Document:

EX-4.1

 Exhibit 4.1 
  

 
 MERCURY GENERAL CORPORATION

  
  

INDENTURE 
 Dated as of
                    , 20         

 
  

Wilmington Trust, National Association 

Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 Section 1.1.
	 	 Definitions.
	  	 	1	  
	 Section 1.2.
	 	 Other Definitions.
	  	 	4	  
	 Section 1.3.
	 	 Incorporation by Reference of Trust Indenture Act.
	  	 	5	  
	 Section 1.4.
	 	 Rules of Construction.
	  	 	5	  
		
	 ARTICLE II. THE SECURITIES
	  	 	5	  
	 Section 2.1.
	 	 Issuable in Series.
	  	 	5	  
	 Section 2.2.
	 	 Establishment of Terms of Series of Securities.
	  	 	6	  
	 Section 2.3.
	 	 Execution and Authentication.
	  	 	8	  
	 Section 2.4.
	 	 Registrar and Paying Agent.
	  	 	9	  
	 Section 2.5.
	 	 Paying Agent to Hold Money in Trust.
	  	 	10	  
	 Section 2.6.
	 	 Securityholder Lists.
	  	 	10	  
	 Section 2.7.
	 	 Transfer and Exchange.
	  	 	10	  
	 Section 2.8.
	 	 Mutilated, Destroyed, Lost and Stolen Securities.
	  	 	11	  
	 Section 2.9.
	 	 Outstanding Securities.
	  	 	12	  
	 Section 2.10.
	 	 Treasury Securities.
	  	 	12	  
	 Section 2.11.
	 	 Temporary Securities.
	  	 	12	  
	 Section 2.12.
	 	 Cancellation.
	  	 	13	  
	 Section 2.13.
	 	 Defaulted Interest.
	  	 	13	  
	 Section 2.14.
	 	 Global Securities.
	  	 	13	  
	 Section 2.15.
	 	 CUSIP Numbers.
	  	 	15	  
		
	 ARTICLE III. REDEMPTION
	  	 	15	  
	 Section 3.1.
	 	 Notice to Trustee.
	  	 	15	  
	 Section 3.2.
	 	 Selection of Securities to be Redeemed.
	  	 	15	  
	 Section 3.3.
	 	 Notice of Redemption.
	  	 	16	  
	 Section 3.4.
	 	 Effect of Notice of Redemption.
	  	 	16	  
	 Section 3.5.
	 	 Deposit of Redemption Price.
	  	 	17	  
	 Section 3.6.
	 	 Securities Redeemed in Part.
	  	 	17	  
		
	 ARTICLE IV. COVENANTS
	  	 	17	  
	 Section 4.1.
	 	 Payment of Principal and Interest.
	  	 	17	  
	 Section 4.2.
	 	 SEC Reports.
	  	 	17	  
	 Section 4.3.
	 	 Compliance Certificate.
	  	 	18	  
	 Section 4.4.
	 	 Stay, Extension and Usury Laws.
	  	 	18	  
		
	 ARTICLE V. SUCCESSORS
	  	 	18	  
	 Section 5.1.
	 	 When Company May Merge, Etc.
	  	 	18	  
	 Section 5.2.
	 	 Successor Corporation Substituted.
	  	 	19	  

  
 i 

							
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	19	  
	 Section 6.1.
	 	 Events of Default.
	  	 	19	  
	 Section 6.2.
	 	 Acceleration of Maturity; Rescission and Annulment.
	  	 	20	  
	 Section 6.3.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee.
	  	 	21	  
	 Section 6.4.
	 	 Trustee May File Proofs of Claim.
	  	 	22	  
	 Section 6.5.
	 	 Trustee May Enforce Claims Without Possession of Securities.
	  	 	22	  
	 Section 6.6.
	 	 Application of Money Collected.
	  	 	23	  
	 Section 6.7.
	 	 Limitation on Suits.
	  	 	23	  
	 Section 6.8.
	 	 Unconditional Right of Holders to Receive Principal and Interest.
	  	 	24	  
	 Section 6.9.
	 	 Restoration of Rights and Remedies.
	  	 	24	  
	 Section 6.10.
	 	 Rights and Remedies Cumulative.
	  	 	24	  
	 Section 6.11.
	 	 Delay or Omission Not Waiver.
	  	 	24	  
	 Section 6.12.
	 	 Control by Holders.
	  	 	24	  
	 Section 6.13.
	 	 Waiver of Past Defaults.
	  	 	25	  
	 Section 6.14.
	 	 Undertaking for Costs.
	  	 	25	  
		
	 ARTICLE VII. TRUSTEE
	  	 	26	  
	 Section 7.1.
	 	 Duties of Trustee.
	  	 	26	  
	 Section 7.2.
	 	 Rights of Trustee.
	  	 	27	  
	 Section 7.3.
	 	 Individual Rights of Trustee.
	  	 	28	  
	 Section 7.4.
	 	 Trustee’s Disclaimer.
	  	 	28	  
	 Section 7.5.
	 	 Notice of Defaults.
	  	 	28	  
	 Section 7.6.
	 	 Reports by Trustee to Holders.
	  	 	29	  
	 Section 7.7.
	 	 Compensation and Indemnity.
	  	 	29	  
	 Section 7.8.
	 	 Replacement of Trustee.
	  	 	30	  
	 Section 7.9.
	 	 Successor Trustee by Merger, Etc.
	  	 	31	  
	 Section 7.10.
	 	 Eligibility; Disqualification.
	  	 	31	  
	 Section 7.11.
	 	 Preferential Collection of Claims Against Company.
	  	 	31	  
		
	 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	31	  
	 Section 8.1.
	 	 Satisfaction and Discharge of Indenture.
	  	 	31	  
	 Section 8.2.
	 	 Application of Trust Funds; Indemnification.
	  	 	32	  
	 Section 8.3.
	 	 Legal Defeasance of Securities of any Series.
	  	 	33	  
	 Section 8.4.
	 	 Covenant Defeasance.
	  	 	34	  
	 Section 8.5.
	 	 Repayment to Company.
	  	 	36	  
	 Section 8.6.
	 	 Reinstatement.
	  	 	36	  
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	 	36	  
	 Section 9.1.
	 	 Without Consent of Holders.
	  	 	36	  
	 Section 9.2.
	 	 With Consent of Holders.
	  	 	37	  
	 Section 9.3.
	 	 Limitations.
	  	 	37	  
	 Section 9.4.
	 	 Compliance with Trust Indenture Act.
	  	 	38	  
	 Section 9.5.
	 	 Revocation and Effect of Consents.
	  	 	38	  
	 Section 9.6.
	 	 Notation on or Exchange of Securities.
	  	 	39	  
	 Section 9.7.
	 	 Trustee Protected.
	  	 	39	  
		
	 ARTICLE X. MISCELLANEOUS
	  	 	39	  
	 Section 10.1.
	 	 Trust Indenture Act Controls.
	  	 	39	  
	 Section 10.2.
	 	 Notices.
	  	 	39	  

  
 ii 

							
	 Section 10.3.
	 	 Communication by Holders with Other Holders.
	  	 	41	  
	 Section 10.4.
	 	 Certificate and Opinion as to Conditions Precedent.
	  	 	41	  
	 Section 10.5.
	 	 Statements Required in Certificate or Opinion.
	  	 	41	  
	 Section 10.6.
	 	 Rules by Trustee and Agents.
	  	 	41	  
	 Section 10.7.
	 	 Legal Holidays.
	  	 	42	  
	 Section 10.8.
	 	 No Recourse Against Others.
	  	 	42	  
	 Section 10.9.
	 	 Counterparts.
	  	 	42	  
	 Section 10.10.
	 	 Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.
	  	 	42	  
	 Section 10.11.
	 	 No Adverse Interpretation of Other Agreements.
	  	 	43	  
	 Section 10.12.
	 	 Successors.
	  	 	43	  
	 Section 10.13.
	 	 Severability.
	  	 	43	  
	 Section 10.14.
	 	 Table of Contents, Headings, Etc.
	  	 	43	  
	 Section 10.15.
	 	 Securities in a Foreign Currency.
	  	 	43	  
	 Section 10.16.
	 	 Judgment Currency.
	  	 	44	  
	 Section 10.17.
	 	 Force Majeure.
	  	 	44	  
	 Section 10.18.
	 	 U.S.A. Patriot Act.
	  	 	44	  
		
	 ARTICLE XI. SINKING FUNDS
	  	 	45	  
	 Section 11.1.
	 	 Applicability of Article.
	  	 	45	  
	 Section 11.2.
	 	 Satisfaction of Sinking Fund Payments with Securities.
	  	 	45	  
	 Section 11.3.
	 	 Redemption of Securities for Sinking Fund.
	  	 	46	  

  
 iii 

 MERCURY GENERAL CORPORATION 

Reconciliation and tie between Trust Indenture Act of 1939 and
 Indenture, dated as of
                , 20         
  

					
	§ 310(a)(1)	 		  	7.10
	(a)(2)	 		  	7.10
	(a)(3)	 		  	Not Applicable
	(a)(4)	 		  	Not Applicable
	(a)(5)	 		  	7.10
	(b)	 		  	7.10
	§ 311(a)	 		  	7.11
	(b)	 		  	7.11
	(c)	 		  	Not Applicable
	§ 312(a)	 		  	2.6
	(b)	 		  	10.3
	(c)	 		  	10.3
	§ 313(a)	 		  	7.6
	(b)(1)	 		  	7.6
	(b)(2)	 		  	7.6
	(c)(1)	 		  	7.6
	(d)	 		  	7.6
	§ 314(a)	 		  	4.2, 10.5
	(b)	 		  	Not Applicable
	(c)(1)	 		  	10.4
	(c)(2)	 		  	10.4
	(c)(3)	 		  	Not Applicable
	(d)	 		  	Not Applicable
	(e)	 		  	10.5
	(f)	 		  	Not Applicable
	§ 315(a)	 		  	7.1
	(b)	 		  	7.5
	(c)	 		  	7.1
	(d)	 		  	7.1
	(e)	 		  	6.14
	§ 316(a)	 		  	2.10
	(a)(1)(A)	 		  	6.12
	(a)(1)(B)	 		  	6.13
	(b)	 		  	6.8
	§ 317(a)(1)	 		  	6.3
	(a)(2)	 		  	6.4
	(b)	 		  	2.5
	§ 318(a)	 		  	10.1

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

  
 iv 

 Indenture dated as of
                , 20         between Mercury General Corporation, a company incorporated under the laws of California
(“Company”), and Wilmington Trust, National Association (“Trustee”). 
 Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture. 

