Document:

Letter Agreement re Warrants - Bank of America, N.A.

 Exhibit 4.5 
 THE SECURITIES REPRESENTED HEREBY (THE “WARRANTS”) WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE WARRANTS MAY
NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF. 
 Bank of America, N.A. 
 c/o Banc of America Securities LLC 
 9 West 57th Street 
 New York, NY 10019 
 Attention: John Servidio 
 Telephone No.: (212) 847-6527 
 Facsimile No.:  (212) 230-8610 
 April 1, 2008 
 To: SVB Financial Group 
 3003 Tasman Drive 
 Santa Clara, California 95054-1191 
 Attention: Treasurer 
 Telephone No.: (408) 654-7483 
 Facsimile No.:  (408) 654-3085

 Re: Warrants (Transaction Reference Number: NY-34118) 
 The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Warrants issued by SVB Financial Group (“Company”) to Bank of America, N.A.
(“Bank”) on the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation shall
replace any previous agreements and serve as the final documentation for this Transaction. 
 The definitions and provisions contained in the
2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any
inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. This Transaction shall be deemed to be a Share Option Transaction within the meaning set forth in the Equity Definitions. 
 Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 
 1. This Confirmation evidences a complete and binding agreement between Bank and Company as to the terms of the Transaction to which this Confirmation relates. This
Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Bank and Company had executed an agreement in such form (but without any Schedule
except for the election of the laws of the State of New York as the governing law) on the Trade Date. In the event of any inconsistency between provisions of that Agreement and this Confirmation, this Confirmation will prevail for the purpose of the
Transaction to which this Confirmation relates. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement. 

 2. The Transaction is a Warrant Transaction, which shall be considered a Share Option Transaction for purposes of the
Equity Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

			
	General Terms:	  	
		
	 Trade Date:
	  	April 1, 2008
		
	 Warrants:
	  	Equity call warrants, each giving the holder the right to purchase one Share at the Strike Price, subject to the Settlement Terms set forth below. For the purposes of the Equity Definitions,
each reference to a Warrant herein shall be deemed to be a reference to a Call Option.
		
	 Warrant Style:
	  	European
		
	 Seller:
	  	Company
		
	 Buyer:
	  	Bank
		
	 Shares:
	  	The common stock of Company, par value USD 0.001 per Share (Exchange symbol “SIVB”)
		
	 Number of Warrants:
	  	1,885,250, subject to adjustment as provided herein.
		
	 Warrant Entitlement:
	  	One Share per Warrant
		
	 Strike Price:
	  	USD 64.42500
		
	 Premium:
	  	USD 8,480,000.00
		
	 Premium Payment Date:
	  	April 7, 2008
		
	 Exchange:
	  	The NASDAQ Global Select Market
		
	 Related Exchange(s):
	  	All Exchanges located in the United States
		
	Procedures for Exercise:	  	
		
	 Expiration Time:
	  	The Valuation Time
		
	 Expiration Date(s):
	  	Each Scheduled Trading Day during the period from and including the First Expiration Date and to and including the 60th Scheduled Trading Day following the First Expiration Date shall be an “Expiration Date” for a number of Warrants equal to the Daily Number of Warrants on such date; provided that, notwithstanding
anything to the contrary in the Equity Definitions, if any such date is a Disrupted Day, the Calculation Agent shall make adjustments, if applicable, to the Daily Number of Warrants or shall reduce such Daily Number of Warrants to zero for which
such day shall be an Expiration Date and shall designate a Scheduled Trading Day or a number of Scheduled Trading Days as the Expiration Date(s) for the remaining Daily Number of Warrants or a portion thereof for the originally scheduled Expiration
Date (but in no event shall any Expiration Date, as so extended, be any later than November 3, 2011); and provided further that if such Expiration Date has not occurred pursuant to this clause as of the eighth Scheduled Trading Day following
the last scheduled Expiration Date under this Transaction, the Calculation Agent shall have the right to declare

  

 2 

			
		  	such Scheduled Trading Day to be the final Expiration Date and the Calculation Agent shall determine its good faith estimate of the fair market value for the Shares as of the Valuation Time
on that eighth Scheduled Trading Day or on any subsequent Scheduled Trading Day, as the Calculation Agent shall determine using commercially reasonable means.
		
	 First Expiration Date:
	  	July 15, 2011 (or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day), subject to Market Disruption Event below.
		
	 Daily Number of Warrants:
	  	For any Expiration Date, the Number of Warrants that have not expired or been exercised as of such day, divided by the remaining number of Expiration Dates (including such day),
rounded down to the nearest whole number, subject to adjustment pursuant to the provisos to “Expiration Date(s)”.
		
	 Automatic Exercise:
	  	Applicable; and means that a number of Warrants for each Expiration Date equal to the Daily Number of Warrants (as adjusted pursuant to the terms hereof) for such Expiration Date will be
deemed to be automatically exercised; provided that “In- the-Money” means that the Relevant Price for such Expiration Date exceeds the Strike Price for such Expiration Date; and provided further that all references in Section
3.4(b) of the Equity Definitions to “Physical Settlement” shall be read as references to “Net Share Settlement”.
		
	 Market Disruption Event:
	  	Section 6.3(a)(ii) of the Equity Definitions is hereby amended by replacing clause (ii) in its entirety with “(ii) an Exchange Disruption, or” and inserting immediately following
clause (iii) the phrase “; in each case that the Calculation Agent reasonably determines is material.”
		
	Valuation:	  	
		
	 Valuation Time:
	  	Scheduled Closing Time; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable
discretion.
		
	 Valuation Date:
	  	Each Exercise Date.
		
	Settlement Terms:	  	
		
	 Settlement Method:
	  	Net Share Settlement; provided that Cash Settlement shall apply if Company validly elects Cash Settlement pursuant to the provisions of “Cash Settlement Election”
below.
		
	 Net Share Settlement:
	  	On the relevant Settlement Date, Company shall deliver to Bank the Share Delivery Quantity of Shares for such Settlement Date to the account specified hereto free of payment through the
Clearance System.
		
	 Share Delivery Quantity:
	  	For any Settlement Date, a number of Shares, as calculated by the Calculation Agent, equal to the Net Share Settlement Amount for such Settlement Date divided by the Settlement Price
on the Valuation Date in respect of such Settlement Date, rounded down to the nearest whole number plus any Fractional Share Amount.

  

 3 

			
		
	 Net Share Settlement Amount:
	  	For any Settlement Date, an amount equal to the product of (i) the Number of Warrants exercised or deemed exercised on the relevant Exercise Date, (ii) the Strike Price Differential for such
Settlement Date and (iii) the Warrant Entitlement.
		
	 Settlement Price:
	  	For any Valuation Date, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page SIVB.UQ <equity> AQR (or any successor
thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time on such Valuation Date (or if such volume-weighted average price is unavailable, the market value of one Share on such Valuation Date, as
reasonably determined by the Calculation Agent). Notwithstanding the foregoing, if (i) any Expiration Date is a Disrupted Day and (ii) the Calculation Agent reasonably determines that such Expiration Date shall be an Expiration Date for fewer than
the Daily Number of Warrants, as described above, then the Settlement Price for the relevant Valuation Date shall be the volume-weighted average price per Share on such Valuation Date on the Exchange, as reasonably determined by the Calculation
Agent based on such sources as it deems appropriate using a volume-weighted average methodology, for the portion of such Valuation Date for which the Calculation Agent determines there is no Market Disruption Event.
		
	 Settlement Date(s):
	  	As determined in reference to Section 9.4 of the Equity Definitions, subject to Section 9(k)(i) hereof.
		
	 Cash Settlement Election:
	  	Company may elect Cash Settlement by delivering a written notice to Bank (the “Cash Settlement Notice”) on or prior to the fifth (5th) scheduled Exchange Business Day immediately preceding the First Expiration Date, which Cash Settlement Notice shall contain:
		
		  	(i) a representation that (x) on the date of such Cash Settlement Notice, neither Company nor any of its affiliates is in possession of any material non-public information with respect to
Company or its Shares, (y) the Company is electing Cash Settlement in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and (z) Company has not entered into or altered any hedging transaction relating to the Shares corresponding to or offsetting the Transaction;
		
		  	(ii) a representation that the Company is not electing Cash Settlement to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the
Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares);

  

 4 

			
		  	(iii) an acknowledgment by Company that (A) any transaction by Bank following Company’s election of Cash Settlement shall be made at Bank’s sole discretion and for Bank’s own
account and (B) Company does not have, and shall not attempt to exercise, any influence over how, when, whether or at what price to effect such transactions, including, without limitation, the price paid or received per Share pursuant to such
transactions, or whether such transactions are made on any securities exchange or privately; and
		
		  	(iv) an agreement by Company that, during the period commencing on the date of such Cash Settlement Notice and ending on the second Exchange Business Day following the last Settlement Date
hereunder, without the prior written consent of Bank, Company shall not, and shall cause its affiliates and affiliated purchasers (each as defined in Rule 10b-18 under the Exchange Act) not to, directly or indirectly (including, without limitation,
by means of a derivative instrument), purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares or any security convertible into or exchangeable for the Shares in
the public markets.
		
	 Cash Settlement:
	  	If Cash Settlement is applicable, on each Settlement Date, the Company shall deliver to Bank (to an account specified by Bank) the Net Share Settlement Amount for such Settlement
Date.
		
		  	In addition to any other requirements set forth herein, Company agrees that it shall not have the right to elect Cash Settlement if Bank notifies Company that, in the reasonable judgment of
Bank the election of Cash Settlement or any purchases of Shares that Bank (or its affiliates) might make in connection therewith based upon the advice of counsel and as a result of events occurring after the Trade Date, would raise material risks
under applicable securities laws.
		
	 Other Applicable Provisions:
	  	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11, 9.12 and 10.5 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled”
shall be read as references to “Net Share Settled.” “Net Share Settled” in relation to any Warrant means that Net Share Settlement is applicable to that Warrant.
		
	 Representation and Agreement:
	  	Notwithstanding Section 9.11 of the Equity Definitions, the parties acknowledge that any Shares delivered to Bank may be, upon delivery, subject to restrictions and limitations arising from
Company’s status as issuer of the Shares under applicable securities laws.
		
	3. Additional Terms applicable to the Transaction:	  	
		
	 Adjustments applicable to the Warrants:
	  	
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment. For the avoidance of doubt, in making any adjustments under the Equity Definitions, the Calculation Agent may make adjustments, if any, to any one or more of the
Strike Price, the Number of Warrants, the Daily Number of Warrants and the Warrant Entitlement. Notwithstanding the foregoing, (i) any cash dividends or

  

 5 

			
		  	distributions on the Shares, whether or not extraordinary, shall be governed by Section 9(f) of this Confirmation in lieu of Article 10 or Section 11.2(c) of the Equity Definitions and (ii)
Section 11.2(e)(v) of the Equity Definitions is hereby deleted in its entirety and replaced with the following: “a repurchase by the Issuer or any of its subsidiaries of more than 15% of the outstanding Shares in the aggregate following the
date hereof or a tender offer by the Issuer or any of its subsidiaries of relevant Shares, whether out of profits or capital and whether the consideration for such repurchase or tender offer is cash, securities or otherwise”.
	 Extraordinary Events applicable to the Transaction:
	  	
		
	 New Shares:
	  	Section 12.1(i) of the Equity Definitions is hereby amended by deleting the text in clause (i) in its entirety and replacing it with the phrase “publicly quoted, traded or listed on any
of the New York Stock Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors)”.
		
	 Consequence of Merger Events:
	  	
		
	 Merger Event:
	  	Applicable; provided that if an event occurs that constitutes both a Merger Event under Section 12.1(b) of the Equity Definitions and an Additional Termination Event under Section
9(h)(ii)(A) of this Confirmation, Bank may elect, in its commercially reasonable judgment, whether the provisions of Section 12.1(b) of the Equity Definitions or Section 9(h)(ii)(A) will apply.
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	 Share-for-Other:
	  	Cancellation and Payment (Calculation Agent Determination)
		
	 Share-for-Combined:
	  	Cancellation and Payment (Calculation Agent Determination); provided that Bank may elect, in its commercially reasonable judgment, Component Adjustment (Calculation Agent
Determination).
		
	 Consequence of Tender Offers:
	  	
		
	 Tender Offer:
	  	Applicable; provided that for the purposes of Section 12.3(d)(ii) of the Equity Definitions, references in the definition of Tender Offer under the Equity Definitions to
“10%” shall be replaced with “20%”; provided further that if an event occurs that constitutes both a Tender Offer under Section 12.1(d) of the Equity Definitions and Additional Termination Event under Section 9(h)(ii)(C)
of this Confirmation, Bank may elect, in its commercially reasonable judgment, whether the provisions of Section 12.3 of the Equity Definitions or Section 9(h)(ii)(C) will apply.
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	 Share-for-Other:
	  	Modified Calculation Agent Adjustment
		
	 Share-for-Combined:
	  	Modified Calculation Agent Adjustment

  

 6 

			
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a
Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their
respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	 Additional Disruption Events:
	  	
		
	 Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the
phrase “or announcement or statement of the formal or informal interpretation” and (ii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party
on the Trade Date”.
		
	 Failure to Deliver:
	  	Not Applicable; provided that Company is not obligated to deliver the relevant Shares under the Transaction by book-entry transfer through the facilities of DTC, or any successor
depositary, if such facilities are not available at the time of delivery.
		
