Document:

Exhibit 4.1

 

Execution Version

 

DEPOSIT AGREEMENT

 

Dated

 

August 3, 2021

 

AMERICAN EXPRESS COMPANY,

AS ISSUER

 

-and-

 

COMPUTERSHARE INC. AND COMPUTERSHARE
TRUST COMPANY, N.A.,

AS DEPOSITARY

 

-and-

 

COMPUTERSHARE TRUST COMPANY, N.A. AS REGISTRAR,
CALCULATION 

AGENT AND TRANSFER AGENT

 

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED

3.550% FIXED RATE RESET NONCUMULATIVE PREFERRED STOCK, SERIES D

 

     

     

    

 

	Article 1 Definitions	3

 

	Article 2 FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	7

 

	 	Section 2.01	Form and Transferability of Receipts	7
	 	Section 2.02	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	9
	 	Section 2.03	Optional Redemption of Preferred Stock for Cash	10
	 	Section 2.04	Registration of Transfers of Receipts	11
	 	Section 2.05	Combinations and Split-ups of Receipts	11
	 	Section 2.06	Surrender of Receipts and Withdrawal of Preferred Stock	12
	 	Section 2.07	Limitations on Execution and Delivery, Transfer, Split-up	12
	 	Section 2.08	Lost Receipts, etc.	13
	 	Section 2.09	Cancellation and Destruction of Surrendered Receipts	13
	 	Section 2.10	No Pre-Release	13

 

	Article 3 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY	14

 

	 	Section 3.01	Filing Proofs, Certificates and Other Information	14
	 	Section 3.02	Payment of Fees and Expenses	14
	 	Section 3.03	Representations and Warranties as to Preferred Stock	14
	 	Section 3.04	Representation and Warranty as to Receipts and Depositary Shares	14

 

	Article 4 THE PREFERRED STOCK; NOTICES	15

 

	 	Section 4.01	Cash Distributions	15
	 	Section 4.02	Distributions Other Than Cash	15
	 	Section 4.03	Subscription Rights, Preferences or Privileges	15
	 	Section 4.04	Notice of Dividends; Fixing of Record Date for Holders of Receipts	16
	 	Section 4.05	Voting Rights	16
	 	Section 4.06	Changes Affecting Preferred Stock and Reorganization Events	17
	 	Section 4.07	Inspection of Reports	17
	 	Section 4.08	Lists of Receipt Holders	17
	 	Section 4.09	Withholding	17

 

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	Article 5 THE DEPOSITARY AND THE COMPANY	18

 

	 	Section 5.01	Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar	18
	 	Section 5.02	Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar,
the Calculation Agent, the Transfer Agent or the Company	18
	 	Section 5.03	Obligations of the Depositary, the Depositary’s Agents, the Registrar, the Calculation Agent,
the Transfer Agent and the Company	19
	 	Section 5.04	Resignation and Removal of the Depositary; Appointment of Successor Depositary	22
	 	Section 5.05	Notices, Reports and Documents	23
	 	Section 5.06	Indemnification by the Company	24
	 	Section 5.07	Fees, Charges and Expenses	24

 

	Article 6 AMENDMENT AND TERMINATION	25

 

	 	Section 6.01	Amendment	25
	 	Section 6.02	Termination	25

 

	Article 7 MISCELLANEOUS	26

 

	 	Section 7.01	Counterparts	26
	 	Section 7.02	Exclusive Benefits of Parties	26
	 	Section 7.03	Invalidity of Provisions	26
	 	Section 7.04	Notices	26
	 	Section 7.05	Depositary’s Agents	27
	 	Section 7.06	Appointment of Calculation Agent	27
	 	Section 7.07	Holders of Receipts Are Parties	28
	 	Section 7.08	Governing Law	28
	 	Section 7.09	Inspection of Deposit Agreement and Certificate of Amendment	28
	 	Section 7.10	Headings	28
	 	Section 7.11	Confidentiality	28
	 	Section 7.12	Further Assurances	28

 

‎Exhibit A – Form of Face of Receipt; Form of Reverse
of Receipt

 

‎Exhibit B – Certificate of Amendment

 

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DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT, dated August
3, 2021 among AMERICAN EXPRESS COMPANY, a New York corporation, COMPUTERSHARE INC., a Delaware corporation (“Computershare”),
and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust
Company”), jointly as Depositary (as hereinafter defined), the Trust Company as Registrar, Calculation Agent and Transfer Agent,
and all holders from time to time of Receipts (as hereinafter defined) issued hereunder.

 

WITNESSETH:

 

WHEREAS, it is desired to
provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter
defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares
representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary
Shares;

 

WHEREAS, the Receipts are
to be substantially in the form of ‎Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement; and

 

WHEREAS, the terms and conditions
of the Preferred Stock are set forth in the Certificate of Amendment attached hereto as ‎Exhibit B.

 

NOW, THEREFORE, in consideration
of the premises contained herein, it is agreed by and among the parties hereto as follows:

 

Article
1

Definitions

 

The following definitions
shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts:

 

“Business Day” shall
mean any day that is not a Saturday or Sunday or any other day on which banks in New York City are authorized or obligated by law or regulation
to close.

 

“Calculation
Agent” shall mean the Trust Company and any bank or trust company appointed by the Company as a successor in such role
as herein provided.

 

“Certificate of
Amendment” shall mean the certificate that amends the Restated Certificate of Incorporation of the Company, adopted by the
Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges
of the Preferred Stock, as filed with the Secretary of State of the State of New York on July 30, 2021 and attached hereto as ‎Exhibit
B, and as such certificate may be amended or restated from time to time.

 

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“Certificate of
Incorporation” shall mean the Amended and Restated Certificate of Incorporation of the Company, including any certificates
of amendment, and as restated or amended from time to time.

 

“Company”
shall mean American Express Company, a New York corporation, and its successors.

 

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

 

“Deposit Agreement”
shall mean this agreement, as the same may be amended, modified or supplemented from time to time.

 

“Depositary”
shall mean Computershare and the Trust Company, acting jointly, and any successor as Depositary hereunder. The Depositary, along with
its affiliates, shall maintain combined capital and surplus of at least $50,000,000, and so shall any successor depositary hereunder.

 

“Depositary Office”
shall mean the office of the Depositary at which at any particular time its business in respect of matters governed by this Deposit Agreement
shall be administered, which at the date of this Deposit Agreement is located at 150 Royall Street, Canton, Massachusetts 02010.

 

“Depositary Share”
shall mean the security representing a 1/1,000th fractional interest in a share of Preferred Stock deposited with the Depositary hereunder
and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock
and held under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement,
each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock represented
by such Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Amendment).

 

“Depositary’s
Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in ‎Section
7.05.

 

“Dividend Period”
shall have the meaning set forth in the Certificate of Amendment.

 

“Dividend Payment
Date” shall have the meaning set forth in the Certificate of Amendment.

 

“Dividend Record
Date” shall have the meaning set forth in the Certificate of Amendment.

 

“DTC”
shall mean The Depository Trust Company.

 

“DTC Receipt”
shall have the meaning set forth in ‎Section 2.01.

 

“First Reset Date” shall
mean September 15, 2026.

 

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“Five-Year Treasury Rate”
shall mean the rate that will be determined as follows:

 

		·	The average of the yields on actively traded U.S. treasury securities adjusted to constant maturity, for five-year maturities, for
the five Business Days appearing under the caption “Treasury Constant Maturities” in the most recently published statistical
release designated H.15 Daily Update or any successor publication which is published by the Federal Reserve Board as of 5:00 p.m. (Eastern
Time) as of any date of determination, as determined by the Calculation Agent in its sole discretion.

 

		·	If no calculation is provided as described above, then the Company will use a substitute or successor rate that the Company (or its
designee, which the Company may designate in its sole discretion and which may be an affiliate of the Company) has determined, in its
(or such designee’s) sole discretion after consulting any source the Company (or such designee) deems to be reasonable, is (i) the
industry-accepted substitute or successor for the Five-Year Treasury Rate or (ii) if there is no such industry-accepted substitute or
successor for the Five-Year Treasury Rate, a substitute or successor rate that is most comparable to the Five-Year Treasury Rate. Upon
selection of a substitute or successor rate, the Company (or its designee) may determine, in its (or such designee’s) sole discretion
after consulting any source the Company (or such designee) deems to be reasonable, the day count convention, the Business Day convention,
the definition of Business Day, the Reset Dividend Determination Date and any other relevant methodology or definition for calculating
such substitute or successor rate, including any adjustment factor it determines is needed to make such substitute or successor rate comparable
to the Five-Year Treasury Rate, in a manner that is consistent with any industry-accepted practices for such substitute or successor rate.
If the Company or its designee, in its (or such designee’s) sole discretion, is unable to determine a substitute or successor rate
in accordance with the foregoing, then the Five-Year Treasury Rate will be the same rate determined for the prior Reset Dividend Determination
Date or, if this sentence is applicable with respect to the First Reset Date, 0.696%.

 

“Preferred Stock”
shall mean shares of the Company’s 3.550% Fixed Rate Reset Noncumulative Preferred Stock, Series D (liquidation preference $1,000,000
per share), $1.662⁄3 par value per share, heretofore validly issued, fully paid and nonassessable.

 

“Receipt”
shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary form, substantially
in the form set forth as ‎Exhibit A hereto.

 

“Record Date”
shall mean the date fixed pursuant to ‎Section 4.04.

 

“Record holder”
or “holder” as applied to a Receipt shall mean the individual, entity or person in whose name a Receipt is registered
on the books maintained by the Depositary for such purpose.

 

“Redemption Date”
shall have the meaning set forth under ‎Section 2.03.

 

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“Redemption Price”
shall have the meaning set forth under ‎Section 2.03.

 

“Registrar”
shall mean the Trust Company or any bank or trust company appointed to register ownership and transfers of Receipts and the deposited
Preferred Stock, as herein provided.

 

“Reorganization
Event” shall mean:

 

(i) any consolidation or merger
of the Company with or into another person (other than a merger or consolidation in which the Company is the continuing corporation and
in which the shares of common stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities
other property of the Company or another corporation);

 

(ii) any sale, transfer, lease
or conveyance to another person of all or substantially all the property and assets of the Company; or

 

(iii) any statutory exchange
of securities of the Company with another Person (other than in connection with a merger or acquisition) or any binding share exchange
which reclassifies or changes its outstanding common stock.

 

“Reset Date”
shall mean the First Reset Date and each date falling on the fifth anniversary of the preceding Reset Date, and no Reset Date, including
the First Reset Date, will be adjusted for Business Days.

 

“Reset Dividend
Determination Date” shall mean, in respect of any Reset Period, the day that is three Business Days prior to the beginning
of such Reset Period.

 

“Reset Period” shall
mean the period from, and including, each Reset Date to, but excluding, the next succeeding Reset Date, except for the initial Reset Period,
which will be the period from, and including, the First Reset Date to, but excluding, the next succeeding Reset Date.

 

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

 

“Transfer Agent”
shall mean the Trust Company or any bank or trust company appointed to transfer the Receipts and the deposited Preferred Stock, as herein
provided.

 

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

 

For the avoidance of doubt,
any reference to a facsimile signature in this Deposit Agreement shall include an image of a signature produced electronically or any
other electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309).

 

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Article
2

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

Section
2.01                     
Form and Transferability of Receipts.

 

Definitive Receipts shall
be printed and shall be substantially in the form set forth in ‎Exhibit A annexed to this Deposit Agreement, in each case
with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the
Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with ‎Section 2.02 shall be
authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive
Receipts in lieu of which they are issued and in each case with such appropriate insertions, omissions, substitutions and other variations
as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by
their execution of such Receipts. If temporary Receipts are issued, the Company 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 Office 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. Such exchange shall be made at the Company'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 Preferred Stock
deposited, as definitive Receipts.

 

Receipts shall be executed
by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary; provided, that if a Registrar
for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual or facsimile
signature of a duly authorized signatory of the Registrar. 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 as provided in the preceding sentence. The Depositary shall
record on its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the manual or facsimile
signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary,
notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar
or did not hold such office on the date of issuance of such Receipts.

 

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
as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any
applicable law or regulation or with the rules and regulations of any securities exchange upon which the Depositary Shares may be listed
for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject, in each case as directed by the Company.

 

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Title to any Receipt (and
to the Depositary Shares evidenced by such Receipt) that is properly endorsed, or accompanied by a properly executed instrument of transfer
or endorsement, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however,
that until transfer of a Receipt shall be registered on the books of the Depositary as provided in ‎Section 2.04, 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 payments with respect to the Preferred Stock,
to exercise any redemption or voting rights or to receive any notice provided for in this Deposit Agreement and for all other purposes.

 

Notwithstanding the foregoing,
upon request by the Company, the Depositary and the Company will make application to DTC for acceptance of all or a portion of the Receipts
for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any
authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications
or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long
as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded
by book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited
with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected
to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership
of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC.

 

If issued, the DTC
Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time that it is unwilling or
unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by
the Company within ninety (90) days of the date the Company is so informed in writing, (ii) DTC notifies the Company at any time
that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company
within ninety (90) days of the date the Company is so informed in writing or (iii) the Company executes and delivers to DTC a notice
to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are
entitled to exchange such interests for definitive Receipts as the result of an event described in clause ‎(i), ‎(ii)
or ‎(iii) of the preceding sentence, then without unnecessary delay but in any event not
later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall
provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct
the Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC
Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear
such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry
settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for
book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or
redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the relevant
Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company.

 

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Section
2.02                     
Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

 

Concurrently with the execution
of this Deposit Agreement, the Company is delivering to the Depositary 1,600 shares of Preferred Stock, via direct registration for shares
of Preferred Stock in uncertificated form, for such shares of Preferred Stock to be deposited (or in such other manner as may be agreed
to by the Company and the Depositary), properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument
of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company 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 for the Depositary
Shares representing such deposited Preferred Stock registered in such names specified in such written order. The Depositary acknowledges
receipt of the aforementioned 1,600 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock
in an account to be established by the Depositary at the Depositary Office or at such other office as the Depositary shall determine.
The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and the
Trust Company hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares)
of deposited Preferred Stock held by it by notation, book-entry or other appropriate method.

 

If required by the Depositary,
Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders of the Company is closed,
shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the
prompt transfer to the Depositary or its nominee of any dividend or right to subscribe for additional Preferred Stock or to receive other
property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such
deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

Upon receipt by the Depositary
of the shares of Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred
Stock in the name of the Depositary, 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 2.02 a Receipt or Receipts for the number of whole Depositary Shares representing the 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 Office, except that, at the request, risk and expense of any person requesting such
delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations
or other reclassifications affecting the Preferred Stock, or in the case of dividends or other distributions of Preferred Stock, if any,
there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Certificate
of Amendment, as such may be amended. To the extent that the Company issues shares of Preferred Stock in excess of the amount set forth
in the Certificate of Amendment as of the date hereof (which shares have been validly authorized by the Company), the Company shall notify
the Depositary of such issuance in writing.

