Document:

EX-10.9

 Exhibit 10.9 

BLACKSTONE INC. 
 AMENDED
AND RESTATED 2007 EQUITY INCENTIVE PLAN 
  

	1.	 Purpose of the Plan 

Blackstone Inc. Amended and Restated 2007 Equity Incentive Plan (as amended through February 25, 2022) (the “Plan”) is
designed to promote the long term financial interests and growth of Blackstone Inc., a Delaware corporation (the “Company”), and its Affiliates by (i) attracting and retaining senior managing directors, employees, non-employee directors, consultants and other service providers of the Company or any of its Affiliates and (ii) aligning the interests of such individuals with those of the Company and its Affiliates by
providing them with equity-based awards based on the shares of Common Stock (as defined below) of the Company or the partnership units (the “Blackstone Holdings Partnership Units”) of Blackstone Holdings (as defined below). 

 

	2.	 Definitions 

The following capitalized terms used in the Plan have the respective meanings set forth in this Section: 

(a) Act: The Securities Exchange Act of 1934, as amended, or any successor thereto. 

(b) Administrator: The Compensation Committee of the Board, or such subcommittee thereof or, if the Compensation Committee shall so
determine, the Board or such other committee thereof, to whom authority to administer the Plan has been delegated pursuant to Section 4 hereof. 

(c) Affiliate: With respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with the Person in question. As used herein, the term “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise. 
 (d) Award: Individually or collectively, any
Option, Share Appreciation Right, or Other Share-Based Awards based on or relating to the shares of Common Stock or Blackstone Holdings Partnership Units issuable under the Plan. 

(e) Beneficial Owner: A “beneficial owner”, as such term is defined in Rule 13d-3
under the Act (or any successor rule thereto). 
 (f) Blackstone Holdings: The collective reference to all of the Blackstone Holdings
Partnerships. 
 (g) Blackstone Holdings Partnerships: Each of Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone
Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. 

 (h) Blackstone Holdings Partnership Units: Each “Blackstone Holdings Partnership
Unit” shall consist of one partnership unit in each of the four Blackstone Holdings Partnerships. 
 (i) Board: The board of
directors of the Company. 
 (j) Change in Control: The occurrence of any Person, other than a Person approved by Blackstone Group
Management L.L.C., becoming the holder of the outstanding Series II preferred stock of the Company. 
 (k) Code: The Internal Revenue
Code of 1986, as amended, or any successor thereto. 
 (l) Common Stock: The common stock, par value $0.00001 per share, of the
Company. 
 (m) Company: Blackstone Inc., a Delaware corporation. 

(n) Disability: The term “Disability” shall have the meaning as provided under Section 409A(a)(2)(C)(i) of the Code.
Notwithstanding the foregoing or any other provision of this Plan, the definition of Disability (or any analogous term) in an Award agreement shall supersede the foregoing definition; provided, however, that if no definition of Disability or any
analogous term is set forth in such agreement, the foregoing definition shall apply. 
 (o) Effective Date: August 10, 2014. 

(p) Employment: The term “Employment” as used herein shall be deemed to refer to (i) a Participant’s employment if
the Participant is an employee of the Company or any of its Affiliates, (ii) a Participant’s services as a consultant or partner, if the Participant is consultant to, partner of, or other service provider for the Company or of any of its
Affiliates, and (iii) a Participant’s services as a non-employee director, if the Participant is a non-employee member of the Board. 

(q) Fair Market Value: Of a Share on any given date means (i) the closing sale price per Share on the New York Stock Exchange on
that date (or, if no closing sale price is reported, the last reported sale price), (ii) if Shares are not listed for trading on the New York Stock Exchange, the closing sale price (or, if no closing sale price is reported, the last reported sale
price) as reported on that date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Act on which the Shares are listed, (iii) if the Shares are not so listed on a national
securities exchange, the last quoted bid price for Shares on that date in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization, or
(iv) if Shares are not so quoted by OTC Markets Group Inc. or a similar organization, the average of the mid-point of the last bid and ask prices for Shares on that date from a nationally recognized
independent investment banking firm selected by the Administrator for this purpose. 
 (r) Option: An option to purchase Shares
granted pursuant to Section 6 of the Plan. 
 (s) Option Price: The purchase price per Share of an Option, as determined pursuant
to Section 6(a) of the Plan. 

  
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 (t) Other Share-Based Awards: Awards granted pursuant to Section 8 of the Plan. 

(u) Participant: A senior managing director, other employee, consultant, partner, director or other service provider of the Company or
of any of its Affiliates who is selected by the Administrator to participate in the Plan. 
 (v) Performance-Based Awards: Certain
Other Share-Based Awards granted pursuant to Section 8(b) of the Plan. 
 (w) Person: A “person”, as such term is used
for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto). 
 (x) Share Appreciation Right: A share
appreciation right granted pursuant to Section 7 of the Plan. 
 (y) Shares: Common Stock or Blackstone Holdings Partnership
Units which are issued or may be issued under the Plan. 
  

	3.	 Shares Subject to the Plan 

Subject to Section 9 hereof, the total number of Shares which may be issued under the Plan shall be 163,000,000, of which all or any
portion may be issued as shares of Common Stock or Blackstone Holdings Partnership Units. Notwithstanding the foregoing, the total number of Shares subject to the Plan shall be increased on the first day of each fiscal year beginning in calendar
year 2008 by a number of Shares equal to the positive difference, if any, of (x) 15% of the aggregate number of shares of Common Stock and Blackstone Holdings Partnership Units outstanding on the last day of the immediately preceding fiscal year
(excluding Blackstone Holdings Partnership Units held by the Company or its wholly-owned subsidiaries) minus (y) the aggregate number of shares of Common Stock and Blackstone Holdings Partnership Units covered by the Plan, unless the
Administrator should decide to increase the number of shares of Common Stock and Blackstone Holdings Partnership Units covered by the Plan by a lesser amount on any such date. The issuance of Shares or the payment of cash upon the exercise of an
Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares which are subject to Awards which terminate or lapse without the payment of
consideration may be granted again under the Plan. Unless the Administrator shall otherwise determine, shares of Common Stock delivered by the Company or its Affiliates upon exchange of Blackstone Holdings Partnership Units that have been issued
under the Plan shall be issued under the Plan. 
  

