Document:

Amended and Restated Declaration of Trust

 
Exhibit 10(C)

 
AMENDED AND RESTATED DECLARATION

 
OF TRUST 
 
Hudson United Capital Trust II 
 
Dated as of March 28, 2003 

 
TABLE OF
CONTENTS 
 

	 	  	 	  	 Page

	 ARTICLE I
	  	 
	 INTERPRETATION AND DEFINITIONS
	  	 
	
	 Section 1.1.
	  	 Definitions
	  	 1

	 ARTICLE II
	  	 
	 ORGANIZATION
	  	 
	
	 Section 2.1.
	  	 Name
	  	 9

	 Section 2.2.
	  	 Office
	  	 9

	 Section 2.3.
	  	 Purpose
	  	 9

	 Section 2.4.
	  	 Authority
	  	 10

	 Section 2.5.
	  	 Title to Property of the Trust
	  	 10

	 Section 2.6.
	  	 Powers and Duties of the Trustees and the Administrators
	  	 10

	 Section 2.7.
	  	 Prohibition of Actions by the Trust and the Trustees
	  	 15

	 Section 2.8.
	  	 Powers and Duties of the Institutional Trustee
	  	 16

	 Section 2.9.
	  	 Certain Duties and Responsibilities of the Trustees and the Administrators
	  	 17

	 Section 2.10.
	  	 Certain Rights of Institutional Trustee
	  	 19

	 Section 2.11.
	  	 Delaware Trustee
	  	 22

	 Section 2.12.
	  	 Execution of Documents
	  	 22

	 Section 2.13.
	  	 Not Responsible for Recitals or Issuance of Securities
	  	 22

	 Section 2.14.
	  	 Duration of Trust
	  	 22

	 Section 2.15.
	  	 Mergers
	  	 22

	
	 ARTICLE III
	  	 
	 SPONSOR
	  	 
	
	 Section 3.1.
	  	 Sponsor’s Purchase of Common Securities
	  	 24

	 Section 3.2.
	  	 Responsibilities of the Sponsor
	  	 25

	
	 ARTICLE IV
	  	 
	 TRUSTEES AND ADMINISTRATORS
	  	 
	
	 Section 4.1.
	  	 Number of Trustees
	  	 25

	 Section 4.2.
	  	 Delaware Trustee
	  	 25

	 Section 4.3.
	  	 Institutional Trustee; Eligibility.
	  	 26

	 Section 4.4.
	  	 Certain Qualifications of the Delaware Trustee Generally
	  	 26

	 Section 4.5.
	  	 Administrators
	  	 26

	 Section 4.6.
	  	 Initial Delaware Trustee
	  	 27

	 Section 4.7.
	  	 Appointment, Removal and Resignation of the Trustees and the Administrators
	  	 27

	 Section 4.8.
	  	 Vacancies Among Trustees
	  	 29

	 Section 4.9.
	  	 Effect of Vacancies
	  	 29

	 Section 4.10.
	  	 Meetings of the Trustees and the Administrators
	  	 29

	 Section 4.11.
	  	 Delegation of Power.
	  	 30

	 Section 4.12.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	 30

 

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	 ARTICLE V

	 DISTRIBUTIONS

	
	 Section 5.1.
	  	 Distributions
	  	 30

	 ARTICLE VI

	 ISSUANCE OF SECURITIES

	
	 Section 6.1.
	  	 General Provisions Regarding Securities
	  	 31

	 Section 6.2.
	  	 Paying Agent, Transfer Agent, Calculation Agent and Registrar
	  	 32

	 Section 6.3.
	  	 Form and Dating
	  	 32

	 Section 6.4.
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 33

	 Section 6.5.
	  	 Temporary Securities
	  	 33

	 Section 6.6.
	  	 Cancellation
	  	 34

	 Section 6.7.
	  	 Rights of Holders; Waivers of Past Defaults
	  	 34

	
	 ARTICLE VII

	 DISSOLUTION AND TERMINATION OF
TRUST

	
	 Section 7.1.
	  	 Dissolution and Termination of Trust
	  	 36

	
	 ARTICLE VIII

	 TRANSFER OF INTERESTS

	
	 Section 8.1.
	  	 General
	  	 37

	 Section 8.2.
	  	 Transfer Procedures and Restrictions
	  	 38

	 Section 8.3.
	  	 Deemed Security Holders
	  	 40

	 Section 8.4.
	  	 Initial Transfer of Capital Securities
	  	 41

	
	 ARTICLE IX

	 LIMITATI ON OF LIABILITY OF HOLDERS OF
SECURITIES, TRUSTEES OR OTHERS

	
	 Section 9.1.
	  	 Liability
	  	 41

	 Section 9.2.
	  	 Exculpation
	  	 42

	 Section 9.3.
	  	 Fiduciary Duty
	  	 42

	 Section 9.4.
	  	 Indemnification
	  	 43

	 Section 9.5.
	  	 Outside Businesses
	  	 46

	 Section 9.6.
	  	 Compensation; Fee
	  	 47

	
	 ARTICLE X

	 ACCOUNTING

	
	 Section 10.1.
	  	 Fiscal Year
	  	 47

	 Section 10.2.
	  	 Certain Accounting Matters
	  	 47

	 Section 10.3.
	  	 Banking
	  	 48

	 Section 10.4.
	  	 Withholding
	  	 48

	
	 ARTICLE XI

	 AMENDMENTS AND MEETINGS

	
	 Section 11.1.
	  	 Amendments
	  	 49

	 Section 11.2.
	  	 Meetings of the Holders of the Securities; Action by Written Consent
	  	 51

 

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	 ARTICLE XII

	 REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND
DELAWARE TRUSTEE

	
	 Section 12.1.
	  	 Representations and Warranties of Institutional Trustee
	  	 52

	 Section 12.2.
	  	 Representations and Warranties of Delaware Trustee
	  	 53

	
	 ARTICLE XIII

	 MISCELLANEOUS

	
	 Section 13.1.
	  	 Notices
	  	 54

	 Section 13.2.
	  	 Governing Law
	  	 55

	 Section 13.3.
	  	 Submission to Jurisdiction
	  	 55

	 Section 13.4.
	  	 Intention of the Parties
	  	 56

	 Section 13.5.
	  	 Headings
	  	 56

	 Section 13.6.
	  	 Successors and Assigns
	  	 56

	 Section 13.7.
	  	 Partial Enforceability
	  	 56

	 Section 13.8.
	  	 Counterparts
	  	 57

 
ANNEXES
AND EXHIBITS 
 

	 ANNEX I
	  	 Terms of Floating Rate MMCapSSM and Floating Rate Common Securities

	
	 EXHIBIT A-1
	  	 Form of Capital Security Certificate

	 EXHIBIT A-2
	  	 Form of Common Security Certificate

	 EXHIBIT B
	  	 Form of Transferee Certificate to be Executed by Transferees Other than QIBs

	 EXHIBIT C
	  	 Form of Transferor Certificate to be Executed for QIBs

 

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AMENDED AND
RESTATED DECLARATION OF TRUST 
 
OF 
 
Hudson United Capital Trust II 
 
March 28, 2003 
 
AMENDED AND RESTATED DECLARATION OF TRUST (this
“Declaration”), dated and effective as of March 28, 2003, by the Trustees (as defined herein), the Administrators (as defined herein), the Sponsor (as defined herein) and the holders from time to time of undivided beneficial interests in
the assets of the Trust (as defined herein) to be issued pursuant to this Declaration. 
 
WHEREAS, certain of the Trustees, the Administrators and the Sponsor established Hudson United Capital Trust II (the “Trust”), a statutory trust under the Statutory Trust Act (as defined
herein), pursuant to a Declaration of Trust, dated as of March 26, 2003 (the “Original Declaration”), and a Certificate of Trust filed with the Secretary of State of the State of Delaware on March 26, 2003, for the sole purpose of issuing
and selling certain securities representing undivided beneficial interests in the assets of the Trust and investing the proceeds thereof in certain debentures of the Debenture Issuer (as defined herein) in connection with the MM Community Funding
IX, Ltd. transaction; 
 
WHEREAS, as of the date
hereof, no interests in the assets of the Trust have been issued; and 
 
WHEREAS, all of the Trustees, the Administrators and the Sponsor, by this Declaration, amend and restate each and every term and provision of the Original Declaration. 
 
NOW, THEREFORE, it being the intention of the parties hereto
to continue the Trust as a statutory trust under the Statutory Trust Act and that this Declaration constitutes the governing instrument of such statutory trust, and that all assets contributed to the Trust will be held in trust for the benefit of
the holders, from time to time, of the securities representing undivided beneficial interests in the assets of the Trust issued hereunder, subject to the provisions of this Declaration, and, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound hereby, amend and restate in its entirety the Original Declaration and agree as follows: 
 
ARTICLE I 
 
INTERPRETATION AND DEFINITIONS 
 
SECTION 1.1. Definitions. Unless the context otherwise
requires: 
 
(a) capitalized terms
used in this Declaration but not defined in the preamble above or elsewhere herein have the respective meanings assigned to them in this Section 1.1 or, if not defined in this Section 1.1 or elsewhere herein, in the Indenture; 
 

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(b) a term defined anywhere in this Declaration has the same meaning throughout; 
 
(c) all references to “the Declaration” or “this Declaration” are to this Declaration as modified,
supplemented or amended from time to time; 
 
(d) all references in this Declaration to Articles and Sections and Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits to this Declaration unless otherwise specified; 
 
(e) a term defined in the Trust Indenture Act
(as defined herein) has the same meaning when used in this Declaration unless otherwise defined in this Declaration or unless the context otherwise requires; and 
 
(f) a reference to the singular includes the plural and vice versa. 
 
“Additional Amounts” has the meaning set forth in
Section 3.06 of the Indenture. 
 
“Administrative Action” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Administrators” means each of D. Lynn VanBorkulo-Nuzzo and Richard Alban, solely in such Person’s capacity as
Administrator of the Trust continued hereunder and not in such Person’s individual capacity, or such Administrator’s successor in interest in such capacity, or any successor appointed as herein provided. 
 
“Affiliate” has the same meaning as given to that
term in Rule 405 of the Securities Act or any successor rule thereunder. 
 
“Authorized Officer” of a Person means any Person that is authorized to bind such Person. 
 
“Bankruptcy Event” means, with respect to any Person: 
 
(a) a court having jurisdiction in the premises enters a decree or order for relief in
respect of such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such
Person or for any substantial part of its property, or orders the winding-up or liquidation of its affairs, and such decree, appointment or order remains unstayed and in effect for a period of 90 consecutive days; or 
 
(b) such Person commences a voluntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, consents to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Person of any substantial part of its property, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts as
they become due. 
 

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

 
“Calculation Agent” has the meaning
set forth in Section 1.01 of the Indenture. 
 
“Capital Securities” has the meaning set forth in Section 6.1(a). 
 
“Capital Security Certificate” means a definitive Certificate registered in the name of the Holder representing a Capital Security substantially in the form of Exhibit A-1. 
 
“Capital Treatment Event” has the meaning set forth
in paragraph 4(a) of Annex I. 
 
“Certificate” means any certificate evidencing Securities. 
 
“Certificate of Trust” means the certificate of trust filed with the Secretary of State of the State of Delaware with respect to the Trust, as amended and restated from time to time.

 
“Closing Date” has the meaning set
forth in the Purchase Agreement. 
 
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor legislation. 
 
“Commission” means the United States Securities and Exchange Commission. 
 
“Common Securities” has the meaning set forth in
Section 6.1(a). 
 
“Common Security
Certificate” means a definitive Certificate registered in the name of the Holder representing a Common Security substantially in the form of Exhibit A-2. 
 
“Company Indemnified Person” means (a) any Administrator; (b) any Affiliate of any Administrator; (c) any officers, directors,
shareholders, members, partners, employees, representatives or agents of any Administrator; or (d) any officer, employee or agent of the Trust or its Affiliates. 
 
“Comparable Treasury Issue” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Comparable Treasury Price” has the meaning set
forth in paragraph 4(a) of Annex I. 
 
“Corporate Trust Office” means the office of the Institutional Trustee at which the corporate trust business of the Institutional Trustee shall, at any particular time, be principally administered, which office shall at all
times be located in the United States and at the date of execution of this Declaration is located at Rodney Square North1100 North Market Street,Wilmington, DE 19890-0001, Attention: Corporate Trust Administrator. 
 
“Coupon Rate” has the meaning set forth in paragraph
2(a) of Annex I. 
 

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“Covered
Person” means: (a) any Administrator, officer, director, shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) any of the Trust’s Affiliates; and (b) any Holder of Securities. 
 
“Debenture Issuer” means Hudson United Bancorp, a
bank holding company incorporated in New Jersey, in its capacity as issuer of the Debentures under the Indenture. 
 
“Debenture Trustee” means Wilmington Trust Company, a Delaware banking corporation, not in its individual capacity but solely as
trustee under the Indenture until a successor is appointed thereunder, and thereafter means such successor trustee. 
 
“Debentures” means the Fixed/Floating Rate Junior Subordinated Debt Securities due 2033 to be issued by the Debenture Issuer
under the Indenture. 
 
“Deferred
Interest” means any interest on the Debentures that would have been overdue and unpaid for more than one Distribution Payment Date but for the imposition of an Extension Period, and the interest that shall accrue (to the extent that the payment
of such interest is legally enforceable) on such interest at the Coupon Rate in effect for each such Extension Period, compounded quarterly from the date on which such Deferred Interest would otherwise have been due and payable until paid or made
available for payment. 
 
“Definitive Capital
Securities” means any Capital Securities in definitive form issued by the Trust. 
 
“Delaware Trustee” has the meaning set forth in Section 4.2. 
 
“Direct Action” has the meaning set forth in Section 2.8(e). 
 
“Distribution” means a distribution payable to Holders of Securities in accordance with Section
5.1. 
 
“Distribution Payment Date” has
the meaning set forth in paragraph 2(e) of Annex I. 
 
“Distribution Period” has the meaning set forth in paragraph 2(a) of Annex I. 
 
“Event of Default” means the occurrence of an Indenture Event of Default. 
 
“Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time, or any successor legislation. 
 
“Extension Period” has the meaning set forth in paragraph 2(e) of Annex I. 
 
“Federal Reserve” has the meaning set forth in paragraph 3 of Annex I. 
 
“Fiduciary Indemnified Person” shall mean each of
the Institutional Trustee (including in its individual capacity), the Delaware Trustee (including in its individual capacity), any Affiliate of the Institutional Trustee or the Delaware Trustee, and any officers, directors, 
 

4 

shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Institutional Trustee or the Delaware
Trustee. 
 
“Fiscal Year” has the meaning
set forth in Section 10.1 
 
“Guarantee”
means the Guarantee Agreement, dated as of March 28, 2003, of the Sponsor in respect of the Capital Securities. 
 
“Holder” means a Person in whose name a Certificate representing a Security is registered on the register maintained by or on
behalf of the Registrar, such Person being a beneficial owner within the meaning of the Statutory Trust Act. 
 
“Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified Person. 
 
“Indenture” means the Indenture, dated as of March
28, 2003, among the Debenture Issuer and the Debenture Trustee, and any indenture supplemental thereto pursuant to which the Debentures are to be issued. 
 
“Indenture Event of Default” means an “Event of Default” as defined in the Indenture. 
 
“Initial Purchaser” has the meaning set forth in the
Purchase Agreement, dated March 28, 2003. 
 
“Institutional Trustee” means the Trustee meeting the eligibility requirements set forth in Section 4.3. 
 
“Investment Company” means an investment company as defined in the Investment Company Act. 
 
“Investment Company Act” means the Investment
Company Act of 1940, as amended from time to time, or any successor legislation. 
 
“Investment Company Event” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Legal Action” has the meaning set forth in Section 2.8(e). 
 
“LIBOR” means the London Interbank Offered Rate for U.S. Dollar deposits in Europe as determined by
the Calculation Agent according to paragraph 2(b) of Annex I. 
 
“LIBOR Banking Day” has the meaning set forth in paragraph 2(b)(1) of Annex I. 
 
“LIBOR Business Day” has the meaning set forth in paragraph 2(b)(1) of Annex I. 
 
“LIBOR Determination Date” has the meaning set forth
in paragraph 2(b)(1) of Annex I. 
 

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“Liquidation” has the meaning set forth in paragraph 3 of Annex I. 
 
“Liquidation Distribution” has the meaning set forth in paragraph 3 of Annex I. 
 
“Majority in liquidation amount of the Securities” means Holders of outstanding Securities voting together as a single class or,
as the context may require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a class, who are the record owners of more than 50% of the aggregate liquidation amount (including the stated
amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 
 
“Officers’ Certificate” means, with respect to
any Person, a certificate signed by two Authorized Officers of such Person. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Declaration shall include: 
 
(c) a statement that each officer signing the
Officers’ Certificate has read the covenant or condition and the definitions relating thereto; 
 
(d) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering
the Officers’ Certificate; 
 
(e) a statement that each such officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition
has been complied with; and 
 
(f)
a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. 
 
“Paying Agent” has the meaning set forth in Section 6.2. 
 
“Payment Amount” has the meaning set forth in Section 5.1. 
 
“Person” means a legal person, including any
individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of
whatever nature. 
 
“PORTAL” has the
meaning set forth in Section 2.6(a)(i). 
 
“Primary Treasury Dealer” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Property Account” has the meaning set forth in Section 2.8(c). 
 
“Pro Rata” has the meaning set forth in paragraph 8 of Annex I. 
 

6 

 
“Purchase
Agreement” means the Purchase Agreement relating to the offering and sale of Capital Securities. 
 
“QIB” means a “qualified institutional buyer” as defined under Rule 144A. 
 
“Quorum” means a majority of the Administrators or,
if there are only two Administrators, both of them. 
 
“Quotation Agent” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Redemption/Distribution Notice” has the meaning set forth in paragraph 4(e) of Annex I. 
 
“Redemption Price” has the meaning set forth in
paragraph 4(a) of Annex I. 
 
“Registrar”
has the meaning set forth in Section 6.2. 
 
“Reference Treasury Dealer” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Reference Treasury Dealer Quotations” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Relevant Trustee” has the meaning set forth in
Section 4.7(a). 
 
“Remaining Life” has
the meaning set forth in paragraph 4(a) of Annex I. 
 
“Responsible Officer” means, with respect to the Institutional Trustee, any officer within the Corporate Trust Office of the Institutional Trustee with direct responsibility for the administration of this Declaration,
including any vice-president, any assistant vice-president, any secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or other officer of the Corporate Trust Office of the Institutional Trustee customarily
performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge
of and familiarity with the particular subject. 
 
“Restricted Securities Legend” has the meaning set forth in Section 8.2(c). 
 
“Rule 144A” means Rule 144A under the Securities Act. 
 
“Rule 3a-5” means Rule 3a-5 under the Investment Company Act. 
 
“Rule 3a-7” means Rule 3a-7 under the Investment
Company Act. 
 
“Securities” means the
Common Securities and the Capital Securities. 
 
“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor legislation. 
 

7 

 
“Sponsor” means Hudson United Bancorp, a bank holding company that is a U.S. Person incorporated in New Jersey, or any successor entity in a merger, consolidation or amalgamation that is a U.S. Person, in its capacity as
sponsor of the Trust. 
 
“Statutory Trust
Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as it may be amended from time to time, or any successor legislation. 
 
“Successor Delaware Trustee” has the meaning set forth in Section 4.7(e). 
 
“Successor Entity” has the meaning set forth in
Section 2.15(b). 
 
“Successor Institutional
Trustee” has the meaning set forth in Section 4.7(b). 
 
“Successor Securities” has the meaning set forth in Section 2.15(b). 
 
“Super Majority” has the meaning set forth in paragraph 5(b) of Annex I. 
 
“Tax Event” has the meaning set forth in paragraph 4(a) of Annex I. 
 
“10% in liquidation amount of the Securities” means Holders of outstanding Securities voting
together as a single class or, as the context may require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a class, who are the record owners of 10% or more of the aggregate liquidation
amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class.

 
“Transfer Agent” has the meaning set
forth in Section 6.2. 
 
“Treasury Rate”
has the meaning set forth in paragraph 4(a) of Annex I. 
 
“Treasury Regulations” means the income tax regulations, including temporary and proposed regulations, promulgated under the Code by the United States Treasury, as such regulations may be amended from time to time
(including corresponding provisions of succeeding regulations). 
 
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time-to-time, or any successor legislation. 
 
“Trustee” or “Trustees” means each Person who has signed this Declaration as a trustee, so long as such Person shall
continue in office in accordance with the terms hereof, and all other Persons who may from time to time be duly appointed, qualified and serving as Trustees in accordance with the provisions hereof, and references herein to a Trustee or the Trustees
shall refer to such Person or Persons solely in their capacity as trustees hereunder. 
 
“Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to, the Property Account and (c) all proceeds and rights in respect of the foregoing and any other

 

8 

property and assets for the time being held or deemed to be held by the Institutional Trustee pursuant to the trusts of this Declaration.

 
“U.S. Person” means a United States
Person as defined in Section 7701(a)(30) of the Code. 
 
ARTICLE II 
 
ORGANIZATION

 
SECTION 2.1. Name. The Trust is named
“Hudson United Capital Trust II,” as such name may be modified from time to time by the Administrators following written notice to the Institutional Trustee and the Holders of the Securities. The Trust’s activities may be conducted
under the name of the Trust or any other name deemed advisable by the Administrators. 
 
SECTION 2.2. Office. The address of the principal office of the Trust, which shall be in a state of the United States or the District of Columbia, is 1000 MacArthur Blvd., Mahwah, NJ 07430. On
ten Business Days’ written notice to the Institutional Trustee and the Holders of the Securities, the Administrators may designate another principal office, which shall be in a state of the United States or the District of Columbia.

 
SECTION 2.3. Purpose. The exclusive
purposes and functions of the Trust are (a) to issue and sell the Securities representing undivided beneficial interests in the assets of the Trust, (b) to invest the gross proceeds from such sale in the Debentures and (c) except as otherwise
limited herein, to engage in only those other activities incidental thereto that are deemed necessary or advisable by the Institutional Trustee, including, without limitation, those activities specified in this Declaration. The Trust shall not
borrow money, issue debt or reinvest proceeds derived from investments, pledge any of its assets, or otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to be classified for United States federal income tax
purposes as a grantor trust. 
 
SECTION 2.4.
Authority. Except as specifically provided in this Declaration, the Institutional Trustee shall have exclusive and complete authority to carry out the purposes of the Trust. An action taken by a Trustee on behalf of the Trust and in
accordance with such Trustee’s powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person shall be required to inquire into the authority of the Trustees to bind the
Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of the Trustees as set forth in this Declaration. The Administrators shall have only those ministerial duties set forth herein with respect to
accomplishing the purposes of the Trust and are not intended to be trustees or fiduciaries with respect to the Trust or the Holders. The Institutional Trustee shall have the right, but shall not be obligated except as provided in Section 2.6, to
perform those duties assigned to the Administrators. 
 
SECTION 2.5. Title to Property of the Trust. Except as provided in Section 2.8 with respect to the Debentures and the Property Account or as otherwise provided in this Declaration, legal title to all assets of the Trust shall
be vested in the Trust. The Holders shall 
 

9 

not have legal title to any part of the assets of the Trust, but shall have an undivided beneficial interest in the assets of the Trust.

 
Section 2.6. Powers and Duties of the
Trustees and the Administrators. 
 
(a) The Trustees and the Administrators shall conduct the affairs of the Trust in accordance with the terms of this Declaration. Subject to the limitations set forth in paragraph (b) of this Section, and in accordance with the
following provisions (i) and (ii), the Administrators and, at the direction of the Administrators, the Trustees, shall have the authority to enter into all transactions and agreements determined by the Administrators to be appropriate in exercising
the authority, express or implied, otherwise granted to the Trustees or the Administrators, as the case may be, under this Declaration, and to perform all acts in furtherance thereof, including without limitation, the following: 
 
(i) Each Administrator shall have the power,
duty and authority, and is hereby authorized, to act on behalf of the Trust with respect to the following matters: 
 
(A) the issuance and sale of the Securities; 
 
(B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the
Trust, such agreements as may be necessary or desirable in connection with the purposes and function of the Trust, including agreements with the Paying Agent, a Debenture subscription agreement between the Trust and the Sponsor and a Common
Securities subscription agreement between the Trust and the Sponsor; 
 
(C) ensuring compliance with the Securities Act and applicable state securities or blue sky laws; 
 
(D) if and at such time determined solely by the Sponsor at the request of the Holders, assisting in the designation of
the Capital Securities for trading in the Private Offering, Resales and Trading through the Automatic Linkages (“PORTAL”) system if available; 
 
(E) the sending of notices (other than notices of default) and other information regarding the Securities and the
Debentures to the Holders in accordance with this Declaration, including notice of any notice received from the Debenture Issuer of its election to defer payments of interest on the Debentures by extending the interest payment period under the
Indenture; 
 
(F) the appointment
of a Paying Agent, Transfer Agent and Registrar in accordance with this Declaration; 
 
(G) execution and delivery of the Securities in accordance with this Declaration; 
 

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(H) execution and delivery of closing certificates pursuant to the Purchase Agreement and the application for a taxpayer identification number; 
 
(I) unless otherwise determined by the Holders of a Majority in liquidation amount of the
Securities or as otherwise required by the Statutory Trust Act, to execute on behalf of the Trust (either acting alone or together with any or all of the Administrators) any documents that the Administrators have the power to execute pursuant to
this Declaration; 
 
(J) the
taking of any action incidental to the foregoing as the Sponsor or an Administrator may from time to time determine is necessary or advisable to give effect to the terms of this Declaration for the benefit of the Holders (without consideration of
the effect of any such action on any particular Holder); 
 
(K) to establish a record date with respect to all actions to be taken hereunder that require a record date be established, including Distributions, voting rights, redemptions and exchanges, and to
issue relevant notices to the Holders of Capital Securities and Holders of Common Securities as to such actions and applicable record dates; 
 
(L) to duly prepare and file on behalf of the Trust all applicable tax returns and tax information reports that are
required to be filed with respect to the Trust; 
 
(M) to negotiate the terms of, and the execution and delivery of, the Purchase Agreement providing for the sale of the Capital Securities; 
 
(N) to employ or otherwise engage employees, agents (who may be designated as officers with
titles), managers, contractors, advisors, attorneys and consultants and pay reasonable compensation for such services; 
 
(O) to incur expenses that are necessary or incidental to carry out any of the purposes of the Trust; 
 
(P) to give the certificate required by
§ 314(a)(4) of the Trust Indenture Act to the Institutional Trustee, which certificate may be executed by an Administrator; and 
 
(Q) to take all action that may be necessary or appropriate for the preservation and the continuation of the Trust’s
valid existence, rights, franchises and privileges as a statutory trust under the laws of each jurisdiction (other than the State of Delaware) in which such existence is necessary to protect the limited liability of the Holders of the Capital
Securities or to enable the Trust to effect the purposes for which the Trust was created. 
 

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(ii) As among the Trustees and the Administrators, the Institutional Trustee shall have the power, duty and authority, and is hereby authorized, to act on behalf of the Trust with respect to the following matters: 
 
(A) the establishment of the Property
Account; 
 
(B) the receipt of
the Debentures; 
 
(C) the
collection of interest, principal and any other payments made in respect of the Debentures in the Property Account; 
 
(D) the distribution through the Paying Agent of amounts owed to the Holders in respect of the Securities; 
 
(E) the exercise of all of the rights,
powers and privileges of a holder of the Debentures; 
 
(F) the sending of notices of default and other information regarding the Securities and the Debentures to the Holders in accordance with this Declaration; 
 
(G) the distribution of the Trust Property in accordance with the terms of this Declaration;

 
(H) to the extent provided in
this Declaration, the winding up of the affairs of and liquidation of the Trust and the preparation, execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 
(I) after any Event of Default (of which the
Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof)) (provided, that such Event of Default is not by or with respect to the Institutional Trustee), the taking of any action incidental to the foregoing as the
Institutional Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Declaration and protect and conserve the Trust Property for the benefit of the Holders (without consideration of the effect of any
such action on any particular Holder); 
 
(J) to take all action that may be necessary or appropriate for the preservation and the continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory trust under the laws of the State of Delaware
to protect the limited liability of the Holders of the Capital Securities or to enable the Trust to effect the purposes for which the Trust was created; and 
 
(K) to undertake any actions set forth in § 317(a) of the Trust Indenture Act. 
 