	 Insolvency Filing:
	  	Applicable
		
	 Hedging Disruption:
	  	Not Applicable
		
	 Increased Cost of Hedging:
	  	Not Applicable
		
	 Loss of Stock Borrow:
	  	Applicable
		
	 Maximum Stock Loan Rate:
	  	200 basis points
		
	 Increased Cost of Stock Borrow:
	  	Not Applicable
		
	 Hedging Party:
	  	Bank for all applicable Additional Disruption Events
		
	 Determining Party:
	  	Bank for all applicable Extraordinary Events
		
	 Non-Reliance:
	  	Applicable
		
	 Agreements and Acknowledgments Regarding Hedging Activities:
	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	4. Calculation Agent:	  	Bank; provided that all determinations made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. Following any calculation by the Calculation
Agent hereunder and a prior written request by Company, the Calculation Agent will provide to Company by e-mail to the e- mail address provided by Company in such prior written request a report (in a commonly used file format for the storage and
manipulation of financial data) displaying in reasonable detail the basis for such calculation. For the avoidance of doubt, nothing in this provision will require Bank to provide its proprietary models to Company.

  

 7 

 5. Account Details: 
  

	 	(a)	Account for payments to Company: 

 Bank Name: Silicon
Valley Bank 
 Account Name: SVB Financial Group 
 ABA : 121140399 
 Account #: 0101035270 
 Account for delivery of Shares from Company: 
 DTC Participant #: 901/334250/Silicon Valley Bancshares 
  

	 	(b)	Account for payments to Bank: 

 Bank of America, N.A.

 New York, NY 
 SWIFT: BOFAUS3N

 Bank Routing: 026-009-593 
 Account Name: Bank of America 
 Account No. : 0012333-34172 
 Account for delivery of Shares to Bank: 
 To
be provided by Bank. 
 6. Offices: 
 The Office of Company for
the Transaction is: Inapplicable, Company is not a Multibranch Party. 
 The Office of Bank for the Transaction is: New York 
 7. Notices: For purposes of this Confirmation: 
  

	 	(a)	Address for notices or communications to Company: 

 SVB
Financial Group 
 3003 Tasman Drive 
 Santa Clara, California 95054-1191 
 Attention: Treasurer 
 Telephone No.: (408) 654-7483 
 Facsimile
No.: (408) 654-3085 
  

	 	(b)	Address for notices or communications to Bank: 

 Bank
notice information to follow: 
 Bank of America, N.A. 
 c/o Banc of America Securities LLC 
 Equities Legal Department 
 9 West 57th Street, 40th Floor 
 New York, NY 10019 
 Attention: John Servidio 
 Telephone No.: 212-583-8373 
 Facsimile No.:
212-230-8610 
  

 8 

 8. Representations and Warranties of Company 
 The representations and warranties of Company set forth in Section 1 of the Purchase Agreement (the “Purchase Agreement”) dated as of April 1, 2008 between Company and J.P. Morgan Securities
Inc. as representative of the Initial Purchasers party thereto are true and correct and are hereby deemed to be repeated to Bank as if set forth herein. Company hereby further represents and warrants to Bank that: 
  

	 	(a)	Company has all necessary corporate power and authority to execute, deliver and perform its obligations in respect of this Transaction; such execution, delivery and performance have
been duly authorized by all necessary corporate action on Company’s part; and this Confirmation has been duly and validly executed and delivered by Company and constitutes its valid and binding obligation, enforceable against Company in
accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general
principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution
hereunder may be limited by federal or state securities laws or public policy relating thereto. 

  

	 	(b)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations of Company hereunder will conflict with or result in a breach of
(1) the certificate of incorporation or by-laws (or any equivalent documents) of Company, or (2) any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or (3) any
agreement or instrument to which Company or any of its subsidiaries is a party or by which Company or any of its subsidiaries is bound or to which Company or any of its subsidiaries is subject, or constitute a default under, or result in the
creation of any lien under, any such agreement or instrument which could, in the case of clauses (2) and (3), reasonably be expected to result in a material adverse effect on the ability of Company and its subsidiaries to perform their
obligations in respect of this Transaction. 

  

	 	(c)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court is required in connection with the execution, delivery or performance
by Company of this Confirmation, except such as have been obtained or made and such as may be required under the Securities Act of 1933, as amended (the “Securities Act”) or state securities laws or as contemplated by this
Confirmation pursuant to Section 9(k) hereof. 

  

	 	(d)	The Shares of Company initially issuable upon exercise of the Warrant by the net share settlement method (the “Warrant Shares”) have been reserved for issuance by
all required corporate action of Company. The Warrant Shares have been duly authorized and, when delivered against payment therefor (which may include Net Share Settlement in lieu of cash) and otherwise as contemplated by the terms of the Warrant
following the exercise of the Warrant in accordance with the terms and conditions of the Warrant, will be validly issued, fully-paid and non-assessable, and the issuance of the Warrant Shares will not be subject to any preemptive or similar rights.

  

	 	(e)	Company is not required, and after giving effect to the Transaction, will not be required to register as an “investment company” as such term is defined in the Investment
Company Act of 1940, as amended (the “1940 Act”). 

  

 9 

	 	(f)	Company is an “eligible contract participant” (as such term is defined in Section 1a(12) of the Commodity Exchange Act, as amended (the “CEA”))
because one or more of the following is true: 

 Company is a corporation, partnership, proprietorship, organization, trust or
other entity and: 
  

	 	(A)	Company has total assets in excess of USD 10,000,000; 

  

	 	(B)	the obligations of Company hereunder are guaranteed, or otherwise supported by a letter of credit or keepwell, support or other agreement, by an entity of the type described in
Section 1a(12)(A)(i) through (iv), 1a(12)(A)(v)(I), 1a(12)(A)(vii) or 1a(12)(C) of the CEA; or 

  

	 	(C)	Company has a net worth in excess of USD 1,000,000 and has entered into this Agreement in connection with the conduct of Company’s business or to manage the risk associated
with an asset or liability owned or incurred or reasonably likely to be owned or incurred by Company in the conduct of Company’s business. 

  

	 	(g)	Company and each of its executive officers or directors are not, on the date hereof, in possession of any material non-public information with respect to Company.

 9. Other Provisions: 
  

	 	(a)	Opinions. Company shall deliver an opinion of counsel, dated as of the Trade Date, to Bank with respect to the matters agreed by the parties hereto.

  

	 	(b)	 Repurchase Notices. Company shall, on any day on which Company effects any repurchase of Shares, promptly give Bank a written notice of such
repurchase (a “Repurchase Notice”) on such day if following such repurchase, the quotient of (x) the product of (a) the Number of Warrants and (b) the Warrant Entitlement divided by (y) the number of
Company’s outstanding Shares (such quotient expressed as a percentage, the “Warrant Equity Percentage”) would be (i) greater than 8.25% or (ii) 0.5% greater than the Warrant Equity Percentage included in the
immediately preceding Repurchase Notice. To the extent permitted by applicable law, Company agrees to indemnify and hold harmless Bank and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and
controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses relating to Bank’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16
“insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to this Transaction, and any losses relating to the application of the
Bank Holding Company Act of 1956, as amended, the 1940 Act or the Investment Advisers Act of 1940, to Bank), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified
Person actually may become subject to, as a result of Company’s failure to provide Bank with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such
Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding
(including any governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person, such Indemnified Person shall promptly notify Company in writing, and Company, upon request of the Indemnified
Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Company may designate in such proceeding and shall pay the fees and expenses of such counsel related to such
proceeding. Company shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Company agrees to indemnify any Indemnified Person
from and against any loss or liability by reason of such settlement or judgment. Company shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the
subject matter of such 

  

 10 

	 	 
proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an
Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Company under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or
payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any
Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of this Transaction. 

  

	 	(c)	Regulation M. Company is not, on the Trade Date or the First Expiration Date, and will not be, on any day during the period commencing on the First Expiration Date and
ending on the second Scheduled Trading Day following the last Settlement Date, engaged in a distribution, as such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any
securities of Company, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Company shall not, until the second Scheduled Trading Day immediately following the Trade Date,
engage in any such distribution. 

  

	 	(d)	No Manipulation. Company is not entering into this Transaction to create actual or apparent trading activity in the Shares (or any security convertible into or
exchangeable for the Shares) or to otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the Exchange Act. 

  

	 	(e)	Transfer or Assignment. Company may not transfer any of its rights or obligations under this Transaction without the prior written consent of Bank. Bank may, without
Company’s consent, transfer or assign all or any part of its rights or obligations under this Transaction to any third party, subject to the restrictions set forth in the legend appearing at the top of this Confirmation. Bank shall as soon as
reasonably practicable notify Company of such transfer or assignment. If after Bank’s commercially reasonable efforts, Bank is unable to effect such a transfer or assignment on pricing terms reasonably acceptable to Bank and within a time
period reasonably acceptable to Bank of a sufficient number of Warrants to reduce (i) Bank’s “beneficial ownership” (within the meaning of Section 13 of the Exchange Act and rules promulgated thereunder) to 7.5% of
Company’s outstanding Shares or less, (ii) the Warrant Equity Percentage to 9.9% or less, (iii) the percentage of the Company’s outstanding Shares deemed to be directly or indirectly owned or controlled, for purposes of the Bank
Holding Company Act of 1956, as amended, by Bank and its affiliates (the “BHCA Percentage”) to 4.0% or less or (iv) the percentage of Company’s outstanding Shares owned, controlled or held with the power to vote (as such
terms are used in Section 2(a)(3) of the 1940 Act) directly or indirectly by Bank or its parent entity (the “Voting Equity Percentage”) to 4.0% or less, Bank may designate any Exchange Business Day as an Early Termination Date
with respect to a portion (the “Terminated Portion”) of this Transaction, such that (i) its “beneficial ownership” following such partial termination will be equal to or less than 7.5%, (ii) the Warrant Equity
Percentage following such partial termination will be equal to or less than 9.9%, (iii) the BHCA Percentage following such partial termination will be equal to or less than 4.0% or (iv) the Voting Equity Percentage following such partial
termination will be equal to or less than 4.0%. In the event that Bank so designates an Early Termination Date with respect to a portion of this Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (i) an Early
Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a Number of Warrants equal to the Terminated Portion, (ii) Company shall be the sole Affected Party with respect to such partial
termination and (iii) such Transaction shall be the only Terminated Transaction (and, for the avoidance of doubt, the provisions of paragraph 9(j) shall apply to any amount that is payable by Company to Bank pursuant to this sentence).
Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Bank to purchase, sell, receive or deliver any Shares or other securities to or from Company, Bank may designate any of its affiliates to purchase, sell,
receive or deliver such Shares or other securities and otherwise to perform Bank’s obligations in respect of this Transaction and any such designee may assume such obligations. Bank shall be discharged of its obligations to Company to the
extent of any such performance. 

  

 11 

	 	(f)	Dividends. If at any time during the period from but excluding the Trade Date, to and including the Expiration Date, an ex-dividend date for a cash dividend occurs
with respect to the Shares, then the Calculation Agent will adjust any of the Strike Price, Number of Warrants and/or Daily Number of Warrants to preserve the fair value of the Warrants to Bank after taking into account such dividend (and, for the
avoidance of doubt, adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares). 

  

	 	(g)	Role of Agent. Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Bank to purchase, sell, receive or deliver any Shares or
other securities to or from Company, Bank may designate any of its affiliates to purchase, sell, receive or deliver such shares or other securities and otherwise to perform Bank obligations in respect of the Transaction and any such designee may
assume such obligations. Bank shall be discharged of its obligations to Company to the extent of any such performance. 

  

	 	(h)	Additional Provisions. 

