or any Person, succeeding to all or substantially
all the corporate trust business of such Relevant Trustee, shall be the successor of such Relevant
Trustee hereunder, provided that such Person shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the
parties hereto.

     Section 8.13 Preferential Collection of Claims Against Sponsor or Trust. If and when
the Property Trustee shall be or become a creditor of the Sponsor or the Trust (or any other
obligor upon the Preferred Securities), the Property Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Sponsor or the Trust (or any
such other obligor).

     Section 8.14 Property Trustee May File Proofs of Claim. In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon the Trust Securities or
the property of the Trust or of such other obligor or their creditors, the Property Trustee
(irrespective of whether any Distributions on the Trust Securities shall then be due and payable
and irrespective of whether the Property Trustee shall have made any demand on the Trust for the
payment of any past due Distributions) shall be entitled and empowered, to the fullest extent
permitted by law, by intervention in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of any Distributions owing and unpaid in
respect of the Trust Securities and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Property Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and

     (b) to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Property Trustee and, in the event the Property Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Property Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents
and counsel, and any other amounts due the Property Trustee.

     Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement
adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to
authorize the Property Trustee to vote in respect of the claim of any Holder in any such
proceeding.

     Section 8.15 Reports by Property Trustee.

     (a) The Property Trustee shall transmit to Holders such reports concerning the Property
Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture
Act, at the times and in the manner provided pursuant thereto. Reports so required to be
transmitted at stated intervals of not more than 12 months shall be transmitted no later than 30
days after September 15 in each calendar year, commencing with the first September 15 after the
first issuance of Securities under this Indenture.

35

 

     (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by
or on behalf of the Property Trustee with each national securities exchange and such other
interdealer quotation system or self-regulatory organization upon which the Trust Securities are
listed or traded, with the Commission and with the Sponsor.

     Section 8.16 Reports to the Property Trustee. Each of the Sponsor and the
Administrators shall provide to the Property Trustee such documents, reports and information as
required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required
by Section 314(a) of the Trust Indenture Act in the form, in the manner and at the times required
by Section 314 of the Trust Indenture Act. The Sponsor and the Administrators shall annually file
with the Property Trustee a certificate specifying whether such Person is in compliance with all of
the terms and covenants applicable to such Person hereunder.

     Section 8.17 Evidence of Compliance with Conditions Precedent. Each of the Sponsor and
the Administrators shall provide to the Property Trustee such evidence of compliance with any
conditions precedent, if any, provided for in this Declaration that relate to any of the matters
set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act shall be given in the
form of an Officers’ Certificate.

     Section 8.18 Number of Trustees.

     (a) The number of Trustees shall be five, provided that the Property Trustee and the Delaware
Trustee may be the same Person. The number of Trustees may be increased or decreased by the Holder
of the Common Securities subject to Section 8.7 and 8.20. The death, resignation, retirement,
removal, bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall not
operate to annual, dissolve or terminate the Trust.

     (b) If an Trustee ceases to hold office for any reason, a vacancy shall occur. The vacancy
shall be filled with an Trustee appointed in accordance with Section 8.10.

     (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to
perform the duties of an Trustee shall not operate to annul, dissolve or terminate the Trust.

     Section 8.19 Delegation of Power.

     (a) Any Administrator may, by power of attorney consistent with applicable law, delegate to
any other natural person over the age of 21 his or her power for the purpose of executing any
documents contemplated in Section 2.7(a), including any registration statement or amendment thereto
filed with the Commission, or making any other governmental filing; and

     (b) The Administrators shall have power to delegate from time to time to such of their number
or to the Sponsor the doing of such things and the execution of such instruments either in the name
of the Trust or the names of the Administrators or otherwise as the Administrators may deem
expedient, to the extent such delegation is not prohibited by applicable law or contrary to the
provisions of this Declaration.

     Section 8.20 Appointment of Administrators.

     (a) The Administrators shall initially be Rick J. Green, an individual, Kerby Crowell, an
individual, and Laura Bright, an individual, and their successors shall be appointed by the Holders
of a Majority in Liquidation Amount of the Common Securities, and they may resign or be removed by
the Holders of a Majority in Liquidation Amount of the Common Securities at any time. Upon any
resignation or removal, the Holders of the Common Securities shall appoint a successor
Administrator. Each successor Administrator shall sign an agreement agreeing to comply with the
terms of this Declaration. If at any time there is no Administrator, the Property Trustee or any
Holder who has been a Holder of Trust Securities for at least six months may petition any court of
competent jurisdiction for the appointment of one or more Administrators.

     (b) Whenever a vacancy in the number of Administrators shall occur, until such vacancy is
filled by the appointment of an Administrator in accordance with this Section 8.20, the
Administrators in office, regardless of

36

 

their number (and notwithstanding any other provision of this Agreement), shall have all the powers
granted to the Administrators and shall discharge all the duties imposed upon the Administrators by
this Declaration.

     (c) Notwithstanding the foregoing or any other provision of this Declaration, if any
Administrator who is a natural person dies or becomes, in the opinion of the Sponsor, incompetent
or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by
the unanimous acts of the remaining Administrators, if there were at least two of them prior to
such vacancy, and by the Sponsor, if there were not two such Administrators immediately prior to
such vacancy (with the successor being a Person who satisfies the eligibility requirement for
Administrators set forth in Section 8.7).

ARTICLE IX

TERMINATION, LIQUIDATION AND MERGER

     Section 9.1 Dissolution Upon Expiration Date. Unless earlier dissolved, the Trust
shall automatically dissolve on September 15, 2043 (the “Expiration Date”), and the Trust Property
shall be liquidated in accordance with Section 9.4.

     Section 9.2 Early Dissolution. The first to occur of any of the following events is an
“Early Dissolution Event”, upon the occurrence of which the Trust shall dissolve:

     (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of,
the Sponsor;

     (b) the written direction to the Property Trustee from all of the Holders of the Common
Securities at any time to dissolve the Trust and to distribute the Debentures to Holders in
exchange for the Preferred Securities (which direction is optional and wholly within the discretion
of the Holders of the Common Securities);

     (c) the redemption of all of the Preferred Securities in connection with the redemption of all
the Debentures; and

     (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction.

     Section 9.3 Termination. The respective obligations and responsibilities of the
Trustees shall terminate upon the latest to occur of the following: (a) the distribution by the
Property Trustee to Holders of all amounts required to be distributed hereunder upon the
liquidation of the Trust pursuant to Section 9.4, or upon the redemption of all of the Trust
Securities pursuant to Section 4.2; (b) the payment of any expenses owed by the Trust; and (c) the
discharge of all administrative duties of the Administrators, including the performance of any tax
reporting obligations with respect to the Trust or the Holders. As soon as is practicable after the
last to occur of any of the above events, and after satisfaction of liabilities to creditors of the
Trust as required by applicable law, including Section 3808 of the Delaware Statutory Trust Act,
the Administrators shall terminate the Trust by filing, at the expense of the Sponsor, a
certificate of cancellation with the Secretary of State of the State of Delaware. The provisions of
Article VIII shall survive the termination of the Trust.

     Section 9.4 Liquidation.

     (a) If an Early Dissolution Event specified in clause (a), (b) or (d) of Section 9.2 occurs or
upon the Expiration Date, the Trust shall be liquidated by the Trustees as expeditiously as the
Trustees determine to be possible by distributing, after satisfaction of liabilities to creditors
of the Trust as provided by applicable law, including Section 3808 of the Delaware Statutory Trust
Act, to each Holder a Like Amount of Debentures, subject to Section 9.4(d). Notice of liquidation
shall be given by the Property Trustee by first-class mail, postage prepaid mailed not less than 15
nor more than 45 days prior to the Liquidation Date to each Holder of Trust Securities at such
Holder’s address appearing in the Securities Register. All such notices of liquidation shall:

     (i) state the Liquidation Date;

37

 

     (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be
deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be
deemed to represent a Like Amount of Debentures; and

     (iii) provide such information with respect to the procedures by which Holders may exchange
Trust Securities Certificates for Debentures, or if Section 9.4(d) applies receive a Liquidation
Distribution, as the Administrators or the Property Trustee shall deem appropriate.

     (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the
Trust and distribution of the Debentures to Holders, the Property Trustee, either itself acting as
exchange agent or through the appointment of a separate exchange agent, shall establish a record
date for such distribution (which shall be not more than 30 days prior to the Liquidation Date)
and, establish such procedures as it shall deem appropriate to effect the distribution of
Debentures in exchange for the Outstanding Trust Securities Certificates.

     (c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust
Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount
of Debentures will be issued to Holders of Trust Securities Certificates, upon surrender of such
certificates to the exchange agent for exchange, (iii) the Sponsor shall use its best efforts to
have the Debentures listed on the Nasdaq Global Select Market or on such other national securities
exchange, interdealer quotation system or self-regulatory organization as the Preferred Securities
are then listed or traded, (iv) any Trust Securities Certificates not so surrendered for exchange
will be deemed to represent a Like Amount of Debentures bearing accrued and unpaid interest in an
amount equal to the accumulated and unpaid Distributions on such Trust Securities Certificates
until such certificates are so surrendered (and until such certificates are so surrendered, no
payments of interest or principal will be made to Holders of Trust Securities Certificates with
respect to such Debentures) and (v) all rights of Holders holding Trust Securities will cease,
except the right of such Holders to receive Debentures upon surrender of Trust Securities
Certificates.

     (d) If, notwithstanding the other provisions of this Section 9.4, whether because of an order
for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the
Debentures in the manner provided herein is determined by the Administrators not to be practical,
the Trust Property shall be liquidated, and the Trust shall be wound up in such manner as the
Property Trustee determines. In such event, Holders will be entitled to receive out of the assets
of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors
of the Trust as provided by applicable law, including Section 3808 of the Delaware Statutory Trust
Act, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid
Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”).
If, upon any such winding up, the Liquidation Distribution can be paid only in part because the
Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution,
then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust
Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holders of the
Common Securities will be entitled to receive Liquidation Distributions upon any such dissolution
pro rata (determined as aforesaid) with Holders of Preferred Securities, except that, if a
Debenture Event of Default has occurred and is continuing, the Preferred Securities shall have a
priority over the Common Securities as provided in Section 4.3.

     Section 9.5 Mergers, Consolidations, Amalgamations or Replacements of Trust. The Trust
may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or
lease its properties and assets substantially as an entirety to any corporation or other body,
except pursuant to this Section 9.5 or Section 9.4. At the request of the Holders of the Common
Securities, with the consent of the Administrators, the Trust may merge with or into, consolidate,
amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially
as an entirety to a trust organized as such under the laws of any State; provided that (i) such
successor entity either (a) expressly assumes all of the obligations of the Trust with respect to
the Preferred Securities, or (b) substitutes for the Preferred Securities other securities having
substantially the same terms as the Preferred Securities (the “Successor Securities”) so long as
the Successor Securities have the same priority as the Preferred Securities with respect to
distributions and payments upon liquidation, redemption and otherwise, (ii) a trustee of such
successor entity possessing the same powers and duties as the Property Trustee is appointed to hold
the Debentures, (iii) the Successor Securities are listed, or any Successor Securities will be
listed upon notice of issuance, on the Nasdaq Global Select Market or on such other exchange,
interdealer quotation system or self-regulatory organization as the Preferred Securities are then
listed, if any, (iv) such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not adversely affect the rights, preferences and

38

 

privileges of the holders of the Preferred Securities (including any Successor Securities) in any
material respect, (v) such successor entity has a purpose substantially identical to that of the
Trust, (vi) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease, the Sponsor has received an Opinion of Counsel to the effect that (a) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect
the rights, preferences and privileges of the Holders of the Preferred Securities (including any
Successor Securities) in any material respect, and (b) following such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor such successor
entity will be required to register as an “investment company” under the Investment Company Act,
(vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease, the Trust has received an opinion of counsel experienced in such matters that such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease will not cause the Trust or
the successor entity to be classified as an association or a partnership for U.S. federal income
tax purposes; and (viii) the Sponsor or its permitted transferee owns all of the common securities
of such successor entity and guarantees the obligations of such successor entity under the
Successor Securities at least to the extent provided by the Guarantee Agreement. Notwithstanding
the foregoing, the Trust shall not, except with the consent of Holders of all of the Preferred
Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or
lease its properties and assets substantially as an entirety to any other entity or permit any
other entity to consolidate, amalgamate, merge with or into, or replace it if such consolidation,
amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust or the
successor entity to be taxable as a corporation or classified as other than a grantor trust for
United States Federal income tax purposes.

ARTICLE X

MISCELLANEOUS PROVISIONS

     Section 10.1 Limitation of Rights of Holders. Except as set forth in Section 9.2, the
death, termination, dissolution, bankruptcy or incapacity of any Person having an interest,
beneficial or otherwise, in Trust Securities shall not operate to terminate this Declaration, nor
dissolve, terminate or annul the Trust, nor entitle the legal representatives, successors or heirs
of such Person or any Holder for such person, to claim an accounting, take any action or bring any
proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor
otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

     Section 10.2 Amendment.

     (a) This Declaration may be amended from time to time by the Property Trustee, the
Administrators and the Holders of all of the Common Securities, without the consent of any Holder
of the Preferred Securities, (i) to cure any ambiguity, correct or supplement any provision herein
that may be inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Declaration, which shall not be inconsistent
with the other provisions of this Declaration, or (ii) to modify, eliminate or add to any
provisions of this Declaration to such extent as shall be necessary to ensure that the Trust will
not be taxable as a corporation or classified as other than a grantor trust for United States
Federal income tax purposes at all times that any Trust Securities are outstanding or to ensure
that the Trust will not be required to register as an “investment company” under the Investment
Company Act or to ensure the treatment of the Preferred Securities as Tier 1 regulatory capital
under the prevailing Federal Reserve rules and regulations, (iii) provide that certificates for the
Trust Preferred Securities may be executed by an Administrator by facsimile signature instead of
manual signature, and for the appointment of an authentication agent and related provisions, (iv)
to reduce or increase the Liquidation Amount per Trust Security and simultaneously to
correspondingly increase or decrease the number of Trust Securities issued and Outstanding solely
for the purpose of maintaining the eligibility of the Preferred Securities for quotation or listing
on any national securities exchange or other organization on which the Preferred Securities are
then quoted or listed (including, if applicable, the Nasdaq Global Select Market); or (v) require
that holders that are not U.S. persons for U.S. federal income tax purposes irrevocably appoint a
U.S. person to exercise any voting rights to ensure that the Trust will not be treated as a foreign
trust for U.S. federal income tax purposes; provided, however, that in the case of either clause
(i) or (ii), such action shall not adversely affect in any material respect the interests of any
Holder, and any such amendment of this Declaration shall become effective when notice thereof is
given to the Holders; provided further, that in the case of clause (iv) the aggregate Liquidation
Amount of the Trust Securities Outstanding upon completion of any such reduction must be the same
as the aggregate Liquidation Amount of the Trust Securities Outstanding immediately prior to such
reduction or increase; and any amendments of this Declaration shall become effective when notice
thereon is given to the Holders.

39

 

     (b) Except as provided in Section 10.2(c), any provision of this Declaration may be amended by
the Trustees and the Holders of all of the Common Securities and with (i) the consent of Holders of
at least a Majority in Liquidation Amount of the Trust Securities, and (ii) receipt by the Trustees
of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to
the Trustees in accordance with such amendment will not cause the Trust to be taxable as a
corporation or as other than a grantor trust for United States Federal income tax purposes or
affect the Trust’s exemption from status as an “investment company” under the Investment Company
Act.

     (c) In addition to and notwithstanding any other provision in this Declaration, without the
consent of each affected Holder, this Declaration may not be amended to (i) change the amount or
timing of any Distribution on the Trust Securities or otherwise adversely affect the amount of any
Distribution required to be made in respect of the Trust Securities as of a specified date, or
(ii) restrict the right of a Holder to institute suit for the enforcement of any such payment on or
after such date; and notwithstanding any other provision herein, without the unanimous consent of
the Holders, this Section 10.2(c) may not be amended.

     (d) Notwithstanding any other provisions of this Declaration, no Trustee shall enter into or
consent to any amendment to this Declaration that would cause the Trust to fail or cease to qualify
for the exemption from status as an “investment company” under the Investment Company Act or to be
taxable as a corporation or to be classified as other than a grantor trust for United States
Federal income tax purposes.

     (e) Notwithstanding anything in this Declaration to the contrary, without the consent of the
Sponsor and the Administrators, this Declaration may not be amended in a manner that imposes any
additional obligation on the Sponsor or the Administrators.

     (f) In the event that any amendment to this Declaration is made, the Administrators or the
Property Trustee shall promptly provide to the Sponsor a copy of such amendment.

     (g) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any
amendment to this Declaration that affects its own rights, duties or immunities under this
Declaration. The Property Trustee shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Declaration is in compliance with this
Declaration.

     Section 10.3 Separability. In case any provision in this Declaration or in the Trust
Securities Certificates shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

     Section 10.4 Governing Law. THIS DECLARATION AND THE RIGHTS AND OBLIGATIONS OF EACH OF
THE HOLDERS, THE TRUST, THE SPONSOR AND THE TRUSTEES WITH RESPECT TO THIS DECLARATION AND THE TRUST
SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE
WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS PROVISIONS.

     Section 10.5 Payments Due on Non-Business Day. If the date fixed for any payment on
any Trust Security shall be a day that is not a Business Day, then such payment need not be made on
such date but may be made on the next succeeding day that is a Business Day (except as otherwise
provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date
fixed for such payment, and no Distributions shall accumulate on such unpaid amount for the period
after such date.

     Section 10.6 Successors. This Declaration shall be binding upon and shall inure to the
benefit of any successor to the Sponsor, the Trust and any Trustee, including any successor by
operation of law. Except in connection with a consolidation, merger or sale involving the Sponsor
that is permitted under Article VIII of the Indenture and pursuant to which the assignee agrees in
writing to perform the Sponsor’s obligations hereunder, the Sponsor shall not assign its
obligations hereunder.

     Section 10.7 Headings. The Article and Section headings are for convenience only and
shall not affect the construction of this Declaration.

40

 

     Section 10.8 Reports, Notices and Demands. Any report, notice, demand or other
communication that by any provision of this Declaration is required or permitted to be given or
served to or upon any Holder or the Sponsor shall be sufficient for every purpose (except as
otherwise provided in Section 1.1) hereunder if in writing and mailed, first class, postage
prepaid, addressed, (a) in the case of a Holder of Preferred Securities, to such Holder as such
Holder’s name and address may appear on the Securities Register; and (b) in the case of the Holder
of the Common Securities or the Sponsor, to Southwest Bancorp, Inc., 608 South Main Street,
Stillwater, Oklahoma, 74074, Attention: Rick J. Green, or to such other address as may be,
specified in a written notice by the Holder of the Common Securities or the Sponsor, as the case
may be, to the Property Trustee. Such notice, demand or other communication to or upon a Holder
shall be deemed to have been sufficiently given or made, for all purposes, upon mailing. Such
notice, demand or other communication to or upon the Sponsor shall be deemed to have been
sufficiently given or made only upon actual receipt of the writing by the Sponsor.

     Any notice, demand or other communication that by any provision of this Declaration is
required or permitted to be given or served to or upon the Property Trustee, the Delaware Trustee,
the Administrators or the Trust shall be given in writing addressed to such Person as follows:
(a) with respect to the Property Trustee and the Delaware Trustee, to U.S. Bank Trust National
Association, 300 East Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attention
Corporate Trust Services; (b) with respect to the Administrators, to them at the address above for
notices to the Sponsor, marked “Attention: Administrators of Southwest Capital Trust II”; and
(c) with respect to the Trust, to its principal office specified in Section 2.2, with a copy to the
Property Trustee. Such notice, demand or other communication to or upon the Trust, the Property
Trustee or the Administrators shall be deemed to have been sufficiently given or made only upon
actual receipt of the writing by the Trust, the Property Trustee or such Administrator.

     Section 10.9 Agreement Not to Petition. Each of the Trustees and the Sponsor agree for
the benefit of the Holders that, until at least one year and one day after the Trust has been
terminated in accordance with Article IX, they shall not file, or join in the filing of, a petition
against the Trust under any Bankruptcy Law or otherwise join in the commencement of any proceeding
against the Trust under any Bankruptcy Law. If the Sponsor takes action in violation of this
Section 10.9, the Property Trustee agrees, for the benefit of Holders, that at the expense of the
Sponsor, it shall file an answer with the bankruptcy court or otherwise properly contest the filing
of such petition by the Sponsor against the Trust or the commencement of such action and raise the
defense that the Sponsor has agreed in writing not to take such action and should be estopped and
precluded therefrom and such other defenses, if any, as counsel for the Trustees or the Trust may
assert. The provisions of this Section 10.9 shall survive the termination of this Declaration.

     Section 10.10 Trust Indenture Act; Conflict with Trust Indenture Act.

     (a) This Declaration is subject to the provisions of the Trust Indenture Act that are required
to be part of this Declaration and shall, to the extent applicable, be governed by such provisions.

     (b) The Property Trustee shall be the only Trustee that is a trustee for the purposes of the
Trust Indenture Act.

     (c) If any provision hereof limits, qualifies or conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of Section 318(c)
thereof, such imposed duties shall control. If any provision of this Declaration modifies or
excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter
provision shall be deemed to apply to this Declaration as so modified or excluded, as the case may
be.

     (d) The application of the Trust Indenture Act to this Declaration shall not affect the nature
of the Trust Securities as equity securities representing undivided beneficial interests in the
assets of the Trust.

     Section 10.11 Acceptance of Terms of Declaration, Guarantee Agreement and Indenture.
THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A HOLDER
OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE
THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH
TRUST SECURITY OF ALL THE TERMS AND

41

 

PROVISIONS OF THIS DECLARATION, THE GUARANTEE AGREEMENT AND THE INDENTURE, AND AGREEMENT TO THE
SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AGREEMENT AND THE INDENTURE, AND SHALL
CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF
THIS DECLARATION SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND
SUCH OTHERS.

     Section 10.12 Counterparts. This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.

     Section 10.13 Exchange Act Obligations. For so long as the Trust Securities shall
remain Outstanding, Sponsor shall fulfill all reporting and filing obligations under The Exchange
Act, as applicable to companies having a class of securities registered under Section 12(b) or
12(g) thereunder.