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(iii) The Institutional Trustee shall have the power and authority, and is hereby authorized, to act on behalf of the Trust with respect to any of the duties, liabilities, powers or the authority of the Administrators set forth in
Section 2.6(a)(i)(E) and (F) herein but shall not have a duty to do any such act unless specifically requested to do so in writing by the Sponsor, and shall then be fully protected in acting pursuant to such written request; and in the event of a
conflict between the action of the Administrators and the action of the Institutional Trustee, the action of the Institutional Trustee shall prevail. 
 
(b) So long as this Declaration remains in effect, the Trust (or the Trustees or Administrators acting on behalf of the
Trust) shall not undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, neither the Trustees nor the Administrators may cause the Trust to (i) acquire any investments or engage in
any activities not authorized by this Declaration; (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to Holders, except as expressly provided herein;
(iii) take any action that would cause (or in the case of the Institutional Trustee, to the actual knowledge of a Responsible Officer would cause) the Trust to fail or cease to qualify as a “grantor trust” for United States federal income
tax purposes; (iv) incur any indebtedness for borrowed money or issue any other debt; or (v) take or consent to any action that would result in the placement of a lien on any of the Trust Property. The Institutional Trustee shall, at the sole cost
and expense of the Trust subject to reimbursement under Section 9.6(a), defend all claims and demands of all Persons at any time claiming any lien on any of the Trust Property adverse to the interest of the Trust or the Holders in their capacity as
Holders. 
 
(c) In connection with
the issuance and sale of the Capital Securities, the Sponsor shall have the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the following (and any actions taken by the Sponsor in furtherance of the
following prior to the date of this Declaration are hereby ratified and confirmed in all respects): 
 
(i) the taking of any action necessary to obtain an exemption from the Securities Act; 
 
(ii) the determination of the States in which
to take appropriate action to qualify or register for sale all or part of the Capital Securities and the determination of any and all such acts, other than actions which must be taken by or on behalf of the Trust, and the advisement of and direction
to the Trustees of actions they must take on behalf of the Trust, and the preparation for execution and filing of any documents to be executed and filed by the Trust or on behalf of the Trust, as the Sponsor deems necessary or advisable in order to
comply with the applicable laws of any such States in connection with the sale of the Capital Securities; and 
 
(iii) the taking of any other actions necessary or desirable to carry out any of the foregoing activities. 
 

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(d) Notwithstanding anything herein to the contrary, the Administrators, the Institutional Trustee and the Holders of a Majority in liquidation amount of the Common Securities are authorized and directed to conduct the affairs of the
Trust and to operate the Trust so that (i) the Trust will not be deemed to be an “investment company” required to be registered under the Investment Company Act (in the case of the Institutional Trustee, to the actual knowledge of a
Responsible Officer); (ii) the Trust will not fail to be classified as a grantor trust for United States federal income tax purposes (in the case of the Institutional Trustee, to the actual knowledge of a Responsible Officer); and (iii) the Trust
will not take any action inconsistent with the treatment of the Debentures as indebtedness of the Debenture Issuer for United States federal income tax purposes (in the case of the Institutional Trustee, to the actual knowledge of a Responsible
Officer). In this connection, the Institutional Trustee, the Administrators and the Holders of a Majority in liquidation amount of the Common Securities are authorized to take any action, not inconsistent with applicable laws or this Declaration, as
amended from time to time, that each of the Institutional Trustee, the Administrators and such Holders determine in their discretion to be necessary or desirable for such purposes, even if such action adversely affects the interests of the Holders
of the Capital Securities. 
 
(e)
All expenses incurred by the Administrators or the Trustees pursuant to this Section 2.6 shall be reimbursed by the Sponsor, and the Trustees shall have no obligations with respect to such expenses. 
 
(f) The assets of the Trust shall consist of
the Trust Property. 
 
(g) Legal
title to all Trust Property shall be vested at all times in the Institutional Trustee (in its capacity as such) and shall be held and administered by the Institutional Trustee for the benefit of the Trust in accordance with this Declaration.

 
(h) If the Institutional
Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Declaration and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Institutional Trustee or to such
Holder, then and in every such case the Sponsor, the Institutional Trustee and the Holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Institutional Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 
SECTION 2.7. Prohibition of Actions by the Trust and the Trustees. 
 
The Trust shall not, and the Institutional Trustee and the Administrators shall not, and the Administrators
shall cause the Trust not to, engage in any activity other than as required or authorized by this Declaration. In particular, the Trust shall not, and the Institutional Trustee and the Administrators shall not cause the Trust to: 
 
(a) invest any proceeds received by the Trust
from holding the Debentures, but shall distribute all such proceeds to Holders of the Securities pursuant to the terms of this Declaration and of the Securities; 
 
(b) acquire any assets other than as expressly provided herein; 
 

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(c) possess Trust Property for other than a Trust purpose; 
 
(d) make any loans or incur any indebtedness other than loans represented by the Debentures; 
 
(e) possess any power or otherwise act in such a way as to vary the Trust Property or the terms of the Securities;

 
(f) issue any securities or
other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Securities; or 
 
(g) other than as provided in this Declaration (including Annex I), (i) direct the time, method and place of exercising
any trust or power conferred upon the Debenture Trustee with respect to the Debentures, (ii) waive any past default that is waivable under the Indenture, (iii) exercise any right to rescind or annul any declaration that the principal of all the
Debentures shall be due and payable, or (iv) consent to any amendment, modification or termination of the Indenture or the Debentures where such consent shall be required unless the Trust shall have received a written opinion of counsel experienced
in such matters to the effect that such amendment, modification or termination will not cause the Trust to cease to be classified as a grantor trust for United States federal income tax purposes. 
 
SECTION 2.8. Powers and Duties of the Institutional
Trustee. 
 
(a) The legal
title to the Debentures shall be owned by and held of record in the name of the Institutional Trustee in trust for the benefit of the Trust. The right, title and interest of the Institutional Trustee to the Debentures shall vest automatically in
each Person who may hereafter be appointed as Institutional Trustee in accordance with Section 4.7. Such vesting and cessation of title shall be effective whether or not conveyancing documents with regard to the Debentures have been executed and
delivered. 
 
(b) The
Institutional Trustee shall not transfer its right, title and interest in the Debentures to the Administrators or to the Delaware Trustee. 
 
(c) The Institutional Trustee shall: 
 
(i) establish and maintain a segregated non-interest bearing trust account (the
“Property Account”) in the United States (as defined in Treasury Regulations § 301.7701-7), in the name of and under the exclusive control of the Institutional Trustee, and maintained in the Institutional Trustee’s trust
department, on behalf of the Holders of the Securities and, upon the receipt of payments of funds made in respect of the Debentures held by the Institutional Trustee, deposit such funds into the Property Account and make payments to the Holders of
the Capital Securities and Holders of the Common Securities from the Property Account in accordance with Section 5.1. Funds in the Property Account shall be held uninvested until disbursed in accordance with this Declaration; 
 

15 

 
(ii) engage in such ministerial activities as shall be necessary or appropriate to effect the redemption of the Capital Securities and the Common Securities to the extent the Debentures are redeemed or mature; and 
 
(iii) upon written notice of distribution
issued by the Administrators in accordance with the terms of the Securities, engage in such ministerial activities as shall be necessary or appropriate to effect the distribution of the Debentures to Holders of Securities upon the occurrence of
certain circumstances pursuant to the terms of the Securities. 
 
(d) The Institutional Trustee shall take all actions and perform such duties as may be specifically required of the Institutional Trustee pursuant to the terms of the Securities. 
 
(e) The Institutional Trustee may bring or
defend, pay, collect, compromise, arbitrate, resort to legal action with respect to, or otherwise adjust claims or demands of or against, the Trust (a “Legal Action”) which arise out of or in connection with an Event of Default of which a
Responsible Officer of the Institutional Trustee has actual knowledge or the Institutional Trustee’s duties and obligations under this Declaration or the Trust Indenture Act; provided, however, that if an Event of Default has
occurred and is continuing and such event is attributable to the failure of the Debenture Issuer to pay interest or principal on the Debentures on the date such interest or principal is otherwise payable (or in the case of redemption, on the
redemption date), then a Holder of the Capital Securities may directly institute a proceeding for enforcement of payment to such Holder of the principal of or interest on the Debentures having a principal amount equal to the aggregate liquidation
amount of the Capital Securities of such Holder (a “Direct Action”) on or after the respective due date specified in the Debentures. In connection with such Direct Action, the rights of the Holders of the Common Securities will be
subrogated to the rights of such Holder of the Capital Securities to the extent of any payment made by the Debenture Issuer to such Holder of the Capital Securities in such Direct Action; provided, however, that a Holder of the Common
Securities may exercise such right of subrogation only if no Event of Default with respect to the Capital Securities has occurred and is continuing. 
 
(f) The Institutional Trustee shall continue to serve as a Trustee until either: 
 
(i) the Trust has been completely liquidated
and the proceeds of the liquidation distributed to the Holders of the Securities pursuant to the terms of the Securities and this Declaration (including Annex I); or 
 
(ii) a Successor Institutional Trustee has been appointed and has accepted that appointment
in accordance with Section 4.7. 
 
(g) The Institutional Trustee shall have the legal power to exercise all of the rights, powers and privileges of a holder of the Debentures under the Indenture and, if an Event of Default occurs and is continuing, the Institutional
Trustee may, for the benefit of Holders of the Securities, enforce its rights as holder of the Debentures subject to the rights of the Holders pursuant to this Declaration (including Annex I) and the terms of the Securities. 
 

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(h) The Institutional Trustee must exercise the powers set forth in this Section 2.8 in a manner that is consistent with the purposes and functions of the Trust set out in Section 2.3, and the Institutional Trustee shall not take any
action that is inconsistent with the purposes and functions of the Trust set out in Section 2.3. 
 
SECTION 2.9. Certain Duties and Responsibilities of the Trustees and the Administrators. 
 
(a) The Institutional Trustee, before the occurrence of any Event of Default (of which the Institutional Trustee has
knowledge (as provided in Section 2.10(m) hereof)) and after the curing of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Declaration and no implied covenants shall be
read into this Declaration against the Institutional Trustee. In case an Event of Default (of which the Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof)), has occurred (that has not been cured or waived pursuant to Section
6.7), the Institutional Trustee shall exercise such of the rights and powers vested in it by this Declaration, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs. 
 
(b) The duties and responsibilities of the Trustees and the Administrators shall be as provided by this Declaration and, in the case of the Institutional Trustee, by the Trust Indenture Act. Notwithstanding the foregoing, no
provision of this Declaration shall require any Trustee or Administrator to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of
this Declaration relating to the conduct or affecting the liability of or affording protection to the Trustees or the Administrators shall be subject to the provisions of this Article. Nothing in this Declaration shall be construed to release a
Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct. Nothing in this Declaration shall be construed to release an Administrator from liability for its own gross negligent action, its
own gross negligent failure to act, or its own willful misconduct. To the extent that, at law or in equity, a Trustee or an Administrator has duties and liabilities relating to the Trust or to the Holders, such Trustee or Administrator shall not be
liable to the Trust or to any Holder for such Trustee’s or Administrator’s good faith reliance on the provisions of this Declaration. The provisions of this Declaration, to the extent that they restrict the duties and liabilities of the
Administrators or the Trustees otherwise existing at law or in equity, are agreed by the Sponsor and the Holders to replace such other duties and liabilities of the Administrators or the Trustees. 
 
(c) All payments made by the Institutional
Trustee or a Paying Agent in respect of the Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the
Institutional Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Holder, by its acceptance of a Security, agrees that it will look solely to the revenue and proceeds from the Trust Property to the extent legally
available for distribution to it as herein provided and that the Trustees and the Administrators are not 
 

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personally liable to it for any amount distributable in respect of any Security or for any
other liability in respect of any Security. This Section 2.9(c) does not limit the liability of the Trustees expressly set forth elsewhere in this Declaration or, in the case of the Institutional Trustee, in the Trust Indenture Act. 
 
(d) No provision of this Declaration shall be
construed to relieve the Institutional Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct with respect to matters that are within the authority of the Institutional Trustee under this
Declaration, except that: 
 
(i)
the Institutional Trustee shall not be liable for any error or judgment made in good faith by an Authorized Officer of the Institutional Trustee, unless it shall be proved that the Institutional Trustee was negligent in ascertaining the pertinent
facts; 
 
(ii) the Institutional
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in liquidation amount of the Capital Securities or the Common
Securities, as applicable, relating to the time, method and place of conducting any proceeding for any remedy available to the Institutional Trustee, or exercising any trust or power conferred upon the Institutional Trustee under this Declaration;

 
(iii) the Institutional
Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Debentures and the Property Account shall be to deal with such property in a similar manner as the Institutional Trustee deals with similar property
for its own account, subject to the protections and limitations on liability afforded to the Institutional Trustee under this Declaration and the Trust Indenture Act; 
 
(iv) the Institutional Trustee shall not be liable for any interest on any money received by
it except as it may otherwise agree in writing with the Sponsor; and money held by the Institutional Trustee need not be segregated from other funds held by it except in relation to the Property Account maintained by the Institutional Trustee
pursuant to Section 2.8(c)(i) and except to the extent otherwise required by law; and 
 
(v) the Institutional Trustee shall not be responsible for monitoring the compliance by the Administrators or the Sponsor
with their respective duties under this Declaration, nor shall the Institutional Trustee be liable for any default or misconduct of the Administrators or the Sponsor. 
 
SECTION 2.10. Certain Rights of Institutional Trustee. Subject to the provisions of Section 2.9:

 
(a) the Institutional Trustee
may conclusively rely and shall fully be protected in acting or refraining from acting in good faith upon any resolution, written opinion of counsel, certificate, written representation of a Holder or transferee, certificate of auditors or any other

 

18 

certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented by the proper party or parties; 
 
(b) if (i) in performing its duties under
this Declaration, the Institutional Trustee is required to decide between alternative courses of action, (ii) in construing any of the provisions of this Declaration, the Institutional Trustee finds the same ambiguous or inconsistent with any other
provisions contained herein, or (iii) the Institutional Trustee is unsure of the application of any provision of this Declaration, then, except as to any matter as to which the Holders of Capital Securities are entitled to vote under the terms of
this Declaration, the Institutional Trustee may deliver a notice to the Sponsor requesting the Sponsor’s opinion as to the course of action to be taken and the Institutional Trustee shall take such action, or refrain from taking such action, as
the Institutional Trustee in its sole discretion shall deem advisable and in the best interests of the Holders, in which event the Institutional Trustee shall have no liability except for its own negligence or willful misconduct; 
 
(c) any direction or act of the Sponsor or
the Administrators contemplated by this Declaration shall be sufficiently evidenced by an Officers’ Certificate; 
 
(d) whenever in the administration of this Declaration, the Institutional Trustee shall deem it desirable that a matter be
proved or established before undertaking, suffering or omitting any action hereunder, the Institutional Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely
upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Sponsor or the Administrators; 
 
(e) the Institutional Trustee shall have no duty to see to any recording, filing or registration of any instrument
(including any financing or continuation statement or any filing under tax or securities laws) or any rerecording, refiling or reregistration thereof; 
 
(f) the Institutional Trustee may consult with counsel of its selection (which counsel may be counsel to the Sponsor or
any of its Affiliates) and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in accordance with such
advice; the Institutional Trustee shall have the right at any time to seek instructions concerning the administration of this Declaration from any court of competent jurisdiction; 
 
(g) the Institutional Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Declaration at the request or direction of any of the Holders pursuant to this Declaration, unless such Holders shall have offered to the Institutional Trustee security or indemnity reasonably satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; provided, that nothing contained in this Section 2.10(g) shall be taken to relieve the Institutional Trustee, upon the occurrence
of an Event of Default (of which the Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof)) that has not been cured or waived, of its obligation to exercise the rights and powers vested in it by this Declaration; 
 

19 

 
(h) the Institutional Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond,
debenture, note or other evidence of indebtedness or other paper or document, unless requested in writing to do so by one or more Holders, but the Institutional Trustee may make such further inquiry or investigation into such facts or matters as it
may see fit; 
 
(i) the
Institutional Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys and the Institutional Trustee shall not be responsible for any misconduct or negligence
on the part of, or for the supervision of, any such agent or attorney appointed with due care by it hereunder; 
 
(j) whenever in the administration of this Declaration the Institutional Trustee shall deem it desirable to receive
instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Institutional Trustee (i) may request instructions from the Holders of the Common Securities and the Capital Securities, which instructions may be
given only by the Holders of the same proportion in liquidation amount of the Common Securities and the Capital Securities as would be entitled to direct the Institutional Trustee under the terms of the Common Securities and the Capital Securities
in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (iii) shall be fully protected in acting in accordance with such instructions;

 
(k) except as otherwise
expressly provided in this Declaration, the Institutional Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Declaration; 
 
(l) when the Institutional Trustee incurs expenses or renders services in connection with a
Bankruptcy Event, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law relating to creditors rights generally;

 
(m) the Institutional Trustee
shall not be charged with knowledge of an Event of Default unless a Responsible Officer of the Institutional Trustee has actual knowledge of such event or the Institutional Trustee receives written notice of such event from any Holder, except with
respect to an Event of Default pursuant to Sections 5.01(a) or 5.01(b) of the Indenture (other than an Event of Default resulting from the default in the payment of Additional Amounts or premium, if any, if the Institutional Trustee does not have
actual knowledge or written notice that such payment is due and payable), of which the Institutional Trustee shall be deemed to have knowledge; 
 
(n) any action taken by the Institutional Trustee or its agents hereunder shall bind the Trust and the Holders of the
Securities, and the signature of the Institutional Trustee or its agents alone shall be sufficient and effective to perform any such action and no third party shall be required to inquire as to the authority of the Institutional Trustee to so act or
as to its compliance with any of the terms and provisions of this Declaration, both of which shall be conclusively evidenced by the Institutional Trustee’s or its agent’s taking such action; and 
 

20 

 
(o) no provision of this Declaration shall be deemed to impose any duty or obligation on the Institutional Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Institutional Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Institutional Trustee shall be construed to be a duty. 
 
SECTION 2.11. Delaware Trustee. Notwithstanding any other provision of this Declaration other than Section 4.2, the Delaware
Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities of any of the Trustees or the Administrators described in this Declaration (except as may be required under the
Statutory Trust Act). Except as set forth in Section 4.2, the Delaware Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements of § 3807 of the Statutory Trust Act. 
 
SECTION 2.12. Execution of Documents. Unless otherwise
determined in writing by the Institutional Trustee, and except as otherwise required by the Statutory Trust Act, the Institutional Trustee, or any one or more of the Administrators, as the case may be, is authorized to execute and deliver on behalf
of the Trust any documents, agreements, instruments or certificates that the Trustees or the Administrators, as the case may be, have the power and authority to execute pursuant to Section 2.6. 
 
SECTION 2.13. Not Responsible for Recitals or Issuance of
Securities. The recitals contained in this Declaration and the Securities shall be taken as the statements of the Sponsor, and the Trustees do not assume any responsibility for their correctness. The Trustees make no representations as to the
value or condition of the property of the Trust or any part thereof. The Trustees make no representations as to the validity or sufficiency of this Declaration, the Debentures or the Securities. 
 
SECTION 2.14. Duration of Trust. The Trust, unless
dissolved pursuant to the provisions of Article VII hereof, shall have existence for thirty-five (35) years from the Closing Date. 
 
SECTION 2.15. Mergers. 
 
(a) The Trust may not consolidate, amalgamate, merge with or into, or be replaced by, or convey, transfer or lease its
properties and assets substantially as an entirety to any corporation or other Person, except as described in this Section 2.15 and except with respect to the distribution of Debentures to Holders of Securities pursuant to Section 7.1(a)(iv) of the
Declaration or Section 4 of Annex I. 
 
(b) The Trust may, with the consent of the Administrators (which consent will not be unreasonably withheld) and without the consent of the Institutional Trustee, the Delaware Trustee or the Holders of the Capital Securities,
consolidate, amalgamate, merge with or into, or be replaced by, or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to a trust organized as such under the laws of any state; provided, that:

 

21 

 
(i) if the Trust is not the survivor, such successor entity (the “Successor Entity”) either: 
 
(A) expressly assumes all of the obligations of the Trust under the Securities; or 
 
(B) substitutes for the Securities other
securities having substantially the same terms as the Securities (the “Successor Securities”) so that the Successor Securities rank the same as the Securities rank with respect to Distributions and payments upon Liquidation, redemption and
otherwise; 
 
(ii) the Sponsor
expressly appoints, as the holder of the Debentures, a trustee of the Successor Entity that possesses the same powers and duties as the Institutional Trustee; 
 
(iii) the Capital Securities or any Successor Securities (excluding any securities substituted for the Common Securities)
are listed or quoted, or any Successor Securities will be listed or quoted upon notification of issuance, on any national securities exchange or with another organization on which the Capital Securities are then listed or quoted, if any;

 
(iv) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Capital Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization, if the Capital
Securities are then rated; 
 
(v)
such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Securities (including any Successor Securities) in any material respect
(other than with respect to any dilution of such Holders’ interests in the Successor Entity as a result of such merger, consolidation, amalgamation or replacement); 
 
(vi) such Successor Entity has a purpose substantially identical to that of the Trust;

 
(vii) prior to such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease, the Trust has received a written opinion of a nationally recognized independent counsel to the Trust experienced in such matters to the effect that: 
 
(A) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Securities (including any Successor Securities) in any material respect (other than with respect to any
dilution of the Holders’ interests in the Successor Entity); 
 

22 

 
(B) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor the Successor Entity will be required to register as an Investment Company; and 
 
(C) following such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Trust (or the Successor Entity) will continue to be classified as a grantor trust for United States federal income tax purposes; 
 
(viii) the Sponsor guarantees the obligations
of such Successor Entity under the Successor Securities to the same extent provided by the Guarantee, the Debentures and this Declaration; and 
 
(ix) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Institutional
Trustee shall have received an Officers’ Certificate of the Administrators and an opinion of counsel, each to the effect that all conditions precedent of this paragraph (b) to such transaction have been satisfied. 
 
(c) Notwithstanding Section 2.15(b), the
Trust shall not, except with the consent of Holders of 100% in liquidation amount of the Securities, consolidate, amalgamate, merge with or into, or be replaced by, or convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to, any other Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust
or Successor Entity to be classified as other than a grantor trust for United States federal income tax purposes. 
 
ARTICLE III 
 
SPONSOR 
 
SECTION 3.1. Sponsor’s Purchase of Common Securities. On the Closing Date, the Sponsor will purchase all of the Common Securities issued by the Trust, in an amount at least equal to 3% of the capital of the Trust, at the
same time as the Capital Securities are sold. 
 
SECTION 3.2. Responsibilities of the Sponsor. In connection with the issue and sale of the Capital Securities, the Sponsor shall have the exclusive right and responsibility and sole decision to engage in, or direct the
Administrators to engage in, the following activities: 
 
(a) to determine the States in which to take appropriate action to qualify or register for sale all or part of the Capital Securities and to do any and all such acts, other than actions which must be taken by the Trust, and
advise the Trust of actions it must take, and prepare for execution and filing any documents to be executed and filed by the Trust, as the Sponsor deems necessary or advisable in order to comply with the applicable laws of any such States;

 

23 

 
(b) to prepare for filing and request the Administrators to cause the filing by the Trust, as may be appropriate, of an application to the PORTAL system, for listing or quotation upon notice of issuance of any Capital Securities, as
requested by the Holders of not less than a Majority in liquidation amount of the Capital Securities; and 
 
(c) to negotiate the terms of and/or execute and deliver on behalf of the Trust, the Purchase Agreement and other related
agreements providing for the sale of the Capital Securities. 
 
ARTICLE IV 
 
TRUSTEES AND
ADMINISTRATORS 
 
SECTION 4.1. Number of
Trustees. The number of Trustees initially shall be two, and: 
 
(a) at any time before the issuance of any Securities, the Sponsor may, by written instrument, increase or decrease the number of Trustees; and 
 
(b) after the issuance of any Securities, the
number of Trustees may be increased or decreased by vote of the Holder of a Majority in liquidation amount of the Common Securities voting as a class at a meeting of the Holder of the Common Securities; provided, however, that there
shall be a Delaware Trustee if required by Section 4.2; and there shall always be one Trustee who shall be the Institutional Trustee, and such Trustee may also serve as Delaware Trustee if it meets the applicable requirements, in which case Section
2.11 shall have no application to such entity in its capacity as Institutional Trustee. 
 
SECTION 4.2. Delaware Trustee. If required by the Statutory Trust Act, one Trustee (the “Delaware Trustee”) shall be: 
 
(a) a natural person who is a resident of the State of Delaware; or 
 
(b) if not a natural person, an entity which
is organized under the laws of the United States or any state thereof or the District of Columbia, has its principal place of business in the State of Delaware, and otherwise meets the requirements of applicable law, including §3807 of the
Statutory Trust Act. 
 
SECTION 4.3.
Institutional Trustee; Eligibility. 
 
(a) There shall at all times be one Trustee that shall act as Institutional Trustee which shall: 
 
(i) not be an Affiliate of the Sponsor; 
 
(ii) not offer or provide credit or credit enhancement to the Trust; and 
 
(iii) be a banking corporation or national
association organized and doing business under the laws of the United States of America or any state thereof 
 

24 

or of the District of Columbia and authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state or District of Columbia authority. If such corporation or national association publishes
reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority referred to above, then for the purposes of this Section 4.3(a)(iii), the combined capital and surplus of such corporation or
national association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
 
(b) If at any time the Institutional Trustee shall cease to be eligible to so act under Section 4.3(a), the Institutional
Trustee shall immediately resign in the manner and with the effect set forth in Section 4.7. 
 
(c) If the Institutional Trustee has or shall acquire any “conflicting interest” within the meaning of §
310(b) of the Trust Indenture Act, the Institutional Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to this Declaration. 
 
(d) The initial Institutional Trustee shall be Wilmington Trust Company. 
 
SECTION 4.4. Certain Qualifications of the Delaware Trustee
Generally. The Delaware Trustee shall be a U.S. Person and either a natural person who is at least 21 years of age or a legal entity that shall act through one or more Authorized Officers. 
 
SECTION 4.5. Administrators. Each Administrator shall
be a U.S. Person. There shall at all times be at least one Administrator. Except where a requirement for action by a specific number of Administrators is expressly set forth in this Declaration and except with respect to any action the taking of
which is the subject of a meeting of the Administrators, any action required or permitted to be taken by the Administrators may be taken by, and any power of the Administrators may be exercised by, or with the consent of, any one such Administrator
acting alone. 
 
SECTION 4.6. Initial Delaware
Trustee. The initial Delaware Trustee shall be Wilmington Trust Company. 
 
SECTION 4.7. Appointment, Removal and Resignation of the Trustees and the Administrators. 
 
(a) No resignation or removal of any Trustee (the “Relevant Trustee”) and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of this Section 4.7. 
 
(b) Subject to Section 4.7(a), a Relevant Trustee may resign at any time by giving written
notice thereof to the Holders of the Securities and by appointing a successor Relevant Trustee. Upon the resignation of the Institutional Trustee, the Institutional Trustee shall appoint a successor by requesting from at least three Persons meeting
the eligibility 
 

25 

requirements their expenses and charges to serve as the successor Institutional Trustee on
a form provided by the Administrators, and selecting the Person who agrees to the lowest expense and charges (the “Successor Institutional Trustee”). If the instrument of acceptance by the successor Relevant Trustee required by this
Section 4.7 shall not have been delivered to the Relevant Trustee within 60 days after the giving of such notice of resignation or delivery of the instrument of removal, the Relevant Trustee may petition, at the expense of the Trust, any federal,
state or District of Columbia court of competent jurisdiction for the appointment of a successor Relevant Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Relevant Trustee. The Institutional
Trustee shall have no liability for the selection of such successor pursuant to this Section 4.7. 
 