ARTICLE I. 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.1. Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances
specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or
under common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to
any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof. 

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

“Business Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in
connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock. 
 “Company” means the party named as such above until a successor replaces it and
thereafter means the successor. 
 “Company Order” means a written order signed in the name of the Company by
an Officer. 

 “Corporate Trust Office” means the office of the Trustee at which at any
particular time its corporate trust business related to this Indenture shall be principally administered. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 “Depositary” means, with respect to the Securities of any Series issuable or issued in whole or in part in
the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person,
“Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be
due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 

“Dollars” and “$” means the currency of The United States of America. 

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

“Foreign Currency” means any currency or currency unit issued by a government other than the government of The United
States of America. 
 “Foreign Government Obligations” means, with respect to Securities of any Series that
are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not
callable or redeemable at the option of the issuer thereof. 
 “GAAP” means accounting principles generally accepted
in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the
form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Holder” or “Securityholder” means a person in whose name a Security is registered. 

  
 2 

 “Indenture” means this Indenture as amended or supplemented from time to
time and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 

“interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity. 
 “Maturity,” when used with respect to any Security, means the date on which the
principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Company. 
 “Officer’s
Certificate” means a certificate signed by any Officer. 
 “Opinion of Counsel” means a written
opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions.  

“person” means any individual, corporation, partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any
Additional Amounts in respect of, the Security. 
 “Responsible Officer” means any officer of the Trustee in
its Corporate Trust Office having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her
knowledge of and familiarity with a particular subject. 
 “SEC” means the Securities and Exchange
Commission. 
 “Securities” means the debentures, notes or other debt instruments of the Company of any
Series authenticated and delivered under this Indenture. 
 “Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 

“Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date
on which the principal of such Security or interest is due and payable. 
 “Subsidiary” of any specified
person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof. 

  
 3 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such
amendment, the Trust Indenture Act as so amended. 
 “Trustee” means the person named as the
“Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then
a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depositary receipt. 
 Section 1.2. Other Definitions. 

 

					
	 TERM
	  	DEFINED IN
SECTION	 
	 “Bankruptcy Law”
	  	 	6.1  	  
	 “Custodian”
	  	 	6.1  	  
	 “Event of Default”
	  	 	6.1  	  
	 “Judgment Currency”
	  	 	10.16	  
	 “Legal Holiday”
	  	 	10.7  	  
	 “mandatory sinking fund payment”
	  	 	11.1  	  
	 “New York Banking Day”
	  	 	10.16	  
	 “Notice Agent”
	  	 	2.4  	  
	 “optional sinking fund payment”
	  	 	11.1  	  
	 “Paying Agent”
	  	 	2.4  	  
	 “Registrar”
	  	 	2.4  	  
	 “Required Currency”
	  	 	10.16	  
	 “Specified Courts”
	  	 	10.10	  
	 “successor person”
	  	 	5.1  	  

  
 4 

 Section 1.3. Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.4. Rules of Construction. 

Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; and 

(e) provisions apply to successive events and transactions. 

ARTICLE II. 
 THE SECURITIES 

Section 2.1. Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be
issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of
the terms thereof pursuant to authority granted under a Board 

  
 5 

 
Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms
thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may
differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 

Section 2.2. Establishment of Terms of Series of Securities. 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1. the title (which shall distinguish the Securities of
that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2. the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be
issued; 
 2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

2.2.4. the date or dates on which the principal of the Securities of the Series is payable; 

2.2.5. the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates
(including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or
dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

2.2.6. the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the
Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such
payment, if by wire transfer, mail or other means; 
 2.2.7. if applicable, the period or periods within which, the price or prices at
which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 

  
 6 

 2.2.8. the obligation, if any, of the Company to redeem or purchase the Securities of the
Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed
or purchased, in whole or in part, pursuant to such obligation; 
 2.2.9. the dates, if any, on which and the price or prices at which
the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

2.2.10. if other than minimum denominations of $1,000 and any integral multiple in excess thereof, the minimum denominations in which the
Securities of the Series shall be issuable; 
 2.2.11. the forms of the Securities of the Series and whether the Securities will be
issuable as Global Securities; 
 2.2.12. if other than the principal amount thereof, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 

2.2.13. the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency
of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 

2.2.14. the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the
Securities of the Series will be made; 
 2.2.15. if payments of principal of or interest, if any, on the Securities of the Series are
to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 

2.2.16. the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be
determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

2.2.17. the provisions, if any, relating to any security provided for the Securities of the Series; 

2.2.18. any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in
the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 

2.2.19. any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

  
 7 

 2.2.20. any Depositaries, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those appointed herein; 
 2.2.21. the provisions, if any,
relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of
the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

2.2.22. any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to
such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and 

2.2.23. whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the
terms of subordination, if any, of such guarantees. 
 All Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

Section 2.3. Execution and Authentication. 

An Officer shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8. 

  
 8 

 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject
to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and
the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised
by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents or a committee of
Responsible Officers shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of
the Company. 
 Section 2.4. Registrar and Paying Agent. 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant
to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar shall keep a register with respect
to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment of the Trustee as the
Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company. 

The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from
time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so
specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice
Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent. 

  
 9 

 The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for
each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 

Section 2.5. Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company
in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities. 
 Section 2.6. Securityholder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other
times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 

Section 2.7. Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an
equal principal amount of Securities of the same Series, 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 Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 

  
 10 

 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of
business on the day such notice is sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or
being called for redemption in part. 
 Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

  
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 Section 2.9. Outstanding Securities. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary of the Company or an
Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to
accrue. 
 The Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or
otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below). 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
 Section 2.10. Treasury
Securities. 
 In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any
request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be
protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

Section 2.11. Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 

  
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 Section 2.12. Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that
it has paid or delivered to the Trustee for cancellation. 
 Section 2.13. Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record
date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful
manner. 
 Section 2.14. Global Securities. 

2.14.1. Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 

2.14.2. Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and
in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company
fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global
Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this Section 2.14.2, a Global
Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 

  
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 2.14.3. Legends. Any Global Security issued hereunder shall bear a legend in
substantially the following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 
 In addition, so long as The Depository Trust Company
(“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 

“UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 2.14.4. Acts of Holders. The Depositary, as a
Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

2.14.5. Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

2.14.6. Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such
principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for
purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

  
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 Section 2.15. CUSIP Numbers. 

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

ARTICLE III. 
 REDEMPTION 

Section 3.1. Notice to Trustee. 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities to be
redeemed. The Company shall give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee. 

Section 3.2. Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if
less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the
Depositary, (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed (and the Company shall notify the
Trustee of any such listing), or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable
stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for
redemption. Portions of the principal of Securities of the Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them selected for redemption shall be in amounts of $1,000 or whole
multiples of $1,000 in excess thereof or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof.
Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption. 

  
 15 

 Section 3.3. Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at
least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose
Securities are to be redeemed. 
 The notice shall identify the Securities of the Series to be redeemed and shall state: 

(a) the redemption date; 

(b) the redemption price; 

(c) the name and address of the Paying Agent; 

(d) if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed
and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of
the original Security; 
 (e) that Securities of the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price; 
 (f) that interest on Securities of the Series called for redemption ceases to
accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price; 
 (g) the
CUSIP number, if any; and 
 (h) any other information as may be required by the terms of the particular Series or the
Securities of a Series being redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such notice. 
 Section 3.4. Effect of Notice of
Redemption. 
 Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become
due and payable on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 

  
 16 

 Section 3.5. Deposit of Redemption Price. 

On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
 Section 3.6. Securities
Redeemed in Part. 
 Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security
of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV. 

COVENANTS 
 Section 4.1.
Payment of Principal and Interest. 
 The Company covenants and agrees for the benefit of the Holders of each Series of Securities
that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on the applicable payment
date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. 

Section 4.2. SEC Reports. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the
SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee
as of the time of such filing via EDGAR for purposes of this Section 4.2. 
 Delivery of reports, information and documents to the
Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

  
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 Section 4.3. Compliance Certificate. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge). 
 Section 4.4. Stay,
Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the
Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 ARTICLE V.

 SUCCESSORS 

Section 5.1. When Company May Merge, Etc. 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties
and assets to, any person (a “successor person”) unless: 
 (a) the Company is the surviving
corporation or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this
Indenture; and 
 (b) immediately after giving effect to the transaction, no Default or Event of Default, shall have
occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an
Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture. 

  
 18 

 Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or
transfer all or part of its properties to the Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith. 

Section 5.2. Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale,
conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 

ARTICLE VI. 
 DEFAULTS AND REMEDIES

 Section 6.1. Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following
events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance
of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the
30th day of such period); or 
 (b) default in the payment of
principal of any Security of that Series at its Maturity; or 
 (c) default in the performance or breach of any covenant
or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other
than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(d) the Company pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case, 

  
 19 

 (ii) consents to the entry of an order for relief against it in an involuntary
case, 
 (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, 

(iv) makes a general assignment for the benefit of its creditors, or 

(v) generally is unable to pay its debts as the same become due; or 

(e) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company in an involuntary case, 

(ii) appoints a Custodian of the Company or for all or substantially all of its property, or 

(iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or 

(f) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board
Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
 The term
“Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law. 
 The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming
aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof. 