42

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Declaration of
Trust.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	SOUTHWEST BANCORP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION	 	 
	 	 	AS PROPERTY TRUSTEE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION	 	 
	 	 	AS DELAWARE TRUSTEE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Rick J. Green, as Administrator	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Kerby Crowell, as Administrator	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Laura Bright, as Administrator	 	 

43

 

Exhibit A

[FORM OF COMMON SECURITIES CERTIFICATE]

THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF
THE DECLARATION

	 	 	 
	Certificate Number

	 	Number of Common Securities
	C -
	 	 

Certificate Evidencing Common Securities

of

Southwest Capital Trust II

[ ]% Common Securities

(liquidation amount $25.00 per Common Security)

     Southwest Capital Trust II, a statutory trust formed under the laws of the State of Delaware
(the “Trust”), hereby certifies that Southwest Bancorp, Inc. (the “Holder”) is the registered owner
of common securities of the Trust representing common undivided beneficial interests in the assets
of the Trust and designated the ___% Common Securities (liquidation amount $25.00 per Common
Security) (the “Common Securities”). Except in accordance with Section 5.11 of the Declaration (as
defined below), the Common Securities are not transferable and, to the fullest extent permitted by
law, any attempted transfer hereof other than in accordance therewith shall be void. The
designations, rights, privileges, restrictions, preferences and other terms and provisions of the
Common Securities are set forth in, and this certificate and the Common Securities represented
hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended
and Restated Declaration of the Trust, dated as of ___, 2008, as the same may be amended
from time to time (the “Declaration”), among Southwest Bancorp, Inc., as Sponsor, U.S. Bank Trust
National Association, as Property Trustee and Delaware Trustee, the Administrators named therein,
and the holders, from time to time, of undivided beneficial interests in the assets of the Trust
including the designation of the terms of the Common Securities as set forth therein. The Trust
will furnish a copy of the Declaration to the Holder without charge upon written request to the
Trust at its principal place of business or registered office.

     Upon receipt of this certificate, the Holder is bound by the Declaration and is entitled to
the benefits thereunder.

     Terms used but not defined herein have the meanings set forth in the Declaration.

44

 

     IN WITNESS WHEREOF, one of the Administrators of the Trust has executed this certificate on
behalf of the Trust this                      day of                    , 2008.

	 	 	 	 	 	 	 
	 	 	SOUTHWEST CAPITAL TRUST II	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:
	 	Administrator	 	 

45

 

Exhibit B

[FORM OF PREFERRED SECURITIES CERTIFICATE]

     [IF THE PREFERRED SECURITIES CERTIFICATE IS TO BE EVIDENCED BY A BOOK-ENTRY PREFERRED
SECURITIES CERTIFICATE, INSERT —This Preferred Securities Certificate is a Book-Entry Preferred
Securities Certificate within the meaning of the Declaration hereinafter referred to and is
registered in the name of a Depositary or a nominee of a Depositary. This Preferred Securities
Certificate is exchangeable for Preferred Securities Certificates registered in the name of a
person other than the Depositary or its nominee only in the limited circumstances described in the
Declaration and may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary, except in the limited circumstances described in the Declaration.

     Unless this Preferred Security Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to Southwest Capital Trust II or its
agent for registration of transfer, exchange or payment, and any Preferred Security Certificate
issued is registered in the name of Cede & Co. or 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 A PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.]

	 	 	 
	Certificate Number

	 	Number of Preferred Securities
	C -
	 	 
	CUSIP NO.
	 	 

Certificate Evidencing Preferred Securities

of

Southwest Capital Trust II

                     % Preferred Securities

(liquidation amount $25 per Preferred Security)

     Southwest Capital Trust II, a statutory trust formed under the laws of the State of Delaware
(the “Trust”), hereby certifies that                      (the “Holder”) is the registered owner of
Preferred Securities of the Trust representing an undivided preferred beneficial interest in the
assets of the Trust and designated the Southwest Capital Trust II ___% Preferred Securities
(liquidation amount $25.00 per Preferred Security) (the “Preferred Securities”). The Preferred
Securities are transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in proper form for
transfer as provided in Section 5.5 of the Declaration (as defined below). The designations,
rights, privileges, restrictions, preferences and other terms and provisions of the Preferred
Securities are set forth in, and this certificate and the Preferred Securities represented hereby
are issued and shall in all respects be subject to the terms and provisions of, the Amended and
Restated Declaration of the Trust, dated as of                     , 2008, as the same may be amended from
time to time (the “Declaration”), among Southwest Bancorp, Inc., as Sponsor, U.S. Bank Trust
National Association, as Property Trustee and Delaware Trustee, the Administrators named therein,
and the holders, from time to time of undivided beneficial interests in the assets of the Trust
including the designation of the terms of the Preferred Securities as set forth therein. The Holder
is entitled to the benefits of the Guarantee Agreement entered into by Southwest Bancorp, Inc., an
Oklahoma corporation, and U.S. Bank Trust National Association, as guarantee trustee, dated as of
                    , 2008, as the same may be amended from time to time (the “Guarantee Agreement”), to
the extent provided therein. The Trust will furnish a copy of the Declaration and the Guarantee
Agreement to the Holder without charge upon written request to the Trust at its principal place of
business or registered office.

     Upon receipt of this certificate, the Holder is bound by the Declaration and is entitled to
the benefits thereunder.

     IN WITNESS WHEREOF, one of the Administrators of the Trust has executed this certificate on
behalf of the Trust this                     day of                     , 2008.

	 	 	 	 	 	 	 
	 	 	SOUTHWEST CAPITAL TRUST II	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	Administrator	 	 

46

 

     This is one of the Preferred Securities referred to in the within-mentioned Declaration.

	 	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION
AS PROPERTY TRUSTEE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

47

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred Security to:

(Insert assignee’s social security or tax identification number)

(Insert address and zip code of assignee)

	 	 	 
	and irrevocably appoints
	 	 
	 

	 	 

agent to transfer this Preferred Securities Certificate on the books of the Trust. The agent may
substitute another to act for him or her.

Date:                    

	 	 	 
	Signature:
	 	 
	 

	 	 

(Sign exactly as your name appears on the other side of this Preferred Securities Certificate)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.

48EX-4.3

Exhibit 4.3

SOUTHWEST BANCORP, INC.

as Issuer

INDENTURE

Dated as of                     , 2008

U.S. BANK NATIONAL ASSOCIATION

as Trustee

JUNIOR SUBORDINATED DEBENTURES DUE 2038

 

 

     Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust
Indenture Act of 1939:

	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION
	§310(a)(1), (2) and (5)
	 	6.08
	(a)(3)
	 	Not Applicable
	(a)(4)
	 	Not Applicable
	(b)
	 	6.08, 6.09
	(c)
	 	Not Applicable
	§311(a)
	 	6.13
	(b)
	 	6.13
	(c)
	 	Not Applicable
	§312(a)
	 	4.01, 4.02(a)
	(b)
	 	4.02(b)
	(c)
	 	4.02(c)
	§313(a)
	 	4.032(a), 4.03(b)
	(b)
	 	4.03(b)
	(c)
	 	4.03(a), 4.03(b)
	(d)
	 	4.03(c)
	§314(a)(1), (2) and (3)
	 	4.04
	(a)(4)
	 	3.05
	(b)
	 	Not Applicable
	(c)(1)
	 	14.06
	(c)(2)
	 	14.06
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	14.06
	(f)
	 	Not Applicable
	§315(a)
	 	6.01
	(b)
	 	5.08
	(c)
	 	6.01
	(d)
	 	6.01
	(e)
	 	5.09
	§316(a)
	 	 
	(a)(1)(A)
	 	5.07
	(a)(1)(B)
	 	5.07
	(a)(2)
	 	Not Applicable
	(b)
	 	5.04
	(c)
	 	2.08
	§317(a)(1)
	 	5.02
	(a)(2)
	 	5.02
	(b)
	 	12.02
	§318(a)
	 	14.13

          Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.

i

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II DEBENTURES
	 	 	 	 
	Section 2.01 Authentication and Dating
	 	 	7	 
	Section 2.02 Form of Trustee’s Certificate of Authentication
	 	 	8	 
	Section 2.03 Form and Denomination of Debentures
	 	 	8	 
	Section 2.04 Execution of Debentures
	 	 	8	 
	Section 2.05 Exchange and Registration of Transfer of Debentures
	 	 	8	 
	Section 2.06 Mutilated, Destroyed, Lost or Stolen Debentures
	 	 	9	 
	Section 2.07 Temporary Debentures
	 	 	9	 
	Section 2.08 Payment of Interest
	 	 	10	 
	Section 2.09 Cancellation of Debentures Paid, etc
	 	 	11	 
	Section 2.10 Intentionally Left Blank
	 	 	11	 
	Section 2.11 Extension of Interest Payment Period
	 	 	11	 
	Section 2.12 CUSIP Numbers
	 	 	11	 
	Section 2.13 Global Debentures
	 	 	12	 
	 
	 	 	 	 
	ARTICLE III PARTICULAR COVENANTS OF THE COMPANY
	 	 	 	 
	Section 3.01 Payment of Principal, Premium and Interest; Agreed
Treatment of the Debentures
	 	 	13	 
	Section 3.02 Offices for Notices and Payments, etc.
	 	 	14	 
	Section 3.03 Appointments to Fill Vacancies in Trustee’s Office
	 	 	14	 
	Section 3.04 Provision as to Paying Agent
	 	 	15	 
	Section 3.05 Certificate to Trustee
	 	 	15	 
	Section 3.06 Additional Amounts
	 	 	15	 
	Section 3.07 Compliance with Consolidation Provisions
	 	 	16	 
	Section 3.08 Limitation on Dividends
	 	 	16	 
	Section 3.09 Covenants as to the Trust
	 	 	16	 
	Section 3.10 Additional Junior Indebtedness
	 	 	17	 
	Section 3.11 Subsidiary; Insured Depositary Institution
	 	 	17	 
	 
	 	 	 	 
	ARTICLE IV LISTS
	 	 	 	 
	Section 4.01 Securityholders’ Lists
	 	 	17	 
	Section 4.02 Preservation and Disclosure of Lists
	 	 	17	 
	Section 4.03 Reports by Trustee
	 	 	18	 
	Section 4.04 Reports by Company
	 	 	18	 
	 
	 	 	 	 
	ARTICLE V REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
	 	 	 	 
	Section 5.01 Events of Default
	 	 	19	 
	Section 5.02 Payment of Debentures on Default; Suit Therefor
	 	 	20	 
	Section 5.03 Application of Moneys Collected by Trustee
	 	 	21	 
	Section 5.04 Proceedings by Securityholders
	 	 	21	 
	Section 5.05 Proceedings by Trustee
	 	 	22	 
	Section 5.06 Remedies Cumulative and Continuing
	 	 	22	 
	Section 5.07 Direction of Proceedings and Waiver of Defaults by
Majority of Securityholders
	 	 	22	 
	Section 5.08 Notice of Defaults
	 	 	23	 
	Section 5.09 Undertaking to Pay Costs
	 	 	23	 
	 
	 	 	 	 
	ARTICLE VI CONCERNING THE TRUSTEE
	 	 	 	 
	Section 6.01 Duties and Responsibilities of Trustee
	 	 	23	 
	Section 6.02 Reliance on Documents, Opinions, etc.
	 	 	24	 
	Section 6.03 No Responsibility for Recitals, etc.
	 	 	25	 

ii

 

	 	 	 	 	 
	Section 6.04 Trustee, Authenticating Agent, Paying Agents, Transfer
Agents or Registrar May Own Debentures
	 	 	25	 
	Section 6.05 Moneys to be Held in Trust
	 	 	25	 
	Section 6.06 Compensation and Expenses of Trustee
	 	 	25	 
	Section 6.07 Officers’ Certificate as Evidence
	 	 	26	 
	Section 6.08 Eligibility of Trustee
	 	 	26	 
	Section 6.09 Resignation or Removal of Trustee
	 	 	27	 
	Section 6.10 Acceptance by Successor Trustee
	 	 	27	 
	Section 6.11 Succession by Merger, etc.
	 	 	28	 
	Section 6.12 Authenticating Agents
	 	 	28	 
	Section 6.13 Preferential Collection of Claims Against Company
	 	 	29	 
	 
	 	 	 	 
	ARTICLE VII CONCERNING THE SECURITYHOLDERS
	 	 	 	 
	Section 7.01 Action by Securityholders
	 	 	29	 
	Section 7.02 Proof of Execution by Securityholders
	 	 	30	 
	Section 7.03 Who Are Deemed Absolute Owners
	 	 	30	 
	Section 7.04 Debentures Owned by Company Deemed Not Outstanding
	 	 	30	 
	Section 7.05 Revocation of Consents; Future Holders Bound
	 	 	30	 
	 
	 	 	 	 
	ARTICLE VIII SECURITYHOLDERS’ MEETINGS
	 	 	 	 
	Section 8.01 Purposes of Meetings
	 	 	31	 
	Section 8.02 Call of Meetings by Trustee
	 	 	31	 
	Section 8.03 Call of Meetings by Company or Securityholders
	 	 	31	 
	Section 8.04 Qualifications for Voting
	 	 	31	 
	Section 8.05 Regulations
	 	 	31	 
	Section 8.06 Voting
	 	 	32	 
	Section 8.07 Quorum; Actions
	 	 	32	 
	 
	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES
	 	 	 	 
	Section 9.01 Supplemental Indentures without Consent of Securityholders
	 	 	33	 
	Section 9.02 Supplemental Indentures with Consent of Securityholders
	 	 	34	 
	Section 9.03 Effect of Supplemental Indentures
	 	 	34	 
	Section 9.04 Notation on Debentures
	 	 	35	 
	Section 9.05 Evidence of Compliance of Supplemental Indenture to be
Furnished to Trustee
	 	 	35	 
	 
	 	 	 	 
	ARTICLE X REDEMPTION OF SECURITIES
	 	 	 	 
	Section 10.01 Optional Redemption
	 	 	35	 
	Section 10.02 Special Event Redemption
	 	 	35	 
	Section 10.03 Notice of Redemption; Selection of Debentures
	 	 	36	 
	Section 10.04 Payment of Debentures Called for Redemption
	 	 	36	 
	 
	 	 	 	 
	ARTICLE XI CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	 	 
	Section 11.01 Company May Consolidate, etc., on Certain Terms
	 	 	37	 
	Section 11.02 Successor Entity to be Substituted
	 	 	37	 
	Section 11.03 Opinion of Counsel to be Given to Trustee
	 	 	38	 
	 
	 	 	 	 
	ARTICLE XII SATISFACTION AND DISCHARGE OF INDENTURE
	 	 	 	 
	Section 12.01 Discharge of Indenture
	 	 	38	 
	Section 12.02 Deposited Moneys to be Held in Trust by Trustee
	 	 	38	 
	Section 12.03 Paying Agent to Repay Moneys Held
	 	 	38	 
	Section 12.04 Return of Unclaimed Moneys
	 	 	38	 
	 
	 	 	 	 
	ARTICLE XIII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	 	 
	Section 13.01 Indenture and Debentures Solely Corporate Obligations
	 	 	39	 

iii

 

	 	 	 	 	 
	ARTICLE XIV MISCELLANEOUS PROVISIONS
	 	 	 	 
	Section 14.01 Successors
	 	 	39	 
	Section 14.02 Official Acts by Successor Entity
	 	 	39	 
	Section 14.03 Surrender of Company Powers
	 	 	39	 
	Section 14.04 Addresses for Notices, etc.
	 	 	39	 
	Section 14.05 Governing Law
	 	 	40	 
	Section 14.06 Evidence of Compliance with Conditions Precedent
	 	 	40	 
	Section 14.07 Business Day Convention
	 	 	40	 
	Section 14.08 Table of Contents, Headings, etc.
	 	 	40	 
	Section 14.09 Execution in Counterparts
	 	 	41	 
	Section 14.10 Separability
	 	 	41	 
	Section 14.11 Assignment
	 	 	41	 
	Section 14.12 Acknowledgment of Rights
	 	 	41	 
	Section 14.13 Conflict with Trust Indenture Act
	 	 	41	 
	 
	 	 	 	 
	ARTICLE XV SUBORDINATION OF DEBENTURES
	 	 	 	 
	Section 15.01 Agreement to Subordinate
	 	 	41	 
	Section 15.02 Default on Senior Indebtedness
	 	 	42	 
	Section 15.03 Liquidation; Dissolution; Bankruptcy
	 	 	42	 
	Section 15.04 Subrogation
	 	 	43	 
	Section 15.05 Trustee to Effectuate Subordination
	 	 	44	 
	Section 15.06 Notice by the Company
	 	 	44	 
	Section 15.07 Rights of the Trustee; Holders of Senior Indebtedness
	 	 	44	 
	Section 15.08 Subordination May Not Be Impaired
	 	 	45	 
	 
	 	 	 	 
	ANNEX A            Form of Debenture
	 	 	 	 

iv

 

          THIS INDENTURE, dated as of ___, 2008, between Southwest Bancorp, Inc., an Oklahoma
corporation (the “Company”), and U.S. Bank National Association, a national banking association,
as trustee (the “Trustee”).

WITNESSETH:

          WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of
its Junior Subordinated Debentures due 2038 (the “Debentures”) under this Indenture and to provide,
among other things, for the execution and authentication, delivery and administration thereof, the
Company has duly authorized the execution of this Indenture.

          NOW, THEREFORE, in consideration of the premises, and the purchase of the Debentures by the
holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate
benefit of the respective holders from time to time of the Debentures as follows:

ARTICLE I

DEFINITIONS

          Section 1.01 Definitions.

          The terms defined in this Section 1.01 (except as herein otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section 1.01. All
accounting terms used herein and not expressly defined shall have the meanings assigned to such
terms in accordance with generally accepted accounting principles and the term “generally accepted
accounting principles” means such accounting principles as are generally accepted in the United
States at the time of any computation. The words “herein,” “hereof” and “hereunder” and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision.

          “Acceleration Event of Default” means an Event of Default under Section 5.01(a), (d), (e),
(f), (g) or (h), whatever the reason for such Acceleration Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body.

          “Additional Amounts” has the meaning set forth in Section 3.06.

          “Additional Interest” has the meaning set forth in Section 2.11.

          “Administrative Action” has the meaning specified within the definition of “Tax Event” in this
Section 1.01.

          “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control,” when used with respect to any specified Person, means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

          “Applicable Depositary Procedures” means, with respect to any transfer or transaction
involving a Book-Entry Preferred Security or a Debenture represented by a Global Debenture, the
rules and procedures of the Depositary for such Book-Entry Preferred Security or Debenture
represented by a Global Debenture, in each case to the extent applicable to such transaction and as
in effect from time to time.

          “Authenticating Agent” means any agent or agents of the Trustee which at the time shall be
appointed and acting pursuant to Section 6.12.

          “Bankruptcy Law” means Title 11 of the United States Code, or any successor statute thereto,
in each case as amended from time to time.

1

 

          “Board of Directors” means the board of directors or the executive committee or any other duly
authorized designated officers of the Company.

          “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification and delivered to the Trustee.

          “Book-Entry Preferred Security” means a Preferred Security the ownership and transfers of
which shall be reflected and made, as applicable, through book entries by the Depositary.

          “Business Day” means any day other than a Saturday, Sunday or any other day on which banking
institutions in Wilmington, Delaware, The City of New York or Stillwater, Oklahoma are permitted or
required by law or executive order to close.

          “Capital Treatment Event” means the receipt by the Company and the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of (a) any amendment to, or
change (including any announced prospective change) in, the laws, rules or regulations of the
United States or any political subdivision thereof or therein, or any rules, guidelines or policies
of an applicable regulatory authority for the Company or (b) any official or administrative
pronouncement or action or decision interpreting or applying such laws, rules or regulations, which
amendment or change is effective or which pronouncement, action or decision is announced on or
after the date of original issuance of the Debentures, there is more than an insubstantial risk
that the Company will not, within 90 days of the date of such opinion, be entitled to treat the
Preferred Securities as “Tier 1 Capital” (or the then equivalent) for purposes of the capital
adequacy guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction
over bank holding companies), or any capital adequacy guidelines as then in effect and applicable
to the Company; provided, however, that the inability of the Company to treat all
or any portion of the aggregate Liquidation Amount of the Preferred Securities as “Tier 1 Capital”
shall not constitute the basis for a Capital Treatment Event if such inability results from the
Company having preferred stock, minority interests in consolidated subsidiaries and any other class
of security or interest which the Federal Reserve (or any successor regulatory authority with
jurisdiction over bank holding companies) may now or hereafter accord “Tier 1 Capital” treatment
that, in the aggregate, exceeds the amount which may now or hereafter qualify for treatment as
“Tier 1 Capital” under applicable capital adequacy guidelines the Federal Reserve (or any successor
regulatory authority with jurisdiction over bank holding companies), applied as if the Company (or
its successor) were a bank holding company for purposes of the capital adequacy guidelines of the
Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding
companies); provided, further, that the distribution of the Debentures in
connection with the liquidation of the Trust by the Company shall not in and of itself constitute a
Capital Treatment Event unless such liquidation shall have occurred in connection with a Tax Event
or an Investment Company Event. For the avoidance of doubt, the inability of the Company to treat
all or any portion of the aggregate Liquidation Amount of the Preferred Securities as “Tier 1
Capital” as a result of the changes effected by the final rule adopted by the Federal Reserve on
March 1, 2005 shall not constitute the basis for a Capital Treatment Event.

          “Certificate” means a certificate signed by any one of the principal executive officer, the
principal financial officer or the principal accounting officer of the Company.

          “Code” means the Internal Revenue Code of 1986, as amended.

          “Common Securities” means undivided beneficial interests in the assets of the Trust which are
designated as “Common Securities” and rank pari passu with Preferred Securities issued by the
Trust; provided, however, that if an Event of Default (as defined in the
Declaration) has occurred and is continuing, the rights of holders of such Common Securities to
payment in respect of distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights of holders of such Preferred Securities.

          “Company” means Southwest Bancorp, Inc., a bank holding company incorporated in the State of
Oklahoma, and, subject to the provisions of Article XI, shall include its successors and assigns.

          “Debenture” or “Debentures” has the meaning stated in the first recital of this Indenture.

          “Debenture Register” has the meaning specified in Section 2.05.

2

 

          “Declaration” means the Amended and Restated Declaration of Trust of the Trust, dated as of
the date hereof, as amended or supplemented from time to time.

          “Default” means any event, act or condition that with notice or lapse of time, or both, would
constitute an Event of Default.

          “Defaulted Interest” has the meaning set forth in Section 2.08.

          “Depositary” means an organization registered as a clearing agency under the Exchange Act that
is designated as Depositary by the Company. DTC will be the initial Depositary.

          “Depositary Participant” means a broker, dealer, bank, other financial institution or other
Person for whom from time to time the Depositary effects book-entry transfers and pledges of
securities deposited with or on behalf of the Depositary.

          “DTC” means The Depository Trust Company, a New York corporation.

          “Event of Default” means any event specified in Section 5.01, which has continued for the
period of time, if any, and after the giving of the notice, if any, therein designated.

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

          “Extension Period” has the meaning set forth in Section 2.11.

          “Federal Reserve” means the Board of Governors of the Federal Reserve System.

          “Global Debenture” means a global certificate that evidences all or part of the Debentures the
ownership and transfers of which shall be reflected and made, as applicable, through book entries
by the Depositary and the Depositary Participants.

          “Indenture” means this Indenture as originally executed or, if amended or supplemented as
herein provided, as so amended or supplemented, or both.

          “Insured Depository Institution” has the same meaning as given to that term in Section 3(c)(2)
of the Federal Deposit Insurance Act or any successor statute or rule.

          “Interest Payment Date” means the fifteenth (15th) day of March, June, September
and December of each year, commencing on September 15, 2008, subject to Section 14.07.