 (i) Amendments to
the Equity Definitions: 
 (A) Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting or
concentrative” and replacing them with the words “an”; and adding the phrase “or Warrants” at the end of the sentence. 
 (B) Section 11.2(c) of the Equity Definitions is hereby amended by (x) replacing the words “a diluting or concentrative” with “an”, (y) adding the phrase “or Warrants” after the words “the
relevant Shares” in the same sentence and (z) deleting the phrase “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant
Shares)” and replacing it with the phrase “(and, for the avoidance of doubt, adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares following
the declaration by Company of the terms of any Potential Adjustment Event under Sections 11.2(e)(ii), (v), (vi) and (vii), and with respect to any Potential Adjustment Event under Section 11.2(e)(i), the Calculation Agent may make
adjustments solely with respect to changes to stock loan rate where the contemplated subdivision, consolidation, reclassification, free distribution or dividend of relevant Shares will, at the Calculation Agent’s determination, result in a
market price per Share of less than $5.00 immediately following such Potential Adjustment Event).” 
 (C) Section 11.2(e)(vii) of
the Equity Definitions is hereby amended by adding the phrase “or Warrants” at the end of the sentence. 
 (D)
Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth line thereof the word “or” after the word “official” and inserting a comma therefor, and (2) deleting the semi-colon
at the end of subsection (B) thereof and inserting the following words therefor “or (C) at Bank’s option, the occurrence of any of the events specified in Section 5(a)(vii) (1) through (9) of the ISDA Master
Agreement with respect to that Issuer.” 
 (E) Section 12.9(b)(iv) of the Equity Definitions is hereby amended by: 
 (x) deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase
“in each case” in subsection (B); and 
  

 12 

 (y) deleting the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares in the
amount of the Hedging Shares or” in the penultimate sentence. 
 (ii) Notwithstanding anything to the contrary in this Confirmation, upon
the occurrence of one of the following events, with respect to this Transaction, (1) Bank shall have the right to designate such event an Additional Termination Event and designate an Early Termination Date pursuant to Section 6(b) of the
Agreement, and (2) Company shall be deemed the sole Affected Party and the Transaction shall be deemed the sole Affected Transaction: 
 (A) Consummation of any share exchange, consolidation or merger of Company (other than to a subsidiary of Company) pursuant to which the Shares will be converted into cash, securities or other property or any sale, lease or other transfer
in one transaction or a series of transactions of all or substantially all of the consolidated assets of Company and its subsidiaries, taken as a whole, to any person other than one of Company’s subsidiaries; provided, however, that a
share exchange, consolidation or merger transaction in which (i) Shares are not changed or exchanged except to the extent necessary to reflect a change in Company’s jurisdiction or (ii) the holders of more than 50% of all shares of
Company’s capital stock entitled to vote generally in the election of Company’s directors immediately prior to such transaction own, directly or indirectly, more than 50% of all shares of Company’s capital stock entitled to vote
generally in the election of Company’s directors of the continuing or surviving corporation or transferee or the parent thereof immediately after such event, in either case, will not be an Additional Termination Event. 
 (B) A failure to pay when due (whether at stated maturity or otherwise and including any applicable grace period relating to such indebtedness) by
Company or any of its significant subsidiaries (as defined in Article 1, Rule 1-02 of Regulation S-X) of principal of or interest on indebtedness for borrowed money where the amount of such unpaid principal and/or interest is in an aggregate amount
in excess of $25 million or more (or its foreign currency equivalent), or a default that results in the acceleration of maturity of any indebtedness for borrowed money of Company or any of its significant subsidiaries in an aggregate amount in
excess of $25 million (or its foreign currency equivalent). 
 (C) Any “person” or “group” within the meaning of
Section 13(d) of the Exchange Act other than the Company, any of its subsidiaries or its employee benefit plans, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the
direct or indirect ultimate “beneficial owner”, as defined in Rule 13d-3 under the Exchange Act, of the common equity of Company representing more than 50% of the total voting power of all shares of Company’s capital stock entitled to
vote generally in the election of Company’s directors; 
 (D) Bank, despite using commercially reasonable efforts, is unable or
reasonably determines that it is impractical or illegal, to hedge its obligations pursuant to this Transaction in the public market without registration under the Securities Act or as a result of any legal, regulatory or self-regulatory requirements
or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Bank). 
 Notwithstanding the forgoing, any event set forth in clause (A) or clause (C) above will not constitute an Additional Termination Event if at least 90% of the consideration received or to be received by
holders of the Shares, excluding cash payments for fractional Shares and payments made in respect of dissenters’ or appraisal rights, in connection with such event consists of shares of common stock traded on a national securities exchange or
which will be so traded or quoted when issued or exchanged in connection with such event. 
  

 13 

	 	(i)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other agreement between the parties to the contrary, the obligations of Company
hereunder are not secured by any collateral. Obligations under this Transaction shall not be set off by Company against any other obligations of the parties, whether arising under the Agreement, this Confirmation, under any other agreement between
the parties hereto, by operation of law or otherwise. Any provision in the Agreement with respect to the satisfaction of Company’s payment obligations to the extent of Bank’s payment obligations to Company in the same currency and in the
same Transaction (including, without limitation Section 2(c) thereof) shall not apply to Company and, for the avoidance of doubt, Company shall fully satisfy such payment obligations notwithstanding any payment obligation to Company by Bank in
the same currency and in the same Transaction. In calculating any amounts under Section 6(e) of the Agreement, notwithstanding anything to the contrary in the Agreement, (1) separate amounts shall be calculated as set forth in such
Section 6(e) with respect to (a) this Transaction and (b) all other Transactions, and (2) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement. For the avoidance of doubt and notwithstanding
anything to the contrary provided in this Section 9(i), in the event of bankruptcy, insolvency (as defined below) or liquidation of Company neither party shall have the right to set off any obligation that it may have to the other party under
this Transaction against any obligation such other party may have to it, whether arising under the Agreement, this Confirmation or any other agreement between the parties hereto, by operation of law or otherwise. For purposes of this section 9(i),
“insolvency” occurs when a party’s liabilities are greater than the value of its assets; provided, however, that an “insolvency” shall not occur for purposes of this section 9(i) prior to the time such insolvent party
gives notice thereof to the other party. 

  

	 	(j)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If, in respect of this Transaction, an amount is payable by Company to
Bank, (i) pursuant to Section 12.7 or Section 12.9 of the Equity Definitions (except in the event of an Insolvency, Nationalization, Tender Offer or Merger Event in which the consideration or proceeds to be paid to holders of shares
consists solely of cash) or (ii) pursuant to Section 6(d)(ii) of the Agreement (except in the event of an Event of Default in which Company is the Defaulting Party or a Termination Event in which Company is the Affected Party, other than
an Event of Default of the type described in (x) Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or (y) a Termination Event of the type described in Section 5(b) of the Agreement, in the case of both
(x) and (y), resulting from an event or events outside Company’s control) (a “Payment Obligation”), Company shall have the right, in its sole discretion, to satisfy any such Payment Obligation by the Share Termination
Alternative (as defined below) by giving irrevocable telephonic notice to Bank, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. New York local time on the Merger Date, Tender Offer Date, Announcement Date (in the case
of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable; provided that if Company does not validly elect to satisfy its Payment Obligation by the Share Termination Alternative, Bank shall
have the right to require Company to satisfy its Payment Obligation by the Share Termination Alternative. Notwithstanding the foregoing, Company’s or Bank’s right to elect satisfaction of a Payment Obligation in the Share Termination
Alternative as set forth in this clause shall only apply to Transactions under this Confirmation and, notwithstanding anything to the contrary in the Agreement, (1) separate amounts shall be calculated with respect to (a) Transactions
hereunder and (b) all other Transactions under the Agreement, and (2) such separate amounts shall be payable pursuant to Section 6(d)(ii) of the Agreement, subject to, in the case of clause (a), Company’s Share Termination
Alternative right hereunder. 

  

			
	Share Termination Alternative:	  	If applicable, Company shall deliver to Bank the Share Termination Delivery Property on the date (the “Share Termination Payment Date”) on which the Payment Obligation would
otherwise be due pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, subject to paragraph (k)(i) below, in satisfaction, subject to paragraph (k)(ii) below, of the Payment Obligation in the manner reasonably requested by Bank free of
payment.

  

 14 

			
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent
shall adjust the amount of Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share
Termination Unit Price.
		
	Share Termination Unit Price:	  	The value to Bank of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery Property, as
determined by the Calculation Agent in its discretion by commercially reasonable means. The Calculation Agent shall notify Company of such Share Termination Unit Price at the time of notification of the Payment Obligation. In the case of a Private
Placement of Share Termination Delivery Units that are Restricted Shares (as defined below), as set forth in paragraph (k)(i) below, the Share Termination Unit Price shall be determined by the discounted price applicable to such Share Termination
Delivery Units. In the case of a Registration Settlement of Share Termination Delivery Units that are Restricted Shares (as defined below) as set forth in paragraph (k)(ii) below, the Share Termination Unit Price shall be the Settlement Price on the
Merger Date, the Tender Offer Date, the Announcement Date (in the case of a Nationalization, Insolvency or Delisting), the date of cancellation or the Early Termination Date, as applicable.
		
	Share Termination Delivery Unit:	  	In the case of a Termination Event, Event of Default Additional Disruption Event or Delisting, one Share or, in the case of Nationalization, Insolvency, Tender Offer or Merger Event, a unit
consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization,
Insolvency, Tender Offer or Merger Event. If such Nationalization, Insolvency, Tender Offer or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive the maximum possible
amount of cash.
		
	Failure to Deliver:	  	Inapplicable
		
	Other applicable provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11, 9.12 and 10.5 (as modified above) of the Equity Definitions will be applicable, except that all
references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery
Units”. “Share Termination Settled” in relation to this Transaction means that Share Termination Alternative is applicable to this Transaction.

  

 15 

	 	(k)	Registration/Private Placement Procedures. If, in the reasonable opinion of Bank, or the Company, based on advice of counsel, following any delivery of Shares or Share
Termination Delivery Property to Bank hereunder, such Shares or Share Termination Delivery Property would be in the hands of Bank subject to any applicable restrictions with respect to any registration or qualification requirement or prospectus
delivery requirement for such Shares or Share Termination Delivery Property pursuant to any applicable federal or state securities law (including, without limitation, any such requirement arising under Section 5 of the Securities Act as a
result of such Shares or Share Termination Delivery Property being “restricted securities”, as such term is defined in Rule 144 under the Securities Act, or as a result of the sale of such Shares or Share Termination Delivery Property
being subject to paragraph (c) of Rule 145 under the Securities Act) (such Shares or Share Termination Delivery Property, “Restricted Shares”), then delivery of such Restricted Shares shall be effected pursuant to either clause
(i) or (ii) below at the election of Company, unless Bank waives the need for registration/private placement procedures set forth in (i) and (ii) below. Notwithstanding the foregoing, solely in respect of any Daily Number of
Warrants exercised or deemed exercised on any Expiration Date, Company shall elect, prior to the first Settlement Date for the first Expiration Date, a Private Placement Settlement or Registration Settlement for all deliveries of Restricted Shares
for all such Expiration Dates which election shall be applicable to all Settlement Dates for such Warrants and the procedures in clause (i) or clause (ii) below shall apply for all such delivered Restricted Shares on an aggregate basis
commencing after the final Settlement Date for such Warrants. The Calculation Agent shall make reasonable adjustments to settlement terms and provisions under this Confirmation to reflect a single Private Placement or Registration Settlement for
such aggregate Restricted Shares delivered hereunder. 

  

	 	(i)	 If Company elects to settle the Transaction pursuant to this clause (i) (a “Private Placement Settlement”), then delivery of Restricted Shares
by Company shall be effected in customary private placement procedures with respect to such Restricted Shares reasonably acceptable to Bank; provided that Company may not elect a Private Placement Settlement if, on the date of its election,
it has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the sale by Company to Bank (or any affiliate designated by Bank) of the Restricted Shares or
the exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act for resales of the Restricted Shares by Bank (or any such affiliate of Bank). The Private Placement Settlement of such Restricted Shares shall include customary
representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Bank, due diligence rights (for Bank or any designated buyer of the Restricted Shares by Bank who has agreed to be bound by a confidentiality
obligation), opinions and certificates, confidentiality agreements, and such other documentation as is customary for private placement agreements, with respect to companies of comparable size, maturity and line of business all reasonably acceptable
to Bank. In the case of a Private Placement Settlement, Bank shall determine the appropriate discount to the Share Termination Unit Price (in the case of settlement of Share Termination Delivery Units pursuant to paragraph (j) above) or any
Settlement Price (in the case of settlement in Shares pursuant to Section 2 above) applicable to such Restricted Shares in a commercially reasonable manner and appropriately adjust the number of such Restricted Shares to be delivered to Bank
hereunder; provided that in no event shall such number be greater than two times the Number of Shares (the “Maximum Amount”). Notwithstanding the Agreement or this Confirmation, the date of delivery of such Restricted Shares
shall be within the second Exchange Business Days following notice by Bank to Company, of such applicable discount and the number of Restricted Shares to be delivered pursuant to this 

  

 16 

	 	 
clause (i). For the avoidance of doubt, delivery of Restricted Shares shall be due as set forth in the previous sentence and not be due on the Share
Termination Payment Date (in the case of settlement of Share Termination Delivery Units pursuant to paragraph (j) above) or on the Settlement Date for such Restricted Shares (in the case of settlement in Shares pursuant to Section 2
above). 

 In the event Company shall not have delivered the full number of Restricted Shares otherwise applicable as a
result of the proviso above relating to the Maximum Amount (such deficit, the “Deficit Restricted Shares”), Company shall be continually obligated to deliver, from time to time until the full number of Deficit Restricted Shares have
been delivered pursuant to this paragraph, Restricted Shares when, and to the extent, that (i) Shares are repurchased, acquired or otherwise received by Company or any of its subsidiaries after the Trade Date (whether or not in exchange for
cash, fair value or any other consideration), (ii) authorized and unissued Shares reserved for issuance in respect of other transactions prior to such date which prior to the relevant date become no longer so reserved and (iii) Company
additionally authorizes any unissued Shares that are not reserved for other transactions. Company shall immediately notify Bank of the occurrence of any of the foregoing events (including the number of Shares subject to clause (i), (ii) or
(iii) and the corresponding number of Restricted Shares to be delivered) and promptly deliver such Restricted Shares thereafter. 
  