(c) Unless an Event of Default shall have occurred and be continuing, any Trustee may be removed at any time by an act of
the Holders of a Majority in liquidation amount of the Common Securities. If any Trustee shall be so removed, the Holders of the Common Securities, by act of the Holders of a Majority in liquidation amount of the Common Securities delivered to the
Relevant Trustee, shall promptly appoint a successor Relevant Trustee, and such successor Trustee shall comply with the applicable requirements of this Section 4.7. If an Event of Default shall have occurred and be continuing, the Institutional
Trustee or the Delaware Trustee, or both of them, may be removed by the act of the Holders of a Majority in liquidation amount of the Capital Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf of the Trust). If
any Trustee shall be so removed, the Holders of Capital Securities, by act of the Holders of a Majority in liquidation amount of the Capital Securities then outstanding delivered to the Relevant Trustee, shall promptly appoint a successor Relevant
Trustee or Trustees, and such successor Trustee shall comply with the applicable requirements of this Section 4.7. If no successor Relevant Trustee shall have been so appointed by the Holders of a Majority in liquidation amount of the Capital
Securities and accepted appointment in the manner required by this Section 4.7 within 30 days after delivery of an instrument of removal, the Relevant Trustee or any Holder who has been a Holder of the Securities for at least six months may, on
behalf of himself and all others similarly situated, petition any federal, state or District of Columbia court of competent jurisdiction for the appointment of a successor Relevant Trustee. Such court may thereupon, after prescribing such notice, if
any, as it may deem proper, appoint a successor Relevant Trustee or Trustees. 
 
(d) The Institutional Trustee shall give notice of each resignation and each removal of a Trustee and each appointment of a successor Trustee to all Holders and to the Sponsor. Each notice shall
include the name of the successor Relevant Trustee and the address of its Corporate Trust Office if it is the Institutional Trustee. 
 
(e) Notwithstanding the foregoing or any other provision of this Declaration, in the event a Delaware Trustee who is a
natural person dies or is adjudged by a court to have become incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by the Institutional Trustee following the procedures in this Section 4.7 (with
the successor being a Person who satisfies the eligibility requirement for a Delaware Trustee set forth in this Declaration) (the “Successor Delaware Trustee”). 
 
(f) In case of the appointment hereunder of a successor Relevant Trustee, the retiring
Relevant Trustee and each successor Relevant Trustee with respect to the Securities shall 
 

26 

execute and deliver an amendment hereto wherein each successor Relevant Trustee shall
accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the retiring Relevant
Trustee with respect to the Securities and the Trust and (ii) shall add to or change any of the provisions of this Declaration as shall be necessary to provide for or facilitate the administration of the Trust by more than one Relevant Trustee, it
being understood that nothing herein or in such amendment shall constitute such Relevant Trustees co-trustees and upon the execution and delivery of such amendment the resignation or removal of the retiring Relevant Trustee shall become effective to
the extent provided therein and each such successor Relevant Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Relevant Trustee; but, on request of the Trust or
any successor Relevant Trustee, such retiring Relevant Trustee shall duly assign, transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held by such retiring Relevant Trustee hereunder with
respect to the Securities and the Trust subject to the payment of all unpaid fees, expenses and indemnities of such retiring Relevant Trustee. 
 
(g) No Institutional Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor
Institutional Trustee or Successor Delaware Trustee, as the case may be. 
 
(h) The Holders of the Capital Securities will have no right to vote to appoint, remove or replace the Administrators, which voting rights are vested exclusively in the Holders of the Common
Securities. 
 
(i) Any successor
Delaware Trustee shall file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware identifying the name and principal place of business of such Delaware Trustee in the State of Delaware. 
 
SECTION 4.8. Vacancies Among Trustees. If a Trustee
ceases to hold office for any reason and the number of Trustees is not reduced pursuant to Section 4.1, or if the number of Trustees is increased pursuant to Section 4.1, a vacancy shall occur. A resolution certifying the existence of such vacancy
by the Trustees or, if there are more than two, a majority of the Trustees shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance with Section 4.7. 
 
SECTION 4.9. Effect of Vacancies. The death,
resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the duties of a Trustee shall not operate to dissolve, terminate or annul the Trust or terminate this Declaration. Whenever a vacancy in
the number of Trustees shall occur, until such vacancy is filled by the appointment of a Trustee in accordance with Section 4.7, the Institutional Trustee shall have all the powers granted to the Trustees and shall discharge all the duties imposed
upon the Trustees by this Declaration. 
 
SECTION
4.10. Meetings of the Trustees and the Administrators. Meetings of the Trustees or the Administrators shall be held from time to time upon the call of any Trustee or Administrator, as applicable. Regular meetings of the Trustees and the
Administrators, 
 

27 

respectively, may be in person in the United States or by telephone, at a place (if applicable) and time fixed by resolution of the Trustees
or the Administrators, as applicable. Notice of any in-person meetings of the Trustees or the Administrators shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 48
hours before such meeting. Notice of any telephonic meetings of the Trustees or the Administrators or any committee thereof shall be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not
less than 24 hours before a meeting. Notices shall contain a brief statement of the time, place and anticipated purposes of the meeting. The presence (whether in person or by telephone) of a Trustee or an Administrator, as the case may be, at a
meeting shall constitute a waiver of notice of such meeting except where a Trustee or an Administrator, as the case may be, attends a meeting for the express purpose of objecting to the transaction of any activity on the ground that the meeting has
not been lawfully called or convened. Unless provided otherwise in this Declaration, any action of the Trustees or the Administrators, as the case may be, may be taken at a meeting by vote of a majority of the Trustees or the Administrators present
(whether in person or by telephone) and eligible to vote with respect to such matter; provided, that, in the case of the Administrators, a Quorum is present, or without a meeting by the unanimous written consent of the Trustees or the
Administrators, as the case may be. Meetings of the Trustees and the Administrators together shall be held from time to time upon the call of any Trustee or Administrator. 
 
Section 4.11. Delegation of Power. 
 
(a) Any Trustee or any Administrator, as the case may be, may, by power of attorney
consistent with applicable law, delegate to any other natural person over the age of 21 that is a U.S. Person his or her power for the purpose of executing any documents, instruments or other writings contemplated in Section 2.6. 
 
(b) The Trustees shall have power to delegate
from time to time to such of their number or to any officer of the Trust that is a U.S. Person, the doing of such things and the execution of such instruments or other writings either in the name of the Trust or the names of the Trustees or
otherwise as the Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of the Trust, as set forth herein. 
 
Section 4.12. Merger, Conversion, Consolidation or Succession to Business. Any Person into which the
Institutional Trustee or the Delaware Trustee, as the case may be, may be merged or converted or with which either may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Institutional Trustee or the
Delaware Trustee, as the case may be, shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Institutional Trustee or the Delaware Trustee, as the case may be, shall be the successor of the
Institutional Trustee or the Delaware Trustee, as the case may be, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided such Person shall be otherwise qualified and eligible
under this Article and, provided, further, that such Person shall file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware as contemplated in Section 4.7(i). 
 

28 

 
ARTICLE V

 
DISTRIBUTIONS 
 
SECTION 5.1. Distributions. Holders shall receive
Distributions in accordance with the applicable terms of the relevant Holder’s Securities. Distributions shall be made on the Capital Securities and the Common Securities in accordance with the preferences set forth in their respective terms.
If and to the extent that the Debenture Issuer makes a payment of interest (including any Additional Amounts or Deferred Interest) and/or principal on the Debentures held by the Institutional Trustee (the amount of any such payment being a
“Payment Amount”), the Institutional Trustee shall and is directed, to the extent funds are available in the Property Account for that purpose, to make a distribution (a “Distribution”) of the Payment Amount to Holders. For the
avoidance of doubt, funds in the Property Account shall not be distributed to Holders to the extent of any taxes payable by the Trust, in the case of withholding taxes, as determined by the Institutional Trustee or any Paying Agent and, in the case
of taxes other than withholding taxes, as determined by the Administrators in a written notice to the Institutional Trustee. 
 
ARTICLE VI 
 
ISSUANCE OF SECURITIES 
 
SECTION 6.1. General Provisions Regarding Securities. 
 
(a) The Administrators shall on behalf of the Trust issue one series of capital securities,
evidenced by a certificate substantially in the form of Exhibit A-1, representing undivided beneficial interests in the assets of the Trust and having such terms as are set forth in Annex I (the “Capital Securities”), and one series of
common securities, evidenced by a certificate substantially in the form of Exhibit A-2, representing undivided beneficial interests in the assets of the Trust and having such terms as are set forth in Annex I (the “Common Securities”). The
Trust shall issue no securities or other interests in the assets of the Trust other than the Capital Securities and the Common Securities. The Capital Securities rank pari passu and payment thereon shall be made Pro Rata with the Common
Securities except that, where an Event of Default has occurred and is continuing, the rights of Holders of the Common Securities to payment in respect of Distributions and payments upon liquidation, redemption and otherwise are subordinated to the
rights to payment of the Holders of the Capital Securities. 
 
(b) The Certificates shall be signed on behalf of the Trust by one or more Administrators. Such signature shall be the facsimile or manual signature of any Administrator. In case any Administrator of
the Trust who shall have signed any of the Securities shall cease to be such Administrator before the Certificates so signed shall be delivered by the Trust, such Certificates nevertheless may be delivered as though the person who signed such
Certificates had not ceased to be such Administrator. Any Certificate may be signed on behalf of the Trust by such person who, at the actual date of execution of such Security, shall be an Administrator of the Trust, although at the date of the
execution and delivery of the Declaration any such person was not such an Administrator. A Capital Security shall not be valid until authenticated by the manual signature of an Authorized Officer of the Institutional Trustee. Such signature shall be

 

29 

conclusive evidence that the Capital Security has been authenticated under this Declaration. Upon written order of the Trust signed by one
Administrator, the Institutional Trustee shall authenticate the Capital Securities for original issue. The Institutional Trustee may appoint an authenticating agent that is a U.S. Person acceptable to the Trust to authenticate the Capital
Securities. A Common Security need not be so authenticated and shall be valid upon execution by one or more Administrators. 
 
(c) The consideration received by the Trust for the issuance of the Securities shall constitute a contribution to the
capital of the Trust and shall not constitute a loan to the Trust. 
 
(d) Upon issuance of the Securities as provided in this Declaration, the Securities so issued shall be deemed to be validly issued, fully paid and non-assessable, and each Holder thereof shall be
entitled to the benefits provided by this Declaration. 
 
(e) Every Person, by virtue of having become a Holder in accordance with the terms of this Declaration, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by, this Declaration and the
Guarantee. 
 
SECTION 6.2. Paying Agent,
Transfer Agent, Calculation Agent and Registrar. 
 
(a) The Trust shall maintain in Wilmington, Delaware, an office or agency where the Securities may be presented for payment (the “Paying Agent”), and an office or agency where Securities may be presented for
registration of transfer or exchange (the “Transfer Agent”). The Trust shall keep or cause to be kept at such office or agency a register for the purpose of registering Securities and transfers and exchanges of Securities, such register to
be held by a registrar (the “Registrar”). The Administrators may appoint the Paying Agent, the Registrar and the Transfer Agent, and may appoint one or more additional Paying Agents, one or more co-Registrars, or one or more co-Transfer
Agents in such other locations as it shall determine. The term “Paying Agent” includes any additional Paying Agent, the term “Registrar” includes any additional Registrar or co-Registrar and the term “Transfer Agent”
includes any additional Transfer Agent or co-Transfer Agent. The Administrators may change any Paying Agent, Transfer Agent or Registrar at any time without prior notice to any Holder. The Administrators shall notify the Institutional Trustee of the
name and address of any Paying Agent, Transfer Agent and Registrar not a party to this Declaration. The Administrators hereby initially appoint the Institutional Trustee to act as Paying Agent, Transfer Agent and Registrar for the Capital Securities
and the Common Securities at its Corporate Trust Office. The Institutional Trustee or any of its Affiliates in the United States may act as Paying Agent, Transfer Agent or Registrar. 
 
(b) The Trust shall also appoint a Calculation Agent, which shall determine the Coupon Rate
in accordance with the terms of the Securities. The Trust initially appoints the Institutional Trustee as Calculation Agent. 
 
SECTION 6.3. Form and Dating. 
 

30 

 
(a) The Capital Securities and the Institutional Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A-1, and the Common Securities shall be substantially in the form of Exhibit A-2,
each of which is hereby incorporated in and expressly made a part of this Declaration. Certificates may be typed, printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrators, as
conclusively evidenced by their execution thereof. The Securities may have letters, numbers, notations or other marks of identification or designation and such legends or endorsements required by law, stock exchange rule, agreements to which the
Trust is subject, if any, or usage (provided, that any such notation, legend or endorsement is in a form acceptable to the Sponsor). The Trust at the direction of the Sponsor shall furnish any such legend not contained in Exhibit A-1 to the
Institutional Trustee in writing. Each Capital Security shall be dated the date of its authentication. The terms and provisions of the Securities set forth in Annex I and the forms of Securities set forth in Exhibits A-1 and A-2 are part of the
terms of this Declaration and to the extent applicable, the Institutional Trustee, the Delaware Trustee, the Administrators and the Sponsor, by their execution and delivery of this Declaration, expressly agree to such terms and provisions and to be
bound thereby. Capital Securities will be issued only in blocks having a stated liquidation amount of not less than $100,000. 
 
(b) The Capital Securities are being offered and sold by the Trust pursuant to the Purchase Agreement in definitive form,
registered in the name of the Holder thereof, without coupons and with the Restricted Securities Legend. 
 
SECTION 6.4. Mutilated, Destroyed, Lost or Stolen Certificates. If: 
 
(a) any mutilated Certificates should be surrendered to the Registrar, or if the Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate; and 
 
(b) there shall be delivered to the Registrar, the Administrators and the Institutional Trustee such security or indemnity
as may be required by them to keep each of them harmless; 
 
(c) then, in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, an Administrator on behalf of the Trust shall execute (and in the case of a Capital Security
Certificate, the Institutional Trustee shall authenticate) and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like denomination. In connection with the issuance of any new
Certificate under this Section 6.4, the Registrar or the Administrators may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant
to this Section shall constitute conclusive evidence of an ownership interest in the relevant Securities, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
 
SECTION 6.5. Temporary Securities. Until definitive
Securities are ready for delivery, the Administrators may prepare and, in the case of the Capital Securities, the Institutional Trustee shall authenticate, temporary Securities. Temporary Securities shall be substantially in form of definitive
Securities but may have variations that the Administrators 
 

31 

consider appropriate for temporary Securities. Without unreasonable delay, the Administrators shall prepare and, in the case of the Capital
Securities, the Institutional Trustee shall authenticate definitive Securities in exchange for temporary Securities. 
 
SECTION 6.6. Cancellation. The Administrators at any time may deliver Securities to the Institutional Trustee for cancellation. The
Registrar shall forward to the Institutional Trustee any Securities surrendered to it for registration of transfer, redemption or payment. The Institutional Trustee shall promptly cancel all Securities surrendered for registration of transfer,
payment, replacement or cancellation and shall dispose of such canceled Securities as the Administrators direct. The Administrators may not issue new Securities to replace Securities that have been paid or that have been delivered to the
Institutional Trustee for cancellation. 
 
SECTION
6.7. Rights of Holders; Waivers of Past Defaults. 
 
(a) The legal title to the Trust Property is vested exclusively in the Institutional Trustee (in its capacity as such) in accordance with Section 2.5, and the Holders shall not have any right or title therein other than the
undivided beneficial interest in the assets of the Trust conferred by their Securities and they shall have no right to call for any partition or division of property, profits or rights of the Trust except as described below. The Securities shall be
personal property giving only the rights specifically set forth therein and in this Declaration. The Securities shall have no, and the issuance of the Securities shall not be subject to, preemptive or other similar rights and when issued and
delivered to Holders against payment of the purchase price therefor, the Securities will be fully paid and nonassessable by the Trust. 
 
(b) For so long as any Capital Securities remain outstanding, if, upon an Indenture Event of Default, the Debenture
Trustee fails or the holders of not less than 25% in principal amount of the outstanding Debentures fail to declare the principal of all of the Debentures to be immediately due and payable, the Holders of not less than a Majority in liquidation
amount of the Capital Securities then outstanding shall have the right to make such declaration by a notice in writing to the Institutional Trustee, the Sponsor and the Debenture Trustee. 
 
(c) At any time after a declaration of acceleration with respect to the Debentures has been
made and before a judgment or decree for payment of the money due has been obtained by the Debenture Trustee as provided in the Indenture, if the Institutional Trustee, subject to the provisions hereof, fails to annul any such declaration and waive
such default, the Holders of not less than a Majority in liquidation amount of the Capital Securities, by written notice to the Institutional Trustee, the Sponsor and the Debenture Trustee, may rescind and annul such declaration and its consequences
if: 
 
(i) the Sponsor has paid or
deposited with the Debenture Trustee a sum sufficient to pay 
 
(A) all overdue installments of interest on all of the Debentures, 
 
(B) any accrued Deferred Interest on all of the Debentures, 
 

32 

 
(C) all payments on any Debentures that have become due otherwise than by such declaration of acceleration and interest and Deferred Interest thereon at the rate borne by the Debentures and 
 
(D) all sums paid or advanced by the
Debenture Trustee under the Indenture and the reasonable compensation, documented expenses, disbursements and advances of the Debenture Trustee and the Institutional Trustee, their agents and counsel; and 
 
(ii) all Events of Default with respect to
the Debentures, other than the non-payment of the principal of the Debentures that has become due solely by such acceleration, have been cured or waived as provided in Section 5.07 of the Indenture. 
 
(d) The Holders of not less than a Majority
in liquidation amount of the Capital Securities may, on behalf of the Holders of all the Capital Securities, waive any past default or Event of Default, except a default or Event of Default in the payment of principal or interest (unless such
default or Event of Default has been cured and a sum sufficient to pay all matured installments of interest and principal due otherwise than by acceleration has been deposited with the Debenture Trustee) or a default or Event of Default in respect
of a covenant or provision that under the Indenture cannot be modified or amended without the consent of the holder of each outstanding Debenture. No such rescission shall affect any subsequent default or impair any right consequent thereon.

 
(e) Upon receipt by the
Institutional Trustee of written notice declaring such an acceleration, or rescission and annulment thereof, by Holders of any part of the Capital Securities, a record date shall be established for determining Holders of outstanding Capital
Securities entitled to join in such notice, which record date shall be at the close of business on the day the Institutional Trustee receives such notice. The Holders on such record date, or their duly designated proxies, and only such Persons,
shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective
by virtue of the requisite percentage having joined in such notice prior to the day that is 90 days after such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without
further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a written notice that has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of
this Section 6.7. 
 
(f) Except as
otherwise provided in this Section 6.7, the Holders of not less than a Majority in liquidation amount of the Capital Securities may, on behalf of the Holders of all the Capital Securities, waive any past default or Event of Default and its
consequences. Upon such waiver, any such default or Event of Default shall cease to exist, and any default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this 
 

33 

Declaration, but no such waiver shall extend to any subsequent or other default or Event
of Default or impair any right consequent thereon. 
 
ARTICLE VII 
 
DISSOLUTION AND
TERMINATION OF TRUST 
 
SECTION 7.1. Dissolution
and Termination of Trust. 
 
(a) The Trust shall dissolve on the first to occur of: 
 
(i) unless earlier dissolved, on April 24, 2038, the expiration of the term of the Trust; 
 
(ii) a Bankruptcy Event with respect to the Sponsor, the Trust or the Debenture Issuer; 
 
(iii) other than in connection with a merger,
consolidation or similar transaction not prohibited by the Indenture, this Declaration or the Guarantee, as the case may be, the filing of a certificate of dissolution or its equivalent with respect to the Sponsor or upon the revocation of the
charter of the Sponsor and the expiration of 90 days after the date of revocation without a reinstatement thereof; 
 
(iv) the distribution of the Debentures to the Holders of the Securities, upon exercise of the right of the Holders of all
of the outstanding Common Securities to dissolve the Trust as provided in Annex I hereto; 
 
(v) the entry of a decree of judicial dissolution of any Holder of the Common Securities, the Sponsor, the Trust or the
Debenture Issuer; 
 
(vi) the date
when all of the Securities shall have been called for redemption and the amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the terms of the Securities; or 
 
(vii) before the issuance of any Securities,
with the consent of all of the Trustees and the Sponsor. 
 
(b) As soon as is practicable after the occurrence of an event referred to in Section 7.1(a), and after satisfaction of liabilities to creditors of the Trust as required by applicable law, including Section 3808 of the
Statutory Trust Act, and subject to the terms set forth in Annex I, the Institutional Trustee shall terminate the Trust by filing a certificate of cancellation with the Secretary of State of the State of Delaware. 
 
(c) The provisions of Section 2.9 and Article
IX shall survive the termination of the Trust. 
 

34 

 
ARTICLE VIII

 
TRANSFER OF INTERESTS 
 
SECTION 8.1. General. 
 
(a) Where Capital Securities are presented to
the Registrar with a request to register a transfer or to exchange them for an equal number of Capital Securities represented by different Certificates, the Registrar shall register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the Trust shall issue and the Institutional Trustee shall authenticate Capital Securities at the Registrar’s request. 
 
(b) Upon issuance of the Common Securities,
the Sponsor shall acquire and retain beneficial and record ownership of the Common Securities and, for so long as the Securities remain outstanding, the Sponsor shall maintain 100% ownership of the Common Securities; provided, however,
that any permitted successor of the Sponsor under the Indenture that is a U.S. Person may succeed to the Sponsor’s ownership of the Common Securities. 
 
(c) Capital Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth
in this Declaration and in the terms of the Capital Securities. To the fullest extent permitted by applicable law, any transfer or purported transfer of any Security not made in accordance with this Declaration shall be null and void and will be
deemed to be of no legal effect whatsoever and any such transferee shall be deemed not to be the holder of such Capital Securities for any purpose, including but not limited to the receipt of Distributions on such Capital Securities, and such
transferee shall be deemed to have no interest whatsoever in such Capital Securities. 
 
(d) The Registrar shall provide for the registration of Securities and of transfers of Securities, which will be effected
without charge but only upon payment (with such indemnity as the Registrar may require) in respect of any tax or other governmental charges that may be imposed in relation to it. Upon surrender for registration of transfer of any Securities, the
Registrar shall cause one or more new Securities to be issued in the name of the designated transferee or transferees. Any Security issued upon any registration of transfer or exchange pursuant to the terms of this Declaration shall evidence the
same Security and shall be entitled to the same benefits under this Declaration as the Security surrendered upon such registration of transfer or exchange. Every Security surrendered for registration of transfer shall be accompanied by a written
instrument of transfer in form similar to Exhibit B or C attached hereto satisfactory to the Registrar duly executed by the Holder or such Holder’s attorney duly authorized in writing. Each Security surrendered for registration of transfer
shall be canceled by the Institutional Trustee pursuant to Section 6.6. A transferee of a Security shall be entitled to the rights and subject to the obligations of a Holder hereunder upon the receipt by such transferee of a Security. By acceptance
of a Security, each transferee shall be deemed to have agreed to be bound by this Declaration. 
 
(e) Neither the Trust nor the Registrar shall be required (i) to issue, register the transfer of, or exchange any
Securities during a period beginning at the opening of business 
 

35 

15 days before the day of any selection of Securities for redemption and ending at the close of business on the earliest date on which the
relevant notice of redemption is deemed to have been given to all Holders of the Securities to be redeemed, or (ii) to register the transfer or exchange of any Security so selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part. 
 
SECTION
8.2. Transfer Procedures and Restrictions. 
 
(a) The Capital Securities shall bear the Restricted Securities Legend (as defined below), which shall not be removed unless there is delivered to the Trust such satisfactory evidence, which may include an opinion of counsel
licensed to practice law in the State of New York, as may be reasonably required by the Trust, that neither the legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of the
Securities Act or that such Securities are not “restricted” within the meaning of Rule 144 under the Securities Act. Upon provision of such satisfactory evidence, the Institutional Trustee, at the written direction of the Trust, shall
authenticate and deliver Capital Securities that do not bear the Restricted Securities Legend. 
 
(b) When Capital Securities are presented to the Registrar (x) to register the transfer of such Capital Securities, or (y)
to exchange such Capital Securities for an equal number of Capital Securities represented by different Certificates, the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are
met; provided, however, that the Capital Securities surrendered for registration of transfer or exchange, other than in connection with the transfer by the Initial Purchaser, shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Trust and the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing and (i) if such Capital Securities are being transferred to a QIB, accompanied by a
certificate of the transferor substantially in the form set forth as Exhibit C hereto or (ii) if such Capital Securities are being transferred otherwise than to a QIB, accompanied by a certificate of the transferee substantially in the form set
forth as Exhibit B hereto. 
 
(c)
Except as permitted by Section 8.2(a), each Capital Security shall bear a legend (the “Restricted Securities Legend”) in substantially the following form: 
 
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY ONLY (A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT 

 

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OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE DEBENTURE ISSUER’S AND THE TRUST’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (C) OR (D) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM THE DEBENTURE ISSUER OR THE TRUST. THE HOLDER OF THIS SECURITY BY ITS
ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS. 
 
THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE
WITH THE SECURITIES ACT. 
 
THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
INVESTMENT IN THE ENTITY AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF
LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH
PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF
ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH
PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 

 

37 

406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 
 
IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED DECLARATION OF TRUST TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 
THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN
BLOCKS HAVING A LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL
EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO
HAVE NO INTEREST WHATSOEVER IN THIS SECURITY. 
 
(d) Capital Securities may only be transferred in minimum blocks of $100,000 aggregate liquidation amount (100 Capital Securities) and multiples of $1,000 in excess thereof. Any attempted transfer of Capital Securities in a block
having an aggregate liquidation amount of less than $100,000 shall be deemed to be void and of no legal effect whatsoever. Any such purported transferee shall be deemed not to be a Holder of such Capital Securities for any purpose, including, but
not limited to, the receipt of Distributions on such Capital Securities, and such purported transferee shall be deemed to have no interest whatsoever in such Capital Securities. 
 
SECTION 8.3. Deemed Security Holders. The Trust, the Administrators, the Trustees, the Paying Agent,
the Transfer Agent or the Registrar may treat the Person in whose name any Certificate shall be registered on the books and records of the Trust as the sole holder of such Certificate and of the Securities represented by such Certificate for
purposes of receiving Distributions and for all other purposes whatsoever and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Certificate or in the Securities represented by such Certificate on the
part of any Person, whether or not the Trust, the Administrators, the Trustees, the Paying Agent, the Transfer Agent or the Registrar shall have actual or other notice thereof. 
 
SECTION 8.4. Initial Transfer of Capital Securities. Notwithstanding the foregoing provisions of this
Article VIII or any other provision of this Declaration (including all Annexes and Exhibits hereto) to the contrary, any or all of the Capital Securities issued to Sandler O’Neill & Partners, L.P. (“Sandler”) on the date of this
Declaration (the “Initial Securities”) may be transferred by Sandler to MM Community Funding IX, Ltd. and such other transferees as Sandler may select, and such transfer of the Initial Securities shall be accomplished as follows and no
other conditions, restrictions or other provisions of this Declaration or any other document shall apply to such transfer: (i) the Certificate(s) evidencing 

 

38 

the Initial Securities issued to Sandler to be transferred shall be surrendered to the Registrar for registration of transfer and shall be
accompanied by an assignment, executed by Sandler, in the form attached to Exhibit A-1 hereof, except that no signature guarantee shall be required, and (ii) in the case of the transfer to MM Community Funding IX, Ltd., such surrendered Certificate
shall be cancelled by the Institutional Trustee pursuant to Section 6.6 and a new Certificate, registered in the name of “JPMorgan Chase Bank, as Trustee for the benefit of the Noteholders of MM Community Funding IX, Ltd.” and designated
as Certificate No. P-1, evidencing the same number of Capital Securities evidenced by the surrendered Certificate, shall be executed by an Administrator on behalf of the Trust and, upon receipt of such executed Certificate, the Institutional Trustee
is hereby authorized to execute the certificate of authentication thereon and deliver such new Certificate to the Holder thereof. 
 
ARTICLE IX 
 
LIMITATION OF LIABILITY OF  HOLDERS OF SECURITIES, TRUSTEES OR OTHERS 
 
SECTION 9.1. Liability. 
 
(a) Except as expressly set forth in this Declaration, the Guarantee and the terms of the
Securities, the Sponsor shall not be: 
 
(i) personally liable for the return of any portion of the capital contributions (or any return thereon) of the Holders of the Securities which shall be made solely from assets of the Trust; and 
 
(ii) required to pay to the Trust or to any
Holder of the Securities any deficit upon dissolution of the Trust or otherwise. 
 