Section 6.2. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and a copy to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an
Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. 

  
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 At any time after such a declaration of acceleration with respect to any Series has been made and
before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series
which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. 
 No such
rescission shall affect any subsequent Default or impair any right consequent thereon. 
 Section 6.3. Collection of Indebtedness
and Suits for Enforcement by Trustee. 
 The Company covenants that if 

(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such
default continues for a period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the
Maturity thereof, or 
 (c) default is made in the deposit of any sinking fund payment, if any, when and as due by the
terms of a Security, 
 then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed
therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents
and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of
an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities
and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
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 Section 6.4. Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise, 
 (a) to file and prove a claim for the whole amount of principal and interest owing
and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses, disbursements and advances
of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. 

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

Section 6.5. Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

  
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 Section 6.6. Application of Money Collected. 

Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by
the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 First: To the payment of all amounts due the Trustee under Section 7.7; and 

Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and 

Third: To the Company. 

Section 6.7. Limitation on Suits. 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (a) such Holder
has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series; 

(b) the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 
 (d) the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity or security has failed to institute any such proceeding; and 

(e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the
Holders of a majority in principal amount of the outstanding Securities of that Series; 
 it being understood, intended and expressly covenanted by the
Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the
rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of
all such Holders of the applicable Series. 

  
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 Section 6.8. Unconditional Right of Holders to Receive Principal and Interest. 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional,
to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit
for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 Section 6.9.
Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 6.10. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in
Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent
the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.11. Delay or Omission Not Waiver.

 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12. Control by Holders.

 The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that 

  
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 (a) such direction shall not be in conflict with any rule of law or with
this Indenture, 
 (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, 
 (c) subject to the provisions of Section 7.1, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

(d) prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity or
security satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

Section 6.13. Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all
the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of
such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon. 
 Section 6.14. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of
such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 

  
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 ARTICLE VII. 

TRUSTEE 
 Section 7.1.
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates
or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form
requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that: 
 (i) This paragraph does not limit the effect of
paragraph (b) of this Section. 
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the
outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such Series in accordance with Section 6.12. 
 (d) Every provision of this Indenture that in any
way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section. 

  
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 (e) The Trustee may refuse to perform any duty or exercise any right or
power unless it receives indemnity or security satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial
liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity or security against such risk is not assured to the Trustee in its satisfaction. 

(h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as
are set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee. 

Section 7.2. Rights of Trustee. 

(a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction. 

  
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 (g) The Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (h) The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture. 

(i) In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage. 

(j) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an
obligation or duty to do so. 
 Section 7.3. Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or
an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 

Section 7.4. Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 

Section 7.5. Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a
Responsible Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has
actual knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust
committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 

  
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 Section 7.6. Reports by Trustee to Holders. 

Within 60 days after each [                ] commencing
[                ], the Trustee shall transmit by mail, or send electronically in accordance with the procedures of the Depositary, to all Securityholders, as their
names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313. 

A copy of each report at the time of its sending to Securityholders of any Series shall be filed by the Company with the SEC and each national
securities exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange. 

Section 7.7. Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 
 The Company shall
indemnify each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to
so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The
Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 
 The Company need not reimburse any
expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence. 

To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all
money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 

  
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 When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

The provisions of this Section shall survive the termination of this Indenture. 

Section 7.8. Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and
the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 
 (a) the Trustee
fails to comply with Section 7.10; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief
is entered with respect to the Trustee under any Bankruptcy Law; 
 (c) a Custodian or public officer takes charge of
the Trustee or its property; or 
 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor
Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each
Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to
expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

  
 30 

 Section 7.9. Successor Trustee by Merger, Etc. 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10. 

Section 7.10. Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always
have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 

Section 7.11. Preferential Collection of Claims Against Company. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated. 
 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all
Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging satisfaction and discharge of this
Indenture, when 
 (a) either 

(i) all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost
or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 
 (ii) all such
Securities of such Series not theretofore delivered to the Trustee for cancellation 
 (1) have become due and payable by
reason of sending a notice of redemption or otherwise, or 
 (2) will become due and payable at their Stated Maturity within
one year, or 

  
 31 

 (3) have been called for redemption or are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

(4) are deemed paid and discharged pursuant to Section 8.3, as applicable; 

and the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of principal or interest are due; 
 (b) the Company has paid
or caused to be paid all other sums payable hereunder by the Company; and 
 (c) the Company shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and,
if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive. 

Section 8.2. Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.1, 8.3 or 8.4. 
 (b) The Company shall pay and shall indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations
other than any payable by or on behalf of Holders. 

  
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 (c) The Trustee shall deliver or pay to the Company from time to time upon
Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment
bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.3. Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 

(a) the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph
(d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit
of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 

(b) the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and 

(c) the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection
therewith; 
 provided that, the following conditions shall have been satisfied: 

(d) the Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in
respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient,
in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a 

  
 33 

 
written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any mandatory sinking fund payments in respect of all the
Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due; 

(e) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (f) no Default or Event of Default
with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect
that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

(h) the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by
the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(i) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Section 8.4. Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a
supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default
with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2.18
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected
thereby; provided that the following conditions shall have been satisfied: 

  
 34 

 (a) with reference to this Section 8.4, the Company has irrevocably
deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no
tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or
investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series
on the dates such installments of principal or interest are due; 
 (b) such deposit will not result in a breach or
violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(c) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on
the date of such deposit; 
 (d) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm, subject to customary exclusions, that the Holders of the Securities of such Series will not recognize income, gain or loss
for Federal income tax purposes as a result of such deposit, covenant defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit,
covenant defeasance and discharge had not occurred; 
 (e) The Company shall have delivered to the Trustee an
Officer’s Certificate stating the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(f) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 

  
 35 

 Section 8.5. Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates
another person. 
 Section 8.6. Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders. 

ARTICLE IX. 
 AMENDMENTS AND
WAIVERS 
 Section 9.1. Without Consent of Holders. 

The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any
Securityholder: 
 (a) to cure any ambiguity, defect or inconsistency; 

(b) to comply with Article V; 

(c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d) to add guarantees with respect to Securities of any Series or secure Securities of any Series; 

(e) to surrender any of the Company’s rights or powers under this Indenture; 

(f) to add covenants or events of default for the benefit of the holders of Securities of any Series; 

(g) to comply with the applicable procedures of the applicable depositary; 

  
 36 

 (h) to make any change that does not adversely affect the rights of any
Securityholder; 
 (i) to provide for the issuance of and establish the form and terms and conditions of Securities of
any Series as permitted by this Indenture; 
 (j) to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee; or 
 (k) to comply with requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA. 
 Section 9.2. With Consent of Holders. 

The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in
Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance
thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the
Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.3. Limitations. 

Without the consent of each Securityholder affected, an amendment or waiver may not: 

(a) reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 

  
 37 

 (c) reduce the principal or change the Stated Maturity of any Security or
reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 

(d) reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof; 

(e) waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a
rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration); 

(f) make the principal of or interest, if any, on any Security payable in any currency other than that stated in the
Security; 
 (g) make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or 

(h) waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s
option. 
 Section 9.4. Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect. 
 Section 9.5. Revocation and Effect of Consents. 

Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 

Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the
type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder’s Security. 
 The Company may, but shall not be obligated to, fix a record date
for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second
immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action,
whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

  
 38 

 Section 9.6. Notation on or Exchange of Securities. 

The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.

 Section 9.7. Trustee Protected. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with
Section 10.4. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its
rights, duties, liabilities or immunities under this Indenture. 
 ARTICLE X. 

MISCELLANEOUS 
 Section 10.1.
Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is
required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.2.
Notices. 
 Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is
duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day
delivery, to the others’ address: 
 if to the Company: 

Mercury General Corporation 

4484 Wilshire Boulevard 

Los Angeles, California 90010 

Attention: Ted Stalick 

Telephone: (323) 937-1060 

  
 39 

 with a copy to: 

Latham & Watkins LLP 

350 South Grand Avenue 

Los Angeles, California 90071 

Attention: Julian Kleindorfer 

Telephone: (213) 891-1234 

if to the Trustee: 
 Wilmington
Trust, National Association 
 Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890 

Attention: Mercury General Administrator 

Telephone: (302) 636-6432 

with a copy to: 

Covington & Burling LLP 

The New York Times Building 

620 Eighth Avenue 

New York, NY 10018 

Attention: Ronald A. Hewitt 

Telephone: (212) 841-1220 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication to a Securityholder shall be sent electronically or by first-class mail to his address shown on the register
kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of
that or any other Series. 
 If a notice or communication is sent or published in the manner provided above, within the time prescribed, it
is duly given, whether or not the Securityholder receives it. 
 If the Company sends a notice or communication to Securityholders, it shall
send a copy to the Trustee and each Agent at the same time. 
 Notwithstanding any other provision of this Indenture or any Security, where
this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its
designee) pursuant to the customary procedures of such Depositary. 

  
 40 

 Section 10.3. Communication by Holders with Other Holders. 

Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 10.4. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of
Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 10.5.
Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

(a) a statement that the person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such person, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 Section 10.6. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions. 

  
 41 

 Section 10.7. Legal Holidays. 

A “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

Section 10.8. No Recourse Against Others. 

A director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of
the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for the issue of the Securities. 
 Section 10.9. Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes. 
 Section 10.10. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 THE COMPANY, THE TRUSTEE (AND ITS AGENTS) AND THE HOLDERS (BY THEIR ACCEPTANCE
OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. 
 Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions
contemplated hereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified
Courts”), and each party irrevocably submits to the non exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable
statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their acceptance of the
Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or  

  
 42 

 
other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient
forum. 
 Section 10.11. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.12. Successors. 