	 	(ii)	 If Company elects to settle the Transaction pursuant to this clause (ii) (a “Registration Settlement”), then Company shall promptly (following
notification by either party that this paragraph (k) is applicable but in no event later than the beginning of the Resale Period) file and use its reasonable best efforts to make effective under the Securities Act a registration statement or
supplement or amend an outstanding registration statement in form and substance reasonably satisfactory to Bank, to cover the resale of such Restricted Shares in accordance with customary resale registration procedures, including covenants,
conditions, representations, underwriting discounts (if applicable), commissions (if applicable), indemnities, due diligence rights, opinions and certificates, confidentiality agreements, and such other documentation as is customary for equity
resale underwriting agreements, with respect to companies of comparable size, maturity and line of business all reasonably acceptable to Bank. If Bank, in its sole reasonable discretion, is not satisfied with such procedures and documentation
Private Placement Settlement shall apply. If Bank is satisfied with such procedures and documentation, it shall sell the Restricted Shares pursuant to such registration statement during a period (the “Resale Period”) commencing on
the Exchange Business Day following delivery of such Restricted Shares (which, for the avoidance of doubt, shall be the Share Termination Payment Date in case of settlement in Share Termination Delivery Units pursuant to paragraph (j) above or
(y) the Settlement Date in respect of the final Expiration Date for all Daily Number of Warrants) and ending on the earliest of (i) the Exchange Business Day on which Bank completes the sale of all Restricted Shares or, in the case of
settlement of Share Termination Delivery Units, a sufficient number of Restricted Shares so that the realized net proceeds of such sales equals or exceeds the Payment Obligation (as defined above), (ii) the date upon which all Restricted Shares
have been sold or transferred pursuant to Rule 144 (or similar provisions then in force) or Rule 145(d)(1) or (2) (or any similar provision then in force) under the Securities Act and (iii) the date upon which all Restricted Shares may be
sold or transferred by a non-affiliate pursuant to Rule 144 (or any similar provision then in force) or Rule 145(d)(3) (or any similar provision then in force) under the Securities Act. If the Payment Obligation exceeds the realized net proceeds
from such resale, Company shall transfer to Bank by the open of the regular trading session on the Exchange on the Exchange Trading Day immediately following the last day of the Resale Period the amount of such excess (the “Additional
Amount”) in cash or in a number of Shares (“Make-whole Shares”) in an amount that, based on the Settlement Price on the last day of the Resale Period (as if such day was the “Valuation Date” for purposes of
computing such Settlement Price), has a dollar value 

  

 17 

	 	 
equal to the Additional Amount. The Resale Period shall continue to enable the sale of the Make-whole Shares. If Company elects to pay the Additional Amount
in Shares, the requirements and provisions for Registration Settlement shall apply. This provision shall be applied successively until the Additional Amount is equal to zero. In no event shall Company deliver a number of Restricted Shares greater
than the Maximum Amount. 

  

	 	(iii)	Without limiting the generality of the foregoing, Company agrees that any Restricted Shares delivered to Bank, as purchaser of such Restricted Shares, (i) may be transferred by
and among Bank and its affiliates and Company shall effect such transfer without any further action by Bank and (ii) after the period of 6 months from the Trade Date (or 1 year from the Trade Date if, at such time, informational requirements of
Rule 144(c) are not satisfied with respect to the Company) has elapsed after any Settlement Date for such Restricted Shares, Company shall promptly remove, or cause the transfer agent for such Restricted Shares to remove, any legends referring to
any such restrictions or requirements from such Restricted Shares upon request by Bank (or such affiliate of Bank) to Company or such transfer agent. 

 If the Private Placement Settlement or the Registration Settlement shall not be effected as set forth in clauses (i) or (ii), as applicable, then failure to effect such Private Placement Settlement or such
Registration Settlement shall constitute an Event of Default with respect to which Company shall be the Defaulting Party. 
  

	 	(l)	Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, Bank may not exercise any Warrant hereunder or be entitled to take delivery of any Shares
deliverable hereunder, and Automatic Exercise shall not apply with respect to any Warrant hereunder, to the extent (but only to the extent) that, after such receipt of any Shares upon the exercise of such Warrant or otherwise hereunder,
(i) Bank of America Corporation would directly or indirectly beneficially own (as such term is defined for purposes of Section 13(d) of the Exchange Act) in excess of 8.0% of the outstanding Shares, (ii) Bank and its affiliates would
directly or indirectly own or control, for purposes of the Bank Holding Company Act of 1956, as amended, in excess of 4.0% of the outstanding Shares or (iii) Bank and its parent entity own, control or hold with the power to vote (as such terms
are used in Section 2(a)(3) of the 1940 Act) in excess of 4.0% of the outstanding Shares. Any purported delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery, (i) Bank of
America Corporation would directly or indirectly so beneficially own in excess of 8.0% of the outstanding Shares, (ii) Bank and its affiliates would directly or indirectly so own or control in excess of 4.0% of the outstanding Shares or
(iii) Bank and its parent entity would so own, control or hold with the power to vote in excess of 4.0% of the outstanding Shares. If any delivery owed to Bank hereunder is not made, in whole or in part, as a result of this provision,
Company’s obligation to make such delivery shall not be extinguished and Company shall make such delivery as promptly as practicable after, but in no event later than one Business Day after, Bank gives notice to Company that, after such
delivery, (i) Bank of America Corporation would not directly or indirectly so beneficially own in excess of 8.0% of the outstanding Shares, (ii) Bank and its affiliates would not directly or indirectly so own or control in excess of 4.0%
of the outstanding Shares or (iii) Bank and its parent entity would not so own, control or hold with the power to vote in excess of 4.0% of the outstanding Shares. 

  

	 	(m)	 Share Deliveries. Company acknowledges and agrees that, to the extent the holder of this Warrant is not then an affiliate and has not been an
affiliate for 90 days (it being understood that Bank will not be considered an affiliate under this paragraph solely by reason of its receipt of Shares pursuant to this Transaction), and otherwise satisfies all holding period and other requirements
of Rule 144 of the Securities Act applicable to it, any delivery of Shares or Share Termination Delivery Property hereunder at any time after 6 months from the Trade Date (or 1 year from the Trade Date if, at such time, informational requirements of
Rule 144(c) are not satisfied with respect to the Company) shall be eligible for resale under Rule 144 of the Securities Act and Company agrees to promptly remove, or cause the transfer agent for such Shares or Share Termination Delivery Property,
to remove, any legends referring to any restrictions on resale 

  

 18 

	 	 
under the Securities Act from the Shares or Share Termination Delivery Property. Company further agrees that any delivery of Shares or Share Termination
Delivery Property prior to the date that is 6 months from the Trade Date (or 1 year from the Trade Date if, at such time, informational requirements of Rule 144(c) are not satisfied with respect to the Company), may be transferred by and among Bank
and its affiliates and Company shall effect such transfer without any further action by Bank. Notwithstanding anything to the contrary herein, Company agrees that any delivery of Shares or Share Termination Delivery Property shall be effected by
book-entry transfer through the facilities of DTC, or any successor depositary, if at the time of delivery, such class of Shares or class of Share Termination Delivery Property is in book-entry form at DTC or such successor depositary and such
Shares or Share Termination Delivery Property are not subject to any restrictions on transfer. 

  

	 	(n)	Governing Law. New York law (without reference to choice of law doctrine). 

  

	 	(o)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or
proceeding relating to this Transaction. Each party (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or
proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Transaction, as applicable, by, among other things, the mutual waivers and certifications provided herein.

  

	 	(p)	Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Company and each of its employees, representatives, or other agents
may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Company relating to such tax
treatment and tax structure. 

  

	 	(q)	Maximum Share Delivery. Notwithstanding any other provision of this Confirmation or the Agreement, in no event will Company be required to deliver more than the
Maximum Amount of Shares in the aggregate to Bank in connection with this Transaction, subject to the provisions regarding Deficit Restricted Shares. 

  

	 	(r)	Right to Extend. Bank may postpone, in whole or in part, any Expiration Date or any other date of valuation or delivery with respect to some or all of the relevant
Warrants (in which event the Calculation Agent shall make appropriate adjustments to the Daily Number of Warrants with respect to one or more Expiration Dates) if Bank determines, in its commercially reasonable judgment, that such extension is
reasonably necessary or appropriate to preserve Bank’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Bank to effect purchases of Shares in connection with its hedging, hedge unwind or
settlement activity hereunder in a manner that would, if Bank were Issuer or an affiliated purchaser of Issuer, be in compliance with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to
Bank. 

  

	 	(s)	Status of Claims in Bankruptcy. Bank acknowledges and agrees that this Confirmation is not intended to convey to Bank rights against Company with respect to the
Transaction that are senior to the claims of common stockholders of Company in any U.S. bankruptcy proceedings of Company; provided that nothing herein shall limit or shall be deemed to limit Bank’s right to pursue remedies in the event
of a breach by Company of its obligations and agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed to limit Bank’s rights in respect of any transactions other than the
Transaction. 

  

	 	(t)	 Securities Contract; Swap Agreement. The parties hereto intend for: (a) the Transaction to be a “securities contract” and a “swap
agreement” as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6),
362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code; (b) a party’s right to liquidate the Transaction and to exercise 

  

 19 

	 	 
any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a “contractual
right” as described in the Bankruptcy Code; and (c) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as
defined in the Bankruptcy Code. 

  

	 	(u)	Delivery or Receipt of Cash. For the avoidance of doubt, other than receipt of the Premium by Company, nothing in this Confirmation shall be interpreted as requiring
Company to deliver or receive cash in respect of the settlement of the Transaction contemplated by this Confirmation, except in circumstances where the cash settlement thereof is within Company’s control (including, without limitation, where an
Event of Default by Company has occurred under Section 5(a)(ii) or Section 5(a)(iv) of the Agreement, where Company elects to deliver or receive cash or fails timely to elect to deliver or receive Share Termination Delivery Property in
respect of the settlement of such Transaction) or in those circumstances in which holders of the Shares would also receive cash. 

  

 20 

 Company hereby agrees (a) to check this Confirmation carefully and immediately upon receipt so that
errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Bank) correctly sets forth the terms of the agreement between Bank and Company with respect to the
Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to John Servidio, Facsimile
No. 212-230-8610. 
  

					
	Very truly yours,
		
		 	Bank of America, N.A.
			
		 	By:	 	/s/ CHRISTOPHER HUTMAKER
		 	Authorized Signatory
		 	Name: Christopher Hutmaker

  

			
	 Accepted and confirmed
 as of the Trade Date:

	
	SVB Financial Group
		
	By:	 	/s/ MICHAEL DESCHENEAUX
	Authorized Signatory
	Name:	 	Michael DescheneauxPurchase Agreement

 Exhibit 10.1 
 SVB FINANCIAL GROUP 
 3.875% Convertible Senior Notes due 2011 
 Purchase Agreement 
 April 1, 2008

 J.P. Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017 
 Ladies and Gentlemen: 
 SVB Financial Group, a Delaware corporation (the “Company”), proposes to sell to J.P. Morgan Securities Inc. (“JPM” or
the “Initial Purchaser”) $200,000,000 principal amount of its 3.875% Convertible Senior Notes due 2011 (the “Initial Securities”). In addition, the Company proposes to grant to the Initial Purchaser an option (the
“Option”) to purchase up to an additional $50,000,000 principal amount of 3.875% Convertible Senior Notes due 2011 to cover over-allotments (the “Optional Securities” and, together with the Initial Securities, the
“Securities”). 
 The Securities are to be issued under an indenture (the “Indenture”) to be dated as of
the Closing Date (as defined in Section 3) between the Company and Wells Fargo Bank, N.A., as trustee (the “Trustee”). The Securities will be convertible, subject to certain conditions set forth in the Indenture, at the option
of the holder prior to maturity (unless previously repurchased by the Company) for cash and fully paid, nonassessable shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”), if any, in accordance
with the terms of the Securities and the Indenture, as described in Schedule A hereto. As used herein, “Conversion Shares” means the shares of Common Stock into which the Securities are initially convertible. 
 The Securities and the Conversion Shares will be sold to the Initial Purchaser without being registered under the Securities Act of 1933, as amended (the
“Act”), in reliance upon exemptions therefrom. The Company has prepared and delivered to the Initial Purchaser physical or electronic copies of a preliminary offering memorandum dated March 31, 2008 (the “Preliminary
Offering Memorandum”) and has prepared and will deliver to the Initial Purchaser, on the date hereof or as soon as practicable, physical or electronic copies of a final offering memorandum dated April 1, 2008 (the “Final
Offering Memorandum”), each for use by the Initial Purchaser in connection with its solicitation of purchases of, or its offering of, the Securities. “Offering Memorandum” means, with respect to any date or time referred to
in this Agreement, the most recent offering memorandum (whether the Preliminary Offering Memorandum or the Final Offering Memorandum, or any amendment or supplement to either document) that has been prepared and delivered by the Company to the
Initial Purchaser in connection with its solicitation of purchases of, or offering of, the Securities and shall be deemed to include the exhibits thereto and any documents incorporated by reference therein. The Company hereby confirms that it has
authorized the use of the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchaser in the manner contemplated by this Agreement. 