 

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The Depositary shall be permitted
to rely on applicable opinion of counsel delivered to the underwriters pursuant to Section 6(c) of the underwriting agreement dated July
27, 2021 among the Company and the underwriters named therein relating to the sale of the Depositary Shares to the public.

 

The Company shall deliver
to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its
obligations under this Deposit Agreement.

 

Section
2.03                     
Optional Redemption of Preferred Stock for Cash.

 

Whenever the Company shall
elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Certificate of Amendment, it shall
(unless otherwise agreed in writing with the Depositary) give the Depositary not less than ten (10) nor more than sixty (60) days’
prior written notice of the date fixed for redemption of such Preferred Stock (the “Redemption Date”) and of the number
of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable Redemption Price (the “Redemption
Price”), as set forth in the Certificate of Amendment. The Depositary shall mail, first-class postage prepaid, notice of the
redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be
redeemed, not less than five (5) and not more than sixty (60) days prior to the Redemption Date, to the holders of record on the Record
Date fixed for such redemption pursuant to ‎Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed,
at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice
to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption except as
to the holder to whom notice was not given or defective.

 

The Company shall prepare
and provide the Depositary with such notice, and each such notice shall state: (i) the Redemption Date; (ii) the Redemption Price; (iii)
the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held
by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the place or places
where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the Redemption
Price, if applicable; and (vi) that on the Redemption Date dividends in respect of the Preferred Stock represented by the Depositary Shares
to be redeemed will cease to accrue. Notwithstanding the foregoing, any notices given to any record holder of a Receipt hereunder or under
the Receipts shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures.

 

In the event that notice
of redemption has been made as described in the immediately preceding paragraphs and the Company shall then have paid in full to
Computershare the Redemption Price (determined pursuant to the Certificate of Amendment) of the Preferred Stock deposited with the
Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called
for redemption by the Company and on the Redemption Date (unless the Company shall have failed to pay for the shares of Preferred
Stock to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in
respect of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption
shall be deemed no longer to be outstanding and 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. Upon surrender in
accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be redeemed at a cash Redemption Price of $1,000 per Depositary Share
plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the Redemption Date.
The foregoing shall be further subject to the terms and conditions of the Certificate of Amendment. In the event of any conflict
between the provisions of the Deposit Agreement and the provisions of the Certificate of Amendment, the provisions of the
Certificate of Amendment will govern and the Company will instruct the Depositary, as applicable, in writing accordingly of such
governing terms; provided, however, that under no circumstances will the Certificate of Amendment be deemed to change or modify any
of the rights, duties or immunities of the Depositary contained herein.

 

    10

     

    

 

 

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 payment of the Redemption Price for and all other amounts payable in respect of the Depositary Shares
called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. In
any such case, the Company shall redeem Depositary Shares only in increments of 1,000 shares and any multiple thereof.

 

If less than all of the Preferred
Stock is redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary will select the Depositary
Shares to be redeemed pursuant to this ‎Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary
may determine to be fair and equitable.

 

All funds received by
Computershare pursuant to this Agreement that are to be distributed or applied by Computershare in the performance of services (the
 “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be
maintained by Computershare in its name as agent for the Company. Until paid pursuant to this Agreement, Computershare may hold or
invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) 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, (iii) money market funds that comply with Rule 2a-7 of
the Investment Company Act of 1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements
or bankers’ acceptances, of 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.) at Computershare’s risk. Computershare shall have responsibility
and liability for any diminution of the Funds, except if (i) the Funds are held in demand deposit or similar bank accounts of
commercial banks with Tier 1 capital exceeding $1 billion and (ii) the diminution results from the dissolution, bankruptcy,
insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of any such commercial bank.

 

Section
2.04                     
Registration of Transfers of Receipts.

 

The Company hereby appoints
the Trust Company as the Registrar and Transfer Agent for the Receipts and the Trust Company hereby accepts such appointment subject to
the express terms and conditions set forth herein 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 a duly authorized attorney, agent or representative properly endorsed or accompanied
by a properly executed instrument of transfer or endorsement and appropriate evidence of authority, which shall include a signature guarantee
from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association,
and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by the
applicable party of any transfer taxes or similar taxes or charges as may be required by law. Upon such surrender, the Trust Company shall
execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate
number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 

Section
2.05                     
Combinations and Split-ups of Receipts.

 

Upon surrender of a Receipt
or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of effecting a split-up or combination
of Receipts, subject to the express terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt
or Receipts in the authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt
or Receipts surrendered.

 

    11

     

    

 

 

Section
2.06                     
Surrender of Receipts and Withdrawal of Preferred Stock.

 

Any holder of a Receipt or
Receipts may withdraw any number of whole shares of deposited Preferred Stock represented by the Depositary Shares evidenced by such
Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts
to the Depositary or at such other office as the Depositary may designate for such withdrawals; provided, that a holder of a Receipt
or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which has previously been
called for redemption. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided
in ‎Section 5.07 and payment of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred
Stock, and subject to the terms and conditions of this Deposit Agreement, without unreasonable delay, 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 such Preferred
Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered
for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder
or to receive Depositary Shares therefor. If the Receipt or Receipts 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 deposited Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares
of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or upon such holder’s order
(subject to ‎Section 2.04), a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such
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, which, if required by the Depositary, shall be properly endorsed or accompanied
by proper instruments of transfer.

 

If the deposited Preferred
Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the
Receipt or Receipts being surrendered for withdrawal of 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 Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement
in blank.

 

The Depositary shall deliver
the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered
for withdrawal at the Depositary 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
2.07                     
Limitations on Execution and Delivery, Transfer, Split-up.

 

As a condition precedent
to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s
Agents or the Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event
that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or
registration fee with respect thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn);
(ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature)
including, as noted in ‎Section 2.04 above, a signature guarantee from an eligible
guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable
evidence of authority that may be required by the Depositary; and (iii) compliance with such regulations, if any, as the Depositary or
the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange on which
the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed.

 

The deposit of Preferred
Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may be refused,
and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any
period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary or
advisable by the Depositary, any of the Depositary’s Agents or the Company 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 other provision of this Deposit
Agreement.

 

    12

     

    

 

 

Section
2.08                     
Lost Receipts, etc.

 

In case any Receipt shall
be mutilated and surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall 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; provided, that the holder thereof shall have (i) filed with the Depositary (a) a request for such execution
and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser and (b) an open penalty surety
bond satisfactory to the Depositary, (ii) satisfied any other reasonable requirements imposed by the Depositary and (iii) complied with
such other reasonable regulations and paid such other reasonable charges as the Depositary may prescribe and as required by Section 8-405
of the Uniform Commercial Code as in effect in the State of New York.

 

Section
2.09                     
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, but not required, to destroy such Receipts so cancelled.

 

Section
2.10                     
No Pre-Release.

 

The Depositary shall not deliver any deposited
Preferred Stock evidenced by Receipts prior to the receipt and cancellation of such Receipts or other similar method used with respect
to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred
Stock evidenced by such Receipts. At no time will any Receipts be outstanding if such Receipts do not represent Preferred Stock deposited
with the Depositary.

 

    13

     

    

 

 

Article
3

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

 

Section
3.01                     
Filing Proofs, Certificates and Other Information.

 

Any person presenting Preferred
Stock for deposit or any holder of a Receipt may be required from time to time to file with the Depositary such proof of residence, guarantee
of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company
may reasonably require by written request to the Depositary. The Depositary or the Company may withhold or delay the delivery of any Receipt,
the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the Depositary Shares
evidenced by any Receipt, 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.

 

Section
3.02                     
Payment of Fees and Expenses.

 

Holders of Receipts shall
be obligated to make payments to the Depositary of certain fees and expenses and taxes or other governmental charges to the extent provided
in ‎Section 5.07, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental
charges have been paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other
property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may
be withheld, and any part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt
may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of
days prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment
of such fees or expenses, the holder of such Receipt remaining liable for any deficiency.

 

Section
3.03                     
Representations and Warranties as to Preferred Stock.

 

In the case of the initial
deposit of the Preferred Stock hereunder, the Company represents and warrants that such Preferred Stock and each certificate therefor,
if any, are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Preferred
Stock and the issuance of Receipts.

 

Section
3.04                     
Representation and Warranty as to Receipts and Depositary Shares.

 

The Company hereby represents
and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share
will represent a legal and valid 1/1,000th fractional interest in a share of deposited Preferred Stock represented by such Depositary
Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary
Shares.

 

SECTION 3.05                    Taxes.

 

The Company will pay any and
all stock transfer, documentary, stamp and similar taxes and governmental charges that may be payable in respect of any issuance or delivery
of Depositary Shares or shares of Preferred Stock or other securities issued on account of Depositary Shares or certificates representing
such shares or securities, if any. The Company will not, however, be required to pay any such tax or governmental charge that may be payable
in respect of any transfer involved in the issuance or delivery of shares of Preferred Stock, Depositary Shares or other securities in
a name other than that in which the Depositary Shares with respect to which such shares or other securities are issued or delivered were
registered, or in respect of any payment to any person other than a payment to the registered holder thereof, and will not be required
to make any such issuance, delivery or payment unless and until the person otherwise entitled to such issuance, delivery or payment has
paid to the Company the amount of any such tax or governmental charge or has established, to the satisfaction of the Company, that such
tax has been paid or is not payable.

 

    14

     

    

 

 

Article
4

THE PREFERRED STOCK; NOTICES

 

Section
4.01                     
Cash Distributions.

 

Whenever Computershare shall
receive any cash dividend or other cash distribution on the deposited Preferred Stock, including any cash received upon redemption of
any shares of Preferred Stock pursuant to ‎Section 2.03, Computershare shall, subject to ‎Section 3.02, distribute
to record holders of Receipts on the Record Date fixed pursuant to ‎Section 4.04 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 Company or Computershare shall be required by law to and shall withhold from
any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount
on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed
in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly. Computershare,
however, shall distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing
to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so
distributed to registered holders entitled thereto 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 succeeding distribution to record holders of such Receipts.
Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN-E, Form W-8BEN, Form W-8EXP,
Form W-8IMY, Form W-8ECI or another applicable Form W-8) or Form W-9 (which form shall set forth such holder’s certified taxpayer
identification number if requested on such 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 Computershare of a portion of
any of the distribution to be made hereunder.

 

Section
4.02                     
Distributions Other Than Cash.

 

Whenever the Depositary shall
receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to ‎Section 3.02,
distribute to record holders of Receipts on the Record Date fixed pursuant to ‎Section 4.04 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
the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing
such distribution. The Depositary shall not make any distribution of securities to the holders of Receipts unless the Company shall have
provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not
need to be registered.

 

Section
4.03                     
Subscription Rights, Preferences or Privileges.

 

If the Company shall at any
time offer or cause to be offered to the persons in whose names deposited Preferred Stock is registered on the books of the Company 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 made available by the Depositary to the record holders
of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such
rights, preferences or privileges); provided, however, that (i) if at the time of issue or offer of any such rights, preferences
or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences
or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by
holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so directed by
the Company and provided with an opinion of counsel that if Depositary undertakes such actions it will not be deemed an “issuer”
under the Securities Act or an “investment company” under the Investment Company Act of 1940, as amended, and if applicable
laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders 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, subject
to Sections ‎3.01 and ‎3.02,
be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by ‎Section
4.01 in the case of a distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or
privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges
have been registered under the Securities Act or do not need to be registered.

 

    15

     

    

 

 

If 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, the Company agrees that it will promptly notify
the Depositary of such requirement, that it will promptly file a registration statement pursuant to the Securities Act with respect to
such rights, preferences or privileges and securities and use its commercially reasonable 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 a registration statement
shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the
provisions of the Securities Act and the Company shall have provided to the Depositary an opinion of counsel to such effect.

 

If any other action under
the law 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, the Company agrees that it will promptly notify the Depositary
of such requirement and use its commercially reasonable 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.

 

The Depositary will not be
deemed to have any knowledge of any item for which it is supposed to receive notification under any section of this Deposit Agreement
unless and until it has received such notification in writing.

 

Section
4.04                     
Notice of Dividends; Fixing of Record Date for Holders of Receipts.

 

Whenever any cash dividend
or other cash distribution shall become payable, any distribution other than cash shall be made, or any rights, preferences or privileges
shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any
meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice
or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance
fix a Record Date (which shall be the same date as the Record Date fixed by the Company with respect to the Preferred Stock) (the “Record
Date”) 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, to give instructions for the exercise of voting rights at any such
meeting or to receive notice of such meeting or whose Depositary Shares are to be so redeemed.

 

Section
4.05                     
Voting Rights.

 

Upon receipt of notice of
any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter,
mail to the record holders of Receipts a notice, which shall be provided by the Company and 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 4.04 will be entitled, subject to any applicable
provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred Stock represented
by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the
written request of a holder of a Receipt on such Record Date, the Depositary shall, insofar as practicable, vote or cause to be voted
the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set
forth in such request. To the extent any such instructions request the voting of a fractional interest of a share of deposited Preferred
Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting
instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in
such requests. Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share is entitled to 1/1,000th
of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable
the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific instructions from the
holder of a Receipt, the Depositary will vote all Depositary Shares held by it in proportion with any instructions received. The Depositary
shall not exercise any discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt.

 

    16

     

    

 

 

Section
4.06                     
Changes Affecting Preferred Stock and Reorganization Events.

 

Upon any change in
liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock, any
Reorganization Event or any exchange of the Preferred Stock for cash, securities or other property, the Depositary shall, upon the
written instructions of the Company setting forth any of the following adjustments, (i) reflect such adjustments in the
Depositary’s books and records in (a) the fraction of an interest in one share of Preferred Stock represented by one
Depositary Share and (b) the ratio of the Redemption Price per Depositary Share to the Redemption Price of a share of Preferred
Stock, as may be required by or as is consistent with the provisions of the Certificate of Amendment to fully reflect the effects of
such change in liquidation preference, par or stated value, split-up, combination or other reclassification of Preferred Stock, of
such Reorganization Event or of such exchange and (ii) treat any shares of stock or other securities or property (including cash)
that shall be received by the Depositary in exchange for or in respect of the Preferred Stock as new deposited property under this
Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the
new deposited property so received in exchange for or in respect of such Preferred Stock. In any such case the Depositary may, upon
the receipt of written request of the Company, 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.

 

Section
4.07                     
Inspection of Reports.

 

The Depositary shall make
available for inspection by holders of Receipts at the Depositary 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 Company that are both received by the Depositary as the
holder of deposited Preferred Stock and made generally available to the holders of the Preferred Stock. In addition, the Depositary shall
transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in ‎Section
5.05.

