Document:

EX-4.1

 Exhibit 4.1 

DEPOSIT AGREEMENT 

among 
 CITIZENS
FINANCIAL GROUP, INC., 
 as Issuer 

and 
 COMPUTERSHARE INC.
AND COMPUTERSHARE TRUST COMPANY, N.A., 
 jointly as Depositary 

and 
 THE HOLDERS FROM
TIME TO TIME OF THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 
 Dated as of January 29, 2019 

							
	 ARTICLE I DEFINED TERMS
	  	 	3	 
	 Section 1.1.
	 	 Definitions
	  	 	3	 
		
	 ARTICLE II FORM OF RECEIPTS, DEPOSIT OF THE SERIES D
PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	  	 	6	 
			
	 Section 2.1.
	 	 Form and Transfer of Receipts
	  	 	6	 
	 Section 2.2.
	 	 Deposit of the Series D Preferred Stock; Execution and Delivery of Receipts in Respect
Thereof
	  	 	7	 
	 Section 2.3.
	 	 Registration of Transfer of Receipts
	  	 	8	 
	 Section 2.4.
	 	 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of the Series D Preferred Stock
	  	 	8	 
	 Section 2.5.
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	9	 
	 Section 2.6.
	 	 Lost Receipts, etc.
	  	 	10	 
	 Section 2.7.
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	10	 
	 Section 2.8.
	 	 Redemption of the Series D Preferred Stock
	  	 	10	 
	 Section 2.9.
	 	 Receipts Issuable in Global Registered Form.
	  	 	12	 
		
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS
AND THE CORPORATION
	  	 	13	 
			
	 Section 3.1.
	 	 Filing Proofs, Certificates and Other Information
	  	 	13	 
	 Section 3.2.
	 	 Payment of Taxes or Other Governmental Charges
	  	 	13	 
	 Section 3.3.
	 	 Warranty as to the Series D Preferred Stock
	  	 	14	 
	 Section 3.4.
	 	 Warranty as to Receipts
	  	 	14	 
		
	 ARTICLE IV THE DEPOSITED SECURITIES; NOTICES
	  	 	14	 
			
	 Section 4.1.
	 	 Cash Distributions
	  	 	14	 
	 Section 4.2.
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	16	 
	 Section 4.3.
	 	 Subscription Rights, Preferences or Privileges
	  	 	16	 
	 Section 4.4.
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	17	 
	 Section 4.5.
	 	 Voting Rights
	  	 	17	 
	 Section 4.6.
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	18	 
	 Section 4.7.
	 	 Delivery of Reports
	  	 	19	 
	 Section 4.8.
	 	 Lists of Receipt Holders.
	  	 	19	 
	 Section 4.9.
	 	 Withholding.
	  	 	19	 
		
	 ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S AGENTS,
THE REGISTRAR AND THE CORPORATION
	  	 	19	 
			
	 Section 5.1.
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	19	 

							
	 Section 5.2.
	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Corporation
	  	 	20	 
	 Section 5.3.
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar, Transfer Agent and the
Corporation
	  	 	21	 
	 Section 5.4.
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	24	 
	 Section 5.5.
	 	 Corporate Notices and Reports
	  	 	26	 
	 Section 5.6.
	 	 Indemnification by the Corporation
	  	 	26	 
	 Section 5.7.
	 	 Fees, Charges and Expenses
	  	 	26	 
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	 	27	 
			
	 Section 6.1.
	 	 Amendment
	  	 	27	 
	 Section 6.2.
	 	 Termination
	  	 	27	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	28	 
			
	 Section 7.1.
	 	 Counterparts
	  	 	28	 
	 Section 7.2.
	 	 Exclusive Benefit of Parties
	  	 	29	 
	 Section 7.3.
	 	 Invalidity of Provisions
	  	 	29	 
	 Section 7.4.
	 	 Notices
	  	 	29	 
	 Section 7.5.
	 	 Depositary’s Agents
	  	 	30	 
	 Section 7.6.
	 	 Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series
D Preferred Stock
	  	 	30	 
	 Section 7.7.
	 	 Holders of Receipts are Parties.
	  	 	31	 
	 Section 7.8.
	 	 Governing Law
	  	 	31	 
	 Section 7.9.
	 	 Inspection of Deposit Agreement
	  	 	31	 
	 Section 7.10.
	 	 Headings
	  	 	31	 
	 Section 7.11.
	 	 Confidentiality.
	  	 	31	 
	 Section 7.12.
	 	 Further Assurances
	  	 	31	 
			
	 Exhibit A
	 	Form of Receipt	  	 	A-1	 

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of January 29, 2019, among (i) CITIZENS FINANCIAL GROUP, INC., a Delaware corporation;
(ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and its wholly owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a national banking association (the “Trust Company”), jointly as Depositary
(as hereinafter defined); and (iii) the holders from time to time of the Receipts described herein. 
 WHEREAS, it is desired to
provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Series D Preferred Stock of the Corporation (as defined herein) from time to time with the Depositary for the purposes set forth in this Deposit Agreement
and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of shares of the Series D Preferred Stock so deposited; and 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions, modifications and
omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, the parties hereto agree
as follows: 
 ARTICLE I 

DEFINED TERMS 

Section 1.1.    Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

 “Affiliate” shall mean, with respect to any person or entity, any person or entity directly or indirectly controlling,
controlled by, or under common control with, such other person or entity. For the purpose of this definition, “controlling,” “controlled by” or “under common control with” mean the ownership, direct or indirect, of the
power to direct or cause the direction of the operation or management and policies of a person or entity, whether through the ownership or control of voting interests, by contract or otherwise. 

“Board of Directors” shall mean the board of directors of the Corporation. 

“Certificate of Designations” shall mean the relevant Certificate of Designations filed with the Secretary of State of the
State of Delaware establishing the Series D Preferred Stock as a series of preferred stock of the Corporation. 

“Computershare” shall have the meaning set forth in the preamble hereto. 

“Corporation” shall mean Citizens Financial Group, Inc., a Delaware corporation, and its successors. 

  
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 “Deposit Agreement” shall mean this Deposit Agreement, as amended or
supplemented from time to time in accordance with the terms hereof. 
 “Depositary” shall mean Computershare and the Trust
Company, acting jointly, and any successor as Depositary hereunder. 
 “Depositary Shares” shall mean the depositary
shares, each representing a one-fortieth (1/40th) interest in one share of the Series D Preferred Stock, and evidenced by a Receipt. 

“Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

“Depositary’s Office” shall mean the office of the Depositary at which at any particular time its depositary receipt
business shall be administered, which at the date of this Deposit Agreement is located at 250 Royall Street, Canton, MA 02021. 

“Distribution Date” shall mean the date on which Computershare, as distribution agent, is to distribute any cash dividend or
other cash distribution on the Series D Preferred Stock to Record Holders of Receipts in accordance with Section 4.1.1. 

“DTC” shall mean The Depository Trust Company. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt notifies the Corporation that it is no longer
willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer registered as a clearing agency under the Securities Exchange Act of 1934, as amended, and (B) the Corporation has not
appointed a qualified successor Global Receipt Depository within ninety (90) calendar days after the Corporation received such notice, or 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the
form of one or more Global Registered Receipts shall no longer be represented by such Global Registered Receipt. 
 “Funds”
shall have the meaning set forth in Section 4.1. 
 “Global Receipt Depository” shall mean, with respect to any
Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing
agency registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipt” shall mean a global
registered Receipt registered in the name of a nominee of DTC. “Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt
Depository’s rights and obligations with respect to any Global Registered Receipt, as the same may be amended, supplemented, restated or otherwise modified from time to time and any successor agreement thereto. 

  
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 “Late-Day Funding” shall have the
meaning set forth in Section 4.1.2. 
 “Person” shall mean any natural person, partnership, joint venture, firm,
corporation, limited liability company, limited liability partnership, unincorporated association, trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A
hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the Person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 
 “Redemption Date” shall have the meaning set
forth in Section 2.8. 
 “Registrar” shall mean the Trust Company or such other successor bank or trust company which
shall be appointed by the Corporation to register ownership and transfers of Receipts or the deposited shares of Series D Preferred Stock, as the case may be, as herein provided and if a successor Registrar shall be so appointed, references herein
to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Series D Preferred Stock” shall mean the shares of the Corporation’s 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, $1,000 liquidation preference per share, designated in the Certificate of Designations. 

“Signature Guarantee” shall have the meaning set forth in Section 2.3. 

“Transfer Agent” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the
Corporation to transfer the Receipts or the deposited shares of Series D Preferred Stock, as the case may be, as herein provided. 

“Trust Company” shall have the meaning set forth in the preamble hereto. 

  
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 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF THE SERIES D PREFERRED STOCK, 

EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

Section 2.1.    Form and Transfer of Receipts. 

The definitive Receipts shall be substantially in the form set forth in Exhibit A attached to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided (but which do not affect the rights, duties, obligations or immunities of the Depositary as set forth in this Deposit Agreement without the Depositary’s consent). Pending
the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance with Section 2.2, shall be authorized and instructed to, and shall execute and deliver temporary Receipts which may be
printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the Persons
executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay.
After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary’s Office or at such other place or places as the Depositary shall
determine, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall execute and deliver in exchange therefor definitive Receipts
representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts registered in the name (and only in the name) of the holder of the temporary Receipt(s); provided that, the Depositary has been
provided with all necessary information that it may request in order to execute and deliver such definitive Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged,
the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Series D Preferred Stock, as definitive Receipts. 

Any Receipt to be executed by the Depositary pursuant to this Deposit Agreement shall be executed by the Depositary by the manual or facsimile
signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by the facsimile
signature of a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of such Registrar. The
Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 
 Receipts shall be in denominations of
any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance. 
 Receipts may be endorsed with or have
incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement, all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable
law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Series D Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to
indicate any special limitations or restrictions to which any particular Receipt is subject (but which do not affect the rights, duties, obligations or immunities of the Depositary as set forth in this Deposit Agreement without the Depositary’s
consent). 

  
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 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied
by a properly executed instrument of transfer, shall be transferable by delivery of such Receipt with the same effect as if such Receipt were a negotiable instrument; provided, however, that until transfer of any particular Receipt
shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of
determining the Person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 

Section 2.2.    Deposit of the Series D Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

 Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series D
Preferred Stock under this Deposit Agreement by delivery to the Depositary, including via direct registration for shares of Series D Preferred Stock in uncertificated form, for such shares of Series D Preferred Stock to be deposited (or in such
other manner as may be agreed to by the Corporation and the Depositary), properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form reasonably satisfactory to the Depositary,
together with (i) all such certifications as may be required by the Depositary pursuant to this Deposit Agreement and (ii) an instruction letter from the Corporation authorizing the Depositary to register such shares of the Series D
Preferred Stock in uncertificated form by direct registration, each in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the Person or Persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary
Shares representing such deposited shares of the Series D Preferred Stock. 
 The shares of the Series D Preferred Stock that are deposited
shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any shares of the Series D Preferred Stock deposited hereunder. 

Upon receipt by the Depositary of shares of the Series D Preferred Stock deposited in accordance with the provisions of this Section 2.2,
together with the other documents required as above specified, and upon recordation of the shares of the Series D Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee,
the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the Person or Persons named in the written order delivered to the Depositary referred to in the first paragraph of this
Section 2.2, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the shares of the Series D Preferred Stock so deposited and registered in such name or names as may be requested by such Person or
Persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of
the Person requesting such delivery. 

  
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 Section 2.3.    Registration of Transfer of Receipts.

 The Corporation hereby appoints Computershare and the Trust Company, collectively as the Depositary and as the Registrar and
Transfer Agent for the Receipts and appoints Computershare as distribution agent for the Receipts, and each of Computershare and the Trust Company hereby accepts such appointment, subject to the express terms and conditions of this Deposit Agreement
(and no implied terms or conditions) and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly
executed instrument of transfer or endorsement, including a guarantee of the signature thereon by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Transfer Agent (a “Signature
Guarantee”), together with evidence of the payment of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as
those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the Person entitled thereto. With respect to the appointment of the Depositary as Registrar and Transfer Agent in respect of the
Receipts, the Depositary, in its respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision, and shall provide
services as provided in the Transfer Agency and Service Agreement, dated September 29, 2014, between the Corporation and the Depositary (the “Transfer Agency Agreement”), in the performance of its duties in such respective
capacities. Any references to the Depositary herein shall, to the extent applicable, mean the Depositary as the Transfer Agent and Registrar. 

Section 2.4.    Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of the Series D Preferred Stock. 
 Upon surrender of a Receipt or Receipts at the Depositary’s Office
or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and the receipt by the Depositary of all other necessary information and
documents, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered. 