	4.	 Administration 

The Plan shall be administered by the Administrator. Additionally, the Administrator may delegate the authority to grant Awards under the Plan
to any employee or group of employees of the Company or of any Affiliate of the Company; provided that such delegation and grants are consistent with applicable law and guidelines established by the Board from time to time. Awards may,
in the discretion of the Administrator, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company, any Affiliate of the Company or any entity acquired by the Company or with which the

  
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Company combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Administrator is
authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Administrator may
correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Administrator deems necessary or desirable. Any decision of the Administrator in the interpretation and administration of the
Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Administrator
shall have the full power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any
vesting conditions). The Administrator shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award. Unless the Administrator
specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes by (a) delivery in Shares or (b) having Shares withheld by the Company from any Shares that would have otherwise been received by the
Participant. 
  

	5.	 Limitations 

No Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that
date. 
  

	6.	 Terms and Conditions of Options 

Options granted under the Plan shall be non-qualified options for federal income tax purposes, and
shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Administrator shall determine: 

(a) Option Price. The Option Price per Share shall be determined by the Administrator; provided that the Option Price per Share shall
not be less than the Fair Market Value of a Share on the applicable date the Option is granted unless the Participant is not subject to Section 409A of the Code or the Option is otherwise designed to be compliant with Section 409A of the
Code. 
 (b) Exercisability. Options granted under the Plan shall be exercisable at such time and upon such terms and conditions as
may be determined by the Administrator, but in no event shall an Option be exercisable more than ten years after the date it is granted. 

(c) Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from
time to time any part, of the Shares for which it is then exercisable. For purposes of Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the
date payment is received by the Company pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence. The purchase price for the Shares as to which an Option is exercised shall be paid to the Company, and in the manner designated by
the Administrator, pursuant to one or 

  
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more of the following methods: (i) in cash or its equivalent (e.g., by personal check), (ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being
purchased and satisfying such other requirements as may be imposed by the Administrator, (iii) partly in cash and partly in such Shares, (iv) if there is a public market for the Shares at such time, through the delivery of irrevocable
instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate Option Price for the Shares being purchased, or (v) to the
extent permitted by the Administrator, through net settlement in Shares. Unless otherwise provided in an Award agreement, no Participant shall have any rights to distributions or other rights of a holder with respect to Shares subject to an Option
until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Administrator pursuant to the Plan. 

(d) Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the exercise price of an
Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Administrator, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares,
in which case the Company shall treat the Option as exercised without further payment and/or shall withhold such number of Shares from the Shares acquired by the exercise of the Option, as appropriate. 

(e) Service Recipient Stock. No Option may be granted to a Participant subject to Section 409A of the Code unless (i) the
Shares constitute “service recipient stock” with respect to such Participant (as defined in Section 1.409A-1(b)(5)(iii)) or (ii) the Option is otherwise designed to be compliant with
Section 409A of the Code. 
  

	7.	 Terms and Conditions of Share Appreciation Rights 

(a) Grants. The Administrator may grant (i) a Share Appreciation Right independent of an Option or (ii) a Share Appreciation
Right in connection with an Option, or a portion thereof. A Share Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the
exercise or cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Administrator may determine) and (C) shall be subject to the same terms and conditions
as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement). 

(b) Terms. The exercise price per Share of a Share Appreciation Right shall be an amount determined by the Administrator;
provided, however, that (z) the exercise price per Share shall not be less than the Fair Market Value of a Share on the applicable date the Share Appreciation Right is granted unless the Participant is not subject to
Section 409A of the Code or the Share Appreciation Right is otherwise designed to be compliant with Section 409A of the Code and (y) in the case of a Share Appreciation Right granted in conjunction with an Option, or a portion
thereof, the exercise price may not be less than the Option Price of the related Option. Each Share Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to an amount equal to (i) the excess of
(A) the Fair Market Value on the exercise date of 

  
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one Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Share Appreciation Right. Each Share Appreciation Right granted in conjunction with an
Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or any portion thereof, and to receive from the Company in exchange therefore an amount equal to (i) the excess of (A) the Fair
Market Value on the exercise date of one Share over (B) the Option Price per Share, times (ii) the number of Shares covered by the Option, or portion thereof, which is surrendered. Payment shall be made in Shares or in cash, or partly in
Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be determined by the Administrator. Share Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of
exercise stating the number of Shares with respect to which the Share Appreciation Right is being exercised. The date a notice of exercise is received by the Company shall be the exercise date. The Administrator, in its sole discretion, may
determine that no fractional Shares will be issued in payment for Share Appreciation Rights, but instead cash will be paid for a fraction or the number of Shares will be rounded downward to the next whole Share. 

(c) Limitations. The Administrator may impose, in its discretion, such conditions upon the exercisability of Share Appreciation Rights
as it may deem fit, but in no event shall a Share Appreciation Right be exercisable more than ten years after the date it is granted. 
 (d)
Service Recipient Stock. No Option may be granted to a Participant subject to Section 409A of the Code unless (i) the Shares constitute “service recipient stock” with respect to such Participant (as defined in Section 1.409A-1(b)(5)(iii)) or (ii) the Option is otherwise designed to be compliant with Section 409A of the Code. 
  

	8.	 Other Share-Based Awards 

The Administrator, in its sole discretion, may grant or sell Awards of Shares, restricted Shares, restricted shares of Common Stock, deferred
restricted shares of Common Stock, phantom restricted shares of Common Stock or other Share-Based awards based in whole or in part on the Fair Market Value of shares of Common Stock or Blackstone Holdings Partnership Units (“Other Share-Based
Awards”). Such Other Share-Based Awards shall be in such form, and dependent on such conditions, as the Administrator shall determine, including, without limitation, the right to receive, or vest with respect to, one or more Shares (or the
equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other Share-Based Awards may be granted alone or in addition to any other Awards
granted under the Plan. Subject to the provisions of the Plan, the Administrator shall determine to whom and when Other Share-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Share-Based
Awards; whether such Other Share-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions
ensuring that all Shares so awarded and issued shall be fully paid and non-assessable). 