 Notwithstanding the foregoing, the Company and the Initial Purchaser hereby acknowledge that any
statement contained in a document incorporated or deemed to be incorporated by reference in the Offering Memorandum shall be deemed to be modified or superseded for purposes of the Offering Memorandum to the extent that a statement contained in the
Offering Memorandum or in any subsequently filed document or report that also is deemed to be incorporated by reference in the Offering Memorandum modifies or supersedes such statement. 
 1. Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, the Initial Purchaser as follows:

 (a) As of the Applicable Time (as defined below), neither (x) the Preliminary Offering Memorandum as supplemented by the final
pricing term sheet, in the form attached hereto as Schedule B (the “Pricing Supplement”), that has been prepared and delivered by the Company to the Initial Purchaser in connection with their solicitation of offers to
purchase the Securities, all considered together (collectively, the “Disclosure Package”), nor (y) any individual Supplemental Offering Materials (as defined below), when considered together with the Disclosure Package,
included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. “Applicable Time” means
4:59 P.M (Eastern time) on April 1, 2008 or such other time as agreed by the Company and the Initial Purchaser. 
 “Supplemental Offering Materials” means any “written communication” (within the meaning of the 1933 Act Regulations (as defined below)) prepared by or on behalf of the Company, or used or referred to by the
Company, that constitutes an offer to sell or a solicitation of an offer to buy the Securities other than any notices satisfying the requirements of Rule 135c under the Act and other than the Offering Memorandum or amendments or supplements thereto
(including the Pricing Supplement). 
 As of its issue date, as of the Closing Date, and, if applicable, as of the Option
Closing Date, the Final Offering Memorandum will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. 
 The representations and warranties in this subsection shall not apply to statements in or omissions from the
Disclosure Package or the Final Offering Memorandum made in reliance upon and in conformity with written information furnished to the Company by the Initial Purchaser expressly for use therein. 
 (b) The documents incorporated or deemed to be incorporated by reference in the Offering Memorandum, at the time they were filed or last amended, as the
case may be, with the Securities and Exchange Commission (the “Commission”), complied, in all material respects, with the requirements of the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules and
regulations of the Commission thereunder (the “Exchange Act Regulations”), and did not 

  

 2 

 
include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; and any additional documents deemed to be incorporated by reference in the Offering Memorandum will, if and when such documents are filed with the Commission, or when
amended, as appropriate, comply in all material respects to the requirements of the Exchange Act and the Exchange Act Regulations and will not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (c)
Since the respective dates as of which information is disclosed in the Disclosure Package or the Final Offering Memorandum, except as otherwise stated therein, (A) there has been no material adverse change in the condition (financial or
otherwise), earnings, results of operations, business or properties of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a “Material Adverse Effect”),
(B) there have been no transactions entered into by the Company or any of its subsidiaries, other than those in the ordinary course of business, which are material with respect to the Company and its subsidiaries considered as one enterprise,
and (C) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock. 
 (d) The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware and has corporate power and authority to own, lease and operate its properties and to conduct its
business as described in the Disclosure Package and the Final Offering Memorandum and to enter into and perform its obligations under this Agreement, the Indenture, the Securities and the Conversion Shares. The Company is duly qualified as a foreign
corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify
or to be in good standing would not result in a Material Adverse Effect. The Company is duly registered as a bank holding company and a financial holding company under the Bank Holding Company Act of 1956, as amended. The Company has an authorized
capitalization as set forth in the Disclosure Package and the Final Offering Memorandum, and all of the outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable.

 (e) Silicon Valley Bank (the “Bank”) is the only “significant subsidiary” of the Company (as such term is
defined in Rule 1-02(w) of Regulation S-X) (the “Significant Subsidiary”). The Significant Subsidiary has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the
Disclosure Package and the Final Offering Memorandum and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or
leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. The Significant Subsidiary has been duly organized and is validly existing as a
corporation in good standing under the laws of the jurisdiction of its incorporation, except where the failure to be in good standing would not result in a Material Adverse Effect. Except as otherwise disclosed in 

  

 3 

 
the Disclosure Package and the Final Offering Memorandum, all of the issued and outstanding capital stock of the Significant Subsidiary have been duly
authorized and validly issued, are fully paid and non-assessable and are owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity, and none of the
outstanding shares of capital stock of the Significant Subsidiary were issued in violation of the preemptive or similar rights of any securityholder of the Significant Subsidiary. 
 (f) The Company’s authorized equity capitalization is as set forth in the Disclosure Package and the Final Offering Memorandum; the capital stock of
the Company conforms as to legal matters in all material respects to the description thereof contained in the Disclosure Package and the Final Offering Memorandum; the outstanding shares of Common Stock have been duly authorized and are validly
issued, fully paid and nonassessable; the Conversion Shares that are authorized on the date hereof have been duly authorized and are validly reserved for issuance upon conversion of the Securities and, when issued upon conversion of the Securities
in accordance with the terms of the Securities and the Indenture, will be validly issued, fully paid and non-assessable. 
 (g) The
Securities have been duly authorized, and, when executed and authenticated in accordance with the Indenture and delivered to and paid for by the Initial Purchaser pursuant to this Agreement (assuming the due authentication by the Trustee) at the
Closing Date and, if applicable, at the Option Closing Date, will constitute valid and legally binding obligations of the Company entitled to the benefits provided by the Indenture; the Indenture has been duly authorized and, at the Closing Date
and, if applicable, at the Option Closing Date, and when executed and delivered by the Company, assuming the due authorization, execution and delivery thereof by the Trustee, the Indenture will constitute a valid and legally binding instrument,
enforceable against the Company in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or
similar laws affecting enforcement of creditors’ rights generally or by general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law); the Indenture, the Securities and the Conversion Shares
will conform in all material respects to the descriptions thereof in the Disclosure Package and the Final Offering Memorandum, and on the Closing Date and, if applicable, at the Option Closing Date, the Indenture will conform in all material
respects to the requirements of the Trust Indenture Act of 1939 (the “Trust Indenture Act”), and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder. 
 (h) This Agreement has been duly authorized, executed and delivered by the Company. 
 (i) Neither the holders of outstanding shares of capital stock of the Company nor the holders of any of the Company’s other outstanding securities
are entitled to preemptive or other rights to subscribe for the Securities or Conversion Shares. Except as set forth in the Disclosure Package and the Final Offering Memorandum and except for restricted stock units, or options to purchase or acquire
shares of Common Stock, which, in each case, were granted under the Company’s previously or currently existing stock option, employee stock purchase and other similar officer, director or employee benefit plans after December 31, 2007 and
which, in the aggregate, represent, in the case of restricted stock units, or are exercisable for, in the case of options, no more than 752,000 total shares of Common Stock, no options, warrants or other rights to purchase, agreements or other
obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of or ownership interests in the Company are outstanding. 
  

 4 

 (j) Neither the Company nor any of its subsidiaries is in violation of its charter or by-laws (or
equivalent documents) or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or
instrument to which the Company or any of its subsidiaries is a party or by which any of them may be bound, or to which any of the property or assets of the Company or any subsidiary is subject, except for such defaults that would not result in a
Material Adverse Effect or have a material adverse effect on the consummation of the transactions contemplated hereby. The execution, delivery and performance of this Agreement, the Indenture, the Securities and the Conversion Shares, the
consummation of the transactions contemplated herein and therein and in the Disclosure Package and the Final Offering Memorandum and compliance by the Company with its obligations hereunder and thereunder have been duly authorized by all necessary
corporate action and do not and will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (i) any U.S. Federal or state statute, any rule, regulation or order of any governmental agency or
body, or of any national securities exchange, or any U.S. Federal or state court having jurisdiction over the Company or any Significant Subsidiaries of the Company or any of their properties, or (ii) any agreement or instrument to which the
Company or any such Significant Subsidiary is a party or by which the Company or any such Significant Subsidiary is bound or to which any of the properties of the Company or any such Significant Subsidiary is subject, or (iii) the charter or
by-laws of the Company or any such Significant Subsidiary, except, in the case of clauses (i) and (ii) above, for such breaches, violations or defaults that do not and would not have, individually or in the aggregate, a Material Adverse
Effect. 
 (k) The statements set forth in the Disclosure Package and the Final Offering Memorandum under the captions “Description of
Capital Stock” and “Description of Notes,” insofar as they are descriptions of contracts, agreements or other legal documents or describe statutes, rules and regulations, and under the caption “Plan of Distribution,” insofar
as they purport to describe the provisions of the documents referred to therein, fairly summarize the matters set forth therein in all material respects; and the statements set forth in the Disclosure Package and the Final Offering Memorandum under
the caption “Supervision and Regulation” and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 in Part I, Item 1, “Business – Supervision and Regulation,” insofar as they purport
to constitute summaries of legal matters or legal conclusions with respect thereto, are true and correct in all material respects. 
 (l)
Other than as set forth in the Disclosure Package and the Final Offering Memorandum, there is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending, or,
to the knowledge of the Company, threatened, against or affecting the Company or any of its subsidiaries, which (A) could reasonably be expected to result in a Material Adverse Effect or (B) could reasonably be expected to materially and
adversely affect the assets or operations of the Company or any of its subsidiaries or the consummation of the transactions contemplated in this Agreement, the Indenture, the Securities and the Conversion Shares or the performance by the Company of
its obligations hereunder or thereunder. 
  

 5 

 (m) The Company is not required, and after giving effect to the offering and sale of the Securities and
the application of the proceeds thereof as described in the Disclosure Package and the Final Offering Memorandum will not be required, to register as an “investment company” under the Investment Company Act. 
 (n) The Company and its subsidiaries possess adequate certificates, authorities or permits issued by appropriate U.S. Federal or state or other
governmental agencies or bodies necessary to conduct the business now operated by them or contemplated in connection with the Securities and have not received any notice of proceedings relating to the revocation or modification of any such
certificate, authority or permit that, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect. 
 (o) KPMG LLP, who have audited the consolidated financial statements of the Company and its subsidiaries included in the Disclosure Package and the Final
Offering Memorandum, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United
States) and as required by the Act. 
 (p) The audited consolidated financial statements included in the Disclosure Package and the Final
Offering Memorandum, together with the supporting schedules, if any, and notes, present fairly in all material respects the consolidated financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of
operations, stockholders’ equity and cash flows of the Company and its consolidated subsidiaries for the periods specified. Such financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) applied on a consistent basis throughout the periods involved except as otherwise stated therein. The selected consolidated financial data included in the Disclosure Package and the Final Offering
Memorandum present fairly the information shown therein and have been compiled on a basis consistent with that of the audited consolidated financial statements included in the Disclosure Package and the Final Offering Memorandum. 
 (q) The Company maintains a system of internal control over financial reporting sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with the management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with the management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences. 
  

 6 

 (r) The Company has established and maintains disclosure controls and procedures (as such term is defined
in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Such disclosure controls and procedures (A) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the
Company’s principal executive officer and its principal financial officer by others within those entities, (B) have been evaluated for effectiveness as of the end of the annual or quarterly period reported to the Commission and
(C) are effective to perform the functions for which they were established. In addition, prior to the filing of the Company’s Annual Report or Form 10-K for the year ended December 31, 2007, each of the Company’s auditors and the
Audit Committee of the Company’s Board of Directors had been advised of (A) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the Company’s ability to record, process, summarize and report financial information and (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal control over financial reporting; and, since such date, neither the Company’s auditors nor the Audit Committee of the Company’s Board of Directors have been advised of any such significant deficiencies and material weaknesses or
fraud. Since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any
corrective actions with regard to significant deficiencies and material weaknesses. 
 (s) The Company, the Bank and, to the knowledge of the
Company, the Company’s other subsidiaries are in compliance in all material respects with all laws administered by and regulations of any governmental authority applicable to it or to them (including, without limitation, all regulations and
orders of, or agreements with, any Regulatory Agency (as defined below), the Equal Credit Opportunity Act, the Fair Housing Act, the Community Reinvestment Act, the Home Mortgage Disclosure Act, all other applicable fair lending laws or other laws
relating to discrimination and the Bank Secrecy Act and Title III of the U.S.A. Patriot Act), the failure to comply with which would have a Material Adverse Effect. Except as otherwise disclosed to the Initial Purchaser or counsel to the Initial
Purchaser, neither the Company nor any of its subsidiaries is subject or is party to, or has received any notice or advice that any of them may become subject or party to any investigation with respect to, any corrective, suspension or
cease-and-desist order, agreement, consent agreement, memorandum of understanding or other regulatory enforcement action, proceeding or order with or by, or is a party to any commitment letter or similar undertaking to, or is subject to any
directive by, or has been a recipient of any supervisory letter from, or has adopted any board resolutions at the request of, any Regulatory Agency that currently relates to or restricts in any material respect the conduct of their business or that
in any manner relates to their capital adequacy, credit policies or management (each, a “Regulatory Agreement”), nor has the Company or any of its subsidiaries been advised by any Regulatory Agency that it is considering issuing or
requesting any such Regulatory Agreement. The Company is not subject to any order of any Regulatory Agency which prohibits the payment of dividends by any of its subsidiaries. As used herein, the term “Regulatory Agency” means any
federal or state agency charged with the supervision or regulation of depository institutions or holding companies of depository institutions, or engaged in the insurance of depository institution deposits, or any court, administrative agency or
commission or other governmental agency, authority or instrumentality having supervisory or regulatory authority with respect to the Company or any of its subsidiaries. 
  

 7 

 (t) The Bank is an insured bank under the provisions of the Federal Deposit Insurance Act, as amended,
and is a member of the Federal Reserve System. The deposit accounts of the Bank are insured up to the applicable limits by the Federal Deposit Insurance Corporation (the “FDIC”) to the fullest extent permitted by law and the rules
and regulations of the FDIC, and no proceeding for the revocation or termination of such insurance is pending or, to the knowledge of the Company, threatened. 
 (u) No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by
the employees of any of the principal suppliers, manufacturers, customers or contractors of the Company or any of its subsidiaries, which, in either case, would result in a Material Adverse Effect. 
 (v) The Company and its subsidiaries own or possess, or can acquire on reasonable terms, adequate patents, patent licenses, trademarks, service marks and
trade names necessary to carry on their businesses as presently conducted and the Company and its subsidiaries have not received any notice of infringement of or conflict with asserted rights of others with respect to any patents, patent licenses,
trademarks, service marks or trade names that, in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect. 
 (w) Except as disclosed in the Disclosure Package and the Final Offering Memorandum, the Company and its Significant Subsidiaries have good and marketable title to all real properties and all other properties and
assets owned by them, except for liens, encumbrances and defects that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially interfere with the use made or to be made thereof by them; and
except as disclosed in the Disclosure Package and the Final Offering Memorandum, the Company and its Significant Subsidiaries hold any leased real or personal property under valid and enforceable leases with no exceptions that would reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (x) Neither the Company nor any affiliate of the Company
has taken, nor will the Company or any affiliate take, directly or indirectly, any action which is designed to or which has constituted or which would be expected to cause or result in the unlawful stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Securities. 
 (y) No filing with, or authorization, approval, consent,
license, order, registration, qualification or decree of, any U.S. Federal or state court or governmental agency or body, or of any national securities exchange, is required for the authorization, execution, delivery by the Company of this
Agreement, the Indenture, the Securities or the Conversion Shares, or the performance by the Company of its obligations hereunder or thereunder including the offering, issuance, sale and delivery of the Securities or the consummation by the Company
of the transactions contemplated hereby or thereby, except as such as have already been made or obtained, or will be made or obtained prior to the Closing Date, or as may be required under the blue sky or securities laws of the various states.