All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor. 
 Section 10.13. Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.14. Table of
Contents, Headings, Etc. 
 The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.15. Securities in a Foreign Currency. 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to
Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series
or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which
shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the
purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source
as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than
Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 

  
 43 

 All decisions and determinations provided for in the preceding paragraph shall, in the absence of
manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 

Section 10.16. Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of
obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be
rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment
Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in
The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such
tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for
the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to close. 
 Section 10.17. Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
 Section 10.18. U.S.A. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 44 

 ARTICLE XI. 

SINKING FUNDS 
 Section 11.1.
Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of the
Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a
“mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of
any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the
Securities of such Series. 
 Section 11.2. Satisfaction of Sinking Fund Payments with Securities. 

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and
(2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities
(except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so
credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the
delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment,
provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by
the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 

  
 45 

 Section 11.3. Redemption of Securities for Sinking Fund. 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking
fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

  
 46 

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

			
	MERCURY GENERAL CORPORATION
		
	By:	 	 
	Name: Gabriel Tirador
	Its: President and Chief Executive Officer
	  
 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 
	Name:
	Its:EXHIBIT 10.1

 

 

 

 

 

 

QCR HOLDINGS, INC.

NON-QUALIFIED SUPPLEMENTAL EXECUTIVE

RETIREMENT PLAN

 

 

 

 

(As Amended and Restated December 22, 2016)

 

 

 

 

 

 

     

     

    

QCR HOLDINGS, INC.

 

NON-QUALIFIED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(Amended and Restated DECEMBER 22, 2016)

 

 

QCR Holdings, Inc. (the “Company”)
and its affiliates have previously implemented and currently sponsor and maintain the QCR Holdings, Inc. Non-Qualified Supplemental
Executive Retirement Plan (As Amended and Restated July 24, 2008) (the “Plan”). As of December 22, 2016,
the Plan is hereby amended and restated in its entirety. All obligations under the Plan will continue to be solely borne by the
Company or the affiliate that employs a participating Executive (the “Employer”).

 

The purpose of this Plan is to provide supplemental
retirement benefits to selected Executives, each of whom is a member of a select group of management or highly compensated employees
who contribute materially to the continued growth, development and future business success of the Employer. This Plan shall be
unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended.

 

SECTION
I

DEFINITIONS

 

When used herein, the following words and phrases
shall have the meanings below unless the context clearly indicates otherwise:

 

	1.1	“Accrued Benefit” means as of any date, that portion of the Supplemental Retirement
Benefit which is required to be expensed and accrued under generally accepted accounting principles (GAAP) where such benefit is
computed with all current census data as of the date of the relevant determination.
	 	 

	1.2	“Act” means the Employee Retirement Income Security Act of 1974, as amended
from time to time.
	 	 

	1.3	“Administrator” means the Board of the Employer, or a designated committee thereof.
	 	 

	1.4	“Beneficiary” means the person or persons (and their heirs) designated as Beneficiary
by the Executive to whom the deceased Executive’s benefits are payable. If no Beneficiary is so designated, then the Executive’s
Spouse, if living, will be deemed the Beneficiary. If the Executive’s Spouse is not living, then the Children of the Executive
will be deemed the Beneficiaries and will take on a per stirpes basis. If there are no living Children, then the Estate of the
Executive will be deemed the Beneficiary.
	 	 

	1.5	“Benefit Age” shall be the birthday on which the Executive attains the age of
65, unless otherwise set forth in such Executive’s Joinder Agreement.
	 	 

	1.6	“Benefit Eligibility Date” shall be the later of (1) the 1st day
of the month following the month in which the Executive attains the Benefit Age, or (ii) the 1st day of the month following
the month in which the Executive actually Retires.
	 	 

	1.7	“Benefit Commencement Date” shall mean the date set forth in Section 4.1.
	 	 

     

     

    

	 	 

	1.8	“Board” shall mean the Board of Directors of the Company, unless specifically
noted otherwise.
	 	 

	1.9	“Cause” shall mean:
	 	 

		(A)	as such term is defined in an employment agreement between the Executive and an Employer, or if
no such agreement or definition exists, then as provided below in this Section 1.9;
	 	 	 

		(B)	a material violation by the Executive of any applicable material law or regulation respecting the
business of the Employer;
	 	 	 

		(C)	the Executive being found guilty of a felony, an act of dishonesty in connection with the performance
of his duties as an officer of the Employer, or an act or acts which disqualify the Executive from serving as an officer or director
of the Employer; or
	 	 	 

		(D)	the willful or negligent failure of the Executive to perform his duties in any material respect.
	 	 	 

	1.10	A “Change in Control” shall mean and include the following with respect to the
Company, or as provided below, the Employer and shall be deemed to have occurred on the earliest of the following dates:
	 	 

		(A)	The date of the consummation of the acquisition by any person (as such term is defined in Section
13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) of beneficial ownership (within
the meaning of Rule 13d-3 promulgated under the 1934 Act) of thirty-three percent (33%) or more of the combined voting power of
the then outstanding voting securities of the Company or the Employer; or
	 	 	 

		(B)	The date that individuals who, as of the date hereof, are members of the Board of Directors of
the Company (the “Company Board”) cease for any reason during any 12 month period, to constitute a majority of the
Company Board, unless the election, or nomination for election by the stockholders, of any new director was approved by a vote
of a majority of the Company Board, and such new director shall, for purposes of this Plan, be considered as a member of the Company
Board; or
	 	 	 

		(C)	The date of the consummation by the Company, or the Employer, of (i) a merger or consolidation
if the stockholders of the Company, immediately before such merger or consolidation, do not, as a result of such merger or consolidation,
own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities
of the entity resulting from such merger or consolidation, in substantially the same proportion as their ownership of the combined
voting power of the voting securities of the Company outstanding immediately before such merger or consolidation or (ii) a complete
liquidation or dissolution or an agreement for the sale or other disposition of two-thirds or more of the consolidated assets of
the Company or the Employer.
	 	 	 

Notwithstanding the foregoing, a Change
in Control shall not be deemed to occur solely because thirty-three percent (33%) or more of the combined voting power of the then
outstanding securities of the Company or the Employer is acquired by (i) a trustee or other fiduciary holding securities under
one or more employee benefit plans maintained for employees of the entity or (ii) any corporation which, immediately prior to such
acquisition, is owned directly or indirectly by the stockholders of the Company or the Employer in substantially the same proportion
as their ownership of stock of the Company or the Employer immediately prior to such acquisition.

 

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In the event that any benefit under the
Plan constitutes Deferred Compensation (as defined in Section 409A) and the settlement of or distribution of benefits under this
Plan is to be triggered by a Change in Control, then such settlement or distribution shall be subject to the event constituting
the Change in Control also constituting a “change in control event” permitted under Section 409A.

 

	1.11	“Change in Control Termination” means the Executive’s Termination of Employment
either voluntary or involuntary which occurs within twenty-four (24) months of a Change in Control.
	 	 

	1.12	“Children” means the Executive’s children, or the issue of any deceased
Children, then living at the time payments are due the Children under this Plan. The term “Children” shall include
both natural and adopted Children.
	 	 

	1.13	“Code” means the Internal Revenue Code of 1986, as amended, and regulations
promulgated thereunder from time to time.
	 	 

	1.14	“Company” means QCR Holdings, Inc., or its successor.
	 	 

	1.15	“Disabled” means that the Executive: (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death
or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering
the Employer’s employees.
	 	 

	1.16	“Disability Benefit” means the monthly benefit payable to the Executive following
a determination, in accordance with Section 4.10, that he is Disabled.
	 	 

	1.17	“Early Retirement” means the Executive’s Termination of Employment following
the Executive’s attainment of age 55 and completion of ten (10) Years of Service with the Employer or affiliated entity provided
the Original Effective Date of the Executive’s Joinder Agreement is at least two (2) years prior to his Termination of Employment.
	 	 

	1.18	“Early Retirement Eligibility Date” means the date on which the Executive is
first eligible for Early Retirement.
	 	 

	1.19	“Employer” means the Company or the affiliated entity which employs the Executive,
as reflected in the applicable Joinder Agreement, or any successor thereto.
	 	 

	1.20	“Executive” means a key employee of the Employer selected by the Company to
participate in the Plan.
	 	 

	1.21	“Estate” means the estate of the Executive.
	 	 

	1.22	“Full-Time” means employment during a Plan Year in which the Executive works
at least 1,600 hours.
	 	 

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	1.23	“Interest Factor” unless specifically designated otherwise in this Section or
in another place in this Plan, means annual compounding or discounting, as applicable, at six percent (6%). In the event a lump
sum benefit is paid to Executive upon a Change in Control, for purposes of determining the value of an Executive’s lump sum
benefit, the Interest Factor shall mean 120% of the semiannual applicable federal rate (AFR) as determined under Code Section 1274(d).
	 	 

	1.24	“Joinder Agreement” means the Non-Qualified Supplemental Executive Retirement
Plan Joinder Agreement between the Executive and Employer.
	 	 

	1.25	“Original Effective Date” is the date of a prior Joinder Agreement, if any,
and set forth in the current Joinder Agreement, and if no such prior Joinder Agreement existed, then the date of execution of the
Joinder Agreement.
	 	 

	1.26	“Part-Time” means employment on less than a Full-Time basis.
	 	 

	1.27	“Payout Period” means the time frame during which benefits payable hereunder
shall be distributed pursuant to the applicable distribution provisions set forth in this Plan.
	 	 

	1.28	“Plan Year” shall mean the calendar year.
	 	 

	1.29	“Retire(s)” or “Retirement” means the Executive’s Termination
of Employment following Executive’s attainment of Benefit Age.
	 	 