  
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	9.	 Adjustments Upon Certain Events 

Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

 (a) Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share distribution or
split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to holders of Shares
other than regular cash distributions or any transaction similar to the foregoing, the Administrator in its sole discretion and without liability to any person shall make such substitution or adjustment, if any, as it deems to be equitable (subject
to Section 17), as to (i) the number or kind of Shares or other securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares for which Options or Share
Appreciation Rights may be granted during a calendar year to any Participant (iii) the maximum amount of a Performance-Based Award that may be granted during a calendar year to any Participant, (iv) the Option Price or exercise price of
any Share Appreciation Right and/or (v) any other affected terms of such Awards. 
 (b) Change in Control. In the event of a
Change in Control after the Effective Date, (i) if determined by the Administrator in the applicable Award agreement or otherwise, any outstanding Awards then held by Participants which are unexercisable or otherwise unvested or subject to lapse
restrictions shall automatically be deemed exercisable or otherwise vested or no longer subject to lapse restrictions, as the case may be, as of immediately prior to such Change of Control and (ii) the Administrator may (subject to
Section 17), but shall not be obligated to, (A) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of an Award, (B) cancel such Awards for fair value (as determined in the sole discretion of the
Administrator) which, in the case of Options and Share Appreciation Rights, may equal the excess, if any, of value of the consideration to be paid in the Change in Control transaction to holders of the same number of Shares subject to such Options
or Share Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options or Share Appreciation Rights) over the aggregate exercise price of such Options or Share Appreciation
Rights, (C) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder as determined by the Administrator in its sole discretion or
(D) provide that for a period of at least 15 days prior to the Change in Control, such Options shall be exercisable as to all shares subject thereto and that upon the occurrence of the Change in Control, such Options shall terminate and be of
no further force and effect. 
  

	10.	 No Right to Employment or Awards 

The granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the Employment of a Participant
and shall not lessen or affect the Company’s or Affiliate’s right to terminate the Employment of such Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of
treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Administrator’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether
or not such Participants are similarly situated). 

  
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	11.	 Successors and Assigns 

The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such
Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 
  

	12.	 Nontransferability of Awards 

Unless otherwise determined or approved by the Administrator, an Award shall not be transferable or assignable by the Participant otherwise
than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. 

 

	13.	 Amendments or Termination 

The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, without the consent of a
Participant, if such action would diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Administrator may amend the Plan in such manner as it
deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws (including, without limitation, to avoid adverse tax consequences to the Company or to Participants). 

Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that any amounts payable hereunder
will be taxable to a Participant under Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant of such amount, the Company may (a) adopt such amendments to the Plan and Awards and
appropriate policies and procedures, including amendments and policies with retroactive effect, that the Administrator determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards
hereunder and/or (b) take such other actions as the Administrator determines necessary or appropriate to avoid the imposition of an additional tax under Section 409A of the Code. 

 

	14.	 International Participants 

With respect to Participants who reside or work outside the United States of America, the Administrator may, in its sole discretion, amend the
terms of the Plan or Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or an Affiliate. 

 

	15.	 Choice of Law 

The Plan shall be governed by and construed in accordance with the law of the State of New York. 

  
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	16.	 Effectiveness of the Plan 

The Plan shall be effective as of the Effective Date. 
  

	17.	 Section 409A 

To the extent applicable, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A of the Code and
Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding other provisions of the Plan or
any Award agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a
Participant. In the event that it is reasonably determined by the Administrator that, as a result of Section 409A of the Code, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or
the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, the Company may take whatever actions the Administrator determines necessary or
appropriate to comply with, or exempt the Plan and Award agreement from the requirements of Section 409A of the Code and related Department of Treasury guidance and other interpretive materials as may be issued after the Effective Date, which
action may include, but is not limited to, delaying payment to a Participant who is a “specified employee” within the meaning of Section 409A of the Code until the first day following the
six-month period beginning on the date of the Participant’s termination of Employment. The Company shall use commercially reasonable efforts to implement the provisions of this Section 17 in good
faith; provided that neither the Company, the Administrator nor any employee, director or representative of the Company or of any of its Affiliates shall have any liability to Participants with respect to this Section 17. 

  
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Exhibit 4.8

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following summarizes the general terms and provisions of our capital stock registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The summary is not complete and is qualified by reference to our Restated Certificate of Incorporation, as amended (our “Certificate of Incorporation”), and our Amended and Restated Bylaws (our “Bylaws”), which are filed as exhibits to the Annual Report on Form 10-K to which this exhibit is a part, and by reference to federal law governing bank holding companies and the Delaware General Corporation Law (the “DGCL”). We encourage you to read our Certificate of Incorporation, our Bylaws, federal law governing bank holding companies, and applicable provisions of the DGCL in their entirety because they, and not the summaries, define the rights of holders of our capital stock.

Authorized Shares

Our Certificate of Incorporation authorizes us to issue:

•16,000,000 shares of Class A common stock with a par value of $1.00 per share;
•2,000,000 shares of Class B common stock with a par value of $1.00 per share; and
•10,000,000 shares of preferred stock with a par value of $0.01 per share.

Common Stock

Voting Rights.  Except as otherwise provided by law, each holder of our Class A common stock has one vote per share and each holder of our Class B common stock has 16 votes per share on all matters voted upon by stockholders. Except as provided from time to time in our Certificate of Incorporation with respect to another class of shares, or in a certificate of designation relating to a series of our preferred stock, or by applicable law, the holders of shares of our Class A common stock and Class B common stock have the exclusive right to vote for the election of our directors and for all other purposes. In the election of our directors, cumulative voting is not available to stockholders.

Dividends and Other Distributions.  Except as may be provided from time to time in a certificate of designation relating to a series of our preferred stock, or by applicable law, dividends, spin-offs, distributions-in-kind, and all other like and similar benefits and transactions are paid or distributed on our Class A common stock and Class B common stock as and when declared from time to time by our board of directors from funds legally available; provided, however, that dividends, spin-offs, distributions-in-kind, and all other like and similar benefits and transactions must be the same for each issued and outstanding share of our Class A common stock and Class B common stock as of the record date.