 

Section
4.08                     
Lists of Receipt Holders.

 

Promptly upon request from
time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date specified by the Company, of the names,
addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar.

 

Section
4.09                     
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 governmental charge which 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 governmental 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 governmental 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.

 

    17

     

    

 

 

Article
5

THE DEPOSITARY AND THE COMPANY

 

Section
5.01                     
Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar.

 

The Depositary shall maintain
at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption
of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for
the delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred
Stock, all in accordance with the provisions of this Deposit Agreement.

 

The Registrar shall keep books
at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection
by the record holders of Receipts as provided by applicable law. The Company may cause the Registrar to close such books, at any time
or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.

 

If the Receipts or the Depositary
Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on any stock exchange, the Depositary
may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or Depositary
Shares in accordance with the requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements
of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the request or with the written approval of
the Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar
will, at the request and expense of the Company, arrange such facilities for the delivery, transfer, surrender, redemption and exchange
of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations.

 

Section
5.02                     
Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar, the Calculation Agent,
the Transfer Agent or the Company.

 

None of the Depositary,
any Depositary’s Agent, the Registrar, the Calculation Agent, the Transfer Agent, or the Company shall incur any liability to
any holder of any 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, any Depositary’s Agent, the Registrar,
the Calculation Agent or the Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or,
in the case of the Company, the Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the
Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any
Depositary’s Agent, the Transfer Agent, the Calculation Agent, the Registrar or the Company shall be prevented or forbidden
from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the
Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent, the Registrar or the Company incur any
liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or
thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or
failure to exercise, any discretion provided for in this Deposit Agreement.

 

    18

     

    

 

 

Section
5.03                     
Obligations of the Depositary, the Depositary’s Agents, the Registrar, the Calculation Agent, the Transfer Agent
and the Company.

 

The Company does not assume
any obligation and shall not be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than
from acts or omissions arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance of such
duties as are specifically set forth in this Deposit Agreement (which bad faith, gross negligence or willful misconduct must be determined
by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). Neither the Depositary nor any Depositary’s
Agent nor any Transfer Agent, Calculation Agent or Registrar assumes any obligation and shall not be subject to any liability under this
Deposit Agreement to holders of Receipts, the Company or any other person or entity other than for its own bad faith, gross negligence
or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment,
decree or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary,
nor any Depositary’s Agent nor any Transfer Agent, Calculation Agent or Registrar shall be liable for any special, indirect, incidental,
consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be
liable has knowledge of the possibility of such damages. Notwithstanding anything contained herein to the contrary, the aggregate liability
of the Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar during any term of this Agreement
with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under
this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the
Company to Depositary as fees and charges, but not including reimbursable expenses.

 

None of the Depositary, any
Depositary’s Agent, any Registrar, Calculation Agent or Transfer Agent or the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts
that 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.

 

None of the Depositary, any
Depositary’s Agent, any Registrar, Calculation Agent or Transfer Agent or the Company shall be liable for any action or any failure
to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock
for deposit or any holder of a Receipt. The Depositary, any Depositary’s Agent, any Registrar, Calculation Agent or Transfer Agent
and the Company may each rely and shall each be protected in acting 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.

 

In the event the Depositary,
any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar shall receive conflicting claims, requests or
instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, such party shall be entitled to act on
such claims, requests or instructions received from the Company, and shall incur no liability and shall be entitled to the full indemnification
set forth in ‎Section 5.06 in connection with any action so taken.

 

The Depositary shall not be
responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any
such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct of the
Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). The Depositary undertakes, and any Registrar, Calculation Agent or Transfer Agent 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 Agreement against the Depositary or any Registrar, Calculation Agent or Transfer
Agent.

 

    19

     

    

 

 

The Depositary, any Depositary’s
Agent, the Transfer Agent, the Calculation Agent or the Registrar, and each of their parents, affiliates, or subsidiaries, may own, buy,
sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested
in any transaction in which the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully
or as freely as if the Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar were not in
such role hereunder. The Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar may also
act as transfer agent, calculation agent or registrar of any of the securities of the Company and its affiliates or act in any other capacity
for the Company or its affiliates.

 

It is intended that neither
the Depositary nor any Depositary’s Agent shall 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 and any Depositary’s Agent
are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however, that the
Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement
in its capacity as Depositary.

 

Neither the Depositary (or
its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation or has any responsibility
as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the
deposited 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 therein or herein; provided, however, that the Depositary is
responsible for its own representations in this Deposit Agreement.

 

The Company agrees that it
will register the deposited Preferred Stock and the Depositary Shares in accordance with the applicable securities laws.

 

In the event the
Depositary, the Depositary’s Agent or any Registrar, Calculation Agent or Transfer Agent believes any ambiguity or uncertainty
exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this
Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar shall promptly
notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any
action, and the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar shall be fully protected
and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful
misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment,
decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally
adjudicated by a court of appropriate jurisdiction or (ii) the Depositary, the Depositary’s Agent, Transfer Agent, Calculation
Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or
uncertainty to the satisfaction of the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar.

 

Whenever in the performance
of its duties under this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting
to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively provided and established by a certificate signed by any one of the Chairman of the Board, any Vice Chairman,
the President, any Vice President, the Treasurer, any Assistant Treasurer, the Comptroller, any Assistant Comptroller, the Secretary or
any Assistant Secretary of the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent
or Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, the Depositary’s Agent,
Transfer Agent, Calculation Agent or Registrar and the Depositary, the Depositary’s Agent, Transfer Agent, Calculation 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 certificate. The Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar
shall not be liable for or by reason of any of the statements of fact or recitals contained in this Deposit Agreement or in the Receipts
(except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed
to have been made by the Company only.

 

    20

     

    

 

 

The Depositary, the Depositary’s
Agent, Transfer Agent, Calculation Agent or Registrar 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, Preferred Stock or Depositary
Shares.

 

Notwithstanding anything herein
to the contrary, no amendment to the Certificate of Amendment shall affect the rights, duties, obligations or immunities of the Depositary,
Transfer Agent, Calculation Agent, the Depositary’s Agent or Registrar hereunder.

 

The Depositary, any Depositary’s
Agent, Transfer Agent, Calculation Agent and any Registrar 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 Company 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;

 

(iii)           shall not be obligated
to take any legal or other action hereunder; if, however, such party determines to take any legal or other action hereunder, and, where
the taking of such action might in such party's judgment subject or expose it to any expense or liability, such party 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, facsimile transmission
or other document or security delivered to the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar
and believed by such party 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 such party’s actions covered by this Deposit Agreement (or supplementing or qualifying any
such actions), of officers of the Company;

 

    21

     

    

 

 

(vi)        may
consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by such party hereunder in accordance with the advice of such counsel;

 

(vii)       shall not be called upon at any time to advise any person with respect to the Depositary Shares or Receipts;

 

(viii)      shall not be liable or responsible for any recital or statement contained in any documents relating hereto or the Depositary Shares
or Receipts; and

 

(ix)         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.

 

The obligations of the Company
and the rights of the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar set forth in this ‎Section
5.03 shall survive the replacement, removal or resignation of any Depositary, Registrar, Calculation Agent, Transfer Agent or Depositary’s
Agent or termination of this Deposit Agreement.

 

Section
5.04                     
Resignation and Removal of the Depositary; Appointment of Successor Depositary.

 

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

 

The Depositary may at any
time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company
shall send notice thereof by first-class mail, postage prepaid, to the holders of Receipts.

 

    22

     

    

 

In case at any time the Depositary
acting hereunder shall resign or be removed, the Company 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 an entity having its principal office in the United States
of America and having a combined capital and surplus (when combined with each of its direct and indirect parents and subsidiaries) of
at least $50,000,000. If a successor depositary shall not have been appointed and have accepted appointment in sixty (60) days, the resigning
Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every successor depositary shall execute
and deliver to its predecessor and to the Company 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 Company, 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 rights, title and interest in the deposited 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.

 

Any corporation or other entity
into or with which the Depositary may be merged, consolidated or converted, or any corporation or other entity to which all or a substantial
part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of
any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or
in the name of the successor depositary.

 

The provisions of this ‎Section
5.04 as they apply to the Depositary apply to the Depositary’s Agents, Calculation Agent, Registrar and Transfer Agent, as
if specifically enumerated herein.

 

Section
5.05                     
Notices, Reports and Documents.

 

The Company agrees that it
will deliver to the Depositary copies of all notices and reports generally made available by the Company to holders of the Preferred Stock
and not otherwise made publicly available and the Depositary, if requested in writing by the Company, agrees that it will, promptly after
receipt thereof from the Company, transmit the foregoing to the record holders of Receipts, in each case at the address recorded in the
Depositary’s books. Such transmission will be at the Company’s expense and the Company 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 Company’s expense such other documents as may be requested by the Company.

  

    23 

     

    

 

Section
5.06                     
Indemnification by the Company.

 

The Company shall indemnify
the Depositary, any Depositary’s Agent and any Transfer Agent, Calculation Agent or Registrar against, and hold each of them harmless
from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself and enforcing its rights hereunder)
which may arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the Depositary,
any Transfer Agent, Calculation Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except
for any liability arising out of bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct
must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) on the respective
parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts
or shares of Preferred Stock pursuant to the provisions hereof. The obligations of the Company and the rights of the Depositary set forth
in this ‎Section 5.06 shall survive the replacement, removal or resignation
of any Depositary, Registrar, Calculation Agent, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement.
In no event shall the Depositary have any right of set off or counterclaim against the Depositary Shares or the Preferred Stock.

 

Section
5.07                     
Fees, Charges and Expenses.

 

No charges and expenses of
the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as provided in this ‎Section
5.07. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit
Agreement. The Company shall also pay all fees and expenses of the Depositary in connection with the initial deposit of the Preferred
Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option
of the Company and all withdrawals of the Preferred Stock by holders of Receipts. All other fees and expenses of the Depositary and any
Depositary’s Agent hereunder and of any Registrar, Calculation Agent or Transfer Agent (including, in each case, fees and expenses
of counsel) incurred in the preparation, delivery, amendment, administration and execution of this Deposit Agreement and incident to
the performance of their respective obligations hereunder will be paid by the Company as previously agreed between the Depositary and
the Company. The Depositary (and if applicable, the Transfer Agent, Calculation Agent and Registrar) shall present its statement for
fees and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree.

  

    24 

     

    

 

Article
6

AMENDMENT AND TERMINATION

 

Section
6.01                     
Amendment.

 

The form of the Receipts
and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and
the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or
desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar,
Calculation Agent or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of
the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the
Preferred Stock pursuant to the Certificate of Incorporation shall be effective unless such amendment shall have been approved by
the holders of Receipts evidencing at least two-thirds of the Depositary Shares then outstanding. In no event shall any amendment
impair the right, subject to the provisions of Sections ‎2.06 and ‎2.07
and ‎Article 3, of any holder of any Receipts evidencing such Depositary
Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred Stock and all
money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. 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 this Deposit Agreement as amended thereby. As a condition
precedent to the Depositary’s execution of any amendment, the Company shall deliver to the Depositary a certificate from a
duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 6.01.
Notwithstanding anything to the contrary contained herein, the Depositary may, but shall not be obligated to, enter into any
amendment that affects its own rights, duties, obligations, responsibilities, liabilities and indemnities hereunder.

 

Section
6.02                     
Termination.

 

This Deposit Agreement may
be terminated by the Company upon not less than thirty (30) days’ prior written notice to the Depositary if the holders of Receipts
evidencing a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or
make available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or fractional shares
of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property held
by the Depositary in respect of such Receipt. This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares
shall have been redeemed in accordance with the provisions hereof or (ii) there shall have been made a final distribution in respect of
the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall
have been distributed to the holders of Receipts entitled thereto.

 

Upon the termination of this
Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the
Depositary, any Depositary’s Agent and any Transfer Agent, Calculation Agent or Registrar under Sections ‎5.03, ‎5.06
and ‎5.07.

  

    25 

     

    

 

Article
7

MISCELLANEOUS

 

Section
7.01                     
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.

 

Section
7.02                     
Exclusive Benefits of Parties.

 

This Deposit Agreement is
for the exclusive benefit of the parties hereto and any third party indemnitees referenced in Section 5.06, 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
7.03                     
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; provided, however, that if such provision affects the rights, duties, liabilities or obligations
of the Depositary, the Depositary shall be entitled to resign immediately.

 

Section
7.04                     
Notices.

 

Any and all notices to be
given to the Company 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, by electronic mail or by facsimile transmission confirmed by letter, addressed to the Company at:

 

American Express Company

200 Vesey Street, New York, New York 10285 (Attention: Treasurer)

Fax: (212) 640-0405

 

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

 

Any notices to be given to
the Depositary, Transfer Agent, Calculation Agent or Registrar 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, by electronic mail or by telecopier confirmed by letter, addressed to
the Depositary:

 

Computershare Trust Company, N.A.

c/o Computershare Inc.

150 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile: 781-575-4210

Email: Steven.Myers@computershare.com

  

    26 

     

    

 

Any notices 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 transmitted
through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, recognized next-day
courier service or telecopier confirmed by letter, addressed to such record holder at the address of such record holder as it appears
on the books of the Depositary; provided, that any record holder may direct the Depositary to deliver notices to such record holder
at an alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed
with the Depositary and that is reasonably acceptable to the Depositary.

 

Delivery of a notice sent
by mail 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 message or electronic mail) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day
courier service, when deposited with such courier, courier fees prepaid. The Depositary or the Company may, however, act upon any facsimile
message or electronic mail received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message
shall not subsequently be confirmed by letter as aforesaid.

 

Section
7.05                     
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 notify the Company of any such action.

 

Section
7.06                     
Appointment of Calculation Agent

 

The Company hereby appoints the Trust Company as Calculation Agent
solely with respect to calculating the rate at which dividends will accrue with respect to the Preferred Stock for each Reset Period from
and including the First Reset Date on September 15, 2026, including determining the Five-Year Treasury Rate, in the manner and at the
times provided in the Certificate of Amendment attached hereto as Exhibit B, which was filed with the Secretary of State of the State
of New York on July 30, 2021, and the Trust Company hereby accepts such appointment, subject to the express terms and conditions set forth
herein (and no implied terms or conditions). On each Reset Dividend Determination Date, the Calculation Agent shall communicate in writing
its determination of the Five-Year Treasury Rate and its calculation of the rate at which dividends will accrue with respect to the following
Reset Period to the Company via electronic mail (at an electronic mail address provided to the Trust Company by the Company), followed
by a telephonic confirmation, and to the Depositary pursuant to the Depositary’s procedures then in force. The Trust Company, as
Calculation Agent, may seek guidance from the Company in making any determinations under the terms of the Certificate of Amendment. The
Calculation Agent will, upon the request of any holder of the Preferred Stock, provide the rate at which dividends will accrue with respect
to the Preferred Stock for the then current Reset Period and, if determined, such rate for the next Reset Period.