	1.30	“Section 409A” means Code Section 409A and any U.S. Treasury regulations and
guidance promulgated thereunder.
	 	 

	1.31	“Separation from Service” shall mean an Executive’s “separation
from service” as determined under Treas. Reg. Section 1.409A-1(h).
	 	 

	1.32	“Specified Employee” means any Executive who is a “key employee”
(as defined in Code Section 416(i) without regard to paragraph (5) thereof), as determined by the Administrator based upon the
12-month period ending on each December 31st (such 12-month period is referred to below as the “identification
period”). All Executives who are determined to be key employees under Code Section 416(i) (without regard to paragraph
(5) thereof) during the identification period shall be treated as Specified Employees for purposes of the Plan during the 12-month
period that begins on the April 1 following the close of such identification period. For purposes of determining whether an individual
is a key employee under Code Section 416(i), “compensation” shall mean such individual’s W-2 compensation as
reported by the Employer for a particular calendar year.
	 	 

	1.33	“Spouse” means the individual to whom the Executive is legally married at the
time of the Executive’s death, provided, however, that the term “Spouse” shall not refer to an individual to
whom the Executive is legally married at the time of death if the Executive and such individual have entered into a formal separation
agreement (provided that such separation agreement does not provide otherwise or state that such individual is entitled to a portion
of the benefit hereunder) or formally initiated divorce proceedings through the courts.
	 	 

	1.34	“Supplemental Retirement Benefit” means, unless otherwise provided in a Joinder
Agreement, an annual amount (before taking into account federal and state income taxes), equal to two and one-half percent
(21⁄2%) (or a pro-rata percentage of 21⁄2% for each Year of Service in which the Executive is employed Part-Time) for
each Year of Service until the Executive attains his Benefit Age (not to exceed 40 Years of Service) with a maximum of seventy
percent (70%), multiplied by the average annual base salary plus cash bonus (excluding insurance bonus compensation) for the three (3)
most recently completed Plan Years in which Executive is a Full-Time Employee. Such Supplemental Retirement Benefit shall be reduced
by the annual benefit derived from any Employer contributions plus earnings thereon to the credit of Executive in the Company’s
or the Employer’s 401(k) or other deferred compensation plans in which Executive is also a participant calculated in accordance
with the projections conducted at the time the Plan is adopted. The Supplemental Retirement Benefit shall be payable in monthly
installments throughout the Payout Period.
	 	 

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	1.35	“Supplemental Early Retirement Benefit” means, unless otherwise provided in
a Joinder Agreement, an annual amount (before taking into account federal and state income taxes) payable under Section 4.7
of the Plan in the event of the Executive’s Early Retirement.
	 	 

	1.36	“Survivor’s Benefit” means, if the Employer has obtained insurance on
the life of the Executive, an amount payable to the Beneficiary in a single lump sum (unless otherwise provided in the Joinder
Agreement) equal to the amount designated in the Executive’s Joinder Agreement as the “Survivor’s Benefit.”
If the Employer has not obtained insurance on the life of the Executive, the Survivor’s Benefit shall be equal to the Accrued
Benefit of the Executive as of Executive’s date of death, and payable in a single lump sum (unless otherwise provided in
the Joinder Agreement).
	 	 

	1.37	“Termination of Employment” means the Executive ceases to be employed by the
Employer for any reason whatsoever, other than by reason of a leave of absence which is approved by the Employer, provided such
termination constitutes a Separation from Service.
	 	 

	1.38	“Year of Service” means a 12 month period during which Executive is employed
on a Full-Time or Part-Time basis. A year of service can be measured on the basis of anniversary dates from the Executive’s
date of hire in the discretion of the Board.
	 	 

SECTION
II

ESTABLISHMENT OF RABBI TRUST

 

The Employer may establish a rabbi trust into
which the Employer intends to contribute assets which shall be held therein, subject to the claims of the Employer’s creditors
in the event of the Employer’s “Insolvency” as defined in the agreement which establishes such rabbi trust, until
the contributed assets are paid to the Executives and their Beneficiaries in such manner and at such times as specified in this
Plan. It is the intention of the Employer to make contributions to the rabbi trust to provide the Employer with a source of funds
to assist it in meeting the liabilities of this Plan. The rabbi trust and any assets held therein shall conform to the terms of
the rabbi trust agreement which has been established in conjunction with this Plan. To the extent the language in this Plan is
modified by the language in the rabbi trust agreement, the rabbi trust agreement shall supersede this Plan. Any contributions to
the rabbi trust shall be made during each Plan Year in accordance with the rabbi trust agreement. The amount of such contribution(s)
shall be equal to the full present value of all benefit accruals under this Plan, if any, less: (i) previous contributions made
on behalf of the Executive to the rabbi trust, and (ii) earnings to date on all such previous contributions, as may be applicable.
In the event of a Change in Control, the Employer shall transfer to the rabbi trust within thirty (30) days prior to such Change
in Control, the present value of an amount sufficient to fully fund the Supplemental Early Retirement Benefit for each Executive
covered by this Plan.

 

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SECTION
III

SELECTION & ELIGIBILITY

 

	3.1	Selection by Company. Participation in the Plan shall be limited to a select group of management
and highly compensated employees of an Employer and/or the Company. From that group, the Company shall select, in its sole discretion,
employees of an Employer to participate in the Plan.
	 	 

	3.2	Enrollment Requirements. As a condition to participation, each selected employee shall complete,
sign and return to the Administrator a Joinder Agreement and a Beneficiary Designation Form. In addition, the Administrator, in
its sole discretion, shall establish from time to time such other enrollment requirements as it determines in its sole discretion
are necessary.
	 	 

	3.3	Eligibility; Commencement of Participation. Provided an employee selected to participate
in the Plan has met all enrollment requirements set forth in this Plan and required by the Administrator, that employee shall commence
participation in the Plan on the date specified by the Administrator. If a selected employee fails to meet all such requirements
prior to that date, the employee shall not be eligible to participate in the Plan until the completion of those requirements.
	 	 

	3.4	Termination of Participation. If the Administrator determines in good faith that an Executive
no longer qualifies as a member of a select group of management or highly compensated employees, as membership in such group is
determined in accordance with Section 201(2) of ERISA, the Administrator may, to the extent permitted by Section 409A, preclude
the Executive from further participation in the Plan.
	 	 

	3.5	Terms of Participation. The Administrator shall have the discretion and authority to vary
the terms applicable to an Executive’s participation in the Plan provided that any such varied terms must be set forth in
the particular Executive’s Joinder Agreement or an amendment thereto.
	 	 

SECTION
IV

BENEFITS

 

	4.1	Benefit Commencement Date. An Executive’s Benefit Commencement Date shall be the earliest
to occur of the following dates:
	 	 

		(A)	The date the Executive reaches his Benefit Eligibility Date;
	 	 	 

		(B)	The date the Executive dies;
	 	 	 

		(C)	The date of the Executive’s Early Retirement;
	 	 	 

		(D)	The date of the Executive’s Change in Control Termination; or
	 	 	 

		(E)	The Early Termination Eligibility Date in the event of a termination under Section 4.6.
	 	 	 

	4.2	Time of Distribution. Distributions pursuant to the Plan shall be paid in accordance with
Section 4.4, 4.5, 4.6, 4.7, 4.8 and 4.10 provided that:
	 	 

		(A)	Any distribution to be made in a lump sum shall be paid no later than sixty (60) days following
the Executive’s Benefit Commencement Date.
	 	 	 
	

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		(B)	Any distributions to be paid in the form of monthly installments shall commence no later than sixty
(60) days following the Executive’s Benefit Commencement Date and thereafter shall be made no later than fifteen (15) days
after the last business day of the preceding month and continue for One Hundred Eighty (180) months.
	 	 	 

		(C)	If, as of the effective date of an Executive’s Termination of Employment, the Company is
publicly traded and the Executive is a Specified Employee, then, to the extent required pursuant to Section 409A, payment of any
portion of his Supplemental Retirement Benefit that would otherwise have been paid to the Executive during the six-month period
following his Termination of Employment and which would constitute deferred compensation under Section 409A (the “Delayed
Payments”) shall be delayed until the date that is six (6) months and one day following Executive’s Termination
of Employment or, if earlier, the date of the Executive’s death (the “Delayed Payment Date”). As of the
Delayed Payment Date, the Delayed Payments plus interest at a rate equal to the Interest Factor, for the period of delay, shall
be paid to the Executive in a single lump sum. Any portion of the Supplemental Retirement Benefit that was not otherwise due to
be paid during the six-month period following the Executive’s Termination of Employment shall be paid to the Executive in
accordance with the payment schedule set forth under the applicable distribution provision of this Plan.
	 	 	 

		(D)	Notwithstanding any provisions of the Plan or any Joinder Agreement to the contrary, if Executive’s
Accrued Benefit, along with any other nonqualified deferred compensation that must be aggregated with this Plan pursuant to Section
409A, as of such Executive’s Termination of Employment has an aggregate value of not greater than the applicable dollar limit
under Code Section 402(g)(1)(B) ($18,000 for calendar year 2016), the Executive’s Accrued Benefit, and all other plans aggregated
with this Plan pursuant to Section 409A, shall be paid to the Executive in a lump sum payment on or before the later of:
	 	 	 

		(1)	December 31st of the calendar year in which the Executive’s Termination of Employment occurs;
or
	 	 	 

		(2)	the 15th day of the third month following the Executive’s Termination of Employment.
	 	 	 

Upon the date of payment pursuant to this
Section 4.2, Executive shall have no further interest under the Plan or any similar deferred compensation arrangements,
as defined under Section 409A with the Employer.