Any Holder of a Receipt or Receipts may withdraw the number of whole shares of the Series D Preferred Stock and all money and other property,
if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals; provided, however, that a Holder of a Receipt or
Receipts may not withdraw such whole shares of Series D Preferred Stock (or money and other property, if any, represented thereby) which has previously been called for redemption. After such surrender and upon the receipt of written instructions
from the Holder of such Receipt or Receipts, without unreasonable delay (provided the Corporation has provided the Depositary with all necessary documentation), the Depositary shall deliver to such Holder, or to the Person or Persons
designated by such Holder as hereinafter provided, the number of whole shares of the Series D Preferred Stock and all money and other property, if any, represented by the Receipt or 

  
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Receipts so surrendered for withdrawal, but Holders of such whole shares of the Series D Preferred Stock will not thereafter be entitled to deposit such shares of the Series D Preferred Stock
hereunder or to receive a Receipt evidencing Depositary Shares therefor. Delivery of such shares of the Series D Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of
title and other instruments as the Depositary may deem appropriate (or in such other manner as may be agreed to by the Corporation and the Depositary), which, if required by the Depositary, shall be properly endorsed or accompanied by proper
instruments of transfer. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of
the Series D Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of the Series D Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or
subject to Section 2.3 upon such Holder’s order, a new Receipt evidencing such excess number of Depositary Shares. 
 In no event
will fractional shares of the Series D Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of shares of the Series D Preferred Stock and money and other property, if any, being withdrawn may be made
by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate (or in such other manner as may be agreed to by the Corporation and the Depositary). 

If shares of the Series D Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a Person or Persons
other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such shares of the Series D Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and
the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of the Series D Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank.

 Delivery of shares of the Series D Preferred Stock and the money and other property, if any, represented by Receipts surrendered for
withdrawal shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at
such other place as may be designated by such Holder. 
 Section 2.5.    Limitations on Execution and
Delivery, Transfer, Surrender and Exchange of Receipts. 
 As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require (i) payment to it of a sum sufficient for the
payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges, taxes or expenses payable by the Holder of a Receipt pursuant to Section 5.7 (including any such tax or
charge with respect to the shares of Series D Preferred Stock being deposited or withdrawn or any charges or expense pursuant to Section 3.2), (ii) the production of evidence satisfactory to it as to the identity and genuineness of any

  
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signature (which evidence may include a Signature Guarantee), and (iii) any other reasonable evidence of authority that may be required by the Depositary, and may also require compliance
with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

The deposit of shares of the Series D Preferred Stock may be refused, the delivery of Receipts against shares of the Series D Preferred Stock
may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the
Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government
or governmental body or commission or under any provision of this Deposit Agreement. 
 Section 2.6.    Lost
Receipts, etc. 
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may, absent
notice to the Depositary that such Receipt has been acquired by a bona fide purchaser, execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such
destroyed, lost or stolen Receipt, only upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her
ownership thereof; and (ii) the Holder thereof furnishing the Depositary with an open penalty surety bond satisfactory to the Depositary, holding the Depositary and the Corporation harmless, absent notice to the Depositary that such Receipts
have been acquired by a bona fide purchaser. Such Holder shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by
Section 8-405 of the Uniform Commercial Code in effect in the State of New York. 

Section 2.7.    Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 

Section 2.8.    Redemption of the Series D Preferred Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of the Series D Preferred Stock in accordance with the terms of
the Certificate of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than thirty (30) days and not more than sixty (60) days prior to the Redemption
Date (as defined below), notice of the date of such proposed redemption of shares of the Series D Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, which notice shall be
accompanied by a certificate from the Corporation stating that such redemption of shares of the Series D Preferred Stock is in accordance with the provisions of the Certificate of Designations. On the date of such

  
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redemption, provided that the Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of $1,000 per share of the Series D Preferred Stock to be
redeemed, plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends, thereon to the date fixed for redemption to be redeemed, in accordance with the provisions of the Certificate of Designations, the
Depositary shall redeem the number of Depositary Shares representing such shares of the Series D Preferred Stock. The Depositary shall, if requested in writing and provided with all necessary information, mail the notice of the
Corporation’s redemption of shares of the Series D Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing such shares of the Series D Preferred Stock to be redeemed by first-class mail, postage
prepaid, at the respective last addresses as they appear on the records of the Depositary, or transmit in accordance with the applicable procedures of any Global Receipt Depositary or by such other method approved by the Depositary, in its
reasonable discretion, in either case not less than thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption of such shares of the Series D Preferred Stock and Depositary Shares (the “Redemption
Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at the addresses of such Holders as they appear on the records of the Depositary; but neither failure to mail or transmit any such notice of
redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders.
Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be redeemed,
the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price;
and (v) that dividends in respect of the Series D Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the
Depositary Shares to be so redeemed shall be selected either pro rata or by lot. In any such case, the Depositary Shares shall only be redeemed in increments of 40 shares and any integral multiple thereof. 

Notice having been mailed or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have
failed to provide the funds necessary to redeem shares of the Series D Preferred Stock evidenced by the Depositary Shares called for redemption) (i) all dividends on the shares of the Series D Preferred Stock so called for redemption shall
cease to accrue from and after such date; (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding; (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the
right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate; and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for
redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to one-fortieth (1/40th) of the redemption price per share of the Series D Preferred Stock so redeemed plus all money and other property, if any, represented by such
Depositary Shares, including all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares of the Series D Preferred Stock to be so redeemed and have not theretofore been paid (it

  
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being understood that, in accordance with the provisions of the Certificate of Designations, any declared but unpaid dividends payable on a Redemption Date that occurs subsequent to the record
date fixed pursuant to Section 4.4 for a dividend period shall not be paid to the Holder of a Receipt entitled to receive the redemption price on the Redemption Date, but rather shall be paid to the Holder of such Receipt on such record date).

 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of
such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

Section 2.9.    Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form
of one or more Global Registered Receipts, then the Depositary shall, if instructed and provided with all necessary information, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered
Receipts evidencing the Receipts of such series, which (i) shall represent, and shall be denominated in an amount equal to the aggregate number of Depositary Shares evidenced by, the Receipts to be represented by such Global Registered Receipt
or Receipts and (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 
 Notwithstanding any
other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global
Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any
such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial
interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt or to have such Receipts, or the Depositary Shares represented by those Receipts, registered in
their names. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights or obligations under this Deposit Agreement with respect to any Global Registered Receipt held on their behalf
by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the Holder of such Global Registered Receipt for
all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its
participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice,
payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified herein to be given to such
holders to the applicable Global Receipt Depository. 

  
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 If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in
any such event, the Depositary shall, upon receipt of a written order from the Corporation authorizing and directing the Depositary to execute and deliver the individual definitive registered Receipts in exchange for such Global Registered Receipt,
execute and deliver individual definitive registered Receipts, in authorized denominations and of like terms, in an aggregate number of Depositary Shares equal to the aggregate number of Depositary Shares represented by the Global Registered Receipt
being delivered in exchange for such Receipts. The Depositary shall have no duties, obligations or liability under this paragraph unless and until such written order have been received by the Depositary. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names
and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the
Persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this Deposit Agreement, should the
Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations. 

ARTICLE III 
 CERTAIN
OBLIGATIONS OF HOLDERS OF 
 RECEIPTS AND THE CORPORATION 

Section 3.1.    Filing Proofs, Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or
redemption, of any Receipt or the withdrawal of shares of the Series D Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the
proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

Section 3.2.    Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of shares of the Series D Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is
made, and any dividends, interest payments or other distributions may be withheld or any part of or all shares of the Series D Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold
may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any
payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

  
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 Section 3.3.    Warranty as to the Series D Preferred Stock.

 The Corporation hereby represents and warrants that shares of the Series D Preferred Stock, when issued, will be duly authorized,
validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of shares of the Series D Preferred Stock and the issuance of the related Receipts. 

Section 3.4.    Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in shares of the Series
D Preferred Stock. Such representation and warranty shall survive the deposit of shares of the Series D Preferred Stock and the issuance of the Receipts. 

ARTICLE IV 
 THE
DEPOSITED SECURITIES; NOTICES 
 Section 4.1.    Cash Distributions. 

4.1.1    Whenever Computershare, as distribution agent, shall receive any cash dividend or other cash distribution on the
Series D Preferred Stock, Computershare shall, subject to Sections 3.1 and 3.2 and, if received, in accordance with written instructions from the Corporation, distribute to Record Holders of Receipts on the record date fixed pursuant to
Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in
case the Corporation or Computershare shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series D Preferred Stock an amount on account of taxes, the amount made available for
distribution or distributed in respect of Depositary Shares shall be reduced accordingly. Computershare, as distribution agent, shall distribute or make available for distribution, as the case may be and, if received, in accordance with the
Corporation’s written instructions, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by Computershare (without liability
for interest thereon) and shall be added to and be treated as part of the next sum received by Computershare for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its certified
tax identification number on a properly completed Form W-8 or W-9 or other appropriate form, as may be applicable. Each Holder of a Receipt acknowledges that, in
the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made to such
Holder hereunder. 
 4.1.2    All funds received by Computershare pursuant to this Agreement that are to be distributed
or applied by Computershare in accordance with the terms of this Agreement (the “Funds”) shall be delivered to Computershare by 9:00 a.m. Eastern Time and in no event 

  
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later than 12:00 p.m. Eastern Time on the Distribution Date. If Funds are delivered after 9:00 a.m. Eastern Time but at or before 12:00 p.m Eastern Time on the Distribution Date, the Depositary
shall use its commercially reasonable efforts to effectuate the distribution or application of such Funds on the Distribution Date; provided, that the Corporation acknowledges that funding after 9:00 a.m. but at or before 12:00 p.m. on the
Distribution Date may cause delays in payments such that payments may be made on the business day following the Distribution Date. The Corporation also acknowledges that delivery of Funds to Computershare on any day after 12:00 p.m. Eastern Time
(“Late-Day Funding”) may cause delays in payments such that payments may be made on the business day following the Distribution Date, and such payments will be subject to the terms of
Section 4.1.5 below. Once received by Computershare, Funds shall be held by Computershare as agent for the Corporation. Until paid or distributed in accordance with this Agreement, the Funds shall be deposited in one or more bank accounts to be
maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this Agreement, Computershare may hold or invest the Funds through such accounts in: (i) bank accounts, short term certificates of deposit, bank
repurchase agreements, and disbursement accounts with commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and
Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.), (ii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, (iii) funds backed by
obligations of, or guaranteed by, the United States of America, municipal securities, or (iv) debt or commercial paper obligations rated A-1 or P-1 or better by
Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively. 

4.1.3    Computershare will only draw upon the Funds in such account as required from time to time in order to make the
payments to Record Holders of Receipts and any applicable tax withholding payments. The Corporation shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in
accordance with this Section 4, except for any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with
such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Corporation, any Record Holder or any other party. 

4.1.4    Computershare is acting as agent hereunder and is not a debtor of the Corporation in respect of the Funds. 

4.1.5    In the case of Late-Day Funding, Federal Deposit Insurance or other bank
liquidity charges may apply in connection with the overnight deposit of Funds with commercial banks. The parties agree that any such charges assessed as a result of Late-Day Funding will be charged to the
Corporation and the Corporation hereby agrees to pay such charges. 
 4.1.6    On the date of this Agreement,
Computershare shall provide the Corporation with the account information for the account to which the Corporation shall deliver the cash dividends and other cash distributions on the Series D Preferred Stock referred to in Section 4.1.1.
Computershare may update such account information from time to time by notice to the Corporation provided in accordance with Section 7.4. 

  
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 Section 4.2.    Distributions Other than Cash, Rights,
Preferences or Privileges. 
 Whenever the Depositary shall receive any distribution other than cash, rights, preferences or
privileges upon the Series D Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property
received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing
such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such Record Holders or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on
account of taxes or charges), the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for
the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to
Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall
not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall have provided to the Depositary an
opinion of counsel stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions. 

Section 4.3.    Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the Persons in whose names shares of the Series D Preferred Stock is
recorded on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such
instance be communicated to the Depositary and made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall direct and the Depositary shall agree, either by the issue to such Record Holders of warrants
representing such rights, preferences or privileges or by such other method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or
offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the
issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the
Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell
such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall be delivered to Computershare and, if received, in accordance with the
written instructions of the Corporation and, subject to Sections 3.1 and 3.2, be distributed by Computershare to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash.

  
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 The Corporation shall notify the Depositary whether registration under the Securities Act of
the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the
Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such
registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available
to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an
opinion of counsel to the effect that (i) the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act, and (ii) such securities are validly issued, fully paid and non-assessable. 
 The Corporation shall notify the Depositary whether any other action under the laws of
any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that
the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such
rights, preferences or privileges. 
 Section 4.4.    Notice of Dividends, etc.; Fixing Record Date for
Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than
cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Series D Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series D Preferred Stock
are entitled to vote or of which holders of the Series D Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall
be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series D Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate
reasons. 
 Section 4.5.    Voting Rights. 

Subject to the provisions of the Certificate of Designations, upon receipt of notice from the Corporation of any meeting at which the holders
of the Series D Preferred Stock are entitled to vote, the Depositary shall, if requested in writing and provided with all necessary 

  
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information and documents, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts, as
determined on the record date fixed pursuant to Section 4.4, a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the Holders of Receipts at the
close of business on a specified record date fixed pursuant to Section 4.4 may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the shares of the Series D Preferred Stock
represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a Person designated by the Corporation), and (iii) a brief statement as to the
manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall to the extent possible vote or cause to be voted, in accordance with the instructions set forth in
such requests, the maximum number of whole shares of the Series D Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all
reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such shares of the Series D Preferred Stock or cause such shares to be voted. In the absence of specific instructions from Holders of
Receipts, the Depositary will vote all shares of the Series D Preferred Stock held by it proportionately with instructions received. 