  

    27 

     

    

 

Section
7.07                     
Holders of Receipts Are Parties.

 

The holders of Receipts from
time to time shall be deemed to 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 to the same extent as though such person executed this Deposit Agreement.

 

Section
7.08                     
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 law of the State of New York applicable to agreements made and to be performed in said State, without regard to conflicts of
laws principles thereof.

 

Section
7.09                     
Inspection of Deposit Agreement and Certificate of Amendment.

 

Copies of this Deposit Agreement
and the Certificate of Amendment shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection
during business hours at the Depositary Office by any holder of any 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 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 Company
agree that all books, records, information and data pertaining to the business of the other party, including, inter alia, personal, non-public
holder information and pricing, 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.

 

From time to time and after
the date hereof, the Company agrees that it will 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.

 

[Signature Page Follows]

 

    28 

     

    

 

IN WITNESS WHEREOF, American
Express Company and Computershare Inc. and Computershare Trust Company, N.A. have duly executed this Deposit Agreement as of the day and
year first set forth above 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.

 

	 	AMERICAN EXPRESS COMPANY
	 	 
	 	By:	/s/ David L. Yowan
	 	 	Authorized Officer
	 	 
	 	COMPUTERSHARE INC. and
	 	COMPUTERSHARE TRUST COMPANY,
	 	 N.A., as Depositary, and COMPUTERSHARE
	 	TRUST COMPANY, N.A., as Registrar,
	 	Calculation Agent and Transfer Agent
	 	 
	 	By:	 /s/ Dennis V. Moccia
	 	 	Dennis V. Moccia
	 	 	Senior Manager, Contract Operations

 

[Signature Page to Deposit Agreement]

 

     

     

    

 

Exhibit A

 

[FORM OF FACE OF RECEIPT]

 

IF GLOBAL RECEIPT IS ISSUED: UNLESS
THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
 & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL RECEIPT SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT
AGREEMENT REFERRED TO BELOW.

 

IN CONNECTION WITH ANY TRANSFER, THE
HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

 

    A-1

     

    

 

	Certificate Number: ___	Number of Depositary Shares: __

 

CUSIP NO.: [ ]

 

AMERICAN EXPRESS COMPANY

 

RECEIPT FOR DEPOSITARY SHARES

Each Representing
1/1,000th of a Share of

3.550% Fixed Rate Reset Noncumulative
Preferred Stock, Series D

(par value $1.662⁄3 per share)

(liquidation preference $1,000,000 per share)

 

Computershare
Inc., a Delaware corporation, and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered national association
(jointly, the “Depositary”), hereby certify that CEDE & CO. is the registered owner of ________ (________) depositary
shares ($________ aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing 1/1,000th
of one share of 3.550% Fixed Rate Reset Noncumulative Preferred Stock, Series D, par value $1.662⁄3
per share and liquidation preference of $1,000,000 per share of American Express Company, a New York corporation (the “Company”),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated August 3, 2021 (the
 “Deposit Agreement”), among the Company, the Depositary, Computershare Trust Company, N.A., as Registrar, Calculation Agent
and Transfer Agent and the holders from time to time of Receipts for Depositary Shares. By accepting this Receipt, the holder hereof becomes
a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or obligatory
for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual
or facsimile signature of a duly authorized officer or, if a Registrar in respect of the Receipts (other than the Depositary) shall have
been appointed, by the manual signature of a duly authorized officer of such Registrar.

 

	Dated:	 	
	[Countersigned:	 	
	 	 	Computershare Inc. and Computershare Trust Company, N.A., as Depositary
	 	 	  
	By:	 	]	By:	 

 

 

    A-2

     

    

 

[FORM OF REVERSE OF RECEIPT]

 

The following abbreviations
when used in the instructions on the face of this receipt shall be construed as though they were written out in full according to applicable
laws or regulations.

 

	TEN COM  -  as tenant in common	
    UNIF GIFT MIN ACT - ________

    Custodian ________

	 	(Cust)       (Minor)
	TEN ENT  -  as tenants by the entireties	Under Uniform Gifts to Minors Act
	JT TEN  -  as joint tenants with right of survivorship and not as

                                                          tenants in common
	_______________________________________

                                                                                 (State)

                                                                                 

Additional abbreviations may also be used though not in the above list.

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE

 

	 
	 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS

INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

	 

 

 

___________________________ Depositary Shares represented by the within
Receipt, and do 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 whatever.

 

	SIGNATURE GUARANTEED	 	 

 

NOTICE: The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

 

 

    A-3

     

    

 

Exhibit B

 

Certificate of Amendment

  

Execution Version

 

 

 

CERTIFICATE OF AMENDMENT

 

OF

 

AMERICAN EXPRESS COMPANY

 

 

 

Under Section 805 of the

 

Business Corporation Law

 

 

 

 

 

AMERICAN EXPRESS COMPANY

American Express Tower

200 Vesey Street

New York, NY 10285

 

     

     

    

 

CERTIFICATE OF AMENDMENT

 

OF THE

 

CERTIFICATE OF INCORPORATION

 

OF

 

AMERICAN EXPRESS COMPANY

 

(UNDER SECTION 805 OF THE BUSINESS CORPORATION LAW)

 

The undersigned, being the Treasurer of AMERICAN
EXPRESS COMPANY, a New York corporation (the “Corporation”), hereby certifies that:

 

1.              The
name of the Corporation is AMERICAN EXPRESS COMPANY.

 

2.              The Certificate of Incorporation of the Corporation
was filed by the Department of State on June 10, 1965.

 

3.              The
Certificate of Incorporation, as heretofore amended and restated, is hereby further amended pursuant to Sections 805 and  
502 of the Business Corporation Law by the addition thereto of a new Section 12 that creates, and sets forth the designation, number
and relative rights, preferences and limitations of, a new series of the Corporation’s preferred shares, par value $1.66 2/3 each,
such series being designated as “3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D”. Such new Section 12 shall
read as follows:

 

“Section 12. Designation of 3.550% Fixed
Rate Reset Noncumulative Preferred Shares, Series D

 

		1.	Designation and Number of Shares.

 

(a)          There
is hereby created out of the authorized and unissued preferred shares of the Corporation a series of preferred shares designated as the
 “3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D” (the “Series D Preferred Shares”).

 

(b)         The
number of authorized Series D Preferred Shares shall be 1,600. That number from time to time may be increased (but not in excess of the
total number of authorized preferred shares) or decreased (but not below the number of Series D Preferred Shares then outstanding) by
further resolution duly adopted by the Board of Directors, the Risk Committee thereof, the Preferred Share Pricing Committee thereof or
any other duly authorized committee thereof and by the filing of a certificate pursuant to the provisions of the Business Corporation
Law stating that such increase or reduction, as the case may be, has been so authorized. The Corporation shall have the authority to issue
fractional Series D Preferred Shares.

 

     

     

    

 

		2.	General Matters.

 

Each Series D Preferred Share shall be identical
in all respects to every other Series D Preferred Share. The Series D Preferred Shares shall be perpetual, subject to the provisions of
Subsection 5 below.

 

		3.	Definitions.

 

As used in this Section 12:

 

“Appropriate Federal Banking Agency”
means the “appropriate federal banking agency” with respect to the Corporation as that term is defined in Section 3(q) of
the Federal Deposit Insurance Act of 1950, as amended, or any successor provision.

 

“Board of Directors” means the
Board of Directors of the Corporation.

 

“Business Day” means any day
that is not a Saturday or Sunday or any other day on which banks in New York City are authorized or obligated by law or regulation to
close.

 

“Business Corporation Law” means
the Business Corporation Law of the State of New York.

 

“By-Laws” means the bylaws of
the Corporation, as they may be amended from time to time.

 

“Calculation Agent” means the
Transfer Agent acting in its capacity as calculation agent for the Series D Preferred Shares, and its successors and permitted assigns.

 

“Common Shares” means the common
shares of the Corporation, par value $0.20 per share, or any other shares of the capital stock of the Corporation into which such common
shares shall be reclassified or changed.

 

“Corporation” means American
Express Company, a New York corporation.

 

“Depositary” means DTC or its
nominee or any successor depositary appointed by the Corporation.

 

“Dividend Payment Date” has
the meaning set forth in Subsection 4(a) of this Section 12.

 

“Dividend Period” has the meaning
set forth in Subsection 4(a) of this Section 12.

 

“Dividend Record Date” has the
meaning set forth in Subsection 4(a) of this Section 12.

 

“DTC” means The Depository Trust
Company.

 

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

 

“First Reset Date” means September
15, 2026.

 

     2

     

    

 

“Five-Year Treasury Rate” means
the rate that will be determined as follows:

 

		·	The average of the yields on actively traded U.S. treasury securities adjusted to constant maturity, for five-year maturities, for
the five Business Days appearing under the caption “Treasury Constant Maturities” in the most recently published statistical
release designated H.15 Daily Update or any successor publication which is published by the Federal Reserve Board as of 5:00 p.m. (Eastern
Time) as of any date of determination, as determined by the Calculation Agent in its sole discretion.

 

		·	If no calculation is provided as described above, then the Corporation will use a substitute or successor rate that the Corporation
(or its designee, which the Corporation may designate in its sole discretion and which may be an affiliate of the Corporation) has determined,
in its (or such designee’s) sole discretion after consulting any source the Corporation (or such designee) deems to be reasonable,
is (i) the industry-accepted substitute or successor for the Five-Year Treasury Rate or (ii) if there is no such industry-accepted substitute
or successor for the Five-Year Treasury Rate, a substitute or successor rate that is most comparable to the Five-Year Treasury Rate. Upon
selection of a substitute or successor rate, the Corporation (or its designee) may determine, in its (or such designee’s) sole discretion
after consulting any source the Corporation (or such designee) deems to be reasonable, the day count convention, the Business Day convention,
the definition of Business Day, the Reset Dividend Determination Date and any other relevant methodology or definition for calculating
such substitute or successor rate, including any adjustment factor it determines is needed to make such substitute or successor rate comparable
to the Five-Year Treasury Rate, in a manner that is consistent with any industry-accepted practices for such substitute or successor rate.
If the Corporation or its designee, in its (or such designee’s) sole discretion, is unable to determine a substitute or successor
rate in accordance with the foregoing, then the Five-Year Treasury Rate will be the same rate determined for the prior Reset Dividend
Determination Date or, if this sentence is applicable with respect to the First Reset Date, 0.696%.

 

The Five-Year Treasury Rate will be determined
on each Reset Dividend Determination Date.

 

Any determination, decision or election that may
be made by the Corporation (or its designee, which may be an affiliate of the Corporation) pursuant to the provisions described in the
definition of Five-Year Treasury Rate, including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and
binding absent manifest error, will be made in the Corporation’s (or such designee’s) sole discretion, and, notwithstanding
anything to the contrary in this Certificate of Amendment, shall become effective without consent from the holders of the Series D Preferred
Shares or any other party.

 

All percentages resulting from any
calculation of the dividend rate will be rounded, if necessary, to the nearest 1/100,000 of 1% (.0000001), with five one-millionths
of a percentage point rounded upward. All currency amounts used in, or resulting from, the calculation on the Series D Preferred
Shares will be rounded to the nearest one-hundredth of a unit. For purposes of rounding, .005 of a unit shall be rounded upward.

 

     3

     

    

 

“Holder” means the Person in
whose name the shares of the Series D Preferred Shares are registered, which may be treated by the Corporation, Calculation Agent, Transfer
Agent, Registrar and paying agent as the absolute owner of the Series D Preferred Shares for the purpose of making payment and for all
other purposes.

 

“Junior Stock” means the Common
Shares and any other class or series of capital stock of the Corporation now existing or hereafter authorized over which Series D Preferred
Shares has preference or priority in the payment of dividends (whether such dividends are cumulative or non-cumulative) or in the distribution
of assets on any voluntary or involuntary liquidation, dissolution or winding up of the Corporation.

 

“Nonpayment” has the meaning
set forth in Subsection 7(b)(i) of this Section 12.

 

“Parity Stock” means the 5.200%
Fixed Rate / Floating Rate Noncumulative Preferred Shares, Series B, the 4.900% Fixed Rate/Floating Rate Noncumulative Preferred Shares,
Series C and any other class or series of capital stock of the Corporation now existing or hereafter authorized that ranks on par with
the Series D Preferred Shares in the payment of dividends (whether such dividends are cumulative or non-cumulative) or in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation.

 

“Person” means a legal person,
including any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company,
trust, or other entity.

 

“Preferred Shares” means the
Series D Preferred Shares, the 5.200% Fixed Rate / Floating Rate Noncumulative Preferred Shares, Series B, the 4.900% Fixed Rate / Floating
Rate Noncumulative Preferred Shares, Series C, and preferred shares of the Corporation of any series that by its terms votes together
with the Series D Preferred Shares in the election of directors, as applicable.

 

“Preferred Share Director” has
the meaning set forth in Subsection 7(b)(i) of this Section 12.

 

“Preferred Share Director Termination
Date” has the meaning set forth in Subsection 7(b)(ii) of this Section 12.

 

“Registrar” means the Transfer
Agent acting in its capacity as registrar for the Series D Preferred Shares, and its successors and permitted assigns.

 

“Regulatory Capital Event”
means the good faith determination by the Corporation that, as a result of (i) any amendment to, clarification of, or change in, the
laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes
effective after the initial issuance of any Series D Preferred Shares, (ii) any proposed amendment to, clarification of, or change
in those laws or regulations that is announced or becomes effective on or after the initial issuance of any Series D Preferred
Shares, or (iii) any official administrative decision or judicial decision or administrative action or other official
pronouncement interpreting or applying those laws or regulations or policies with respect thereto that is announced on or after the
initial issuance of any Series D Preferred Shares, there is more than an insubstantial risk that the Corporation will not be
entitled to treat the full liquidation preference amount of $1,000,000 per share of the Series D Preferred Shares then outstanding
as Tier 1 capital (or its equivalent) for purposes of the capital adequacy guidelines of the Federal Reserve (or, as and if
applicable, the capital adequacy guidelines or regulations of any successor Appropriate Federal Banking Agency) as then in effect
and applicable, for so long as any Series D Preferred Share is outstanding.

 

     4

     

    

 

“Reset Date” means the First
Reset Date and each date falling on the fifth anniversary of the preceding Reset Date, and no Reset Date, including the First Reset Date,
will be adjusted for Business Days.

 

“Reset Dividend Determination Date”
means, in respect of any Reset Period, the day that is three Business Days prior to the beginning of such Reset Period.

 

“Reset Period” means the period
from, and including, each Reset Date to, but excluding, the next succeeding Reset Date, except for the initial Reset Period, which will
be the period from, and including, the First Reset Date to, but excluding, the next succeeding Reset Date.

 

“Series D Preferred Shares”
has the meaning set forth in Subsection 1 of this Section 12.