 

	4.3	Change to Time or Manner of Payment. Any changes made to the time or form of payment shall
be subject to the following constraints:
	 	 

		(A)	Any change shall be subject to approval of the Administrator;
	 	 	 

		(B)	The change to modify the time or form of payment shall not take effect until at least twelve (12)
months after the date on which the change is made;
	 	 	 

		(C)	The first payment pursuant to the change shall be delayed for a period of not less than five (5)
years from the Executive’s originally scheduled Benefit Commencement Date; and
	 	 	 
	

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		(D)	Notwithstanding the foregoing, the Administrator shall interpret all provisions relating to the
change under this Section in a manner that is consistent with Section 409A.
	 	 	 

	4.4	Retirement Benefit. If the Executive is in service with the Employer until reaching his
Benefit Age, the Executive shall be entitled to the Supplemental Retirement Benefit. Such benefit shall commence on the Executive’s
Benefit Commencement Date and shall be payable in monthly installments throughout the Payout Period. In the event the Executive
dies at any time after attaining his Benefit Age, but prior to the commencement or completion of all such payments due and owing
hereunder, the Employer shall pay to the Executive’s Beneficiary a lump sum payment equal to the Accrued Benefit at the time
of death.
	 	 

	4.5	Death Prior to Benefit Age. If the Executive dies prior to attaining his Benefit Age, but
while employed at the Employer, the Executive’s Beneficiary shall be entitled to the Survivor’s Benefit. Payment of
the Survivor’s Benefit shall commence within thirty (30) days of the Executive’s death and shall be payable as provided
in Section 1.36.
	 	 

	4.6	Involuntary Termination (Other Than for Cause) or Voluntary Termination of Employment. If
the Executive’s employment with the Employer is involuntarily terminated prior to the attainment of his Benefit Age, for
any reason other than: (i) for Cause; (ii) a Change in Control Termination; (iii) the Executive’s death; (iv) Disability;
or (v) if the Executive voluntarily terminates his employment, other than due to Early Retirement, as defined below, then the Executive
(or his Beneficiary) shall be entitled to Executive’s Accrued Benefit determined at the time of the Executive’s Termination
of Employment. Such benefit shall commence on the first day of the first month following the Early Retirement Benefit Eligibility
Date, shall be annuitized (using the Interest Factor) and be payable in monthly installments throughout the Payout Period. For
purposes of clarity, such amounts shall not be credited with the Interest Factor prior to Benefit Commencement Date. In the event
the Executive dies prior to his Benefit Commencement Date, the Employer shall pay to the Executive’s Beneficiary a Survivor’s
Benefit calculated as if the Employer had not obtained insurance on the Executive. In the event the Executive dies prior to completion
of all such payments due and owing hereunder, the Employer shall pay to the Executive’s Beneficiary a lump sum payment equal
to the Accrued Benefit at the time of death.
	 	 

	4.7	Early Retirement Prior to Benefit Age. If the Executive terminates employment due to Early
Retirement prior to attainment of his Benefit Age, Executive shall be entitled to receive the Supplemental Early Retirement Benefit,
as described below. The Supplemental Early Retirement Benefit shall be the Executive’s Supplemental Retirement Benefit calculated
using the Executive’s Years of Service on the date of the Executive’s Early Retirement. Such benefit shall commence
on the Executive’s Benefit Commencement Date and shall be payable in monthly installments throughout the Payout Period. In
the event the Executive dies following his Termination of Employment prior to completion of all such payments due and owing hereunder,
the Employer shall pay to the Executive’s Beneficiary a lump sum payment equal to the Accrued Benefit at the time of death.
	 	 

	4.8	Change in Control Termination. If an Executive experiences a Change in Control Termination,
the Executive shall be entitled to receive the Executive’s Supplemental Retirement Benefit calculated using the Executive’s
Years of Service as of Executive’s Termination of Employment (without regard to a minimum number of Years of Service or age).
Unless otherwise provided in the Joinder Agreement, such benefit shall commence on the Executive’s Benefit Commencement Date
and shall be payable in monthly installments throughout the Payout Period. In the event the Executive dies following his Change
in Control Termination and prior to commencement or completion of all such payments due and owing hereunder, the Employer shall
pay to the Executive’s Beneficiary a lump sum payment equal to the Accrued Benefit at the time of death.
	 	 

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	4.9	Termination for Cause. Other than with respect to a Change in Control Termination, if the
Executive is terminated for Cause, all benefits under this Plan shall be forfeited and this Plan shall become null and void with
respect to the Executive or the Executive’s Beneficiaries. In the event of a Change in Control Termination for Cause, the
benefit here under shall be calculated as an Early Retirement occurrence on the Change in Control date.
	 	 

	4.10	Disability Benefit. Notwithstanding any other provision hereof, if the Executive becomes
Disabled and then experiences a Termination of Employment, the Executive shall be entitled to receive his Disability Benefit hereunder.
The Disability Benefit shall be the Executive’s Accrued Benefit on the date of the Executive’s Termination of Employment
due to Disability. Such benefit shall be annuitized (using the Interest Factor) and be payable as of the Executive’s Benefit
Commencement Date and shall be payable commencing on the first day of the first month following the Benefit Eligibility Date and
shall be paid in the form of monthly installments throughout the Payout Period. For purposes of clarity, such Accrued Benefit amount
shall be credited with the Interest Factor prior to Benefit Eligibility Date. In the event the Executive dies at any time after
Termination of Employment due to disability but prior to his Benefit Commencement Date, the Employer shall pay to the Executive’s
Beneficiary a lump sum payment equal to the Accrued Benefit at the time of death.
	 	 

	4.11	Additional Death Benefit - Burial Expense. Unless provided under any other plan or agreement,
in addition to the above-described death benefits, upon the Executive’s death, the Executive’s Beneficiary shall be
entitled to receive a one-time lump sum death benefit in the amount of Ten Thousand ($10,000.00) Dollars. This benefit shall be
provided specifically for the purpose of providing payment for burial and/or funeral expenses of the Executive. Such death benefit
shall be payable within thirty (30) days of the Executive’s death. The Executive’s Beneficiary shall not be entitled
to such benefit if the Executive is terminated for Cause prior to death.
	 	 

SECTION
V

BENEFICIARY DESIGNATION

 

The Executive shall make an initial designation
of primary and secondary Beneficiaries upon execution of his Joinder Agreement and shall have the right to change such designation,
at any subsequent time, by submitting to the Administrator in substantially the form attached as Exhibit A to the Joinder
Agreement, a written designation of primary and secondary Beneficiaries. Any Beneficiary designation made subsequent to execution
of the Joinder Agreement shall become effective only when receipt thereof is acknowledged in writing by the Administrator. The
most recent Beneficiary designation acknowledged in writing by the Administrator shall apply at the time of the Executive’s
death.

 

SECTION
VI

EXECUTIVE’S RIGHT TO ASSETS:

ALIENABILITY AND ASSIGNMENT PROHIBITION

 

At no time shall the Executive be deemed to
have any lien, right, title or interest in or to any specific investment or asset of the Employer. The rights of the Executive,
any Beneficiary, or any other person claiming through the Executive under this Plan, shall be solely those of an unsecured general
creditor of the Employer. The Executive, the Beneficiary, or any other person claiming through the Executive, shall only have the
right to receive from the Employer those payments so specified under this Plan. Neither the Executive nor any Beneficiary under
this Plan shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber
in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts,
judgments, alimony or separate maintenance owed by the Executive or his Beneficiary, nor be transferable by operation of law in
the event of bankruptcy, insolvency or otherwise.

 

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SECTION
VII

Regulatory Suspension and Termination

 

	7.1	If the Executive is suspended from office and/or temporarily prohibited from participating in the
conduct of the Employer’s affairs by a notice served under Section 8(e)(3) (12 U.S.C. §1818(e)(3)) or 8(g) (12 U.S.C.
§1818(g)) of the Federal Deposit Insurance Act, as amended, the Employer’s obligations under this Plan shall be suspended
as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Employer shall
(A) pay the Executive all of the compensation withheld while their contract obligations were suspended and (B) reinstate any of
the obligations, which were suspended.
	 	 

	7.2	If the Executive is removed and/or permanently prohibited from participating in the conduct of
the Employer’s affairs by an order issued under Section 8(e) (12 U.S.C. §1818(e)) or 8(g) (12 U.S.C. §1818(g))
of the Federal Deposit Insurance Act, as amended, all obligations of the Employer under this contract shall terminate as of the
effective date of the order.
	 	 

	7.3	If the Employer is in default as defined in Section 3(x) (12 U.S.C. §1813(x)(1)) of the Federal
Deposit Insurance Act, as amended, all obligations of the Employer under this Plan shall terminate as of the date of default.
	 	 

	7.4	All obligations of the Employer under this Plan shall be terminated, except to the extent determined
that continuation of the contract is necessary for the continued operation of the institution by the Federal Deposit Insurance
Corporation (the “FDIC”), at the time the FDIC enters into an agreement to provide assistance to or on behalf of the
Employer under the authority contained in Section 13(c) (12 U.S.C. §1823(c)) of the Federal Deposit Insurance Act, as amended,
or when the Employer is determined by the FDIC to be in an unsafe or unsound condition.
	 	 

	7.5	Any payments made to the Executive pursuant to this Plan, or otherwise, are subject to and conditioned
upon their compliance with Section 18(k) (12 U.S.C. § 1828(k)) of the Federal Deposit Insurance Act as amended, and any regulations
promulgated thereunder, if the Employer is subject to such rules and regulations.
	 	 

SECTION
VIII

ADMINISTRATION AND CLAIMS PROVISIONS

 

	8.1	Named Fiduciary and Administrator. The Employer shall be the Named Fiduciary and Administrator
(the “Administrator”) of this Plan with respect to such Employer’s Executives. As Administrator, the Employer
shall be responsible for the management, control and administration of the Plan as established herein. The Administrator may delegate
to others certain aspects of the management and operational responsibilities of the Plan, including the employment of advisors
and the delegation of ministerial duties to qualified individuals.
	 	 