(b) The Holder of the Common Securities shall be liable for all of the debts and obligations of the Trust (other than with
respect to the Securities) to the extent not satisfied out of the Trust’s assets. 
 
(c) Pursuant to § 3803(a) of the Statutory Trust Act, the Holders of the Securities shall be entitled to the same
limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware, except as otherwise specifically set forth herein. 
 
SECTION 9.2. Exculpation. 
 
(a) No Indemnified Person shall be liable,
responsible or accountable in damages or otherwise to the Trust or any Covered Person for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and in
a manner such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Declaration or by law, except that an Indemnified Person (other than an Administrator) shall be liable for any
such loss, damage or claim incurred by reason of such Indemnified Person’s negligence or willful misconduct with respect to such acts or omissions and except that an Administrator shall be 

 

39 

liable for any such loss, damage or claim incurred by reason of such Administrator’s gross negligence or willful misconduct with respect
to such acts or omissions. 
 
(b)
An Indemnified Person shall be fully protected in relying in good faith upon the records of the Trust and upon such information, opinions, reports or statements presented to the Trust by any Person as to matters the Indemnified Person reasonably
believes are within such other Person’s professional or expert competence and, if selected by such Indemnified Person, has been selected by such Indemnified Person with reasonable care by or on behalf of the Trust, including information,
opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses or any other facts pertinent to the existence and amount of assets from which Distributions to Holders of Securities might properly be paid.

 
SECTION 9.3. Fiduciary Duty.

 
(a) To the extent that, at law
or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an Indemnified Person acting under this Declaration shall not be liable to the Trust or to any
other Covered Person for its good faith reliance on the provisions of this Declaration. The provisions of this Declaration, to the extent that they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity
(other than the duties imposed on the Institutional Trustee under the Trust Indenture Act), are agreed by the parties hereto to replace such other duties and liabilities of the Indemnified Person. 
 
(b) Whenever in this Declaration an
Indemnified Person is permitted or required to make a decision: 
 
(i) in its “discretion” or under a grant of similar authority, the Indemnified Person shall be entitled to consider such interests and factors as it desires, including its own interests, and
shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or 
 
(ii) in its “good faith” or under another express standard, the Indemnified Person shall act under such express
standard and shall not be subject to any other or different standard imposed by this Declaration or by applicable law. 
 
SECTION 9.4. Indemnification. 
 
(a) (i) The Sponsor shall indemnify, to the fullest extent permitted by law, any Indemnified Person who was or is a party
or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Trust) by reason of the fact that such
Person is or was an Indemnified Person against expenses (including attorneys’ fees and expenses), judgments, fines and amounts paid in settlement actually and reasonably incurred by such Person in connection with such action, suit or proceeding
if such Person acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the 

 

40 

best interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Indemnified Person did not act in good
faith and in a manner which such Person reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such conduct was unlawful.

 
(ii) The Sponsor shall
indemnify, to the fullest extent permitted by law, any Indemnified Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Trust to procure a judgment in its
favor by reason of the fact that such Person is or was an Indemnified Person against expenses (including attorneys’ fees and expenses) actually and reasonably incurred by such Person in connection with the defense or settlement of such action
or suit if such Person acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests of the Trust and except that no such indemnification shall be made in respect of any claim, issue or matter as
to which such Indemnified Person shall have been adjudged to be liable to the Trust unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, such Person is fairly and reasonably entitled to indemnity for such expenses which such Court of Chancery or such other court shall deem proper. 
 
(iii) To the extent that an Indemnified
Person shall be successful on the merits or otherwise (including dismissal of an action without prejudice or the settlement of an action without admission of liability) in defense of any action, suit or proceeding referred to in paragraphs (i) and
(ii) of this Section 9.4(a), or in defense of any claim, issue or matter therein, such Person shall be indemnified, to the fullest extent permitted by law, against expenses (including attorneys’ fees and expenses) actually and reasonably
incurred by such Person in connection therewith. 
 
(iv) Any indemnification of an Administrator under paragraphs (i) and (ii) of this Section 9.4(a) (unless ordered by a court) shall be made by the Sponsor only as authorized in the specific case upon a determination that
indemnification of the Indemnified Person is proper in the circumstances because such Person has met the applicable standard of conduct set forth in paragraphs (i) and (ii). Such determination shall be made (A) by the Administrators by a majority
vote of a Quorum consisting of such Administrators who were not parties to such action, suit or proceeding, (B) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrators so directs, by independent legal
counsel in a written opinion, or (C) by the Common Security Holder of the Trust. 
 

41 

 
(v) To the fullest extent permitted by law, expenses (including attorneys’ fees and expenses) incurred by an Indemnified Person in defending a civil, criminal, administrative or investigative action, suit or proceeding referred
to in paragraphs (i) and (ii) of this Section 9.4(a) shall be paid by the Sponsor in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount
if it shall ultimately be determined that such Person is not entitled to be indemnified by the Sponsor as authorized in this Section 9.4(a). Notwithstanding the foregoing, no advance shall be made by the Sponsor if a determination is reasonably and
promptly made (1) in the case of a Company Indemnified Person (A) by the Administrators by a majority vote of a Quorum of disinterested Administrators, (B) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested
Administrators so directs, by independent legal counsel in a written opinion or (C) by the Common Security Holder of the Trust, that, based upon the facts known to the Administrators, counsel or the Common Security Holder at the time such
determination is made, such Indemnified Person acted in bad faith or in a manner that such Person either believed to be opposed to or did not believe to be in the best interests of the Trust, or, with respect to any criminal proceeding, that such
Indemnified Person believed or had reasonable cause to believe such conduct was unlawful, or (2) in the case of a Fiduciary Indemnified Person, by independent legal counsel in a written opinion that, based upon the facts known to the counsel at the
time such determination is made, such Indemnified Person acted in bad faith or in a manner that such Indemnified Person either believed to be opposed to or did not believe to be in the best interests of the Trust, or, with respect to any criminal
proceeding, that such Indemnified Person believed or had reasonable cause to believe such conduct was unlawful. In no event shall any advance be made (i) to a Company Indemnified Person in instances where the Administrators, independent legal
counsel or the Common Security Holder reasonably determine that such Person deliberately breached such Person’s duty to the Trust or its Common or Capital Security Holders or (ii) to a Fiduciary Indemnified Person in instances where independent
legal counsel promptly and reasonably determines in a written opinion that such Person deliberately breached such Person’s duty to the Trust or its Common or Capital Security Holders. 
 
(b) The Sponsor shall indemnify, to the
fullest extent permitted by applicable law, each Indemnified Person from and against any and all loss, damage, liability, tax (other than taxes based on the income of such Indemnified Person), penalty, expense or claim of any kind or nature
whatsoever incurred by such Indemnified Person arising out of or in connection with or by reason of the creation, administration or termination of the Trust, or any act or omission of such Indemnified Person in good faith on behalf of the Trust and
in a manner such Indemnified Person reasonably believed to be within the scope of authority conferred on such Indemnified Person by this Declaration, except that no Indemnified Person shall be entitled to be indemnified in respect of any loss,
damage, liability, tax, penalty, expense or claim incurred by such Indemnified Person by reason of negligence or willful misconduct with respect to such acts or omissions. 
 

42 

 
(c) The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this Section 9.4 shall not be deemed exclusive of any other rights to which those seeking indemnification and
advancement of expenses may be entitled under any agreement, vote of stockholders or disinterested directors of the Sponsor or Capital Security Holders of the Trust or otherwise, both as to action in such Person’s official capacity and as to
action in another capacity while holding such office. All rights to indemnification under this Section 9.4 shall be deemed to be provided by a contract between the Sponsor and each Indemnified Person who serves in such capacity at any time while
this Section 9.4 is in effect. Any repeal or modification of this Section 9.4 shall not affect any rights or obligations then existing. 
 
(d) The Sponsor or the Trust may purchase and maintain insurance on behalf of any Person who is or was an Indemnified
Person against any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as such, whether or not the Sponsor would have the power to indemnify such Person against such
liability under the provisions of this Section 9.4. 
 
(e) For purposes of this Section 9.4, references to “the Trust” shall include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of a constituent) absorbed in a
consolidation or merger, so that any Person who is or was a director, trustee, officer or employee of such constituent entity, or is or was serving at the request of such constituent entity as a director, trustee, officer, employee or agent of
another entity, shall stand in the same position under the provisions of this Section 9.4 with respect to the resulting or surviving entity as such Person would have with respect to such constituent entity if its separate existence had continued.

 
(f) The indemnification and
advancement of expenses provided by, or granted pursuant to, this Section 9.4 shall, unless otherwise provided when authorized or ratified, continue as to a Person who has ceased to be an Indemnified Person and shall inure to the benefit of the
heirs, executors and administrators of such a Person. 
 
(g) The provisions of this Section 9.4 shall survive the termination of this Declaration or the earlier resignation or removal of the Institutional Trustee. The obligations of the Sponsor under this Section 9.4 to compensate
and indemnify the Trustees and to pay or reimburse the Trustees for expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon
all property and funds held or collected by the Trustees as such, except funds held in trust for the benefit of the holders of particular Capital Securities, provided, that the Sponsor is the holder of the Common Securities. 
 
SECTION 9.5. Outside Businesses. Any Covered Person,
the Sponsor, the Delaware Trustee and the Institutional Trustee (subject to Section 4.3(c)) may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the
business of the Trust, and the Trust and the Holders of Securities shall have no rights by virtue of this Declaration in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or improper. None of 

 

43 

any Covered Person, the Sponsor, the Delaware Trustee or the Institutional Trustee shall be obligated to present any particular investment or
other opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee and the Institutional Trustee shall have the right to
take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Covered Person, the Delaware Trustee and the Institutional Trustee may engage or be interested in
any financial or other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates.

 
SECTION 9.6. Compensation; Fee. (a) The
Sponsor agrees: 
 
(i) to pay to
the Trustees from time to time such compensation for all services rendered by them hereunder as the parties shall agree in writing from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust); and 
 
(ii) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable, documented expenses, disbursements and advances incurred or made by the Trustees in accordance with any provision of this
Declaration (including the reasonable compensation and the expenses and disbursements of their respective agents and counsel), except any such expense, disbursement or advance attributable to their negligence or willful misconduct. 
 
(b) The provisions of this Section 9.6 shall
survive the dissolution of the Trust and the termination of this Declaration and the removal or resignation of any Trustee. 
 
ARTICLE X 
 
ACCOUNTING 
 
SECTION 10.1. Fiscal Year. The fiscal year (the “Fiscal Year”) of the Trust shall be the calendar year, or such other
year as is required by the Code. 
 
SECTION 10.2.
Certain Accounting Matters. 
 
(a) At all times during the existence of the Trust, the Administrators shall keep, or cause to be kept at the principal office of the Trust in the United States, as defined for purposes of Treasury Regulations § 301.7701-7, full
books of account, records and supporting documents, which shall reflect in reasonable detail each transaction of the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted
accounting principles, consistently applied. 
 
(b) The Administrators shall either (i) cause each Form 10-K and Form 10-Q prepared by the Sponsor and filed with the Commission in accordance with the Exchange Act to be delivered to each Holder of Securities, within 90 days after
the filing of each Form 10-K and within 30 days after the filing of each Form 10-Q or (ii) cause to be prepared at the principal 

 

44 

office of the Trust in the United States, as defined for purposes of Treasury Regulations § 301.7701-7, and delivered to each of the
Holders of Securities, within 90 days after the end of each Fiscal Year of the Trust, annual financial statements of the Trust, including a balance sheet of the Trust as of the end of such Fiscal Year, and the related statements of income or loss.

 
(c) The Administrators shall
cause to be duly prepared and delivered to each of the Holders of Securities Form 1099 or such other annual United States federal income tax information statement required by the Code, containing such information with regard to the Securities held
by each Holder as is required by the Code and the Treasury Regulations. Notwithstanding any right under the Code to deliver any such statement at a later date, the Administrators shall endeavor to deliver all such statements within 30 days after the
end of each Fiscal Year of the Trust. 
 
(d) The Administrators shall cause to be duly prepared in the United States, as defined for purposes of Treasury Regulations § 301.7701-7, and filed an annual United States federal income tax return on a Form 1041 or such other
form required by United States federal income tax law, and any other annual income tax returns required to be filed by the Administrators on behalf of the Trust with any state or local taxing authority. 
 
(e) So long as the only Holder of the Capital
Securities is MM Community Funding IX, Ltd., the Administrators will cause the Sponsor’s reports on Forms FR Y-9 and FR Y-9LP to be delivered to the Holder promptly following their filing with the Federal Reserve. 
 
Section 10.3. Banking. The Trust shall maintain one or
more bank accounts in the United States, as defined for purposes of Treasury Regulations § 301.7701-7, in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Debentures
held by the Institutional Trustee shall be made directly to the Property Account and no other funds of the Trust shall be deposited in the Property Account. The sole signatories for such accounts (including the Property Account) shall be designated
by the Institutional Trustee. 
 
Section 10.4.
Withholding. The Institutional Trustee or any Paying Agent and the Administrators shall comply with all withholding requirements under United States federal, state and local law. The Institutional Trustee or any Paying Agent shall request,
and each Holder shall provide to the Institutional Trustee or any Paying Agent, such forms or certificates as are necessary to establish an exemption from withholding with respect to the Holder, and any representations and forms as shall reasonably
be requested by the Institutional Trustee or any Paying Agent to assist it in determining the extent of, and in fulfilling, its withholding obligations. The Administrators shall file required forms with applicable jurisdictions and, unless an
exemption from withholding is properly established by a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that the Institutional Trustee or any Paying Agent is required to withhold and pay
over any amounts to any authority with respect to distributions or allocations to any Holder, the amount withheld shall be deemed to be a Distribution to the Holder in the amount of the withholding. In the event of any claimed overwithholding,
Holders shall be limited to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual 

 

45 

Distributions made, the Institutional Trustee or any Paying Agent may reduce subsequent Distributions by the amount of such withholding.

 
ARTICLE XI 
 
AMENDMENTS AND MEETINGS 
 
SECTION 11.1. Amendments. 
 
(a) Except as otherwise provided in this
Declaration or by any applicable terms of the Securities, this Declaration may only be amended by a written instrument approved and executed by 
 
(i) the Institutional Trustee, 
 
(ii) if the amendment affects the rights, powers, duties, obligations or immunities of the Delaware Trustee, the Delaware
Trustee, 
 
(iii) if the amendment
affects the rights, powers, duties, obligations or immunities of the Administrators, the Administrators, and 
 
(iv) the Holders of a Majority in liquidation amount of the Common Securities. 
 
(b) Notwithstanding any other provision of
this Article XI, no amendment shall be made, and any such purported amendment shall be void and ineffective: 
 
(i) unless the Institutional Trustee shall have first received 
 
(A) an Officers’ Certificate from each
of the Trust and the Sponsor that such amendment is permitted by, and conforms to, the terms of this Declaration (including the terms of the Securities); and 
 
(B) an opinion of counsel (who may be counsel to the Sponsor or the Trust) that such amendment is permitted by, and
conforms to, the terms of this Declaration (including the terms of the Securities) and that all conditions precedent to the execution and delivery of such amendment have been satisfied; or 
 
(ii) if the result of such amendment would be
to 
 
(A) cause the Trust to
cease to be classified for purposes of United States federal income taxation as a grantor trust; 
 
(B) reduce or otherwise adversely affect the powers of the Institutional Trustee in contravention of the Trust Indenture
Act; 
 

46 

 
(C) cause the Trust to be deemed to be an Investment Company required to be registered under the Investment Company Act; or 
 
(D) cause the Debenture Issuer to be unable to treat an amount equal to the Liquidation Amount of the Debentures as
“Tier 1 Capital” for purposes of the capital adequacy guidelines of the Federal Reserve. 
 
(c) Except as provided in Section 11.1(d), (e) or (g), no amendment shall be made, and any such purported amendment shall
be void and ineffective, unless the Holders of a Majority in liquidation amount of the Capital Securities shall have consented to such amendment. 
 
(d) In addition to and notwithstanding any other provision in this Declaration, without the consent of each affected
Holder, this Declaration may not be amended to (i) change the amount or timing of any Distribution on the Securities or otherwise adversely affect the amount of any Distribution required to be made in respect of the Securities as of a specified date
or (ii) restrict the right of a Holder to institute suit for the enforcement of any such payment on or after such date. 
 
(e) Sections 9.1(b) and 9.1(c) and this Section 11.1 shall not be amended without the consent of all of the Holders of the
Securities. 
 
(f) The rights of
the Holders of the Capital Securities and Common Securities, as applicable, under Article IV to increase or decrease the number of, and appoint and remove, Trustees shall not be amended without the consent of the Holders of a Majority in liquidation
amount of the Capital Securities or Common Securities, as applicable. 
 
(g) This Declaration may be amended by the Institutional Trustee and the Holder of a Majority in liquidation amount of the Common Securities without the consent of the Holders of the Capital Securities
to: 
 
(i) cure any ambiguity;

 
(ii) correct or supplement any
provision in this Declaration that may be defective or inconsistent with any other provision of this Declaration; 
 
(iii) add to the covenants, restrictions or obligations of the Sponsor; or 
 
(iv) modify, eliminate or add to any
provision of this Declaration to such extent as may be necessary or desirable, including, without limitation, to ensure that the Trust will be classified for United States federal income tax purposes at all times as a grantor trust and will not be
required to register as an Investment Company under the Investment Company Act (including without limitation to conform to any change in Rule 3a-5, Rule 3a-7 or any other applicable rule under the Investment Company Act or written change in
interpretation or application thereof by any legislative body, court, government agency or regulatory authority) which amendment does not have a material adverse effect on the right, preferences or privileges of the Holders of Securities; 

 

47 

provided, however, that no such modification, elimination or addition referred to in clause (i), (ii), (iii) or (iv) shall
adversely affect the powers, preferences or rights of Holders of Capital Securities. 
 
SECTION 11.2. Meetings of the Holders of the Securities; Action by Written Consent. 
 
(a) Meetings of the Holders of any class of Securities may be called at any time by the Administrators (or as provided in
the terms of the Securities) to consider and act on any matter on which Holders of such class of Securities are entitled to act under the terms of this Declaration, the terms of the Securities or the rules of any stock exchange on which the Capital
Securities are listed or admitted for trading, if any. The Administrators shall call a meeting of the Holders of such class if directed to do so by the Holders of not less than 10% in liquidation amount of such class of Securities. Such direction
shall be given by delivering to the Administrators one or more calls in a writing stating that the signing Holders of the Securities wish to call a meeting and indicating the general or specific purpose for which the meeting is to be called. Any
Holders of the Securities calling a meeting shall specify in writing the Certificates held by the Holders of the Securities exercising the right to call a meeting and only those Securities represented by such Certificates shall be counted for
purposes of determining whether the required percentage set forth in the second sentence of this paragraph has been met. 
 
(b) Except to the extent otherwise provided in the terms of the Securities, the following provisions shall apply to
meetings of Holders of the Securities: 
 
(i) notice of any such meeting shall be given to all the Holders of the Securities having a right to vote thereat at least 7 days and not more than 60 days before the date of such meeting. Whenever a vote, consent or approval of the
Holders of the Securities is permitted or required under this Declaration or the rules of any stock exchange on which the Capital Securities are listed or admitted for trading, if any, such vote, consent or approval may be given at a meeting of the
Holders of the Securities. Any action that may be taken at a meeting of the Holders of the Securities may be taken without a meeting if a consent in writing setting forth the action so taken is signed by the Holders of the Securities owning not less
than the minimum amount of Securities that would be necessary to authorize or take such action at a meeting at which all Holders of the Securities having a right to vote thereon were present and voting. Prompt notice of the taking of action without
a meeting shall be given to the Holders of the Securities entitled to vote who have not consented in writing. The Administrators may specify that any written ballot submitted to the Holders of the Securities for the purpose of taking any action
without a meeting shall be returned to the Trust within the time specified by the Administrators; 
 
(ii) each Holder of a Security may authorize any Person to act for it by proxy on all matters in which a Holder of
Securities is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every
proxy shall be revocable at the 

 

48 

pleasure of the Holder of the Securities executing it. Except as otherwise provided herein, all matters relating to the giving, voting or
validity of proxies shall be governed by the General Corporation Law of the State of Delaware relating to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Holders of the Securities were
stockholders of a Delaware corporation; each meeting of the Holders of the Securities shall be conducted by the Administrators or by such other Person that the Administrators may designate; and 
 
(iii) unless the Statutory Trust Act, this
Declaration, the terms of the Securities, the Trust Indenture Act or the listing rules of any stock exchange on which the Capital Securities are then listed for trading, if any, otherwise provides, the Administrators, in their sole discretion, shall
establish all other provisions relating to meetings of Holders of Securities, including notice of the time, place or purpose of any meeting at which any matter is to be voted on by any Holders of the Securities, waiver of any such notice, action by
consent without a meeting, the establishment of a record date, quorum requirements, voting in person or by proxy or any other matter with respect to the exercise of any such right to vote; provided, however, that each meeting shall be conducted in
the United States (as that term is defined in Treasury Regulations § 301.7701-7). 
 
ARTICLE XII 
 
REPRESENTATIONS OF INSTITUTIONAL TRUSTEE 
AND DELAWARE TRUSTEE 
 
Section 12.1. Representations and Warranties of
Institutional Trustee. The Trustee that acts as initial Institutional Trustee represents and warrants to the Trust and to the Sponsor at the date of this Declaration, and each Successor Institutional Trustee represents and warrants to the Trust
and the Sponsor at the time of the Successor Institutional Trustee’s acceptance of its appointment as Institutional Trustee, that: 
 
(a) the Institutional Trustee is a banking corporation or national association with trust powers, duly organized, validly
existing and in good standing under the laws of the State of Delaware or the United States of America, respectively, with trust power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, this
Declaration; 
 
(b) the
Institutional Trustee has a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000); 
 
(c) the Institutional Trustee is not an affiliate of the Sponsor, nor does the Institutional Trustee offer or provide
credit or credit enhancement to the Trust; 
 
(d) the execution, delivery and performance by the Institutional Trustee of this Declaration has been duly authorized by all necessary action on the part of the Institutional Trustee. This Declaration has been duly executed and
delivered by the Institutional Trustee, and 

 

49 

under Delaware law (excluding any securities laws) constitutes a legal, valid and binding obligation of the Institutional Trustee,
enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency and other similar laws affecting creditors’ rights generally and to general principles of equity and the discretion of
the court (regardless of whether considered in a proceeding in equity or at law); 
 
(e) the execution, delivery and performance of this Declaration by the Institutional Trustee does not conflict with or
constitute a breach of the charter or by-laws of the Institutional Trustee; and 
 
(f) no consent, approval or authorization of, or registration with or notice to, any state or federal banking authority governing the trust powers of the Institutional Trustee is required for the
execution, delivery or performance by the Institutional Trustee of this Declaration. 
 
SECTION 12.2. Representations and Warranties of Delaware Trustee. The Trustee that acts as initial Delaware Trustee represents and warrants to the Trust and to the Sponsor at the date of this
Declaration, and each Successor Delaware Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee that: 
 
(a) if it is not a natural person, the
Delaware Trustee is duly organized, validly existing and in good standing under the laws of the State of Delaware; 
 
(b) if it is not a natural person, the execution, delivery and performance by the Delaware Trustee of this Declaration has
been duly authorized by all necessary corporate action on the part of the Delaware Trustee. This Declaration has been duly executed and delivered by the Delaware Trustee, and under Delaware law (excluding any securities laws) constitutes a legal,
valid and binding obligation of the Delaware Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency and other similar laws affecting creditors’ rights generally and
to general principles of equity and the discretion of the court (regardless of whether considered in a proceeding in equity or at law); 
 
(c) if it is not a natural person, the execution, delivery and performance of this Declaration by the Delaware Trustee
does not conflict with or constitute a breach of the charter or by-laws of the Delaware Trustee; 
 
(d) it has trust power and authority to execute and deliver, and to carry out and perform its obligations under the terms
of, this Declaration; 
 
(e) no
consent, approval or authorization of, or registration with or notice to, any state or federal banking authority governing the trust powers of the Delaware Trustee is required for the execution, delivery or performance by the Delaware Trustee of
this Declaration; and 
 
(f) the
Delaware Trustee is a natural person who is a resident of the State of Delaware or, if not a natural person, it is an entity which has its principal place of business in the 
 

50 

 
State of Delaware and, in
either case, a Person that satisfies for the Trust the requirements of Section 3807 of the Statutory Trust Act. 
 
ARTICLE XIII 
 
MISCELLANEOUS 
 
SECTION 13.1. Notices. All notices provided for in this Declaration shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied (which telecopy shall be followed by notice delivered or
mailed by first class mail) or mailed by first class mail, as follows: 
 
(a) if given to the Trust, in care of the Administrators at the Trust’s mailing address set forth below (or such other address as the Trust may give notice of to the Holders of the Securities):

 
Hudson United Capital Trust II

c/o Hudson United Bancorp 
1000 MacArthur Blvd. 
Mahwah, NJ 07430 
Attention: William A. Houlihan

Telecopy: 201-236-2804 
Telephone: 201-236-2803 
 
(b) if given to the Delaware Trustee, at the mailing address set forth below (or such other address as the Delaware
Trustee may give notice of to the Holders of the Securities): 
 
Wilmington Trust Company 
Rodney Square North 
1100 North Market Street 
Wilmington, DE 19890-0001 
Attention: Corporate Trust
Administrator 
Telecopy: 302-651-8882 
Telephone: 302-651-1000 
 
(c) if given to the Institutional Trustee, at the Institutional Trustee’s mailing address set forth below (or such
other address as the Institutional Trustee may give notice of to the Holders of the Securities): 
 
Wilmington Trust Company 
Rodney Square North 
1100 North Market Street 
Wilmington, DE 19890-0001 
Attention: Corporate Trust Administrator 
Telecopy:
302-651-8882 
Telephone: 302-651-1000 
 

51 

 
(d) if given to the Holder of the Common Securities, at the mailing address of the Sponsor set forth below (or such other address as the Holder of the Common Securities may give notice of to the Trust): 
 
Hudson United Bancorp 
1000 MacArthur Blvd. 
Mahwah, NJ 07430 
Attention: William A. Houlihan

Telecopy: 201-236-2804 
Telephone: 201-236-2803 
 
(e) if given to any other Holder, at the address set forth on the books and records of the Trust. 
 
All such notices shall be deemed to have been given when received in person,
telecopied with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other
document shall be deemed to have been delivered on the date of such refusal or inability to deliver. 
 
SECTION 13.2. Governing Law. This Declaration and the rights and obligations of the parties hereunder shall be governed by and
interpreted in accordance with the law of the State of Delaware and all rights, obligations and remedies shall be governed by such laws without regard to the principles of conflict of laws of the State of Delaware or any other jurisdiction that
would call for the application of the law of any jurisdiction other than the State of Delaware. 
 
SECTION 13.3. Submission to Jurisdiction. 
 
(a) Each of the parties hereto agrees that any suit, action or proceeding arising out of or based upon this Declaration,
or the transactions contemplated hereby, may be instituted in any of the courts of the State of New York and the United States District Courts, in each case located in the Borough of Manhattan, City and State of New York, and further agrees to
submit to the jurisdiction of any competent court in the place of its corporate domicile in respect of actions brought against it as a defendant. In addition, each such party irrevocably waives, to the fullest extent permitted by law, any objection
which it may now or hereafter have to the laying of the venue of such suit, action or proceeding brought in any such court and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum and irrevocably waives any right to which it may be entitled on account of its place of corporate domicile. Each such party hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or
relating to this Declaration or the transactions contemplated hereby. Each such party agrees that final judgment in any proceedings brought in such a court shall be conclusive and binding upon it and may be enforced in any court to the jurisdiction
of which it is subject by a suit upon such judgment. 
 
(b) Each of the Sponsor, the Trustees, the Administrators and the Holder of the Common Securities irrevocably consents to the service of process on it in any such suit, 
 

52 

action or proceeding by the mailing thereof by registered or certified mail, postage prepaid, to it at its address given in or pursuant to
Section 13.1 hereof. 
 
(c) To the
extent permitted by law, nothing herein contained shall preclude any party from effecting service of process in any lawful manner or from bringing any suit, action or proceeding in respect of this Declaration in any other state, country or place.