 

“Transfer Agent” means Computershare
Trust Company, N.A., acting as Transfer Agent, Calculation Agent, Registrar and paying agent for the Series D Preferred Shares, and its
successors and permitted assigns.

 

“Trust” has the meaning set
forth in Subsection 6(d) of this Section 12.

 

		4.	Dividends.

 

(a)          Rate.
Holders shall be entitled to receive, only when, as, and if declared by the Board of Directors or any duly authorized committee thereof,
but only out of funds legally available therefor, noncumulative cash dividends on the Series D Preferred Shares in the amounts specified
below in this Subsection 4, and no more, payable quarterly in arrears, on the 15th of March, June, September and December of each year,
beginning on September 15, 2021; provided, however, if any such day is not a Business Day, then payment of any dividend otherwise
payable on that date will be made on the next succeeding day that is a Business Day, without any interest or other payment in respect
of such postponement (each such day on which dividends are payable a “Dividend Payment Date”). The period from and
including the date of issuance of the Series D Preferred Shares or any Dividend Payment Date to, but excluding, the next Dividend Payment
Date is a “Dividend Period.” Dividends on each Series D Preferred Share will accrue on the liquidation preference
of $1,000,000 per share at a rate per annum equal to (i) 3.550% for each Dividend Period from and including the date of issuance to,
but excluding, the First Reset Date on September 15, 2026 and (ii) the Five-Year Treasury Rate as of the most recent Reset Dividend Determination
Date plus 2.854%, for each Dividend Period from and including the First Reset Date. The record date for payment of dividends on the Series
D Preferred Shares will be the record date fixed by the Board of Directors or any other duly authorized committee thereof that is not
more than 30 days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any such day that is a Dividend
Record Date will be a Dividend Record Date whether or not such day is a Business Day. The amount of dividends payable with respect to
any Dividend Period will be computed on the basis of a 360-day year and the actual number of days elapsed.

 

     5

     

    

 

(b)           Noncumulative
Dividends. If the Board of Directors or any duly authorized committee thereof does not declare a dividend on the Series D Preferred
Shares for any Dividend Period prior to the related Dividend Payment Date, that dividend will not accrue, and the Corporation will have
no obligation to pay, and Holders shall have no right to receive, a dividend for that Dividend Period on the related Dividend Payment
Date or at any future time, whether or not dividends on the Series D Preferred Shares or any other series of preferred shares or common
shares are declared for any subsequent period. References herein to the “accrual” of dividends refer only to the determination
of the amount of such dividend and do not imply that any right to a dividend arises prior to the date on which a dividend is declared.

 

(c)            Priority
of Dividends. So long as any Series D Preferred Shares remain outstanding, unless as to a Dividend Payment Date full dividends on
all outstanding Series D Preferred Shares have been declared and paid or declared and a sum sufficient for the payment of those dividends
has been set aside for the Dividend Period then ending, the Corporation will not, and will cause its subsidiaries not to, during the
next succeeding Dividend Period that commences on such Dividend Payment Date, declare or pay any dividend on, make any distributions
relating to, or redeem, purchase, acquire or make a liquidation payment relating to, any Junior Stock, or make any guarantee payment
with respect thereto, other than:

 

(i)           purchases,
redemptions or other acquisitions of shares of Junior Stock in connection with (A) any employment contract, benefit plan or other similar
arrangement with or for the benefit of employees, officers, directors or consultants or (B) a dividend reinvestment or share purchase
plan;

 

(ii)          purchases or repurchases of shares of capital stock of the Corporation pursuant to  a contractually binding requirement to buy  stock
existing prior to the commencement of the then-current Dividend Period, including under a contractually binding share repurchase plan;

 

(iii)        any
declaration of a dividend in connection with any shareholders’ rights plan, or the issuance of rights, shares or other property
under any shareholders’ rights plan, or the redemption or repurchase of rights pursuant to the plan;

 

(iv)        through
the use of proceeds of a substantially contemporaneous sale of other shares of Junior Stock;

 

(v)          as
a result of an exchange, reclassification or conversion of any class or series of Junior Stock for any other class  or series of 
Junior Stock;

 

(vi)         the
purchase of fractional interests in shares of Junior Stock pursuant to the conversion or exchange provisions of such Junior  Stock
or the security being converted or exchanged;

 

     6

     

    

 

(vii)         
 the purchase of Junior Stock by any subsidiary of the Corporation in connection with the distribution thereof; or

 

(viii)       
the purchase of Junior Stock by any subsidiary of the Corporation in connection with market-making or other secondary-market activities
in the ordinary course of business.

 

The restrictions set forth in the preceding provisions
of this Subsection 4(c) shall not apply to any Junior Stock dividends paid by the Corporation where the dividend is in the form of the
same shares (or the right to buy the same shares) as that on which the dividend is being paid or ranks equal or junior to the Series D
Preferred Shares as to both dividends and distributions upon any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation.

 

Except as provided below, for so long as any Series
D Preferred Shares remain outstanding, if dividends are not declared and paid in full upon the Series D Preferred Shares and any Parity
Stock, all dividends declared upon the Series D Preferred Shares and such other Parity Stock will be declared on a proportional basis
so that the amount of dividends declared per share will bear to each other the same ratio that accrued dividends for the then-current
Dividend Period per Series D Preferred Share and accrued dividends for the then-current Dividend Period per share of such other Parity
Stock (including, in the case of any such other Parity Stock that bears cumulative dividends, all accrued and unpaid dividends), bear
to each other.

 

Subject to the foregoing, and not otherwise, such
dividends payable in cash, shares or otherwise, as may be determined by the Board of Directors or any duly authorized committee thereof,
may be declared and paid on any other class or series of capital stock of the Corporation from time to time out of any funds legally available
for such payment, and Holders will not be entitled to participate in those dividends.

 

		5.	Liquidation Rights.

 

(a)         Liquidation.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, Holders shall be entitled, out
of funds legally available therefor, before any distribution or payment may be made by the Corporation or set aside for the holders of
any Junior Stock and subject to the rights of the holders of any class or series of capital stock ranking senior to or on parity with
Series D Preferred Shares upon liquidation and the rights of the Corporation’s depositors and other creditors, to receive in full
a liquidating distribution in the amount of the liquidation preference of $1,000,000 per share (the “Series D Liquidation Preference”),
plus any declared and unpaid dividends thereon, without accumulation of any undeclared dividends, from the last Dividend Payment Date
to, but excluding, the date of such voluntary or involuntary liquidation, dissolution or winding up of the Corporation. Holders shall
not be entitled to any further payments in the event of any such voluntary or involuntary liquidation, dissolution or winding up of the
Corporation other than what is expressly provided for in this Subsection 5.

 

(b)        Partial
Payment. If the assets of the Corporation are not sufficient to pay in full the aforesaid liquidation distributions to the Holders
and any liquidation distributions owed to holders of any class or series of capital stock of the Corporation ranking equally with the
Series D Preferred Shares in the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation, the amounts paid to the Holders and to the holders of all such equally ranking capital stock shall be pro rata in accordance
with the respective aggregate liquidating distributions to which they would otherwise be entitled.

 

     7

     

    

 

(c)          Merger,
Consolidation and Sale of Assets Not Liquidation. For purposes of this Subsection 5, the sale, conveyance, exchange or transfer
(for cash, shares of capital stock, securities or other consideration) of all or substantially all of the property and assets of the
Corporation shall not be deemed a voluntary or involuntary dissolution, liquidation or winding up of the Corporation, nor shall the merger,
consolidation or any other business combination transaction of the Corporation into or with any other corporation or Person or the merger,
consolidation or any other business combination transaction of any other corporation or Person into or with the Corporation be deemed
to be a voluntary or involuntary dissolution, liquidation or winding up of the Corporation.

 

		6.	Redemption.

 

(a)          Optional
Redemption. The Series D Preferred Shares are perpetual and have no maturity date. At its option, the Corporation may redeem out
of funds legally available therefor the Series D Preferred Shares at the time outstanding, (i) in whole or in part, from time to
time, in each case on any Dividend Payment Date after the First Reset Date on September 15, 2026, or (ii) in whole but not in part at
any time within 90 days following a Regulatory Capital Event, in the case of each clause (i) and (ii) at a cash redemption price equal
to $1,000,000 per share plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to but excluding the
redemption date, upon notice given as provided in Subsection 6(b) below.

 

(b)          Notice of Redemption. Notice of every redemption of Series D Preferred Shares shall be mailed by first class mail, postage
prepaid, addressed to the Holders of such shares to be redeemed at their respective last addresses appearing on the share register of
the Corporation. Such mailing shall be at least 5 days and not more than 60 days before the date fixed for redemption. Any notice mailed
as provided in this Subsection 6(b) shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice,
but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any Holder of Series D Preferred
Shares designated for redemption shall not affect the validity of the proceedings for the redemption of any other Series D Preferred Shares.
Each notice shall state:

 

(i)           the
redemption date;

 

(ii)          the total number of Series D Preferred Shares to be redeemed and, if fewer than all the shares of a Holder are to be redeemed,
the number of such shares to be redeemed;

 

(iii)         the
redemption price;

 

(iv)         the
place or places where the certificates for such shares are to be surrendered for payment of the redemption price, if applicable; and

 

(v)          that dividends on the shares to be redeemed will cease to accrue on the redemption date.

 

     8

     

    

 

Notwithstanding the foregoing, if the Series D
Preferred Stock or depositary shares representing an interest in shares of Series D Preferred Stock are held in book-entry form through
the Depositary or any other similar facility, the Corporation may give such notice in any manner permitted by the Depositary or such facility.

 

(c)          Partial
Redemption. In case of any redemption of only part of the Series D Preferred Shares at the time outstanding, the Series D Preferred
Shares to be redeemed shall be selected (i) pro rata from the Holders in proportion to the number of Series D Preferred Shares held by
such Holders, (ii) by lot or (iii) in such other manner as the Board of Directors or any duly authorized committee thereof may determine,
in its sole discretion, to be fair and equitable.

 

(d)          Effectiveness
of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds
necessary for the redemption have been set aside by the Corporation, separate and apart from its other assets, for the pro rata benefit
of the Holders of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Corporation
with a bank or trust company selected by the Board of Directors or any duly authorized committee thereof (the “Trust”)
in trust for the pro rata benefit of the Holders of the shares called for redemption, then, notwithstanding that any certificate for
any share so called for redemption has not been surrendered for cancellation, on and after the redemption date all shares so called for
redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue on such redemption date, and
all rights with respect to such shares shall forthwith on such redemption date cease and terminate, except only the right of the Holders
thereof to receive the amount payable on such redemption from the Trust at any time after the redemption date from the funds so deposited,
without interest. The Corporation shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds,
and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at
the end of three years from the redemption date shall, to the extent permitted by law, be released or repaid to the Corporation, and
in the event of such repayment to the Corporation, the Holders of the shares so called for redemption shall be deemed to be unsecured
creditors of the Corporation for an amount equivalent to the amount deposited as stated above for the redemption of such shares and so
repaid to the Corporation, but shall in no event be entitled to any interest.

 

		7.	Voting Rights.

 

(a)          General.
The Holders shall not be entitled to vote on any matter except as set forth in this Subsection 7 or as required by the Business Corporation
Law. In any case in which the Holders shall be entitled to vote separately as a single class pursuant to the provisions of the Certificate
of Incorporation or pursuant to law, each Holder shall be entitled to one vote for each Series D Preferred Share held.

 

     9

     

    

 

(b)          Preferred
Share Directors.

 

(i)                
 Voting Right. Whenever dividends payable on the Preferred Shares of any series in an aggregate amount at least equal to
six full quarterly dividends (which need not be consecutive) on such series shall not have been paid (a “Nonpayment”),
the authorized number of directors of the Corporation shall automatically be increased by two and the holders of the outstanding Preferred
Shares of all series shall have the special right, voting separately as a single class, to elect two directors of the Corporation (hereinafter
the “Preferred Share Directors” and each a “Preferred Share Director”), to fill such newly created
directorships until such right shall terminate as provided below in Subsection 7(b)(ii); provided, however that it shall be a qualification
for election of any such director that the election of such director shall not cause the Corporation to violate the corporate governance
requirements of the New York Stock Exchange (or other exchange on which the Corporation’s securities may be listed) that listed
companies must have a majority of independent directors. At each meeting of shareholders at which the holders of the Preferred Shares
of all series shall have the special right, voting separately as a single class, to elect directors as provided in this Subsection (7)(b),
the presence in person or by proxy of the holders of record of one-third of the total number of the issued and outstanding Preferred Shares
of all series shall be necessary and sufficient to constitute a quorum of such class for such election by such shareholders, and such
election shall be by a plurality of the votes cast at such meeting by such shareholders.

 

(ii)              Termination.
Each Preferred Share Director shall hold office until the annual meeting of shareholders next succeeding his or her election and
until his or her successor, if any, is elected by the holders of the issued and outstanding Preferred Shares and qualified or, if
earlier, until the Preferred Share Director Termination Date or his or her death, resignation or removal in the manner provided in
the By-Laws; provided, however, that notwithstanding any provision in the By-Laws, a Preferred Share Director may be removed
only by the affirmative vote of the holders a majority of the issued and outstanding Preferred Shares if such removal is without
cause. In case any vacancy shall occur among the Preferred Share Directors, such vacancy may be filled for the unexpired portion of
the term by vote of the single remaining Preferred Share Director or his or her successor in office, or, if such vacancy shall occur
more than 90 days prior to the first anniversary of the next preceding annual meeting of shareholders, by the holders of the issued
and outstanding Preferred Shares at a special meeting of such shareholders called for the purpose. Whenever the Corporation has paid
noncumulative dividends in full on all series of Preferred Shares for at least four consecutive quarterly Dividend Periods following
a Nonpayment and has paid arrearages of cumulative dividends in full on any Preferred Shares entitled to cumulative dividends, then
the right of the Holders to elect Preferred Share Directors will cease (the time of such cessation, the “Preferred Share
Director Termination Date”). Upon a Preferred Share Director Termination Date, the terms of office of the Preferred Share
Directors will immediately terminate, the persons then serving as Preferred Share Directors shall immediately cease to be qualified
to hold office as Preferred Share Directors, the Preferred Share Directors shall cease to be directors of the Corporation and the
number of directors constituting the Board of Directors shall be automatically reduced, without any action by the Board of Directors
or the shareholders of the Corporation, by the number of Preferred Share Directors authorized immediately prior to such termination,
but subject always to the same provisions for the vesting of such special right, voting separately as a single class, to elect two
directors in the case of any future arrearages in an aggregate amount at least equal to six full quarterly dividends as described in
this Subsection (7)(b). Notwithstanding the foregoing, if (a) the date of the first annual meeting of shareholders following the
date on which all arrears of dividends on the issued and outstanding Preferred Shares of all series providing for cumulative
dividends shall have been paid and dividends on the issued and outstanding Preferred Shares of all series for the current quarterly
period shall have been paid or declared and provided for is later than (b) the Preferred Share Director Termination Date that would
be applicable pursuant to the foregoing provision, the Preferred Share Director Termination Date shall instead be the date of such
later annual meeting. At any time after the special voting power has vested pursuant to Subsection 7(b)(i) above, the secretary of
the Corporation may, and upon the written request (addressed to the secretary at the Corporation’s principal office) of the
holders of at least 20% of the voting power of the Series D Preferred Shares or the holders of at least 20% of the voting power of
any series of Preferred Shares (with such voting power measured based on the voting power to elect Preferred Share Directors), must
(unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the shareholders
at which Preferred Share Directors are to be elected, in which event such election shall be held at such next annual or special
meeting of shareholders), call a special meeting of the holders of the Preferred Shares of all series for the purposes of electing
Preferred Share Directors.