	8.2	Presentation of Claim. Any Executive or Beneficiary of a deceased Executive (such Executive
or Beneficiary being referred to below as a “Claimant”) may deliver to the Administrator a written claim for
a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents
of a notice received by the Claimant, the claim must be made within 60 days after such notice was received by the Claimant. All
other claims must be made within 180 days of the date on which the event that caused the claim to arise occurred. The claim must
state with particularity the determination desired by the Claimant.
	 	 

    	10

     

    

	 	 

	8.3	Notification of Decision. The Administrator shall consider a Claimant’s claim within
a reasonable time; provided that claims based on Disability shall be considered within 45 days, unless, within such time, the Administrator
notifies the Claimant in writing that a 30-day extension is required pursuant to Labor Regulation 2560.503-1. Once a decision is
made, the Administrator shall notify the Claimant in writing:
	 	 

		(A)	that the Claimant’s requested determination has been made, and that the claim has been allowed
in full; or
	 	 	 

		(B)	that the Administrator has reached a conclusion contrary, in whole or in part, to the Claimant’s
requested determination, and such notice must set forth in a manner calculated to the understood by the Claimant:
	 	 	 

		(1)	the specific reason(s) for the denial of the claim, or any part of it;
	 	 	 

		(2)	the specific reference(s) to pertinent provisions of the Plan upon which such denial was based;
	 	 	 

		(3)	a description of any additional material or information necessary for the Claimant to perfect the
claim, and an explanation of why such material or information is necessary; and
	 	 	 

		(4)	an explanation of the claim review procedure set forth in Section 8.4 below, including Claimant’s
right to bring a civil action as described in Section 8.6.
	 	 	 

	8.4	Review of a Denied Claim. Within 60 days (180 days for a claim based on Disability) after
receiving a notice from the Administrator that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s
duly authorized representative) may file with the Administrator a written request for a review of the denial of the claim. Therefore,
but not later than 30 days after the review procedure began, the Claimant (or the Claimant’s duly authorized representative):
	 	 

		(A)	may review pertinent documents;
	 	 	 

		(B)	may submit written comments or other documents; and/or
	 	 	 

		(C)	may request a hearing, which the Administrator, in its sole discretion, may grant.
	 	 	 

	8.5	Decision on Review. The Administrator shall render its decision on review promptly, and
not later than 60 days (45 days for a claim based on Disability) after the filing of a written request for review of the denial,
unless a hearing is held or other special circumstances require additional time, in which case the Administrator’s decision
must be rendered within 120 days after such date; provided, that this period shall be up to one 45-day extension for claims based
on Disability. Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain:
	 	 

		(A)	specific reasons for the decision;
	 	 	 
	

    	11

     

    

	 	 	 

		(B)	specific reference(s) to the pertinent Plan provisions upon which the decision was based; and
	 	 	 

		(C)	such other matters as the Administrator deems relevant.
	 	 	 

	8.6	Legal Action. A Claimant’s compliance with the foregoing provisions of this Article
8 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for benefits under
this Plan.
	 	 

	8.7	Arbitration. If Claimant continues to dispute the benefit denial based upon completed performance
of this Plan and the Joinder Agreement or the meaning and effect of the terms and conditions thereof, it shall be settled by arbitration
administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be
entered in any court having jurisdiction thereof.
	 	 

SECTION
IX

MISCELLANEOUS

 

	9.1	Status of Plan. The Plan is intended to be a plan that is: (a) not qualified within
the meaning of Code Section 401(a); (b) “unfunded and is maintained by the Company or Employer primarily for the purpose
of providing deferred compensation for a select group of management and highly compensated employees” within the meaning
of ERISA Sections 201(2), 301(a)(3) and 401(a)(l); and (c) compliant in all respects with Section 409A. The Plan shall be
administered and interpreted to the extent possible in a manner consistent with that intent.
	 	 

	9.2	No Effect on Employment Rights. Nothing contained herein will confer upon the Executive
the right to be retained in the service of the Employer nor limit the right of the Employer to discharge or otherwise deal with
the Executive without regard to the existence of the Plan.
	 	 

	9.3	State Law. The Plan is established under, and will be construed according to, the laws of
the State of Iowa, to the extent such laws are not preempted by the Act and valid regulations published thereunder.
	 	 

	9.4	Severability and Interpretation of Provisions. In the event that any of the provisions of
this Plan or portion hereof, are held to be inoperative or invalid by any court of competent jurisdiction, or in the event that
any legislation adopted by any governmental body having jurisdiction over the Employer would be retroactively applied to invalidate
this Plan or any provision hereof or cause the benefits hereunder to be taxable, then: (1) insofar as is reasonable, effect will
be given to the intent manifested in the provisions held invalid or inoperative, and (2) the validity and enforceability of the
remaining provisions will not be affected thereby. In the event that the intent of any provision shall need to be construed in
a manner to avoid taxability, such construction shall be made by the plan administrator in a manner that would manifest to the
maximum extent possible the original meaning of such provisions.
	 	 

    	12

     

    

	 	 

	9.5	Payment of Legal Fees. The Employer is aware that after a Change in Control, management
of the Employer or the Company or their successors could cause or attempt to cause the Employer to refuse to comply with their
obligations under this Plan, including the possible pursuit of litigation to avoid their obligations under this Plan. In these
circumstances, the purpose of this Plan would be frustrated. It is the Employer’s intentions that the Executive not be required
to incur the expenses associated with the enforcement of his rights under this Plan, whether by litigation or other legal action,
because the cost and expense thereof would substantially detract from the benefits intended to be granted to the Executive hereunder.
It is the Employer’s intentions that the Executive not be forced to negotiate settlement of his rights under this Plan under
threat of incurring expenses. Accordingly, if after a Change in Control occurs it appears to the Executive that (a) the Employer
has failed to comply with any of their obligations under this Plan, or (b) the Employer or any other person has taken any action
to avoid its obligations under this Plan, the Employer irrevocably authorizes the Executive from time to time to retain counsel
of his choice, at the expense of the Employer as provided in this Section 9.5, to represent the Executive in connection
with the initiation or defense of any litigation or other legal action, whether by or against the Employer or any director, officer,
stockholder, or other person affiliated with the Employer, in any jurisdiction. Notwithstanding any existing or previous attorney-client
relationship between the Employer and any counsel chosen by the Executive under this Section 9.5, the Employer irrevocably
consents to the Executive entering into an attorney-client relationship with that counsel, and the Employer and the Executive agree
that a confidential relationship shall exist between the Executive and that counsel. The fees and expenses of counsel selected
from time to time by the Executive as provided in this Section 9.5 shall be paid or reimbursed to the Executive by Employer
on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance
with such counsel’s customary practices. The Employer’s obligation to reimburse Executive for legal fees as provided
under this Section 9.5 and any separate employment, severance or other agreement between the Executive and the Employer
shall not exceed $200,000 in the aggregate. Accordingly, the Employer’s obligations to pay the Executive’s legal fees
provided by this Section 9.5 shall be offset by any legal fee reimbursement obligation the Employer may have with the Executive
under any separate employment, severance or other agreement between the Executive and the Employer.
	 	 

	9.6	Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent,
or to a person incapable of handling the disposition of his or her property, the Employer may pay such benefit to the guardian,
legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Employer may
require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution
shall completely discharge the Employer from all liability with respect to such benefit.
	 	 

	9.7	Unclaimed Benefit. The Executive shall keep the Employer informed of his current address
and the current address of his Beneficiaries. If the location of the Executive is not made known to the Employer within three years
after the date upon which any payment of any benefits may first be made, the Employer shall delay payment of the Executive’s
benefit payment(s) until the location of the Executive is made known to the Employer; however, the Employer shall only be obligated
to hold such benefit payment(s) for the Executive until the expiration of three (3) years. Upon expiration of the three (3) year
period, the Employer may discharge its obligation by payment to the Executive’s Beneficiary. If the location of the Executive’s
Beneficiary is not made known to the Employer by the end of an additional two (2) month period following expiration of the three
(3) year period, the Employer may discharge its obligation by payment to the Executive’s Estate. If there is no Estate in
existence at such time or if such fact cannot be determined by the Employer, the Executive and his Beneficiary(ies) shall thereupon
forfeit any rights to the balance, if any, of any benefits provided for such Executive and/or Beneficiary under this Plan.
	 	 

	9.8	Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, no
individual acting as an employee or agent of the Employer, or as a member of the Board of Directors of the Employer or the Company
shall be personally liable to the Executive or any other person for any claim, loss, liability or expense incurred in connection
with the Plan.
		 

    	13

     

    

	9.9	Terms. Capitalized terms shall have meanings as defined herein. Singular nouns shall be
read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate.

	 	 

	9.10	Effect on Other Corporate Benefit Agreements. Nothing contained in this Plan shall affect
the right of the Executive to participate in or be covered by any qualified or non-qualified pension, profit sharing, group, bonus
or other supplemental compensation or fringe benefit agreement constituting a part of the Employer’s or the Company’s
existing or future compensation structure.
	 	 

	9.11	Suicide. Notwithstanding anything to the contrary in this Plan, the benefits otherwise provided
herein shall not be payable and this Plan shall become null and void if the Executive’s death results from suicide, whether
sane or insane, within twenty-six (26) months after the Original Effective Date of his Joinder Agreement under this Plan.
	 	 

	9.12	Inurement. This Plan shall be binding upon and shall inure to the benefit of the Employer,
its successors and assigns, and the Executive, his successors, heirs, executors, administrators, and Beneficiaries, and the Company
shall require any acquirer in a Change in Control to expressly assume this Plan.
	 	 

	9.13	Tax Withholding. The Employer shall withhold from any benefits payable under this Plan all
federal, state, city, employment and other taxes as shall be required pursuant to any law or governmental regulation then in effect
in amounts and in a manner determined in the sole discretion of the Employer.
	 	 