 
SECTION 13.4. Intention of the Parties.
It is the intention of the parties hereto that the Trust be classified for United States federal income tax purposes as a grantor trust. The provisions of this Declaration shall be interpreted to further this intention of the parties. 
 
SECTION 13.5. Headings. Headings contained in this
Declaration are inserted for convenience of reference only and do not affect the interpretation of this Declaration or any provision hereof. 
 
SECTION 13.6. Successors and Assigns. Whenever in this Declaration any of the parties hereto is named or referred to, the
successors and assigns of such party shall be deemed to be included, and all covenants and agreements in this Declaration by the Sponsor and the Trustees shall bind and inure to the benefit of their respective successors and assigns, whether or not
so expressed. 
 
SECTION 13.7. Partial
Enforceability. If any provision of this Declaration, or the application of such provision to any Person or circumstance, shall be held invalid, the remainder of this Declaration, or the application of such provision to persons or circumstances
other than those to which it is held invalid, shall not be affected thereby. 
 
SECTION 13.8. Counterparts. This Declaration may contain more than one counterpart of the signature page and this Declaration may be executed by the affixing of the signature of each of the
Trustees and Administrators to any of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature
page. 
 

53 

 
IN WITNESS
WHEREOF, the undersigned have caused this Declaration to be duly executed as of the day and year first above written. 
 

	 WILMINGTON TRUST COMPANY,
as
Delaware Trustee

	
	 By:
	 	  

	 Name:
Title
	 	 

 

	 WILMINGTON TRUST COMPANY,
as
Institutional Trustee

	
	 By:
	 	  

	 Name:

 Title:
	 	 

 

	 HUDSON UNITED BANCORP
as
Sponsor

	
	 By:
	 	  

	 Name:
 Title:
	 	 
	
	 By:
	 	  

	 	 	 Administrator

	
	 By:
	 	  

	 	 	 Administrator

 

54 

 
ANNEX I

 
TERMS OF 
FIXED/FLOATING RATE MMCapSSM AND 
FIXED/FLOATING RATE COMMON SECURITIES 
 
Pursuant to Section 6.1 of the Amended and Restated
Declaration of Trust, dated as of March 28, 2003 (as amended from time to time, the “Declaration”), the designation, rights, privileges, restrictions, preferences and other terms and provisions of the Capital Securities and the Common
Securities are set out below (each capitalized term used but not defined herein has the meaning set forth in the Declaration): 
 
1. Designation and Number. 
 
(b) Capital Securities. 15,000 Capital Securities of Hudson United Capital Trust II (the “Trust”), with an
aggregate stated liquidation amount with respect to the assets of the Trust of Fifteen Million Dollars ($15,000,000) and a stated liquidation amount with respect to the assets of the Trust of $1,000 per Capital Security, are hereby designated for
the purposes of identification only as the “Fixed/Floating Rate MMCapSSM” (the “Capital
Securities”). The Capital Security Certificates evidencing the Capital Securities shall be substantially in the form of Exhibit A-1 to the Declaration, with such changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice or to conform to the rules of any stock exchange on which the Capital Securities are listed, if any. 
 
(c) Common Securities. 464 Common Securities of the Trust (the “Common Securities”) will be evidenced by Common
Security Certificates substantially in the form of Exhibit A-2 to the Declaration, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice. In the absence of an Event of Default, the
Common Securities will have an aggregate stated liquidation amount with respect to the assets of the Trust of Four Hundred Sixty-Four Thousand Dollars ($464,000) and a stated liquidation amount with respect to the assets of the Trust of $1,000 per
Common Security. 
 
2. Distributions. (a)
Distributions payable on each Security will be payable (i) until April 24, 2008, at a fixed rate per annum equal to 6.448% and (ii) from and including April 24, 2008, at a floating rate of interest per annum, equal to LIBOR, as determined on the
LIBOR Determination Date for such Distribution Period (as defined herein), plus 3.25% (the “Coupon Rate”) of the stated liquidation amount of $1,000 per Security, such rate being the rate of interest payable on the Debentures to be held by
the Institutional Trustee. Except as set forth below in respect of an Extension Period, Distributions in arrears for more than one quarterly period will bear interest thereon compounded quarterly at the applicable Coupon Rate for each such quarterly
period (to the extent permitted by applicable law). The term “Distributions” as used herein includes cash distributions, any such compounded distributions and any Additional Amounts payable on the Debentures unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of the Debentures held by the Institutional Trustee and to the extent the Institutional Trustee has funds legally available in the Property Account therefor. The amount of
Distributions payable for any period will be computed for any full quarterly Distribution period on the basis of (i) until April 24, 2008, a 360-day year consisting of 
 

A-I-1 

twelve 30-day months and (ii) from and including April 24, 2008, a 360-day year and the actual number of days elapsed in the relevant
Distribution period. 
 
The term “Distribution
Period” means the period from and including the immediately preceding Distribution Payment Date or in the case of the First Distribution Period, the date of the original issuance of the securities to, but excluding, the applicable Distribution
Payment Date or in the case of the last Distribution Period, the date of redemption. 
 
(b) LIBOR for a given Distribution Period shall be determined by the Calculation Agent in accordance with the following
provisions: 
 
(i) On the second
LIBOR Business Day (provided, that on such day commercial banks are open for business (including dealings in foreign currency deposits) in London (a “LIBOR Banking Day”), and otherwise the next preceding LIBOR Business Day that is also a
LIBOR Banking Day) prior to May 1, August 1, November 1 and February 1, as the case may be, immediately succeeding the commencement of such Distribution Period (each such day, a “LIBOR Determination Date”), LIBOR shall equal the rate, as
obtained by the Calculation Agent for three-month U.S. Dollar deposits in Europe, which appears on Telerate Page 3750 (as defined in the International Swaps and Derivatives Association, Inc. 1991 Interest Rate and Currency Exchange Definitions) or
such other page as may replace such Telerate Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date, as reported by Bloomberg Financial Markets Commodities News. “LIBOR Business Day” means any day that is not a
Saturday, Sunday or other day on which commercial banking institutions in New York, New York or Wilmington, Delaware are authorized or obligated by law or executive order to be closed. If such rate is superseded on Telerate Page 3750 by a corrected
rate before 12:00 noon (London time) on the same LIBOR Determination Date, the corrected rate as so substituted will be the applicable LIBOR for that LIBOR Determination Date. 
 
(ii) If, on any LIBOR Determination Date, such rate does not appear on Telerate Page 3750 as
reported by Bloomberg Financial Markets Commodities News or such other page as may replace such Telerate Page 3750, the Calculation Agent shall determine the arithmetic mean of the offered quotations of the Reference Banks (as defined below) to
leading banks in the London interbank market for three-month U.S. Dollar deposits in Europe (in an amount determined by the Calculation Agent) by reference to requests for quotations as of approximately 11:00 a.m. (London time) on the LIBOR
Determination Date made by the Calculation Agent to the Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such quotations, LIBOR shall equal the arithmetic mean of such quotations. If, on any LIBOR
Determination Date, only one or none of the Reference Banks provide such a quotation, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that at least two leading banks in the City of New York (as selected by the Calculation
Agent) are quoting on the relevant LIBOR Determination Date for three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m. (London 
 

A-I-2 

time) (in an amount determined by the Calculation Agent). As used herein, “Reference Banks” means four major banks in the London
interbank market selected by the Calculation Agent. 
 
(iii) If the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures provided above, LIBOR for such Distribution Period shall be LIBOR in effect during the
immediately preceding Distribution Period. 
 
(c) All percentages resulting from any calculations on the Securities will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 
 
(d) On each LIBOR Determination Date, the
Calculation Agent shall notify, in writing, the Sponsor and the Paying Agent of the applicable Coupon Rate in effect for the related Distribution payment period. The Calculation Agent shall, upon the request of the Holder of any Securities, provide
the Coupon Rate then in effect. All calculations made by the Calculation Agent in the absence of manifest error shall be conclusive for all purposes and binding on the Sponsor and the Holders of the Securities. The Paying Agent shall be entitled to
rely on information received from the Calculation Agent or the Sponsor as to the Coupon Rate. The Sponsor shall, from time to time, provide any necessary information to the Paying Agent relating to any original issue discount and interest on the
Securities that is included in any payment and reportable for taxable income calculation purposes. 
 
(e) Distributions on the Securities will be cumulative, will accrue from the date of original issuance, and will be
payable, subject to extension of Distribution payment periods as described herein, quarterly in arrears on January 24, April 24, July 24 and October 24 of each year, commencing on July 24, 2003 (each, a “Distribution Payment Date”). The
Debenture Issuer has the right under the Indenture to defer payments of interest on the Debentures by extending the interest payment period for up to 20 consecutive quarterly periods (each, an “Extension Period”) at any time and from time
to time on the Debentures, subject to the conditions described below, during which Extension Period no interest shall be due and payable. During any Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued
interest (such accrued interest and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate equal to the Coupon Rate in effect for each such Extension Period, compounded quarterly from the date such
Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by law. No Extension Period may end on a date other than a Distribution Payment Date. At the end of any such Extension Period, the Debenture
Issuer shall pay all Deferred Interest then accrued and unpaid on the Debentures; provided, however, that no Extension Period may extend beyond the Maturity Date, Redemption Date or Special Redemption Date and provided,
further, that, during any such Extension Period, the Debenture Issuer may not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Debenture
Issuer’s capital stock or (ii) make any payment due on or repay, repurchase or redeem any debt securities of the Debenture Issuer that rank pari passu in all respects with or junior in 
 

A-I-3 

interest to the Debentures (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Debenture Issuer
(1) in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, (2) in connection with a dividend reinvestment or stockholder stock
purchase plan or (3) in connection with the issuance of capital stock of the Debenture Issuer (or securities convertible into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior to the applicable
Extension Period, (b) as a result of any exchange or conversion of any class or series of the Debenture Issuer’s capital stock (or any capital stock of a subsidiary of the Debenture Issuer) for any class or series of the Debenture Issuer’s
capital stock or of any class or series of the Debenture Issuer’s indebtedness for any class or series of the Debenture Issuer’s capital stock, (c) the purchase of fractional interests in shares of the Debenture Issuer’s capital stock
pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholder’s rights plan, or the issuance of rights, stock or other
property under any stockholder’s rights plan, or the redemption or repurchase of rights pursuant thereto, or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise
of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). Prior to the termination of any Extension Period, the Debenture Issuer may further
extend such period, provided, that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quarterly periods, or extend beyond the Maturity Date. Upon the termination of any
Extension Period and upon the payment of all Deferred Interest, the Debenture Issuer may commence a new Extension Period, subject to the foregoing requirements. No interest or Deferred Interest shall be due and payable during an Extension Period,
except at the end thereof, but Deferred Interest shall accrue upon each installment of interest that would otherwise have been due and payable during such Extension Period until such installment is paid. If Distributions are deferred, the
Distributions due shall be paid on the date that the related Extension Period terminates, or, if such date is not a Distribution Payment Date, on the immediately following Distribution Payment Date, to Holders of the Securities as they appear on the
books and records of the Trust on the record date immediately preceding such date. Distributions on the Securities must be paid on the dates payable (after giving effect to any Extension Period) to the extent that the Trust has funds legally
available for the payment of such distributions in the Property Account of the Trust. The Trust’s funds available for Distribution to the Holders of the Securities will be limited to payments received from the Debenture Issuer. The payment of
Distributions out of moneys held by the Trust is guaranteed by the Guarantor pursuant to the Guarantee. 
 
(f) Distributions on the Securities will be payable to the Holders thereof as they appear on the books and records of the
Registrar on the relevant record dates. The relevant record dates shall be selected by the Administrators, which dates shall be 15 days before the relevant payment dates. Distributions payable on any Securities that are not punctually paid on any
Distribution Payment Date, as a result of the Debenture Issuer having failed to make a payment under the Debentures, as the case may be, when due (taking into account any Extension Period), will cease to be payable to the Person in whose name such
Securities are registered on the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose name such Securities are registered on the special record date or other specified date determined in accordance
with the Indenture. If any Distribution Payment Date falls on a day 
 

A-I-4 

that is not a Business Day, then Distributions payable on such date will be made on the next succeeding Business Day, and in the event that
such Distribution Payment Date was the Maturity Date, Redemption Date or Special Redemption Date, no additional Distributions will accrue in respect of any such payment on the next succeeding Business Date. 
 
(g) In the event that there is any money or
other property held by or for the Trust that is not accounted for hereunder, such property shall be distributed pro rata (as defined herein) among the Holders of the Securities. 
 
3. Liquidation Distribution upon Dissolution. In the event of the voluntary or involuntary
liquidation, dissolution, winding-up or termination of the Trust (each, a “Liquidation”) other than in connection with a redemption of the Debentures, the Holders of the Securities will be entitled to receive out of the assets of the Trust
available for distribution to Holders of the Securities, after satisfaction of liabilities to creditors of the Trust (to the extent not satisfied by the Debenture Issuer), distributions equal to the aggregate of the stated liquidation amount of
$1,000 per Security plus accrued and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”), unless in connection with such Liquidation, the Debentures in an aggregate stated principal amount
equal to the aggregate stated liquidation amount of such Securities, with an interest rate equal to the Coupon Rate of, and bearing accrued and unpaid interest in an amount equal to the accrued and unpaid Distributions on, and having the same record
date as, such Securities, after paying or making reasonable provision to pay all claims and obligations of the Trust in accordance with Section 3808(e) of the Statutory Trust Act, shall be distributed on a Pro Rata basis to the Holders of the
Securities in exchange for such Securities. 
 
The
Sponsor, as the Holder of all of the Common Securities, has the right at any time, upon receipt of an opinion of nationally recognized tax counsel that Holders will not recognize any gain or loss for United States Federal income tax purposes as a
result of the distribution of Debentures, to dissolve the Trust (including without limitation upon the occurrence of a Tax Event, an Investment Company Event or a Capital Treatment Event), subject to the receipt by the Debenture Issuer of prior
approval from the Board of Governors of the Federal Reserve System (the “Federal Reserve”), if then required under applicable capital guidelines or policies of the Federal Reserve and, after satisfaction of liabilities to creditors of the
Trust, cause the Debentures to be distributed to the Holders of the Securities on a Pro Rata basis in accordance with the aggregate stated liquidation amount thereof. 
 
The Trust shall dissolve on the first to occur of (i) April 24, 2038, the expiration of the term of the
Trust, (ii) a Bankruptcy Event with respect to the Sponsor, the Trust or the Debenture Issuer, (iii) (other than in connection with a merger, consolidation or similar transaction not prohibited by the Indenture, this Declaration or the Guarantee, as
the case may be) the filing of a certificate of dissolution of the Sponsor or upon the revocation of the charter of the Sponsor and the expiration of 90 days after the date of revocation without a reinstatement thereof, (iv) the distribution to the
Holders of the Securities of the Debentures, upon exercise of the right of the Holder of all of the outstanding Common Securities to dissolve the Trust as described above, (v) the entry of a decree of a judicial dissolution of the Sponsor or the
Trust, or (vi) the date when all of the Securities shall have been called for redemption and the amounts necessary for redemption thereof shall have been paid to the Holders in accordance with the 
 

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terms of the Securities. As soon as practicable after the dissolution of the Trust and upon completion of the winding up of the Trust, the
Trust shall terminate upon the filing of a certificate of cancellation with the Secretary of State of the State of Delaware. 
 
If a Liquidation of the Trust occurs as described in clause (i), (ii), (iii) or (v) in the immediately preceding paragraph, the Trust
shall be liquidated by the Institutional Trustee of the Trust as expeditiously as such Trustee determines to be possible by distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to the Holders of
the Securities, the Debentures on a Pro Rata basis to the extent not satisfied by the Debenture Issuer, unless such distribution is determined by the Institutional Trustee not to be practical, in which event such Holders will be entitled to receive
out of the assets of the Trust available for distribution to the Holders, after satisfaction of liabilities to creditors of the Trust to the extent not satisfied by the Debenture Issuer, an amount equal to the Liquidation Distribution. An early
Liquidation of the Trust pursuant to clause (iv) of the immediately preceding paragraph shall occur if the Institutional Trustee determines that such Liquidation is possible by distributing, after satisfaction of liabilities to creditors of Trust,
to the Holders of the Securities on a Pro Rata basis, the Debentures, and such distribution occurs. 
 
If, upon any such Liquidation, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available
to pay in full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust on such Capital Securities shall be paid to the Holders of the Securities on a Pro Rata basis, except that if an Event of Default has occurred and
is continuing, the Capital Securities shall have a preference over the Common Securities with regard to such distributions. 
 
Upon any such Liquidation of the Trust involving a distribution of the Debentures, if at the time of such Liquidation, the Capital
Securities were rated by at least one nationally-recognized statistical rating organization, the Debenture Issuer will use its reasonable best efforts to obtain from at least one such or other rating organization a rating for the Debentures.

 
After the date for any distribution of the
Debentures upon dissolution of the Trust, (i) the Securities of the Trust will be deemed to be no longer outstanding, (ii) any certificates representing the Capital Securities will be deemed to represent undivided beneficial interests in such of the
Debentures as have an aggregate principal amount equal to the aggregate stated liquidation amount of, with an interest rate identical to the distribution rate of, and bearing accrued and unpaid interest equal to accrued and unpaid distributions on,
the Securities until such certificates are presented to the Debenture Issuer or its agent for transfer or reissuance (and until such certificates are so surrendered, no payments of interest or principal shall be made to Holders of Securities in
respect of any payments due and payable under the Debentures) and (iii) all rights of Holders of Securities under the Capital Securities or the Common Securities, as applicable, shall cease, except the right of such Holders to receive Debentures
upon surrender of certificates representing such Securities. 
 

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4.
Redemption and Distribution. 
 
(h) The Debentures will mature on April 24, 2033. The Debentures may be redeemed by the Debenture Issuer, in whole or in part, on any Distribution Payment Date on or after April 24, 2008, at the Redemption Price, upon not less than
30 nor more than 60 days’ notice to Holders of such Debentures. In addition, upon the occurrence and continuation of a Tax Event, an Investment Company Event or a Capital Treatment Event, the Debentures may be redeemed by the Debenture Issuer
in whole but not in part, at any time within 90 days following the occurrence of such Tax Event, Investment Company Event or Capital Treatment Event, as the case may be (the “Special Redemption Date”), at the Special Redemption Price, upon
not less than 30 nor more than 60 days’ notice to Holders of the Debentures so long as such Tax Event, Investment Company Event or Capital Treatment Event, as the case may be, is continuing. In each case, the right of the Debenture Issuer to
redeem the Debentures is subject to the Debenture Issuer having received prior approval from the Federal Reserve, if then required under applicable capital guidelines or policies of the Federal Reserve. 
 
“Tax Event” means the receipt by the Debenture
Issuer and the Trust of an opinion of counsel experienced in such matters to the effect that, as a result of any amendment to or change (including any announced prospective change) in the laws or any regulations thereunder of the United States or
any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement (including any private letter ruling, technical advice memorandum, regulatory procedure, notice or announcement)(an
“Administrative Action”) or judicial decision interpreting or applying such laws or regulations, regardless of whether such Administrative Action or judicial decision is issued to or in connection with a proceeding involving the Debenture
Issuer or the Trust and whether or not subject to review or appeal, which amendment, clarification, change, Administrative Action or decision is enacted, promulgated or announced, in each case on or after the date of original issuance of the
Debentures, there is more than an insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the Debentures; (ii)
interest payable by the Debenture Issuer on the Debentures is not, or within 90 days of the date of such opinion, will not be, deductible by the Debenture Issuer, in whole or in part, for United States federal income tax purposes; or (iii) the Trust
is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of other taxes (including withholding taxes), duties, assessments or other governmental charges. 
 
“Investment Company Event” means the receipt by the
Debenture Issuer and the Trust of an opinion of counsel experienced in such matters to the effect that, as a result of a change in law or regulation or written change in interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority, there is more than an insubstantial risk that the Trust is or, within 90 days of the date of such opinion will be, considered an “investment company” that is required to be registered
under the Investment Company Act, which change or prospective change becomes effective or would become effective, as the case may be, on or after the date of the original issuance of the Debentures. 
 
“Capital Treatment Event” means the receipt by the
Debenture Issuer and the Trust of an opinion of counsel experienced in such matters to the effect that, as a result of any 
 

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amendment to, or change in, the laws, rules or regulations of the United States or any political subdivision thereof or therein, or as the
result of any official or administrative pronouncement or action or decision interpreting or applying such laws, rules or regulations, which amendment or change is effective or which pronouncement, action or decision is announced on or after the
date of original issuance of the Debentures, there is more than an insubstantial risk that the Debenture Issuer will not, within 90 days of the date of such opinion, be entitled to treat an amount equal to the aggregate Liquidation Amount of the
Capital Securities as “Tier 1 Capital” (or the then equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies), as then
in effect and applicable to the Debenture Issuer; provided, however, that the distribution of the Debentures in connection with the Liquidation of the Trust by the Debenture Issuer shall not in and of itself constitute a Capital
Treatment Event unless such Liquidation shall have occurred in connection with a Tax Event or an Investment Company Event. 
 
“Special Event” means any of a Capital Treatment Event, a Tax Event or an Investment Company Event. 
 
“Redemption Price” means 100% of the principal
amount of the Debentures being redeemed plus accrued and unpaid interest on such Debentures to the Redemption Date or, in the case of redemption in full at maturity, the Maturity Date, or, in the case of a redemption due to the occurrence of a
Special Event, to the Special Redemption Date if such Special Redemption Date is on or after April 24, 2008. 
 
“Special Redemption Price” means (1) if the Special Redemption Date is before April 24, 2008, the greater of (a) 100% of the
principal amount of the Debentures being redeemed pursuant to Section 10.02 of the Indenture or (b) as determined by a Quotation Agent, the sum of the present value of the principal amount payable as part of the Redemption Price with respect to a
redemption as of April 24, 2008, together with the present value of interest payments, discounted to the Special Redemption Date on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus .50%, plus,
in the case of either (a) or (b), accrued and unpaid interest on such Debentures to the Special Redemption Date and (2) if the Special Redemption Date is on or after April 24, 2008, the Redemption Price for such Special Redemption Date.

 
“Comparable Treasury Issue” means with
respect to any Special Redemption Date, the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the Remaining Life that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life. If no United States Treasury security has a maturity which is within a period from three months before to three months after April
24, 2008, the two most closely corresponding United States Treasury securities shall be used as the Comparable Treasury Issue, and the Treasury Rate shall be interpolated or extrapolated on a straight-line basis, rounding to the nearest month using
such securities. 
 
“Comparable Treasury
Price” means (a) the average of five Reference Treasury Dealer Quotations for such Special Redemption Date, after excluding the highest and lowest 
 

A-I-8 

such Reference Treasury Dealer Quotations, or (b) if the Quotation Agent obtains fewer than five such Reference Treasury Dealer Quotations,
the average of all such Quotations. 
 
“Primary Treasury Dealer” means a primary United States Government securities dealer in New York City. 
 
“Quotation Agent” means Salomon Smith Barney Inc. and its successors; provided, however, that if the foregoing
shall cease to be a Primary Treasury Dealer, the Debenture Issuer shall substitute therefor another Primary Treasury Dealer. 
 
“Redemption Date” means the date fixed for the redemption of Capital Securities, which shall be any Distribution Payment Date on
or after April 24, 2008. 
 
“Reference
Treasury Dealer” means (i) the Quotation Agent and (ii) any other Primary Treasury Dealer selected by the Debenture Trustee after consultation with the Debenture Issuer. 
 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any Special Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Debenture Trustee
by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Special Redemption Date. 
 
“Remaining Life” means, with respect to any Debentures the period from the Special Redemption Date for such Debentures to April
24, 2008. 
 
“Treasury Rate” means (i)
the yield, under the heading which represents the average for the week immediately prior to the date of calculation, appearing in the most recently published statistical release designated H.15 (519) or any successor publication which is published
weekly by the Federal Reserve and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Remaining
Life (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Remaining Life shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight-line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to
the quarterly equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Special
Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Special Redemption Date. 
 
(i) Upon repayment at maturity or redemption in whole or in part of the Debentures (other than following the distribution
of the Debentures to the Holders of the Securities), the proceeds from such repayment or payment shall concurrently be applied to redeem Pro Rata at the applicable Redemption Price, Securities having an aggregate liquidation amount equal to the
aggregate principal amount of the Debentures so repaid or redeemed; 
 

A-I-9 

provided, however, that holders of such Securities shall be given not less than 30 nor more than 60 days’ notice of such
redemption (other than at the scheduled maturity of the Debentures). 
 
(j) If fewer than all the outstanding Securities are to be so redeemed, the Common Securities and the Capital Securities will be redeemed Pro Rata and the Capital Securities to be redeemed will be as
described in Section 4(e)(ii) below. 
 
(k) The Trust may not redeem fewer than all the outstanding Capital Securities unless all accrued and unpaid Distributions have been paid on all Capital Securities for all quarterly Distribution periods terminating on or before the
date of redemption. 
 
(l)
Redemption or Distribution Procedures. 
 
(i) Notice of any redemption of, or notice of distribution of the Debentures in exchange for, the Securities (a “Redemption/Distribution Notice”) will be given by the Trust by mail to each Holder of Securities to be
redeemed or exchanged not fewer than 30 nor more than 60 days before the date fixed for redemption or exchange thereof which, in the case of a redemption, will be the date fixed for redemption of the Debentures. For purposes of the calculation of
the date of redemption or exchange and the dates on which notices are given pursuant to this Section 4(e)(i), a Redemption/Distribution Notice shall be deemed to be given on the day such notice is first mailed by first-class mail, postage prepaid,
to Holders of such Securities. Each Redemption/Distribution Notice shall be addressed to the Holders of such Securities at the address of each such Holder appearing on the books and records of the Registrar. No defect in the Redemption/Distribution
Notice or in the mailing thereof with respect to any Holder shall affect the validity of the redemption or exchange proceedings with respect to any other Holder. 
 
(ii) In the event that fewer than all the outstanding Securities are to be redeemed, the
Securities to be redeemed shall be redeemed Pro Rata from each Holder of Capital Securities. 
 
(iii) If the Securities are to be redeemed and the Trust gives a Redemption/Distribution Notice, which notice may only be
issued if the Debentures are redeemed as set out in this Section 4 (which notice will be irrevocable), then, provided, that the Institutional Trustee has a sufficient amount of cash in connection with the related redemption or maturity of the
Debentures, the Institutional Trustee will pay the relevant Redemption Price to the Holders of such Securities by check mailed to the address of each such Holder appearing on the books and records of the Trust on the redemption date. If a
Redemption/Distribution Notice shall have been given and funds deposited as required, then immediately prior to the close of business on the date of such deposit, Distributions will cease to accrue on the Securities so called for redemption and all
rights of Holders of such Securities so called for redemption will cease, except the right of the Holders of such Securities to receive the applicable Redemption Price specified in Section 4(a), but without interest on 
 

A-I-10 

such Redemption Price. If any date fixed for redemption of Securities is not a Business Day, then payment of any such Redemption Price
payable on such date will be made on the next succeeding day that is a Business Day except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on such date fixed for redemption. If payment of the Redemption Price in respect of any Securities is improperly withheld or refused and not paid either by the Trust or by the Debenture Issuer as guarantor pursuant to the
Guarantee, Distributions on such Securities will continue to accrue at the then applicable rate from the original redemption date to the actual date of payment, in which case the actual payment date will be considered the date fixed for redemption
for purposes of calculating the Redemption Price. In the event of any redemption of the Capital Securities issued by the Trust in part, the Trust shall not be required to (i) issue, register the transfer of or exchange any Security during a period
beginning at the opening of business 15 days before any selection for redemption of the Capital Securities and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all
Holders of the Capital Securities to be so redeemed or (ii) register the transfer of or exchange any Capital Securities so selected for redemption, in whole or in part, except for the unredeemed portion of any Capital Securities being redeemed in
part. 
 
(iv)
Redemption/Distribution Notices shall be sent by the Administrators on behalf of the Trust (A) in respect of the Capital Securities, to the Holders thereof, and (B) in respect of the Common Securities, to the Holder thereof. 
 
(v) Subject to the foregoing and applicable
law (including, without limitation, United States federal securities laws), and provided, that the acquiror is not the Holder of the Common Securities or the obligor under the Indenture, the Sponsor or any of its subsidiaries may at any time and
from time to time purchase outstanding Capital Securities by tender, in the open market or by private agreement. 
 