          “Interest Rate” means a per annum rate of interest equal to                     %.

          “Investment Company Event” means the receipt by the Company and the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of a change in law or
regulation (including any announced prospective change) or written change in interpretation or
application of law or regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than an insubstantial risk that the Trust is or, within 90 days of the
date of such opinion will be, considered an “investment company” that is required to be registered
under the Investment Company Act of 1940, as amended, which change or prospective change becomes
effective, as the case may be, on or after the date of the original issuance of the Debentures.

          “Junior Indebtedness” means without duplication and other than the Debentures, any
indebtedness, liabilities or obligations of the Company, or any subsidiary of the Company, under
debt securities (or guarantees in respect of debt securities) whether current or future (i)
initially issued to any trust, or a trustee of a trust, partnership or other entity affiliated with
the Company that is, directly or indirectly, a finance subsidiary (as such term is defined in Rule
3a-5 under the Investment Company Act of 1940) or other financing vehicle of the Company or any
predecessor or Subsidiary of the Company in connection with the issuance by that entity of
preferred securities or other securities that are eligible to qualify for Tier 1 capital treatment
(or its then equivalent) for purposes of the capital adequacy guidelines of the Federal Reserve, as
then in effect and applicable to the Company (or, if the Company is not a bank holding company,
such guidelines applied to the Company as if the Company were subject to such guidelines);
provided, however, that the inability of the Company to treat all or any portion of the Junior

3

 

Indebtedness as Tier 1 capital shall not disqualify it as Junior Indebtedness if such
inability results from the Company having cumulative preferred stock, minority interests in
consolidated subsidiaries, or any other class of security or interest which the Federal Reserve now
or may hereafter accord Tier 1 capital treatment (including the Debentures) in excess of the amount
which may qualify for treatment as Tier 1 capital under applicable capital adequacy guidelines; or
(ii) with respect to which in the instrument creating or evidencing the same or pursuant to which
the same is outstanding, it is provided that (a) such obligations are pari passu, junior or
otherwise not superior in right of payment to the Debentures and (b) such obligations are subject
to the obligor’s right to defer payments of interest for a consecutive period no less than five
years.

          “Liquidation Amount” means the liquidation amount of $25.00 per Trust Security.

          “Major Bank Subsidiary” means any Insured Depository Institution subsidiary of the Company
which, together with any subsidiaries of such Insured Depository Institution subsidiary, has total
assets that exceed 50 percent (or such lesser or greater amount set forth in the then current
interpretation by the Federal Reserve of “major bank subsidiary” as such term is used in the
Adopting Release accompanying the Final Rule on Risk-Based Capital Standards: Trust Preferred
Securities and the Definition of Capital, adopted on March 1, 2005, by the Federal Reserve) of the
total assets of the Company and its subsidiaries consolidated as of the end of the most recently
completed fiscal quarter of the Company. For purposes of this definition, an Insured Depository
Institution will be deemed to be a subsidiary of the Company if the Company has “control” over the
Insured Depository Institution as defined in 12 U.S.C. 1841(a)(2) or any successor statute or rule.

          “Maturity Date” means September 15, 2038, subject to Section 14.07.

          “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the Vice
Chairman, the President or any Vice President, and by the Chief Financial Officer, the Treasurer,
an Assistant Treasurer, the Comptroller, an Assistant Comptroller, the Secretary or an Assistant
Secretary of the Company, and delivered to the Trustee. Each such certificate shall include the
statements provided for in Section 14.06 if and to the extent required by the provisions of such
Section.

          “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be counsel
to the Company or may be other counsel reasonably satisfactory to the Trustee. Each such opinion
shall include the statements provided for in Section 14.06 if and to the extent required by the
provisions of such Section.

          “Outstanding,” when used with reference to Debentures, subject to the provisions of Section
7.04, means, as of any particular time, all Debentures authenticated and delivered by the Trustee
or the Authenticating Agent under this Indenture, except:

          (a) Debentures theretofore canceled by the Trustee or the Authenticating Agent or delivered to
the Trustee for cancellation;

          (b) Debentures, or portions thereof, for the payment or redemption of which moneys in the
necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent
(other than the Company) or shall have been set aside and segregated in trust by the Company (if
the Company shall act as its own Paying Agent); provided, that, if such Debentures, or
portions thereof, are to be redeemed prior to maturity thereof, notice of such redemption shall
have been given as provided in Articles X and XIV or provision satisfactory to the Trustee shall
have been made for giving such notice; and

          (c) Debentures paid pursuant to Section 2.06 or in lieu of or in substitution for which other
Debentures shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless
proof satisfactory to the Company and the Trustee is presented that any such Debentures are held by
bona fide holders in due course.

          “Optional Redemption Date” has the meaning set forth in Section 10.01.

          “Optional Redemption Price” means an amount in cash equal to 100% of the principal amount of
the Debentures being redeemed plus unpaid interest accrued on such Debentures to the related
Optional Redemption Date.

          “Paying Agent” has the meaning set forth in Section 3.04(e).

4

 

          “Person” means a legal person, including any individual, corporation, estate, partnership,
joint venture, association, joint-stock company, limited liability company, trust, unincorporated
association, or government or any agency or political subdivision thereof, or any other entity of
whatever nature.

          “Predecessor Security” of any particular Debenture means every previous Debenture evidencing
all or a portion of the same debt as that evidenced by such particular Debenture; and, for the
purposes of this definition, any Debenture authenticated and delivered under Section 2.06 in lieu
of a lost, destroyed or stolen Debenture shall be deemed to evidence the same debt as the lost,
destroyed or stolen Debenture.

          “Preferred Securities” means undivided beneficial interests in the assets of the Trust which
rank pari passu with Common Securities issued by the Trust; provided, however, that
if an Event of Default (as defined in the Declaration) has occurred and is continuing, the rights
of holders of such Common Securities to payment in respect of distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights of holders of such Preferred
Securities.

          “Preferred Securities Guarantee” means the guarantee agreement that the Company will enter
into with U.S. Bank National Association or other Persons that operates directly or indirectly for
the benefit of holders of Preferred Securities of the Trust.

          “Principal Office of the Trustee” means the office of the Trustee at which at any particular
time its corporate trust business shall be principally administered, which at all times shall be
located within the United States and at the time of the execution of this Indenture shall be 1
Federal Street, 3rd Floor, Boston, Massachusetts, 02110, Attention: Corporate Trust.

          “Property Trustee” has the meaning set forth in the Declaration.

          “Responsible Officer” means, with respect to the Trustee, any officer of the Trustee with
direct responsibility for the administration of the Indenture, including any vice-president, any
assistant vice-president, any secretary, any assistant secretary, the treasurer, any assistant
treasurer, any trust officer or other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also means, with respect to
a particular corporate trust matter, any other officer to whom such matter is referred because of
that officer’s knowledge of and familiarity with the particular subject.

          “Securities Act” means the Securities Act of 1933, as amended.

          “Securityholder,” “holder of Debentures” or other similar terms, means any Person in whose
name at the time a particular Debenture is registered on the Debenture Register.

          “Senior Indebtedness” means, with respect to the Company, (i) the principal, premium, if any,
and interest in respect of (A) indebtedness of the Company for all borrowed and purchased money and
(B) indebtedness evidenced by securities, debentures, notes, bonds or other similar instruments
issued by the Company; (ii) all capital lease obligations of the Company; (iii) all obligations of
the Company issued or assumed as the deferred purchase price of property, all conditional sale
obligations of the Company and all obligations of the Company under any title retention agreement;
(iv) all obligations of the Company for the reimbursement of any letter of credit, any banker’s
acceptance, any security purchase facility, any repurchase agreement or similar arrangement, any
interest rate swap, any other hedging arrangement, any obligation under options or any similar
credit or other transaction; (v) all obligations of the Company associated with derivative products
such as interest and foreign exchange rate contracts, commodity contracts, and similar
arrangements; (vi) all obligations of the type referred to in clauses (i) through (v) above of
other Persons for the payment of which the Company is responsible or liable as obligor, guarantor
or otherwise including, without limitation, similar obligations arising from off-balance sheet
guarantees and direct credit substitutes; and (vii) all obligations of the type referred to in
clauses (i) through (vi) above of other Persons secured by any lien on any property or asset of the
Company (whether or not such obligation is assumed by the Company), whether incurred on or prior to
the date of this Indenture or thereafter incurred. Notwithstanding the foregoing, “Senior
Indebtedness” shall not include (1) any Junior Indebtedness, (2) Debentures issued pursuant to this
Indenture and guarantees in respect of such Debentures, (3) trade accounts payable of the Company
arising in the ordinary course of business (such trade accounts payable being pari passu in right
of payment to the Debentures), or (4) obligations with respect to which (a) in the instrument
creating or evidencing the same or pursuant to which the same is outstanding, it is provided that
such obligations are pari passu, junior or otherwise not

5

 

superior in right of payment to the Debentures and (b) the Company, prior to the issuance
thereof, has notified (and, if then required under the applicable guidelines of the regulating
entity, has received approval from) the Federal Reserve. Senior Indebtedness shall continue to be
Senior Indebtedness and be entitled to the subordination provisions irrespective of any amendment,
modification or waiver of any term of such Senior Indebtedness. Notwithstanding anything to the
contrary contained herein, Senior Indebtedness shall not include: (i) the Company’s Floating Rate
Junior Subordinated Deferrable Interest Debentures due 2033 issued to OKSB Statutory Trust I
pursuant to an Indenture dated as of June 26, 2003 by and between the Company and U.S. Bank
National Association; (ii) the related guarantee of the Company with respect to the securities of
OKSB Statutory Trust I, issued pursuant to that certain Guarantee Agreement, dated as of June 26,
2003 by and between the Company and U.S. Bank National Association; (iii) the Company’s Floating
Rate Junior Subordinated Deferrable Interest Debentures due 2033 issued to SBI Capital Trust II
pursuant to an Indenture dated as of October 14, 2003 by and between the Company and Wells Fargo
Bank, National Association; and (iv) the related guarantee of the Company with respect to the
securities of SBI Capital Trust II, issued pursuant to that certain Guarantee Agreement, dated as
of October 14, 2003 by and between the Company and Wells Fargo Bank, National Association.

          “Special Event” means any of a Tax Event, an Investment Company Event or a Capital Treatment
Event.

          “Special Redemption Date” has the meaning set forth in Section 10.02.

          “Special Redemption Price” means, with respect to the redemption of any Debenture following a
Special Event, an amount in cash equal to 100% of the principal amount of Debentures to be redeemed
plus unpaid interest accrued thereon to the Special Redemption Date.

          “Subsidiary” means, with respect to any Person, (i) any corporation, at least a majority of
the outstanding voting stock of which is owned, directly or indirectly, by such Person or one or
more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general
partnership, joint venture or similar entity, at least a majority of the outstanding partnership or
similar interests of which shall at the time be owned by such Person or one or more of its
Subsidiaries or by such Person and one or more of its Subsidiaries, and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general partner. For the purposes
of this definition, “voting stock” means shares, interests, participations or other equivalents in
the equity interest (however designated) in such Person having ordinary voting power for the
election of a majority of the directors (or the equivalent) of such Person, other than shares,
interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

          “Tax Event” means the receipt by the Company and the Trust of an Opinion of Counsel
experienced in such matters to the effect that, as a result of any amendment to or change
(including any announced prospective change) in the laws or any regulations thereunder of the
United States or any political subdivision or taxing authority thereof or therein, or as a result
of any official administrative pronouncement (including any private letter ruling, technical advice
memorandum, field service advise, regulatory procedure, notice or announcement (including any
notice or announcement of intent to adopt such procedures or regulations) (an “Administrative
Action”)) or judicial decision interpreting or applying such laws or regulations, regardless of
whether such Administrative Action or judicial decision is issued to or in connection with a
proceeding involving the Company or the Trust and whether or not subject to review or appeal, which
amendment, clarification, change, Administrative Action or decision is enacted, promulgated or
announced, in each case on or after the date of original issuance of the Debentures, there is more
than an insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of such
opinion, subject to United States federal income tax with respect to income received or accrued on
the Debentures; (ii) interest payable by the Company on the Debentures is not, or within 90 days of
the date of such opinion, will not be, deductible by the Company, in whole or in part, for United
States federal income tax purposes; or (iii) the Trust is, or will be within 90 days of the date of
such opinion, subject to or otherwise required to pay, or required to withhold from distributions
to holders of Trust Securities, more than a de minimis amount of other taxes (including withholding
taxes), duties, assessments or other governmental charges.

          “Trust” means Southwest Capital Trust II, the Delaware statutory trust, or any other similar
trust created for the purpose of issuing Preferred Securities in connection with the issuance of
Debentures under this Indenture, of which the Company is the sponsor.

6

 

          “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Indenture was executed; provided, however, that in the event the Trust Indenture Act of
1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

          “Trust Securities” means Common Securities and Preferred Securities of the Trust.

          “Trustee” means the Person identified as “Trustee” in the first paragraph hereof, and, subject
to the provisions of Article VI hereof, shall also include its successors and assigns as Trustee
hereunder.

          “United States” means the United States of America and the District of Columbia.

          “U.S. Person” has the meaning given to United States Person as set forth in Section
7701(a)(30) of the Code.

ARTICLE II

DEBENTURES

          Section 2.01 Authentication and Dating.

          Upon the execution and delivery of this Indenture, or from time to time thereafter, Debentures
in an aggregate principal amount not in excess of $51,550,000.00 be executed and delivered by the
Company to the Trustee for authentication, and the Trustee shall thereupon authenticate and make
available for delivery said Debentures to or upon the written order of the Company, signed by its
Chairman of the Board of Directors, Vice Chairman, President or Chief Financial Officer or one of
its Vice Presidents, without any further action by the Company hereunder. In authenticating such
Debentures, and accepting the additional responsibilities under this Indenture in relation to such
Debentures, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully
protected in relying upon:

          (a) a copy of any Board Resolution or Board Resolutions relating thereto and, if
applicable, an appropriate record of any action taken pursuant to such resolution, in each
case certified by the Secretary or an Assistant Secretary or other officers with appropriate
delegated authority of the Company as the case may be

          (b) an Opinion of Counsel prepared in accordance with Section 14.6 which shall also
state:

               (1) that such Debentures, when authenticated and delivered by the Trustee and issued by
the Company in each case in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the Company,
subject to or limited by applicable bankruptcy, insolvency, reorganization, conservatorship,
receivership, moratorium and other statutory or decisional laws relating to or affecting
creditors’ rights or the reorganization of financial institutions (including, without
limitation, preference and fraudulent conveyance or transfer laws), heretofore or hereafter
enacted or in effect, affecting the rights of creditors generally; and

               (2) that all laws and requirements in respect of the execution and delivery by the
Company of the Debentures have been complied with and that authentication and delivery of
the Debentures by the Trustee will not violate the terms of this Indenture.

          The Trustee shall have the right to decline to authenticate and deliver any Debentures under
this Section if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken or if a Responsible Officer of the Trustee in good faith shall determine that such action
would expose the Trustee to personal liability to existing Securityholders.

          The definitive Debentures shall be typed, printed, lithographed or engraved on steel engraved
borders or may be produced in any other manner, all as determined by the officers executing such
Debentures, as evidenced by their execution of such Debentures.

7

 

          Section 2.02 Form of Trustee’s Certificate of Authentication.

          The Trustee’s certificate of authentication on all Debentures shall be in substantially the
following form:

          This certificate represents Debentures referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 	 	 
	 	 	U.S. Bank National Association,	 	 
	 	 	 	 	not in its individual capacity	 	 
	 	 	 	 	but solely as trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 

Authorized Officer
	 	 

          Section 2.03 Form and Denomination of Debentures.

               The Debentures shall be substantially in the form of Annex A hereto. The Debentures
shall be in registered form without coupons and in minimum denominations of $25 and any multiple of
$25 in excess thereof. The Debentures shall be numbered, lettered, or otherwise distinguished in
such manner or in accordance with such plans as the officers executing the same may determine with
the approval of the Trustee as evidenced by the execution and authentication thereof.

          Section 2.04 Execution of Debentures.

          The Debentures shall be signed in the name and on behalf of the Company by the manual or
facsimile signature of its Chairman of the Board of Directors, Vice Chairman, President or Chief
Financial Officer or one of its Executive Vice Presidents, Senior Vice Presidents or Vice
Presidents, under its corporate seal (if legally required) which may be affixed thereto or printed,
engraved or otherwise reproduced thereon, by facsimile or otherwise, and which need not be
attested. Only such Debentures as shall bear thereon a certificate of authentication substantially
in the form herein before recited, executed by the Trustee or the Authenticating Agent by the
manual or facsimile signature of an authorized officer, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee or the
Authenticating Agent upon any Debenture executed by the Company shall be conclusive evidence that
the Debenture so authenticated has been duly authenticated and delivered hereunder and that the
holder is entitled to the benefits of this Indenture.

          In case any officer of the Company who shall have signed any of the Debentures shall cease to
be such officer before the Debentures so signed shall have been authenticated and delivered by the
Trustee or the Authenticating Agent, or disposed of by the Company, such Debentures nevertheless
may be authenticated and delivered or disposed of as though the Person who signed such Debentures
had not ceased to be such officer of the Company; and any Debenture may be signed on behalf of the
Company by such Persons as, at the actual date of the execution of such Debenture, shall be the
proper officers of the Company, although at the date of the execution of this Indenture any such
person was not such an officer.

          Every Debenture shall be dated the date of its authentication.

          Section 2.05 Exchange and Registration of Transfer of Debentures.

          The Company shall cause to be kept, at the office or agency maintained for the purpose of
registration of transfer and for exchange as provided in Section 3.02, a register (the “Debenture
Register”) for the Debentures issued hereunder in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration and transfer of all Debentures as
provided in this Article II. Such register shall be in written form or in any other form capable of
being converted into written form within a reasonable time.

          Debentures to be exchanged may be surrendered at the Principal Office of the Trustee or at any
office or agency to be maintained by the Company for such purpose as provided in Section 3.02, and
the Company shall execute, the Company or the Trustee shall register and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery in exchange therefor, the
Debenture or Debentures which the Securityholder making the exchange shall be entitled to receive.
Upon due presentment for registration of transfer of any Debenture at the

8

 

Principal Office of the Trustee or at any office or agency of the Company maintained for such purpose as provided
in Section 3.02, the Company shall execute, the Company or the Trustee shall register and the
Trustee or the Authenticating Agent shall authenticate and make available for delivery in the name
of the transferee or transferees, a new Debenture for a like aggregate principal amount.
Registration or registration of transfer of any Debenture by the Trustee or by any agent of the
Company appointed pursuant to Section 3.02, and delivery of such Debenture, shall be deemed to
complete the registration or registration of transfer of such Debenture.

          All Debentures presented for registration of transfer or for exchange or payment shall (if so
required by the Company or the Trustee or the Authenticating Agent) be duly endorsed by, or be
accompanied by, a written instrument or instruments of transfer in form satisfactory to the Company
and either the Trustee or the Authenticating Agent duly executed by, the Securityholder or such
Securityholder’s attorney duly authorized in writing.

          No service charge shall be made for any exchange or registration of transfer of Debentures,
but the Company or the Trustee may require payment of a sum sufficient to cover any tax, fee or
other governmental charge that may be imposed in connection therewith other than exchanges pursuant
to Section 2.07, Section 9.04 or Section 10.04 not involving any transfer.

          The Company or the Trustee shall not be required to exchange or register a transfer of any
Debenture for a period of 15 days immediately preceding the date of selection of Debentures for
redemption.

          Section 2.06 Mutilated, Destroyed, Lost or Stolen Debentures.

          In case any Debenture shall become mutilated or be destroyed, lost or stolen, the Company
shall execute, and upon its written request the Trustee shall authenticate and deliver, a new
Debenture bearing a number not contemporaneously outstanding, in exchange and substitution for the
mutilated Debenture, or in lieu of and in substitution for the Debenture so destroyed, lost or
stolen. In every case the applicant for a substituted Debenture shall furnish to the Company and
the Trustee such security or indemnity as may be required by them to save each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company
and the Trustee evidence to their satisfaction of the destruction, loss or theft of such Debenture
and of the ownership thereof.

          The Trustee may authenticate any such substituted Debenture and deliver the same upon the
written request or authorization of any officer of the Company. Upon the issuance of any
substituted Debenture, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses connected
therewith. In case any Debenture which has matured or is about to mature or has been called for
redemption in full shall become mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Debenture, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated Debenture) if the applicant for such payment shall
furnish to the Company and the Trustee such security or indemnity as may be required by them to
save each of them harmless and, in case of destruction, loss or theft, evidence satisfactory to the
Company and to the Trustee of the destruction, loss or theft of such Debenture and of the ownership
thereof.

          Every substituted Debenture issued pursuant to the provisions of this Section 2.06 by virtue
of the fact that any such Debenture is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Debenture shall
be found at any time, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Debentures duly issued hereunder. All Debentures shall be
held and owned upon the express condition that, to the extent permitted by applicable law, the
foregoing provisions are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Debentures and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to
the replacement or payment of negotiable instruments or other securities without their surrender.

          Section 2.07 Temporary Debentures.

          Pending the preparation of definitive Debentures, the Company may execute and the Trustee
shall authenticate and make available for delivery temporary Debentures that are typed, printed,
lithographed, typewritten, mimeographed or otherwise produced in any authorized denomination,
substantially in the form of the definitive

9

 

Debentures but with such omissions, insertions and variations as may be appropriate for temporary Debentures, all
as may be determined by the Company. Every such temporary Debenture shall be executed by the
Company and be authenticated by the Trustee upon the same conditions and in substantially the same
manner, and with the same effect, as the definitive Debentures. Without unreasonable delay, the
Company will execute and deliver to the Trustee or the Authenticating Agent definitive Debentures
and thereupon any or all temporary Debentures may be surrendered in exchange therefor, at the
Principal Office of the Trustee or at any office or agency maintained by the Company for such
purpose as provided in Section 3.02, and the Trustee or the Authenticating Agent shall authenticate
and make available for delivery in exchange for such temporary Debentures a like aggregate
principal amount of such definitive Debentures. Such exchange shall be made by the Company at its
own expense and without any charge therefor except that in case of any such exchange involving a
registration of transfer the Company may require payment of a sum sufficient to cover any tax, fee
or other governmental charge that may be imposed in relation thereto. Until so exchanged, the
temporary Debentures shall in all respects be entitled to the same benefits under this Indenture as
definitive Debentures authenticated and delivered hereunder.

          Section 2.08 Payment of Interest.