  

 8 

 (z) The Company and its subsidiaries are (i) in compliance with any and all applicable foreign,
federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have
received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (iii) have not received notice of any actual or potential liability for
the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other
approvals, or liability would not have a Material Adverse Effect. 
 (aa) The Company and its subsidiaries have filed all U.S. Federal,
state, local and foreign tax returns or reports required to be filed, and have paid in full all taxes indicated by said returns or reports and all assessments received by it or any of them to the extent that such taxes have become due and payable,
except where the Company and its subsidiaries are contesting in good faith such taxes and assessments and except where the failure to so file or pay would not reasonably be expected to have a Material Adverse Effect. The Company and the Bank have
also filed all required applications, reports, returns and other documents and information with any Regulatory Agency except for such failures to file that would not reasonably be expected to have a Material Adverse Effect, and no such application,
report, return or other document or information contained, as of the date it was filed, an untrue statement of a material fact required to be stated therein or necessary to make the statements therein not misleading when made or failed to comply
with the applicable requirements of the Regulatory Agency with which such application, report, return, document or information was filed, except for such misstatements that would not reasonably be expected to have a Material Adverse Effect.

 (bb) No “nationally recognized statistical rating organization” as such term is defined for purposes of Rule 436(g)(2) under the
Act (i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) on the Company’s retaining any rating assigned to the Company or any securities of the Company or (ii) has
indicated to the Company that it is considering (a) the downgrading, suspension, or withdrawal of, or any review for a possible change that does not indicate the direction of the possible change in, any rating so assigned or (b) any change
in the outlook for any rating of the Company or any securities of the Company. 
 (cc) The Company and its subsidiaries maintain insurance of
the types and in the amounts generally deemed adequate in their respective businesses and consistent with insurance coverage maintained by similar companies and businesses, and as required by the rules and regulations of all governmental agencies
having jurisdiction over the Company or the Bank, all of which insurance is in full force and effect. 
 (dd) Neither the Company nor its
subsidiaries have, directly or indirectly, at any time during the past five years (A) made any unlawful contribution to any candidate for public office, or failed to disclose fully any contribution in violation of law, or (B) made any
payment to any U.S. Federal or state governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof.

 (ee) The Company is in compliance with all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as
amended, including the regulations and published interpretations thereunder, except where such non-compliance would not reasonably be expected to have a Material Adverse Effect. 
  

 9 

 (ff) Except as disclosed in the Disclosure Package and the Final Offering Memorandum, there are no
contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company or the Initial Purchaser for a brokerage commission, finder’s fee or other like payment for the offer and sale
of the Securities as contemplated by this Agreement. 
 (gg) None of the Company, any of the Company’s subsidiaries or any agent thereof
acting on behalf of them has taken, and none of them will take, any action that could reasonably be expected to cause this Agreement or the issuance or sale of the Securities to violate Regulation T, Regulation U or Regulation X of the Board of
Governors of the Federal Reserve System. 
 (hh) On the Closing Date and, if applicable, on the Option Closing Date, the Securities will not
be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and the Disclosure Package and the Final Offering Memorandum, as
of their respective dates, contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Act. 
 (ii) Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D under the Act (“Regulation D”)) has,
directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Act), that is or will be integrated with the sale of the Securities in a manner that would require
registration of the Securities or the Conversion Shares under the Act. 
 (jj) None of the Company or any of its affiliates or any other
person acting on its or their behalf (other than the Initial Purchaser or any other person acting on its behalf, as to which no representation is made) has solicited offers for, or offered or sold, the Securities by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Act. 
 (kk) Assuming the accuracy of the representations and warranties of the Initial Purchaser contained in Section 2(c) and its compliance with its
agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchaser and the offer, resale and delivery of the Securities by the Initial Purchaser in the manner contemplated by this
Agreement, the Disclosure Package and the Final Offering Memorandum, to register the Securities or the Conversion Shares under the Act or to qualify the Indenture under the Trust Indenture Act. 
 2. Purchase and Resale of the Securities. 
 (a) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Company agrees to sell to the Initial Purchaser and the Initial Purchaser agrees to purchase from the Company,
$200,000,000 aggregate principal amount of Securities at the purchase price set forth in Schedule A. 
  

 10 

 (b) Subject to the terms and conditions and in reliance upon the representations and warranties herein
set forth, the Company hereby grants the Option to the Initial Purchaser to purchase the Optional Securities at the same price as the Initial Purchaser shall pay for the Initial Securities plus accrued interest, if any, from the Closing Date to the
date of payment and delivery. This option may be exercised at any time and from time to time, in whole or in part, on or before the thirteenth (13th) day following the date of this Agreement, by written notice by the Initial Purchaser to the
Company to cover over-allotments; provided, however, that the Option may not be exercised unless either the Initial Securities and such Optional Securities will constitute a single “issue” for U.S. federal income tax
purposes, or each of the Initial Securities and such Optional Securities (considered as separate “issues” for U.S. federal income tax purposes) will not be treated as having been issued with more than a “de minimis” amount of
“original issue discount” for purposes of Sections 1271 et seq. of the Internal Revenue Code of 1986, as amended (the “Code”). Such notice shall set forth the aggregate number of Optional Securities as to which the option
is being exercised and the date and time, as reasonably determined by the Initial Purchaser, when the Optional Securities are to be delivered (such date and time being herein sometimes referred to as the “Option Closing Date”);
provided, however, that the Option Closing Date shall not be earlier than the Closing Date or earlier than the second full business day after the date on which the option shall have been exercised nor later than the eighth full
business day after the date on which the option shall have been exercised. 
 (c) The Company understands that the Initial Purchaser intends
to offer the Securities for resale on the terms set forth in the Disclosure Package and the Final Offering Memorandum. The Initial Purchaser represents, warrants and agrees that: 
 (i) it is a qualified institutional buyer within the meaning of Rule 144A under the Act (a “QIB”) and an accredited
investor within the meaning of Rule 501(a) under the Act; 
 (ii) it has not solicited offers for, or offered or sold, and
will not solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of
Section 4(2) of the Act; and 
 (iii) it has not solicited offers for, or offered or sold, and will not solicit offers
for, or offer or sell, the Securities as part of their initial offering except to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the Act (“Rule 144A”) and in connection with each such
sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A. 
 (d) The Initial Purchaser acknowledges and agrees that the Company and, for purposes of the opinions to be delivered to the Initial Purchaser pursuant to Sections 5(a) and 5(b), counsel for the Company and counsel for
the Initial Purchaser, respectively, may rely upon the accuracy of the representations and warranties of the Initial Purchaser, and compliance by the Initial Purchaser with its agreements, contained in paragraph (c) above, and the Initial
Purchaser hereby consents to such reliance. 
  

 11 

 (e) The Company acknowledges and agrees that the Initial Purchaser may offer and sell Securities to or
through any affiliate of the Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through the Initial Purchaser; provided that such offers and sales shall be made in accordance with the provisions of this
Agreement. 
 3. Payment and Delivery. Delivery of and payment for the certificates for the Initial Securities shall be made at the
offices of Wilson Sonsini Goodrich & Rosati, Professional Corporation, 650 Page Mill Road, Palo Alto, California 94304 at 9:00 AM, New York City time, on April 7, 2008, or at such time on such later date not more than three Business
Days after the foregoing date as the Initial Purchaser shall designate, which date and time may be postponed by agreement between the Initial Purchaser and the Company (such date and time of delivery and payment for the Initial Securities being
herein called the “Closing Date”). Delivery of the Initial Securities and the Optional Securities shall be made to the Initial Purchaser against payment by the Initial Purchaser of the purchase price thereof to or upon the order of
the Company by wire transfer payable in same-day funds to an account specified by the Company. Delivery of the Initial Securities and the Optional Securities shall be made through the facilities of The Depository Trust Company
(“DTC”) unless the Initial Purchaser shall otherwise instruct. 
 4. Agreements. (A) The Company agrees with the
Initial Purchaser that: 
 (a) The Company will deliver to the Initial Purchaser from time to time until the earlier to occur of (i) the
completion of the distribution of the Securities and (ii) the date that is six months after the date hereof as many copies of the Offering Memorandum (including all amendments and supplements thereto) as the Initial Purchaser may reasonably
request. The Company will pay the expenses of printing or other production of all documents relating to the offering. 
 (b) The Company will
arrange, if necessary, for the qualification of the Securities and Conversion Shares for offer and sale under the laws of such jurisdictions as the Initial Purchaser may reasonably request, will maintain such qualifications in effect so long as
required for the distribution of the Securities by the Initial Purchaser and will pay any fee of the Financial Industry Regulatory Authority, Inc. (the “FINRA”), in connection with its review of the offering, if applicable; provided
that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits in any jurisdiction where it is not now so
subject. 
 (c) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption “Use of
Proceeds” in the Offering Memorandum. 
 (d) Prior to the completion of the distribution of the Securities, before making or
distributing any amendment or supplement to the Offering Memorandum, the Company will furnish to the Initial Purchaser and counsel for the Initial Purchaser a copy of the proposed amendment or supplement for review, and will not distribute any such
proposed amendment or supplement or file any such document with the Commission to which the Initial Purchaser or 

  

 12 

 
counsel for the Initial Purchaser reasonably objects; provided, however, that the Initial Purchaser shall not object to any such filing if the Company
obtains a written opinion of counsel reasonably satisfactory to the Initial Purchaser that such filing is required under the rules and regulations of the Act or Exchange Act; provided, further, that the Company shall have the right to file with the
Commission any report required to be filed by the Company under the Exchange Act (based on the advice of the Company’s internal or external counsel) no later than the time period required by the Exchange Act. Neither the consent of the Initial
Purchaser, nor the Initial Purchaser’s delivery of any such amendment or supplement, shall constitute a waiver of any of the conditions set forth in Section 5 hereof. The Company will prepare the Pricing Supplement, in the form attached
hereto as Schedule B, and shall furnish prior to the Applicable Time to the Initial Purchaser, without charge, as many physical or electronic copies of the Pricing Supplement as the Initial Purchaser may reasonably request. The Company
represents and agrees that, unless it obtains the prior consent of the Initial Purchaser, it has not made and will not make any offer relating to the Securities by means of any Supplemental Offering Materials. 
 (e) The Company will advise the Initial Purchaser promptly, and confirm such advice in writing, (i) of the issuance by any governmental or
regulatory authority of any order preventing or suspending the use of the Offering Memorandum or the initiation or threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the
initial offering of the Securities as a result of which the Disclosure Package, any Offering Memorandum as then amended or supplemented or any Supplemental Offering Materials would include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension of the
qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its best efforts to prevent the issuance of any such order preventing or suspending
the use of the Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will use its best efforts to obtain as soon as possible the withdrawal thereof. 
 (f) If at any time prior to the completion of the distribution of the Securities any event shall occur as a result of which the Disclosure Package, any
Offering Memorandum as then amended or supplemented or any Supplemental Offering Materials would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, or it is necessary to amend or supplement the Offering Memorandum to comply with the law, the Company will (1) notify the Initial Purchaser thereof, (2) forthwith prepare and,
subject to paragraph (b) above, furnish to the Initial Purchaser such amendments or supplements to the Offering Memorandum that will correct such statement or omission or effect such compliance, and (3) supply any amended or supplemented
Offering Memorandum to the Initial Purchaser as the Initial Purchaser may reasonably request. 
 (g) The Company will not, without the prior
written consent of the Initial Purchaser, during the period of 90 days following the date hereof (the “Lock-Up Period”), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or 

  

 13 

 
indirectly, or announce the offering of any shares of any class of common stock of the Company or any securities convertible into, or exercisable or
exchangeable for shares of any class of common stock of the Company (whether such shares or any such securities are now owned or hereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of shares of any class of the common stock of the Company, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of shares of any class of common
stock of the Company or such other securities, in cash or otherwise; provided, however, that the Company may issue, sell, contract to sell or otherwise dispose of or grant options for, shares of any class of common stock of the Company
or securities convertible into, or exchangeable for, shares of any class of common stock of the Company: (1) pursuant to this Agreement; (2) pursuant to any benefit plan, dividend reinvestment plan or 10b5-1 plan of the Company in effect
as of the date hereof; (3) pursuant to any warrants, stock options or other convertible securities outstanding as of the date hereof; and (4) as consideration for the acquisition by the Company or one of its subsidiaries from a third party
of assets or of equity interests of any other entity which entity would, after giving effect to the acquisition of such equity interests, be a subsidiary of the Company. 
 (h) While the Securities or the Conversion Shares remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Act, the Company will, during any period in which the
Company is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities or the Conversion Shares and prospective purchasers of the Securities or the Conversion Shares designated by such
holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Act. 
 (i) The Company will use its reasonable efforts to assist the Initial Purchaser in arranging for the Securities to be designated Private Offerings, Resales and Trading through Automated Linkages
(“PORTAL”) Market securities in accordance with the rules and regulations adopted by the FINRA relating to trading in the PORTAL Market and for the Securities to be eligible for clearance and settlement through DTC. 
 (j) During the one-year period commencing on the later of the Closing Date and the Option Closing Date (if any Optional Securities are purchased), the
Company will not, and will not permit any of its affiliates (as defined in Rule 144 under the Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Company or any of its affiliates and
resold in a transaction registered under the Act. 
 (k) Neither the Company nor any of its affiliates (as defined in Rule 501(b) of
Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Act), that is or will be integrated with the sale of the Securities in a manner that
would require registration of the Securities or the Conversion Shares under the Act. 
 (l) None of the Company or any of its affiliates or
any other person acting on its or their behalf (other than the Initial Purchaser and any other person acting on its behalf, as to which no covenant is given) will solicit offers for, or offer or sell, the Securities by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Act. 
  