5. Voting Rights—Capital Securities. (a) Except as provided under Sections 5(b) and 7 and as otherwise required by law and the
Declaration, the Holders of the Capital Securities will have no voting rights. The Administrators are required to call a meeting of the Holders of the Capital Securities if directed to do so by Holders of not less than 10% in liquidation amount of
the Capital Securities. 
 
(b)
Subject to the requirements of obtaining a tax opinion by the Institutional Trustee in certain circumstances set forth in the last sentence of this paragraph, the Holders of a Majority in liquidation amount of the Capital Securities, voting
separately as a class, have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Institutional Trustee, or exercising any trust or power conferred upon the Institutional Trustee under the
Declaration, including the right to direct the Institutional Trustee, as holder of the Debentures, to (i) exercise the remedies available under the Indenture as the 
 

A-I-11 

holder of the Debentures, (ii) waive any past default that is waivable under the Indenture, (iii) exercise any right to rescind or annul a
declaration that the principal of all the Debentures shall be due and payable or (iv) consent on behalf of all the Holders of the Capital Securities to any amendment, modification or termination of the Indenture or the Debentures where such consent
shall be required; provided, however, that, where a consent or action under the Indenture would require the consent or act of the holders of greater than a simple majority in principal amount of Debentures (a “Super
Majority”) affected thereby, the Institutional Trustee may only give such consent or take such action at the written direction of the Holders of not less than the proportion in liquidation amount of the Capital Securities outstanding which the
relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. If the Institutional Trustee fails to enforce its rights under the Debentures after the Holders of a Majority in liquidation amount of such Capital
Securities have so directed the Institutional Trustee, to the fullest extent permitted by law, a Holder of the Capital Securities may institute a legal proceeding directly against the Debenture Issuer to enforce the Institutional Trustee’s
rights under the Debentures without first instituting any legal proceeding against the Institutional Trustee or any other person or entity. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and such event is
attributable to the failure of the Debenture Issuer to pay interest or principal on the Debentures on the date the interest or principal is payable (or in the case of redemption, the redemption date), then a Holder of record of the Capital
Securities may directly institute a proceeding for enforcement of payment, on or after the respective due dates specified in the Debentures, to such Holder directly of the principal of or interest on the Debentures having an aggregate principal
amount equal to the aggregate liquidation amount of the Capital Securities of such Holder. The Institutional Trustee shall notify all Holders of the Capital Securities of any default actually known to the Institutional Trustee with respect to the
Debentures unless (x) such default has been cured prior to the giving of such notice or (y) the Institutional Trustee determines in good faith that the withholding of such notice is in the interest of the Holders of such Capital Securities, except
where the default relates to the payment of principal of or interest on any of the Debentures. Such notice shall state that such Indenture Event of Default also constitutes an Event of Default hereunder. Except with respect to directing the time,
method and place of conducting a proceeding for a remedy, the Institutional Trustee shall not take any of the actions described in clause (i), (ii) or (iii) above unless the Institutional Trustee has obtained an opinion of tax counsel to the effect
that, as a result of such action, the Trust will not be classified as other than a grantor trust for United States federal income tax purposes. 
 
In the event the consent of the Institutional Trustee, as the holder of the Debentures is required under the Indenture with respect to any
amendment, modification or termination of the Indenture, the Institutional Trustee shall request the written direction of the Holders of the Securities with respect to such amendment, modification or termination and shall vote with respect to such
amendment, modification or termination as directed by a Majority in liquidation amount of the Securities voting together as a single class; provided, however, that where a consent under the Indenture would require the consent of a
Super Majority, the Institutional Trustee may only give such consent at the written direction of the Holders of not less than the proportion in liquidation amount of such Securities outstanding which the relevant Super Majority represents of the
aggregate principal amount of the Debentures outstanding. The Institutional Trustee shall not take any such action in accordance with the written directions of the Holders of the Securities unless the Institutional Trustee has obtained an opinion of
tax 
 

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counsel to the effect that, as a result of such action, the Trust will not be classified as other than a grantor trust for United States
federal income tax purposes. 
 
A waiver of an
Indenture Event of Default will constitute a waiver of the corresponding Event of Default hereunder. Any required approval or direction of Holders of the Capital Securities may be given at a separate meeting of Holders of the Capital Securities
convened for such purpose, at a meeting of all of the Holders of the Securities in the Trust or pursuant to written consent. The Institutional Trustee will cause a notice of any meeting at which Holders of the Capital Securities are entitled to
vote, or of any matter upon which action by written consent of such Holders is to be taken, to be mailed to each Holder of record of the Capital Securities. Each such notice will include a statement setting forth the following information (i) the
date of such meeting or the date by which such action is to be taken, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of such matter upon which written consent is sought and
(iii) instructions for the delivery of proxies or consents. No vote or consent of the Holders of the Capital Securities will be required for the Trust to redeem and cancel Capital Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities. 
 
Notwithstanding that Holders of the Capital Securities are entitled to vote or consent under any of the circumstances described above, any of the Capital Securities that are owned by the Sponsor or any Affiliate of the Sponsor shall
not entitle the Holder thereof to vote or consent and shall, for purposes of such vote or consent, be treated as if such Capital Securities were not outstanding. 
 
In no event will Holders of the Capital Securities have the right to vote to appoint, remove or replace the
Administrators, which voting rights are vested exclusively in the Sponsor as the Holder of all of the Common Securities of the Trust. Under certain circumstances as more fully described in the Declaration, Holders of Capital Securities have the
right to vote to appoint, remove or replace the Institutional Trustee and the Delaware Trustee. 
 
6. Voting Rights—Common Securities. (a) Except as provided under Sections 6(b), 6(c) and 7 and as otherwise required by law and the Declaration, the Common Securities will have no voting
rights. 
 
(b) The Holders of the
Common Securities are entitled, in accordance with Article IV of the Declaration, to vote to appoint, remove or replace any Administrators. 
 
(c) Subject to Section 6.7 of the Declaration and only after each Event of Default (if any) with respect to the Capital
Securities has been cured, waived or otherwise eliminated and subject to the requirements of the second to last sentence of this paragraph, the Holders of a Majority in liquidation amount of the Common Securities, voting separately as a class, may
direct the time, method, and place of conducting any proceeding for any remedy available to the Institutional Trustee, or exercising any trust or power conferred upon the Institutional Trustee under the Declaration, including (i) directing the time,
method, place of conducting any proceeding for any remedy available to the Debenture Trustee, or exercising any trust or power conferred on the Debenture Trustee with respect to the Debentures, (ii) waiving any past default and its consequences that
are waivable under the Indenture, or (iii) exercising 
 

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any right to rescind or annul a declaration that the principal of all the Debentures shall be due and payable, provided,
however, that, where a consent or action under the Indenture would require a Super Majority, the Institutional Trustee may only give such consent or take such action at the written direction of the Holders of not less than the proportion in
liquidation amount of the Common Securities which the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. Notwithstanding this Section 6(c), the Institutional Trustee shall not revoke any action
previously authorized or approved by a vote or consent of the Holders of the Capital Securities. Other than with respect to directing the time, method and place of conducting any proceeding for any remedy available to the Institutional Trustee or
the Debenture Trustee as set forth above, the Institutional Trustee shall not take any action described in clause (i), (ii) or (iii) above, unless the Institutional Trustee has obtained an opinion of tax counsel to the effect that for the purposes
of United States federal income tax the Trust will not be classified as other than a grantor trust on account of such action. If the Institutional Trustee fails to enforce its rights under the Declaration, to the fullest extent permitted by law any
Holder of the Common Securities may institute a legal proceeding directly against any Person to enforce the Institutional Trustee’s rights under the Declaration, without first instituting a legal proceeding against the Institutional Trustee or
any other Person. 
 
Any approval or direction of
Holders of the Common Securities may be given at a separate meeting of Holders of the Common Securities convened for such purpose, at a meeting of all of the Holders of the Securities in the Trust or pursuant to written consent. The Administrators
will cause a notice of any meeting at which Holders of the Common Securities are entitled to vote, or of any matter upon which action by written consent of such Holders is to be taken, to be mailed to each Holder of the Common Securities. Each such
notice will include a statement setting forth (i) the date of such meeting or the date by which such action is to be taken, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought and (iii) instructions for the delivery of proxies or consents. 
 
No vote or consent of the Holders of the Common Securities will be required for the Trust to redeem and cancel Common Securities or to
distribute the Debentures in accordance with the Declaration and the terms of the Securities. 
 
7. Amendments to Declaration and Indenture. (a) In addition to any requirements under Section 11.1 of the Declaration, if any proposed amendment to the Declaration provides for, or the Trustees
otherwise propose to effect, (i) any action that would adversely affect the powers, preferences or special rights of the Securities, whether by way of amendment to the Declaration or otherwise, or (ii) the Liquidation of the Trust, other than as
described in Section 7.1 of the Declaration, then the Holders of outstanding Securities, voting together as a single class, will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the
approval of the Holders of not less than a Majority in liquidation amount of the Securities affected thereby; provided, however, if any amendment or proposal referred to in clause (i) above would adversely affect only the Capital
Securities or only the Common Securities, then only the affected class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval of a Majority in liquidation amount of such
class of Securities. 
 

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(b) In the event the consent of the Institutional Trustee as the holder of the Debentures is required under the Indenture with respect to any amendment, modification or termination of the Indenture or the Debentures, the
Institutional Trustee shall request the written direction of the Holders of the Securities with respect to such amendment, modification or termination and shall vote with respect to such amendment, modification, or termination as directed by a
Majority in liquidation amount of the Securities voting together as a single class; provided, however, that where a consent under the Indenture would require a Super Majority, the Institutional Trustee may only give such consent at the
written direction of the Holders of not less than the proportion in liquidation amount of the Securities which the relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. 
 
(c) Notwithstanding the foregoing, no
amendment or modification may be made to the Declaration if such amendment or modification would (i) cause the Trust to be classified for purposes of United States federal income taxation as other than a grantor trust, (ii) reduce or otherwise
adversely affect the powers of the Institutional Trustee or (iii) cause the Trust to be deemed an “investment company” which is required to be registered under the Investment Company Act. 
 
(d) Notwithstanding any provision of the
Declaration, the right of any Holder of the Capital Securities to receive payment of distributions and other payments upon redemption or otherwise, on or after their respective due dates, or to institute a suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. For the protection and enforcement of the foregoing provision, each and every Holder of the Capital Securities shall be entitled to such
relief as can be given either at law or equity. 
 
8. Pro Rata. A reference in these terms of the Securities to any payment, distribution or treatment as being “Pro Rata” shall mean pro rata to each Holder of the Securities according to the aggregate liquidation
amount of the Securities held by the relevant Holder in relation to the aggregate liquidation amount of all Securities outstanding unless, in relation to a payment, an Event of Default has occurred and is continuing, in which case any funds
available to make such payment shall be paid first to each Holder of the Capital Securities Pro Rata according to the aggregate liquidation amount of the Capital Securities held by the relevant Holder relative to the aggregate liquidation amount of
all Capital Securities outstanding, and only after satisfaction of all amounts owed to the Holders of the Capital Securities, to each Holder of the Common Securities Pro Rata according to the aggregate liquidation amount of the Common Securities
held by the relevant Holder relative to the aggregate liquidation amount of all Common Securities outstanding. 
 
9. Ranking. The Capital Securities rank pari passu with, and payment thereon shall be made Pro Rata with, the Common
Securities except that, where an Event of Default has occurred and is continuing, the rights of Holders of the Common Securities to receive payment of Distributions and payments upon liquidation, redemption and otherwise are subordinated to the
rights of the Holders of the Capital Securities with the result that no payment of any Distribution on, or Redemption Price of, any Common Security, and no other payment on account of redemption, liquidation or other acquisition of Common
Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions on all outstanding 
 

A-I-15 

Capital Securities for all distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full
amount of such Redemption Price on all outstanding Capital Securities then called for redemption, shall have been made or provided for, and all funds immediately available to the Institutional Trustee shall first be applied to the payment in full in
cash of all Distributions on, or the Redemption Price of, the Capital Securities then due and payable. 
 
10. Acceptance of Guarantee and Indenture. Each Holder of the Capital Securities and the Common Securities, by the acceptance of
such Securities, agrees to the provisions of the Guarantee, including the subordination provisions therein and to the provisions of the Indenture. 
 
11. No Preemptive Rights. The Holders of the Securities shall have no, and the issuance of the Securities is not subject to,
preemptive or similar rights to subscribe for any additional securities. 
 
12. Miscellaneous. These terms constitute a part of the Declaration. The Sponsor will provide a copy of the Declaration, the Guarantee and the Indenture to a Holder without charge on written request to the Sponsor at
its principal place of business. 
 

A-I-16 

EXHIBIT A-1 
 
FORM OF CAPITAL SECURITY CERTIFICATE 
 
[FORM OF FACE OF SECURITY] 
 
THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY ONLY (A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED
INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE DEBENTURE ISSUER’S AND THE TRUST’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (C) OR (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM THE DEBENTURE ISSUER OR THE TRUST. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY
WITH THE FOREGOING RESTRICTIONS. 
 
THE HOLDER OF
THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT. 
 
THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO
AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 

 

A-1-1 

1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (EACH A
“PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY
INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE
AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS
PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR
WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 
 
IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED DECLARATION OF TRUST TO CONFIRM THAT THE
TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 
THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A LIQUIDATION AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A
LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY. 
 

A-1-2 

 

	 Certificate Number    
P-1
	 	 Number of Capital Securities
[                        ]

 
Certificate Evidencing Capital Securities 
 
of 
 
Hudson United Capital Trust II

 
Fixed/Floating Rate MMCapSSM 
 
(liquidation amount $1,000 per Capital Security) 
 
Hudson United Capital Trust II, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby
certifies that [                            ] (the “Holder”) is the registered owner of
[                            ] capital securities of the Trust representing undivided beneficial
interests in the assets of the Trust, designated the Fixed/Floating Rate MMCapSSM (liquidation amount $1,000 per
Capital Security) (the “Capital Securities”). Subject to the Declaration (as defined below), the Capital Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this
Certificate duly endorsed and in proper form for transfer. The Capital Securities represented hereby are issued pursuant to, and the designation, rights, privileges, restrictions, preferences and other terms and provisions of the Capital Securities
shall in all respects be subject to, the provisions of the Amended and Restated Declaration of Trust of the Trust, dated as of March 28, 2003, among D. Lynn VanBorkulo-Nuzzo and Richard Alban, as Administrators, Wilmington Trust Company, as Delaware
Trustee, Wilmington Trust Company, as Institutional Trustee, Hudson United Bancorp, as Sponsor, and the holders from time to time of undivided beneficial interests in the assets of the Trust, including the designation of the terms of the Capital
Securities as set forth in Annex I to the Declaration, as the same may be amended from time to time (the “Declaration”). Capitalized terms used herein but not defined shall have the meaning given them in the Declaration. The Holder is
entitled to the benefits of the Guarantee to the extent provided therein. The Sponsor will provide a copy of the Declaration, the Guarantee, and the Indenture to the Holder without charge upon written request to the Sponsor at its principal place of
business. 
 
By acceptance of this Security, the
Holder is bound by the Declaration and is entitled to the benefits thereunder. 
 
By acceptance of this Security, the Holder agrees to treat, for United States federal income tax purposes, the Debentures as indebtedness and the Capital Securities as evidence of beneficial ownership
in the Debentures. 
 
This Capital Security is
governed by, and shall be construed in accordance with, the laws of the State of Delaware, without regard to principles of conflict of laws. 
 

A-1-3 

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

	 HUDSON UNITED CAPITAL
TRUST II

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Administrator

	 Dated:
	 	  

 
CERTIFICATE OF AUTHENTICATION 
 
This is one of the Capital Securities referred to in the within-mentioned Declaration. 
 

	 WILMINGTON TRUST
COMPANY,
 not in its individual capacity but solely as the
 Institutional Trustee

	
	 By:            
	 	  

	 	 	 Authorized Officer

	 Dated:
	 	  

 

A-1-4 

 
[FORM OF
REVERSE OF SECURITY] 
 
Distributions payable on
each Capital Security will be payable (i) until April 24, 2008, at a fixed rate per annum equal to 6.448% and (ii) from and including April 24, 2008, at a variable per annum rate of interest, reset quarterly, equal to LIBOR (as defined in the
Declaration) plus 3.25% (the “Coupon Rate”) of the stated liquidation amount of $1,000 per Capital Security, such rate being the rate of interest payable on the Debentures to be held by the Institutional Trustee. Except as set forth below
in respect of an Extension Period, Distributions in arrears for more than one quarterly period will bear interest thereon compounded quarterly at the applicable Coupon Rate for each such quarterly period (to the extent permitted by applicable law).
The term “Distributions” as used herein includes cash distributions, any such compounded distributions and any Additional Amounts payable on the Debentures unless otherwise stated. A Distribution is payable only to the extent that payments
are made in respect of the Debentures held by the Institutional Trustee and to the extent the Institutional Trustee has funds legally available in the Property Account therefor. The amount of Distributions payable for any period will be computed for
any full quarterly Distribution period on the basis of (i) until April 24, 2008, a 360-day year consisting of twelve 30-day months and (ii) from and including April 24, 2008, a 360-day year and the actual number of days elapsed in the relevant
Distribution period. 
 
Except as otherwise
described below, Distributions on the Capital Securities will be cumulative, will accrue from the date of original issuance and will be payable quarterly in arrears on January 24, April 24, July 24 and October 24 of each year, commencing on July 24,
2003 (each, a “Distribution Payment Date”). The Debenture Issuer has the right under the Indenture to defer payments of interest on the Debentures by extending the interest payment period for up to 20 consecutive quarterly periods (each,
an “Extension Period”) at any time and from time to time on the Debentures, subject to the conditions described below, during which Extension Period no interest shall be due and payable. During any Extension Period, interest will continue
to accrue on the Debentures, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate equal to the Coupon Rate in effect for each such
Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by law. No Extension Period may end on a date other than a Distribution Payment Date.
At the end of any such Extension Period, the Debenture Issuer shall pay all Deferred Interest then accrued and unpaid on the Debentures; provided, however, that no Extension Period may extend beyond the Maturity Date, Redemption Date
or Special Redemption Date. Prior to the termination of any Extension Period, the Debenture Issuer may further extend such period, provided, that such period together with all such previous and further consecutive extensions thereof shall not
exceed 20 consecutive quarterly periods, or extend beyond the Maturity Date. Upon the termination of any Extension Period and upon the payment of all Deferred Interest, the Debenture Issuer may commence a new Extension Period, subject to the
foregoing requirements. No interest or Deferred Interest shall be due and payable during an Extension Period, except at the end thereof, but Deferred Interest shall accrue upon each installment of interest that would otherwise have been due and
payable during such Extension Period until such installment is paid. The deferral of the payment of interest during and Extension Period shall not defer the payment of any Additional Amounts that may be due. If Distributions are deferred, the
Distributions due shall be paid on the date that the related Extension Period terminates to Holders of the Securities as they appear on the books and records of the Trust on the record date immediately preceding such date. Distributions on the
Securities must be paid on the dates payable (after giving effect to any Extension Period) to the extent that 

 

A-1-5 

the Trust has funds legally available for the payment of such distributions in the Property Account of the Trust. The Trust’s funds
available for Distribution to the Holders of the Securities will be limited to payments received from the Debenture Issuer. The payment of Distributions out of moneys held by the Trust is guaranteed by the Guarantor pursuant to the Guarantee.

 
The Capital Securities shall be redeemable as
provided in the Declaration. 
 

A-1-6 

 
ASSIGNMENT

 
FOR VALUE RECEIVED, the undersigned assigns and
transfers this Capital Security Certificate to: 
 
 
 
 
(Insert assignee’s social security or tax identification number) 
 
 
 
 
(Insert address and zip code of assignee), 
 
and irrevocably appoints 
as agent to transfer this Capital Security Certificate on the books
of the Trust. The agent may substitute another to act for it, him or her. 
 
Date: 
 
Signature:

 
(Sign exactly as your name appears on the other
side of this Capital Security Certificate) 
 
Signature Guarantee:1 

1        Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of the
Security registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 

A-1-7 

 
EXHIBIT A-2

 
FORM OF COMMON SECURITY CERTIFICATE

 
THIS COMMON SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION. 
 
EXCEPT AS SET FORTH IN SECTION 8.1(b) OF THE DECLARATION (AS
DEFINED BELOW), THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED. 
 

A-2-1 

Certificate Number C-1
                    Number of Common Securities 464 
 
Certificate Evidencing Common Securities 
 
of 
 
Hudson United Capital Trust II 
 
Hudson United Capital Trust II, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby
certifies that Hudson United Bancorp (the “Holder”) is the registered owner of 464 common securities of the Trust representing undivided beneficial interests in the assets of the Trust (liquidation amount $1,000 per Common Security)(the
“Common Securities”). The Common Securities represented hereby are issued pursuant to, and the designation, rights, privileges, restrictions, preferences and other terms and provisions of the Common Securities shall in all respects be
subject to, the provisions of the Amended and Restated Declaration of Trust of the Trust, dated as of March 28, 2003, among D. Lynn VanBorkulo-Nuzzo and Richard Alban, as Administrators, Wilmington Trust Company, as Delaware Trustee, Wilmington
Trust Company, as Institutional Trustee, the Holder, as Sponsor, and the holders from time to time of undivided beneficial interests in the assets of the Trust, including the designation of the terms of the Common Securities as set forth in Annex I
to the Declaration, as the same may be amended from time to time (the “Declaration”). Capitalized terms used herein but not defined shall have the meaning given them in the Declaration. The Sponsor will provide a copy of the Declaration
and the Indenture to the Holder without charge upon written request to the Sponsor at its principal place of business. 
 
As set forth in the Declaration, when an Event of Default has occurred and is continuing, the rights of Holders of Common Securities to
payment in respect of Distributions and payments upon Liquidation, redemption or otherwise are subordinated to the rights of payment of Holders of the Capital Securities. 
 
By acceptance of this Certificate, the Holder is bound by the Declaration and is entitled to the benefits
thereunder. 
 
By acceptance of this Certificate,
the Holder agrees to treat, for United States federal income tax purposes, the Debentures as indebtedness and the Common Securities as evidence of undivided beneficial ownership in the Debentures. 
 
This Common Security is governed by, and shall be construed in
accordance with, the laws of the State of Delaware, without regard to principles of conflict of laws. 
 

A-2-2 

 
IN WITNESS
WHEREOF, the Trust has executed this certificate this            day of            , 2003. 
 

	 HUDSON UNITED CAPITAL TRUST
II

	
	 By:
	 	  

	 Name:
 Title:
	 	 Administrator

 

A-2-3 

 
[FORM OF
REVERSE OF SECURITY] 
 
Distributions payable on
each Common Security will be identical in amount to the Distributions payable on each Capital Security, which is (i) until April 24, 2008, at a fixed rate per annum equal to 6.448% and (ii) from and including April 24, 2008, at a variable per annum
rate of interest, reset quarterly, equal to LIBOR (as defined in the Declaration) plus 3.25% (the “Coupon Rate”) of the stated liquidation amount of $1,000 per Capital Security, such rate being the rate of interest payable on the
Debentures to be held by the Institutional Trustee. Except as set forth below in respect of an Extension Period, Distributions in arrears for more than one quarterly period will bear interest thereon compounded quarterly at the applicable Coupon
Rate for each such quarterly period (to the extent permitted by applicable law). The term “Distributions” as used herein includes cash distributions, any such compounded distributions and any Additional Amounts payable on the Debentures
unless otherwise stated. A Distribution is payable only to the extent that payments are made in respect of the Debentures held by the Institutional Trustee and to the extent the Institutional Trustee has funds legally available in the Property
Account therefor. The amount of Distributions payable for any period will be computed for any full quarterly Distribution period on the basis of (i) until April 24, 2008, a 360-day year consisting of twelve 30-day months and (ii) from and including
April 24, 2008, a 360-day year and the actual number of days elapsed in the relevant Distribution period. 
 
Except as otherwise described below, Distributions on the Common Securities will be cumulative, will accrue from the date of original
issuance and will be payable quarterly in arrears on January 24, April 24, July 24 and October 24 of each year, commencing on July 24, 2003 (each, a “Distribution Payment Date”). The Debenture Issuer has the right under the Indenture to
defer payments of interest on the Debentures by extending the interest payment period for up to 20 consecutive quarterly periods (each, an “Extension Period”) at any time and from time to time on the Debentures, subject to the conditions
described below, during which Extension Period no interest shall be due and payable. During any Extension Period, interest will continue to accrue on the Debentures, and interest on such accrued interest (such accrued interest and interest thereon
referred to herein as “Deferred Interest”) will accrue at an annual rate equal to the Coupon Rate in effect for each such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for
the Extension Period, to the extent permitted by law. No Extension Period may end on a date other than a Distribution Payment Date. At the end of any such Extension Period, the Debenture Issuer shall pay all Deferred Interest then accrued and unpaid
on the Debentures; provided, however, that no Extension Period may extend beyond the Maturity Date, Redemption Date or Special Redemption Date. Prior to the termination of any Extension Period, the Debenture Issuer may further extend
such period, provided, that such period together with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive quarterly periods, or extend beyond the Maturity Date. Upon the termination of any Extension
Period and upon the payment of all Deferred Interest, the Debenture Issuer may commence a new Extension Period, subject to the foregoing requirements. No interest or Deferred Interest shall be due and payable during an Extension Period, except at
the end thereof, but Deferred Interest shall accrue upon each installment of interest that would otherwise have been due and payable during such Extension Period until such installment is paid. The deferral of the payment of interest during and
Extension Period shall not defer the payment of any Additional Amounts that may be due. If Distributions are deferred, the Distributions due shall be paid on the date that the related 
 

A-2-4 

Extension Period terminates to Holders of the Securities as they appear on the books and records of the Trust on the record date immediately
preceding such date. Distributions on the Securities must be paid on the dates payable (after giving effect to any Extension Period) to the extent that the Trust has funds legally available for the payment of such distributions in the Property
Account of the Trust. The Trust’s funds legally available for Distribution to the Holders of the Securities will be limited to payments received from the Debenture Issuer. The payment of Distributions out of moneys held by the Trust is
guaranteed by the Guarantor pursuant to the Guarantee. 
 
The Common Securities shall be redeemable as provided in the Declaration. 
 
 
ASSIGNMENT 
 
FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to: 
 
 
 
(Insert assignee’s social security or tax identification number) 
 
(Insert address and zip code of assignee), 
 
and irrevocably appoints          as agent to transfer this Common Security
Certificate on the books of the Trust. The agent may substitute another to act for him or her. 
 
Date: 
 
Signature: 
 
(Sign exactly as your name appears on the other side of this Common Security Certificate) 
 
Signature Guarantee:1 

	1	 	 Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union, meeting
the requirements of the Security registrar, which requirements include 

 

A-2-5 

	 	 
membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Security registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 

A-2-6 

EXHIBIT B 
 
FORM OF TRANSFEREE CERTIFICATE 
TO BE EXECUTED BY TRANSFEREES OTHER THAN QIBS 
 
                    ,
[            ] 
 
Hudson United Bancorp 
Hudson United Capital Trust II 
1000 MacArthur Blvd. 
Mahwah, NJ 07430 
 

	Re:	 	Purchase of $[                    ] stated liquidation
amount of Fixed/Floating Rate MMCapSSM (the “Capital Securities”) of Hudson United Capital Trust
II 

 
Ladies and Gentlemen: 
 
In connection with our purchase of the Capital Securities we confirm that: 
 
1. We understand that the Fixed/Floating Rate MMCapSSM (the
“Capital Securities”) of Hudson United Capital Trust II (the “Trust”) (including the guarantee (the “Guarantee”) of Hudson United Bancorp (the “Company”) executed in connection therewith) and the
Fixed/Floating Rate Junior Subordinated Debt Securities due 2033 of the Company (the “Subordinated Debt Securities”) (the Capital Securities, the Guarantee and the Subordinated Debt Securities together being referred to herein as the
“Offered Securities”), have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold except as permitted in the following sentence. We agree on our own behalf and on
behalf of any investor account for which we are purchasing the Capital Securities that, if we decide to offer, sell or otherwise transfer any such Capital Securities, such offer, sale or transfer will be made only (a) to the Company or the Trust,
(b) pursuant to Rule 144A under the Securities Act, to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that purchases for its own account or for the account of a QIB and to whom notice is given
that the transfer is being made in reliance on Rule 144A, (c) pursuant to an exemption from registration, to an “accredited investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the Securities Act that is
acquiring Capital Securities for its own account or for the account of such an accredited investor for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act,
or (d) pursuant to another available exemption from the registration requirements of the Securities Act, and in each of the foregoing cases in accordance with any applicable state securities laws and any requirements of law that govern the
disposition of our property. The foregoing restrictions on resale will not apply subsequent to the date on which, in the written opinion of counsel, the Capital Securities are not “restricted securities” within the meaning of Rule 144
under the Securities Act. If any resale or other transfer of the Capital Securities is proposed to be made pursuant to clause (c) or (d) above, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the
Institutional Trustee as Transfer Agent, which shall provide as applicable, among other things, that the transferee is an “accredited investor” within the meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 under the 
 

B-1 

Securities Act that is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. We
acknowledge on our behalf and on behalf of any investor account for which we are purchasing Securities that the Trust and the Company reserve the right prior to any offer, sale or other transfer pursuant to clause (c) or (d) to require the delivery
of any opinion of counsel, certifications and/or other information satisfactory to the Trust and the Company. We understand that the certificates for any Capital Security that we receive will bear a legend substantially to the effect of the
foregoing. 
 