Section 4.6.    Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

 Upon any change in liquidation preference, split-up, combination or any other
reclassification of the Series D Preferred Stock, subject to the provisions of the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary
shall, upon the written instructions of the Corporation setting forth any adjustment, (i) make such adjustments as are certified by the Corporation in (a) the fraction of an interest represented by one Depositary Share in one share of the
Series D Preferred Stock and (b) the ratio of the redemption price per Depositary Share to the redemption price per share of the Series D Preferred Stock, in each case as stated in such instructions and (ii) treat any securities or
property (including cash) which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series D Preferred Stock as new deposited property so received in exchange for or upon conversion or in respect of such
Series D Preferred Stock. In any such case, the Depositary shall, upon receipt of written instructions of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new
Receipts specifically describing such new deposited property. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in liquidation preference, split-up, combination or other reclassification of the Series D Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to
convert, exchange or surrender the shares of the Series D Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the shares of the Series D
Preferred Stock represented by such Receipts might have been converted or for which such shares might have been exchanged or surrendered immediately prior to the effective date of such transaction; provided, that the Depositary shall not have
any obligations under this sentence unless and until it has received written instructions from the Corporation. 

  
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 Section 4.7.    Delivery of Reports. 

The Depositary shall make available for inspection by Holders of Receipts at the Depositary’s Office and at such other places as it may
from time to time deem advisable during normal business hours any reports and communications received from the Corporation that are both received by the Depositary as the holder of the deposited shares and which the Corporation is required to
furnish to the holders of the Series D Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Corporation, certain notices and reports to the Holders of Receipts as provided in Section 5.5. 

Section 4.8.    Lists of Receipt Holders. 

Promptly upon request from time to time by the Corporation, the Registrar shall furnish to it a list, as of the most recent practicable date,
of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

Section 4.9.    Withholding. 

Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in property is
subject to any tax or other charge that the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private sale, all or a portion of such property in such amounts and in such manner as the Depositary deems necessary
and practicable to pay such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes or charges to the Holders of Receipts entitled thereto in
proportion to the number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not
all Holders of Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect
any such sale in such a manner so as to avoid affecting the rights of any other Holders of Receipts to receive such distribution in property. 

ARTICLE V 
 THE
DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION 

Section 5.1.    Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement. 

  
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 The Depositary shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Depositary, the Registrar shall open its books for inspection by the Record Holders of Receipts as directed by the Corporation; provided
that any record Holder shall be granted such right by the Corporation only after certifying that such inspection shall be for a proper purpose reasonably related to such Person’s interest as an owner of Depositary Shares evidenced by the
Receipts. 
 The Depositary or Registrar may close such books, at any time or from time to time, when deemed necessary or advisable by the
Depositary, the Registrar, any Depositary’s Agent or the Corporation because of any requirement of law or of any government, governmental body or commission, stock exchange or any applicable self-regulatory body. 

If the Receipts or the Depositary Shares evidenced thereby or the shares of the Series D Preferred Stock represented by such Depositary Shares
shall be listed on one or more national securities exchanges, the Depositary may, with the written approval of the Corporation, appoint a Registrar (reasonably acceptable to the Corporation) for registration of the Receipts or Depositary Shares in
accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute Registrar appointed by the Depositary upon the written request
or with the written approval of the Corporation. If the Receipts, such Depositary Shares or the Series D Preferred Stock are listed on one or more other securities exchanges, the Depositary will, at the written request and expense of the
Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or the Series D Preferred Stock as may be required by law or applicable securities
exchange regulation. 
 Section 5.2.    Prevention of or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any
Registrar nor the Corporation, as the case may be, shall incur any liability to any Holder of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental
authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, as the case may be, by reason of any provision, present or future, of the Corporation’s Restated Certificate of Incorporation (including the Certificate
of Designations) or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation, as the case may be, shall be prevented or forbidden
from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the
Corporation, as the case may be, incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall
or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

  
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 Section 5.3.    Obligations of the Depositary, the
Depositary’s Agents, the Registrar, Transfer Agent and the Corporation. 
 Neither the Depositary nor any Depositary’s
Agent nor any Registrar, any Transfer Agent nor the Corporation, as the case may be, assumes any obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts or to any other Person other than for its gross
negligence, willful misconduct, bad faith or fraud (each as finally determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an agreement with
the Corporation). Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation, as the case may be, shall be liable in any
event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits), even if they have been advised of the likelihood of such loss or damage and regardless of the
form of action. Any liability of the Depositary, any Depositary’s Agent or the Registrar or Transfer Agent, as the case may be, under this Deposit Agreement will be limited in the aggregate to an amount equal to the annual fees paid by the
Corporation to such Person, but not including reimbursable expenses; provided, however, that in the event that such liability arises as a result of bad faith, willful misconduct or fraud by the Depositary, any of the Depositary’s
Agents (except for such Depositary’s Agents which are not employees of the Depositary), any Registrar or any Transfer Agent, as the case may be, through fraud or willful misconduct on the part of such Person (as determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an agreement with the Corporation), such limit shall not apply and such liability hereunder shall be
instead limited to the amount of such misappropriated funds or the liability resulting from such fraud or willful misconduct. 
 Neither the
Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation, as the case may be, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the
Series D Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation, as the case may be, shall
be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any Person presenting the shares of the Series D Preferred Stock for deposit, any Holder of a Receipt or
any other Person believed by it to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent and the Corporation, as the case may be, may each rely and shall each be protected in acting
upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, shall not be responsible for any failure to
carry out any instruction to vote any of the shares of the Series D Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith, fraud,
willful misconduct or gross 

  
 -21- 

 
negligence (each as finally determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an
agreement with the Corporation). The Depositary undertakes, and any Depositary’s Agent, Registrar and any Transfer Agent, as the case may be, shall be required to undertake, to perform such duties and only such duties as are specifically set
forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary, any Depositary’s Agent, Registrar or any Transfer Agent. 

The Depositary, its parent, Affiliates, or subsidiaries, any Depositary’s Agents, and any Transfer Agent and any Registrar, as the case
may be, may own and deal in any class of securities of the Corporation and its Affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Corporation or its Affiliates may be interested or
contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary, the parent, Affiliate or subsidiary of the Depositary or the Depositary’s Agent or Transfer Agent or Registrar hereunder. The Depositary may
also act as transfer agent, trustee or registrar of any of the securities of the Corporation and its Affiliates or act in any other capacity for the Corporation or its Affiliates. 

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of
this Deposit Agreement or of the Receipts, the Depositary Shares or the Series D Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for
advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, believes any ambiguity or
uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar hereunder, or in the administration of
any of the provisions of this Deposit Agreement, the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take
any action hereunder, the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar may, in its sole discretion upon providing written notice to the Corporation, refrain from taking any action and the Depositary, the
Depositary’s Agents, any Transfer Agent or Registrar shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other Person or entity for refraining from taking such action, unless the
Depositary, the Depositary’s Agents, any Transfer Agent or Registrar receives written instructions or a certificate of the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s
Agents, any Transfer Agent or Registrar or which proves or establishes the applicable matter to the satisfaction of the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar. Such written instructions shall be full and complete
authorization to the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, and the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar shall incur no liability for or in respect of any
action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such written instructions. 

  
 -22- 

 In the event the Depositary, the Depositary’s Agent, the Registrar or the Transfer
Agent, as the case may be, shall receive conflicting claims, requests or instructions from any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary, the Depositary’s Agent, the Registrar or the Transfer
Agent, as the case may be, shall be entitled to act on such claims, requests or instructions received from the Corporation, and shall incur no liability and shall be entitled to the full indemnification set forth in Section 5.6 hereof in
connection with any action so taken. 
 It is intended that the Depositary shall not be deemed to be an “issuer” of the securities
under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary is acting only in a ministerial capacity as Depositary for the deposited Series D Preferred Stock. The Depositary
will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, the shares of Series D Preferred Stock or Depositary
Shares. 
 Neither the Depositary (or its officers, directors, employees or agents), any Depositary’s Agent nor any Registrar or any
Transfer Agent makes any representation or has any responsibility as to the validity of any registration statement pursuant to which the Depositary Shares may be registered under the Securities Act, the deposited Series D Preferred Stock, the
Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made in any such registration statement or herein. 

The Depositary assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other
provision herein or in the Receipts, the Depositary makes no warranties or representations as to the validity or genuineness of any shares of Series D Preferred Stock at any time deposited with the Depositary hereunder or of the Depositary Shares,
as to the validity or sufficiency of this Deposit Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depositary shall not be accountable
for the use or application by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof. 
 The Depositary,
Depositary’s Agent, any Registrar, and any Transfer Agent hereunder: 
 (i)    shall have no duties
or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may subsequently be agreed to in writing by the parties; 

(ii)    shall have no obligation to make payment hereunder unless the Corporation shall have provided the
necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

  
 -23- 

 (iii)    shall not be obligated to prosecute or defend
any litigation or other proceeding hereunder; if, however, the Depositary determines to prosecute or defend any litigation or other proceeding hereunder, and, where the taking of such action might in the Depositary’s judgment subject or expose
it to any expense or liability, the Depositary shall not be required to act unless it shall have been furnished with an indemnity satisfactory to it; 

(iv)    may rely on and shall be authorized and protected in acting or failing to act upon any certificate,
instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by the proper party or parties, and shall
have no responsibility for determining the accuracy thereof; 
 (v)    may rely on and shall be
authorized and protected in acting or failing to act upon the written, telephonic, electronic and oral instructions, with respect to any matter relating to the Depositary’s actions as Depositary covered by this Deposit Agreement (or
supplementing or qualifying any such actions) of officers of the Corporation; 
 (vi)    may consult
counsel satisfactory to it, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel;

 (vii)    except as specifically set forth herein, shall not be called upon at any time to advise any
Person with respect to the shares of Series D Preferred Stock or Receipts; 
 (viii)    shall not be
liable in any respect on account of the identity, authority or rights of the parties (other than with respect to the Depositary) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited
or called for under this Deposit Agreement; and 
 (ix)    shall not be liable for any failures, delays
or losses, arising directly or indirectly out of conditions beyond their reasonable control, including, but not limited to, (i) work stoppages or labor disputes, electrical or mechanical failure or computer hardware or software failure, in each
case other than of the Depositary, the Depositary’s Agent, the Registrar or the Transfer Agent, as the case may be, or (ii) acts of government, exchange or market ruling, suspension of trading, civil disobedience, riots, rebellions,
communications facilities failures including telephone failure, war, terrorism, insurrection, fires, earthquakes, storms, floods, acts of God or similar occurrences. 

The obligations of the Corporation set forth in this Section 5.3 shall survive the replacement, removal or resignation of the Depositary,
Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

Section 5.4.    Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

  
 -24- 

 The Depositary may at any time be removed by the Corporation by notice of such removal
delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within sixty (60) days after the
delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be (i) a Person having its principal office in the United States of America and having a combined capital and surplus, along with
its Affiliates, of at least $50,000,000 or (ii) an Affiliate of any such Person. In the event of such removal or resignation, the Corporation will appoint a successor depositary and inform the Depositary of the name and address of any successor
depositary so appointed; provided that the Corporation shall use its best efforts to ensure that there is at all relevant times when the Series D Preferred Stock is outstanding, a person or entity appointed and serving as the Depositary;
provided, further, that no failure by the Corporation to appoint such a successor depositary shall affect the termination of this Deposit Agreement or the discharge of the Corporation and the Depositary as depositary hereunder. Upon
payment of all outstanding fees and expenses hereunder, the Depositary shall promptly forward to the successor depositary or its designee any shares of stock held by it and any certificates, letters, notices and other document that the Depositary
may receive after its appointment has so terminated. 
 If no successor Depositary shall have been so appointed and have accepted
appointment within sixty (60) days after delivery of such notice, any Record Holder of Receipts hereunder or the Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor
Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall
promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the shares of the Series D Preferred Stock and
any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor
Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of Receipts. 

Any Person into or with which the Depositary may be merged, consolidated or converted, or any Person to which all or a substantial part of the
assets of the Depositary may be transferred or which succeeds to the shareholder services business of the Depositary shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof
shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary. 

  
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 The removal or resignation of the Depositary shall automatically be deemed to be a removal
of the Depositary as Registrar and Transfer Agent herein without any further act or deed. 

Section 5.5.    Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt of all necessary information and
documents, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s or Registrar’s books, copies of all notices, reports and communications from the Corporation (including without limitation
financial statements) required by law, by the rules of any national securities exchange upon which the Series D Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Certificate of Incorporation
(including the Certificate of Designations), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents
as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested in writing by the Corporation. 