 

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(iii)          Vote.
The Preferred Share Directors shall each be entitled to one vote per director on any matter.

 

(iv)          Notice
of Special Meeting. Notice for a special meeting to elect Preferred Share Directors will be given in a similar manner to that provided
in the By-Laws for a special meeting of the shareholders.  If the secretary of the Corporation does not call a special meeting within
20 days after receipt of any request (although the special voting power has vested pursuant to Subsection 7(b)(i) above), then any Holders
meeting the requirements of Subsection 7(b)(ii) may (at the expense of the Corporation) call such meeting, upon notice as provided in
this Subsection 7(b)(iv), and for that purpose will have access to the share register of the Corporation.  The Preferred Share Directors
elected at any such special meeting, and each Preferred Share Director elected at a subsequent annual or special meeting of shareholders,
will be elected for term expiring upon the earlier of the Preferred Share Director Termination Date and the next annual meeting of shareholders
following such Preferred Share Director’s election. Preferred Share Directors may only be elected by the holders of the Preferred
Shares in accordance with this Subsection 7. If the holders of the Preferred Shares fail to elect a sufficient number of directors to
fill all directorships for which they are entitled to elect directors pursuant to this Subsection 7, then any directorship not so filled
shall remain vacant until such time as the holders of the Preferred Shares elect a person to fill such directorship in accordance with
this Subsection 7, or such vacancy is otherwise filled in accordance with this Subsection 7; and no such directorship may be filled by
shareholders of the Corporation other than in accordance with this Subsection 7.

 

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(c)          Senior
Issuances; Adverse Changes. So long as any Series D Preferred Share is outstanding, but subject to the final paragraph of this Subsection
7(c), in addition to any other vote or consent of holders of the Corporation’s capital stock required by New York law, the vote
or consent of the holders of at least two-thirds of the voting power of the Series D Preferred Shares and any other issued and outstanding
preferred shares of the Corporation entitled to vote together with the Series D Preferred Shares thereon, given in person or by proxy,
at an annual or special meeting of shareholders called for the purpose, at which all holders of all issued and outstanding Series D Preferred
Shares and such preferred shares shall vote separately as a single class, shall be necessary for effecting any of the following actions,
whether or not such approval is required by New York law:

 

(i)               any
amendment, alteration or repeal of any provision of the Certificate of Incorporation (including this Section 12) or the By-Laws so as
to adversely affect the relative rights, preferences or limitations of the Series D Preferred Shares;

 

(ii)             
the authorization of any class or series of capital stock of the Corporation (a) ranking prior to the Series D Preferred Shares
in the payment of dividends and/or the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding up
of the Corporation, or an increase in the authorized amount of any shares of, or any securities convertible into shares of, any class
or series of capital stock of the Corporation ranking prior to the Series D Preferred Shares in the payment of dividends or in the distribution
of assets on any liquidation, dissolution, or winding up of the Corporation or (b) voting together with the Series D Preferred Shares
on a basis that grants such class or series more than one vote per $1,000,000 of liquidation preference; or

 

(iii)           
the consummation of a binding share exchange or reclassification involving the Series D Preferred Shares or a merger or consolidation
of the Corporation with another entity, except that holders of the Series D Preferred Shares will have no right to vote under this provision
or otherwise under applicable law if in each case (i) the Series D Preferred Shares remain outstanding or, in the case of any such
merger or consolidation with respect to which the Corporation is not the surviving or resulting entity, are converted into or exchanged
for preferred securities of the surviving or resulting entity or its ultimate parent, and (ii) such Series D Preferred Shares remaining
outstanding or such preferred securities, as the case may be, have such relative rights, preferences or limitations, taken as a whole,
as are not less favorable to the holders thereof than the relative rights, preferences and limitations of the Series D Preferred Shares,
taken as a whole;

 

provided, however, that, for the avoidance of doubt,
any increase in the amount of the authorized or issued Series D Preferred Shares or authorized Common Shares or Parity Stock or any securities
convertible into Common Shares or Parity Stock or the creation and issuance, or an increase in the authorized or issued amount, of series
of Junior Stock or any securities convertible into Junior Stock will not be deemed to adversely affect the voting powers, preferences
or special rights of the Series D Preferred Shares, and no shareholder will have the right to vote on such an increase, creation or issuance
by reason of this Subsection 7.

 

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If any amendment, alteration, repeal, share exchange,
reclassification, merger or consolidation specified in this Subsection 7(c) would adversely affect the relative rights preferences or
limitations of the Series D Preferred Shares but not all other series of issued and outstanding preferred shares of the Corporation, then
only such series of issued and outstanding preferred shares as are adversely affected by and entitled to vote on the matter shall vote
on the matter together with the Series D Preferred Shares as a single class (in lieu of all other series of preferred shares of the Corporation)
for purposes of the vote or consent required by this Subsection 7(c).

 

(d)          Changes
Permitted without Consent. Without the consent of the holders of the Series D Preferred Shares, so long as such action does not adversely
affect the rights, preferences, privileges and voting powers of the Series D Preferred Shares, the Corporation may amend, alter, supplement
or repeal any terms of the Series D Preferred Shares:

 

(i)              to
cure any ambiguity, or to cure, correct or supplement any provision contained in this Certificate of Amendment for the Series D Preferred
Shares that may be defective or inconsistent; or

 

(ii)            to
make any provision with respect to matters or questions arising with respect to the Series D Preferred Shares that is not inconsistent
with the provisions of this Certificate of Amendment.

 

(e)          No Vote if Redemption. No vote or consent of the Holders shall be required pursuant to Subsection 7(b) or 7(c) if,
at or prior to the time when the act with respect to such vote or consent would otherwise be required shall be effected, the Corporation
shall have redeemed or shall have called for redemption all outstanding Series D Preferred Shares, with proper notice and sufficient funds
having been set aside for such redemption, in each case pursuant to Subsection 6 above.

 

		8.	Preemption and Conversion Rights.

 

The Holders shall not have any preemptive rights
or conversion rights as a result of the terms hereof.

 

		9.	Rank.

 

For the avoidance of doubt, the Board of Directors
or any duly authorized committee thereof may, without the vote of the Holders, authorize and issue additional shares of Junior Stock or
Parity Stock.

 

		10.	Reacquired Shares.

 

The Board of Directors shall take such actions
as are necessary to cause the Series D Preferred Shares that have been redeemed or otherwise purchased or acquired by the Corporation
to be retired and restored to the status of authorized but unissued preferred shares without designation as to series.

 

		11.	No Sinking Fund.

 

The Series D Preferred Shares are not subject to
the operation of a sinking fund.

 

     13

     

    

 

		12.	Transfer Agent, Calculation Agent, Registrar and Paying Agent.

 

The duly appointed Transfer Agent, Calculation
Agent, Registrar and paying agent for the Series D Preferred Shares shall be Computershare Trust Company, N.A. The Corporation may, in
its sole discretion, remove the Transfer Agent, Calculation Agent, Registrar and paying agent in accordance with the agreement between
such party and the Corporation; provided, however, that the Corporation shall appoint a successor transfer agent who shall accept
such appointment prior to the effectiveness of such removal. Upon any such removal or appointment, the Corporation shall send notice thereof
by first-class mail, postage prepaid, to the Holders.

 

		13.	Replacement Certificates for Mutilated, Destroyed, Stolen and Lost Certificates.

 

If physical certificates are issued, the Corporation
shall replace any mutilated certificate at the Holder’s expense upon surrender of that certificate to the Transfer Agent. The Corporation
shall replace certificates that become destroyed, stolen or lost at the Holder’s expense upon delivery to the Corporation and the
Transfer Agent of satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any indemnity that may
be required by the Transfer Agent and the Corporation.

 

		14.	Form.

 

(a)          Series
D Preferred Shares Certificates. The Corporation may at its option issue shares of Series D Preferred Shares without certificates.

 

		15.	Taxes.

 

(a)         Transfer Taxes. The Corporation shall
pay any and all stock transfer, documentary, stamp and similar taxes or governmental charges that may be payable in respect of any issuance
or delivery of Series D Preferred Shares. The Corporation shall not, however, be required to pay any such tax or governmental charge that
may be payable in respect of any transfer involved in the issuance or delivery of Series D Preferred Shares, in a name other than that
in which the Series D Preferred Shares were registered, or in respect of any payment to any Person other than a payment to the registered
holder thereof, and shall not be required to make any such issuance, delivery or payment unless and until the Person otherwise entitled
to such issuance, delivery or payment has paid to the Corporation the amount of any such tax or governmental charge or has established,
to the satisfaction of the Corporation, that such tax has been paid or is not payable.

 

(b)          Withholding
Taxes. All payments and distributions (or deemed distributions) on the Series D Preferred Shares shall be subject to withholding and
backup withholding of tax to the extent required by law, subject to applicable exemptions, and amounts withheld, if any, shall be treated
as received by Holders.

 

     14

     

    

 

		16.	Notices.

 

All notices referred to in this Section 12 shall
be in writing, and, unless otherwise specified in this Section 12, all notices hereunder shall be deemed to have been given upon the earlier
of receipt thereof or three Business Days after the mailing thereof if sent by registered or certified mail (unless first class mail shall
be specifically permitted for such notice under the terms of this Section 12) with postage prepaid, addressed: (i) if to the Corporation,
to its office at American Express Tower, 200 Vesey Street, New York, New York 10285 (Attention: Secretary) or to the Transfer Agent at
its office at 150 Royall Street, Canton, Massachusetts 02021 (Attn: General Counsel), or other agent of the Corporation designated as
permitted by this Section 12, or (ii) if to any Holder, to such Holder at the address of such Holder as listed in the share record
books of the Corporation (which may include the records of the Transfer Agent) or (iii) to such other address as the Corporation
or any such Holder, as the case may be, shall have designated by notice similarly given. Notwithstanding the foregoing, if the Series
D Preferred Stock or depositary shares representing an interest in shares of Series D Preferred Stock are held in book-entry form through
the Depositary or any other similar facility, such notices may be given to the holders of the Series D Preferred Stock in any manner permitted
by the Depositary or such facility.

 

		17.	Other Rights Disclaimed.

 

The Series D Preferred Shares have no voting powers,
preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other
than as set forth in this Section 12 or elsewhere in the Certificate of Incorporation.”

 

4.                 
The foregoing amendment of the Certificate of Incorporation was authorized by the Board of Directors at a meeting duly called and
held on January 27, 2021, by the Risk Committee thereof at a meeting duly called and held on July 20, 2021 and by the Preferred Share
Pricing Committee thereof by written consent dated July 27, 2021.

 

     15

     

    

 

IN WITNESS WHEREOF, the undersigned has signed this Certificate of
Amendment of the Certificate of Incorporation of American Express Company on the 2nd day of August, 2021.

 

	/s/ David L. Yowan	 
	Name: David L. Yowan	 
	Title: Treasurer	 

 

    16Document

ARLO TECHNOLOGIES, INC.

2018 EQUITY INCENTIVE PLAN 
1.Purposes of the Plan.  The purposes of this Plan are:
•to attract and retain the best available personnel for positions of substantial responsibility,
•to provide additional incentive to Employees, Directors and Consultants, 
•to promote the success of the Company’s business, and
•to assume and govern Adjusted Awards.
The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance Units, Performance Shares, and other stock or cash awards as the Administrator may determine.
2.Definitions.  As used herein, the following definitions will apply:
(a)“Adjusted Award” means any equity-based award granted by NETGEAR that is converted into an equity-based award relating to Shares upon the occurrence of a spin-off of the Company from NETGEAR.
(b)“Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.
(c)“Affiliate” means any entity that, directly or indirectly, controls, is controlled by, or is under common control with, the Company.
(d)“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
(e)“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, or other stock or cash awards as the Administrator may determine. 
(f)“Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan.  The Award Agreement is subject to the terms and conditions of the Plan.
(g)“Board” means the Board of Directors of the Company.
(h)“Change in Control” means, except as otherwise may be provided in an applicable Award Agreement, any of the following events:
(i)an acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of 
1
    

directors (the “Outstanding Company Voting Securities”); excluding, however, the following: (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted itself was acquired directly from the Company, (2) any repurchase by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company, or (4) any acquisition pursuant to a transaction that complies with clauses (A), (B) and (C) of subsection (iii) of this Section 2(h); or
(ii)a change in the composition of the Board such that the individuals who, as of the Effective Date (as defined below), constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that, for purposes of this definition, any individual who becomes a member of the Board subsequent to the Effective Date, whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; provided, further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or
(iii)the consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”); excluding, however, such a Business Combination pursuant to which (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own, directly or indirectly, more than fifty (50%) of, respectively, the outstanding shares of common stock, and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) will beneficially own, directly or indirectly, 30% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership derives from ownership of a 30% or more interest in the Outstanding Company Common Stock and/or Outstanding Company Voting Security that existed prior to the Business Combination, and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or
(iv)the approval by stockholders of a complete liquidation or dissolution of the Company.
Notwithstanding the foregoing, with respect to any Award granted under this Plan that constitutes “deferred compensation” subject to Section 409A of the Code, a transaction will not be deemed a Change in Control for purposes of the payment or settlement of the Award unless the transaction qualifies as a change in control event within the meaning of Section 409A of the Code, as it has been, and may be, amended from time to time, and any proposed or final treasury regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.
2