2. We are an “accredited
investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the Securities Act purchasing for our own account or for the account of such an “accredited investor,” and we are acquiring the Capital Securities
for investment purposes and not with view to, or for offer or sale in connection with, any distribution in violation of the Securities Act, and we have such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of our investment in the Capital Securities, and we and any account for which we are acting are each able to bear the economic risks of our or its investment. 
 
3. We are acquiring the Capital Securities purchased by us for our own account (or for one or more accounts
as to each of which we exercise sole investment discretion and have authority to make, and do make, the statements contained in this letter) and not with a view to any distribution of the Capital Securities, subject, nevertheless, to the
understanding that the disposition of our property will at all times be and remain within our control. 
 
4. In the event that we purchase any Capital Securities, we will acquire such Capital Securities having an aggregate stated liquidation
amount of not less than $100,000, for our own account and for each separate account for which we are acting. 
 
5. We acknowledge that we either (A) are not a fiduciary of a pension, profit-sharing or other employee benefit plan subject to the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (a “Plan”), or an entity whose assets include “plan assets” by reason of any Plan’s investment in the entity and are not purchasing the Capital
Securities on behalf of or with “plan assets” by reason of any Plan’s investment in the entity and are not purchasing the Capital Securities on behalf of or with “plan assets” of any Plan or (B) are eligible for the
exemptive relief available under one or more of the following prohibited transaction class exemptions (“PTCEs”) issued by the U.S. Department of Labor: PTCE 96-23, 95-60, 91-38, 90-1 or 84-14. 
 
6. We acknowledge that the Trust and the Company and others
will rely upon the truth and accuracy of the foregoing acknowledgments, representations, warranties and agreements and agree that if any of the acknowledgments, representations, warranties and agreements deemed to have been made by our purchase of
the Capital Securities are no longer accurate, we shall promptly notify the Initial Purchaser. If we are acquiring any Capital Securities as a fiduciary or agent for one or more investor accounts, we represent that we have sole discretion with
respect to each such investor account and that we have full power to make the foregoing acknowledgments, representations and agreement on behalf of each such investor account. You are irrevocably authorized to produce this letter or a copy hereof to
any interested 
 

B-2 

party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
 
        (Name of Purchaser) 
 
By: 
 
Date: 
 
Upon transfer, the Capital Securities would be registered in the name of the new beneficial owner as follows. 
 
Name: 
 
Address: 
 
Taxpayer ID Number: 
 

B-3 

EXHIBIT C 
 
FORM OF TRANSFEROR CERTIFICATE 
TO BE EXECUTED FOR QIBs 
 
                        ,
[            ] 
 
Hudson United Bancorp 
Hudson United Capital Trust II 
1000 MacArthur Blvd. 
Mahwah, NJ 07430 
 

	Re:	 	Purchase of
$[                        ] stated liquidation amount of Fixed/Floating Rate MMCapSSM(the “Capital Securities”) of Hudson United Capital Trust II 

 
Reference is hereby made to the Amended and Restated
Declaration of Trust of Hudson United Capital Trust II, dated as of March 28, 2003 (the “Declaration”), among D. Lynn VanBorkulo-Nuzzo and Richard Alban, as Administrators, Wilmington Trust Company, as Delaware Trustee, Wilmington Trust
Company, as Institutional Trustee, Hudson United Bancorp, as Sponsor, and the holders from time to time of undivided beneficial interests in the assets of Hudson United Capital Trust II. Capitalized terms used but not defined herein shall have the
meanings given them in the Declaration. 
 
This
letter relates to $[                        ] aggregate liquidation amount of Capital Securities which are held in the
name of [name of transferor] (the “Transferor”). 
 
In accordance with Section 8.2(b) of the Declaration, the Transferor does hereby certify that such Capital Securities are being transferred in accordance with (i) the transfer restrictions set forth in the Capital Securities and (ii)
Rule 144A under the Securities Act (“Rule 144A”), to a transferee that the Transferor reasonably believes is purchasing the Capital Securities for its own account or an account with respect to which the transferee exercises sole investment
discretion and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the requirements of Rule 144A and in accordance with applicable securities laws of any state
of the United States or any other jurisdiction. 
 
We acknowledge that the Trust and the Sponsor and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations, warranties and agreements. You are irrevocably authorized to produce this letter or a
copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
 
        (Name of Transferor) 
 
By: 
 
    Name:

    Title: 
 
Date: 
 

C-1Purchase Agreement dated March 28, 2003

 
Exhibit 10(d)

 
$15,000,000 
 
Fixed/Floating Rate MMCapSSM 
 
HUDSON UNITED CAPITAL TRUST II 
 
PURCHASE AGREEMENT 
 
New York, New York 
March 28, 2003 
 
SANDLER O’NEILL & PARTNERS, L.P.

919 Third Avenue 
6th Floor 
New York, New York 10022 
 
Ladies and Gentlemen: 
 
Hudson United Capital Trust II (the “Trust”), a statutory trust organized under the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq. (the “Delaware Act” ), and Hudson United
Bancorp, a New Jersey corporation (the “Company” and together with the Trust, the “Offerors”), confirm their agreement (the “Agreement”) with Sandler O’Neill & Partners, L.P., (the “Initial
Purchaser”), with respect to the issue and sale by the Trust and the purchase by the Initial Purchaser of 15,000 Fixed/Floating Rate MMCapSSM (liquidation amount of $1,000 per security) of the Trust (the “Capital Securities”). The Capital Securities will be guaranteed by the Company to the extent provided in the Guarantee
Agreement, to be dated as of the Closing Date (as defined in Section 2 hereof) (the “Guarantee Agreement”), between the Company, as guarantor, and Wilmington Trust Company, as guarantee trustee (the “Guarantee Trustee”), with
respect to distributions and payments upon liquidation, redemption and otherwise. 
 
The entire proceeds from the sale of the Capital Securities will be combined with the entire proceeds from the sale by the Trust to the Company of its common securities (the “Common
Securities”), and will be used by the Trust to purchase $15,464,000 aggregate principal amount of Fixed/Floating Rate Junior Subordinated Debt Securities due April 7, 2033 (the “Subordinated Debt Securities”) issued by the Company.
The Capital Securities and the Common Securities will be issued pursuant to the Amended and Restated Declaration of Trust, to be dated as of the Closing Date (the “Declaration”), among the Company, as sponsor, the Administrators named
therein (the “Administrators”), Wilmington Trust Company, as institutional trustee (the “Institutional Trustee”), Wilmington Trust Company, as Delaware trustee (the “Delaware Trustee”), and the holders, from time to
time, of undivided beneficial interests in the assets of the Trust. The Subordinated Debt Securities will be issued pursuant to the Indenture, to be dated as of the Closing Date (the “Indenture”), between the Company and Wilmington Trust
Company, as indenture trustee (the “Indenture Trustee”). The Indenture, the Guarantee Agreement, the Declaration, this Agreement are hereinafter referred to collectively as the “Operative Documents.” 

 
SECTION 1
Representations and Warranties. 
 
(a) The Trust and the Company, jointly and severally, represent and warrant to the Initial Purchaser and MM Community Funding IX, Ltd., of Capital Securities as of the date hereof and as of the Closing Date, and agree with the
Initial Purchaser and MM Community Funding IX, Ltd., as follows: 
 
(i) Similar Offerings. The Offerors have not, directly or indirectly, solicited any offer to buy or offered to sell, and will not, directly or indirectly, solicit any offer to buy or offer to
sell, in the United States or to any United States citizen or resident, any security which is or would be integrated with the sale of the Capital Securities in a manner that would require the Capital Securities to be registered under the Securities
Act of 1933, as amended (the “1933 Act”). 
 
(ii) Incorporated Documents. The documents of the Company filed with the Securities and Exchange Commission (the “Commission”) in accordance with the Securities Exchange Act of 1934, as amended (the
“1934 Act”), from and including the commencement of the fiscal year covered by the Company’s most recent Annual Report on Form 10-K, at the time they were or hereafter are filed by the Company with the Commission (collectively, the
“1934 Act Reports”), complied and will comply in all material respects with the requirements of the 1934 Act and the rules and regulations of the Commission thereunder (the “1934 Act Regulations”), and, at the date of this
Agreement and on the Representation and Delivery Date (as defined in Section 3 below), do not 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; and other than such instruments, agreements, contracts and other documents as are filed as exhibits to the Company’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, there are no instruments, agreements, contracts or documents of a character described in Item 601 of Regulation S-K promulgated by the Commission to which the Company or any of its
subsidiaries is a party. 
 
(iii)
Independent Accountants. The accountants of the Company who certified the financial statements included in the 1934 Act Reports are independent public accountants of the Company and its subsidiaries within the meaning of the 1933 Act and the
rules and regulations of the Commission thereunder (the “1933 Act Regulations”). 
 
(iv) Financial Statements and Information. The consolidated historical financial statements of the Company,
together with the related schedules and notes, included in the 1934 Act Reports present fairly, in all material respects, the respective consolidated financial positions of the Company and its consolidated subsidiaries at the respective dates
indicated, and the consolidated statements of income, changes in stockholders’ equity and cash flows of the Company and its consolidated subsidiaries for the respective periods specified; said financial statements have been prepared in
conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved, except as disclosed in the notes to such financial statements; the supporting schedules, if any, included in
the 1934 Act Reports present fairly, in all material respects, the information 
 

2 

required to be stated therein and any pro forma financial statements and the related notes thereto included in the 1934 Act Reports present
fairly the information shown therein, have been prepared in accordance with the Commission’s rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein, and the assumptions
used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. 
 
(v) No Material Adverse Change. Since the respective dates as of which information is
given in the 1934 Act Reports, there has not been (A) any material adverse change in the condition, financial, regulatory or otherwise, or in the earnings, business affairs or business prospects of the Trust or of the Company and its subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business (a “Material Adverse Effect”) or (B) any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock
other than regular quarterly dividends on the Company’s common stock. 
 
(vi) Regulatory Enforcement Matters. 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 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 (as defined below) that currently restricts in any material
respect the conduct of their business or that in any material manner relates to their capital adequacy, their credit policies, their management or their business (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; and there is no unresolved violation, criticism or exception by any Regulatory Agency with respect to any report or
statement relating to any examinations of the Company or any of its subsidiaries which, in the reasonable judgment of the Company, is expected to result in a Material Adverse Effect. As used herein, the term “Regulatory Agency” means any
federal or state agency charged with the supervision or regulation of depositary institutions or holding companies of depositary institutions, or engaged in the insurance of depositary 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. 
 
(vii) No Undisclosed Liabilities. Neither the Company nor any of its subsidiaries has
any material liability, whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due, including any liability for taxes
(and there is no past or present fact, situation, circumstance, condition or other basis for any present or future action, suit, proceeding, hearing, charge, complaint, claim or demand against the Company or its subsidiaries giving rise to any such
liability), except (i) for liabilities set forth in the financial statements referred to in Section 1(a)(iv) above and (ii) normal fluctuations in the amount of the liabilities referred to in clause (i) above occurring in the ordinary course of
business of the 
 

3 

Company and all of its subsidiaries since the date of the most recent balance sheet included in such financial statements. 
 
(viii) Internal Accounting Controls.
The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorizations; (B)
transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (C) access to assets is permitted only in accordance with
management’s general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 
(ix) Disclosure Controls. The Company
has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the 1934 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 Chief Executive Officer and its Chief Financial Officer by others within those entities, particularly during the periods in which the periodic reports required
under the 1934 Act are being prepared, (B) have been evaluated for effectiveness as of a date within 90 days prior to the filing of the Company’s most recent annual or quarterly report filed with the Commission and (C) are effective to perform
the functions for which they were established; the Company’s auditors and the Audit Committee of the Board of Directors have been advised of: (A) any significant deficiencies in the design or operation of internal controls which could adversely
affect the Company’s ability to record, process, summarize, and report financial data and (B) any fraud, whether or not material, that involves management or other employees who have a role in the Company’s internal controls; any material
weaknesses in internal controls have been identified for the Company’s auditors; and 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. 
 
(x) Good Standing of the Company. The Company has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of New Jersey and has full power and authority under such laws to own, lease and operate its properties and to conduct its business and to enter into and perform its obligations
under each of the Operative Documents to which it is a party; and the Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. 
 
(xi) Good Standing of the Subsidiaries. Each “significant subsidiary” (as
defined in Rule 1-02 of Regulation S-X) of the Company (a “Significant Subsidiary”) has been duly organized and is validly existing as an entity in good standing under the laws of the jurisdiction in which it is chartered and has full
power and authority under such laws to own, lease and operate its properties and to conduct its current and contemplated business; and the deposit accounts of each of the Company’s subsidiary banks are insured up to the applicable limits by the
Bank Insurance Fund of the Federal Deposit Insurance Corporation (the “FDIC”) to the fullest extent permitted by law and the rules and regulations of the FDIC, 
 

4 

and no proceeding for the revocation or termination of such insurance is pending or, to the knowledge of the Company, threatened.

 
(xii) Foreign
Qualifications. Each of the Company and its subsidiaries is duly qualified as a foreign entity to transact business and is each 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 to be so qualified would not singularly, or in the aggregate, in the reasonable judgment of the Company, be expected to result in a Material Adverse Effect. 
 
(xiii) Capital Stock Duly Authorized and
Validly Issued. All of the issued and outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and nonassessable; all of the issued and outstanding capital stock of each subsidiary of the Company has
been duly authorized and validly issued, is fully paid and nonassessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equitable right; and none
of the issued and outstanding capital stock of the Company or its Significant Subsidiaries was issued in violation of any preemptive or similar rights arising by operation of law, under the charter, by-laws or code of regulations of the Company or
any of its Significant Subsidiaries or under any agreement to which the Company or any of its Significant Subsidiaries is a party. 
 
(xiv) Good Standing of the Trust. The Trust has been duly created and is validly existing in good standing as a
statutory trust under the Delaware Act with the power and authority to own property and to conduct its business as provided in the Declaration, to enter into and perform its obligations under the Operative Documents to which it is a party, and to
issue the Capital Securities and the Common Securities; the Trust is not a party to or otherwise bound by any agreement other than the Operative Documents to which it is a party; and the Company will use its best efforts to ensure that Trust is, and
will be, under current law, classified for United States federal income tax purposes as a grantor trust and not as an association taxable as a corporation. 
 
(xv) Authorization of Common Securities. The Common Securities have been duly authorized, issued and executed in
accordance with the Declaration and are validly issued and fully paid and nonassessable undivided common beneficial ownership interests in the assets of the Trust; the issuance of the Common Securities is not subject to preemptive or other similar
rights; and on the Closing Date, all of the issued and outstanding Common Securities of the Trust are owned directly by the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equitable right.

 
(xvi) Authorization of
Capital Securities. The Capital Securities have been duly authorized, issued and executed and, when authenticated in accordance with the Declaration and delivered by the Trust against payment therefor as provided herein will be validly issued
and fully paid and nonassessable undivided preferred beneficial ownership interests in the assets of the Trust; the issuance of the Capital Securities is not be subject to preemptive or other similar rights; and the Capital Securities are in the
form contemplated by, and will be entitled to the benefits of, the Declaration. 
 

5 

 
(xvii) Authorization of Agreement. This Agreement has been duly authorized, executed and delivered by each of the Offerors. 
 
(xviii) Authorization of Declaration. The Declaration has been duly authorized, executed and delivered by the
Company and the Administrators, and assuming due authorization, execution and delivery of the Declaration by the Institutional Trustee and the Delaware Trustee, the Declaration will constitute a valid, legal and binding agreement of the Company,
enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws now or hereafter in effect
relating to creditors’ rights generally and (b) general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity) (collectively, the “Enforceability Exceptions”). 
 
(xix) Authorization of Guarantee
Agreement. The Guarantee Agreement has been duly authorized, executed and delivered by the Company, and assuming due authorization, execution and delivery of the Guarantee Agreement by the Guarantee Trustee, the Guarantee Agreement will
constitute a valid, legal and binding agreement of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by the Enforceability Exceptions. 
 
(xx) Authorization of Indenture. The
Indenture has been duly authorized, executed and delivered by the Company, and assuming due authorization, execution and delivery of the Indenture by the Indenture Trustee, the Indenture will constitute a valid, legal and binding agreement of the
Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by the Enforceability Exceptions. 
 
(xxi) Authorization of Subordinated Debt Securities. The Subordinated Debt Securities
have been duly authorized, executed and delivered by the Company and, when authenticated in accordance with the Indenture will constitute valid, legal and binding obligations of the Company, enforceable against the Company in accordance with their
terms, except to the extent that enforceability may be limited by the Enforceability Exceptions; the Subordinated Debt Securities are in the form contemplated by, and will be entitled to the benefits of, the Indenture; and the Company has no present
intention to exercise its option to defer payments of interest on the Subordinated Debt Securities as provided in the Indenture. 
 
(xxii) Authorization of Administrators. Each of the Administrators of the Trust is an officer or employee of the
Company and has been duly authorized by the Company to execute and deliver the Declaration. 
 
(xxiii) Not an Investment Company. Neither the Trust nor the Company is, and immediately following consummation of
the transactions contemplated hereby and the application of the net proceeds therefrom neither the Trust nor the Company will be, an “investment company” required to be registered under the Investment Company Act of 1940, as amended (the
“1940 Act”). 
 

6 

 
(xxiv) Absence of Defaults and Conflicts. The Trust is not in violation of the trust certificate of the Trust filed with the State of Delaware (the “Trust Certificate”) or the Declaration, and neither the Company nor
any of its Significant Subsidiaries is in violation of its charter, by-laws or code of regulations; none of the Trust, the Company or any subsidiary of the Company is 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 it is a party or by which it or any of them may be bound or to which any of its properties or
assets is subject (collectively, “Agreements and Instruments”), except for such defaults under Agreements and Instruments that, in the reasonable judgment of the Company, are not expected to result in a Material Adverse Effect; and the
execution, delivery and performance of the Operative Documents by the Trust or the Company, as the case may be, the issuance, sale and delivery of the Capital Securities and the Subordinated Debt Securities, the consummation of the transactions
contemplated by the Operative Documents, and compliance by the Offerors with the terms of the Operative Documents to which they are a party have been duly authorized by all necessary corporate action on the part of the Company and the Trust, and do
not and will not, whether with or without the giving of notice or passage of time or both, violate, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the creation or imposition of any,
security interest, mortgage, pledge, lien, charge, encumbrance, claim or equitable right upon any properties or assets of the Trust, the Company or any of its Significant Subsidiaries pursuant to any of the Agreements and Instruments, nor will such
action result in any violation of the provisions of the charter, by-laws or code of regulations of the Company or any of its Significant Subsidiaries or the Declaration or the Trust Certificate, or violation by the Company or any of its Significant
Subsidiaries of any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government authority, agency or instrumentality or court, domestic or foreign, having jurisdiction over the Trust or the Company or any
of its Significant Subsidiaries or their respective properties or assets (collectively, “Governmental Entities”). As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or
other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Trust or the Company or any of its Significant
Subsidiaries prior to its scheduled maturity. 
 
(xxv) Absence of Labor Dispute. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the executive officers of the Company, is imminent, which, in the reasonable judgment
of the Company, is expected to result in a Material Adverse Effect. 
 
(xxvi) Absence of Proceedings. There is no action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity, now pending, or, to the knowledge of the Trust or the
Company, threatened, against or affecting the Trust or the Company or any of its subsidiaries, which, in the reasonable judgment of the Trust or the Company, is expected to result in a Material Adverse Effect or materially and adversely affect the
consummation of the transactions contemplated by the Operative Documents or the performance by the Trust or the Company of its obligations hereunder or thereunder; and the aggregate of all pending legal or governmental proceedings to which the Trust
or the Company or any of its subsidiaries is a party or of which any of their respective properties or assets is the 
 

7 

subject, including ordinary routine litigation incidental to the business, are not, in the reasonable judgment of the Company or the Trust,
expected to result in a Material Adverse Effect. 
 
(xxvii) Absence of Further Requirements. No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Governmental Entity, other than those that have been made or
obtained, is necessary or required for the performance by the Trust or the Company of their respective obligations under the Operative Documents, as applicable, or the consummation by the Trust and the Company of the transactions contemplated by the
Operative Documents. 
 
(xxviii)
Possession of Licenses and Permits. Each of the Trust, the Company and the subsidiaries of the Company possesses such permits, orders, certificates, licenses, approvals, consents and other authorizations (collectively, “Governmental
Licenses”) issued by the appropriate Governmental Entities necessary to conduct the business now operated by it that is material to the Trust or the Company and its subsidiaries considered as one enterprise; each of the Trust, the Company and
the subsidiaries of the Company is in compliance with the terms and conditions of all of its Governmental Licenses, except where the failure so to comply, in the reasonable judgment of the Company, is not expected to, singularly or in the aggregate,
have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect, in the
reasonable judgment of the Company, is not expected to have a Material Adverse Effect; and none of the Trust, the Company or any subsidiary of the Company has received any notice of proceedings relating to the revocation or modification of any such
Governmental Licenses which, singularly or in the aggregate, in the reasonable judgment of the Company or the Trust, is expected to result in a Material Adverse Effect. 
 
(xxix) Title to Property. Each of the Trust, the Company and the subsidiaries of the
Company has good and marketable title to all of its respective real and personal properties, in each case free and clear of all liens, encumbrances and defects, except such as, in the reasonable judgment of the Trust or the Company, singularly or in
the aggregate, are not expected to result in a Material Adverse Effect; and all of the leases and subleases under which the Trust, the Company or any subsidiary of the Company holds properties are in full force and effect, except when the failure of
such leases and subleases to be in full force and effect, in the reasonable judgment of the Company, singularly or in the aggregate, is not expected to have a Material Adverse Effect, and none of the Trust, the Company or any subsidiary of the
Company has any notice of any claim of any sort that has been asserted by anyone adverse to the rights of the Trust, the Company or any subsidiary of the Company under any of the leases or subleases under which the Trust, the Company or any
subsidiary of the Company holds properties, or affecting or questioning the rights of such entity to the continued possession of the leased or subleased premises under any such lease or sublease, except when such claim, in the reasonable judgment of
the Company, singularly or in the aggregate, is not expected to have a Material Adverse Effect. 
 
(xxx) Stabilization. The Company has not taken and will not take, directly or indirectly, any action designed to,
or that might be reasonably expected to, cause or result in stabilization or manipulation of the price of the Capital Securities. 
 

8 

 
(xxxi) No General Solicitation. Neither the Trust or the Company nor any of their Affiliates (as defined in Rule 501(b) under the 1933 Act) or any person acting on its or any of their behalf (other than the Initial Purchaser,
as to whom the Offerors make no representation) has engaged or will engage, in connection with the offer and sale of the Capital Securities, in any form of general solicitation or general advertising within the meaning of Rule 502(c) under the 1933
Act. 
 
(xxxii) No Directed
Selling Efforts. Neither the Trust or the Company nor any of their Affiliates or any person acting on its or any of their behalf (other than the Initial Purchaser, as to whom the Offerors make no representation) has engaged or will engage in any
directed selling efforts within the meaning of Regulation S under the 1933 Act (“Regulation S”) with respect to the offer and sale of the Capital Securities. 
 
(xxxiii) No Registration. Subject to compliance by the Initial Purchaser with the
relevant provisions of Section 6 hereof, it is not necessary in connection with the offer, sale and delivery of the Capital Securities by the Trust and the subsequent sale of the Capital Securities by the Initial Purchaser to the Transferees (as
defined in Section 2(a) below) in the manner contemplated by this Agreement to register the Capital Securities, the guarantee as described in the Guarantee Agreement or the Subordinated Debt Securities under the 1933 Act or to qualify the
Declaration, the Guarantee Agreement or the Indenture under the Trust Indenture Act of 1939, as amended. 
 
(xxxiv) No Integration. Except with respect to the offer and sale of capital securities by Hudson United Capital
Trust I, a statutory trust created under the laws of Delaware, to Trapeza CDO II, LLC on March 31, 2003, within the period of the preceding six months prior to the date hereof, neither the Company or the Trust nor any other person acting on behalf
of the Company or the Trust has offered or sold to any person any Capital Securities, or any securities of the same or a similar class as the Capital Securities, other than the Capital Securities referred to herein. 
 
(b) Any certificate signed by any Trustee of
the Trust or any duly authorized officer of the Company or any of its subsidiaries and delivered to the Initial Purchaser or to counsel for the Initial Purchaser shall be deemed a representation and warranty by the Trust or the Company, as the case
may be, to the Initial Purchaser as to the matters covered thereby. 
 

9 

 
SECTION 2
Purchase and Sale; Closing. 
 
(a) The Offerors agree to issue and sell to the Initial Purchaser, and the Initial Purchaser agrees to purchase from the Offerors, at the purchase price of $1,000 per Capital Security, an aggregate of 15,000 Capital Securities on
March 28, 2003, it being understood that the Initial Purchaser intends to transfer the Capital Securities to MM Community Funding IX, Ltd., a newly formed company with limited liability incorporated under the laws of the Cayman Islands, and any
other subsequent purchasers as selected by the Initial Purchaser (the “Transferees”). In addition, the Offerors agree that MM Community Funding IX, Ltd. shall be entitled to the benefit of, and to rely on, the provisions of this Agreement
to the extent such provisions address or relate to MM Community Funding IX, Ltd. or the Capital Securities to be purchased by MM Community Funding IX, Ltd. 
 
(b) Deliveries of certificates for the Capital Securities shall be made by the Trust to or on behalf of the Initial
Purchaser at the offices of Cleary, Gottlieb, Steen & Hamilton in the City of New York, and payment of the purchase price for the Capital Securities shall be made by the Initial Purchaser to the Trust by wire transfer of immediately available
funds to a bank designated by the Company upon authorization by the Initial Purchaser against delivery of the Capital Securities in the manner agreed between the Trust and the Initial Purchaser, in each case on the Closing Date. 
 
Certificates for the Capital Securities in
the aggregate liquidation amount thereof shall be registered in the name of the Initial Purchaser. 
 
(c) As compensation to the Initial Purchaser for its services and in view of the fact that the proceeds of the sale of the
Capital Securities will be used to purchase the Subordinated Debt Securities of the Company, the Company hereby agrees to pay on the Closing Date to the Initial Purchaser in immediately available funds a commission of $30.00 per Capital Security to
be delivered by the Trust hereunder on the Closing Date. 
 
(d) In performing its duties under this Agreement, the Initial Purchaser shall be entitled to rely upon any notice, signature or writing which the Initial Purchaser shall in good faith believe to be genuine and to be signed
or presented by a proper party or parties. The Initial Purchaser may rely upon any opinions or certificates or other documents delivered by the Offerors or their counsel or designees. In addition, in connection with the performance of its duties
under this Agreement, the Initial Purchaser shall not be liable for any error of judgment or any action taken or omitted to be taken unless it was grossly negligent or engaged in willful misconduct in connection with such performance or
non-performance. No provision of this Agreement shall require the Initial Purchaser to expend or risk its own funds or otherwise incur any financial liability on behalf of the Transferees in connection with the performance of any of its duties
hereunder. The Initial Purchaser shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement. 
 