          Each Debenture will bear interest at the Interest Rate on the principal thereof, on any
overdue principal and (to the extent that payment of such interest is enforceable under applicable
law) on Additional Interest and on any overdue installment of interest (including Defaulted
Interest), payable (subject to the provisions of Article XV) on each Interest Payment Date and on
the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be.
Interest and any Additional Interest on any Debenture that is payable, and is punctually paid or
duly provided for by the Company, on any Interest Payment Date shall be paid to the Person in whose
name such Debenture (or one or more Predecessor Securities) is registered at the close of business
on the regular record date for such interest installment, except that interest and any Additional
Interest payable on the Maturity Date, any Optional Redemption Date or the Special Redemption Date,
as the case may be, other than any Interest Payment Date shall be paid to the Person to whom
principal is paid. In case (i) the Maturity Date of any Debenture or (ii) any Debenture or portion
thereof is called for redemption and the related Optional Redemption Date or the Special Redemption
Date, as the case may be, is subsequent to the regular record date with respect to any Interest
Payment Date and prior to such Interest Payment Date, interest on such Debenture will be paid upon
presentation and surrender of such Debenture.

          Any interest on any Debenture, including Additional Interest, that is payable, but is not
punctually paid or duly provided for by the Company, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the holder on the relevant regular
record date by virtue of having been such holder, and such Defaulted Interest shall be paid by the
Company to the Persons in whose names such Debentures (or their respective Predecessor Securities)
are registered at the close of business on a special record date for the payment of such Defaulted
Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each such Debenture and the date
of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements reasonably satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as provided in this paragraph. Thereupon the Trustee
shall fix a special record date for the payment of such Defaulted Interest, which shall not be more
than fifteen nor less than ten days prior to the date of the proposed payment and not less than ten
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such special record date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest and the special
record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or
her address as it appears in the Debenture Register, not less than ten days prior to such special
record date. Notice of the proposed payment of such Defaulted Interest and the special record date
therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in
whose names such Debentures (or their respective Predecessor Securities) are registered on such
special record date and thereafter the Company shall have no further payment obligation in respect
of the Defaulted Interest.

          Payments of interest on the Debentures shall include interest accrued to but excluding the
respective Interest Payment Dates. The amount of interest payable for any interest period shall be
computed and paid on the basis of a 360-day year consisting of twelve 30-day months. Any interest
scheduled to become payable on an

10

 

Interest Payment Date occurring during an Extension Period shall
not be Defaulted Interest and shall be payable on such other date as may be specified in the terms
of such Debentures.

          The term “regular record date”, as used in this Section, shall mean the fifteenth day prior to
the applicable Interest Payment Date, whether or not such day is a Business Day.

          Subject to the foregoing provisions of this Section, each Debenture delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Debenture
shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such
other Debenture.

          Section 2.09 Cancellation of Debentures Paid, etc.

          All Debentures surrendered for the purpose of payment, redemption, exchange or registration of
transfer, shall, if surrendered to the Company or any Paying Agent, be surrendered to the Trustee
and promptly canceled by it, or, if surrendered to the Trustee or any Authenticating Agent, shall
be promptly canceled by it, and no Debentures shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Indenture. All Debentures canceled by any Authenticating
Agent shall be delivered to the Trustee. The Trustee shall destroy all canceled Debentures unless
the Company otherwise directs the Trustee in writing, in which case the Trustee shall dispose of
such Debentures as directed by the Company. If the Company shall acquire any of the Debentures,
however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented by such Debentures unless and until the same are surrendered to the Trustee for
cancellation.

          Section 2.10 Intentionally Left Blank.

          Section 2.11 Extension of Interest Payment Period.

          So long as no Acceleration Event of Default has occurred and is continuing, the Company shall
have the right, from time to time and without causing an Event of Default, to defer payments of
interest on the Debentures by extending the interest payment period on the Debentures for up to 20
consecutive quarterly periods (each such extended interest payment period, together with all
previous and further consecutive extensions thereof, is referred to herein as an “Extension
Period”). No Extension Period may end on a date other than an Interest Payment Date or extend
beyond the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case
may be. During any Extension Period, interest will continue to accrue on the Debentures, and
interest on such accrued interest (such accrued interest and interest thereon referred to herein as
“Additional Interest”) will accrue at an annual rate equal to the Interest Rate, compounded
quarterly from the date such Additional Interest would have been payable were it not for the
Extension Period, to the extent permitted by applicable law. No interest or Additional Interest
(except any Additional Amounts that may be due and payable) shall be due and payable during an
Extension Period, except at the end thereof. At the end of any Extension Period, the Company shall
pay all Additional Interest then accrued and unpaid on the Debentures; provided,
however, that during any Extension Period, the Company shall be subject to the restrictions
set forth in Section 3.08. Prior to the termination of any Extension Period, the Company may
further extend such Extension Period, provided, that no Extension Period (including all
previous and further consecutive extensions that are part of such Extension Period) shall exceed 20
consecutive quarterly periods. Upon the termination of any Extension Period and upon the payment of
all Additional Interest, the Company may commence a new Extension Period, subject to the foregoing
requirements. The Company must give the Trustee notice of its election to begin or extend an
Extension Period no later than the close of business on the fifteenth Business Day prior to the
applicable Interest Payment Date. The Trustee shall give notice of the Company’s election to begin
or extend an Extension Period to the Securityholders, promptly after receipt of notice from the
Company of its election to begin or extend an Extension Period.

          Section 2.12 CUSIP Numbers.

          The Company in issuing the Debentures may use a “CUSIP” number (if then generally in use),
and, if so, the Trustee shall use a “CUSIP” number in notices of redemption as a convenience to
Securityholders; provided, that any such notice may state that no representation is made as
to the correctness of such number either as printed on the Debentures or as contained in any notice
of a redemption and that reliance may be placed only on the other identification numbers printed on
the Debentures, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP number.

11

 

          Section 2.13 Global Debentures.

          (a) Upon the election of an owner of beneficial interests in outstanding Debentures, the
Debentures owned by such beneficial owner shall be issued in the form of one or more Global
Debentures. Each Global Debenture issued under this Indenture shall be registered in the name of
the Depositary designated by the Company for such Global Debenture or a nominee of such Depositary
and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global
Debenture shall constitute a single Debenture for all purposes of this Indenture.

          (b) Notwithstanding any other provision in this Indenture, no Global Debenture may be
exchanged in whole or in part for Debentures registered, and no transfer of a Global Debenture in
whole or in part may be registered in the name of any Person other than the Depositary for such
Global Debenture or a nominee thereof unless (i) such Depositary advises the Trustee and the
Company in writing that such Depositary is no longer willing or able to properly discharge its
responsibilities as Depositary with respect to such Global Debenture, and no qualified successor is
appointed by the Company within ninety (90) days of receipt by the Company of such notice, (ii)
such Depositary ceases to be a clearing agency registered under the Exchange Act and no successor
is appointed by the Company within ninety (90) days after obtaining knowledge of such event or
(iii) an Event of Default shall have occurred and be continuing. Upon obtaining knowledge of the
occurrence of any event specified in clause (i), (ii) or (iii) above, the Trustee shall notify the
Depositary and instruct the Depositary to notify all owners of beneficial interests in such Global
Debenture of the occurrence of such event and of the availability of Debentures to such beneficial
owners requesting the same. Upon the issuance of such Debentures and the registration in the
Debenture Register of such Debentures in the names of the holders thereof, the Trustee shall
recognize such holders as holders of Debentures for all purposes of this Indenture and the
Debentures.

          (c) If any Global Debenture is to be exchanged for other Debentures or canceled in part, or if
another Debenture is to be exchanged in whole or in part for a beneficial interest in any Global
Debenture, then either (i) such Global Debenture shall be so surrendered for exchange or
cancellation as provided herein or (ii) the principal amount thereof shall be reduced or increased,
subject to Section 2.03, by an amount equal to the portion thereof to be so exchanged or canceled,
or equal to the principal amount of such Debenture to be so exchanged for a beneficial interest
therein, as the case may be, by means of an appropriate adjustment made on the records of the
Debenture registrar, whereupon the Trustee, in accordance with the Applicable Depositary
Procedures, shall instruct the Depositary or its authorized representative to make a corresponding
adjustment to its records. Upon any such surrender or adjustment of a Global Debenture by the
Depositary, accompanied by registration instructions, the Company shall execute and the Trustee
shall authenticate and deliver Debentures issuable in exchange for such Global Debenture (or any
portion thereof) in accordance with the instructions of the Depositary. The Trustee may
conclusively rely on, and shall be fully protected in relying on, such instructions.

          (d) Every Debenture authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Debenture or any portion thereof shall be authenticated and
delivered in the form of, and shall be, a Global Debenture, unless such Debenture is registered in
the name of a Person other than the Depositary for such Global Debenture or a nominee thereof.

          (e) Debentures distributed to holders of Book-Entry Preferred Securities (as defined in the
Declaration) upon the dissolution of the Trust shall be distributed in the form of one or more
Global Debentures registered in the name of the Depositary or its nominee, and deposited with the
Debentures registrar, as custodian for such Depositary, or with such Depositary, for credit by the
Depositary to the owners of beneficial interests in such Book-Entry Preferred Securities.
Debentures distributed to holders of Preferred Securities other than Book-Entry Preferred
Securities upon the dissolution of the Trust shall not be issued in the form of a Global Debenture
or any other form intended to facilitate book-entry trading in beneficial interests in such
Debentures.

          (f) The Depositary or its nominee, as the registered owner of a Global Debenture, shall be the
holder of such Global Debenture for all purposes under this Indenture and the Debentures, and
owners of beneficial interests in a Global Debenture shall hold such interests pursuant to the
Applicable Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global
Debenture shall be shown only on, and the transfer of such interest shall be effected only through,
records maintained by the Depositary or its nominee or its Depositary Participants. The Debentures
registrar and the Trustee shall be entitled to deal with the Depositary for all purposes of this
Indenture

12

 

relating to a Global Debenture as the sole holder of the Debenture and shall have no
obligation to any beneficial owner of a Global Debenture. Neither the Trustee nor the Debentures
registrar shall have any liability in respect of any transfers affected by the Depositary or its
Depositary Participants.

          (g) The rights of owners of beneficial interests in a Global Debenture shall be exercised only
through the Depositary and shall be limited to those established by law and agreements between such
owners and the Depositary and/or its Depositary Participants.

          (h) No owner of any beneficial interest in any Global Debenture shall have any rights under
this Indenture with respect to such Global Debenture, and the Depositary may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the owner and holder of such
Global Debenture for all purposes under the Indenture. None of the Company, the Trustee nor any
agent of the Company or the Trustee will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in a Global
Debenture or maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depositary or impair, as between the Depositary and
such beneficial owners, the operation of customary practices governing the exercise of the rights
of the Depositary or its nominee as holder of any Debenture.

          (i) Global Debentures shall bear the following legend on the face thereof:

THIS SECURITY IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF
DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A
NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY 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.

ARTICLE III

PARTICULAR COVENANTS OF THE COMPANY

          Section 3.01 Payment of Principal, Premium and Interest; Agreed Treatment of the
Debentures.

          (a) The Company covenants and agrees that it will duly and punctually pay or cause to be paid
all payments due in respect of the Debentures at the place, at the respective times and in the
manner provided in this Indenture and the Debentures. Payment of the principal of and premium, if
any, and interest (including Additional Interest) on the Debentures due on the Maturity Date, any
Optional Redemption Date or the Special Redemption Date, as the case may be, will be made by the
Company in immediately available funds against presentation and surrender of such Debentures. At
the option of the Company, each installment of interest on the Debentures due on an Interest
Payment Date other than the Maturity Date, any Optional Redemption Date or the Special Redemption
Date, as the case may be, may be paid (i) by mailing checks for such interest payable to the order
of the holders of Debentures entitled thereto as they appear on the Debenture Register or (ii) by
wire transfer of immediately available funds to any account with a banking institution located in
the United States designated by such holders to the Paying Agent no later than the related record
date. Notwithstanding anything to the contrary contained in this Indenture or any

13

 

Debenture, if the Trust or the trustee of the Trust is the holder of any Debenture, then all
payments in respect of such Debenture shall be made by the Company in immediately available funds
when due at such place and to such account as may be designated by the Institutional Trustee.

          (b) The Company will treat the Debentures as indebtedness, and the amounts payable in respect
of such Debentures (including any Additional Amounts) as interest, for all U.S. federal income tax
purposes. All payments in respect of such Debentures will be made free and clear of U.S.
withholding tax, provided, that (i) any beneficial owner thereof that is a “United States person”
within the meaning of Section 7701(a)(30) of the Code (A) has provided an Internal Revenue Service
Form W-9 (or any substitute or successor form) in the manner required establishing its status as a
“United States person” for U.S. federal income tax purposes, and (B) the Internal Revenue Service
has neither notified the Issuer that the taxpayer identification number furnished by such
beneficial owner is incorrect nor notified the Issuer that there is underreporting by such
beneficial owner, and (ii) any beneficial owner thereof that is not a “United States person” within
the meaning of Section 7701(a)(30) of the Code has provided an Internal Revenue Service Form W-8
BEN, Internal Revenue Service Form W-8ECI, or Internal Revenue Service Form W-8EXP, as applicable
(or any substitute or successor form) in the manner required establishing its non-U.S. status for
U.S. federal income tax purposes.

          (c) As of the date of this Indenture, the Company represents that it has no intention to
exercise its right under Section 2.11 to defer payments of interest on the Debentures by commencing
an Extension Period.

          (d) As of the date of this Indenture, the Company represents that the likelihood that it would
exercise its right under Section 2.11 to defer payments of interest on the Debentures by commencing
an Extension Period at any time during which the Debentures are outstanding is remote because of
the restrictions that would be imposed on the Company’s ability to declare or pay dividends or
distributions on, or to redeem, purchase or make a liquidation payment with respect to, any of its
outstanding equity and on the Company’s ability to make any payments of principal of or premium, if
any, or interest on, or repurchase or redeem, any of its Debentures that rank pari passu in all
respects with or junior in interest to the Debentures.

          Section 3.02 Offices for Notices and Payments, etc.

          So long as any of the Debentures remain outstanding, the Company will maintain in Wilmington,
Delaware or in Stillwater, Oklahoma, an office or agency where the Debentures may be presented for
payment, an office or agency where the Debentures may be presented for registration of transfer and
for exchange as provided in this Indenture and an office or agency where notices and demands to or
upon the Company in respect of the Debentures or of this Indenture may be served. The Company will
give to the Trustee written notice of the location of any such office or agency and of any change
of location thereof. Until otherwise designated from time to time by the Company in a notice to the
Trustee, or specified as contemplated by Section 2.05, such office or agency for all of the above
purposes shall be the Principal Office of the Trustee. In case the Company shall fail to maintain
any such office or agency in Wilmington, Delaware or in Stillwater, Oklahoma, or shall fail to give
such notice of the location or of any change in the location thereof, presentations and demands may
be made and notices may be served at the Principal Office of the Trustee.

          In addition to any such office or agency, the Company may from time to time designate one or
more offices or agencies outside Wilmington, Delaware or Stillwater, Oklahoma where the Debentures
may be presented for registration of transfer and for exchange in the manner provided in this
Indenture, and the Company may from time to time rescind such designation, as the Company may deem
desirable or expedient; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain any such office or agency in
Wilmington, Delaware or in Stillwater, Oklahoma for the purposes above mentioned. The Company will
give to the Trustee prompt written notice of any such designation or rescission thereof.

          Section 3.03 Appointments to Fill Vacancies in Trustee’s Office.

          The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will
appoint, in the manner provided in Section 6.09, a Trustee, so that there shall at all times be a
Trustee hereunder.

14

 

          Section 3.04 Provision as to Paying Agent.

          (a) If the Company shall appoint a Paying Agent other than the Trustee, it will cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provision of this Section 3.04,

          (i) that it will hold all sums held by it as such agent for the payment of all payments
due on the Debentures (whether such sums have been paid to it by the Company or by any other
obligor on the Debentures) in trust for the benefit of the holders of the Debentures;

          (ii) that it will give the Trustee prompt written notice of any failure by the Company
(or by any other obligor on the Debentures) to make any payment on the Debentures when the
same shall be due and payable; and

          (iii) that it will, at any time during the continuance of any Event of Default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such
Paying Agent.

          (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of
the payments due on the Debentures, set aside, segregate and hold in trust for the benefit of the
holders of the Debentures a sum sufficient to make such payments so becoming due and will notify
the Trustee in writing of any failure to take such action and of any failure by the Company (or by
any other obligor under the Debentures) to make any payment on the Debentures when the same shall
become due and payable.

          Whenever the Company shall have one or more Paying Agents for the Debentures, it will, on or
prior to each due date of the payments on the Debentures, deposit with a Paying Agent a sum
sufficient to pay all payments so becoming due, such sum to be held in trust for the benefit of the
Persons entitled thereto and (unless such Paying Agent is the Trustee) the Company shall promptly
notify the Trustee in writing of its action or failure to act.

          (c) Anything in this Section 3.04 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge with respect to the Debentures, or
for any other reason, pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust
by the Company or any such Paying Agent, such sums to be held by the Trustee upon the same terms
and conditions herein contained.

          (d) Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 3.04 is subject to Sections 12.03 and 12.04.

          (e) The Company hereby initially appoints the Trustee to act as paying agent for the
Debentures (the “Paying Agent”).

          Section 3.05 Certificate to Trustee.

          The Company will deliver to the Trustee on or before 120 days after the end of each fiscal
year, so long as Debentures are outstanding hereunder, a Certificate stating that in the course of
the performance by the signers of their duties as officers of the Company they would normally have
knowledge of any default by the Company in the performance of any covenants of the Company
contained herein, stating whether or not they have knowledge of any such default and, if so,
specifying each such default of which the signers have knowledge and the nature thereof.

          Section 3.06 Additional Amounts.

          If and for so long as the Trust is the holder of all Debentures and is subject to or otherwise
required to pay (or is required to withhold from distributions to holders of Trust Securities) any
additional taxes (including withholding taxes), duties, assessments or other governmental charges
as a result of a Tax Event, the Company will pay such additional amounts (the “Additional Amounts”)
on the Debentures as shall be required so that the net amounts received and retained by the holders
of Trust Securities, after payment of all taxes (including withholding taxes), duties, assessments
or other governmental charges, will be equal to the amounts that such holders would have received
and retained had no such taxes (including withholding taxes), duties, assessments or other
governmental charges been imposed.

15

 

          Whenever in this Indenture or the Debentures there is a reference in any context to the
payment of principal of or premium, if any, or interest on the Debentures, such mention shall be
deemed to include mention of payments of the Additional Amounts provided for in this Section to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof
pursuant to the provisions of this Section and express mention of the payment of Additional Amounts
(if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in
those provisions hereof where such express mention is not made, provided, however,
that, notwithstanding anything to the contrary contained in this Indenture or any Debenture, the
deferral of the payment of interest during an Extension Period pursuant to Section 2.11 shall not
defer the payment of any Additional Amounts that may be due and payable.

          Section 3.07 Compliance with Consolidation Provisions.

          The Company will not, while any of the Debentures remain outstanding, consolidate with, or
merge into, any other Person, or merge into itself, or sell, convey, transfer or otherwise dispose
of all or substantially all of its property or capital stock to any other Person unless the
provisions of Article XI hereof are complied with.

          Section 3.08 Limitation on Dividends.

          If (i) there shall have occurred and be continuing a Default or an Event of Default, (ii) the
Company shall be in default with respect to its payment of any obligations under the Preferred
Securities Guarantee or (iii) the Company shall have given notice of its election to defer payments
of interest on the Debentures by extending the interest payment period as provided herein and such
period, or any extension thereof, shall have commenced and be continuing, then the Company may not
and shall not permit any Subsidiary to (i) declare or pay any dividends or distributions on, or
redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s or
such Subsidiary’s capital stock (other than payments of dividends or distributions to the Company
or payments of dividends from direct or indirect Subsidiaries of the Company to their parent
corporations, which also shall be direct or indirect subsidiaries of the Company) or make any
guarantee payments with respect to the foregoing or (ii) make any payment of principal of or
interest or premium, if any, on or repay, repurchase or redeem any Junior Indebtedness (other than,
with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or other acquisitions of
shares of capital stock of the Company in connection with any employment contract, benefit plan or
other similar arrangement with or for the benefit of one or more employees, officers, directors or
consultants, in connection with a dividend reinvestment or stockholder stock purchase plan or in
connection with the issuance of capital stock of the Company (or securities convertible into or
exercisable for such capital stock) as consideration in an acquisition transaction entered into
prior to the applicable Extension Period, Default or Event of Default, (b) as a result of any
exchange or conversion of any class or series of the Company’s capital stock (or any capital stock
of a Subsidiary of the Company) for any class or series of the Company’s capital stock or of any
class or series of the Company’s indebtedness for any class or series of the Company’s capital
stock, (c) the purchase of fractional interests in shares of the Company’s capital stock pursuant
to the conversion or exchange provisions of such capital stock or the security being converted or
exchanged, (d) any declaration of a dividend in connection with any stockholders’ rights plan, or
the issuance of rights, stock or other property under any stockholders’ rights plan, or the
redemption or repurchase of rights pursuant thereto, (e) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or the stock issuable upon exercise of
such warrants, options or other rights is the same stock as that on which the dividend is being
paid or ranks pari passu with or junior to such stock and any cash payments in lieu of fractional
shares issued in connection therewith, (f) a dividend or distribution on, a redemption, purchase or
acquisition of, or a liquidation payment with respect to equity securities of an Insured Depository
Institution subsidiary, or (g) payments under the Preferred Securities Guarantee).

          Section 3.09 Covenants as to the Trust.

          For so long as such Trust Securities remain outstanding, the Company shall maintain 100%
ownership of the Common Securities; provided, however, that any permitted successor
of the Company under this Indenture may succeed to the Company’s ownership of such Common
Securities. The Company, as owner of the Common Securities, shall use commercially reasonable
efforts to cause the Trust (a) to remain a statutory trust, except in connection with a
distribution of Debentures to the holders of Trust Securities in liquidation of the Trust, the
redemption of all of the Trust Securities or mergers, consolidations or amalgamations, each as
permitted by the Declaration; (b) to otherwise continue to be classified as a grantor trust for
United States federal income tax purposes; (c) to cause each holder of Trust Securities to be
treated as owning an undivided beneficial interest in the

16

 

Debentures; and (d) the Company, and any successor to the Company, shall use commercially
reasonable efforts to maintain the eligibility of the Preferred Securities for quotation or listing
on any national securities exchange or other organization on which the Preferred Securities are
then quoted or listed (including, if applicable, the Nasdaq Global Select Market) and shall use
commercially reasonable efforts to keep the Preferred Securities so quoted or listed for so long as
the Preferred Securities remain outstanding. In connection with the distribution of the Debentures
to the holders of the Preferred Securities issued by the Trust upon a dissolution of the Trust due
to a Special Event, the Company shall use its best efforts to list such Debentures on the Nasdaq
Global Select Market or on such other exchange as the Preferred Securities are then listed.

          For so long as the Debentures shall remain Outstanding, the Company shall fulfill all
reporting and filing obligations under the Securities Exchange Act of 1934, as amended, as
applicable to companies having a class of securities registered under Section 12(b) or 12(g)
thereunder.