 14 

 (m) The Company will not take, directly or indirectly, any action designed to or that would constitute or
that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. 
 (n) The Company will file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act until the earlier to occur of (i) six months after the completion of the distribution of the Securities and (ii) the date that is six months after the date hereof.

 (o) The Company will use its reasonable best efforts to list, subject to notice of issuance, the Conversion Shares on the Nasdaq Global
Select Market. 
 (p) The Company will reserve and keep available at all times, free of any preemptive rights, Conversion Shares for the
purpose of enabling the Company to satisfy any obligations to issue Conversion Shares upon the conversion of the Securities. 
 (q) The
Company agrees that the total amount of shares of Common Stock subject to clause (iv) of the second paragraph of all lockup letters (a form of which is attached hereto as Exhibit C) will not exceed 50,000. 
 (B) Payment of Expenses. 
 (a) The
Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i) the preparation and printing of the Disclosure Package and the Final Offering Memorandum (or any amendment or supplement thereto),
and any Supplemental Offering Materials, (ii) the preparation, printing and delivery to the Initial Purchaser of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of
the Securities, (iii) the preparation, issuance and delivery of the certificates for the Securities and the Conversion Shares, (iv) the fees and disbursements of the Company’s counsel, accountants and other advisors, (v) the
qualification of the Securities and Conversion Shares under securities laws in accordance with the provisions of Section 4(A)(b) hereof, including filing fees and the reasonable fees and disbursements of counsel for the Initial Purchaser in
connection therewith and in connection with the preparation of the Blue Sky Memorandum and any supplement thereto, (vi) the printing and delivery to the Initial Purchaser of copies of each Preliminary Offering Memorandum, any Supplemental
Offering Materials and of the Final Offering Memorandum and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by the Initial Purchaser to investors, (vii) the preparation, printing
and delivery to the Initial Purchaser of copies of the Blue Sky Memorandum and any supplement thereto, (viii) the fees and expenses of the Trustee, including the fees and disbursements of counsel for the Trustee in connection with the Indenture
and the Securities, (ix) the costs and expenses of the Company relating to investor presentations on any “road show” undertaken with the written approval of the Company in 

  

 15 

 
connection with the marketing of the Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees
and expenses of any consultants engaged in connection with the road show presentations, travel and lodging expenses of the representatives and officers of the Company and any such consultants, (x) any fees payable in connection with the rating
of the Securities, (xi) any fees payable in connection with listing the Conversion Shares on the Nasdaq Global Select Market, (xii) the fees and expenses incurred in connection with the application for the inclusion of the Securities on
the PORTAL Market and having the Securities eligible for clearance, settlement and trading through the facilities of DTC, and (xiii) the costs and charges of any transfer agent, registrar or dividend distributing agent. Except as provided in
Section 9 and Section 4(B)(b), the Initial Purchaser shall pay all of its own costs and expenses in connection with the transactions contemplated hereby, including, without limitation, the fees and expenses of its counsel. 
 (b) If this Agreement is terminated by the Initial Purchaser in accordance with the provisions of Section 5 or Section 9(a)(i) hereof, the
Company shall reimburse the Initial Purchaser for all of its reasonable out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Initial Purchaser. 
 5. Conditions to the Obligations of the Underwriters. The obligations of the Initial Purchaser to purchase the Securities shall be subject to the
accuracy of the representations and warranties on the part of the Company contained herein as of the date hereof and the Closing Date (for purposes of this Section 5 “Closing Date” shall refer to the Closing Date for the Initial
Securities and any Option Closing Date, if different, for the Optional Securities), to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations
hereunder and to the following additional conditions: 
 (a) Each of Wilson Sonsini Goodrich & Rosati, Professional Corporation,
counsel for the Company, and Pillsbury Winthrop Shaw Pittman LLP, special regulatory counsel for the Company, shall have furnished to the Initial Purchaser a favorable opinion, dated the Closing Date, in form and substance satisfactory to counsel
for the Initial Purchaser, to the effect set forth in Exhibits A and B hereto, respectively. 
 (b) The Initial Purchaser shall
have received from Sidley Austin LLP, counsel for the Initial Purchaser, such opinion or opinions, dated the Closing Date, with respect to such matters as the Initial Purchaser may reasonably require. 
 (c) At the Closing Date, there shall not have been, since the date hereof or since the respective dates as of which information is given in the
Disclosure Package, any material adverse change in the condition (financial or otherwise), earnings, results of operations, business or properties of the Company and its subsidiaries considered as one enterprise, whether or not arising in the
ordinary course of business, and the Initial Purchaser shall have received a certificate of the Chief Executive Officer, President or an executive officer of the Company and of the Chief Financial Officer of the Company, dated as of the Closing
Date, to the effect that (i) there has been no such material adverse change, (ii) the representations and warranties of the Company herein are true and correct in all material respects with the same force and effect as though expressly
made at and as of the Closing Date (except that any such representations or warranties that are qualified in respect of materiality or material adverse effect are true and correct in all respects) and (iii) the Company has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Date. 
  

 16 

 (d) At the time of the execution of this Agreement, the Initial Purchaser shall have received from KPMG
LLP a letter dated such date, in form and substance satisfactory to the Initial Purchaser, containing statements and information of the type ordinarily included in accountants’ “comfort letters” to underwriters with respect to the
financial statements and certain financial information contained in the Disclosure Package as of a date not more than three business days prior to the date of such letter. 
 (e) At the Closing Date, the Initial Purchaser shall have received from KPMG LLP a letter, dated as of the Closing Date, to the effect that they reaffirm
the statements made in the letter furnished pursuant to subsection (d) of this Section, except that the specified date referred to shall be a date not more than three business days prior to the Closing Date. 
 (f) Since the execution of this Agreement, there shall not have occurred a downgrading in, or withdrawal of, the rating assigned to the Company or any
securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating organization”, as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, and no such organization shall
have publicly announced that it has under surveillance or review its rating of the Company or any securities of the Company or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading, and no implication
of a possible downgrading, of such rating). 
 (g) The Securities shall have been approved by the FINRA for trading in the PORTAL Market and
shall be eligible for clearance and settlement through DTC. 
 (h) The Company shall have filed a “Supplemental Listing Application of
Additional Shares” and any required supporting documentation relating to the Conversion Shares with the Nasdaq Global Select Market. 
 (i) Prior to the Closing Date, the Company shall have furnished to the Initial Purchaser a letter substantially in the form of Exhibit C hereto from each officer and director of the Company listed on Exhibit D,
addressed to the Initial Purchaser. 
 (j) At the Closing Date, counsel for the Initial Purchaser shall have been furnished with such
documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties of
the Company, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated shall be reasonably satisfactory in form and
substance to counsel for the Initial Purchaser. 
 If any condition specified in this Section 5 shall not have been fulfilled when and
as required to be fulfilled, this Agreement may be terminated by the Initial Purchaser at any time at or prior to the Closing Date, and such termination shall be without liability of any party to any other party except as provided in
Section 4(B) and except that Sections 1, 6, 7, 8 and 13 shall survive any such termination and remain in full force and effect. 
  

 17 

 6. Indemnification and Contribution. 
 (a) Indemnification of the Initial Purchaser. The Company agrees to indemnify and hold harmless the Initial Purchaser, its affiliates, as such
term is defined in Rule 501(b) under the Act (each, an “Affiliate”), its selling agents and each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act as follows: 
 (i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the Disclosure Package or the Final Offering Memorandum (or any amendment or supplement thereto), or any Supplemental Offering
Materials, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or
omission; provided that (subject to Section 6(d) below) any such settlement is effected with the written consent of the Company; and 
 (iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by JPM), reasonably incurred in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense
is not paid under (i) or (ii) above; 
 provided, however, that this indemnity agreement shall not apply to any loss, liability,
claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by the Initial Purchaser
expressly for use in the Preliminary Offering Memorandum, the Disclosure Package or the Final Offering Memorandum (or any amendment or supplement thereto), or any Supplemental Offering Materials. 
 (b) Indemnification of the Company, Directors and Officers. The Initial Purchaser agrees to indemnify and hold harmless the Company, each of its
directors and officers, and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the
indemnity contained in subsection (a) of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the 

  

 18 

 
Preliminary Offering Memorandum, the Disclosure Package or the Final Offering Memorandum (or any amendment or supplement thereto), or any Supplemental
Offering Materials, in reliance upon and in conformity with written information furnished to the Company by the Initial Purchaser expressly for use in the Preliminary Offering Memorandum, the Disclosure Package or the Final Offering Memorandum (or
any amendment or supplement thereto), or any Supplemental Offering Materials. 
 (c) Actions against Parties; Notification. Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not
relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. In the case of parties indemnified pursuant to Section 6(a) above, counsel to the indemnified parties shall be selected by JPM, and, in the case of parties indemnified pursuant to Section 6(b) above, counsel to the indemnified
parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in
connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 6 or Section 7 hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on
behalf of any indemnified party. 
 (d) Settlement without Consent if Failure to Reimburse. If at any time an indemnified party shall
have requested in writing an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by Section 6(a)(ii)
effected without its written consent if (i) such settlement is entered into more than 90 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such
settlement at least 60 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. 
 7. Contribution. If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless an
indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by
such indemnified party, as incurred, (i) in such proportion as is appropriate to reflect 

  

 19 

 
the relative benefits received by the Company, on the one hand, and the Initial Purchaser, on the other hand, from the offering of the Securities pursuant to
this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the Company, on the one hand, and the Initial Purchaser, on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable
considerations. 
 The relative benefits received by the Company, on the one hand, and the Initial Purchaser, on the other hand, in
connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses)
received by the Company and the total discounts and commissions received by the Initial Purchaser, in each case as set forth on Schedule A attached hereto, bear to the aggregate initial offering price of the Securities as set forth on
Schedule A attached hereto. 
 The relative fault of the Company, on the one hand, and the Initial Purchaser, on the other hand, shall
be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or by
the Initial Purchaser, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 The Company, on the one hand, and the Initial Purchaser, on the other hand, agree that it would not be just and equitable if contribution pursuant to
this Section 7 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 7. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above in this Section 7 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 
 Notwithstanding the provisions of this Section 7, the Initial Purchaser shall not be required to contribute any amount in excess of the amount by
which the total price at which the Securities underwritten by it and distributed to investors exceeds the amount of any damages which the Initial Purchaser has otherwise been required to pay by reason of any such untrue or alleged untrue statement
or omission or alleged omission. 
 No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 For purposes of this
Section 7, each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and the Initial Purchaser’s Affiliates and selling agents shall have the same rights
to contribution as the Initial Purchaser, and each director and each officer of the Company, and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the
same rights to contribution as the Company. 
  

 20 

 Purchaser, and each director and each officer of the Company, and each person, if any, who controls the Company within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Company. 
 8. Representations, Warranties and Agreements to Survive. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company or any of its subsidiaries submitted pursuant hereto
shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of the Initial Purchaser, its Affiliates or selling agents or any person controlling the Initial Purchaser or by or on behalf of the
Company, its officers or directors or any person controlling the Company, and (ii) delivery of and payment for the Securities. 
 9.
Termination of Agreement. 
 (a) Termination; General. The Initial Purchaser may terminate this Agreement at any time at or
prior to the Closing Date or, in the case of the Option Securities, prior to the Option Closing Date, (i) if there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the
Disclosure Package, any material adverse change in the condition (financial or otherwise), earnings, results of operations, business or properties of the Company and its subsidiaries considered as one enterprise, whether or not arising in the
ordinary course of business, or (ii) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or
crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Initial Purchaser,
impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, or (iii) if trading in any securities of the Company has been suspended or materially limited by the Commission or the Nasdaq Global
Select Market, or if trading generally on the American Stock Exchange or the New York Stock Exchange or in the Nasdaq Global Select Market has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum
ranges for prices have been required, by any of said exchanges or by such system or by order of the Commission, the FINRA or any other governmental authority, or (iv) a material disruption has occurred in commercial banking or securities or
clearance, settlement or trading services in the United States, or (v) if a banking moratorium has been declared by Federal, New York or California authorities. 
 (b) Liabilities. If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other party except as provided in Section 4(B) hereof, and
provided further that Sections 1, 6, 7, 8 and 13 shall survive such termination and remain in full force and effect. 
 10. Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Initial Purchaser shall be directed to it at: J.P.
Morgan Securities Inc., 277 Park Avenue, New York, New York 10172, attention: Equity Syndicate; and notices to the Company shall be directed to it at 3003 Tasman Drive, Santa Clara, California, 95054, attention of Treasurer, with a copy to
Wilson Sonsini Goodrich & Rosati, Professional Corporation, attention of John A. Fore, Esq. 
  