Section 5.6.    Indemnification by the Corporation. 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent, any Registrar
and any Transfer Agent (including each of their officers, directors, agents and employees) against, and hold each of them harmless from and against, any fee, loss, damage, cost, penalty, fine, judgment, liability or expense (including the reasonable
costs and expenses of its legal counsel) which may arise out of acts performed, taken or omitted to be taken in connection with its acting as Depositary, Depositary’s Agent, Registrar or Transfer Agent, respectively, under this Deposit
Agreement (including, without limitation, the enforcement by the Depositary, Depositary’s Agent, Registrar or Transfer Agent, as the case may be, of this Deposit Agreement) and the Receipts by the Depositary, any Registrar or any of their
respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of negligence, willful misconduct, bad faith or fraud (each as finally determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an agreement with the Corporation) on the respective parts of any such Person or Persons. The obligations
of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

Section 5.7.    Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depositary the compensation, as agreed upon with the Corporation for all services rendered by the
Depositary, Depositary’s Agent, Transfer Agent and Registrar hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including
reasonable counsel fees and expenses) incurred by the Depositary, Depositary’s Agent, Transfer Agent and Registrar without gross negligence, willful misconduct, bad faith or fraud on its part (each as finally determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction, an arbitral award or an 

  
 -26- 

 
agreement with the Corporation) in connection with the services rendered by it (or any agent of the Depositary) hereunder. The Corporation shall pay all charges of the Depositary in connection
with the initial deposit of shares of the Series D Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of the Series D Preferred Stock by owners of Depositary Shares, and any redemption or exchange of shares
of the Series D Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and charges
shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be
liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of
such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 

ARTICLE VI 
 AMENDMENT
AND TERMINATION 
 Section 6.1.    Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent) which shall
materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least two-thirds of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree
to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to
surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the shares of the Series D Preferred Stock and all money and other property, if any, represented thereby, except in order to comply
with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depositary’s execution of any amendment, the Corporation
shall deliver to the Depositary a certificate that states that the proposed amendment is in compliance with the terms of this Section 6.1. 

Section 6.2.    Termination. 

This Deposit Agreement may be terminated by the Corporation at any time upon not less than sixty (60) days prior written notice to the
Depositary, in which case, at least thirty (30) days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record Holders of all Receipts then outstanding. If any Receipts shall
remain outstanding after the date of termination of this Deposit Agreement, the Depositary 

  
 -27- 

 
thereafter shall discontinue the transfer of Receipts, shall suspend the distribution of dividends to the Holders of the Receipts thereof and shall not give any further notices (other than notice
of such termination) or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to the Series D Preferred Stock, and shall continue to deliver the
Series D Preferred Stock and any money and other property, if any, represented by Receipts upon surrender thereof by the Holders of Receipts thereof. At any time after the expiration of two years from the date of termination, as may be instructed by
the Corporation in writing, the Depositary shall (i) sell the shares of the Series D Preferred Stock then held hereunder at public or private sale, at such places and upon such terms as it deems proper and may thereafter hold the net proceeds
of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the benefit, pro rata in accordance with their holdings, of the Holders of Receipts that have not theretofore been surrendered, or
(ii) return such shares of Series D Preferred Stock to the Corporation. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net proceeds and money and other
property. The Depositary shall continue to receive its fees and expenses after termination of this Deposit Agreement so long as the Depositary continues to provide services in connection with this Deposit Agreement. 

Subject to the first paragraph of this Section 6.2, this Deposit Agreement may be terminated by the Corporation or the Depositary only if
(i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.8; (ii) there shall have been made a final distribution in respect of the Series D Preferred Stock in connection with any liquidation, dissolution or
winding up of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable; or (iii) upon the consent of Holders of Receipts
representing in the aggregate not less than two-thirds of the Depositary Shares outstanding. 
 Upon
the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and
5.7; provided further that Section 5.3 and 5.6 shall survive the termination of this Deposit Agreement. 
 ARTICLE VII

 MISCELLANEOUS 

Section 7.1.    Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by
facsimile or pdf shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

  
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 Section 7.2.    Exclusive Benefit of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other Person whatsoever. 

Section 7.3.    Invalidity of Provisions. 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4.    Notices. 

Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by electronic mail, confirmed by letter, addressed to the Corporation at: 
 Citizens
Financial Group, Inc. 
 100 Sockanosset Cross Road 

Cranston, RI 02920 
 Telephone:
(401) 456-7000 
 Telecopy: (401) 464-7556 

Attention: Rose Sousa 
 or at any other addresses
of which the Corporation shall have notified the Depositary in writing. 
 Any and all notices to be given to the Depositary hereunder or
under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Depositary at the Depositary’s
Office at: 
 Computershare Inc. 

Computershare Trust Company, N.A. 

250 Royall Street 
 Canton,
Massachusetts 02021 
 Attention: Relationship Manager 

Facsimile: 781-575-4647 

with a copy to: 
 Computershare
Inc. 
 Computershare Trust Company, N.A. 

250 Royall Street Canton, Massachusetts 02021 

Attention: Legal Department 

Facsimile: (781) 575-4210 

or at any other address of which the Depositary shall have notified the Corporation in writing. 

  
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 Any and all notices to be given to any Record Holder of a Receipt hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, recognized next day courier services, facsimile transmission or electronic mail, confirmed by letter, addressed to such Record Holder
at the address of such Record Holder as it appears on the books of the Depositary; or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address
designated in such request; or in the case of any Global Receipt Depository, in accordance with its applicable procedures and arrangements for notices. 

Delivery of a notice sent by mail or as provided in this Section 7.4 shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a facsimile transmission or electronic mail) is deposited, postage prepaid, in a post office letter box; provided, that notice to a Global Receipt Depository shall be deemed
to be effected at the time such notice is delivered or made as provided in this Section 7.4; provided, further, that the Depositary or the Corporation may, however, act upon any facsimile transmission or electronic mail received
by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission or electronic mail shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5.    Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit
Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 

Section 7.6.    Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the
Series D Preferred Stock. 
 The Corporation hereby appoints the Trust Company as Registrar and Transfer Agent and Computershare as
dividend disbursing agent and redemption agent in respect of the shares of the Series D Preferred Stock deposited with the Depositary hereunder, and the Trust Company and Computershare hereby accept such respective appointments, subject to the
express terms and conditions of this Deposit Agreement (and no implied terms or conditions) and, as such, will reflect changes in the number of shares of deposited Series D Preferred Stock held by it by notation, book-entry or other appropriate
method. With respect to the appointment of the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the shares of the Series D Preferred Stock, the Trust Company and
Computershare, in their respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision, and shall provide as
provided in the Transfer Agency Agreement, in the performance of its duties in such respective capacities. 

  
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 Section 7.7.    Holders of Receipts are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof. 
 Section 7.8.    Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

Section 7.9.    Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection
during business hours upon reasonable notice to the Depositary by any Holder of a Receipt. 

Section 7.10.    Headings. 

The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been
inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

Section 7.11.    Confidentiality. 

The Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party,
including, inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain
confidential, and shall not be voluntarily disclosed to any other Person, except as may be required by law or legal process. 

Section 7.12.    Further Assurances. 

The Corporation shall perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts,
documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Deposit Agreement. 

[Remainder of page intentionally left blank; signature page follows.] 

  
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 IN WITNESS WHEREOF, the Corporation and the Depositary have duly executed this Deposit
Agreement as of the day and year first above set forth, and all Holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	CITIZENS FINANCIAL GROUP, Inc.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	COMPUTERSHARE INC., as Depositary

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	COMPUTERSHARE TRUST COMPANY, N.A., as Depositary and as Transfer Agent and Registrar for the shares of the Corporation’s Series D Preferred
Stock

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A: 

FORM OF RECEIPT 
 [FORM OF
FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to Citizens Financial Group, Inc. or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an
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 DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,
EACH 
 REPRESENTING A 1/40TH INTEREST IN ONE SHARE OF 

SERIES D NONCUMULATIVE PERPETUAL PREFERRED STOCK 

OF 
 CITIZENS FINANCIAL GROUP,
INC. 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP 174610 204 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Computershare Inc. and Computershare Trust Company, N.A., jointly as Depositary (the “Depositary”),
hereby certify that Cede & Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing a 1/40th interest in one share of
Series D Noncumulative Perpetual Preferred Stock, par value $25.00 per share, liquidation preference $1,000 per share (the “Series D Preferred Stock”), of Citizens Financial Group, Inc., a Delaware corporation (the
“Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of January 29, 2019 (the “Deposit Agreement”), among the Corporation, the
Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary
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 A-1 

 Dated:
                                    , 20 

Computershare Inc. and Computershare Trust Company, N.A., as Depositary 
  

			
	COMPUTERSHARE INC., as Depositary

			
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	
	COMPUTERSHARE TRUST COMPANY, N.A., as Depositary

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

CITIZENS FINANCIAL GROUP, INC. 

CITIZENS FINANCIAL GROUP, INC.WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR
SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF 6.350% FIXED-TO-FLOATING RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES D OF
CITIZENS FINANCIAL GROUP, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 
  

 
 The Corporation
will furnish without charge to each receiptholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the
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EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written
out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Equivalent Phrase
	  	 Abbreviation
	  	 Equivalent Phrase

	 JT TEN
	  	As joint tenants, with right of
survivorship and not as
tenants in common	  	TEN BY ENT	  	As tenants by the entireties
	 TEN IN COM
	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

	 ADM
	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PAR	  	Paragraph
	 AGMT
	  	Agreement	  	FBO	  	For the benefit of	  	PL	  	Public Law
	 ART
	  	Article	  	FDN	  	Foundation	  	TR	  	(As) trustee(s), for, of
	 CH
	  	Chapter	  	GDN	  	Guardian(s)	  	U	  	Under
	 CUST
	  	Custodian for	  	GDNSHP	  	Guardianship	  	UA	  	Under agreement
	 DEC
	  	Declaration	  	MIN	  	Minor(s)	  	UW	  	Under will of, Of will of, Under last will & testament
	 EST
	  	Estate, of Estate of	  		  		  		  	

  
 A-3 

 For value received,
                                        
hereby sell(s), assign(s) and transfer(s) unto 
  
   

 
 PLEASE INSERT
SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint
                                         
                                         
                       Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of
substitution in the premises. 
 Dated:
                                         
    
 NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in
every particular, without alteration or enlargement or any change whatsoever. 
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NOTICE: The signature(s) should be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the
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 A-4Exhibit 10.1

 

TRANSITION SERVICES AGREEMENT

 

by and between

 

IRONWOOD PHARMACEUTICALS, INC.

 

and

 

CYCLERION THERAPEUTICS, INC.

 

Dated as of        , 2019

 

 

TRANSITION SERVICES AGREEMENT

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
Article I   DEFINITIONS AND INTERPRETATION
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.1.
    	
General
    	
1
    
	
 
    	
 
    	
 
    
	
Section 1.2.
    	
Interpretation
    	
2
    
	
 
    	
 
    	
 
    
	
Article II   SERVICES
    	
3
    
	
 
    	
 
    	
 
    
	
Section 2.1.
    	
General
    	
3
    
	
 
    	
 
    	
 
    
	
Section 2.2.
    	
Standard for Services
    	
3
    
	
 
    	
 
    	
 
    
	
Section 2.3.
    	
Protection of Ironwood   Information Systems
    	
4
    
	
 
    	
 
    	
 
    
	
Section 2.4.
    	
Transitional Nature of   the Services; Changes
    	
4
    
	
 
    	
 
    	
 
    
	
Section 2.5.
    	
Omitted Services
    	
5
    
	
 
    	
 
    	
 
    
	
Section 2.6.
    	
Additional Services
    	
5
    
	
 
    	
 
    	
 
    
	
Section 2.7.
    	
Use of Third Parties
    	
6
    
	
 
    	
 
    	
 
    
	
Section 2.8.
    	
Cooperation
    	
6
    
	
 
    	
 
    	
 
    
	
Section 2.9.
    	
Location of Services   Provided; Access
    	
6
    
	
 
    	
 
    	
 
    
	
Section 2.10.
    	
Performance
    	
6
    
	
 
    	
 
    	
 
    
	
Section 2.11.
    	
Intellectual Property
    	
7
    
	
 
    	
 
    	
 
    
	
Article III   FEES AND PAYMENT
    	
7
    
	
 
    	
 
    	
 
    
	
Section 3.1.
    	
Fees
    	
7
    
	
 
    	
 
    	
 
    
	
Section 3.2.
    	
Expense
    	
8
    
	
 
    	
 
    	
 
    
	
Section 3.3.
    	
Quarterly Statements
    	
8
    
	
 
    	
 
    	
 
    
	
Section 3.4.
    	
Invoice
    	
8
    
	
 
    	
 
    	
 
    
	
Section 3.5.
    	
Late Payments
    	
8
    
	
 
    	
 
    	
 
    
	
Section 3.6.
    	
Taxes
    	
9
    
	
 
    	
 
    	
 
    
	
Section 3.7.
    	
No Right to Set-Off
    	
9
    
	
 
    	
 
    	
 
    
	
Article IV   SERVICE MANAGEMENT
    	
9
    
	
 
    	
 
    	
 
    
	
Section 4.1.
    	
Service Managers
    	
9
    
	
 
    	
 
    	
 
    
	
Section 4.2.
    	
Service Coordinators
    	
9
    
	
 
    	
 
    	
 
    
	
Article V   SUB-CONTRACTING; THIRD PARTY AGREEMENTS
    	
10
    
	
 
    	
 
    	
 
    
	
Section 5.1.
    	
Sub-Contractors
    	
10
    
	
 
    	
 
    	
 
    
	
Section 5.2.
    	
Third Party Agreements
    	
10
    

 

i

 

	
Section 5.3.
    	
Consents
    	
10
    
	
 
    	
 
    
	
Article VI   TERM AND TERMINATION AND EFFECTS OF TERMINATION
    	
11
    
	
 
    	
 
    	
 
    
	
Section 6.1.
    	