          Section 3.10 Additional Junior Indebtedness. The Company shall not, and it shall not cause
or permit any Subsidiary of the Company to, incur, issue or be obligated on any additional Junior
Indebtedness, either directly or indirectly, by way of guarantee, suretyship or otherwise, other
than additional Junior Indebtedness (i) that, by its terms, is expressly stated to be either junior
and subordinate or pari passu in all respects to the Debentures, and (ii) of which the Company has
notified (and, if then required under the applicable guidelines of the regulating entity, has
received approval from) the Federal Reserve, if the Company is a bank or financial holding company,
or the OTS, if the Company is a savings and loan holding company.

          Section 3.11 Subsidiary; Insured Depository Institution. So long as any of the Debentures
remain outstanding, at least one operating Subsidiary of the Company shall be an Insured Depository
Institution.

ARTICLE IV

LISTS

          Section 4.01 Securityholders’ Lists.

          The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee:

          (a) on each regular record date for an Interest Payment Date, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Securityholders of the Debentures
as of such record date; and

          (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished; except that no such lists need be
furnished under this Section 4.01 so long as the Trustee is in possession thereof by reason of its
acting as Debenture registrar.

          Section 4.02 Preservation and Disclosure of Lists.

          (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Debentures (1) contained in the most
recent list furnished to it as provided in Section 4.01 or (2) received by it in the capacity of
Debentures registrar (if so acting) hereunder. The Trustee may destroy any list furnished to it as
provided in Section 4.01 upon receipt of a new list so furnished.

          (b) In case three or more holders of Debentures (hereinafter referred to as “applicants”)
apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such
applicant has owned a Debenture for a period of at least six months preceding the date of such
application, and such application states that the applicants desire to communicate with other
holders of Debentures with respect to their rights under this Indenture or under such Debentures
and is accompanied by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Trustee shall within five Business Days after the receipt of such
application, at its election, either:

          (i) afford such applicants access to the information preserved at the time by the Trustee
in accordance with the provisions of subsection (a) of this Section 4.02, or

17

 

          (ii) inform such applicants as to the approximate number of holders of Debentures whose
names and addresses appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.02, and as to the
approximate cost of mailing to such Securityholders the form of proxy or other communication,
if any, specified in such application.

          If the Trustee shall elect not to afford such applicants access to such information, the
Trustee shall, upon the written request of such applicants, mail to each Securityholder of
Debentures whose name and address appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.02 a copy of the form of proxy
or other communication which is specified in such request with reasonable promptness after a tender
to the Trustee of the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail
to such applicants and file with the Securities and Exchange Commission, if permitted or required
by applicable law, together with a copy of the material to be mailed, a written statement to the
effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of
the holders of all Debentures, as the case may be, or would be in violation of applicable law. Such
written statement shall specify the basis of such opinion. If said Commission, as permitted or
required by applicable law, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such objections or if,
after the entry of an order sustaining one or more of such objections, said Commission shall find,
after notice and opportunity for hearing, that all the objections so sustained have been met and
shall enter an order so declaring, the Trustee shall mail copies of such material to all such
Securityholders with reasonable promptness after the entry of such order and the renewal of such
tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants
respecting their application.

          (c) Each and every holder of Debentures, by receiving and holding the same, agrees with the
Company and the Trustee that none of the Company, the Trustee or any Paying Agent shall be held
accountable by reason of the disclosure of any such information as to the names and addresses of
the holders of Debentures in accordance with the provisions of subsection (b) of this Section 4.02,
regardless of the source from which such information was derived, and that the Trustee shall not be
held accountable by reason of mailing any material pursuant to a request made under said subsection
(b).

          Section 4.03 Reports by Trustee.

          (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act, including, without
limitation, Section 313(b) thereof, at the times and in the manner provided pursuant thereto. The
Trustee shall comply with Section 313(c) of the Trust Indenture Act in transmitting such reports.

          (b) Reports so required to be transmitted at stated intervals of not more than 12 months shall
be transmitted no later than thirty days after September 15 in each calendar year, commencing with
the first September 15 after the first issuance of Securities under this Indenture.

          (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange upon which any Securities are listed, with the Commission
and with the Company. The Company will notify the Trustee when any Securities are listed on any
securities exchange.

          Section 4.04 Reports by Company.

          The Company shall file with the Trustee and the Commission, and transmit to Holders, copies of
such information, documents and other reports, and such summaries thereof, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture
Act; provided that any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act shall be filed with the
Trustee within 15 days after the same are filed with the Commission.

18

 

ARTICLE V

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

          Section 5.01 Events of Default.

          “Event of Default,” wherever used herein, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

          (a) the Company defaults in the payment of any interest upon any Debenture, including any
Additional Interest in respect thereof, following the nonpayment of any such interest for twenty or
more consecutive quarterly interest payment periods, and the continuation of such default for a
period of thirty days following the end of the Extension Period; or

          (b) the Company defaults in the payment of all or any part of the principal of (or premium, if
any, on) any Debentures as and when the same shall become due and payable either at maturity, upon
redemption, by declaration of acceleration or otherwise; or

          (c) the Company defaults in the performance of, or breaches, any of its covenants or
agreements in this Indenture or in the terms of the Debentures established as contemplated in this
Indenture (other than a covenant or agreement a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with), and continuance of such default or breach for a
period of 60 days after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate principal
amount of the outstanding Debentures, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

          (d) a court of competent jurisdiction shall enter a decree or order for relief in respect of
the Company in an involuntary case under any applicable bankruptcy, insolvency, reorganization or
other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part
of its property, or ordering the winding-up or liquidation of its affairs and such decree or order
shall remain unstayed and in effect for a period of 90 consecutive days; or

          (e) the Company shall commence a voluntary case under any applicable bankruptcy, insolvency,
reorganization or other similar law now or hereafter in effect, shall consent to the entry of an
order for relief in an involuntary case under any such law, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or
other similar official) of the Company or of any substantial part of its property, or shall make
any general assignment for the benefit of creditors, or shall fail generally to pay its debts as
they become due; or

          (f) a court or administrative or governmental agency or body shall enter a decree or order for
the appointment of a receiver of a Major Bank Subsidiary or all or substantially all of its
property in any liquidation, insolvency or similar proceeding with respect to such Major Bank
Subsidiary or all or substantially all of its property; or

          (g) a Major Bank Subsidiary shall consent to the appointment of a receiver for it or all or
substantially all of its property in any liquidation, insolvency or similar proceeding with respect
to it or all or substantially all of its property; or

          (h) the Trust shall have voluntarily or involuntarily liquidated, dissolved, wound-up its
business or otherwise terminated its existence except in connection with (i) the distribution of
the Debentures to holders of such Trust Securities in liquidation of their interests in the Trust,
(ii) the redemption of all of the outstanding Trust Securities or (iii) certain mergers,
consolidations or amalgamations, each as permitted by the Declaration.

          If an Acceleration Event of Default occurs and is continuing with respect to the Debentures,
then, and in each and every such case, unless the principal of the Debentures shall have already
become due and payable, either the Trustee or the holders of not less than 25% in aggregate
principal amount of the Debentures then outstanding hereunder, by notice in writing to the Company
(and to the Trustee if given by Securityholders), may declare the entire principal of the Debentures
and the interest accrued thereon, if any, to be due and payable immediately, and

19

 

upon any such declaration the same shall become immediately due and
payable. If an Event of Default under Section 5.1(b) or (c) occurs and is continuing with respect
to the Debentures, then, and in each and every such case, unless the principal of the Debentures
shall have already become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Debentures then outstanding hereunder, by notice in writing to
the Company (and to the Trustee if given by Securityholders), may proceed to remedy the default or
breach thereunder by such appropriate judicial proceedings as the Trustee or such holders shall
deem most effectual to remedy the defaulted covenant or enforce the provisions of this Indenture so
breached, either by suit in equity or by action at law, for damages or otherwise. Notwithstanding
anything to the contrary in this Indenture, if at any time during the period in which this
Indenture remains in force and effect, the Company ceases or elects to cease to be subject to the
supervision and regulation of both of the Federal Reserve or Office of Thrift Supervision (or
successor agencies), then any event described in Sections 5.1(b) or (c) shall be deemed to be an
Acceleration Event of Default resulting in an acceleration of payment of the Debentures.

          The foregoing provisions, however, are subject to the condition that if, at any time after the
principal of the Debentures shall have been so declared due and payable, and before any judgment or
decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Debentures and the principal of and premium, if any,
on the Debentures which shall have become due otherwise than by acceleration (with interest upon
such principal and premium, if any, and Additional Interest) and such amount as shall be sufficient
to cover reasonable compensation to the Trustee and each predecessor Trustee, their respective
agents, attorneys and counsel, and all other amounts due to the Trustee pursuant to Section 6.6, if
any, and (ii) all Events of Default under this Indenture, other than the non-payment of the
principal of or premium, if any, on Debentures which shall have become due by acceleration, shall
have been cured, waived or otherwise remedied as provided herein — then and in every such case the
holders of a majority in aggregate principal amount of the Debentures then outstanding, by written
notice to the Company and to the Trustee, may waive all defaults and rescind and annul such
declaration and its consequences, but no such waiver or rescission and annulment shall extend to or
shall affect any subsequent default or shall impair any right consequent thereon.

          In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Company, the Trustee and the holders of the Debentures shall be restored respectively to
their several positions and rights hereunder, and all rights, remedies and powers of the Company,
the Trustee and the holders of the Debentures shall continue as though no such proceeding had been
taken.

          Section 5.02 Payment of Debentures on Default; Suit Therefor.

          The Company covenants that upon the occurrence of an Event of Default pursuant to Section
5.01(a) or (b) and upon demand of the Trustee, the Company will pay to the Trustee, for the benefit
of the holders of the Debentures, the whole amount that then shall have become due and payable on
all Debentures, including Additional Interest accrued on the Debentures; and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, including
a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any other amounts
due to the Trustee under Section 6.06. In case the Company shall fail forthwith to pay such amounts
upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be
entitled and empowered to institute any actions or proceedings at law or in equity for the
collection of the sums so due and unpaid, and may prosecute any such action or proceeding to
judgment or final decree, and may enforce any such judgment or final decree against the Company or
any other obligor on such Debentures and collect in the manner provided by law out of the property
of the Company or any other obligor on such Debentures wherever situated the moneys adjudged or
decreed to be payable.

          In case there shall be pending proceedings for the bankruptcy or for the reorganization of the
Company or any other obligor on the Debentures under Bankruptcy Law, or in case a receiver or
trustee shall have been appointed for the property of the Company or such other obligor, or in the
case of any other similar judicial proceedings relative to the Company or other obligor upon the
Debentures, or to the creditors or property of the Company or such other obligor, the Trustee,
irrespective of whether the principal of the Debentures shall then be due and payable as therein expressed or by acceleration or otherwise and irrespective of
whether the Trustee shall

20

 

have made any demand pursuant to the provisions of this Section 5.02,
shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and
prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect
of the Debentures and, in case of any judicial proceedings, to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and
their respective agents, attorneys and counsel, and for reimbursement of all other amounts due to
the Trustee under Section 6.06) and of the Securityholders allowed in such judicial proceedings
relative to the Company or any other obligor on the Debentures, or to the creditors or property of
the Company or such other obligor, unless prohibited by applicable law and regulations, to vote on
behalf of the holders of the Debentures in any election of a trustee or a standby trustee in
arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or Person
performing similar functions in comparable proceedings, and to collect and receive any moneys or
other property payable or deliverable on any such claims, and to distribute the same after the
deduction of its charges and expenses; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the Securityholders to make such payments to the
Trustee, and, in the event that the Trustee shall consent to the making of such payments directly
to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Trustee, each predecessor Trustee and their respective agents,
attorneys and counsel, and all other amounts due to the Trustee under Section 6.06.

          Nothing herein contained shall be construed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Debentures or the rights of any holder thereof or to
authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

          All rights of action and of asserting claims under this Indenture, or under any of the
Debentures, may be enforced by the Trustee without the possession of any of the Debentures, or the
production thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the holders of the
Debentures.

          In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party), the
Trustee shall be held to represent all the holders of the Debentures, and it shall not be necessary
to make any holders of the Debentures parties to any such proceedings.

          Section 5.03 Application of Moneys Collected by Trustee.

          Any moneys collected by the Trustee shall be applied in the following order, at the date or
dates fixed by the Trustee for the distribution of such moneys, upon presentation of the several
Debentures in respect of which moneys have been collected, and stamping thereon the payment, if
only partially paid, and upon surrender thereof if fully paid:

          First: To the payment of costs and expenses incurred by, and reasonable fees of, the Trustee,
its agents, attorneys and counsel, and of all other amounts due to the Trustee under Section 6.06;

          Second: To the payment of all Senior Indebtedness of the Company if and to the extent required
by Article XV;

          Third: To the payment of the amounts then due and unpaid upon Debentures, in respect of which
or for the benefit of which money has been collected, ratably, without preference or priority of
any kind, according to the amounts due upon such Debentures; and

          Fourth: The balance, if any, to the Company.

          Section 5.04 Proceedings by Securityholders.

          No holder of any Debenture shall have any right to institute any suit, action or proceeding
for any remedy hereunder, unless such holder previously shall have given to the Trustee written
notice of an Event of Default with respect to the Debentures and unless the holders of not less
than 25% in aggregate principal amount of the Debentures then outstanding shall have given the Trustee a written request to institute such
action, suit or

21

 

proceeding and shall have offered to the Trustee such reasonable indemnity as it
may require against the costs, expenses and liabilities to be incurred thereby, and the Trustee for
60 days after its receipt of such notice, request and offer of indemnity shall have failed to
institute any such action, suit or proceeding; provided, that no holder of Debentures shall
have any right to prejudice the rights of any other holder of Debentures, obtain priority or
preference over any other such holder or enforce any right under this Indenture except in the
manner herein provided and for the equal, ratable and common benefit of all holders of Debentures.

          Notwithstanding any other provisions in this Indenture, the right of any holder of any
Debenture to receive payment of the principal of and premium, if any, and interest on such
Debenture when due, or to institute suit for the enforcement of any such payment, shall not be
impaired or affected without the consent of such holder. For the protection and enforcement of the
provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.

          Section 5.05 Proceedings by Trustee.

          In case of an Event of Default, the Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.

          Section 5.06 Remedies Cumulative and Continuing.

          Except as otherwise provided in Section 2.06, all powers and remedies given by this Article V
to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any other powers and remedies available to the Trustee or the
holders of the Debentures, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or otherwise established
with respect to the Debentures, and no delay or omission of the Trustee or of any holder of any of
the Debentures to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver
of any such default or an acquiescence therein; and, subject to the provisions of Section 5.04,
every power and remedy given by this Article V or by law to the Trustee or to the Securityholders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by
the Securityholders.

          Section 5.07 Direction of Proceedings and Waiver of Defaults by Majority of
Securityholders.

          The holders of a majority in aggregate principal amount of the Debentures affected at the time
outstanding and, if the Debentures are held by the Trust or a trustee of the Trust, the holders of
a majority in aggregate liquidation amount of the outstanding Preferred Securities of the Trust
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with
respect to such Debentures; provided, however, that if the Debentures are held by
the Trust or a trustee of the Trust, such time, method and place or such exercise, as the case may
be, may not be so directed until the holders of a majority in aggregate liquidation amount of the
outstanding Preferred Securities of the Trust shall have directed such time, method and place or
such exercise, as the case may be; provided, further, that (subject to the
provisions of Section 6.01) the Trustee shall have the right to decline to follow any such
direction if the Trustee shall determine that the action so directed would be unjustly prejudicial
to the holders not taking part in such direction or if the Trustee being advised by counsel
determines that the action or proceeding so directed may not lawfully be taken or if a Responsible
Officer of the Trustee shall determine that the action or proceedings so directed would involve the
Trustee in personal liability. Prior to any declaration of acceleration of the maturity of the
Debentures, the holders of a majority in aggregate principal amount of the Debentures at the time
outstanding may on behalf of the holders of all of the Debentures waive (or modify any previously
granted waiver of) any past Default or Event of Default and its consequences, except a default (a)
in the payment of principal of or premium, if any, or interest on any of the Debentures, (b) in
respect of covenants or provisions hereof which cannot be modified or amended without the consent
of the holder of each Debenture affected, or (c) in respect of the covenants contained in Section
3.09; provided, however, that if the Debentures are held by the Trust or a trustee
of the Trust, such waiver or modification to such waiver shall not be effective until the holders of a
majority in aggregate

22

 

liquidation amount of the outstanding Preferred Securities of the Trust shall
have consented to such waiver or modification to such waiver; provided, further,
that if the consent of the holder of each outstanding Debenture is required, such waiver or
modification to such waiver shall not be effective until each holder of the outstanding Preferred
Securities of the Trust shall have consented to such waiver or modification to such waiver. Upon
any such waiver or modification to such waiver, the Default or Event of Default covered thereby
shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the
holders of the Debentures shall be restored to their former positions and rights hereunder,
respectively; but no such waiver or modification to such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereon. Whenever any Default or
Event of Default hereunder shall have been waived as permitted by this Section, said Default or
Event of Default shall for all purposes of the Debentures and this Indenture be deemed to have been
cured and to be not continuing.

          Section 5.08 Notice of Defaults.

          The Trustee shall, within 90 days after a Responsible Officer of the Trustee shall have actual
knowledge or received written notice of the occurrence of a default with respect to the Debentures,
mail to all Securityholders, as the names and addresses of such holders appear upon the Debenture
Register, notice of all defaults with respect to the Debentures known to the Trustee, unless such
defaults shall have been cured before the giving of such notice (the term “default” for the purpose
of this Section is hereby defined to be any event specified in subparagraphs (a) through (f) of
Section 5.01, not including periods of grace, if any, provided for therein); provided,
that, except in the case of default in the payment of the principal of or premium, if any,
or interest on any of the Debentures, the Trustee shall be protected in withholding such notice if
and so long as a Responsible Officer of the Trustee in good faith determines that the withholding
of such notice is in the interests of the Securityholders.

          Section 5.09 Undertaking to Pay Costs.

          All parties to this Indenture agree, and each holder of any Debenture by such holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding in the aggregate more than 10% in principal amount of the outstanding
Debentures (or, if such Debentures are held by the Trust or a trustee of the Trust, more than 10%
in liquidation amount of the outstanding Preferred Securities),to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of or premium, if any, or
interest on any Debenture against the Company on or after the same shall have become due and
payable or to any suit instituted in accordance with Section 14.12.

ARTICLE VI

CONCERNING THE TRUSTEE

          Section 6.01 Duties and Responsibilities of Trustee.

          With respect to the holders of Debentures issued hereunder, the Trustee, prior to the
occurrence of an Event of Default and after the curing or waiving of all Events of Default which
may have occurred, undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture. In case an Event of Default with respect to the Debentures has occurred
(which has not been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs.

          No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct or bad
faith, except that:

          (a) prior to the occurrence of an Event of Default and after the curing or waiving of all
Events of Default which may have occurred:

          (i) the duties and obligations of the Trustee with respect to the Debentures shall be
determined solely by the express provisions of this Indenture, and the Trustee shall not be
liable except for the performance of

23

 

such duties and obligations with respect to the
Debentures as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

          (ii) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon any certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but, in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall
be under a duty to examine the same to determine whether or not they conform on their face to
the requirements of this Indenture;

          (b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was
negligent in ascertaining the pertinent facts;

          (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith, in accordance with the direction of the Securityholders pursuant to Section 5.07,
relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and

          (d) the Trustee shall not be charged with knowledge of any Default or Event of Default with
respect to the Debentures unless either (1) a Responsible Officer shall have actual knowledge of
such Default or Event of Default or (2) written notice of such Default or Event of Default shall
have been given to the Trustee by the Company or any other obligor on the Debentures or by any
holder of the Debentures, except that the Trustee shall be deemed to have knowledge of any Event of
Default pursuant to Sections 5.01(a) or 5.01(b) hereof (other than an Event of Default resulting
from the default in the payment of Additional Amounts if the Trustee does not have actual knowledge
or written notice that such payment is due and payable).

          None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers.

          Section 6.02 Reliance on Documents, Opinions, etc.

          Except as otherwise provided in Section 6.01:

          (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, bond, note, debenture or other paper or document believed by it in good
faith to be genuine and to have been signed or presented by the proper party or parties;

          (b) any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be
herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy
thereof certified by the Secretary or an Assistant Secretary of the Company;

          (c) the Trustee may consult with counsel of its selection and any advice or Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

          (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby;

          (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture; nothing contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default with respect to the Debentures (which has
not been cured or waived) to exercise with respect to the Debentures such
of the rights and powers vested in it by this Indenture, and to use the same degree of care
and skill in their exercise, as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs;

24

 

          (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, debenture, coupon or other paper or document, unless requested in writing to
do so by the holders of a majority in aggregate principal amount of the outstanding Debentures
affected thereby; provided, however, that if the payment within a reasonable time
to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of
such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require reasonable
indemnity against such expense or liability as a condition to so proceeding; and

          (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents (including any Authenticating Agent) or
attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the part of
any such agent or attorney appointed by it with due care.

          Section 6.03 No Responsibility for Recitals, etc.

          The recitals contained herein and in the Debentures (except in the certificate of
authentication of the Trustee or the Authenticating Agent) shall be taken as the statements of the
Company, and the Trustee and the Authenticating Agent assume no responsibility for the correctness
of the same. The Trustee and the Authenticating Agent make no representations as to the validity or
sufficiency of this Indenture or of the Debentures. The Trustee and the Authenticating Agent shall
not be accountable for the use or application by the Company of any Debentures or the proceeds of
any Debentures authenticated and delivered by the Trustee or the Authenticating Agent in conformity
with the provisions of this Indenture.

          Section 6.04 Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar
May Own Debentures.

          The Trustee, any Authenticating Agent, any Paying Agent, any transfer agent or any Debenture
registrar, in its individual or any other capacity, may become the owner or pledgee of Debentures
with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
transfer agent or Debenture registrar.

          Section 6.05 Moneys to be Held in Trust.

          Subject to the provisions of Section 12.04, all moneys received by the Trustee or any Paying
Agent shall, until used or applied as herein provided, be held in trust for the purpose for which
they were received, but need not be segregated from other funds except to the extent required by
law. The Trustee and any Paying Agent shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company. So long as no
Event of Default shall have occurred and be continuing, all interest allowed on any such moneys, if
any, shall be paid from time to time to the Company upon the written order of the Company, signed
by the Chairman of the Board of Directors, the President, the Chief Operating Officer, a Vice
President, the Treasurer or an Assistant Treasurer of the Company.

          Section 6.06 Compensation and Expenses of Trustee.

          The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee
shall be entitled to, such compensation as shall be agreed to in writing between the Company and
the Trustee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust), and the Company will pay or reimburse the Trustee upon its written
request for all documented reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any of the provisions of this Indenture (including the reasonable
compensation and the reasonable expenses and disbursements of its counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advance that arises from its
negligence, willful misconduct or bad faith. The Company also covenants to indemnify each of the
Trustee (including in its individual capacity) and any predecessor Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless against, any and all loss, damage,
claim, liability or expense including taxes (other than taxes based on the income of the Trustee),
except to the extent such loss, damage, claim, liability or expense results from the negligence,
willful misconduct or bad faith of such indemnitee, arising out of or in connection with the
acceptance or administration of this trust, including the costs and expenses of defending
itself against any claim or liability in the premises. The obligations of the Company under this
Section to compensate and indemnify the

25

 

Trustee and to pay or reimburse the Trustee for documented
expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such
additional indebtedness shall be secured by a lien prior to that of the Debentures upon all
property and funds held or collected by the Trustee as such, except funds held in trust for the
benefit of the holders of particular Debentures.