Liquidation.  As to the distribution of our assets in the event of liquidation, any amounts available, after the satisfaction of all corporate liabilities, and subject to the rights of any outstanding shares of preferred stock, must be distributed between the outstanding Class A common stock and Class B common stock pro rata, based upon the combined number of shares issued and outstanding of our Class A common stock and Class B common stock.

Absence of Other Rights.  Our common stockholders have no preemptive rights to purchase shares of common stock or other securities. The issued and outstanding shares of our common stock are not subject to any redemption or sinking fund provisions and are not convertible into any other shares of our capital stock. 

Transfer Agent.  Broadridge Corporate Issuer Solutions, Inc. (“Broadridge”) is the transfer agent for our Class A common stock and Class B common stock.

Stock exchange listing.  Our Class A common stock is listed on the Nasdaq Global Select Market under the symbol “FCNCA.” Our Class B common stock is traded on the over-the-counter market and quoted on the OTC Pink Market under the symbol “FCNCB.”

Preferred Stock.  The rights of our Class A common stock and Class B common stock are subject to the terms of any of our preferred stock outstanding, including our 5.375% Non-Cumulative Perpetual Preferred Stock, Series A (our “Series A 

preferred stock”), our Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B (our “Series B preferred stock”), and our 5.625% Non-Cumulative Perpetual Preferred Stock, Series C (our “Series C preferred stock”). Our board of directors is authorized to issue shares of our preferred stock from time to time, to create series of our preferred stock, to establish the number of shares to be included in each such series, and to fix the designations, powers, preferences, and the relative, participating, optional, or other rights of the shares of each series, and any qualifications, limitations or restrictions thereon.

Depositary Shares

The description set forth below of certain provisions of the deposit agreement and of our depositary shares, each representing a 1/40th ownership interest in a share of our Series A preferred stock, and depositary receipts does not purport to be complete and is subject to and qualified in its entirety by reference to the forms of deposit agreement and depositary receipts relating to our Series A preferred stock.

The shares of our Series A preferred stock underlying our depositary shares have been deposited with a depositary pursuant to a deposit agreement among us, Broadridge, acting as depositary, and the holders from time to time of the depositary receipts. Subject to the terms of the deposit agreement, the depositary shares are entitled to all of the powers, preferences, and special rights of our Series A preferred stock, as applicable, in proportion to the applicable fraction of a share of our Series A preferred stock such depositary shares represent.

Dividends and Other Distributions.  Each dividend payable on a depositary share is in an amount equal to 1/40th of the dividend declared and payable on each share of our Series A preferred stock.

Liquidation Preference.  In the event of our liquidation, dissolution, or winding-up, a holder of our depositary shares will receive the fraction of the liquidation preference accorded each share of underlying Series A preferred stock represented by the depositary shares.

Neither the sale, conveyance, exchange, or transfer of all or substantially all of our assets or business, nor the consolidation or merger by us with or into any other entity or by another entity with or into us, whether for cash, securities, or other property, individually or as part of a series of transactions, will constitute a liquidation, dissolution, or winding-up of our affairs.

Redemption of Depositary Shares.  If we redeem our Series A preferred stock, in whole or in part, depositary shares also will be redeemed with the proceeds received by the depositary from the redemption of our Series A preferred stock held by the depositary. The redemption price per depositary share will be 1/40th of the redemption price per share payable with respect to our Series A preferred stock (or $25 per depositary share), plus 1/40th of the per share amount of any declared and unpaid dividends, without accumulation of any undeclared dividends, on our Series A preferred stock to, but excluding, the date fixed for redemption.

If we redeem shares of our Series A preferred stock held by the depositary, the depositary will redeem, as of the same date fixed for redemption, the number of depositary shares representing those shares of our Series A preferred stock so redeemed. If we redeem less than all of the outstanding depositary shares, the depositary shares to be redeemed will be selected either pro rata or by lot or in such other manner as we may determine to be fair and equitable. 

Voting.  Because each depositary share represents a 1/40th ownership interest in a share of our Series A preferred stock, holders of depositary receipts will be entitled to vote 1/40th of a vote per depositary share under those limited circumstances in which holders of our Series A preferred stock are entitled to vote.

Depositary, Transfer Agent, and Registrar.  Broadridge is the transfer agent and registrar for our Series A preferred stock and the depositary for the depositary shares. We may remove the depositary, transfer agent, and registrar in accordance with the agreement between us and the depositary, transfer agent, or registrar, respectively; provided that we will appoint a successor who will accept such appointment prior to the effectiveness of its removal.

Form of Series A Preferred Stock and Depositary Shares.  The depositary shares were issued in book-entry form through The Depository Trust Company. Our Series A preferred stock was issued in registered form to the depositary.

Listing of Depositary Shares.  Our depositary shares are listed on the Nasdaq Global Select Market under the symbol “FCNCP.” Our Series A preferred stock are not listed.

Series A Preferred Stock

As described above, we have depositary shares registered under Section 12 of the Exchange Act each representing a 1/40th ownership interest in a share of our Series A preferred stock. This section describes the material terms of our Series A preferred stock.

Ranking.  Shares of our Series A preferred stock rank, with respect to the payment of dividends and distributions upon our liquidation, dissolution, or winding-up:

a.senior to our common stock and to any class or series of our capital stock we may issue in the future that is not expressly stated to be on parity with or senior to our Series A preferred stock;

a.on parity with, or equally to, any class or series of our capital stock we have issued and may issue in the future that is expressly stated to be on parity with our Series A preferred stock, including our currently outstanding Series B preferred stock and Series C preferred stock; and

a.junior to any class or series of our capital stock that we may issue in the future that is expressly stated to be senior to our Series A preferred stock (if the issuance is approved by the holders of at least two-thirds of the outstanding shares of Series A preferred stock).

Absence of Other Rights.  Holders of our Series A preferred stock do not have preemptive or subscription rights to acquire more of our capital stock. Our Series A preferred stock is not convertible into or exchangeable for our common stock or any other class or series of our capital stock or other securities.