SECTION 3 Notice of Material Events. The Offerors covenant with the Initial Purchaser and MM Community Funding IX, Ltd. that, prior
to the date of the sale of the Capital Securities to MM Community Funding IX, Ltd. (the “Representation and Delivery Date”), the Offerors will immediately notify the Initial Purchaser, and confirm such notice in writing, of any

 

10 

event or development that, in the reasonable judgment of the Company, is expected to result in a Material Adverse Effect. 
 
SECTION 4 Payment of Expenses. Whether or not this
Agreement is terminated or the sale of the Capital Securities is consummated, the Company, as borrower under the Subordinated Debt Securities, will pay all expenses incident to the performance of its obligations under this Agreement, including (i)
the preparation, issuance and delivery of the certificates for the Capital Securities and Subordinated Debt Securities, (ii) the fees and disbursements of the Company’s counsel, accountants and other advisors, and (iii) after the Closing Date
and, subject to the terms agreed upon in the Letter of Intent dated January 29, 2003 between the Company and the Placement Agent, the fees and disbursements of counsel for any trustee appointed under any of the Operative Documents. 
 
SECTION 5 Conditions of Initial Purchaser’s
Obligations. The obligations of the Initial Purchaser on the Closing Date are subject to the accuracy of the representations and warranties of the Offerors contained in Section 1 hereof or in certificates of any Administrator of the Trust or any
officer of the Company or any of its subsidiaries delivered pursuant to the provisions hereof, to the performance by the Offerors of their obligations hereunder, and to the following further conditions: 
 
(a) Opinion of Counsel for the Offerors.
On the Closing Date, the Initial Purchaser and MM Community Funding IX, Ltd. shall have received the favorable opinion, dated as of the Closing Date, of Pitney, Hardin, Kipp & Szuch LLP, special counsel for the Offerors, in substantially the
form set out in Annex A hereto, in form and substance reasonably satisfactory to counsel for the Initial Purchaser. Such counsel may state that, insofar as such opinion involves factual matters, they have relied, to the extent they deem proper, upon
certificates of Administrators of the Trust, officers of the Company or any of its subsidiaries and public officials. 
 
(b) Opinion of Special Delaware Counsel for the Trust. On the Closing Date, the Initial Purchaser and MM Community
Funding IX, Ltd. shall have received the favorable opinion, dated as of the Closing Date, of Morris, James, Hitchens & Williams LLP, special Delaware counsel for the Trust, in substantially the form set out in Annex B hereto, in form and
substance reasonably satisfactory to counsel for the Initial Purchaser. 
 
(c) Opinion of Special Tax Counsel for the Offerors. On the Closing Date, the Initial Purchaser and MM Community Funding IX, Ltd. shall have received an opinion, dated as of the Closing Date, of
Pitney, Hardin, Kipp & Szuch LLP, special tax counsel for the Offerors, that (i) the Trust will be classified for United States federal income tax purposes as a grantor trust and not as an association taxable as a corporation and (ii) the
Subordinated Debt Securities will constitute indebtedness of the Company for United States federal income tax purposes, in substantially the form set out in Annex C hereto. Such opinion may be conditioned on, among other things, the initial and
continuing accuracy of the facts, financial and other information, covenants and representations set forth in certificates of officers of the Company and other documents deemed necessary for such opinion. 
 

11 

 
(d) Opinion of Counsel to the Guarantee Trustee, the Institutional Trustee, the Delaware Trustee and the Indenture Trustee. On the Closing Date, the Initial Purchaser and MM Community Funding IX, Ltd. shall have received the
favorable opinion, dated as of the Closing Date, of Morris, James, Hitchens & Williams LLP, counsel for the Guarantee Trustee, the Institutional Trustee, the Delaware Trustee and the Indenture Trustee, in substantially the form set out in Annex
D hereto, in form and substance reasonably satisfactory to counsel for the Initial Purchaser. 
 
(e) Certificates. On 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 1934 Act Reports, any Material Adverse Effect, and the Initial Purchaser and MM Community Funding IX, Ltd. shall have received a certificate of the Chairman, the Chief Executive Officer, the President,
any Executive Vice President or any Vice President of the Company and of the Chief Financial Officer or Chief Accounting Officer of the Company and a certificate of an Administrator of the Trust, dated as of the Closing Date, to the effect that the
Offerors have complied with all agreements and satisfied all conditions on their part to be performed or satisfied on or prior to the Closing Date. 
 
(f) Maintenance of Ratings. Between the date of this Agreement and the Representation and Delivery Date, there
shall not have occurred a downgrading in or withdrawal of the rating assigned to the Company’s debt securities or preferred stock by any nationally recognized statistical rating organization, and no such organization shall have publicly
announced that it has under surveillance or review its rating of the Company’s debt securities or preferred stock. 
 
(g) Additional Documents. On the Representation and Delivery Date, the Initial Purchaser and MM Community Funding
IX, Ltd. shall have been furnished such documents and opinions as they may reasonably request in connection with the issue and sale of the Capital Securities; and all proceedings taken by the Offerors in connection with the issuance, sale and resale
of the Capital Securities shall be satisfactory in form and substance to the Initial Purchaser and MM Community Funding IX, Ltd 
 
(h) Termination of Agreement. If any condition specified in this Section shall not have been fulfilled when and as
required to be fulfilled, this Agreement may be terminated by the Initial Purchaser by notice to the Offerors at any time on or prior to the Representation and Delivery Date. If the sale of the Capital Securities by the Initial Purchaser to MM
Community Funding IX, Ltd. is not consummated because any condition set forth in Section 5(a), (b), (c), (d), (e), (f) or (h) is not satisfied, because of any termination pursuant to Section 10(a) hereof or because of any refusal, inability or
failure on the part of the Offerors to perform any agreement herein or comply with any provision hereof, the Company will reimburse the Initial Purchaser upon demand for all documented out-of-pocket expenses (including reasonable fees and
disbursements of counsel) that shall have been incurred by the Initial Purchaser in connection with the proposed sale. In addition, such termination shall be subject to Section 4 hereof and Sections 7 and 8 hereof shall survive any such termination
and remain in full force and effect. 
 
SECTION 6
Offers and Sales of the Capital Securities. 
 

12 

 
(a) Offer and Sale Procedures. The Initial Purchaser and the Offerors hereby establish and agree to observe the following provisions with respect to the offer, issue and sale of the Capital Securities: 
 
(i) Offers and Sales only to the
Transferees. Offers and sales of the Capital Securities will be made only to the Transferees in a transaction not requiring registration under the 1933 Act. 
 
(ii) No General Solicitation. No general solicitation or general advertising (within
the meaning of Rule 502(c) under the 1933 Act) will be used in connection with the offer and sale of the Capital Securities. 
 
(iii) No Directed Selling Efforts. No directed selling efforts (within the meaning of Regulation S) will be used
with respect to the offer and sale of the Capital Securities. 
 
(iv) Transferee Notification. Prior to or contemporaneously with the purchase of the Capital Securities by the Transferees, the Initial Purchaser will take reasonable steps to inform the
Transferees that the Capital Securities (A) have not been and will not be registered under the 1933 Act, (B) are being sold to them without registration under the 1933 Act in accordance with an exemption from registration under the 1933 Act and (C)
may not be offered, sold or otherwise transferred except (1) to the Company or (2) in accordance with (x) Rule 144A to a person whom the seller reasonably believes is a Qualified Institutional Buyer (as defined in Rule 144A under the Securities Act
(“Rule 144A”)) that is purchasing such Securities for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A, (y) Regulation S
to a non-U.S. person in an offshore transaction or (z) any other available exemption from registration under the 1933 Act (including the exemption provided by Rule 144). 
 
(b) Covenants of the Offerors. Each of the Offerors, jointly and severally, covenant
with the Initial Purchaser and MM Community Funding IX, Ltd. as follows: 
 
(i) Due Diligence. In connection with the initial purchase of the Capital Securities, the Offerors agree that, prior to the Representation and Delivery Date, the Initial Purchaser and MM
Community Funding IX, Ltd. shall have the right to make reasonable inquiries into the business of the Trust, the Company and the subsidiaries of the Company. The Offerors also agree to provide answers to the Initial Purchaser and MM Community
Funding IX, Ltd., if requested, concerning the Trust, the Company and the subsidiaries of the Company (to the extent that such information is available or can be acquired and made available without unreasonable effort or expense and to the extent
the provision thereof is not prohibited by applicable law) and the terms and conditions of the offer and sale of the Capital Securities and the Subordinated Debt Securities. 
 
(ii) Integration. The Offerors agree that they will not, and will cause their
Affiliates not to, make any offer or sale of securities of the Offerors of any class if, as a result of the doctrine of “integration” referred to in Rule 502 under the 1933 Act, such offer or 
 

13 

sale would render invalid the exemption from the registration requirements of the 1933 Act provided by Section 4(2) thereof or by Rule 144A
or otherwise. 
 
(iii)
Restriction on Repurchases. Until the expiration of two (2) years (or such shorter period as may hereafter be referred to in Rule 144(k) (or similar successor rule)) after the original issuance of the Capital Securities, the Offerors will
not, and will cause their Affiliates not to, purchase or agree to purchase or otherwise acquire any Capital Securities which are “restricted securities” (as such term is defined under Rule 144(a)(3) under the 1933 Act), whether as
beneficial owner or otherwise, unless, immediately upon any such purchase, the Offerors or any Affiliate shall submit such Capital Securities to the Institutional Trustee for cancellation. 
 
SECTION 7 Indemnification. 
 
(a) Indemnification of the Initial Purchaser and MM Community Funding IX, Ltd. The
Offerors agree, jointly and severally, to indemnify and hold harmless: (x) the Initial Purchaser and MM Community Funding IX, Ltd., (y) each person, if any, who controls (within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act) the Initial Purchaser or MM Community Funding IX, Ltd. (each such person, a “controlling person”) and (z) the respective partners, directors, officers, employees and agents of the Initial Purchaser and MM Community Funding IX, Ltd. or
any such controlling person, as follows: 
 
(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, relating to or arising out of, or based upon, in whole or in part, (A) any untrue statement or alleged untrue statement of a material fact
included in the 1934 Act Reports, 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; (B) any untrue
statement or alleged untrue statement of material fact contained in any information (whether written or oral) or documents executed in favor of or furnished or made available to the Initial Purchaser or MM Community Funding IX, Ltd. by the Offerors;
(C) any omission or alleged omission to state in any information (whether written or oral) or documents executed in favor of or furnished or made available to the Initial Purchaser or MM Community Funding IX, Ltd. by the Offerors a material fact
necessary to make the statements therein not misleading; or (D) the breach or alleged breach of any representation, warranty and agreement of any Offeror contained herein; 
 
(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, or breach or alleged breach of any such representation, warranty or agreement; provided, that (subject to Section 7(c) hereof) any such settlement is effected with the written consent of the
Offerors; and 
 
(iii) against any
and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Initial Purchaser), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or 

 

14 

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, or breach or alleged breach of any such representation, warranty or agreement, to the extent that any such expense is not paid under (i) or (ii) above; 
 
provided, however, that the Company shall indemnify and hold
harmless the Trust against any and all loss, liability, claim, damage and expense whatsoever, as incurred, which is due from the Trust pursuant to the foregoing. 
 
(b) 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. Counsel to the indemnified
parties shall be selected by the Initial Purchaser. 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 7 or Section 8 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. 
 
(c) Settlement without Consent if Failure to Reimburse. If at any time an indemnified party shall have validly requested 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 7(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 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 30 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, provided, however, that an indemnifying party shall not be liable for any such settlement effected without its consent if such indemnifying party (1) reimburses
such indemnified party with respect to those fees and expenses of counsel that it determines in good faith are reasonable and (2) provides written notice within 10 days after receipt of the request for reimbursement to the indemnified party

 

15 

substantiating the unpaid balance as unreasonable, in each case prior to
the date of such settlement. 
 
SECTION 8
Contribution. In order to provide for just and equitable contribution in circumstances under which the indemnification provided for in Section 7 hereof is for any reason held to be unenforceable for the benefit of 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 the relative benefits received by the Offerors, on the one hand, and the Initial Purchaser, on the other hand, from the offer and sale of the Capital 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
Offerors, on the one hand, and the Initial Purchaser, on the other hand, in connection with the statements, omissions or breaches which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable
considerations. 
 
The relative benefits received
by the Offerors, on the one hand, and the Initial Purchaser, on the other hand, in connection with the offer and sale of the Capital Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net
proceeds from the sale of the Capital Securities pursuant to this Agreement (before deducting expenses) received by the Offerors and the total commission received by the Initial Purchaser for services bear to the aggregate of such net proceeds and
commissions. 
 
The Offerors and the Initial
Purchaser agree that it would not be just and equitable if contribution pursuant to this Section 8 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 8. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 8 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, omission or alleged omission or breach or alleged breach. 
 
Notwithstanding the provisions of this Section 8, the Initial Purchaser shall not be required to contribute any amount in excess of the total commissions received by it. 
 
No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 
For purposes of this Section 8, MM Community Funding IX, Ltd., each person, if any, who controls the Initial Purchaser or MM Community
Funding IX, Ltd. within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and the respective partners, directors, officers, employees and agents of the Initial Purchaser, MM Community Funding IX, 
 

16 

Ltd. or any such controlling person shall have the same rights to contribution as the Initial Purchaser, while each officer and director of
the Company, each Trustee of the Trust and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Offerors. 
 
SECTION 9 Representations, Warranties and Agreements to
Survive Delivery. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company or Trustees of the Trust submitted pursuant hereto shall remain operative and in full force and effect,
and shall survive delivery of the Capital Securities by the Trust. 
 
SECTION 10 Termination of Agreement. 
 
(a) Termination; General. The Initial Purchaser may terminate this Agreement, by notice to the Offerors, at any time on or prior to the Closing Date if, since the time of execution of this
Agreement or, in the case of (i), since the respective dates as of which information is given in the 1934 Act Reports, (i) there has occurred any Material Adverse Effect, or (ii) there has occurred any material adverse change in the financial
markets in the United States, any outbreak of hostilities or escalation thereof or any other calamity or crisis, or any change or development involving 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 to market the Capital Securities or to enforce contracts for the sale of the Capital Securities, or (iii) trading in any securities of the Company has been suspended or limited by the
Commission or any national stock exchange or market on or in which such securities are traded or quoted, or if trading generally on the American Stock Exchange, the New York Stock Exchange or the Nasdaq National Market has been suspended or 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 National Association of Securities Dealers or any other
governmental authority, or (iv) a banking moratorium has been declared by United States federal, Delaware or New York 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 and Section 5 hereof, and provided further that Sections 1, 7 and 8 hereof shall survive such termination and remain in full force and effect. 
 
SECTION 11 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 Sandler O’Neill & Partners,
L.P. as follows: 919 Third Avenue, 6th Floor, New York, New York 10022, Attention: Thomas W. Killian, Principal,
with a copy to Cleary, Gottlieb, Steen & Hamilton, 2000 Pennsylvania Avenue, N.W., Washington, D.C. 20006, Attention: Kenneth L. Bachman, Esq.; and notices to the Offerors shall be directed to Hudson United Bancorp, 1000 MacArthur Blvd., Mahwah,
NJ 07430, Attention: William A. Houlihan, with a copy to Pitney, Hardin, Kipp & Szuch LLP, P.O. Box 1945, Morristown, NJ 07962-1945, Attention: Ronald H. Janis, Esq. 
 

17 

 
SECTION 12
Parties. This Agreement shall inure to the benefit of and be binding upon each of the Initial Purchaser and the Offerors 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 Initial Purchaser, the Transferees and the Offerors, and their respective successors and the controlling persons and other persons referred to in Sections 1, 7 and 8 hereof 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 Initial Purchaser, the Transferees and the Offerors and their respective successors, and said controlling persons and other persons and their heirs and legal representatives, and for the benefit of no other person, firm or
corporation. 
 
SECTION 13 GOVERNING LAW.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 
EACH OF THE TRUST AND THE COMPANY, ON BEHALF OF ITSELF AND ITS SUBSIDIARIES (INCLUDING, WITHOUT LIMITATION, THE TRUST), HEREBY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING RELATED TO THIS AGREEMENT OR ANY OF THE MATTERS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES
ANY DEFENSE OF LACK OF PERSONAL JURISDICTION AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH OF THE TRUST AND THE COMPANY, ON BEHALF OF ITSELF AND ITS
SUBSIDIARIES (INCLUDING, WITHOUT LIMITATION, THE TRUST), IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 
SECTION 14 Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof. 
 

18 

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

	 Very truly yours,
  
 HUDSON UNITED
BANCORP

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 HUDSON UNITED CAPITAL
TRUST II

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 Administrator

CONFIRMED AND ACCEPTED, 
as of the date first above written: 

	
	 SANDLER O’NEILL &
PARTNERS, L.P.

	
	 By:
	 	 Sandler O’Neill & Partners Corp., the sole general partner

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 
ANNEX A

 
Pursuant to Section 5(a) of the Purchase Agreement, special
counsel for the Offerors shall deliver an opinion in substantially the following form: 
 
1. The Company is incorporated and is validly existing as a corporation in good standing under the laws of the State of New Jersey. 
 
2. The Company has corporate power and authority to (i) execute and deliver, and to perform its obligations
under, the Operative Documents to which it is a party and (ii) issue and perform its obligations under the Subordinated Debt Securities. 
 
3. The Company is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. 
 
4. The Bank is validly existing and in good standing under the
laws of the jurisdiction of its organization, and to the best of our knowledge, all of the issued and outstanding shares of capital stock of the Bank are owned of record by the Company, directly or through subsidiaries. 
 
5. The deposit accounts of the Bank are insured by the Federal
Deposit Insurance Corporation up to the maximum amount allowable under applicable law and to the best of our knowledge no proceeding for the termination of such insurance is pending or threatened. 
 
6. Each of the Company and the Bank (i) is duly qualified to
do business as a foreign corporation and is in good standing under the laws of each jurisdiction which requires such qualification wherein it owns or leases properties or conducts business and (ii) holds all approvals, authorizations, orders,
licenses, certificates and permits from governmental authorities necessary for the conduct of its business, except where the failure to be so qualified or to hold such approvals, authorizations, orders, licenses, certificates and/or permits would
not singularly, or in the aggregate have a Material Adverse Effect. 
 
7. No consent, approval, authorization or order of or filing, registration or qualification with any Governmental Entity is required in connection with the execution and delivery by the Company of the Operative Documents and
the consummation of the transactions contemplated thereby except as have already been obtained or made. 
 
8. The Purchase Agreement has been duly authorized, executed and delivered by each of the Company and the Trust and constitutes a valid
and binding instrument of each of the Company and the Trust, enforceable against each of the Company and the Trust in accordance with its terms. 
 
9. The Amended Declaration has been duly authorized, executed and delivered by the Company and the Administrators. 
 
10. Each of the Guarantee Agreement and the Indenture has been
duly authorized, executed, and delivered by the Company and, assuming due authorization, execution 
 

A-1 

and delivery by the Guarantee Trustee and the Indenture Trustee, respectively, constitutes a valid and binding instrument of the Company,
enforceable against the Company in accordance with its terms. 
 
11. The Debt Securities have been duly authorized for issuance by the Company pursuant to the Indenture and, when executed, authenticated and delivered in the manner provided for in the Indenture and paid for in accordance with the
Debenture Subscription Agreement, will constitute valid and binding obligations of the Company and will entitle the holders thereof to the benefits of the Indenture, enforceable against the Company in accordance with their terms. 
 
12. The execution, delivery and performance of the Operative
Documents, as applicable, by the Company and the Trust and the consummation by the Company and the Trust of the transactions contemplated by the Operative Documents, as applicable, will not result in any violation of the charter or bylaws of the
Company, the charter or bylaws of the Bank, the Amended Declaration or the Certificate of Trust, the terms of any indenture or other agreement or instrument known to such counsel and to which the Company or any of its subsidiaries is a party or
bound or any judgment, order or decree of any Governmental Entity having jurisdiction over the Company or any of its subsidiaries, or any law or administrative regulation of any state applicable to the Company. 
 
13. Assuming (i) the accuracy of the representations and
warranties, and compliance with the agreements, contained in the Purchase Agreement and (ii) that the Capital Securities are sold in the manner contemplated by, and in accordance with, the Purchase Agreement and the Amended Declaration, it is not
necessary in connection with the offer, sale and delivery of the Capital Securities by the Trust to the Initial Purchaser or the resale by the Initial Purchaser to the Transferees to register the Capital Securities, the Guarantee Agreement or the
Debt Securities under the 1933 Act or to qualify an indenture under the Trust Indenture Act of 1939, as amended. 
 
14. Neither the Company nor the Trust is, and, following the issuance of the Capital Securities and the consummation of the transactions
contemplated by the Operative Documents and the application of the proceeds therefrom, neither the Company nor the Trust will be, an “investment company” or entity “controlled” by an “investment company,” required to be
registered under the Investment Company Act of 1940, as amended. 
 
In rendering such opinions, such counsel may (A) state that its opinion is limited to the laws of New York, the corporate laws of the State of Delaware and the Federal laws of the United States and (B) rely as to matters involving
the application of laws of any jurisdiction other than New York and Delaware or the United States, to the extent deemed proper and specified in such opinion, upon the opinion of other counsel of good standing believed to be reliable and who are
satisfactory to you and as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials. 
 

A-2 

 
ANNEX B

 
Pursuant to Section 5(b) of the Purchase Agreement, special
Delaware counsel for the Trust shall deliver an opinion in substantially the following form: 
 
1. The Trust has been duly formed and is validly existing in good standing as a statutory trust under the Act. 
 
2. The Declaration constitutes a valid and binding obligation of the Sponsor and Trustees party thereto, enforceable against such Sponsor
and Trustees in accordance with its terms. 
 
3.
Under the Act and the Declaration, the Trust has the requisite trust power and authority (i) to own its properties and conduct its business, all as described in the Declaration, (ii) to execute and deliver, and perform its obligations under, the
Trust Documents, (iii) to authorize, issue, sell and perform its obligations under its Trust Securities, and (iv) to purchase and hold the Debentures. 
 
4. The Capital Securities of the Trust have been duly authorized for issuance by the Trust and, when issued, executed and authenticated in
accordance with the Declaration and delivered against payment therefor in accordance with the Declaration, will be validly issued and, subject to the qualifications set forth in paragraph 5 below, fully paid and nonassessable undivided beneficial
interests in the assets of the Trust and the Capital Security Holders will be entitled to the benefits provided by the Declaration. 
 
5. Each Capital Security Holder, in such capacity, will be entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law of the State of Delaware. We note, however, that the Capital Security Holders may be required to make payment or provide indemnity or security as set forth in the
Declaration. 
 
6. Under the Declaration and the
Act, the issuance of the Trust Securities of the Trust is not subject to preemptive rights. 
 
7. The Common Securities of the Trust have been duly authorized for issuance by the Trust and, when issued and executed in accordance with the Declaration and delivered against payment therefor in
accordance with the Declaration and the Common Securities Subscription Agreement, will be validly issued undivided beneficial interests in the assets of the Trust and the Common Security Holders will be entitled to the benefits provided by the
Declaration. 
 
8. Under the Declaration and the
Act, the execution and delivery by the Trust of the Trust Documents, and the performance by the Trust of its obligations thereunder, have been duly authorized by the requisite trust action on the part of such Trust. 
 
9. The issuance and sale by the Trust of its Trust Securities,
the execution, delivery and performance by the Trust of the Trust Documents, the consummation by the Trust of the transactions contemplated by the Trust Documents, and the compliance by the Trust with 
 

B-1 

its obligations thereunder are not prohibited by (i) the Declaration or the Certificate, or (ii) any law or administrative regulation of the
State of Delaware applicable to such Trust. 
 
10.
No authorization, approval, consent or order of any Delaware court or Delaware governmental authority or Delaware agency is required to be obtained by the Trust solely in connection with the issuance and sale by the Trust of its Trust Securities,
the due authorization, execution and delivery by the Trust of the Trust Documents or the performance by the Trust of its obligations under the Trust Documents. 
 
11. The Capital Security Holders (other than those Capital Security Holders who reside or are domiciled in the State of Delaware) will
have no liability for income taxes imposed by the State of Delaware solely as a result of their participation in the Trust, and the Trust will not be liable for any income tax imposed by the State of Delaware. 
 

B-2 

 
ANNEX C

 
Pursuant to Section 5(c) of the Purchase Agreement, special
tax counsel for the Offerors shall deliver an opinion in substantially the following form: 
 
We have acted as special tax counsel to Hudson United Bancorp, a New Jersey corporation (the “Company”), in connection with the offer and sale by Hudson United Capital Trust II (the
“Trust”) of 15,000 Fixed/Floating Rate MMCapSSM (liquidation amount $1,000 per capital security) (the
“Capital Securities”). The Capital Securities represent undivided beneficial ownership interests in $15,464,000 in aggregate principal amount of Fixed/Floating Rate Junior Subordinated Debt Securities due 2033 of the Company (the
“Subordinated Debt Securities”). This opinion letter is furnished pursuant to Section 5(c) of the Purchase Agreement dated March 28, 2003, between the Company, the Trust and you. 
 
In arriving at the opinions expressed below we have examined executed copies of (i) the Amended and Restated
Declaration of Trust of the Trust dated the date hereof (the “Declaration”), and (ii) the Indenture relating to the issuance of the Subordinated Debt Securities dated the date hereof (the “Indenture”) (together, the
“Operative Documents”). In addition, we have made such investigations of law and fact as we have deemed appropriate as a basis for the opinion expressed below. 
 
It is our opinion that, under current law and assuming the performance of the Operative Documents in
accordance with the terms described therein, the Subordinated Debt Securities will be treated for United States federal income tax purposes as indebtedness of the Company. 
 
It is our opinion that the Trust will be classified for United States federal income tax purposes as a
grantor trust and not as an association taxable as a corporation. 
 
Our opinion is based on the U.S. Internal Revenue Code of 1986, as amended, Treasury regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date hereof and all of which are
subject to change, possibly on a retroactive basis. In rendering this opinion, we are expressing our views only as to the federal income tax laws of the United States of America. 
 

C-1 

 
ANNEX D

 
Pursuant to Section 5(d) of the Purchase Agreement, counsel
to the Guarantee Trustee, the Institutional Trustee, the Delaware Trustee and the Indenture Trustee shall deliver an opinion in substantially the following form: 
 
1. Wilmington Trust Company, (“WTC”), is a Delaware banking corporation with trust powers, duly
incorporated, validly existing and in good standing under the laws of the State of Delaware, with requisite corporate power and authority to execute and deliver, and to perform its obligations under, the Transaction Documents. 
 
2. The execution, delivery, and performance by WTC of the
Transaction Documents have been duly authorized by all necessary corporate action on the part of WTC, and the Transaction Documents have been duly executed and delivered by WTC. 
 
3. The execution, delivery and performance of the Transaction Documents by WTC and the consummation of any of
the transactions by WTC contemplated thereby are not prohibited by (i) the Charter or Bylaws of WTC, (ii) any law or administrative regulation of the State of Delaware or the United States of America governing the banking and trust powers of WTC, or
(iii) to our knowledge (based and relying solely on the Officer Certificates), any agreements or instruments to which WTC is a party or by which WTC is bound or any judgments or order applicable to WTC. 
 
4. The Debentures delivered on the date hereof have been
authenticated by due execution thereof and delivered by WTC, as Debenture Trustee, in accordance with the Corporation Order. The Capital Securities delivered on the date hereof have been authenticated by due execution thereof and delivered by WTC,
as Institutional Trustee, in accordance with the Trust Order. 
 
5. None of the execution, delivery and performance by WTC of the Transaction Documents and the consummation of any of the transactions by WTC contemplated thereby requires the consent, authorization, order or approval of, the
withholding of objection on the part of, the giving of notice to, the registration with or the taking of any other action in respect of, any governmental authority or agency, under any law or administrative regulation of the State of Delaware or the
United States of America governing the banking and trust powers of WTC, except for the filing of the Certificate for the Trust with the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Statutory Trust Act 12 Del.C.
§3801, et seq. (which filing has been duly made). 
 

D-1

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