          Without prejudice to any other rights available to the Trustee under applicable law, when the
Trustee incurs expenses or renders services in connection with an Event of Default specified in
clause (d) (e) or (f) of Section 5.01, the expenses (including the reasonable charges and expenses
of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency or other similar law.

          The provisions of this Section shall survive the resignation or removal of the Trustee and the
defeasance or other termination of this Indenture.

          Notwithstanding anything in this Indenture or any Debenture to the contrary, the Trustee shall
have no obligation whatsoever to advance funds to pay any principal of or interest on or other
amounts with respect to the Debentures or otherwise advance funds to or on behalf of the Company.

          Section 6.07 Officers’ Certificate as Evidence.

          Except as otherwise provided in Sections 6.01 and 6.02, whenever in the administration of the
provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or omitting any action hereunder, such matter (unless other
evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence,
willful misconduct or bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee, and such certificate, in the
absence of negligence, willful misconduct or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture
upon the faith thereof.

          Section 6.08 Eligibility of Trustee.

          The Trustee hereunder shall at all times be a U.S. Person that is a banking corporation or
national association organized and doing business under the laws of the United States of America or
any state thereof or of the District of Columbia and authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S.
dollars ($50,000,000) and subject to supervision or examination by federal, state, or District of
Columbia authority , and otherwise eligible under to the Trust Indenture Act to act as trustee
hereunder. If such banking corporation or national association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section the combined capital and surplus of such
corporation or national association shall be deemed to be its combined capital and surplus as set
forth in its most recent records of condition so published.

          The Company may not, nor may any Person directly or indirectly controlling, controlled by, or
under common control with the Company, serve as Trustee, notwithstanding that such corporation or
national association shall be otherwise eligible and qualified under this Article.

          In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, the Trustee shall resign immediately in the manner and with the effect specified
in Section 6.09.

          If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section
310(b) of the Trust Indenture Act, the Trustee and Company shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture Act.

          The Trust Agreement and the Guarantee shall be deemed to be specifically described in this
Indenture for the purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.

26

 

          Section 6.09 Resignation or Removal of Trustee.

          (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by
giving written notice of such resignation to the Company and by mailing notice thereof, at the
Company’s expense, to the holders of the Debentures at their addresses as they shall appear on the
Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee or trustees by written instrument, in duplicate, executed by order of its Board
of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted
appointment within 30 days after the mailing of such notice of resignation to the affected
Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a
Debenture or Debentures for at least six months may, subject to the provisions of Section 5.09, on
behalf of himself or herself and all others similarly situated, petition any such court for the
appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, appoint a successor Trustee.

          (b) In case at any time any of the following shall occur:

          (i) the Trustee shall fail to comply with the provisions of the last paragraph of Section
6.08 after written request therefor by the Company or by any Securityholder who has been a
bona fide holder of a Debenture or Debentures for at least six months;

          (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section
6.08 and shall fail to resign after written request therefor by the Company or by any such
Securityholder; or

          (iii) the Trustee shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,

          then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by
written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or,
subject to the provisions of Section 5.09, if no successor Trustee shall have been so appointed and
have accepted appointment within 30 days of the occurrence of any of (i), (ii) or (iii) above, any
Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months
may, on behalf of himself or herself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove
the Trustee and appoint a successor Trustee.

          (c) Upon prior written notice to the Company and the Trustee, the holders of a majority in
aggregate principal amount of the Debentures at the time outstanding may at any time remove the
Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee
unless within ten Business Days after such nomination the Company objects thereto, in which case or
in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or
any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this
Section, may petition any court of competent jurisdiction for an appointment of a successor.

          (d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by
the successor Trustee as provided in Section 6.10.

          Section 6.10 Acceptance by Successor Trustee.

          Any successor Trustee appointed as provided in Section 6.09 shall execute, acknowledge and
deliver to the Company and to its predecessor Trustee an indenture supplemental hereto which shall
contain such provisions as shall be deemed necessary or desirable to confirm that all of the
rights, powers, trusts and duties of the retiring Trustee shall be vested in the successor Trustee,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, duties and obligations with respect to the Debentures of its predecessor hereunder,
with like effect as if originally named as Trustee herein; but, nevertheless, on the written
request of the Company or of

27

 

the successor Trustee, the Trustee ceasing to act shall, upon payment of the amounts then due
it pursuant to the provisions of Section 6.06, execute and deliver an instrument transferring to
such successor Trustee all the rights and powers of the Trustee so ceasing to act and shall duly
assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder. Upon request of any such successor Trustee, the Company shall execute any and
all instruments in writing for more fully and certainly vesting in and confirming to such successor
Trustee all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a lien
upon all property or funds held or collected by such Trustee to secure any amounts then due it
pursuant to the provisions of Section 6.06.

          No successor Trustee shall accept appointment as provided in this Section unless at the time
of such acceptance such successor Trustee shall be eligible and qualified under the provisions of
Section 6.08.

          In no event shall a retiring Trustee be liable for the acts or omissions of any successor
Trustee hereunder.

          Upon acceptance of appointment by a successor Trustee as provided in this Section, the Company
shall mail notice of the succession of such Trustee hereunder to the holders of Debentures at their
addresses as they shall appear on the Debenture Register. If the Company fails to mail such notice
within ten Business Days after the acceptance of appointment by the successor Trustee, the
successor Trustee shall cause such notice to be mailed at the expense of the Company.

          Section 6.11 Succession by Merger, etc.

          Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without
the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided, that such corporation shall be otherwise eligible and qualified under this
Article.

          In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture any of the Debentures shall have been authenticated but not delivered, any such successor
to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver
such Debentures so authenticated; and in case at that time any of the Debentures shall not have
been authenticated, any successor to the Trustee may authenticate such Debentures either in the
name of any predecessor hereunder or in the name of the successor Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Debentures or in this
Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor
Trustee or authenticate Debentures in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.

          Section 6.12 Authenticating Agents.

          There may be one or more Authenticating Agents appointed by the Trustee upon the request of
the Company with power to act on its behalf and subject to its direction in the authentication and
delivery of Debentures issued upon exchange or registration of transfer thereof as fully to all
intents and purposes as though any such Authenticating Agent had been expressly authorized to
authenticate and deliver Debentures; provided, however, that the Trustee shall have
no liability to the Company for any acts or omissions of the Authenticating Agent with respect to
the authentication and delivery of Debentures. Any such Authenticating Agent shall at all times be
a corporation organized and doing business under the laws of the United States or of any state
thereof or of the District of Columbia authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of at least $50,000,000 and being subject to supervision or
examination by federal, state or District of Columbia authority. If such corporation publishes
reports of condition at least annually pursuant to law or the requirements of such authority, then
for the purposes of this Section the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and with the effect
herein specified in this Section.

          Any corporation into which any Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, consolidation or conversion
to which any Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust

28

 

business of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, if such successor corporation is otherwise eligible under this Section without the
execution or filing of any paper or any further act on the part of the parties hereto or such
Authenticating Agent.

          Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating
Agent with respect to the Debentures by giving written notice of termination to such Authenticating
Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time any Authenticating Agent shall cease to be eligible under this Section, the
Trustee may, and upon the request of the Company shall, promptly appoint a successor Authenticating
Agent eligible under this Section, shall give written notice of such appointment to the Company and
shall mail notice of such appointment to all holders of Debentures as the names and addresses of
such holders appear on the Debenture Register. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, shall become vested with all rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally named as
Authenticating Agent herein.

          The Company agrees to pay to any Authenticating Agent from time to time reasonable
compensation for its services. Any Authenticating Agent shall have no responsibility or liability
for any action taken by it as such in accordance with the directions of the Trustee.

          Section 6.13 Preferential Collection of Claims Against Company.

          The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the
extent included therein.

ARTICLE VII

CONCERNING THE SECURITYHOLDERS

          Section 7.01 Action by Securityholders.

          Whenever in this Indenture it is provided that the holders of a specified percentage in
aggregate principal amount of the Debentures or aggregate liquidation amount of the Preferred
Securities may take any action (including the making of any demand or request, the giving of any
notice, consent or waiver or the taking of any other action), the fact that at the time of taking
any such action the holders of such specified percentage have joined therein may be evidenced (a)
by any instrument or any number of instruments of similar tenor executed by such Securityholders or
holders of Preferred Securities, as the case may be, in person or by agent or proxy appointed in
writing, or (b) by the record of such holders of Debentures voting in favor thereof at any meeting
of such Securityholders duly called and held in accordance with the provisions of Article VIII or
of such holders of Preferred Securities duly called and held in accordance with the provisions of
the Declaration, or (c) by a combination of such instrument or instruments and any such record of
such a meeting of such Securityholders or holders of Preferred Securities, as the case may be, or
(d) by any other method the Trustee deems satisfactory.

          If the Company shall solicit from the Securityholders any request, demand, authorization,
direction, notice, consent, waiver or other action or revocation of the same, the Company may, at
its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such
Debentures for the determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action or revocation of the same, but
the Company shall have no obligation to do so. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other action or revocation of the same
may be given before or after the record date, but only the Securityholders of record at the close
of business on the record date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of outstanding Debentures have
authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other action or revocation of the same, and for that purpose the outstanding
Debentures shall be computed as of the record date; provided, however, that no such
authorization, agreement or consent by such Securityholders on the record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date.

29

 

          Section 7.02 Proof of Execution by Securityholders.

          Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any
instrument by a Securityholder or such Securityholder’s agent or proxy shall be sufficient if made
in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in
such manner as shall be satisfactory to the Trustee. The ownership of Debentures shall be proved by
the Debenture Register or by a certificate of the Debenture registrar. The Trustee may require such
additional proof of any matter referred to in this Section as it shall deem necessary.

          The record of any Securityholders’ meeting shall be proved in the manner provided in Section
8.06.

          Section 7.03 Who Are Deemed Absolute Owners.

          Prior to due presentment for registration of transfer of any Debenture, the Company, the
Trustee, any Authenticating Agent, any Paying Agent, any transfer agent and any Debenture registrar
may deem the Person in whose name such Debenture shall be registered upon the Debenture Register to
be, and may treat such Person as, the absolute owner of such Debenture (whether or not such
Debenture shall be overdue) for the purpose of receiving payment of or on account of the principal
of and premium, if any, and interest on such Debenture and for all other purposes; and none of the
Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent or any
Debenture registrar shall be affected by any notice to the contrary. All such payments so made to
any holder for the time being or upon such holder’s order shall be valid, and, to the extent of the
sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any
such Debenture.

          Section 7.04 Debentures Owned by Company Deemed Not Outstanding.

          In determining whether the holders of the requisite aggregate principal amount of Debentures
have concurred in any direction, consent or waiver under this Indenture, Debentures which are owned
by the Company or any other obligor on the Debentures or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company (other
than the Trust) or any other obligor on the Debentures shall be disregarded and deemed not to be
outstanding for the purpose of any such determination, provided, that for the purposes of
determining whether the Trustee shall be protected in relying on any such direction, consent or
waiver, only Debentures which a Responsible Officer of the Trustee actually knows are so owned
shall be so disregarded. Debentures so owned which have been pledged in good faith may be regarded
as outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction
of the Trustee the pledgee’s right to vote such Debentures and that the pledgee is not the Company
or any such other obligor or Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company or any such other obligor. In the case of a
dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be
full protection to the Trustee.

          Section 7.05 Revocation of Consents; Future Holders Bound.

          At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
7.01, of the taking of any action by the holders of the percentage in aggregate principal amount of
the Debentures specified in this Indenture in connection with such action, any holder (in cases
where no record date has been set pursuant to Section 7.01) or any holder as of an applicable
record date (in cases where a record date has been set pursuant to Section 7.01) of a Debenture (or
any Debenture issued in whole or in part in exchange or substitution therefor) the serial number of
which is shown by the evidence to be included in the Debentures the holders of which have consented
to such action may, by filing written notice with the Trustee at the Principal Office of the
Trustee and upon proof of holding as provided in Section 7.02, revoke such action so far as
concerns such Debenture (or so far as concerns the principal amount represented by any exchanged or
substituted Debenture). Except as aforesaid any such action taken by the holder of any Debenture
shall be conclusive and binding upon such holder and upon all future holders and owners of such
Debenture, and of any Debenture issued in exchange or substitution therefor or on registration of
transfer thereof, irrespective of whether or not any notation in regard thereto is made upon such
Debenture or any Debenture issued in exchange or substitution therefor.

30

 

ARTICLE VIII

SECURITYHOLDERS’ MEETINGS

          Section 8.01 Purposes of Meetings.

          A meeting of Securityholders may be called at any time and from time to time pursuant to the
provisions of this Article VIII for any of the following purposes:

          (a) to give any notice to the Company or to the Trustee, or to give any directions to the
Trustee, or to consent to the waiving of any default hereunder and its consequences, or to take any
other action authorized to be taken by Securityholders pursuant to any of the provisions of Article
V;

          (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article VI;

          (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to
the provisions of Section 9.02; or

          (d) to take any other action authorized to be taken by or on behalf of the holders of any
specified aggregate principal amount of such Debentures under any other provision of this Indenture
or under applicable law.

          Section 8.02 Call of Meetings by Trustee.

          The Trustee may at any time call a meeting of Securityholders to take any action specified in
Section 8.01, to be held at such time and at such place in The City of New York, the Borough of
Manhattan, or Wilmington, Delaware, as the Trustee shall determine. Notice of every meeting of the
Securityholders, setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be mailed to holders of Debentures affected at
their addresses as they shall appear on the Debentures Register. Such notice shall be mailed not
less than 20 nor more than 180 days prior to the date fixed for the meeting.

          Section 8.03 Call of Meetings by Company or Securityholders.

               In case at any time the Company pursuant to a Board Resolution, or the holders of at least 10%
in aggregate principal amount of the Debentures, as the case may be, then outstanding, shall have
requested the Trustee to call a meeting of Securityholders, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have
mailed the notice of such meeting within 20 days after receipt of such request, then the Company or
such Securityholders may determine the time and the place in Wilmington, Delaware or Stillwater,
Oklahoma for such meeting and may call such meeting to take any action authorized in Section 8.01,
by mailing notice thereof as provided in Section 8.02.

          Section 8.04 Qualifications for Voting.

          To be entitled to vote at any meeting of Securityholders, a Person shall be (a) a holder of
one or more Debentures or (b) a Person appointed by an instrument in writing as proxy by a holder
of one or more Debentures. The only Persons who shall be entitled to be present or to speak at any
meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel
and any representatives of the Trustee and its counsel and any representatives of the Company and
its counsel.

          Section 8.05 Regulations.

          Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Securityholders, in regard to proof of the
holding of Debentures and of the appointment of proxies, and in regard to the appointment and
duties of inspectors of votes, the submission and examination of proxies, certificates and other
evidence of the right to vote, and such other matters concerning the conduct of the meeting as it
shall deem appropriate.

          The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Securityholders as provided in
Section 8.03, in which case the Company or the Securityholders calling the meeting, as the case may
be, shall in like manner appoint a temporary

31

 

chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by
majority vote at the meeting.

          Subject to the provisions of Section 7.04, at any meeting each holder of Debentures with
respect to which such meeting is being held or proxy therefor shall be entitled to one vote for
each $1,000.00 principal amount of Debentures held or represented by such holder; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Debenture
challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of Debentures held by such
chairman or instruments in writing as aforesaid duly designating such chairman as the Person to
vote on behalf of other Securityholders. Any meeting of Securityholders duly called pursuant to the
provisions of Section 8.02 or 8.03 may be adjourned from time to time by a majority of those
present, whether or not constituting a quorum, and the meeting may be held as so adjourned without
further notice.

          Section 8.06 Voting.

          The vote upon any resolution submitted to any meeting of holders of Debentures with respect to
which such meeting is being held shall be by written ballots on which shall be subscribed the
signatures of such holders or of their representatives by proxy and the serial number or numbers of
the Debentures held or represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified written reports in
triplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of
the notice of the meeting and showing that said notice was mailed as provided in Section 8.02. The
record shall show the serial numbers of the Debentures voting in favor of or against any
resolution. The record shall be signed and verified by the affidavits of the permanent chairman and
secretary of the meeting and one of the duplicates shall be delivered to the Company and the other
to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting.

          Any record so signed and verified shall be conclusive evidence of the matters therein stated.

          Section 8.07 Quorum; Actions.

          The Persons entitled to vote a majority in aggregate principal amount of the Debentures then
outstanding shall constitute a quorum for a meeting of Securityholders; provided,
however, that if any action is to be taken at such meeting with respect to a consent,
waiver, request, demand, notice, authorization, direction or other action which may be given by the
holders of not less than a specified percentage in aggregate principal amount of the Debentures
then outstanding, the Persons holding or representing such specified percentage in aggregate
principal amount of the Debentures then outstanding will constitute a quorum. In the absence of a
quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened
at the request of Securityholders, be dissolved. In any other case, the meeting may be adjourned
for a period of not less than 10 days as determined by the permanent chairman of the meeting prior
to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days as determined by
the permanent chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of
the reconvening of any adjourned meeting shall be given as provided in Section 8.02, except that
such notice need be given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state
expressly the percentage, as provided above, of the aggregate principal amount of the Debentures
then outstanding which shall constitute a quorum.

          Except as limited by the proviso in the first paragraph of Section 9.02, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as
aforesaid may be adopted by the affirmative vote of the holders of a majority in aggregate
principal amount of the Debentures then outstanding; provided, however, that,
except as limited by the proviso in the first paragraph of Section 9.02, any resolution with
respect to any consent, waiver, request, demand, notice, authorization, direction or other action
that this Indenture expressly provides may be given by the holders of not less than a specified
percentage in outstanding principal amount of the Debentures may be adopted at a meeting or an
adjourned meeting duly reconvened and at which a

32

 

quorum is present as aforesaid only by the affirmative vote of the holders of not less than
such specified percentage in aggregate principal amount of the Debentures then outstanding.

          Any resolution passed or decision taken at any meeting of holders of Debentures duly held in
accordance with this Section shall be binding on all the Securityholders, whether or not present or
represented at the meeting.

ARTICLE IX

SUPPLEMENTAL INDENTURES

          Section 9.01 Supplemental Indentures without Consent of Securityholders.

          The Company, when authorized by a Board Resolution, and the Trustee may from time to time and
at any time enter into an indenture or indentures supplemental hereto, without the consent of the
Securityholders, for one or more of the following purposes:

          (a) to evidence the succession of another Person to the Company, or successive successions,
and the assumption by the successor Person of the covenants, agreements and obligations of the
Company, pursuant to Article XI hereof, including to expressly state herein that any debt
securities (or guarantees in respect thereof) issued by such successor entity on, prior to or
following the date of such succession, to any trust, or a trustee of a trust, partnership or other
entity affiliated with the successor corporation that is, directly or indirectly, a finance
subsidiary (as that term is defined in Section 3a-5 of the Investment Company Act of 1940) or other
financing vehicle of the successor entity or any subsidiary thereof, in connection with the
issuance by that entity of preferred securities or other securities that are eligible to qualify as
Tier 1 capital (or its then equivalent) for the successor entity under the capital adequacy
guidelines of the Federal Reserve, or that would so qualify but for limitations on the amount of
such securities includable in Tier 1 capital under such guidelines, shall rank pari passu with the
Debentures;

          (b) to add to the covenants of the Company such further covenants, restrictions or conditions
for the protection of the holders of Debentures as the Board of Directors shall consider to be for
the protection of the holders of such Debentures, and to make the occurrence, or the occurrence and
continuance, of a Default in any of such additional covenants, restrictions or conditions a Default
or an Event of Default permitting the enforcement of all or any of the several remedies provided in
this Indenture as herein set forth; provided, however, that in respect of any such
additional covenant, restriction or condition such supplemental indenture may provide for a
particular period of grace after Default (which period may be shorter or longer than that allowed
in the case of other Defaults) or may provide for an immediate enforcement upon such Default or may
limit the remedies available to the Trustee upon such default;

          (c) to cure any ambiguity or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained
herein or in any supplemental indenture, or to make such other provisions in regard to matters or
questions arising under this Indenture, provided, that any such action shall not adversely
affect the interests of the holders of the Debentures then outstanding;

          (d) to add to, delete from, or revise the terms of Debentures, including, without limitation,
any terms relating to the issuance, exchange, registration or transfer of Debentures, including to
provide for transfer procedures and restrictions substantially similar to those applicable to the
Preferred Securities, as required by Section 2.05, provided, that any such action shall not
adversely affect the interests of the holders of the Debentures then outstanding (it being
understood, for purposes of this proviso, that transfer restrictions on Debentures substantially
similar to those applicable to Preferred Securities shall not be deemed to adversely affect the
holders of the Debentures);

          (e) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee
with respect to the Debentures and to add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, pursuant to the requirements of Section 6.10;

          (f) to make any change (other than as elsewhere provided in this Section) that does not
adversely affect the rights of any Securityholder in any material respect; or

33

 

          (g) to provide for the issuance of and establish the form and terms and conditions of the
Debentures, to establish the form of any certifications required to be furnished pursuant to the
terms of this Indenture or the Debentures, or to add to the rights of the holders of Debentures.

          The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer and assignment of any property thereunder,
but the Trustee shall not be obligated to, but may in its discretion, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

          Any supplemental indenture authorized by the provisions of this Section may be executed by the
Company and the Trustee without the consent of the holders of any of the Debentures at the time
outstanding, notwithstanding any of the provisions of Section 9.02.

          Section 9.02 Supplemental Indentures with Consent of Securityholders.

          With the consent (evidenced as provided in Section 7.01) of the holders of a majority in
aggregate principal amount of the Debentures at the time outstanding affected by such supplemental
indenture, the Company, when authorized by a Board Resolution, and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act, then in effect, applicable to indentures qualified
thereunder) for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental indenture or of modifying in any
manner the rights of the holders of the Debentures; provided, however, that no such
supplemental indenture shall, without the consent of the holders of each Debenture then outstanding
and affected thereby, (i) change the Maturity Date of any Debenture, or reduce the principal amount
thereof or any premium thereon, or reduce the rate or extend the time of payment of interest
thereon, or reduce any amount payable on redemption thereof, or increase the aggregate principal
amount of Debentures then outstanding, or change any of the redemption provisions, or make the
principal thereof or any interest or premium thereon payable in any coin or currency other than
that provided in the Debentures, or impair or affect the right of any Securityholder to institute
suit for payment thereof, or (ii) reduce the aforesaid percentage of Debentures the holders of
which are required to consent to any such supplemental indenture; and provided,
further, that if the Debentures are held by the Trust or the trustee of the Trust, such
supplemental indenture shall not be effective until the holders of a majority in aggregate
liquidation amount of the outstanding Preferred Securities shall have consented to such
supplemental indenture; provided, further, that if the consent of the
Securityholder of each outstanding Debenture is required, such supplemental indenture shall not be
effective until each holder of the outstanding Preferred Securities shall have consented to such
supplemental indenture.