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if:  (x) the transaction is a spin-off of the Company from NETGEAR or (y) its sole purpose is to change the jurisdiction of the Company’s incorporation.
(i)“Code” means the Internal Revenue Code of 1986, as amended.  Reference to a specific section of the Code or regulation thereunder will include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
(j)“Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or a duly authorized committee of the Board, in accordance with Section 4 hereof.
(k)“Common Stock” means the common stock, par value $0.001 per share, of the Company.
(l)“Company” means Arlo Technologies, Inc., a Delaware corporation, or any successor thereto.
(m)“Consultant” means any natural person, including an advisor, engaged by the Company or a Parent, Subsidiary or Affiliate to render bona fide services to such entity, provided that the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities in each case, within the meaning of Form S-8 promulgated under the Securities Act, and provided, further, that a Consultant will include only those persons to whom the issuance of Shares may be registered under Form S-8 promulgated under the Securities Act.
(n)“Director” means a member of the Board.
(o)“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code; provided that in the case of Awards other than Incentive Stock Options, the Administrator, in its discretion, may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 
(p)“Disaffiliation” means an Affiliate’s ceasing to be an Affiliate for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Affiliate or a sale of a division of the Company and its Affiliates).
(q)“Dividend Equivalent” means a credit, payable in cash or Shares, made at the discretion of the Administrator or as otherwise provided by the Plan, to the account of a Participant in an amount equal to the cash dividends paid on one Share for each Share represented by an Award held by such Participant.  
(r)“Employee” means any person employed by the Company or any Parent, Subsidiary or Affiliate of the Company.  Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.
(s)“Employee Matters Agreement” means the Employee Matters Agreement by and between the Company and NETGEAR, dated as of August 2, 2018.
(t)“Exchange Act” means the Securities Exchange Act of 1934, as amended.
(u)“Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower exercise prices, and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer 
3

any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is increased or reduced.
(v)“Fair Market Value” means, as of any date, the value of Common Stock determined, as follows:
(i)If the Common Stock is listed on any established stock exchange or a national market system, including, without limitation, the New York Stock Exchange (“NYSE”), the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii)If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
(iii)In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.
(w)“Fiscal Year” means the fiscal year of the Company.
(x)“Incentive Stock Option” means an Option that, by its terms, qualifies and is intended to qualify as an incentive stock option within the meaning of Section 422 of the Code.
(y)“Inducement Award” means a grant pursuant to Section 3(f) of the Plan of a Nonstatutory Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit, Performance Share, or other stock award. 
(z)“Inducement Award Rules” means Rule 303A.08 of the NYSE Listed Company Manual, or any successor rule, and all guidance and other interpretative authority thereunder, as such rule, guidance and other authority may be amended from time to time.
(aa)“Inducement Shares” shall have the meaning set forth in Section 3(f).
(ab)“NETGEAR” means NETGEAR, Inc., a Delaware corporation.
(ac)“Nonstatutory Stock Option” means an Option that, by its terms, does not qualify or is not intended to qualify as an Incentive Stock Option.
(ad)“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.
(ae)“Option” means a stock option granted pursuant to the Plan.
(af)“Outside Director” means a Director who is not an Employee.
(ag)“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.
(ah)“Participant” means the holder of an outstanding Award.
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(ai)“Performance Period” means any Fiscal Year of the Company or such other period as determined by the Administrator in its sole discretion.
(aj)“Performance Share” means an Award denominated in Shares which may be earned, in whole or in part, upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 11.
(ak)“Performance Unit” means an Award which may be earned, in whole or in part, upon attainment of performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares, other securities or a combination of the foregoing pursuant to Section 11.
(al)“Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture.  Such restrictions may be based on the passage of time, the achievement of target levels of performance or the occurrence of other events, as determined by the Administrator.
(am)“Plan” means this 2018 Equity Incentive Plan.
(an)“Restricted Stock” means Shares issued pursuant to a restricted stock award under Section 8 of the Plan.
(ao)“Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share granted pursuant to Section 9.  Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.
(ap)“Retirement” means termination of an Employee’s employment with the Company and its Affiliates for retirement purposes if such termination occurs (i) on or after his or her sixty-fifth (65th) birthday; or (ii) on or after his or her fifty-fifth (55th) birthday with the written consent of the Chief Executive Officer of the Company or, in the case of the Chief Executive Officer’s retirement, with the consent of the Administrator.  In the case of a Director, “Retirement” shall be determined by the Administrator in its discretion.  In no event shall termination of a Consultant’s services with the Company and Affiliates be treated as a Retirement under the Plan.
(aq)“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan.
(ar)“Section 16(b)” means Section 16(b) of the Exchange Act.
(as)“Service Provider” means an Employee, Director or Consultant.
(at)“Share” means a share of the Common Stock, as adjusted in accordance with Section 15 of the Plan.
(au)“Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 10 is designated as a Stock Appreciation Right.
(av)“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.
3.Stock Subject to the Plan. 
(a)Stock Subject to the Plan.  Subject to the provisions of clause (b) of this Section 3 and Section 15 of the Plan, the maximum aggregate number of Shares that may be issued under the Plan is the sum of (i)  
5