Dividends.  We will pay dividends on our Series A preferred stock only when, as, and if declared by our board of directors or a duly authorized committee of our board of directors. If declared, dividends will accrue and be payable from the date of issuance at a rate of 5.375% per annum. When, as, and if declared by our board of directors or a duly authorized committee of our board of directors, we will pay cash dividends on Series A preferred stock quarterly, in arrears, on March 15, June 15, September 15, and December 15 of each year (each such date, a “Series A dividend payment date”). Upon payment of any dividends on our Series A preferred stock, holders of depositary shares are expected to receive a proportionate payment. 

Dividends on our Series A preferred stock will not be cumulative. If our board of directors or a duly authorized committee of our board of directors does not declare a dividend on our Series A preferred stock in respect of a dividend period, then no dividend shall be deemed to have accrued for such dividend period, be payable on the applicable Series A dividend payment date, or be cumulative, and we will have no obligation to pay any dividend for that dividend period, whether or not our board of directors or a duly authorized committee of our board of directors declares a dividend on our Series A preferred stock for any future dividend period.

So long as any Series A preferred stock remains outstanding, unless full dividends for the most recently completed dividend period have been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside) on all outstanding shares of our Series A preferred stock, we may not, subject to certain important exceptions:

a.declare, pay, or set aside for payment any dividend or distribution on any shares of capital stock ranking junior to our Series A preferred stock as to dividend or liquidation rights;

a.repurchase, redeem, or otherwise acquire for consideration, directly or indirectly, any shares of our capital stock ranking junior to our Series A preferred stock as to dividend or liquidation rights; or

a.repurchase, redeem, or otherwise acquire for consideration, directly or indirectly, any shares of our capital stock ranking on parity with our Series A preferred stock as to dividend or liquidation rights, including our Series B preferred stock and our Series C preferred stock.

Notwithstanding the foregoing, if dividends are not paid in full, or set aside for payment in full, upon the shares of our Series A preferred stock and any shares of capital stock ranking on a parity with our Series A preferred stock as to dividend rights (“Series A dividend parity stock”), dividends may be declared and paid upon shares of our Series A preferred stock and the Series A dividend parity stock pro rata in proportion to the respective amounts of undeclared and unpaid dividends on our Series A preferred stock and all parity stock payable on such Series A dividend payment date.

Subject to the foregoing, and not otherwise, dividends (payable in cash, stock, or otherwise) may be declared and paid on our common stock, and any other class or series of capital stock that ranks junior to our Series A preferred stock as to dividend and liquidation rights, from time to time out of any assets legally available for such payment, and the holders of our Series A preferred stock or Series A dividend parity stock shall not be entitled to participate in any such dividend.

Our ability to pay dividends on our Series A preferred stock is subject to certain legal, regulatory, and other prohibitions and other restrictions.

Redemption.  Our Series A preferred stock is perpetual and has no maturity date and is not subject to any mandatory redemption, sinking fund, or other similar provisions. The holders of our Series A preferred stock do not have any right to require the redemption or repurchase of their shares of our Series A preferred stock. 

We may, at our option, redeem our Series A preferred stock (i) in whole or in part, from time to time, on any Series A dividend payment date on or after March 15, 2025, or (ii) in whole but not in part at any time within 90 days following a “regulatory capital treatment event,” in each case at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus the per share amount of any declared and unpaid dividends, without accumulation of any undeclared dividends, on our Series A preferred stock to, but excluding, the date fixed for redemption. 

We are a bank holding company regulated by the Federal Reserve Board (the “Federal Reserve”). We intend to treat our Series A preferred stock as “Additional Tier 1” capital (or its equivalent) for purposes of the capital adequacy rules of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) applicable to us.

A “regulatory capital treatment event” means the good faith determination by us that, as a result of any:

a.amendment to, or change in, the laws, rules, or regulations of the United States or any political subdivision of or in the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other appropriate federal bank regulatory agencies) that is enacted or becomes effective after the initial issuance of any share of our Series A preferred stock;

a.proposed change in those laws, rules, or regulations that is announced after the initial issuance of any share of our Series A preferred stock; or

a.official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules, or regulations or policies with respect thereto that is announced or becomes effective after the initial issuance of any share of our Series A preferred stock;

there is more than an insubstantial risk that we will not be entitled to treat the full liquidation preference amount of $1,000 per share of our Series A preferred stock then outstanding as additional Tier 1 capital (or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect and applicable, for as long as any share of our Series A preferred stock is outstanding. “Appropriate federal banking agency” means the “appropriate federal banking agency” with respect to us as that term is defined in Section 3(q) of the Federal Deposit Insurance Act or any successor provision.

Under regulations currently applicable to us, we may not exercise our option to redeem any shares of preferred stock without obtaining the prior approval of the Federal Reserve (or any successor appropriate federal banking agency). Under such regulations, unless the Federal Reserve (or any successor appropriate federal banking agency) authorizes us to do otherwise in writing, we may not redeem our Series A preferred stock unless it is replaced with other Tier 1 capital instruments or unless we can demonstrate to the satisfaction of the Federal Reserve (or any successor appropriate federal banking agency) that, following redemption, we will continue to hold capital commensurate with our risk.

Liquidation Rights.  Upon our voluntary or involuntary liquidation, dissolution, or winding-up, the holders of the outstanding shares of our Series A preferred stock are entitled to be paid out of our assets legally available for distribution to our stockholders, before any distribution of assets is made to holders of common stock or any other junior stock, a liquidating distribution in the amount of a liquidation preference of $1,000 per share (equivalent to $25 per depositary share), plus the sum of any declared and unpaid dividends for prior dividend periods prior to the dividend period in which the liquidating distribution is made and any declared and unpaid dividends for the then current dividend period in which the liquidating distribution is made to the date of such liquidating distribution. After payment of the full amount of the liquidating distributions to which they are entitled, the holders of our Series A preferred stock will have no right or claim to any of our remaining assets.

Distributions will be made only to the extent that our assets are available after satisfaction of all liabilities to depositors and creditors and subject to the rights of holders of any securities ranking senior to our Series A preferred stock. If our remaining assets are not sufficient to pay the full liquidating distributions to the holders of all outstanding Series A preferred stock and all parity stock, then we will distribute our assets to those holders pro rata in proportion to the full liquidating distributions to which they would otherwise have received.

Voting Rights.  Except as provided below and as determined by our board of directors or a duly authorized committee of our board of directors or as otherwise expressly required by law, the holders of our Series A preferred stock have no voting rights.