Termination
    	
11
    
	
 
    	
 
    	
 
    
	
Section 6.2.
    	
Termination for Breach
    	
11
    
	
 
    	
 
    	
 
    
	
Section 6.3.
    	
Early Termination of a   Service
    	
11
    
	
 
    	
 
    	
 
    
	
Section 6.4.
    	
Termination Upon   Insolvency
    	
12
    
	
 
    	
 
    	
 
    
	
Section 6.5.
    	
Accrued Rights
    	
12
    
	
 
    	
 
    	
 
    
	
Section 6.6.
    	
Effect of Termination
    	
12
    
	
 
    	
 
    	
 
    
	
Article VII   DISPUTE RESOLUTION
    	
12
    
	
 
    	
 
    	
 
    
	
Section 7.1.
    	
Negotiation
    	
12
    
	
 
    	
 
    	
 
    
	
Section 7.2.
    	
Arbitration
    	
13
    
	
 
    	
 
    	
 
    
	
Section 7.3.
    	
Continuity
    	
13
    
	
 
    	
 
    	
 
    
	
Article VIII   LIMITATION OF LIABILITY; INDEMNIFICATION
    	
13
    
	
 
    	
 
    	
 
    
	
Section 8.1.
    	
Limited Liability
    	
13
    
	
 
    	
 
    	
 
    
	
Section 8.2.
    	
Services Provided   “As-Is”
    	
14
    
	
 
    	
 
    	
 
    
	
Section 8.3.
    	
Indemnification
    	
14
    
	
 
    	
 
    	
 
    
	
Article IX   INSURANCE MATTERS
    	
15
    
	
 
    	
 
    	
 
    
	
Section 9.1.
    	
Insurance
    	
15
    
	
 
    	
 
    	
 
    
	
Article X   CONFIDENTIALITY
    	
15
    
	
 
    	
 
    	
 
    
	
Section 10.1.
    	
Confidentiality
    	
15
    
	
 
    	
 
    	
 
    
	
Article XI   MISCELLANEOUS
    	
15
    
	
 
    	
 
    	
 
    
	
Section 11.1.
    	
Complete Agreement;   Construction
    	
15
    
	
 
    	
 
    	
 
    
	
Section 11.2.
    	
Transaction Agreements
    	
15
    
	
 
    	
 
    	
 
    
	
Section 11.3.
    	
Counterparts
    	
15
    
	
 
    	
 
    	
 
    
	
Section 11.4.
    	
Notices
    	
15
    
	
 
    	
 
    	
 
    
	
Section 11.5.
    	
Waivers
    	
16
    
	
 
    	
 
    	
 
    
	
Section 11.6.
    	
Force Majeure
    	
16
    
	
 
    	
 
    	
 
    
	
Section 11.7.
    	
Assignment
    	
17
    
	
 
    	
 
    	
 
    
	
Section 11.8.
    	
Successors and Assigns
    	
17
    
	
 
    	
 
    	
 
    
	
Section 11.9.
    	
Third Party   Beneficiaries
    	
17
    
	
 
    	
 
    	
 
    
	
Section 11.10.
    	
Titles and Headings
    	
17
    
	
 
    	
 
    	
 
    
	
Section 11.11.
    	
Exhibits and Schedules
    	
18
    

 

ii

 

	
Section 11.12.
    	
Governing Law
    	
18
    
	
 
    	
 
    	
 
    
	
Section 11.13.
    	
Severability
    	
18
    
	
 
    	
 
    	
 
    
	
Section 11.14.
    	
Interpretation
    	
18
    
	
 
    	
 
    	
 
    
	
Section 11.15.
    	
No Duplication
    	
18
    
	
 
    	
 
    	
 
    
	
Section 11.16.
    	
No Waiver
    	
18
    
	
 
    	
 
    	
 
    
	
Section 11.17.
    	
Independent Contractor   Status
    	
19
    

 

iii

 

List of Exhibits and Schedules

 

	
Schedule I
    	
 
    	
Ironwood Services and Fees
    
	
Exhibit A
    	
 
    	
Initial Service Managers
    
	
Exhibit B
    	
 
    	
Migration Plan
    
	
Exhibit C
    	
 
    	
IT Acceptable Use Policy
    
	
Exhibit D
    	
 
    	
Quarterly Statement
    

 

iv

 

TRANSITION SERVICES AGREEMENT

 

This TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of        , 2019 (the “Effective Date”), is entered into by and between Ironwood Pharmaceuticals, Inc. (“Ironwood”), a Delaware corporation, and Cyclerion Therapeutics, Inc. (“Cyclerion”), a Massachusetts corporation.  “Party” or “Parties” means Ironwood or Cyclerion, individually or collectively, as the case may be.

 

W I T N E S S E T H:

 

WHEREAS, in conjunction with a Separation Agreement between Ironwood and Cyclerion of even date hereof (the “Separation Agreement”), Cyclerion desires to obtain certain transition services from Ironwood, and Ironwood is willing to provide such services to Cyclerion on the terms and conditions set forth in this Agreement; and

 

WHEREAS, the Parties acknowledge that the efficient and effective transition of Services (as defined below) under this Agreement in a manner that permits the successful operations of each Party following the Effective Date is a priority to the shareholders of each Party.

 

NOW, THEREFORE, in consideration of the foregoing and the respective warranties, covenants and agreements hereinafter set forth, and intending to be legally bound hereby, the Parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS AND INTERPRETATION

 

Section 1.1.                                 General.  Capitalized terms not defined in this Agreement have the meanings assigned to them in the Separation Agreement.  As used herein, the following terms have the following meanings:

 

(1)                                 “Additional Service” shall have the meaning set forth in Section 2.6.

 

(2)                                 “Force Majeure” shall have the meaning set forth in Section 11.6.

 

(3)                                 “FTE Rate” means the amount to be paid per full-time equivalent of Service Provider under this Agreement on an annual basis. The FTE Rate as of the Effective Date will be three hundred and fifteen thousand dollars ($315,000), as such rate may be amended from time to time by the mutual written consent of the Parties.  The FTE Rate for a full-time equivalent for a calendar month shall equal one-twelfth (1/12th) of the foregoing annual rate and the FTE Rate for a full-time equivalent for a calendar quarter shall equal one-fourth (1/4th) of the foregoing annual rate.  For clarity, the FTE Rate shall not include any Expenses.

 

(4)                                 “Internal Costs” shall mean, for any Services conducted during a given period of time during the Term, (a) the FTE Rate plus eight percent (8%) of such FTE Rate multiplied by the number of full-time equivalents of Service Provider performing such Services in accordance with this Agreement during such period of time plus (b) any other costs directly related to the provision of such Services during such period of time under this Agreement, as

 

1

 

agreed upon between the Parties in writing.  For the avoidance of doubt, Internal Costs do not include Third Party Costs or Expenses.

 

(5)                                 “Migration Plan” shall have the meaning set forth in Section 2.12.

 

(6)                                 “Omitted Service” shall have the meaning set forth in Section 2.5.

 

(7)                                 “One-Time Costs” shall have the meaning set forth in Section 3.1.

 

(8)                                 “Service Provider” means, as the context may require, Ironwood or, if not Ironwood, the Person providing the Services on behalf of Ironwood, including any of its Affiliates (it being agreed and understood that, for purposes of this Agreement, Ironwood shall cause each such Person to comply with the provisions of this Agreement applicable to such Person in such Person’s capacity as a “Service Provider”).

 

(9)                                 “Services” means (a) all of the services to be provided by or on behalf of a Service Provider under this Agreement described on Schedule I hereto, as such Schedule may be updated and supplemented from time to time in accordance with the provisions of this Agreement, (b) any Omitted Services and (c) any Additional Services.  “Service” means each such service.

 

(10)                          “Term” means the period commencing on the date hereof and ending, subject to Section 6.1, upon the expiration of all Services set forth in Schedule I.

 

(11)                          “Third Party” means any person or entity other than Ironwood, Cyclerion or their Affiliates.

 

(12)                          “Third Party Costs” means the price paid by Ironwood or its Affiliates to a Third Party (not in its capacity as a Service Provider) for all applicable Services provided by such Third Party to Ironwood or its Affiliates that are directly allocable to the provision of Services hereunder.  For clarity, there shall be no mark-up added to Third Party Costs under this Agreement, unless such mark-up was actually paid by Ironwood or its Affiliates to a Third Party.

 

Section 1.2.                                 Interpretation.  Except where the context otherwise requires, the singular will include the plural, the plural will include the singular, the use of any gender will be applicable to all genders, and the word “or” means “and/or.” References to a number of days, unless otherwise specified, means calendar days.  The captions of this Agreement are for convenience of reference only and do not define, describe, extend or limit the scope or intent of any provision contained in this Agreement.  The terms “including,” “include,” or “includes” are not intended to limit generality of any description preceding such term.  The language of this Agreement will be deemed to be the language mutually chosen by the Parties, and no rule of strict construction will be applied against either Party.  Unless otherwise expressly specified, references to Ironwood include Ironwood’s Affiliates, and references to Cyclerion include Cyclerion’s Affiliates.

 

2

 

ARTICLE II

 

SERVICES

 

Section 2.1.                                 General.  During the Term, subject to Section 2.2, Ironwood shall (and shall cause each Service Provider providing Services to) provide to Cyclerion and, to the extent directed by Cyclerion, its Affiliates, the Services, in each case subject to the terms and conditions set forth herein.  Notwithstanding anything to the contrary herein, a Service Provider shall not be required to perform or cause to be performed any of the Services for the benefit of any Person other than Cyclerion and its Affiliates.  The Parties agree to negotiate in good faith any proposed changes to the Services, including pricing related thereto, during the Term.  Such proposed changes will become effective only upon mutual agreement of the Parties as reflected in an addendum to Schedule I.  If there is any inconsistency between the terms of Schedule I and the terms of this Agreement, the terms of this Agreement will govern.  The Parties acknowledge and agree that the Services are generally intended to facilitate the transactions contemplated by the Separation Agreement, and, to the extent Services described in Schedule I are general in nature, are solely intended to support the continued operation of the Cyclerion Business and the Cyclerion Product Candidates.

 

Section 2.2.                                 Standard for Services.  Ironwood shall use commercially reasonable efforts to provide, or cause to be provided, to Cyclerion the Services in accordance with the terms and conditions of this Agreement.  Ironwood shall provide, or cause to be provided, the Services in a manner (i) in compliance in all material respects with all applicable Laws and (ii) generally consistent with the provision of the Services during the twelve (12) months immediately prior to the date hereof (the “Prior Period”); provided that if a Service Provider has not previously provided a Service to another Person, the Service Provider shall provide such Service in a manner generally consistent with the provision of similar services provided to its Affiliates or businesses.  To the extent a more specific standard of care is specified in Schedule I with respect to any Service, a Service Provider shall use its commercially reasonable efforts to comply with such more specific standard.  It is the Parties’ shared objective to transition responsibility for the performance of all Services from Service Provider to Cyclerion and its Affiliates in a manner that minimizes, to the extent reasonably possible, disruption to the business operations of Service Providers and their Affiliates and the business operations of Cyclerion and its Affiliates.  Notwithstanding any provision of this Agreement or the Separation Agreement to the contrary, no Service Provider shall be required to (a) perform any Service in any manner that violates or contravenes any restrictions imposed on the Service Provider by applicable Law, (b) perform any Service in any manner that breaches or contravenes any contractual obligations owed by the Service Provider to any Third Party(ies) or (c) perform any Service to the extent that the conduct of such would, in the good faith belief of Service Provider, infringe, violate or misappropriate intellectual property rights of any Third Party.  Notwithstanding any provision of this Agreement to the contrary, but without limiting a Service Provider’s obligations under Section 2.1 or Section 2.2, in no event shall Ironwood or any of its Affiliates be (i) obligated to make any specific employment decisions in terms of hiring and terminating employees; (ii) obligated to enter into retention agreements with employees or otherwise provide any incentive beyond payment of regular salary and benefits; (iii) prevented from transferring after the Effective Date any employees who were supporting the Cyclerion Product Candidates as of the Effective Date to support other products for Ironwood or its Affiliates or to assume other roles with Ironwood or its Affiliates to the extent such employees are not

 

3

 

required to provide Services; (iv) prevented from determining, in its sole discretion, the individual employees or contractors who provide Services; (v) obligated to purchase, lease or license any additional equipment or software, except as specifically provided for in Schedule I; or (vi) obligated to create or supply any documentation or information not currently existing or reasonably available, except as specifically provided for in Schedule I.

 

Section 2.3.                                 Protection of Ironwood Information Systems

 

(a)                                 In providing information technology Services to Cyclerion, Ironwood shall have the right to implement reasonable processes from time to time under which there will be no greater threat to Ironwood’s information technology operating environment than would exist in the absence of the provision of such Services.  Without limiting the foregoing, Cyclerion shall, and shall cause each of its employees with access to Ironwood’s information technology operating environment to, comply with the terms and conditions of Ironwood’s IT Acceptable Use Policy set forth in Exhibit C hereunder as may be amended from time to time upon written notice by Ironwood to Cyclerion (such policy, the “IT Acceptable Use Policy”).