          Upon the request of the Company accompanied by a Board Resolution authorizing the execution of
any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of
Securityholders (and holders of Preferred Securities, if required) as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
supplemental indenture.

          Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage
prepaid, a notice, prepared by the Company, setting forth in general terms the substance of such
supplemental indenture, to the Securityholders as their names and addresses appear upon the
Debenture Register. Any failure of the Trustee to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental indenture.

          It shall not be necessary for the consent of the Securityholders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such
consent shall approve the substance thereof.

          Section 9.03 Effect of Supplemental Indentures.

          Upon the execution of any supplemental indenture pursuant to the provisions of this Article
IX, this Indenture shall be and be deemed to be modified and amended in accordance therewith and
the respective rights,

34

 

limitations of rights, obligations, duties and immunities under this Indenture of the Trustee,
the Company and the holders of Debentures shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

          Section 9.04 Notation on Debentures.

          Debentures authenticated and delivered after the execution of any supplemental indenture
pursuant to the provisions of this Article IX may bear a notation as to any matter provided for in
such supplemental indenture. If the Company or the Trustee shall so determine, new Debentures so
modified as to conform, in the opinion of the Board of Directors of the Company, to any
modification of this Indenture contained in any such supplemental indenture may be prepared and
executed by the Company, authenticated by the Trustee or the Authenticating Agent and delivered in
exchange for the Debentures then outstanding.

          Section 9.05 Evidence of Compliance of Supplemental Indenture to be Furnished to
Trustee.

          The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall, in addition to the
documents required by Section 14.06, receive an Officers’ Certificate as conclusive evidence that
any supplemental indenture executed pursuant hereto complies with the requirements of this Article
IX. The Trustee shall also receive an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article IX is authorized or permitted by, and
conforms to, the terms of this Article IX and that it is proper for the Trustee under the
provisions of this Article IX to join in the execution thereof.

ARTICLE X

REDEMPTION OF SECURITIES

          Section 10.01 Optional Redemption.

          (a) The Company shall have the right, subject to the receipt by the Company of the prior
approval from the Federal Reserve, if then required under applicable capital guidelines or policies
of the Federal Reserve, to redeem the Debentures, in whole or (provided that all accrued and unpaid
interest has been paid on all Debentures) from time to time in part, on any Interest Payment Date
on or after September 15, 2013 (each, an “Optional Redemption Date”), at the Optional Redemption
Price.

          (b) Subject to the provisions of Section 10.3, the Company shall have the right to redeem
Debentures at any time and from time to time in a principal amount equal to the Liquidation Amount
of any Preferred Securities purchased and beneficially owned by the Company, plus an additional
principal amount of Debentures equal to the Liquidation Amount of that number of Common Securities
that bears the same proportion to the total number of Common Securities then outstanding as the
number of Preferred Securities to be redeemed bears to the total number of Preferred Securities
then outstanding. Such Debentures shall be redeemed pursuant to this Section 10.01(b) only in
exchange for and upon surrender by the Company to the Property Trustee of the Preferred Securities
and a proportionate amount of Common Securities, whereupon the Property Trustee shall cancel the
Preferred Securities and Common Securities so surrendered and a Like Amount of Debentures shall be
extinguished by the Trustee and shall no longer be deemed Outstanding.

          (c) If a partial redemption of the Debentures would result in the delisting of the Preferred
Securities issued by the Trust from the Nasdaq Global Select Market or any national securities
exchange or other organization on which the Preferred Securities are then listed or quoted, the
Company shall not be permitted to effect such partial redemption any may only redeem the Debentures
in whole or in part to such extent as would not cause a delisting.

          Section 10.02 Special Event Redemption.

          If a Special Event shall occur and be continuing, the Company shall have the right, subject to
the receipt by the Company of prior approval from the Federal Reserve, if then required under
applicable capital guidelines or policies of the Federal Reserve, to redeem the Debentures, in
whole but not in part, at any time within 90 days following the occurrence of such Special Event
(the “Special Redemption Date”), at the Special Redemption Price.

35

 

          Section 10.03 Notice of Redemption; Selection of Debentures.

          In case the Company shall desire to exercise the right to redeem all, or, as the case may be,
any part of the Debentures, it shall fix a date for redemption and shall mail, or cause the Trustee
to mail (at the expense of the Company), a notice of such redemption at least 30 and not more than
60 days prior to the date fixed for redemption to the holders of Debentures so to be redeemed as a
whole or in part at their last addresses as the same appear on the Debenture Register. Such mailing
shall be by first class mail. The notice if mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the holder receives such notice. In
any case, failure to give such notice by mail or any defect in the notice to the holder of any
Debenture designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Debenture.

          Each such notice of redemption shall specify the CUSIP number, if any, of the Debentures to be
redeemed, the date fixed for redemption, the price (or manner of calculation of the price) at which
Debentures are to be redeemed, the place or places of payment, that payment will be made upon
presentation and surrender of such Debentures, that interest accrued to the date fixed for
redemption will be paid as specified in said notice, and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue. If less than all the
Debentures are to be redeemed, the notice of redemption shall specify the numbers of the Debentures
to be redeemed. In case the Debentures are to be redeemed in part only, the notice of redemption
shall state the portion of the principal amount thereof to be redeemed and shall state that on and
after the date fixed for redemption, upon surrender of such Debenture, a new Debenture or
Debentures in principal amount equal to the unredeemed portion thereof will be issued.

          Prior to 10:00 a.m., New York City time, on the Optional Redemption Date or the Special
Redemption Date specified in the notice of redemption given as provided in this Section, the
Company will deposit with the Trustee or with one or more Paying Agents an amount of money
sufficient to redeem on such date all the Debentures so called for redemption at the applicable
price therefor, together with unpaid interest accrued to such date.

          The Company will give the Trustee notice not less than 45 nor more than 75 days prior to the
Optional Redemption Date or Special Redemption Date, as applicable, and as to the aggregate
principal amount of Debentures to be redeemed, and the Trustee shall select, in such manner as in
its sole discretion it shall deem appropriate and fair, the Debentures or portions thereof (in
integral multiples of $1,000) to be redeemed.

          Section 10.04 Payment of Debentures Called for Redemption.

          If notice of redemption has been given as provided in Section 10.03, the Debentures or
portions of Debentures with respect to which such notice has been given shall become due and
payable on the Optional Redemption Date or Special Redemption Date (as the case may be) and at the
place or places stated in such notice at the Optional Redemption Price or Special Redemption Price,
as applicable, together with unpaid interest accrued thereon to said Optional Redemption Date or
the Special Redemption Date (as the case may be), and on and after said Optional Redemption Date or
the Special Redemption Date (as the case may be) (unless the Company shall default in the payment
of such Debentures at the at the Optional Redemption Price or Special Redemption Price, as
applicable,) interest on the Debentures or portions of Debentures so called for redemption shall
cease to accrue. On presentation and surrender of such Debentures at a place of payment specified
in said notice, such Debentures or the specified portions thereof shall be paid and redeemed by the
Company at the at the Optional Redemption Price or Special Redemption Price, as applicable;
provided, however, that interest payable on any Interest Payment Date on or prior
to said Optional Redemption Date or the Special Redemption Date will be paid to the holders on the
relevant regular record date.

          Upon presentation of any Debenture redeemed in part only, the Company shall execute and the
Trustee shall authenticate and make available for delivery to the holder thereof, at the expense of
the Company, a new Debenture or Debentures of authorized denominations in principal amount equal to
the unredeemed portion of the Debenture so presented.

36

 

ARTICLE XI

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

     Section 11.01 Company May Consolidate, etc., on Certain Terms.

     Nothing contained in this Indenture or in the Debentures shall prevent any consolidation or
merger of the Company with or into any other Person (whether or not affiliated with the Company) or
successive consolidations or mergers in which the Company or its successor or successors shall be a
party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the
property of the Company or its successor or successors as an entirety, or substantially as an
entirety, to any other Person (whether or not affiliated with the Company, or its successor or
successors) authorized to acquire and operate the same; provided, however, that the
Company hereby covenants and agrees that, upon any such consolidation, merger (where the Company is
not the surviving corporation), sale, conveyance, transfer or other disposition, the due and
punctual payment of the principal of (and premium, if any) and interest on all of the Debentures in
accordance with their terms, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture to be kept or performed by the
Company, shall be expressly assumed by supplemental indenture satisfactory in form to the Trustee
executed and delivered to the Trustee by the entity formed by such consolidation, or into which the
Company shall have been merged, or by the entity which shall have acquired such property, and
further provided that immediately upon such transaction and succession, there shall
not occur or be continuing any Event of Default, or any event which with giving of notice or lapse
of time or both would be an Event of Default.

     Section 11.02 Successor Entity to be Substituted.

     (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition
contemplated in Section 11.01 and upon the assumption by the successor corporation, by supplemental
indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the
Trustee, of the due and punctual payment of the principal of and premium, if any, and interest on
all of the Debentures and the due and punctual performance and observance of all of the covenants
and conditions of this Indenture to be performed or observed by the Company, such successor entity
shall succeed to and be substituted for the Company, with the same effect as if it had been named
herein as the Company, and thereupon the predecessor entity shall be relieved of any further
liability or obligation hereunder or upon the Debentures. Such successor entity thereupon may cause
to be signed, and may issue either in its own name or in the name of the Company, any or all of the
Debentures issuable hereunder which theretofore shall not have been signed by the Company and
delivered to the Trustee or the Authenticating Agent; and, upon the order of such successor entity
instead of the Company and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee or the Authenticating Agent shall authenticate and deliver any Debentures
which previously shall have been signed and delivered by the officers of the Company to the Trustee
or the Authenticating Agent for authentication, and any Debentures which such successor corporation
thereafter shall cause to be signed and delivered to the Trustee or the Authenticating Agent for
that purpose. All the Debentures so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Debentures theretofore or thereafter issued in accordance with
the terms of this Indenture as though all of such Debentures had been issued at the date of the
execution hereof.

     Notwithstanding anything to the contrary contained herein, upon the effectiveness of any such
consolidation, merger, sale, conveyance, transfer or other disposition and of the assumption by the
successor entity, by supplemental indenture, in accordance with Section 11.1, of the due and
punctual payment of the principal of and premium, if any, and interest on all of the Debentures and
the due and punctual performance and observance of all of the covenants and conditions of this
Indenture to be performed or observed by the Company, then this Indenture and the obligations of
the Company (and any successor) hereunder, shall rank pari passu in all respects with any debt
securities (or guarantees in respect thereof) issued by such successor corporation on, prior to or
following the date of such succession, to any trust, or a trustee of a trust, partnership or other
entity affiliated with the successor corporation that is, directly or indirectly, a finance
subsidiary (as that term is defined in Section 3a-5 of the Investment Company Act of 1940) or other
financing vehicle of the successor entity or any subsidiary thereof, in connection with the
issuance by that entity of preferred securities or other securities that are eligible to qualify as
Tier 1 capital (or its then equivalent) for the successor entity under the capital adequacy
guidelines of the Federal

37

 

Reserve, or that would so qualify but for limitations on the amount of such securities
includable in Tier 1 capital under such guidelines.

     Section 11.03 Opinion of Counsel to be Given to Trustee.

     The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive, in addition
to the Opinion of Counsel required by Section 9.05, an Opinion of Counsel as conclusive evidence
that any consolidation, merger, sale, conveyance, transfer or other disposition, and any
assumption, permitted or required by the terms of this Article XI complies with the provisions of
this Article XI.

ARTICLE XII

SATISFACTION AND DISCHARGE OF INDENTURE

     Section 12.01 Discharge of Indenture.

     When (a) the Company shall deliver to the Trustee for cancellation all Debentures theretofore
authenticated (other than any Debentures which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.06) and not theretofore canceled, or (b)
all the Debentures not theretofore canceled or delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within one year or are to
be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption, and the Company shall deposit with the Trustee, in trust, funds,
which shall be immediately due and payable, sufficient to pay at maturity or upon redemption all of
the Debentures (other than any Debentures which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.06) not theretofore canceled or delivered
to the Trustee for cancellation, including principal and premium, if any, and interest due or to
become due to the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as
the case may be, but excluding, however, the amount of any moneys for the payment of principal of
and premium, if any, or interest on the Debentures (1) theretofore repaid to the Company in
accordance with the provisions of Section 12.04, or (2) paid to any state or to the District of
Columbia pursuant to its unclaimed property or similar laws, and if in the case of either clause
(a) or (b) above the Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then this Indenture shall cease to be of further effect except for the provisions of
Sections 2.05, 2.06, 2.08, 3.01, 3.02, 3.04, 6.06, 6.09 and 12.04 hereof, which shall survive until
such Debentures shall mature or are redeemed, as the case may be, and are paid in full. Thereafter,
Sections 6.06 and 12.04 shall survive, and the Trustee, on demand of the Company accompanied by an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with,
and at the cost and expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture, the Company, however, hereby agreeing to reimburse
the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee in
connection with this Indenture or the Debentures.

     Section 12.02 Deposited Moneys to be Held in Trust by Trustee.

     Subject to the provisions of Section 12.04, all moneys deposited with the Trustee pursuant to
Section 12.01 shall be held in trust and applied by it to the payment, either directly or through
any Paying Agent (including the Company if acting as its own Paying Agent), to the holders of the
particular Debentures for the payment of which such moneys have been deposited with the Trustee, of
all sums due and to become due thereon for principal, premium, if any, and interest.

     Section 12.03 Paying Agent to Repay Moneys Held.

     Upon the satisfaction and discharge of this Indenture, all moneys then held by any Paying
Agent of the Debentures (other than the Trustee) shall, upon demand of the Company, be repaid to
the Company or paid to the Trustee, and thereupon such Paying Agent shall be released from all
further liability with respect to such moneys.

     Section 12.04 Return of Unclaimed Moneys.

     Any moneys deposited with or paid to the Trustee or any Paying Agent for payment of the
principal of and premium, if any, or interest on Debentures and not applied but remaining unclaimed
by the holders of Debentures

38

 

for two years after the date upon which the principal of and premium, if any, or interest on
such Debentures, as the case may be, shall have become due and payable, shall be repaid to the
Company by the Trustee or such Paying Agent on written demand; and the holder of any of the
Debentures shall thereafter look only to the Company for any payment which such holder may be
entitled to collect and all liability of the Trustee or such Paying Agent with respect to such
moneys shall thereupon cease.

ARTICLE XIII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

     Section 13.01 Indenture and Debentures Solely Corporate Obligations.

     No recourse for the payment of the principal of or premium, if any, or interest on any
Debenture, or for any claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental
indenture, or in any such Debenture, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, officer, director, employee or agent,
as such, past, present or future, of the Company or of any predecessor or successor entity of the
Company, either directly or through the Company or any successor entity of the Company, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise; it being expressly understood that all such liability is hereby expressly
waived and released as a condition of, and as a consideration for, the execution of this Indenture
and the issue of the Debentures.

ARTICLE XIV

MISCELLANEOUS PROVISIONS

     Section 14.01 Successors.

     All the covenants, stipulations, promises and agreements of the Company contained in this
Indenture shall bind its successors and assigns, whether so expressed or not.

     Section 14.02 Official Acts by Successor Entity.

     Any act or proceeding by any provision of this Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the like board, committee, officer or other authorized Person of any
entity that shall at the time be the lawful successor of the Company.

     Section 14.03 Surrender of Company Powers.

     The Company, by instrument in writing executed by authority of 2/3 (two thirds) of its Board
of Directors and delivered to the Trustee, may surrender any of the powers reserved to the Company
and thereupon such power so surrendered shall terminate both as to the Company and as to any
permitted successor.

     Section 14.04 Addresses for Notices, etc.

     Any notice or demand which by any provision of this Indenture is required or permitted to be
given or served by the Trustee or by the Securityholders on the Company may be given or served in
writing by being deposited postage prepaid by registered or certified mail in a post office letter
box addressed (until another address is filed by the Company with the Trustee for such purpose)

to the Company at:

608 South Main Street

Stillwater, Oklahoma 74074

Attention Rick J. Green

39

 

with a copy to:

James I Lundy, III, Esquire

Suite 400

1700 Pennsylvania Avenue, NW

Washington, DC 20006

Telecopy: 202-318-4623

Telephone: 202-349-7130

     Any notice, direction, request or demand by any Securityholder or the Company to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made
in writing at the office of U.S. Bank National Association at:

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attention: Corporate Trust Services

     Section 14.05 Governing Law.

     This Indenture and the Debentures shall each be governed by, and construed in accordance with,
the laws of the State of New York, without regard to conflict of laws principles of said.

     Section 14.06 Evidence of Compliance with Conditions Precedent.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or
an Opinion of Counsel, if to be given by Counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirements set forth in this Indenture.

     Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture (except
certificates delivered pursuant to Section 3.05) shall include (a) a statement that the person
making such certificate or opinion has read such covenant or condition and the definitions relating
thereto; (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; (c) a
statement that, in the opinion of such person, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed opinion as to whether or not such
covenant or condition has been complied with; and (d) a statement as to whether or not, in the
opinion of such person, such condition or covenant has been complied with.

     Section 14.07 Business Day Convention.

     Notwithstanding anything to the contrary contained herein, if any Interest Payment Date, other
than the Maturity Date, any Optional Redemption Date or any Special Redemption Date, falls on a day
that is not a Business Day, then any interest payable will be paid on, and such Interest Payment
Date will be moved to, the next succeeding Business Day, and additional interest will accrue for
each day that such payment is delayed as a result thereof. If any Interest Payment Date on the
Maturity Date, any Optional Redemption Date or any Special Redemption Date falls on a day that is
not a Business Day, then the principal, premium, if any, and/or interest payable on such date will
be paid on the next succeeding Business Day, and no additional interest will accrue in respect of
such payment made on such next succeeding Business Day.

     Section 14.08 Table of Contents, Headings, etc.

     The table of contents and the titles and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part
hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

40

 

     Section 14.09 Execution in Counterparts.

     This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument.

     Section 14.10 Separability.

     In case any one or more of the provisions contained in this Indenture or in the Debentures
shall for any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture
or of such Debentures, but this Indenture and such Debentures shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein or therein.

     Section 14.11 Assignment.

     Subject to Article XI, the Company will have the right at all times to assign any of its
rights or obligations under this Indenture and the Debentures to a direct or indirect wholly owned
Subsidiary of the Company; provided, however, that, in the event of any such
assignment, the Company will remain liable for all such obligations. Subject to the foregoing, this
Indenture is binding upon and inures to the benefit of the parties hereto and their respective
successors and assigns. This Indenture may not otherwise be assigned by the parties thereto.

     Section 14.12 Acknowledgment of Rights.

     The Company acknowledges that, with respect to any Debentures held by the Trust or a trustee
of the Trust, if such trustee of the Trust fails to enforce its rights under this Indenture as the
holder of Debentures held as the assets of the Trust after the holders of a majority in aggregate
liquidation amount of the outstanding Preferred Securities of the Trust have so directed in writing
such trustee, a holder of record of such Preferred Securities may, to the fullest extent permitted
by law, institute legal proceedings directly against the Company to enforce such trustee’s rights
under this Indenture without first instituting any legal proceedings against such trustee or any
other Person. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing
and such event is attributable to the failure of the Company to pay interest or premium, if any, on
or principal of the Debentures on the date such interest, premium, if any, or principal is
otherwise due and payable (or, in the case of redemption, on the related Optional Redemption Date
or the Special Redemption Date (as the case may be)), the Company acknowledges that a holder of
outstanding Preferred Securities of the Trust may directly institute a proceeding against the
Company for enforcement of payment to such holder directly of the principal of or premium, if any,
or interest on the Debentures having an aggregate principal amount equal to the aggregate
liquidation amount of the Preferred Securities of such holder on or after the respective due date
(or Optional Redemption Date or Special Redemption Date (as the case may be)) specified in the
Debentures.

     Section 14.13 Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required under such Act to be a part of and govern this Indenture, the latter provision
shall control. If any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be.

ARTICLE XV

SUBORDINATION OF DEBENTURES

     Section 15.01 Agreement to Subordinate.

     The Company covenants and agrees, and each holder of Debentures issued hereunder by such
holder’s acceptance thereof likewise covenants and agrees, that all Debentures shall be issued
subject to the provisions of this Article XV; and each holder of a Debenture, whether upon original
issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions.

     The payment by the Company of the principal of, and premium, if any, and interest on all
Debentures shall, to the extent and in the manner hereinafter set forth, be subordinated and junior
in right of payment to the prior payment in full of all Senior Indebtedness of the Company, whether
outstanding at the date of this Indenture or

41

 

thereafter incurred; provided, however, that the Debentures shall rank pari passu
in all material respects, including in right of payment, with any indebtedness, liabilities or
obligations of the Company, or any Subsidiary of the Company, under debt securities under any
Indenture outstanding as of the date hereof (or guarantees in respect of debt securities) issued to
any trust, or a trustee of a trust, partnership or other entity affiliated with the Company that
is, directly or indirectly, a finance subsidiary (as such term is defined in Rule 3a-5 under the
Investment Company Act of 1940) or other financing vehicle of the Company or any Subsidiary of the
Company in connection with the issuance by that entity of preferred securities or other securities
that are eligible to qualify for Tier 1 capital treatment (or its then equivalent) for purposes of
the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable to the
Company, without reference to any limitation on the ability to treat such securities as Tier 1
capital as a result of having cumulative preferred stock, minority interests in consolidated
subsidiaries, or any other class of security or interest which the Federal Reserve now or may
hereafter accord Tier 1 capital treatment in excess of the amount which may qualify for treatment
as Tier 1 capital under applicable capital adequacy guidelines, including but not limited to the
debt securities and related guaranties identified in the last sentence of the definition of Senior
Indebtedness.

     The payment by the Company of the payments due on all Debentures issued hereunder shall, to
the extent and in the manner hereinafter set forth, be subordinated and junior in right of payment
to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the
date of this Indenture or thereafter incurred.

     No provision of this Article XV shall prevent the occurrence of any default or Event of
Default hereunder.

     Section 15.02 Default on Senior Indebtedness.

     In the event and during the continuation of any default by the Company in the payment of
principal, premium, interest or any other amount due on any Senior Indebtedness of the Company
following any applicable grace period, or in the event that the maturity of any Senior Indebtedness
of the Company has been accelerated because of a default, and such acceleration has not been
rescinded or canceled and such Senior Indebtedness has not been paid in full, then, in either case,
no payment shall be made by the Company with respect to any payments due on the Debentures.