Whenever dividends on any shares of the Series A preferred stock, or any parity stock upon which similar voting rights have been conferred (“special voting preferred stock”), shall have not been declared and paid for an aggregate amount equal to the amount of dividends payable on the Series A preferred stock as contemplated herein for any dividend periods that, in the aggregate, equal 18 months, whether or not for consecutive dividend periods (which we refer to as a “nonpayment”), the holders of the Series A preferred stock, voting together as a class with holders of any special voting preferred stock then outstanding, will be entitled to vote (based on respective liquidation preferences) for the election of a total of two additional members of our board of directors. These voting rights will continue until full dividends have been paid (or declared and a sum sufficient for the payment of such dividends has been set aside for payment) on the Series A preferred stock and such special voting preferred stock for dividend periods that in the aggregate equal at least 12 consecutive months following the nonpayment.

Under regulations adopted by the Federal Reserve, if the holders of one or more series of preferred stock are or become entitled to vote for the election of directors, such series entitled to vote for the same director(s) will be deemed a class of voting securities and a company holding 25% or more of the series, or 10% or more if it otherwise exercises a “controlling influence” over us, will be subject to regulation as a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). In addition, if the series is/are deemed to be a class of voting securities, any other bank holding company will be required to obtain the prior approval of the Federal Reserve under the BHC Act to acquire or retain more than 5% of that series. Any other person (other than a bank holding company) will be required to obtain the non-objection of the Federal Reserve under the Change in Bank Control Act of 1978, as amended, to acquire or retain 10% or more of that series. A holder or group of holders may also be deemed to control us if they own more than one-third of our total equity, both voting and non-voting, aggregating all shares held by the holders across all classes of stock.

So long as any shares of our Series A preferred stock remain outstanding, in addition to any other vote or consent of stockholders required by law or our certificate of incorporation, the affirmative vote or consent of the holders of at least two-thirds of all of the then-outstanding shares of our Series A preferred stock entitled to vote thereon, voting separately as a single class, shall be required to:

•authorize, create, issue, or increase the authorized amount of any class or series of our capital stock ranking senior to our Series A preferred stock with respect to payment of dividends or as to distributions upon our liquidation, 

dissolution, or winding-up, or issue any obligation or security convertible into or exchangeable for, or evidencing the right to purchase, any such class or series of our capital stock;

•amend, alter, or repeal the provisions of our certificate of incorporation, including the certificate of designation, whether by merger, consolidation, or otherwise, so as to materially and adversely affect the special powers, preferences, privileges, or rights of our Series A preferred stock, taken as a whole; or

•consolidate with or merge into any other corporation, complete a binding share exchange or reclassification involving our Series A preferred stock, or complete the sale, conveyance, exchange, or transfer of all or substantially all of our assets or business or consolidate with or merge into any other corporation, unless, in each case, the shares of our Series A preferred stock (i) remain outstanding or (ii) are converted into or exchanged for preference securities of the surviving entity or any entity controlling such surviving entity and such new preference securities have powers, preferences, privileges, and rights that are not materially less favorable to the holders thereof than the powers, preferences, privileges, and rights of our Series A preferred stock, taken as a whole.

When determining the application of the voting rights described in this section, the authorization, creation, and issuance, or an increase in the authorized or issued amount, of junior stock or any class or series of capital stock that by its terms expressly provides that it ranks on parity with our Series A preferred stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and as to distributions upon our liquidation, dissolution, or winding-up, or any securities convertible into or exchangeable or exercisable for junior stock or any class or series of capital stock, shall not be deemed to materially and adversely affect the special powers, preferences, privileges, or rights, and shall not require the affirmative vote or consent of, the holders of any outstanding shares of our Series A preferred stock.

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of our Series A preferred stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been set aside by us for the benefit of the holders of our Series A preferred stock to effect such redemption.

Depositary, Transfer Agent, and Registrar.  Broadridge is the depositary, transfer agent, and registrar for our Series A preferred stock and the depositary for the depositary shares. We may, in our sole discretion, remove the depositary, transfer agent, and registrar in accordance with the agreement between us and the depositary, transfer agent, or registrar, respectively; provided that we will appoint a successor who will accept such appointment prior to the effectiveness of its removal.

Series C Preferred Stock

This section describes the material terms of our Series C preferred stock.

Ranking.  Shares of our Series C preferred stock rank, with respect to the payment of dividends and distributions upon our liquidation, dissolution, or winding-up:

•senior to our common stock and to any class or series of our capital stock we may issue in the future that is not expressly stated to be on parity with or senior to our Series C preferred stock;

•on parity with, or equally to, any class or series of our capital stock we have issued and may issue in the future that is expressly stated to be on parity with our Series C preferred stock, including our currently outstanding Series A preferred stock and Series B preferred stock; and

•junior to any class or series of our capital stock that we may issue in the future that is expressly stated to be senior to our Series C preferred stock (if the issuance is approved by the holders of at least two-thirds of the outstanding shares of Series C preferred stock).

Absence of Other Rights.  Holders of our Series C preferred stock do not have preemptive or subscription rights to acquire more of our capital stock. Our Series C preferred stock is not convertible into or exchangeable for our common stock or any other class or series of our capital stock or other securities.

Dividends.  We will pay dividends on our Series C preferred stock only when, as, and if declared by our board of directors or a duly authorized committee of our board of directors. If declared, dividends will accrue and be payable from December 15, 2021 at a rate of 5.625% per annum. When, as, and if declared by our board of directors or a duly authorized committee of our board of directors, we will pay cash dividends on Series C preferred stock quarterly, in arrears, on March 15, June 15, September 15, and December 15 of each year (each such date, a “Series C dividend payment date”). 

Dividends on our Series C preferred stock will not be cumulative. If our board of directors or a duly authorized committee of our board of directors does not declare a dividend on our Series C preferred stock in respect of a dividend period, then no dividend shall be deemed to have accrued for such dividend period, be payable on the applicable Series C dividend payment date, or be cumulative, and we will have no obligation to pay any dividend for that dividend period, whether or not our board of directors or a duly authorized committee of our board of directors declares a dividend on our Series C preferred stock for any future dividend period.