	9.14	Expenses. All expenses incurred in the administration of the Plan, whether incurred by the
Employer or the Plan, shall be paid by the Employer or the Company.
	 	 

	9.15	Distribution in the Event of Income Inclusion under Section 409A. If any portion of the
Executive’s Supplemental Retirement Benefit or Supplemental Early Retirement Benefit under this Plan is required to be included
in income by the Executive prior to receipt due to a failure of the Plan to meet the requirements of Section 409A, the Executive
may petition the Administrator for a distribution of that portion of his Supplemental Retirement Benefit or Supplemental Early
Retirement Benefit that is required to be included in his name. Upon the grant of such a petition, which grant shall not be unreasonably
withheld, the Employer shall distribute to the Executive immediately available funds in an amount equal to the portion of Executive’s
Supplemental Retirement Benefit or Supplemental Early Retirement Benefit required to be included in income as a result of the failure
of the Plan to meet the requirements of Section 409A, which amount shall not exceed the Executive’s unpaid Supplemental Retirement
Benefit or Supplemental Early Retirement Benefit under the Plan. If the petition is granted, such distribution shall be made within
ninety (90) days of the date when the Executive’s petition is granted. Such a distribution shall affect and reduce the Executive’s
benefits to be paid under this Plan.
	 	 

	9.16	Deduction Limitation on Benefit Payments. If the Employer determines in good faith prior
to a Change in Control that there is a reasonable likelihood that any compensation paid to an Executive for a taxable year of the
Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent
deemed necessary by the Employer to ensure that the entire amount of any distribution to the Executive pursuant to the Plan prior
to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under the Plan. Any amounts
deferred pursuant to this limitation shall continue to be credited with interest at a rate equal to the Interest Factor. The amounts
so deferred and amounts credited thereon shall be distributed, in accordance with the requirements of Section 409A, to the Executive
or his Beneficiary (in the event of the Executive’s death) in a single lump sum at the earliest possible date, as determined
by the Employer in good faith, on which the deductibility of compensation paid or payable to the Executive for the taxable year
of the Employer during which the distribution is made and will not be limited by Code Section 162(m).
	 	 

    	14

     

    

	 	 

	9.17	Insolvency. Should the Employer be considered insolvent, the Company, through its Board
and chief executive officer, shall give immediate written notice of such to the Administrator of the Plan, if the Company is not
the Administrator. Upon receipt of such notice, the Administrator shall cease to make any payments to Executives who were Executives
or their beneficiaries and shall hold any and all assets attributable to the Employer for the benefit of the general creditors
of the Employer.

	 	 

	9.18	Interpretation. The provisions of this Plan shall be interpreted consistently with Section
409A, and to the extent inconsistent with such authority, shall be deemed to be modified to the extent necessary to make such provisions
consistent with such authority. In addition, all questions of interpretation, construction or application arising under or concerning
the terms of this Plan shall be decided by the Administrator, in its sole discretion, whose decision shall be final, binding and
conclusive upon all persons.
	 	 

	9.19	Headings. Headings and sub-headings in this Plan are inserted for reference and convenience
only and shall not be deemed a part of this Plan.
	 	 

SECTION
X

AMENDMENT/REVOCATION

 

	10.1	The Company may, at any time, amend or modify the Plan in whole or in part by the action of its
Board; provided, however, that: (i) no amendment or modification shall be effective to decrease or restrict the value of an Executive’s
Supplemental Retirement Benefit in existence at the time the amendment or modification is made, calculated as if the Executive
had experienced a Termination of Employment as of the effective date of the amendment or modification, (ii) no amendment or modification
of this Section 10.1 of the Plan shall be effective, and (iii) no amendment or modification shall be made unless such amendment
or modification complies with Section 409A. The amendment or modification of the Plan shall not affect any Executive or Beneficiary
who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification.
	 	 

	10.2	Notwithstanding any provisions of the Plan to the contrary, in the event that the Company or Employer
determines that any provision of the Plan may in the future be interpreted to violate or otherwise not comply with Section 409A,
the Company or Employer may, without consent of any Executive or Beneficiary: (i) interpret such ambiguous provision as though
the Plan continues to comply with Section 409A; (ii) adopt such amendments to the Plan and appropriate policies and procedures,
including amendments and policies with retroactive effect, that the Company or Employer determines necessary or appropriate to
preserve the intended treatment of the Plan or the benefits provided by the Plan; or (iii) take such other actions as the Company
or Employer determines necessary or appropriate to comply with the requirements of Section 409A. In amending the Plan for purposes
of this paragraph, the Company or Employer shall maintain, to the extent possible, the economic benefit of the Plan without subjecting
the Executive to additional tax or interest.
	 	 

 

    	15

     

    

SECTION
XI

TERMINATION

 

Although the Employer anticipates that it will
continue the Plan for an indefinite period of time, there is no guarantee that the Employer will continue the Plan or will not
terminate or freeze the Plan at any time in the future. Accordingly, to the maximum extent permissible under Section 409A, the
Employer reserves the right to discontinue its sponsorship of the Plan and/or to terminate the Plan at any time with respect to
any or all of the Executives, by action of its Board. Upon the termination of the Plan, the affected Executives’ Supplemental
Retirement Benefit shall be distributed in accordance with the requirements of Section 409A; which, at the discretion of the Board
may be in a single lump sum. The termination of the Plan shall not adversely affect any Executive or Beneficiary who has become
entitled to the payment of any benefits under the Plan as of the date of termination of the Plan.

 

SECTION
XII

EXECUTION

 

This Plan sets forth the entire understanding
of the parties hereto with respect to the transactions contemplated hereby, and any previous agreements or understandings between
the parties hereto regarding the subject matter hereof are merged into and superseded by this Plan.

 

 

 

 

    	16

     

    

IN WITNESS WHEREOF, the Company has caused this
Plan to be executed as of this 22nd day of December, 2016.

 

 

	QCR HOLDINGS, INC.	 	 
	 	 	 
	By:  	/s/ Douglas M. Hultquist	 	 
	 	 	 	 
	Title:  	President and Chief Executive Officer	 	 
	 	 	 
	 	 	 

 

 

 

 

 

    	17

     

    

Exhibit A

 

 

QCR HOLDINGS, INC.
NON-QUALIFIED

SUPPLEMENTAL EXECUTIVE RETIREMENT Plan

 

BENEFICIARY DESIGNATION

 

The Executive, under the terms of the QCR Holdings,
Inc. Non-qualified Supplemental Executive Retirement Plan (as Amended and Restated December 22, 2016), hereby designates the following
Beneficiary to receive any guaranteed payments or death benefits under such Plan, following his death:

 

	PRIMARY BENEFICIARY:	 	 
	 	 	 
	SECONDARY BENEFICIARY:  	 	 
	 	 	 

 

This Beneficiary Designation hereby revokes any prior
Beneficiary Designation which may have been in effect. Such Beneficiary Designation is revocable.

 

	DATED:   ___________ __, 20__.	 	 
	 	 	 
	 	 	 
	 	 	 
	(WITNESS)	 	EXECUTIVE

 

 

 

 

 

 

    	A-1

     

    

Appendix A

 

QCR HOLDINGS INC. NON-QUALIFIED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

Joinder Agreement

 

The Executive specified below is hereby participating
in the QCR Holdings, Inc. Non-Qualified Supplemental Executive Retirement Plan (the “Plan”). In addition to
the terms of the Plan, the Executive and the Employer agree that the Executive’s terms of participation are also subject
to the following terms and conditions. In the event that any terms or conditions of the Plan are inconsistent with or contrary
to the terms of this Joinder Agreement, the terms of this Joinder Agreement shall control.

 

Section 1.                
Terms of Joinder Agreement. The following words and phrases relate to Executive’s participation in the Plan:

 

		(i)	The “Executive” is [__________________].
	 	 	 

		(ii)	The “Employer” is [________________], and any successors thereto.
	 	 	 

		(iii)	The “Original Effective Date” is [________________].
	 	 	 

		(iv)	The “Benefit Age” is age [65].
	 	 	 

		(v)	The “Survivor Benefit” covered by insurance is [$________] annually for 15 years.
	 	 	 

Section 2.                
Elections.

 

		(i)	I elect to have the Survivor’s Benefit paid [__] in a single lump sum*, or [__] in 180 monthly
installments. (Failure to elect one method will result in the Survivor’s Benefit being paid in a single lump sum*.)
	 	 	 

		(ii)	I elect to have the Change in Control Termination Benefit paid [__] in a single lump sum*, or [__]
in 180 monthly installments. (Failure to elect one method will result in the Change in Control Termination Benefit being paid in
a single lump sum*.)
	 	 	 

* Lump sum payment amounts will be calculated
based on a discounted present value using the Interest Factor.

 

Section 3.                
Participation. Executive understands that this Joinder Agreement must be executed and provided to the Administrator
in order for Executive to continue his participation in the Plan and that by executing this Joinder Agreement Executive acknowledges
and agrees to the amendment and restatement of the Plan as provided therein.

 

Section 4.                
Miscellaneous. Executive understands that he is entitled to review or obtain a copy of the Joinder Agreement and the
Plan, at any time, and may do so by contacting the Employer.

 

Section 5.                
Effective Date. This Joinder Agreement shall become effective upon its execution by both the Executive and a duly authorized
officer of the Employer.

 

 

Appendix A-1

     

     

    

IN WITNESS WHEREOF, the Employer has caused
this Joinder Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement as of the dates set
forth below.

 

 

	 	 	 
	[Executive]	 	Date
	 	 	 
	 	 	 
	[Employer]	 	Date
	 	 	 
	By:  	   	 	 
	 	 	 	 
	Its:	 	 	 
	 	 	 	 
	 	 	 

 

 

 

 

 

 

Appendix A-2

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