 

(b)                                 If, in connection with the provision of any Services under this Agreement, it is reasonably necessary for Ironwood to implement any information technology connections, firewalls or the like (“Information System Additions”) specifically in connection with the provision of such Services and that would not have otherwise been implemented in the absence of the provision of the Services, the costs of implementing such Information System Additions shall be borne by Cyclerion, unless specifically provided otherwise in Schedule I hereto or otherwise agreed to in writing by Ironwood.

 

Section 2.4.                                 Transitional Nature of the Services; Changes.

 

(a)                                 Cyclerion understands that the Services provided hereunder are transitional in nature and are furnished by the Service Providers as an accommodation and for the purpose of facilitating the transactions contemplated by the Separation Agreement.  Each of the Parties agrees to cooperate in good faith and use, and shall cause its Affiliates to use, commercially reasonable efforts to effect a smooth transition from the Services as provided by the Service Provider to services performed by Cyclerion or furnished by another party as soon as practically possible, but in no case later than the expiration of the Term.  Cyclerion further understands that the Service Providers are not in the business of providing Services to Third Parties and shall not provide Services beyond the Term.

 

(b)                                 Cyclerion acknowledges and agrees that Ironwood or its Affiliates may make changes from time to time in the manner of performing the Services if Ironwood or its Affiliates (i) are making similar changes in the performance of similar services for itself or their own Affiliates or would have made in performing similar services for their own Affiliates; and (ii) furnish to Cyclerion notice with respect to such changes, and if applicable, substantially the same notice (in content and timing) as Ironwood or its Affiliates shall furnish to their own Affiliates with respect to such changes; and (iii) reasonably considers reasonable concerns of Cyclerion in implementing any such changes.

 

4

 

Section 2.5.                                 Omitted Services.  If, during the sixty (60) day period immediately following the date of this Agreement, either Party identifies a service that was provided in connection with the Cyclerion Business (other than those services expressly excluded hereunder) during the Prior Period, or which are reasonably anticipated as of the date hereof to be necessary to continue to support the Cyclerion Business during the Term, but such services were inadvertently omitted from the list of Services in Schedule I hereto (each, to the extent included in the Services pursuant to this Section, an “Omitted Service”) and notifies the other Party thereof, then the Parties shall enter into good faith discussions as to whether such Omitted Service should be added as a Service hereunder, taking into account considerations such as whether the provision of such Service would be commercially reasonable from Service Provider’s perspective and whether the Omitted Service can be obtained from a provider other than the Service Provider at comparable or lower expense.  If the Parties determine that an Omitted Service will be provided under this Agreement, then the Parties shall cooperate to amend Schedule I to add such Omitted Service as a Service, provided that, notwithstanding anything to the contrary in this Agreement, Service Provider shall not be obligated to provide any Omitted Service if it does not, in its reasonable judgment, have adequate resources to provide such Omitted Service or if the provision of such Omitted Service would significantly disrupt the operation of its business.  In the event that the Parties agree that a Service Provider should provide any such Omitted Service, the Parties shall execute amendments to Schedule I for such Omitted Service that will set forth, among other things, (a) the time period during which such Omitted Service will be provided, (b) a description of such Omitted Service in reasonable detail, (c) primary points of contact for each of the Parties with respect to the Service, (d) any Internal Costs or One-Time Costs related to such Omitted Service and agreed upon by the Parties and (e) any additional terms and conditions specific to such Omitted Service.  A Service Provider’s obligations with respect to providing any such Omitted Service shall become effective only upon mutual agreement of the Parties as reflected in an amendment to Schedule I being duly executed and delivered by each Party.  Notwithstanding the foregoing, the time period for any such Omitted Service will expire not later than the expiration of the Term as calculated prior to the addition of such Omitted Service unless the Parties mutually agree otherwise.

 

Section 2.6.                                 Additional Services.  The Parties hereto acknowledge that Schedule I might not identify all of the Services that, although not provided in connection with the Cyclerion Business during the Prior Period, may be necessary or appropriate to effect the understanding set forth in this Agreement.  Cyclerion may request such additional Services from a Service Provider (each, to the extent included in the Services pursuant to this Section 2.6, an “Additional Service”) in writing during the Term.  A Service Provider shall consider any such request for Additional Services promptly and in good faith, except to the extent such request is for Omitted Services (in which case Section 2.5 shall govern) or for services intentionally not included by mutual agreement of the Parties as part of the Services as of the Effective Date.  In the event that the Parties agree that a Service Provider should provide any such Additional Service, the Parties shall execute amendments for such Additional Service to Schedule I that will set forth, among other things, (a) the time period during which such Additional Service will be provided, (b) a description of such Additional Service in reasonable detail, (c) primary points of contact for each of the Parties with respect to the Service, (d) any Internal Costs or One-Time Costs related to such Additional Service and agreed upon by the Parties and (e) any additional terms and conditions specific to such Additional Service.  A Service Provider’s obligations with respect to providing any such Additional Service will become effective only upon mutual agreement of the Parties as reflected

 

5

 

in an amendment to Schedule I being duly executed and delivered by each Party.  Notwithstanding the foregoing, the time period for any such Additional Service will expire not later than the expiration of the Term as calculated prior to addition of such Additional Service unless the Parties agree otherwise.

 

Section 2.7.                                 Use of Third Parties.  Cyclerion understands that certain Services may be provided to it by a Service Provider pursuant to agreements between the Service Provider and various Third Parties.  To the extent not prohibited by a Third Party and with Cyclerion’s consent (not to be unreasonably withheld, conditioned or delayed), the Service Provider shall coordinate the provision of Services by the Third Party to Cyclerion, and Cyclerion shall reasonably cooperate with any Third Party providing Services on behalf of the Service Provider in order to facilitate the provision and receipt of such Services.

 

Section 2.8.                                 Cooperation.  Cyclerion and its Affiliates who are recipients of the Services shall reasonably cooperate with each Service Provider in order to facilitate the provision and receipt of the Services.  Cyclerion acknowledges that such Services are dependent on such reasonable cooperation, and that its or its Affiliates’ failure to so cooperate, if not reasonable, will relieve the Service Provider of its obligation to provide the related Services to the extent such failure renders such provision impractical or impossible.  Cyclerion and its Affiliates who are recipients of the Services shall comply in all material respects with all applicable policies and procedures of the Service Provider.

 

Section 2.9.                                 Location of Services Provided; Access.  Each Service Provider shall provide the Services to Cyclerion from locations of the Service Provider’s choice in its sole discretion unless Services are required to be performed at a specific location identified in Schedule I.  Certain key personnel of the Service Providers who are expected to be utilized to perform Services may be required to travel to the offices of Cyclerion or between Service Provider locations.  Each Party shall allow the other Party and its Affiliates and Representatives reasonable access to the facilities of such Party and its Affiliates that is necessary for each Service Provider to provide Services or for Cyclerion and its Affiliates to receive the Services in accordance with this Agreement, subject to applicable confidentiality and non-use restrictions consistent with those set forth in this Agreement.  Each Party agrees that all of its and its Affiliates’ employees shall, and that it shall use commercially reasonable efforts to cause its Representatives’ employees to, when on the property of the other Party or any of its Affiliates, or when given access to any facilities, information, systems, infrastructure or personnel of the other Party or any of its Affiliates, conform to the policies and procedures of such other Party and any of its Affiliates, as applicable, concerning health, safety, conduct and security which are made known to the Party receiving such access from time to time.

 

Section 2.10.                          Performance.  Any Party may cause any of its Subsidiaries to perform any or all of its obligations hereunder, and may designate any of its Subsidiaries to receive any of its entitlements hereunder.  Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set herein to be performed by any Subsidiary of such Party or by any entity that becomes a Subsidiary of such Party at or after the Distribution Effective Time, in each case to the extent such Subsidiary remains a Subsidiary of the applicable Party.

 

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Section 2.11.                          Intellectual Property.

 

(a)                                 Neither Party will gain, by virtue of this Agreement, any rights of ownership or use of copyrights, patents, trade secrets, trademarks, know-how or any other intellectual property rights (“Intellectual Property Rights”) owned by the other Party or its Affiliates.  To the extent any Intellectual Property Rights are developed by Ironwood or its Affiliates in the course of the performance of the Services that relate exclusively to the Cyclerion Product Candidates or Cyclerion Business (the “Cyclerion Intellectual Property Rights”), all right, title and interest in and to any such Intellectual Property Rights will be the sole and exclusive property of Cyclerion, and Ironwood shall (and shall cause its Affiliates to) assign, and does hereby assign, to Cyclerion all right, title and interest in and to any such Cyclerion Intellectual Property Rights.  Except as expressly specified in the foregoing, as between the Parties, all right, title and interest in any Intellectual Property Rights developed by or on behalf of Ironwood in the course of providing the Services will be owned by Ironwood.  To the extent that Ironwood performs any Services through any Affiliate or subcontractor, Ironwood shall obligate such Affiliate or such subcontractor to assign to Cyclerion all Cyclerion Intellectual Property Rights, and Ironwood shall not utilize any such Affiliate or subcontractor in the performance of such Services unless such Affiliate or subcontractor is so obligated.

 

(b)                                 Solely for and with respect to the performance of Services and other activities under this Agreement during the Term, Cyclerion (on behalf of itself and its Affiliates) hereby grants to each Service Provider a non-exclusive, royalty-free, non-transferable license and right of reference, with the right to grant further licenses and rights of reference, to all intellectual property, Regulatory Approvals, Regulatory Submissions and records included within the Cyclerion Product Candidates that are necessary to perform the Services solely to perform the Services and other obligations of Ironwood or a Service Provider under this Agreement.

 

Section 2.12.                          Migration Plan.  The plan for the migration of Services from Ironwood to Cyclerion is set forth in Exhibit B hereunder (the “Migration Plan”).  During the Term, the Parties (i) shall use commercially reasonable efforts to perform their respective obligations under the Migration Plan and (ii) may mutually amend or supplement the Migration Plan.

 

ARTICLE III

 

FEES AND PAYMENT

 

Section 3.1.                                 Fees.  The fees payable hereunder for Services (the “Fees”) will be equal to (i) the Service Provider’s Internal Costs for such Services plus (ii) the Service Provider’s Third Party Costs for such Services.  Cyclerion shall also pay the Service Provider for all of the reasonable, documented one-time costs and expenses, if any, incurred by the Service Provider in order to enable the Service Provider to provide and to terminate Services as contemplated hereby, including costs for adapting the Service Provider’s systems to be able to interface with Cyclerion’s systems for provision of the Services, if reasonably required (the “One-Time Costs”); provided, however that Ironwood shall not incur any One-Time Cost (on an event-by-event basis) over five thousand dollars ($5,000)  that is not specifically identified in Schedule I without Cyclerion’s prior written consent, not to be unreasonably withheld, conditioned or delayed.  The Parties agree that they have used reasonable good faith efforts to identify One-Time Costs in excess of five thousand

 

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dollars ($5,000) on Schedule I as of the Effective Date and, in the event that Cyclerion declines to consent to any One-Time Cost for a Service pursuant to this Section 3.1, Service Provider shall not be required under this Agreement to perform such Service to the extent such Service cannot be performed without payment of such One-Time Cost.

 

Section 3.2.                                 Expense.  The Fees are exclusive of expenses related to travel (including long-distance and local transportation, accommodation and meal expenses and other incidental expenses) by the Service Provider’s personnel or any subcontractor in connection with performing the Services.  All of the costs and expenses described in this Section 3.2 (“Expenses”) will be charged by the Service Provider to the recipient of such Service on a pass-through basis.  For the avoidance of doubt, the Expenses described in this Section 3.2 will be consistent with the Service Provider’s general approach with respect to such types of costs and expenses; provided, that with respect to any Service, the recipient of such Service’s prior written approval will be required to the extent that Expenses exceed fifteen percent (15%) of the Fees paid and payable to the Service Provider for such Service in any calendar quarter.  For clarity, there shall be no mark-up added to Expenses under this Agreement, unless such mark-up was actually paid by the Service Provider’s personnel or subcontractor.

 

Section 3.3.                                 Quarterly Statements.  Ironwood will furnish Cyclerion with a preliminary statement six (6) Business Days after the close of each calendar quarter and a final statement ten (10) Business Days after the close of each calendar quarter, each such statement to be in the form attached as Exhibit D (each, a “Quarterly Statement”), which Quarterly Statement shall reflect Ironwood’s good faith estimate of, on a Service-by-Service basis: (a) the Fees payable for the Services provided by the Service Provider to Cyclerion for the preceding calendar quarter (itemized to reflect Internal Costs and Third Party Costs), (b) any Expenses payable for the preceding calendar quarter and (c) any One-Time Costs payable for the preceding calendar quarter, in each case as incurred in accordance with this Agreement.

 

Section 3.4.                                 Invoice.  Not later than twenty-five (25) days after the last day of each calendar quarter (or, if the Term ends during a calendar quarter, the last day of the Term), Ironwood shall provide to Cyclerion an invoice for the preceding calendar quarter, which will list (a) the Services provided by the Service Provider to Cyclerion for the preceding calendar quarter, (b) the Fees payable for such Services (and reasonable documentation supporting such Fees, to the extent requested by Cyclerion) for the preceding calendar quarter (itemized to reflect Internal Costs and Third Party Costs) (c) any Expenses (and reasonable documentation supporting such Expenses, to the extent requested by Cyclerion) for the preceding calendar quarter and (d) any One-Time Costs (and reasonable documentation supporting such costs and expenses, to the extent requested by Cyclerion) for the preceding calendar quarter, in each case as incurred in accordance with this Agreement.  Cyclerion shall pay the amount stated in such invoices in full within thirty (30) days of the issuance of the invoices (or, if such date is not a Business Day, then on the immediately succeeding Business Day) to an account designated by Ironwood, except to the extent such amount is the subject of a good faith dispute by Cyclerion as notified in writing to Ironwood.