seven and a half million (7,500,000) Shares and (ii) the number of Shares that may be issuable upon exercise or vesting of the Adjusted Awards.  The Shares may be authorized, but unissued, or reacquired Common Stock. 
(b)Automatic Share Reserve Increase.  Subject to the provisions of Section 15 of the Plan, the number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the Fiscal Year commencing on January 1, 2019, in an amount equal to the lesser of (i) four percent (4%) of the outstanding Shares on the last day of the immediately preceding Fiscal Year and (ii) such number of Shares determined by the Board; provided, however, that such determination under clause (ii) will be made no later than the last day of the immediately preceding Fiscal Year.
(c)Share Counting Rules.  
(i)To the extent that any Award is forfeited, terminates, expires or lapses without being exercised, or any Award is settled for cash, the Shares subject to such Award not delivered as a result thereof shall again be available for Awards under the Plan.  
(ii)With respect to Stock Appreciation Rights, the net Shares issued (i.e., Shares actually issued pursuant to a Stock Appreciation Right), will cease to be available under the Plan.  
(iii)If the exercise price of any Option and/or the tax withholding obligations relating to any Award are satisfied by delivering Shares to the Company (by either actual delivery or by attestation), only the number of Shares issued net of the Shares delivered or attested to shall be deemed delivered for purposes of the limits set forth in Section 3(c).  
(iv)To the extent any Shares subject to an Award are withheld to satisfy the exercise price (in the case of an Option) and/or the tax withholding obligations relating to such Award, such Shares shall not be deemed to have been delivered for purposes of the limits set forth in Section 3(c).
(d)Share Reserve.  The Company, during the term of this Plan will, at all times, reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.
(e)Incentive Stock Options.  Subject to adjustment as provided in Section 15, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal seven and a half million (7,500,000).
(f)Inducement Share Pool and Inducement Award Rules.  This Section 3(f) will apply with respect to an additional one and a half million (1,500,000) shares of Common Stock reserved under the Plan by action of the Board (or a committee thereof) to be used exclusively for the grant of Inducement Awards in compliance with Rule 303A.08 of the NYSE Listed Company Manual (the “Inducement Shares”).  The Inducement Shares that may be awarded under this Section 3(f) shall be in addition to and shall not reduce the share reserve pursuant to Section 3(a).  
In addition, the following rules and restrictions shall apply to any Inducement Award granted pursuant to the Plan:
(i)Eligible Inducement Award Recipients. An Inducement Award may be granted only to an Employee who has not previously been an Employee or an Outside Director of the Company or an Affiliate, or following a bona fide period of non-employment, as an inducement material to the individual’s entering into employment with the Company within the meaning of Rule 303A.08 of the NYSE Listed Company Manual.  
(ii)No Incentive Stock Options.  No Inducement Award may be designated as an Incentive Stock Option.
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(iii)Approval of Inducement Awards.  Notwithstanding anything in the Plan to the contrary, all Inducement Awards must be granted by a Committee consisting of the majority of the Company’s independent directors or the Company’s independent compensation committee, in each case in accordance with Rule 303A.08 of the NYSE Listed Company Manual.  
(iv)Limitation on Share Recycling.  The Inducement Shares underlying any Inducement Awards that are forfeited, canceled, held back upon exercise of an Inducement Award or settlement of an Inducement Award to cover the exercise price or tax withholding, reacquired or repurchased by the Company, satisfied without the issuance of Common Stock or otherwise terminated (other than by exercise) or not issued shall be added back to the Inducement Shares available for grant under this Section 3(f), but shall not be added back to the share reserve provided in Section 3(a).  
(v)Stockholder Approval.  Inducement Awards shall not be amended without stockholder approval to the extent required by the Inducement Award Rules.
4.Administration of the Plan.
(a)Procedure.
(i)Multiple Administrative Bodies.  Different Committees with respect to different groups of Service Providers may administer the Plan.
(ii)Rule 16b-3.  To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3.
(iii)Other Administration.  Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws.
(b)Powers of the Administrator.  Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:
(i)to determine the Fair Market Value;
(ii)to select the Service Providers to whom Awards may be granted hereunder;
(iii)to determine the number of Shares to be covered by each Award granted hereunder;
(iv)to approve forms of Award Agreements for use under the Plan;
(v)to determine the terms and conditions, not inconsistent with the terms of the Plan (including, without limitation, the limitations set forth in Section 6), of any Award granted hereunder.  Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine, subject to any stockholder approval requirement applicable under the Inducement Award Rules for amendment of an Inducement Award; 
(vi)to determine whether Awards (other than Options or Stock Appreciation Rights) will be adjusted for Dividend Equivalents;
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(vii)to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;
(viii)to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable;
(ix)to modify or amend each Award (subject to Sections 6 and 21 of the Plan), including but not limited to, the discretionary authority to extend the post-termination exercisability period of Awards, and to extend the maximum term of an Option (subject to Section 7(b) of the Plan);
(x)to allow Participants to satisfy tax withholding obligations in such manner as prescribed in Section 16 of the Plan;
(xi)to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;
(xii)to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant under an Award; and
(xiii)to make all other determinations deemed necessary or advisable for administering the Plan.
(c)Delegation.  Except to the extent prohibited by Applicable Laws,  the listing standards of the Company’s applicable stock exchange, or the Inducement Award Rules, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members, and may delegate all or any part of its responsibilities and powers, to any person or persons selected by it.
(d)Effect of Administrator’s Decision.  The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards.
5.Eligibility.  Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, and such other cash or stock awards as the Administrator determines may be granted to Service Providers, and, with respect to Adjusted Awards, in accordance with the terms of the Employee Matters Agreement.  Incentive Stock Options may be granted only to Employees. Inducement Awards may only be granted to those individuals as specified in Section 3(f)(i).
6.Restrictions and Limitations.
(a)Prohibition on Exchange Program.  The Administrator may not implement an Exchange Program.
(b)Incentive Stock Options.
(i)$100,000 Limitation.  Notwithstanding an Option’s designation in the Award Agreement, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options.  For purposes of this Section 6(b), Incentive Stock Options will be taken into account in the order in which they were granted.  The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted.
(ii)Maximum Option Term.  In the case of an Incentive Stock Option, the term of an Option will be ten (10) years from the date of grant or such shorter term as may be provided by the 
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Administrator and set forth in the Award Agreement.  Moreover, in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.
(iii)Option Exercise Price.  In the case of an Incentive Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant.  An Incentive Stock Option granted to any Employee other than an Employee described in the immediately preceding sentence, the per Share exercise price will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.  Notwithstanding the foregoing provisions of this subsection (iii), Incentive Stock Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.
(c)Annual Limitations.  The Administrator will have complete discretion to determine the number of Shares subject to Awards granted to any Participant; provided that, subject to the provisions of Section 15, during any Fiscal Year:  (i) the number of Shares covered by Options granted to any one Service Provider will not exceed 3,000,000 Shares; (ii) the number of Shares covered by Stock Appreciation Rights granted to any one Service Provider will not exceed 3,000,000 Shares; (iii) the number of Shares of Restricted Stock granted to any one Service Provider will not exceed 2,000,000 Shares; (iv) the number of Shares covered by Restricted Stock Units granted to any one Service Provider will not exceed 2,000,000 Shares; (v) the number of Shares covered by Performance Shares granted to any one Service Provider will not exceed 2,000,000 Shares; and (vi) no Service Provider will receive Performance Units having an initial value greater than $30,000,000; provided, however, that Adjusted Awards shall not count towards the foregoing limits.
(d)Outside Director Limitations.  The annual limitations set forth in Section 6(c) shall not apply to Outside Directors and instead the limitations set forth in this Section 6(d) shall apply to Outside Directors. 
(i)Stock-Based Awards.  No Outside Director may be granted, in any Fiscal Year, Share-based Awards with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) greater than $500,000, increased to $1,000,000 in the Fiscal Year of his or her initial service as an Outside Director, with each of the foregoing limits increased by $25,000 on each January 1 of each year during the term of this Plan.  Adjusted Awards shall not count towards the limits in this Section 6(d)(i).
(ii)Cash Retainers.  No Outside Director may be granted, in any Fiscal Year, a cash-based retainer greater than $250,000 in fiscal year 2018, with such limit automatically increased by $25,000 each January 1 during the term of the Plan.
(iii)     Exceptions.  Any Awards or cash compensation granted to an individual while he or she was an Employee, or in respect of his or her services as a Consultant, but not an Outside Director, will not count for purposes of the limitations under this Section 6(d).
7.Stock Options.
(a)Designation.
(i)Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option, subject to Section 6(b); provided, however, that Incentive Stock Options may not be granted as Inducement Awards.
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(ii)The Administrator will have complete discretion to determine the number of Shares subject to an Option granted to any Participant, subject to Section 6.
(b)Term of Option.  The term of each Option will be stated in the Award Agreement.  In the case of an Incentive Stock Option, the term will be ten (10) years from the date of grant or such shorter term as may be provided in the Award Agreement.
(c)Option Exercise Price and Consideration.
(i)Exercise Price.  The per share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
(ii)Waiting Period and Exercise Dates.  At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.
(iii)Form of Consideration.  The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment.  In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant.  Such consideration may consist entirely of:  (A) cash; (B) check; (C) promissory note, to the extent permitted by Applicable Laws; (D) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (E) consideration received by the Company under a broker-assisted (or other) cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (F) by net exercise; (G) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or (H) any combination of the foregoing methods of payment.
(d)Exercise of Option.
(i)Procedure for Exercise; Rights as a Stockholder.  Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement.  An Option may not be exercised for a fraction of a Share.  An Option will be deemed exercised when the Company receives:  (A) a notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (B) full payment for the Shares with respect to which the Option is exercised (together with applicable withholding taxes).  Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan.  Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse.  Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option.  The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 of the Plan.  Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.
(ii)Accelerated Vesting on Termination of Relationship as a Service Provider.  Notwithstanding anything herein to the contrary, except as otherwise provided in the applicable Award 
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Agreement, if a Participant ceases to be a Service Provider as a result of the Participant’s Retirement, Disability or death, all unvested Options subject only to time-based vesting will become fully vested.
(iii)Termination of Relationship as a Service Provider other than Retirement, Death or Disability.  If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s Retirement, death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).  In the absence of a specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s termination, but in no event later than the expiration of the term of such Option as set forth in the Award Agreement.  If Participant dies during such post-employment period, the Option may be exercised following the Participant’s death for one (1) year after Participant’s death, but in no event later than the expiration of the term of such Option as set forth in the Award Agreement.  Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan.  If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(iv)Retirement or Disability of Participant.  If a Participant ceases to be a Service Provider as a result of the Participant’s Retirement or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).  In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s termination, but in no event later than the expiration of the term of such Option as set forth in the Award Agreement.  Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan.  If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(v)Death of Participant.  If a Participant dies while a Service Provider or dies after terminating on account of Retirement or Disability, the Option may be exercised following the Participant’s death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the Option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable to the Administrator.  If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.  In the absence of a specified time in the Award Agreement, the Option will remain exercisable until twelve (12) months following Participant’s death, but in no event later than the expiration of the term of such Option as set forth in the Award Agreement.  Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan.  If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(vi)Other Termination.  A Participant’s Award Agreement may also provide that if the exercise of the Option following the termination of Participant’s status as a Service Provider (other than upon the Participant’s death or Disability) would result in liability under Section 16(b), then the Option will terminate on the earlier of (A) the expiration of the term of the Option set forth in the Award Agreement, or (B) the tenth (10th) day after the last date on which such exercise would result in such liability under Section 16(b).  Finally, a Participant’s Award Agreement may also provide that if the exercise of the 
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Option following the termination of the Participant’s status as a Service Provider (other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the Securities Act, then the Option will terminate on the earlier of (A) the expiration of the term of the Option and (B) the expiration of a period of three (3) months after the termination of the Participant’s status as a Service Provider during which the exercise of the Option would not be in violation of such registration requirements.
8.Restricted Stock.
(a)Grant of Restricted Stock.  Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine, subject to Section 6.
(b)Restricted Stock Agreement.  Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine.  Unless the Administrator determines otherwise, Shares of Restricted Stock will be held by the Company as escrow agent until the restrictions on such Shares have lapsed.
(c)Accelerated Vesting on Termination of Relationship as a Service Provider.  Notwithstanding anything herein to the contrary, except as otherwise provided in the Participant’s applicable Award Agreement, if a Participant ceases to be a Service Provider as a result of the Participant’s Disability or death, then all unvested Restricted Stock subject only to time-based vesting will become fully vested.
(d)Transferability.  Except as provided in this Section 8, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.
(e)Other Restrictions.  The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.
(f)Removal of Restrictions.  Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction.  The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed.
(g)Voting Rights.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.
(h)Dividends and Other Distributions.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement.  The Award Agreement applicable to Shares of Restricted Stock may provide that such dividends and distributions may be (i) paid currently or (ii) subject to the same restrictions on transferability and forfeitability (as applicable) as the Shares of Restricted Stock with respect to which they were paid and the Company will hold such dividends and distributions until the restrictions on the Shares of Restricted Stock with respect to which they were paid have lapsed.
(i)Return of Restricted Stock to Company.  On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan.
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9.Restricted Stock Units.
(a)Grant.  Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator, subject to Section 6.  Each Restricted Stock Unit grant will be evidenced by an Award Agreement that will specify such other terms and conditions as the Administrator, in its sole discretion, will determine, including all terms, conditions, and restrictions related to the grant, the number of Restricted Stock Units and the form of payout, which, subject to Section 9(e), may be left to the discretion of the Administrator.
(b)Vesting Criteria and Other Terms.  The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant.  The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined by the Administrator in its discretion.  After the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any restrictions for such Restricted Stock Units.
(c)Accelerated Vesting on Termination of Relationship as a Service Provider.  Notwithstanding anything herein to the contrary, except as otherwise provided in the Participant’s applicable Award Agreement, if a Participant ceases to be a Service Provider as a result of the Participant’s Retirement, Disability or death, all unvested Restricted Stock Units subject only to time-based vesting will become fully vested.
(d)Earning Restricted Stock Units.  Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as specified in the Award Agreement.
(e)Form and Timing of Payment.  Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) set forth in the Award Agreement.  The Administrator, in its sole discretion, may pay earned Restricted Stock Units in cash, Shares, or a combination thereof.  Shares represented by Restricted Stock Units that are fully paid in cash again will be available for grant under the Plan. 
(f)Rights as a Stockholder.  If any earned Restricted Stock Units are to be paid in Shares, then until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such Shares, notwithstanding the vesting of the Restricted Stock Units.  No adjustment will be made for a dividend or other right for which the record date is prior to the date that the Shares are issued, except as provided in Section 15 of the Plan.
(g)Cancellation.  On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.
10.Stock Appreciation Rights.
(a)Grant of Stock Appreciation Rights.  Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.
(b)Number of Shares.  The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted to any Participant, subject to Section 6.
(c)Exercise Price and Other Terms.  The Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan, provided, however, that the exercise price will be not less than 100% of the Fair Market Value of a Share on the date of grant.
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(d)Stock Appreciation Right Agreement.  Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
(e)Accelerated Vesting on Termination of Relationship as a Service Provider.  Notwithstanding anything herein to the contrary, except as otherwise provided in the Participant’s applicable Award Agreement, if a Participant ceases to be a Service Provider as a result of the Participant’s Retirement, Disability or death, all unvested Stock Appreciation Rights subject only to time-based vesting will become fully vested.
(f)Expiration of Stock Appreciation Rights.  A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement; provided, however, that the term will be no more than ten (10) years from the date of grant thereof.  Notwithstanding the foregoing, the rules of Section 7(d) also will apply to Stock Appreciation Rights.
(g)Payment of Stock Appreciation Right Amount.  Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:
(i)The difference between the Fair Market Value of a Share on the date of exercise over the per Share exercise price; times
(ii)The number of Shares with respect to which the Stock Appreciation Right is exercised.
At the discretion of the Administrator, the payment to Participant in respect of such Participant’s Stock Appreciation Right exercise may be in cash, in Shares of equivalent value or in some combination thereof.
11.Performance Units and Performance Shares.
(a)Grant of Performance Units/Shares.  Performance Units and Performance Shares may be granted to Service Providers at any time and from time to time, as will be determined by the Administrator, in its sole discretion.  The Administrator will have complete discretion in determining the number of Performance Units/Shares granted to each Participant, subject to Section 6.
(b)Performance Objectives and Other Terms.  The Administrator will set performance objectives or other vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out to the Service Providers.  Each Award of Performance Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator, in its sole discretion, will determine.  The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, business unit or individual goals (including, but not limited to, continued employment or service), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion.
(c)Earning of Performance Units/Shares.  After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved.  After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting provisions for such Performance Unit/Share.
(d)Form and Timing of Payment of Performance Units/Shares.  Payment of earned Performance Units/Shares will be made as soon as practicable after the expiration of the applicable Performance 
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Period.  The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 
(e)Rights as a Stockholder.  If any earned Performance Units/Shares are to be paid in Shares, then until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such Shares, notwithstanding the vesting of the Performance Units/Shares.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 of the Plan.
(f)Cancellation of Performance Units/Shares.  On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan.
12.Leaves of Absence/Transfer Between Locations.  Awards will be subject to any Company leave of absence policy as the Company may adopt or amend from time to time.  A Participant will not cease to be an Employee in the case of (a) any leave of absence approved by the Company or (b) transfers between locations of the Company, or between the Company, its Parent, or any Subsidiary.  For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract.  If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 
13.Dividend Equivalents.  The Administrator, in its discretion, may provide in the Award Agreement evidencing any Award (other than Options and Stock Appreciation Rights) that the Participant will be entitled to receive Dividend Equivalents with respect to the payment of cash dividends on Shares having a record date prior to the date on which the Awards are settled or forfeited.  The Dividend Equivalents, if any, will be credited to an Award in such manner and subject to such terms and conditions as determined by the Administrator in its sole discretion subject to the provisions of this Section 13.  The Administrator may, in its discretion, provide that Dividend Equivalents will be subject to the same vesting provisions as the Awards to which they relate and while amounts may accrue while the Dividend Equivalent is unvested, the amounts payable with respect to Dividend Equivalents will not be paid before the Dividend Equivalent or the Award to which it relates vests.  In the event of a dividend or distribution paid in Shares or any other adjustment made upon a change in the capital structure of the Company as described in Section 15, appropriate adjustments will be made to the Participant’s Award and the associated Dividend Equivalent so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than normal cash dividends) to which the Participant would be entitled by reason of the consideration issuable upon settlement of the Award, and all such new, substituted or additional securities or other property will be immediately subject to the same vesting and settlement conditions as are applicable to the Award.  Dividend Equivalents will be subject to the same Fiscal Year limits applicable to the underlying Award as set forth in Section 6(c).
14.Transferability of Awards.  Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant.  If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions as the Administrator deems appropriate.
15.Adjustments; Dissolution or Liquidation; Change in Control.
(a)Corporate Transactions.  In the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, Disaffiliation (other than a spinoff), or similar event affecting the Company or any of its Affiliates (each, a “Corporate Transaction”), the Committee or the Board may in its discretion 
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make such substitutions or adjustments as it deems appropriate and equitable to (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan; (ii) the various maximum limitations upon certain types of Awards and upon the grants to individuals of certain types of Awards, in each case, as set forth in Sections 3 and 6 of the Plan; (iii) the number and kind of Shares or other securities subject to outstanding Awards; and (iv) the exercise price of outstanding Options and Stock Appreciation Rights. 
(b)Share Changes.  In the event of a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization, extraordinary dividend of cash or other property, share combination, or recapitalization or similar event affecting the capital structure of the Company (each, a “Share Change”), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (i) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under Section 3(a) and Section 3(f) of the Plan; (ii) the various maximum limitations set forth in Sections 3 and 6 of the Plan upon certain types of Awards and upon the grants to individuals of certain types of Awards (with respect to the number and kind of Shares or other securities subject to such limitations); (iii) the number and kind of Shares or other securities subject to outstanding Awards; and (iv) the exercise price of outstanding Options and Stock Appreciation Rights.
(c)Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction.  To the extent it previously has not been exercised, an Award will terminate immediately prior to the consummation of such proposed action.
(d)Change in Control.  
(i)In the event of a Change in Control, each outstanding Award will be treated as the Administrator determines, including, without limitation, that (A) Awards may be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (B) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such Change in Control; (C) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (D) (1) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (2) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (E) any combination of the foregoing.  In taking any of the actions permitted under this Section 15(d), the Administrator will not be required to treat all Awards similarly in the transaction.
(ii)In the event that the successor corporation does not assume or substitute for the Award (or portion thereof) (such Awards that are assumed or substituted for are referred to as “Replaced Awards” and the awards issued in respect of such Replaced Awards are referred to as “Replacement Awards”), the Participant will fully vest in and have the right to exercise such outstanding Option and Stock Appreciation Right, including Shares as to which such Award would not otherwise be vested or exercisable, all restrictions on such Restricted Stock, Restricted Stock Units, Performance Units and Performance Shares will lapse, and, with respect to such Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met.  In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or electronically that such Option or Stock Appreciation Right will be exercisable 
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for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.
(iii)For the purposes of this subsection (d), an Award will be considered assumed or substituted for if, with respect to the applicable Replacement Award, (A) it is of the same type as the Replaced Award; (B) it has a value equal to the value of the Replaced Award as of the date of the Change in Control, as determined by the Committee in its sole discretion consistent with this Section 15(d); (C) the underlying Replaced Award was an equity-based Award, it relates to publicly traded equity securities of the Company or the entity surviving the Company (or such surviving entity’s parent) following the Change in Control; (D) it contains terms relating to vesting (including with respect to a termination of employment) that are substantially identical to those of the Replaced Award; and (E) its other terms and conditions are not less favorable to the Participant than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control) as of the date of the Change in Control.  Without limiting the generality of the foregoing, a Replacement Award may take the form of a continuation of the applicable Replaced Award if the requirements of the preceding sentence are satisfied.  The determination whether the conditions of this Section 15(d) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.
(e)Outside Director Awards.  Notwithstanding anything to the contrary in Section 15(d), with respect to Awards granted to an Outside Director, in the event of a Change in Control, the Participant will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award, including those Shares which otherwise would not be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met.
16.Tax.
(a)Withholding Requirements.  Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such earlier time as any tax withholding obligations are due, the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof).
(b)Withholding Arrangements.  The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a fair market value equal to the statutory amount required to be withheld, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld.  Notwithstanding the foregoing, the Administrator may permit withholding in excess of the minimum statutory amount, provided such withholding does not result in any adverse accounting consequences, as the Administrator determines in its sole discretion.  The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined.
(c)Compliance With Code Section 409A.  Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable 
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under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator.  The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.  To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A.  Notwithstanding any other provision of the Plan to the contrary, with respect to any Award that constitutes a “nonqualified deferred compensation plan” subject to Section 409A of the Code, if the Participant is a “specified employee” within the meaning of Section 409A of the Code, any payments (whether in cash, Shares or other property) to be made with respect to the Award upon the Participant’s “separation from service” (within the meaning of Code Section 409A) shall be delayed until the earlier of (A) the first day of the seventh month following the Participant’s separation from service and (B) the Participant’s death.  Each payment under any Award shall be treated as a separate payment for purposes of Section 409A of the Code.  In no event may a Participant, directly or indirectly, designate the calendar year of any payment to be made under any Award.  With respect to any Award granted under this Plan that constitutes “deferred compensation” subject to Section 409A of the Code, the Company may, in its discretion, terminate such Awards pursuant to and in accordance with Section 409A and Treasury Regulation § 1.409A-3(j)(4)(ix)(B).
17.No Effect on Employment or Service.  Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.
18.Date of Grant.  The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator.  Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.
19.Term of Plan.  Subject to Section 24 of the Plan, the Plan will become effective upon its adoption by the Board (such date, the “Effective Date”).  It will continue in effect for a term of ten (10) years from the date adopted by the Board, unless terminated earlier under Section 20 of the Plan.
20.Amendment and Termination of the Plan.
(a)Amendment and Termination.  The Administrator may at any time amend, alter, suspend or terminate the Plan.
(b)Stockholder Approval.  The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws and the Inducement Award Rules.
(c)Effect of Amendment or Termination.  No amendment, alteration, suspension or termination of the Plan will materially impair the rights of any Participant with respect to a previously granted Award, unless mutually agreed upon between the Participant and the Administrator in a written agreement signed by both parties.  Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.
21.Conditions Upon Issuance of Shares.
(a)Legal Compliance.  Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.
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(b)Investment Representations.  As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
22.Foreign Employees and Foreign Law Considerations.  The Committee may grant Awards to Service Providers who are foreign nationals, who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable to comply with such legal or regulatory provisions.
23.Inability to Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or foreign law or under the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been obtained.
24.Stockholder Approval.  The Plan will be subject to approval by the stockholders of the Company prior to the Effective Time (as defined in the Employee Matters Agreement).  Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 
25.Adjusted Awards.  Notwithstanding anything in this Plan to the contrary, to the extent that the terms of this Plan are inconsistent with the terms of an Adjusted Award, the terms of the Adjusted Award shall be governed by the applicable plan under which the Adjusted Award was granted and the award agreement thereunder.  
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