So long as any Series C preferred stock remains outstanding, unless full dividends for the most recently completed dividend period have been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside) on all outstanding shares of our Series C preferred stock, we may not, subject to certain important exceptions:

•declare, pay, or set aside for payment any dividend or distribution on any shares of capital stock ranking junior to our Series C preferred stock as to dividend or liquidation rights;

•repurchase, redeem, or otherwise acquire for consideration, directly or indirectly, any shares of our capital stock ranking junior to our Series C preferred stock as to dividend or liquidation rights; or

•repurchase, redeem, or otherwise acquire for consideration, directly or indirectly, any shares of our capital stock ranking on parity with our Series C preferred stock as to dividend or liquidation rights, including our Series A preferred stock and Series B preferred stock.

Notwithstanding the foregoing, if dividends are not paid in full, or set aside for payment in full, upon the shares of our Series C preferred stock and any shares of capital stock ranking on a parity with our Series C preferred stock as to dividend rights (“Series C dividend parity stock”), dividends may be declared and paid upon shares of our Series C preferred stock and the Series C dividend parity stock pro rata in proportion to the respective amounts of undeclared and unpaid dividends on our Series C preferred stock and all parity stock payable on such Series C dividend payment date.

Subject to the foregoing, and not otherwise, dividends (payable in cash, stock, or otherwise) may be declared and paid on our common stock, and any other class or series of capital stock that ranks junior to our Series C preferred stock as to dividend and liquidation rights, from time to time out of any assets legally available for such payment, and the holders of our Series C preferred stock or Series C dividend parity stock shall not be entitled to participate in any such dividend.

Our ability to pay dividends on our Series C preferred stock is subject to certain legal, regulatory, and other prohibitions and other restrictions.

Redemption.  Our Series C preferred stock is perpetual and has no maturity date and is not subject to any mandatory redemption, sinking fund, or other similar provisions. The holders of our Series C preferred stock do not have any right to require the redemption or repurchase of their shares of our Series C preferred stock. 

We may, at our option, redeem our Series C preferred stock (i) in whole or in part, from time to time, on any Series C dividend payment date on or after January 4, 2027, or (ii) in whole but not in part at any time within 90 days following a “regulatory capital treatment event,” in each case at a redemption price equal to $25 per share, plus the per share amount of any declared and unpaid dividends, without accumulation of any undeclared dividends, on our Series C preferred stock to, but excluding, the date fixed for redemption. 

A “regulatory capital treatment event” means the good faith determination by us that, as a result of any:

•amendment to, or change in, the laws, rules, or regulations of the United States or any political subdivision of or in the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other appropriate federal bank regulatory agencies) that is enacted or becomes effective after the initial issuance of any share of our Series C preferred stock;

•proposed change in those laws, rules, or regulations that is announced after the initial issuance of any share of our Series C preferred stock; or

•official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules, or regulations or policies with respect thereto that is announced or becomes effective after the initial issuance of any share of our Series C preferred stock;

there is more than an insubstantial risk that we will not be entitled to treat the full liquidation preference amount of the shares of our Series C preferred stock then outstanding as additional Tier 1 capital (or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect and applicable, for as long as any share of our Series C preferred stock is outstanding. “Appropriate federal banking agency” means the “appropriate federal banking agency” with respect to us as that term is defined in Section 3(q) of the Federal Deposit Insurance Act or any successor provision.

Under regulations currently applicable to us, we may not exercise our option to redeem any shares of preferred stock without obtaining the prior approval of the Federal Reserve (or any successor appropriate federal banking agency). Under such regulations, unless the Federal Reserve (or any successor appropriate federal banking agency) authorizes us to do otherwise in writing, we may not redeem our Series C preferred stock unless it is replaced with other Tier 1 capital instruments or unless we can demonstrate to the satisfaction of the Federal Reserve (or any successor appropriate federal banking agency) that, following redemption, we will continue to hold capital commensurate with our risk.

Liquidation Rights.  Upon our voluntary or involuntary liquidation, dissolution, or winding-up, the holders of the outstanding shares of our Series C preferred stock are entitled to be paid out of our assets legally available for distribution to our stockholders, before any distribution of assets is made to holders of common stock or any other junior stock, a liquidating distribution in the amount of a liquidation preference of $25 per share, plus the sum of any declared and unpaid dividends for prior dividend periods prior to the dividend period in which the liquidating distribution is made and any declared and unpaid dividends for the then current dividend period in which the liquidating distribution is made to the date of such liquidating distribution. After payment of the full amount of the liquidating distributions to which they are entitled, the holders of our Series C preferred stock will have no right or claim to any of our remaining assets.

Distributions will be made only to the extent that our assets are available after satisfaction of all liabilities to depositors and creditors and subject to the rights of holders of any securities ranking senior to our Series C preferred stock. If our remaining assets are not sufficient to pay the full liquidating distributions to the holders of all outstanding Series C preferred stock and all parity stock, then we will distribute our assets to those holders pro rata in proportion to the full liquidating distributions to which they would otherwise have received.

Voting Rights.  Except as provided below and as determined by our board of directors or a duly authorized committee of our board of directors or as otherwise expressly required by law, the holders of our Series C preferred stock have no voting rights.

Whenever dividends on any shares of the Series C preferred stock, or any special voting preferred stock, shall have not been declared and paid for an aggregate amount equal to the amount of dividends payable on the Series C preferred stock as contemplated herein for any dividend periods that, in the aggregate, equal 18 months, whether or not for consecutive dividend periods, the holders of the Series C preferred stock, voting together as a class with holders of any special voting preferred stock then outstanding, will be entitled to vote (based on respective liquidation preferences) for the election of a total of two additional members of our board of directors. These voting rights will continue until full dividends have been paid (or declared and a sum sufficient for the payment of such dividends has been set aside for payment) on the Series C preferred stock and such 

special voting preferred stock for dividend periods that in the aggregate equal at least 12 consecutive months following the nonpayment.