     In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee
or any Securityholder when such payment is prohibited by the preceding paragraph of this Section,
such payment shall, subject to Section 15.06, be held in trust for the benefit of, and shall be
paid over or delivered to, the holders of Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness
may have been issued, as their respective interests may appear, but only to the extent that the
holders of the Senior Indebtedness (or their representative or representatives or trustee) notify
the Trustee in writing within 90 days of such payment of the amounts then due and owing on the
Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to
the holders of Senior Indebtedness.

     Section 15.03 Liquidation; Dissolution; Bankruptcy.

     Upon any payment by the Company or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to creditors upon any dissolution, winding-up,
liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness of the
Company shall first be paid in full, or payment thereof provided for in money in accordance with
its terms, before any payment is made by the Company on the Debentures; and upon any such
dissolution, winding-up, liquidation or reorganization, any payment by the Company, or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to
which the Securityholders or the Trustee would be entitled to receive from the Company, except for
the provisions of this Article XV, shall be paid by the Company, or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by
the Securityholders or by the Trustee under this Indenture if received by them or it, directly to
the holders of Senior Indebtedness of the Company (pro rata to such holders on the basis of the
respective amounts of Senior Indebtedness held by such holders, as calculated by the Company) or
their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing such Senior Indebtedness may have been issued, as their
respective interests may appear, to the extent necessary to pay such Senior Indebtedness in full,
in money or money’s worth, after giving effect to any

42

 

concurrent payment or distribution to or for the holders of such Senior Indebtedness, before
any payment or distribution is made to the Securityholders or to the Trustee.

     In the event that, notwithstanding the foregoing, any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, prohibited by the
foregoing shall be received by the Trustee or any Securityholder before all Senior Indebtedness of
the Company is paid in full, or provision is made for such payment in money in accordance with its
terms, such payment or distribution shall be held in trust for the benefit of, and shall be paid
over or delivered to, the holders of such Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to which any
instruments evidencing such Senior Indebtedness may have been issued, as their respective interests
may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness
of the Company remaining unpaid to the extent necessary to pay such Senior Indebtedness in full in
money in accordance with its terms, after giving effect to any concurrent payment or distribution
to or for the benefit of the holders of such Senior Indebtedness.

     For purposes of this Article XV, the words “cash, property or securities” shall not be deemed
to include shares of stock of the Company as reorganized or readjusted, or securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this Article XV with respect to
the Debentures to the payment of all Senior Indebtedness of the Company, that may at the time be
outstanding, provided, that (a) such Senior Indebtedness is assumed by the new corporation,
if any, resulting from any such reorganization or readjustment, and (b) the rights of the holders
of such Senior Indebtedness are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the merger of the Company
into, another corporation or the liquidation or dissolution of the Company following the
conveyance, transfer or other disposition of its property as an entirety, or substantially as an
entirety, to another corporation upon the terms and conditions provided for in Article XI of this
Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section if such other corporation shall, as a part of such consolidation, merger,
conveyance or transfer, comply with the conditions stated in Article XI of this Indenture. Nothing
in Section 15.02 or in this Section shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.06 of this Indenture.

     Section 15.04 Subrogation.

     Subject to the payment in full of all Senior Indebtedness of the Company, the Securityholders
shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to such Senior Indebtedness
until all payments due on the Debentures shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash,
property or securities to which the Securityholders or the Trustee would be entitled except for the
provisions of this Article XV, and no payment over pursuant to the provisions of this Article XV to
or for the benefit of the holders of such Senior Indebtedness by Securityholders or the Trustee,
shall, as between the Company, its creditors other than holders of Senior Indebtedness of the
Company, and the holders of the Debentures be deemed to be a payment or distribution by the Company
to or on account of such Senior Indebtedness. It is understood that the provisions of this Article
XV are, and are intended, solely for the purposes of defining the relative rights of the holders of
the Debentures, on the one hand, and the holders of such Senior Indebtedness, on the other hand.

     Nothing contained in this Article XV or elsewhere in this Indenture, any Additional Provisions
or in the Debentures is intended to or shall impair, as between the Company, its creditors other
than the holders of Senior Indebtedness of the Company, and the holders of the Debentures, the
obligation of the Company, which is absolute and unconditional, to pay to the holders of the
Debentures all payments on the Debentures as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative rights of the holders
of the Debentures and creditors of the Company other than the holders of Senior Indebtedness of the
Company, nor shall anything herein or therein prevent the Trustee or the holder of any Debenture
from exercising all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article XV of the holders of such Senior
Indebtedness in respect of cash, property or securities of the Company received upon the exercise
of any such remedy.

43

 

     Upon any payment or distribution of assets of the Company referred to in this Article XV, the
Trustee, subject to the provisions of Article VI of this Indenture, and the Securityholders shall
be entitled to conclusively rely upon any order or decree made by any court of competent
jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are
pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or
other Person making such payment or distribution, delivered to the Trustee or to the
Securityholders, for the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article XV.

     Section 15.05 Trustee to Effectuate Subordination.

     Each Securityholder, by such Securityholder’s acceptance thereof, authorizes and directs the
Trustee on such Securityholder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article XV and appoints the Trustee such
Securityholder’s attorney-in-fact for any and all such purposes.

     Section 15.06 Notice by the Company.

     The Company shall give prompt written notice to a Responsible Officer of the Trustee at the
Principal Office of the Trustee of any fact known to the Company that would prohibit the making of
any payment of moneys to or by the Trustee in respect of the Debt Securities pursuant to the
provisions of this Article XV. Notwithstanding the provisions of this Article XV or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment of moneys to or by the Trustee in respect
of the Debentures pursuant to the provisions of this Article XV unless and until a Responsible
Officer of the Trustee at the Principal Office of the Trustee shall have received written notice
thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee
therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions
of Article VI of this Indenture, shall be entitled in all respects to assume that no such facts
exist; provided, however, that if the Trustee shall not have received the notice
provided for in this Section at least two Business Days prior to the date upon which by the terms
hereof any money may become payable for any purpose (including, without limitation, the payment of
the principal of or premium, if any, or interest on any Debenture), then, anything herein contained
to the contrary notwithstanding, the Trustee shall have full power and authority to receive such
money and to apply the same to the purposes for which they were received, and shall not be affected
by any notice to the contrary that may be received by it within two Business Days prior to such
date.

     The Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person representing himself or
herself to be a holder of Senior Indebtedness of the Company (or a trustee or representative on
behalf of such holder) to establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee or representative on behalf of any such holder or holders. In the event
that the Trustee determines in good faith that further evidence is required with respect to the
right of any Person as a holder of such Senior Indebtedness to participate in any payment or
distribution pursuant to this Article XV, the Trustee may request such Person to furnish evidence
to the reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held by
such Person, the extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under this Article XV, and,
if such evidence is not furnished, the Trustee may defer any payment to such Person pending
judicial determination as to the right of such Person to receive such payment.

     Section 15.07 Rights of the Trustee; Holders of Senior Indebtedness.

     The Trustee, in its individual capacity, shall be entitled to all the rights set forth in this
Article XV in respect of any Senior Indebtedness at any time held by it, to the same extent as any
other holder of Senior Indebtedness, and nothing in this Indenture or any Additional Provisions
shall deprive the Trustee of any of its rights as such holder.

     With respect to the holders of Senior Indebtedness of the Company, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article XV, and no implied covenants or obligations with respect to the holders of such Senior
Indebtedness shall be read into this Indenture or

44

 

any Additional Provisions against the Trustee. The Trustee shall not owe or be deemed to owe
any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions of
Article VI of this Indenture, the Trustee shall not be liable to any holder of such Senior
Indebtedness if it shall pay over or deliver to Securityholders, the Company or any other Person
money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this
Article XV or otherwise.

     Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.06.

     Section 15.08 Subordination May Not Be Impaired.

     No right of any present or future holder of any Senior Indebtedness of the Company to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of the Company, or by any act or failure to act, in good faith, by
any such holder, or by any noncompliance by the Company, with the terms, provisions and covenants
of this Indenture, regardless of any knowledge thereof that any such holder may have or otherwise
be charged with.

     Without in any way limiting the generality of the foregoing paragraph, the holders of Senior
Indebtedness of the Company may, at any time and from time to time, without the consent of or
notice to the Trustee or the Securityholders, without incurring responsibility to the
Securityholders and without impairing or releasing the subordination provided in this Article XV or
the obligations hereunder of the holders of the Debentures to the holders of such Senior
Indebtedness, do any one or more of the following: (a) change the manner, place or terms of payment
or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend
or supplement in any manner such Senior Indebtedness or any instrument evidencing the same or any
agreement under which such Senior Indebtedness is outstanding; (b) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing such Senior Indebtedness;
(c) release any Person liable in any manner for the collection of such Senior Indebtedness; and (d)
exercise or refrain from exercising any rights against the Company or any other Person.

[Signatures appear on the following page]

45

 

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their
respective officers thereunto duly authorized, as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	SOUTHWEST BANCORP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

46

 

Annex A

			
	 	 	 
	NO:
	 	$          
	 	 	 
	CUSIP NO:	 	 

FIXED RATE JUNIOR SUBORDINATED DEBENTURE

SOUTHWEST BANCORP, INC.

     THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED BY THE UNITED STATES
OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION.

     [THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT
IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO
TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND
NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THE SECURITIES OR ANY INTEREST
THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY
PURCHASER OR HOLDER OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY
ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE
MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A
TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON
OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii)
SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.]

     [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OR TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.]

 

 

Fixed Rate Junior Subordinated Debenture

of

SOUTHWEST BANCORP, INC.

     Southwest Bancorp, Inc., an Oklahoma corporation (the “Company” which term includes any
successor Person under the Indenture hereinafter referred to), for value received promises to pay
to              
                 
           or registered assigns, the principal sum of                       
                   dollars
($                    ) on                     , 2038, and to pay interest on said principal sum from                     ,
2008, or from the most recent Interest Payment Date (as defined below) to which interest has been
paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on the
fifteenth (15th) day of march, June, September and December of each year or if such day
is not a Business Day, then the next succeeding Business Day (each such date, an “Interest Payment
Date”), commencing on the Interest Payment Date in September 2008, at an annual rate equal to
                     beginning on (and including) the date of original issuance and until the principal hereof
is paid or duly provided for or made available for payment, and on any overdue principal and
(without duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest (including Additional Interest) at the
Interest Rate, compounded quarterly, from the dates such amounts are due until they are paid or
made available for payment. The amount of interest payable will be computed on the basis of a
360-day year of twelve 30-day months. The interest installment so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Debenture (or one or more Predecessor Securities) is registered at the
close of business on the regular record date for such interest installment, which shall be fifteen
Business Days prior to the day on which the relevant Interest Payment Date occurs. Any such
interest installment not so punctually paid or duly provided for shall forthwith cease to be
payable to the Holder on such regular record date and may be paid to the Person in whose name this
Debenture (or one or more Predecessor Securities) is registered at the close of business on a
special record date.

     The principal of and interest on this Debenture shall be payable at the office or agency of
the Trustee (or other paying agent appointed by the Company) maintained for that purpose in any
coin or currency of the United States of America that at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest
may be made by check mailed to the registered holder at such address as shall appear in the
Debenture Register if a request for a wire transfer by such holder has not been received by the
Company or by wire transfer to an account appropriately designated by the Holder hereof.
Notwithstanding the foregoing, so long as the holder of this Debenture is the Institutional
Trustee, the payment of the principal of and interest on this Debenture will be made in immediately
available funds at such place and to such account as may be designated by the Trustee.

     So long as no Acceleration Event of Default has occurred and is continuing, the Company shall
have the right, from time to time, and without causing an Event of Default, to defer payments of
interest on the Debentures by extending the interest payment period on the Debentures at any time
and from time to time during the term of the Debentures, for up to 20 consecutive quarterly periods
(each such extended interest payment period, an “Extension Period”), during which Extension Period
no interest (including Additional Interest) shall be due and payable (except any Additional Amounts
that may be due and payable). No Extension Period may end on a date other than an Interest Payment
Date. During an Extension Period, interest will continue to accrue on the Debentures, and interest
on such accrued interest will accrue at an annual rate equal to the Interest Rate, compounded
quarterly from the date such interest would have been payable were it not for the Extension Period,
to the extent permitted by law (such interest referred to herein as “Additional Interest”). At the
end of any such Extension Period the

A- 2 

 

Company shall pay all interest then accrued and unpaid on the Debentures (together with
Additional Interest thereon); provided, however, that no Extension Period may
extend beyond the Maturity Date; provided further, however, that during any
such Extension Period, the Company shall not engage in any of the activities or transactions
described on the reverse side hereof and Section 3.8 of the Indenture. Prior to the termination of
any Extension Period, the Company may further extend such period, provided that such period
together with all such previous and further consecutive extensions thereof shall not exceed 20
consecutive quarterly periods, or extend beyond the Maturity Date. Upon the termination of any
Extension Period and upon the payment of all accrued and unpaid interest and Additional Interest,
the Company may commence a new Extension Period, subject to the foregoing requirements. No
interest or Additional Interest shall be due and payable during an Extension Period, except at the
end thereof, but each installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Additional Interest. The Company must give the Trustee notice of
its election to begin or extend an Extension Period by the close of business at least 15 Business
Days prior to the Interest Payment Date with respect to which interest on the Debentures would have
been payable except for the election to begin or extend such Extension Period.

     The indebtedness evidenced by this Debenture is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all Senior Indebtedness,
and this Debenture is issued subject to the provisions of the Indenture with respect thereto. Each
holder of this Debenture, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his or her behalf to take such action as may
be necessary or appropriate to acknowledge or effectuate the subordination so provided and (c)
appoints the Trustee his or her attorney-in-fact for any and all such purposes. Each holder
hereof, by his or her acceptance hereof, hereby waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of Senior
Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such
holder upon said provisions.

     This Debenture shall not be entitled to any benefit under the Indenture hereinafter referred
to, be valid or become obligatory for any purpose until the certificate of authentication hereon
shall have been signed by or on behalf of the Trustee.

     The provisions of this Debenture are continued on the reverse side hereof and such provisions
shall for all purposes have the same effect as though fully set forth at this place.

A- 3 

 

     IN WITNESS WHEREOF, the Company has duly executed this certificate.

	 	 	 	 	 	 	 
	 	 	SOUTHWEST BANCORP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

A- 4 

 

CERTIFICATE OF AUTHENTICATION

     This is one of the Debentures referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	US BANK NATIONAL ASSOCIATION, as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 

A- 5 

 

REVERSE OF DEBENTURE

     This Debenture is one of the fixed rate junior subordinated deferrable interest debentures of
the Company, all issued or to be issued under and pursuant to the Indenture dated as of                      ,
2008 (the “Indenture”), duly executed and delivered between the Company and the Trustee, to which
Indenture reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the
Debentures. The Debentures are limited in aggregate principal amount as specified in the
Indenture.

     Upon the occurrence and continuation of a Special Event prior to the Interest Payment Date in
September 2013, the Company shall have the right to redeem the Debentures in whole, but not in
part, at any time, within 90 days following the occurrence of such Special Event, at the Special
Redemption Price.

     In addition, the Company shall have the right to redeem the Debentures, in whole or in part,
but in all cases in a principal amount with integral multiples of $25.00, on any Interest Payment
Date on or after the Interest Payment Date in September, 2013, at the Optional Redemption Price.

     Prior to 10:00 a.m. New York City time on the Optional Redemption Date or Special Redemption
Date, as applicable, the Company will deposit with the Trustee or with one or more paying agents an
amount of money sufficient to redeem on the Optional Redemption Date or the Special Redemption
Date, as applicable, all the Debentures so called for redemption at the appropriate Optional
Redemption Price or Special Redemption Price.

     If all, or less than all, the Debentures are to be redeemed, the Company will give the Trustee
notice not less than 45 nor more than 60 days, respectively, prior to the Optional Redemption Date
or Special Redemption Date, as applicable, as to the aggregate principal amount of Debentures to be
redeemed and the Trustee shall select, in such manner as in its sole discretion it shall deem
appropriate and fair, the Debentures or portions thereof (in integral multiples of $25.00) to be
redeemed.

     Notwithstanding the foregoing, any redemption of Debentures by the Company shall be subject to
the receipt of any and all required regulatory approvals.

     In case an Acceleration Event of Default shall have occurred and be continuing, upon demand of
the Trustee, the principal of all of the Debentures shall become due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.

     The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the holders of not less than a majority in aggregate principal amount of the Debentures at the time
outstanding, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner the rights of the holders of the Debentures;
provided, however, that no such supplemental indenture shall without the consent of
the holders of each Debenture then outstanding and affected thereby (i) change the fixed maturity
of any Debenture, or reduce the principal amount thereof or any premium thereon, or reduce the rate
or extend the time of payment of interest thereon, or reduce any amount payable on redemption
thereof or make the principal thereof or any interest or premium thereon payable in any coin or
currency other than that provided in the Debentures, or impair or affect the right of any
Securityholder to institute suit for payment thereof or impair the right of repayment, if any, at
the option of the holder, or (ii) reduce the aforesaid percentage of Debentures the holders of
which are required to consent to any such supplemental indenture.

     The Indenture also contains provisions permitting the holders of a majority in aggregate
principal amount of the Debentures at the time outstanding on behalf of the holders of all of the
Debentures to waive (or modify any previously granted waiver of) any past default or Event of
Default, and its consequences, except a default (a) in the payment of principal of, premium, if
any, or interest on any of the Debentures, (b) in respect of covenants or provisions hereof or of
the Indenture which cannot be modified or amended without the consent of the holder of each
Debenture affected, or (c) in respect of the covenants contained in Section 3.9 of the Indenture;
provided, however, that if the Debentures are held by the Trust or a trustee of
such trust, such waiver or modification to such waiver shall not be effective until the holders of
a majority in liquidation amount of Preferred Securities of the Trust shall have consented to such
waiver or modification to such waiver, provided, further, that if the consent of
the holder of each outstanding Debenture is required, such waiver shall not be effective until each
holder of the Preferred Securities of the Trust shall have consented to such waiver. Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes of the Indenture
and the Company, the Trustee and the holders of the Debentures shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or
other default or Event of Default or impair any right consequent thereon. Whenever any default or
Event of Default hereunder shall have been waived as permitted by the Indenture, said default or
Event of Default shall for all purposes of the Debentures and the Indenture be deemed to have been
cured and to be not continuing.

     No reference herein to the Indenture and no provision of this Debenture or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and premium, if any, and interest, including Additional Interest, on this
Debenture at the time and place and at the rate and in the money herein prescribed.

     The Company has agreed that if Debentures are initially issued to the Trust or a trustee of
such Trust in connection with the issuance of Preferred Securities by the Trust (regardless of
whether Debentures continue to be held by such Trust) and (i) there shall have occurred and be
continuing an Event of Default, (ii) the Company shall be in default with respect to its payment of
any obligations under the Preferred Securities Guarantee, or (iii) the Company shall have given
notice of its election to defer payments of interest on the Debentures by extending the interest
payment period as provided herein and such Extension Period, or any extension thereof, shall be
continuing, then the Company shall not and shall

A- 6 

 

not allow any Affiliate of the Company to, (x) declare or pay any dividends or distributions
on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the
Company’s capital stock or its Affiliates’ capital stock (other than payments of dividends or
distributions to the Company or payments of dividends from direct or indirect subsidiaries of the
Company to their parent corporations, which also shall be direct or indirect subsidiaries of the
Company) or make any guarantee payments with respect to the foregoing or (y) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities
of the Company or any Affiliate that rank pari passu in all respects with or junior in interest to
the Debentures (other than, with respect to clauses (x) and (y) above, (1) repurchases,
redemptions or other acquisitions of shares of capital stock of the Company in connection with any
employment contract, benefit plan or other similar arrangement with or for the benefit of one or
more employees, officers, directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital stock of the Company
(or securities convertible into or exercisable for such capital stock) as consideration in an
acquisition transaction entered into prior to the applicable Extension Period, if any, (2) as a
result of any exchange or conversion of any class or series of the Company’s capital stock (or any
capital stock of a subsidiary of the Company) for any class or series of the Company’s capital
stock or of any class or series of the Company’s indebtedness for any class or series of the
Company’s capital stock, (3) the purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, (4) any declaration of a dividend in connection with any
stockholders’ rights plan, or the issuance of rights, stock or other property under any
stockholders’ rights plan, or the redemption or repurchase of rights pursuant thereto, (5) any
dividend in the form of stock, warrants, options or other rights where the dividend stock or the
stock issuable upon exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with or junior to such stock and any cash
payments in lieu of fractional shares issued in connection therewith, (6) payments of principal or
interest on debt securities or payments of cash dividends or distributions on any capital stock
issued by an Affiliate that is not, in whole or in part, a subsidiary of the Company (or any
redemptions, repurchases or liquidation payments on such stock or securities), or (7) payments
under the Preferred Securities Guarantee)

     The Debentures are issuable only in registered, certificated form without coupons and in
minimum denominations of $1,000.00 and any multiple of $25.00 in excess thereof. As provided in
the Indenture and subject to the transfer restrictions and limitations as may be contained herein
and therein from time to time, this Debenture is transferable by the holder hereof on the Debenture
Register of the Company. Upon due presentment for registration of transfer of any Debenture at the
Principal Office of the Trustee or at any office or agency of the Company maintained for such
purpose as provided in Section 3.2 of the Indenture, the Company shall execute, the Company or the
Trustee shall register and the Trustee or the Authenticating Agent shall authenticate and make
available for delivery in the name of the transferee or transferees a new Debenture for a like
aggregate principal amount. All Debentures presented for registration of transfer or for exchange
or payment shall (if so required by the Company or the Trustee or the Authenticating Agent) be duly
endorsed by, or be accompanied by a written instrument or instruments of transfer in form
satisfactory to, the Company and the Trustee or the Authenticating Agent duly executed by the
holder or his attorney duly authorized in writing. No service charge shall be made for any
exchange or registration of transfer of Debentures, but the Company or the Trustee may require
payment of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed
in connection therewith.

     Prior to due presentment for registration of transfer of any Debenture, the Company, the
Trustee, any Authenticating Agent, any paying agent, any transfer agent and any Debenture registrar
may deem the Person in whose name such Debenture shall be registered upon the Debenture Register to
be, and may treat him as, the absolute owner of such Debenture (whether or not such Debenture shall
be overdue) for the purpose of receiving payment of or on account of the principal of, premium, if
any, and interest on such Debenture and for all other purposes; and neither the Company nor the
Trustee nor any Authenticating Agent nor any paying agent nor any transfer agent nor any Debenture
registrar shall be affected by any notice to the contrary. All such payments so made to any holder
for the time being or upon his order shall be valid, and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any such Debenture.

     No recourse for the payment of the principal of or premium, if any, or interest on any
Debenture, or for any claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in the Indenture or in any supplemental
indenture, or in any such Debenture, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, officer or director, as
such, past, present or future, of the Company or of any successor Person of the Company, either
directly or through the Company or any successor Person of the Company, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, it being expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of the Indenture and the
issue of the Debentures.

     Capitalized terms used and not defined in this Debenture shall have the meanings assigned in
the Indenture dated as of the date of original issuance of this Debenture between the Trustee and
the Company.

     THE INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF.

A- 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]