 

Section 3.5.                                 Late Payments.  Without prejudice to the Service Provider’s other rights and remedies, where any sum remains unpaid after the applicable due date, it will carry interest, which will accrue daily, from the due date until the date of actual payment, at a rate based on the prime rate listed in the Wall Street Journal (Bond Yields and Rates) on the date such sum is due

 

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and payable plus two percent (2%).  Notwithstanding the preceding, if a Party contests any amounts due hereunder in good faith and promptly notifies the other Party of such dispute, interest will not accrue as to amounts being so contested until and unless the dispute is resolved in the payee Party’s favor.

 

Section 3.6.                                 Taxes.  Cyclerion shall make all payments to a Service Provider for any Service without deduction or withholding for taxes including income tax withholding, Value Added Tax (“VAT”), duties, sales tax or a similar tax except to the extent any such deduction or withholding is required by the tax laws of any federal, state, provincial or foreign government.  In the event a deduction or withholding for taxes is applicable, Cyclerion shall submit such deduction or withholding for taxes to the appropriate governmental authority and shall provide a tax certificate to Service Provider.  In the event VAT or sales tax applies to the services provided, a Service Provider shall invoice such tax to Cyclerion, as a reimbursable expense, and a Service Provider shall remit such tax to the relevant government authority.  Service Provider and Cyclerion shall mutually cooperate to minimize any amount of tax assessed in respect of the performance of Services hereunder or as a deduction or withholding of taxes, including through the prompt completion and filing of any relevant tax forms with the relevant tax authorities.

 

Section 3.7.                                 No Right to Set-Off.  Each Party hereto acknowledges and agrees that it shall not be permitted to set-off any amount owed by such Party pursuant to this Agreement against any amount or obligation owed to such Party or an Affiliate hereunder or pursuant to the Separation Agreement or any other Ancillary Agreement.

 

ARTICLE IV

 

SERVICE MANAGEMENT

 

Section 4.1.                                 Service Managers.  Ironwood and Cyclerion shall each appoint an employee to have overall responsibility for managing and coordinating the delivery of Services in accordance with this Agreement (such employee, a “Service Manager”).  The initial Service Managers will be identified on Exhibit A hereto or otherwise designated by each of the Parties prior to the Distribution Effective Time, and may thereafter be replaced from time to time upon written notice to the other Party.  Service Managers shall consult and coordinate with one another regarding the provision of Services hereunder.

 

Section 4.2.                                 Service Coordinators.  Each Party has designated an employee or title as the principal point of contact for the day-to-day implementation or monitoring of each Service as specified in Schedule I (each, a “Service Coordinator”).  The Parties shall direct communications relating to specific Services s to the applicable Service Coordinators.  The Service Coordinators shall report to the applicable Service Manager from time to time, as directed by the Service Manager.

 

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ARTICLE V

 

SUB-CONTRACTING; THIRD PARTY AGREEMENTS

 

Section 5.1.                                 Sub-Contractors.  Upon Cyclerion’s consent, not to be unreasonably withheld, conditioned or delayed, a Service Provider may delegate or sub-contract its duties under this Agreement to a qualified Third Party, provided that, notwithstanding such delegation or sub-contracting, the Service Provider will remain liable for the performance of its duties hereunder and shall ensure and guaranty that any Services provided by a subcontractor shall meet Service Provider’s obligations set forth in Section 2.2(i) and (ii).  In the event any such consent is not granted, Service Provider shall not have any liability resulting from any delay in providing any such Service.  For the avoidance of doubt, Service Provider will not be liable with respect to any agreement entered into directly by Cyclerion (or its Affiliates) and a subcontractor, other than as mutually agreed in writing by the Parties hereto.

 

Section 5.2.                                 Third Party Agreements.  Cyclerion acknowledges that the Services that were provided through Third Parties prior to the date hereof are subject to the terms and conditions of any applicable agreements between the Service Provider and such Third Parties, and Cyclerion agrees to comply with such terms and conditions to the extent applicable to Cyclerion and necessary for purposes of receiving such Services by Cyclerion.  For any Service to be delegated to a Third Party after the date hereof, and so long as any such Service is provided solely to Cyclerion and not to a Service Provider or any Affiliates of Service Provider, the Service Provider shall provide Cyclerion with a copy of any agreement contemplated to be entered into with such Third Party in relation to such Service and, as set forth in Section 5.1, seek Cyclerion’s consent to such delegation, which consent may not be unreasonably withheld, delayed or conditioned.

 

Section 5.3.                                 Consents.  Notwithstanding anything to the contrary contained herein, each Service Provider shall use commercially reasonable efforts to obtain all consents from vendors that are necessary in order to provide any of the Services to Cyclerion under this Agreement; provided, however, that a Service Provider will not be required to pay any out-of-pocket fees to any vendor in order to obtain such consent, but will, instead, request that Cyclerion pay such out-of-pocket fees.  In the event that a Service Provider is unable to obtain any such consent, Ironwood’s sole liability and obligation and Cyclerion’s sole remedy will be to require the Parties hereto to work together to agree upon a commercially reasonable alternative arrangement, which may include identification of alternate resources and equivalent services from such alternative resources on commercially reasonable terms.  Any costs specified in the second sentence of Section 3.1 and any actual out-of-pocket fees levied on a Service Provider (a) in connection with its efforts to obtain and implement such consents and (b) in connection with the implementation of any such commercially reasonable alternative arrangement, will be borne by Cyclerion.  For the avoidance of doubt, any costs incurred by a Service Provider in connection with obtaining consents prior to the Distribution Effective Time will be borne by Ironwood.

 

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ARTICLE VI

 

TERM AND TERMINATION AND EFFECTS OF TERMINATION

 

Section 6.1.                                 Termination.  Except as otherwise provided herein or unless otherwise agreed in writing by the Parties hereto, a Service Provider’s obligation to provide or procure, and Cyclerion’s obligation to purchase, each Service shall cease as of the end of the term specified for such Service in Schedule I hereto, and the Agreement will terminate in its entirety at the end of the Term; provided that (a) this Agreement may be extended, with respect to one or more Services, by mutual written agreement of the Parties, consent to which extension shall be in each Party’s absolute discretion, provided that such extension shall be limited to one period of up to six (6)  months following the initial Term of the Service and (b) in the event that a Service shall not have been transitioned to Cyclerion solely as a result of a material breach by Ironwood of its obligations under the Migration Plan, the term for such Service will be extended solely for such period as shall be necessary for Ironwood to cure such material breach; provided that the breach is curable with the use of commercially reasonable efforts and is not related to a Service that could reasonably be obtained or performed by Cyclerion itself.

 

Section 6.2.                                 Termination for Breach.  In the event that a Party hereto commits a material breach with respect to any of the Services, the other Party may terminate this Agreement with respect to such Service only, unless such breach is cured not later than thirty (30) days after receipt by the breaching Party of written notice of such breach.

 

Section 6.3.                                 Early Termination of a Service.  Subject to the restrictions set forth herein, if Cyclerion should wish to terminate a Service (in whole, but not in part), Cyclerion shall provide written notice to the Service Provider not later than forty-five (45) days prior to the requested termination date for such Service; provided, however, that no such notice of termination may be delivered to the Service Provider during the forty-five (45) day period immediately following the date hereof.  Notwithstanding the foregoing provisions, the Parties hereto acknowledge and agree that, in certain instances, terminating certain Services may require time periods longer than the forty-five (45) day period specified in this Section 6.3.  In any such event, the Parties agree to negotiate in good faith a longer period of time for any and all such transfers following the termination notice.  Cyclerion will remain liable for any Fees or other amounts payable hereunder in connection with the terminated Service(s) incurred prior to the effective date of termination of such Service(s), including in the event that such terminated Services contemplated a deliverable that was not provided due to such early termination.  Cyclerion acknowledges and agrees that (a) Services provided by Third Parties may be subject to term-limited licenses and contracts between a Service Provider and applicable Third Parties (collectively, “Provider Third Party Contracts”), (b) the renewal periods under the Provider Third Party Contracts may be for fixed periods and (c) a Service Provider may not have the right to renew certain Provider Third Party Contracts.  As a result, Cyclerion agrees that (i) if Service Provider is required to extend any Provider Third Party Contract in order to continue to provide any Service during the Term, then Service Provider shall notify Cyclerion and, if Cyclerion informs Service Provider within twenty (20) days of such notice that it wishes to continue to receive such Service, then Cyclerion shall be required to pay Service Provider the amount of any renewal fees or purchase commitments applicable to the relevant Service for the full renewal period specified in the applicable Provider Third Party Contract, regardless of whether the Term or Service Provider’s provision of the

 

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relevant Service ends prior to the end of the relevant renewal period and (ii) a Service Provider shall not be required to provide any Service to the extent it is unable to renew any applicable Provider Third Party Contract or Cyclerion either informs Service Provider that it does not wish to continue to receive such Service under this Section 6.3 or does not respond to Service Provider’s notice in the applicable 20-day period.

 

Section 6.4.                                 Termination Upon Insolvency.  Either Party may terminate this Agreement immediately in the event the other Party (a) becomes insolvent, (b) is generally unable to pay, or fails to pay, its debts as they become due, (c) files, or has filed against it, a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency Law, (d) makes or seeks to make a general assignment for the benefit of its creditors, or (e) applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its property or business.

 

Section 6.5.                                 Accrued Rights.  Termination or expiration of this Agreement for any reason will be without prejudice to any rights that have accrued to the benefit of a Party prior to such termination or expiration.  Such termination or expiration will not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this Agreement.

 

Section 6.6.                                 Effect of Termination.  Not later than thirty (30) days following the date it receives a final invoice from a Service Provider following termination or expiration of any Services or this Agreement, Cyclerion shall pay to the Service Provider all remaining monies due to the Service Provider hereunder in respect of Services provided prior to such termination or expiration except for any amounts then the subject of a good faith dispute.  In addition, at the end of the Term, each Party hereto shall, at the disclosing Party’s option, return or destroy the Confidential Information of the disclosing Party.  In the event that the disclosing Party elects destruction, the other Party shall furnish to the disclosing Party a written certificate of destruction signed by an officer of the certifying Party.  Any provision which by its nature should survive, including the provisions of this Section 6.6 (Effect of Termination), Section 2.11 (Intellectual Property), Article III (Fees and Payment), Article VIII (Limitation of Liability; Indemnification), Article X (Preservation of Records; Access to Information; Confidentiality; Privilege) and Article XI (Miscellaneous), shall survive the termination of this Agreement.

 

ARTICLE VII

 

DISPUTE RESOLUTION

 

Section 7.1.                                 Negotiation.  A Party seeking resolution of a controversy, dispute or action arising out of, in connection with, or in relation to the interpretation, performance, nonperformance, validity or breach of this Agreement or otherwise arising out of, or in any way related to, this Agreement or the transactions contemplated hereby or thereby, including any action based on contract, tort, statute or constitution (collectively, “Disputes”) shall provide written notice of such Dispute to the other Party, specifying the terms of such Dispute in reasonable detail (“Dispute Notice”).  The appropriate executives of the Parties who have authority to settle the Dispute (or such other individuals designated by the respective executives) shall attempt to resolve the Dispute through good faith negotiation for a reasonable period of time; provided, that such reasonable period shall not, unless otherwise agreed by the Parties in writing, exceed fifteen (15) days from the time of receipt by a Party of the Dispute Notice.  If the Dispute has not been resolved

 

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within fifteen (15) days after receipt of the Dispute Notice, the respective Chief Executive Officers or their respective designees (with full settlement authority) of Ironwood and Cyclerion shall meet in person (or where necessary, by phone) at a mutually acceptable time and, if applicable, place, and thereafter as often as they reasonably deem necessary, to attempt in good faith to resolve the Dispute.  Any contractual time period or deadline under this Agreement to which such Dispute relates occurring after the Dispute Notice is received shall not be deemed to have passed until such Dispute has been resolved pursuant to this Article VII.

 

Section 7.2.                                 Arbitration.  Any Dispute that is not resolved pursuant to Section 7.1 within thirty (30) days after receipt of a Dispute Notice shall be resolved by final and binding arbitration pursuant to the procedures set forth in Section 8.2 of the Separation Agreement.

 

Section 7.3.                                 Continuity of Service and Performance.  Unless otherwise agreed in writing, the Parties shall continue to provide service and honor all other commitments under this Agreement during the course of a Dispute with respect to all matters not subject to such Dispute.

 

ARTICLE VIII

 

LIMITATION OF LIABILITY; INDEMNIFICATION

 

Section 8.1.                                 Limited Liability.