 21 

 11. No Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (a) the
purchase and sale of the Securities pursuant to this Agreement, including the determination of the offering price of the Securities and any related discounts and commissions, is an arm’s-length commercial transaction between the Company, on the
one hand, and the Initial Purchaser, on the other hand, (b) in connection with the offering contemplated hereby and the process leading to such transaction the Initial Purchaser is and has been acting solely as a principal and is not the agent
or fiduciary of the Company, or its stockholders, creditors, employees or any other party, (c) the Initial Purchaser has not assumed nor will assume an advisory or fiduciary responsibility in favor of the Company with respect to the offering
contemplated hereby or the process leading thereto (irrespective of whether the Initial Purchaser has advised or is currently advising the Company on other matters) and the Initial Purchaser has no obligation to the Company with respect to the
offering contemplated hereby except the obligations expressly set forth in this Agreement, (d) the Initial Purchaser and its affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company
and (e) the Initial Purchaser has not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent
it deemed appropriate. 
 12. Parties. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the parties hereto and their respective successors and the Affiliates, selling agents,
officers and directors and controlling persons referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This
Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and their respective successors, and said controlling persons and officers and directors and their heirs and legal
representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Initial Purchaser shall be deemed to be a successor by reason merely of such purchase. 
 13. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 14. TIME. TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY
TIME. 
 15. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all such counterparts shall together constitute one and the same Agreement. 
 16. Effect of Headings. The Section
headings herein are for convenience only and shall not affect the construction hereof. 
  

 22 

 17. Tax Disclosure. Notwithstanding any other provision of this Agreement, immediately upon
commencement of discussions with respect to the transactions contemplated hereby, the Company (and each of its employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax
structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure. For purposes of the foregoing,
the term “tax treatment” is the purported or claimed federal income tax treatment of the transactions contemplated hereby, and the term “tax structure” includes any fact that may be relevant to understanding the purported or
claimed federal income tax treatment of the transactions contemplated hereby. 
 18. Xtract Research LLC. The Company hereby agrees
that the Initial Purchaser may provide copies of the Preliminary Offering Memorandum and the Final Offering Memorandum relating to the offering of the Securities and any other agreements or documents relating thereto, including, without limitation,
any trust indentures, to Xtract Research LLC (“Xtract”) following the completion of the offering for inclusion in an online research service sponsored by Xtract, access to which is restricted to QIBs. 
 [THE NEXT PAGE IS THE SIGNATURE PAGE]  
  

 23 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
a counterpart hereof, whereupon this instrument, along with all counterparts, will become a valid and legally binding agreement among the Company and the Initial Purchaser in accordance with its terms. 
  

					
	Very truly yours,
	
	SVB FINANCIAL GROUP
		
	By:	 	/s/ MICHAEL DESCHENEAUX
		 	Name:	 	Michael Descheneaux
		 	Title:	 	Chief Financial Officer

  

					
	CONFIRMED AND ACCEPTED
        as of the date first above written:
	
	J.P. MORGAN SECURITIES INC.
		
	By:	 	/s/ SANTOSH SREENIVASAN
		 	Name:	 	Santosh Sreenivasan
		 	Title:	 	Executive Director

  

 24 

 SCHEDULE A 
 1. The initial offering price per $1,000 principal amount of the Securities shall be 100% of the principal amount thereof, plus accrued interest, if any, from the date of issuance. 
 2. The purchase price per $1,000 principal amount to be paid by the Initial Purchaser for the Securities shall be 97.5% of the principal amount thereof.

 3. Interest on the Securities at a rate of 3.875% per annum on the principal amount shall be payable semiannually in arrears on
April 15 and October 15 of each year, beginning on October 15, 2008. 
 4. The Securities shall be convertible in certain
circumstances set forth in the Indenture into Common Stock at an initial rate of 18.8525 shares of Common Stock per $1,000 principal amount of Securities and otherwise in accordance with the terms of the Securities and the Indenture. The conversion
rate adjustments are summarized in the Preliminary Offering Memorandum. 
 5. The Securities will mature on April 15, 2011, unless
earlier converted or repurchased. 
 6. Prior to the maturity date, the Securities will not be redeemable at the option of the Company.

 7. If a “fundamental change” occurs, as defined in the Preliminary Offering Memorandum, at any time prior to the maturity date,
holders of Securities may require the Company to repurchase all or a portion of their Securities for cash (in any case in principal amounts of $1,000 and integral multiples thereof) at a purchase price equal to 100% of the principal amount of the
Securities to be repurchased plus accrued interest, if any, to, but excluding, the repurchase date. 
  

 Sch. A-1 

 SCHEDULE B 
 SVB Financial Group 
 $200,000,000 
 3.875% Convertible Senior Notes due 2011 
 Pricing Term Sheet 

This pricing term sheet relates to the Notes (as such term is defined below) and should be read together with the Preliminary Offering Memorandum for the Notes dated
March 31, 2008. This pricing term sheet supplements, and to the extent inconsistent supersedes, such Preliminary Offering Memorandum. 
  

			
		
	Issuer:	  	SVB Financial Group (“SIVB”)
		
	Ticker / Exchange:	  	SIVB / The NASDAQ Global Select Market
		
	Title of securities:	  	3.875% Convertible Senior Notes due 2011 (the “Notes”)
		
	Aggregate principal amount offered:	  	$200,000,000
		
	Over-allotment option:	  	$50,000,000
		
	Annual interest rate:	  	The Notes will bear cash interest at a rate of 3.875% per year.
		
	Last sale price of SIVB common stock:	  	$42.95
		
	Conversion premium:	  	23.5%
		
	Initial conversion price:	  	Approximately $53.04 per share of SIVB common stock.
		
	Initial conversion rate:	  	18.8525 shares of SIVB common stock per $1,000 principal amount of Notes.
		
	Interest payment dates:	  	Interest will accrue from April 7, 2008, and will be payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2008.
		
	Maturity date:	  	April 15, 2011, subject to the earlier of repurchase or conversion.
		
	Call dates:	  	The Notes are not redeemable prior to maturity.
		
	Put dates:	  	Holders have the option to require the repurchase of their Notes as described under “Repurchase at the Option of the Holder upon a Fundamental Change” as described
below.

  

 Sch. B-1 

			
		
	Dividend protection:	  	The conversion rate will be adjusted for any distribution of cash to all or substantially all holders of SIVB common stock by a formula based on the amount per share of such distribution, as
set forth in the Preliminary Offering Memorandum.
		
	Repurchase at the Option of the Holder upon a Fundamental Change:	  	Upon a “fundamental change” as defined in the Preliminary Offering Memorandum the holders may require the Issuer to repurchase for cash any or all of their Notes, or any portion of
the principal amount thereof, that is equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, including additional interest, to but excluding the fundamental change purchase date.
		
	Registration rights:	  	The Issuer does not intend to file a shelf registration statement under the Securities Act relating to the resale of the notes and any common stock issuable upon conversion of the notes. The
Issuer has agreed to make a one-time payment equal to 25 basis points of the principal amount of the notes if as of any date during the six-month period commencing on the date that is six months after the original issue date of the notes it is not
current with its filings (other than current reports on Form 8-K) under Section 13 or 15(d) of the Exchange Act, subject to a cure period.
		
	Ranking:	  	The notes will be general unsecured and unsubordinated obligations of the Issuer, will rank equally in right of payment with all of the Issuer’s existing and future unsecured and
unsubordinated indebtedness, and will rank senior in right of payment to all of the Issuer’s existing and future indebtedness that is expressly subordinated in right of payment to the notes.
		
	Listing:	  	None
		
	Trade date:	  	April 2, 2008
		
	Settlement date:	  	April 7, 2008
		
	CUSIP:	  	78486Q AA9
		
	ISIN:	  	US78486QAA94

  

 Sch. B-2 

			
		
	Convertible Note Hedge and Warrant Transactions:	  	In connection with this offering, the Issuer intends to enter into convertible note hedge transactions with counterparties, one of which is an affiliate of J.P. Morgan Securities Inc., the
initial purchaser of the notes. The convertible note hedge transactions will cover, subject to customary anti-dilution adjustments, approximately 3.7705 million shares of SIVB common stock. These transactions are expected to reduce the potential
dilution upon conversion of the notes. The Issuer also intends to enter into warrant transactions with the counterparties to purchase, subject to customary anti-dilution adjustments, up to approximately 3.7705 million shares of SIVB common stock.
The warrant transactions could have a dilutive effect on SIVB earnings per share to the extent that the price of SIVB common stock exceeds the strike price of the warrants. The Issuer intends to use a portion of the net proceeds from this offering
to pay the net cost of the convertible note hedge and warrant transactions. If the initial purchaser exercises its over-allotment option, the Issuer will sell additional warrants and use a portion of the net proceeds from the sale of the additional
notes and the sale of the additional warrants to increase the size of the convertible note hedge transactions.
		
	Use of proceeds:	  	 The Issuer estimates the net proceeds from this offering will be approximately $194.6 million (or approximately $243.4 million if the initial
purchaser exercises its over-allotment option in full). The Issuer expects to use
  
 (i)
approximately $150 million of the net proceeds of this offering to cash settle that portion of its conversion obligation due upon conversion of the Issuer’s Zero Coupon Convertible Subordinated Notes due 2008 equal to the principal amount of
those notes, or, to the extent not converted, to otherwise repay the principal amount of those notes when they become due on June 15, 2008,
  
 (ii) a portion of the net proceeds for the cost of the convertible note hedge transactions after such cost is offset by the proceeds of the warrant transactions described
in “Convertible note hedge and warrant transactions” in the Preliminary Offering Memorandum and
  
 (iii) any remaining net proceeds for general corporate purposes.
 The Issuer estimates that the cost of the convertible note
hedge transactions that is not covered by the proceeds from the sale of the warrants will be approximately $16.44 million. If the option granted to the initial purchaser to purchase additional notes is exercised, the Issuer will use the net proceeds
from the sale of additional notes to enter into additional convertible note hedge transactions and for general corporate purposes. The Issuer will also enter into additional warrant transactions, which would result in additional
proceeds.

  

 Sch. B-3 

			
		
	Adjustment to conversion rate upon a Make-Whole Fundamental Change:	  	The following table sets forth the amount, if any, by which the conversion rate per $1,000 principal amount of the Notes will increase for each stock price and effective date set forth below:

 Stock Price 
  

																																								
	 Effective Date
	  	$	42.95	  	$	50.00	  	$	60.00	  	$	70.00	  	$	80.00	  	$	90.00	  	$	100.00	  	$	110.00	  	$	120.00	  	$	130.00	  	$	140.00	  	$	150.00	  	$	160.00
	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 April 7, 2008
	  	 	4.4303	  	 	3.4041	  	 	2.0603	  	 	1.3911	  	 	1.0309	  	 	0.8178	  	 	0.6787	  	 	0.5796	  	 	0.5040	  	 	0.4433	  	 	0.3929	  	 	0.3500	  	 	0.3129
	 April 15, 2009
	  	 	4.4303	  	 	2.9132	  	 	1.5262	  	 	0.9213	  	 	0.6430	  	 	0.4998	  	 	0.4143	  	 	0.3556	  	 	0.3110	  	 	0.2750	  	 	0.2447	  	 	0.2187	  	 	0.1960
	 April 15, 2010
	  	 	4.4303	  	 	2.2073	  	 	0.7892	  	 	0.3394	  	 	0.2069	  	 	0.1607	  	 	0.1365	  	 	0.1192	  	 	0.1051	  	 	0.0933	  	 	0.0832	  	 	0.0744	  	 	0.0667
	 April 15, 2011
	  	 	4.4303	  	 	1.1444	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000	  	 	0.0000

 The exact stock prices and effective dates may not be set forth in the table above, in which case:

  

	 	•	 	 if the stock price is between two stock price amounts in the table or the effective date is between two effective dates in the table, the number of additional
shares will be determined by straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and the two dates, as applicable, based on a 365-day year; 

  

	 	•	 	 if the stock price is greater than $160.00 per share (subject to adjustment), no additional shares will be added to the conversion rate;

  

	 	•	 	 if the stock price is less than $42.95 per share (subject to adjustment), no additional shares will be added to the conversion rate. 

Notwithstanding the foregoing, in no event will the total number of shares issuable upon conversion exceed 23.2828 per $1,000 principal amount of the Notes,
subject to adjustments in the same manner as the conversion rate as described in the Preliminary Offering Memorandum. 
 This communication is intended for
the sole use of the person to whom it is provided by the sender. 
 This communication shall not constitute an offer to sell or the solicitation of an
offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state. 
 The Notes and the SIVB common stock issuable upon conversion of the Notes have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”) or any state securities laws. Accordingly, the Notes are being offered and sold only to “qualified institutional buyers” as defined in Rule 144A promulgated under the Securities Act. The Notes and the SIVB common stock issuable
upon conversion of the Notes, if any, are not transferable except in accordance with the restrictions described under “Transfer Restrictions” in the Preliminary Offering Memorandum. 
  

 Sch. B-4 

 The information in this pricing term sheet supplements the Preliminary Offering Memorandum, dated March 31, 2008.
This pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum. Terms used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum. 
 ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE
AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. 
  

 Sch. B-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]