Under regulations adopted by the Federal Reserve, if the holders of one or more series of preferred stock are or become entitled to vote for the election of directors, such series entitled to vote for the same director(s) will be deemed a class of voting securities and a company holding 25% or more of the series, or 10% or more if it otherwise exercises a “controlling influence” over us, will be subject to regulation as a bank holding company under the BHC Act. In addition, if the series is/are deemed to be a class of voting securities, any other bank holding company will be required to obtain the prior approval of the Federal Reserve under the BHC Act to acquire or retain more than 5% of that series. Any other person (other than a bank holding company) will be required to obtain the non-objection of the Federal Reserve under the Change in Bank Control Act of 1978, as amended, to acquire or retain 10% or more of that series. A holder or group of holders may also be deemed to control us if they own more than one-third of our total equity, both voting and non-voting, aggregating all shares held by the holders across all classes of stock.

So long as any shares of our Series C preferred stock remain outstanding, in addition to any other vote or consent of stockholders required by law or our certificate of incorporation, the affirmative vote or consent of the holders of at least two-thirds of all of the then-outstanding shares of our Series C preferred stock entitled to vote thereon, voting separately as a single class, shall be required to:

•authorize, create, issue, or increase the authorized amount of any class or series of our capital stock ranking senior to our Series C preferred stock with respect to payment of dividends or as to distributions upon our liquidation, dissolution, or winding-up, or issue any obligation or security convertible into or exchangeable for, or evidencing the right to purchase, any such class or series of our capital stock;

•amend, alter, or repeal the provisions of our certificate of incorporation, including the certificate of designation, whether by merger, consolidation, or otherwise, so as to materially and adversely affect the special powers, preferences, privileges, or rights of our Series C preferred stock, taken as a whole; or

•consolidate with or merge into any other corporation, complete a binding share exchange or reclassification involving our Series C preferred stock, or complete the sale, conveyance, exchange, or transfer of all or substantially all of our assets or business or consolidate with or merge into any other corporation, unless, in each case, the shares of our Series C preferred stock (i) remain outstanding or (ii) are converted into or exchanged for preference securities of the surviving entity or any entity controlling such surviving entity and such new preference securities have powers, preferences, privileges, and rights that are not materially less favorable to the holders thereof than the powers, preferences, privileges, and rights of our Series C preferred stock, taken as a whole.

When determining the application of the voting rights described in this section, the authorization, creation, and issuance, or an increase in the authorized or issued amount, of junior stock or any class or series of capital stock that by its terms expressly provides that it ranks on parity with our Series C preferred stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and as to distributions upon our liquidation, dissolution, or winding-up, or any securities convertible into or exchangeable or exercisable for junior stock or any class or series of capital stock, shall not be deemed to materially and adversely affect the special powers, preferences, privileges, or rights, and shall not require the affirmative vote or consent of, the holders of any outstanding shares of our Series C preferred stock.

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding shares of our Series C preferred stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been set aside by us for the benefit of the holders of our Series C preferred stock to effect such redemption.

Transfer Agent.  Broadridge is the transfer agent for our Series C preferred stock. 

Form of Series C Preferred Stock.  The shares of Series C preferred stock were issued in book-entry form through The Depository Trust Company. 

Listing of Series C Preferred Stock.  Our Series C preferred stock are listed on the Nasdaq Global Select Market under the symbol “FCNCO.” 

Anti-Takeover Effects of Certain Provisions of our Certificate of Incorporation and Bylaws

                Our Certificate of Incorporation and Bylaws contain provisions that may delay, defer, discourage, or prevent a change in control of our company, the removal of our existing management or directors, or an offer by a potential acquirer to our stockholders. These provisions include:

Authorized but Unissued Stock.  Our Certificate of Incorporation authorizes the issuance of a significant number of shares of common stock and preferred stock. A large quantity of authorized but unissued shares may deter potential takeover attempts because of the ability of our board of directors to authorize the issuance of some or all of these shares to a friendly party, or to the public, which would make it more difficult for a potential acquirer to obtain control of our company. This possibility may encourage persons seeking to acquire control of our company to negotiate first with our board of directors.

Dual Class Structure.  Because of our dual class structure, under which each share of our Class A common stock has one vote per share and each share of our Class B common stock has 16 votes per share, certain of our stockholders are able to control all matters submitted to our stockholders for approval, even if they own significantly less than 50% of the aggregate number of shares of all classes of our outstanding common stock. This concentrated control could discourage others from initiating a potential merger, takeover, or other change of control transaction that other stockholders may view as being in their best interests.

Special Meeting of Stockholders.  Our Bylaws provides that special meetings of the stockholders may only be called by our board of directors, the Chairman of our board of directors, our Chief Executive Officer, our President, or our Secretary, and that a special meeting shall be called at the written request of a majority of our board of directors.

Stockholder Advance Notice Procedures.  Our Bylaws establish advance notice procedures with respect to stockholder proposals and the nominations of candidates for election as directors. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed.

Exclusive Forum.  Our Certificate of Incorporation designates the Court of Chancery of the State of Delaware or, if such court lacks jurisdiction, the federal district court for the District of Delaware as the sole and exclusive forum for certain litigation that may be initiated by our stockholders. Although we believe this provision benefits us by providing greater consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers.

Certain Anti-Takeover Provisions of Delaware Law

Section 203 of the DGCL provides that, if a person acquires 15% or more of the stock of a Delaware corporation, thereby becoming an “interested stockholder” (for purposes of Section 203 of the DGCL), that person may not engage in certain business combinations with the corporation for a period of three years unless one of the following three exceptions applies: (i) the corporation’s board of directors approved the acquisition of stock or the business combination transaction prior to the time that the person became an interested stockholder; (ii) the person became an 85% owner of the voting stock of the corporation in a transaction in which it became an interested stockholder, excluding for purposes of determining the voting stock outstanding those shares owned by directors who are also officers and certain employee stock plans; or (iii) the business combination transaction is approved by our board of directors and by the affirmative vote of two-thirds of the outstanding voting stock that is not owned by the interested stockholder at an annual or special meeting of stockholders. Under the DGCL, the term “business combination” is defined to include a wide variety of transactions, including mergers, consolidations, sales, or other dispositions of 10% or more of a corporation’s assets and various other transactions that may benefit an “interested stockholder.” A Delaware corporation may elect not to be governed by Section 203. We have not made such an election and accordingly are subject to Section 203.

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