 

(a)                                 The aggregate Liabilities of Ironwood and its Affiliates and Representatives, collectively, under this Agreement for any act or failure to act in connection herewith (including the performance or breach of this Agreement), or from the sale, delivery, provision or use of any Services provided under or contemplated by this Agreement, whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, will not exceed the aggregate amount of the Internal Costs, Expenses and One-Time Costs paid (and not previously paid back as a Liability hereunder) to Ironwood (or its Affiliates) under this Agreement prior to the date on which Service Provider’s action or inaction giving rise to the Liability arises or occurs; provided that if such action or inaction occurs during the first year of this Agreement, the aggregate Liabilities of Ironwood and its Affiliates and Representatives related to such action or inaction will not exceed the aggregate amount of the Internal Costs, Expenses and One-Time Costs actually paid and payable (and not previously paid back as a Liability hereunder) in the first twelve (12) months of this Agreement.

 

(b)                                 Notwithstanding anything to the contrary contained in the Separation Agreement or this Agreement, a Service Provider will not be liable to Cyclerion or any of its Affiliates or Representatives, whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, for any special, indirect, incidental, punitive or consequential damages whatsoever (including lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate to or are a consequence of, the performance or nonperformance by the Service Provider (including any Affiliates and Representatives of the Service Provider and any unaffiliated third party providers, in each case, providing the applicable Services) under this Agreement or the provision of, or failure to provide, any Services under this Agreement, including with respect to loss of profits, business interruptions or claims of customers.

 

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(c)                                  The limitations in this Section 8.1 will not apply with respect to any Liability arising out of, relating to or in connection with (i) any Third Party claim to the extent a Party has an indemnification obligation to the other Party for such Liability under Section 8.3(a) or Section 8.3(b), (ii) any breach of Article X or (iii) the gross negligence, willful misconduct or fraud of or by the Party to be charged.

 

Section 8.2.                                 Services Provided “As-Is”.  EACH SERVICE PROVIDER PROVIDES ANY AND ALL SERVICES ON AN “AS-IS” BASIS AND, EXCEPT AS SET FORTH IN Section 2.2, MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE SERVICES PROVIDED.  EACH SERVICE PROVIDER DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IN CONNECTION WITH THIS AGREEMENT.

 

Section 8.3.                                 Indemnification.

 

(a)                                 Subject to Section 8.1, Cyclerion hereby agrees to indemnify, defend and hold harmless each Service Provider and its Affiliates and Representatives from and against any and all Liabilities arising from, relating to or in connection with (i) the use of any Services by such Cyclerion or any of its Affiliates, Representatives or other Persons using such Services or (ii) a material breach by Cyclerion or any of its Affiliates of any covenant or agreement contained in this Agreement, except in each case to the extent that such Liabilities arise out of, relate to or are a consequence of the Service Provider’s or its Affiliates’ or Representatives’ gross negligence, willful misconduct or fraud.

 

(b)                                 Subject to Section 8.1, Ironwood hereby agrees to indemnify, defend and hold harmless Cyclerion and its Affiliates and Representatives from and against any and all Liabilities arising from, relating to or in connection with the (i) the gross negligence or willful misconduct of Service Provider in connection with the provision of the Services or (ii) a material breach by Service Provider of any covenant or agreement contained in this Agreement, except in each case to the extent that such Liabilities arise out of, relate to or are a consequence of Cyclerion’s gross negligence, willful misconduct or fraud.

 

(c)                                  The Party seeking to be indemnified (the “Indemnified Party”) shall provide prompt written notice of a Liability or events likely to give rise to a Liability to the Party with the obligation to indemnify (the “Indemnifying Party”) (in any event within sufficient time so as not to prejudice the defense of such Claim).  The Indemnifying Party shall be given the opportunity at all times to control the defense of the Claim, with the cooperation and assistance of the Indemnified Party; provided, however, that the Indemnifying Party shall not settle any claim for which it has an indemnification obligation under this Section 8.3 with an admission of liability or wrongdoing by the Indemnified Party without such Party’s prior written consent.

 

(d)                                 Indemnification pursuant to this Section 8.3 represents the Parties’ sole and exclusive remedy under this Agreement, provided that, if a Service Provider commits an error with respect to, incorrectly performs or fails to perform any Service, at Cyclerion’s request, without prejudice to any other rights or remedies Cyclerion may have, the Service Provider shall use commercially reasonable efforts to correct such error, re-perform such Service or perform such Service, as applicable, at no additional cost to Cyclerion.  To the extent a Service Provider is unable

 

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to provide in its entirety a Service because of a partial delay which excuses performance pursuant to Section 11.6, the Service Provider shall allocate such resources and/or products as are then currently available to it and necessary for the performance of such Service ratably between the Service Provider for its own account and Cyclerion for the performance of such Services hereunder.

 

ARTICLE IX

 

INSURANCE MATTERS

 

Section 9.1.                                 Insurance.  Each Party hereto shall, throughout the term of this Agreement, carry appropriate insurance with a reputable insurance company covering property damage, business interruptions, automobile and general liability insurance (including contractual liability) to protect its own business and property interests; provided, that each Party shall be permitted to reasonably self-insure against the liabilities specified in Article VIII.

 

ARTICLE X

 

CONFIDENTIALITY

 

Section 10.1.                          Confidentiality.  The provisions of ARTICLE VII of the Separation Agreement will apply to disclosures of information made pursuant to this Agreement mutatis mutandis.

 

ARTICLE XI

 

MISCELLANEOUS

 

Section 11.1.                          Complete Agreement; Construction.  This Agreement, including the Exhibits and Schedules, together with the Separation Agreement and the other Ancillary Agreements, shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments, course of dealings and writings with respect to such subject matter.  In the event of any inconsistency between this Agreement and any Schedule hereto, the Schedule shall prevail.  In the event and to the extent that there shall be a conflict between the provisions of the Separation Agreement and the provisions of this Agreement, the Separation Agreement shall control.

 

Section 11.2.                          Transaction Agreements.  Except as expressly set forth herein, this Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered by the other Transaction Agreements.

 

Section 11.3.                          Counterparts.  This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to each of the Parties.

 

Section 11.4.                          Notices.  All notices, requests, claims, demands and other communications under this Agreement shall be in English, shall be in writing and shall be given or made (and shall

 

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be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as will be specified in a notice given in accordance with this Section 11.4):

 

To Ironwood:

 

Ironwood Pharmaceuticals, Inc.
 301 Binney Street
 Cambridge, MA 02142
 United States
 Attn:  General Counsel
 Phone:  617-621-7722
 Fax:  617-588-0623

 

To Cyclerion:

 

Cyclerion Therapeutics, Inc.
 301 Binney Street

Cambridge, MA 02142
 Attn: Chief Financial Officer

Phone:
 Fax:

 

Section 11.5.                          Waivers.  The delay or failure of either Party to exercise or enforce any of its rights under this Agreement will not constitute, or be deemed to be, a waiver of those rights, nor will any single or partial exercise of any such rights preclude any other or further exercise thereof or the exercise of any other right.  No waiver of any provision of this Agreement will be effective unless it is in writing and signed by the Party against which it is being enforced.

 

Section 11.6.                          Force Majeure.

 

(a)                                 Neither Party hereto will be liable for delay in performance (other than the payment of money) of its obligations to the extent caused by events which could not have been foreseen and are beyond the reasonable control of the Party affected (an event of “Force Majeure”), including (i) acts of God, the elements, epidemics, explosions, accidents, landslides, lightning, earthquakes, fires, storms (including tornadoes and hurricanes or tornado and hurricane warnings), sinkholes, floods or washouts; (ii) labor shortage or trouble including strikes or injunctions (whether or not within the reasonable control of such Party and provided that the settlement of strikes and other labor disputes shall be entirely within the discretion of the Party experiencing the difficulty); (iii) inability to obtain material, equipment or transportation; (iv) national defense requirements, war, blockades, insurrections, sabotage, terrorism, riots, arrests and restraints of the government, either federal or state, civil or military (including any governmental taking by eminent domain or otherwise); or (v) any changes in applicable Law, regulation or rule or the enforcement thereof by any governmental or regulatory agency having jurisdiction, that limits or prevents a Party from performing its obligations hereunder or any notice from any such agency of its intention

 

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to fine or penalize such Party or otherwise impede or limit such Party’s ability to perform its obligations hereunder.

 

(b)                                 Each Service Provider shall endeavor to provide to Cyclerion uninterrupted Services through the Term.  In the event, however, that (i) the Service Provider is wholly or partially prevented from providing a Service or Services either temporarily or permanently by reason of any Force Majeure event, or (ii) the Service Provider, in the exercise of its reasonable good faith judgment, deems it necessary to suspend delivery of a Service hereunder for purposes of inspection, maintenance, repair, replacement of equipment parts or structures, or similar activities consistent with past practices, the Service Provider shall not be obligated to deliver the affected part of such Service during such periods, and, in the case of the immediately preceding clause (ii), the Service Provider shall cooperate with Cyclerion with respect to the timing of such interruption.  Notices provided under this Section 11.6 shall be provided to Cyclerion’s Service Manager (or other executive designated in writing by Cyclerion in accordance with Article IV) and may be provided in accordance with Article IV.

 

Section 11.7.                          Assignment.  Except as provided herein, neither Party may assign any rights or delegate any obligations arising under this Agreement, in whole or in part, directly or indirectly, without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed), and any attempt to so assign any rights or delegate any obligations arising under this Agreement without such consent will be void.  Notwithstanding the foregoing, no such consent shall be required for any such assignment or delegation (i) with respect to Ironwood, to a Subsidiary of Ironwood (so long as such Subsidiary remains a Subsidiary of Ironwood), (ii) with respect to Cyclerion, to a Subsidiary of Cyclerion (so long as such Subsidiary remains a Subsidiary of Cyclerion) or (iii) to a bona fide Third Party in connection with a merger, reorganization, consolidation or the sale of all or substantially all the assets of a Party so long as the resulting, surviving or transferee entity assumes all the obligations of the assigning Party by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the non-assigning Party; provided, however, that in the case of each of the preceding clauses (i) and (ii), no assignment permitted by this Section 11.7 shall release the assigning Party from liability for the full performance of its obligations under this Agreement.

 

Section 11.8.                          Successors and Assigns.  The provisions of this Agreement and the obligations and rights hereunder shall be binding upon, inure to the benefit of and be enforceable by (and against) the Parties and their respective successors (whether by merger, acquisition of assets or otherwise) and permitted assigns.

 

Section 11.9.                          Third Party Beneficiaries.  Except as provided in Section 8.3 with respect to Persons entitled to claim indemnification hereunder, this Agreement is solely for the benefit of the Parties and shall not be deemed to confer upon any Person other than the Parties any remedy, claim, liability, reimbursement, cause of Action or other right beyond any that exist without reference to this Agreement.

 

Section 11.10.                   Titles and Headings.  Titles and headings to sections herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

 

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Section 11.11.                   Exhibits and Schedules.  The Exhibits and Schedules will be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein.

 

Section 11.12.                   Governing Law.  This Agreement will be governed by, construed and interpreted in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without reference to principles of conflicts of laws.

 

Section 11.13.                   Severability.  In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby.  The Parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 11.14.                   Interpretation.  Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms “Section,” “paragraph,” “clause,” “Exhibit” and “Schedule” are references to the Sections, paragraphs, clauses, Exhibits and Schedules of this Agreement unless otherwise specified; (c) the terms “hereof,” “herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto; (d) references to “$” shall mean U.S. dollars; (e) the word “including” and words of similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive; (g) references to “written” or “in writing” include in electronic form; (h) unless the context requires otherwise, references to “party” shall mean Ironwood or Cyclerion, as appropriate, and references to “parties” shall mean Ironwood and Cyclerion; (i) provisions shall apply, when appropriate, to successive events and transactions; (j) the table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (k) Ironwood and Cyclerion have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or burdening either party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; and (l) a reference to any Person includes such Person’s successors and permitted assigns.

 

Section 11.15.                   No Duplication; No Double Recovery.  Nothing in this Agreement, the Separation Agreement or any other Ancillary Agreement is intended to confer to or impose upon any Party a duplicative right, entitlement, obligation or recovery with respect to any matter arising out of the same facts and circumstances.

 

Section 11.16.                   No Waiver.  No failure to exercise and no delay in exercising, on the part of any Party, any right, remedy, power or privilege hereunder shall operate as a waiver hereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

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Section 11.17.                   Independent Contractor Status.  Each Service Provider will be deemed to be an independent contractor to Cyclerion.  Nothing contained in this Agreement will create or be deemed to create the relationship of employer and employee between the Service Provider and Cyclerion.  The relationship created between the Service Provider and Cyclerion pursuant to or by this Agreement is not and will not be one of partnership or joint venture.  No Party to this Agreement will, by reason hereof, be deemed to be a partner or a joint venture of the other Party hereto in the conduct of their respective businesses and/or the conduct of the activities contemplated by this Agreement.  Except as specifically and explicitly provided in this Agreement, and subject to and in accordance with the provisions hereof, no Party to this Agreement is now, will become, or will be deemed to be an agent or representative of the other Party.  Except as herein explicitly and specifically provided, neither Party shall have any authority or authorization, of any nature whatsoever, to speak for or bind the other Party to this Agreement.

 

[Signature Page Follows]

 

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

 

	
 
    	
IRONWOOD PHARMACEUTICALS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
CYCLERION THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

[Signature Page to Transition Services Agreement]

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