Document:

EX-4.1

 

Exhibit 4.1

JUNIOR SUBORDINATED INDENTURE

WEBSTER FINANCIAL CORPORATION

TO

THE BANK OF NEW YORK

TRUSTEE

Dated as of June 20, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	1	 
	 
	 	 	 	 
	Section 1.1      Definitions
	 	 	1	 
	Section 1.2      Compliance Certificate and Opinions
	 	 	10	 
	Section 1.3      Forms of Documents Delivered to Trustee
	 	 	10	 
	Section 1.4      Acts of Holders
	 	 	11	 
	Section 1.5      Notices, Etc. to Trustee and Company
	 	 	13	 
	Section 1.6      Notice to Holders; Waiver
	 	 	13	 
	Section 1.7      Conflict with Trust Indenture Act
	 	 	14	 
	Section 1.8      Effect of Headings and Table of Contents
	 	 	14	 
	Section 1.9      Successors and Assigns
	 	 	14	 
	Section 1.10    Separability Clause
	 	 	14	 
	Section 1.11    Benefits of Indenture
	 	 	14	 
	Section 1.12    Governing Law
	 	 	15	 
	Section 1.13    Legal Holidays
	 	 	15	 
	Section 1.14    Force Majeure
	 	 	15	 
	Section 1.15    Waiver of Jury Trial
	 	 	15	 
	Section 1.16    Execution in Counterparts
	 	 	15	 
	 
	 	 	 	 
	ARTICLE II SECURITY FORMS
	 	 	16	 
	 
	 	 	 	 
	Section 2.1      Forms Generally
	 	 	16	 
	Section 2.2      Form of Face of Security
	 	 	16	 
	Section 2.3      Form of Reverse of Security
	 	 	19	 
	Section 2.4      Additional Provisions Required in Global Security
	 	 	22	 
	Section 2.5      Form of Trustee’s Certificate of Authentication
	 	 	22	 
	 
	 	 	 	 
	ARTICLE III THE SECURITIES
	 	 	23	 
	 
	 	 	 	 
	Section 3.1      Amount Unlimited Issuable in Series
	 	 	23	 
	Section 3.2      Denominations
	 	 	25	 
	Section 3.3      Execution, Authentication, Delivery and Dating
	 	 	25	 
	Section 3.4      Temporary Securities
	 	 	27	 
	Section 3.5      Registration, Transfer and Exchange
	 	 	27	 
	Section 3.6      Mutilated, Destroyed, Lost and Stolen Securities
	 	 	30	 
	Section 3.7      Payment of Interest; Interest Rights Preserved
	 	 	31	 
	Section 3.8      Persons Deemed Owners
	 	 	32	 
	Section 3.9      Cancellation
	 	 	32	 
	Section 3.10    Computation of Interest
	 	 	33	 
	Section 3.11    Deferrals of Interest Payment Dates
	 	 	33	 
	Section 3.12    Right of Set-off
	 	 	33	 
	Section 3.13    Agreed Tax Treatment
	 	 	34	 
	Section 3.14    CUSIP Numbers
	 	 	34	 

i

 

	 	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE IV SATISFACTION AND DISCHARGE
	 	 	34	 
	 
	 	 	 	 
	Section 4.1
	Satisfaction and Discharge of Indenture	 	 	34	 
	Section 4.2
	Application of Trust Money	 	 	35	 
	 
	 	 	 	 	 
	ARTICLE V REMEDIES
	 	 	36	 
	 
	 	 	 	 	 
	Section 5.1
	Events of Default	 	 	36	 
	Section 5.2
	Acceleration of Maturity; Rescission and Annulment	 	 	36	 
	Section 5.3
	Collection of Indebtedness and Suits for Enforcement by Trustee	 	 	38	 
	Section 5.4
	Trustee May File Proofs of Claim	 	 	38	 
	Section 5.5
	Trustee May Enforce Claim Without Possession of Securities	 	 	39	 
	Section 5.6
	Application of Money Collected	 	 	39	 
	Section 5.7
	Limitation on Suits	 	 	40	 
	Section 5.8
	Unconditional Right of Holders to Receive Principal, Premium and
Interest; Direct Action by Holders of Trust Preferred Securities	 	 	41	 
	Section 5.9
	Restoration of Rights and Remedies	 	 	41	 
	Section 5.10
	Rights and Remedies Cumulative	 	 	41	 
	Section 5.11
	Delay or Omission Not Waiver	 	 	41	 
	Section 5.12
	Control by Holders	 	 	42	 
	Section 5.13
	Waiver of Past Defaults	 	 	42	 
	Section 5.14
	Undertaking for Costs	 	 	43	 
	Section 5.15
	Waiver of Usury, Stay or Extension Laws	 	 	43	 
	 
	 	 	 	 	 
	ARTICLE VI THE TRUSTEE
	 	 	43	 
	 
	 	 	 	 	 
	Section 6.1
	Certain Duties and Responsibilities	 	 	43	 
	Section 6.2
	Notice of Defaults	 	 	44	 
	Section 6.3
	Certain Rights of Trustee	 	 	44	 
	Section 6.4
	Not Responsible for Recitals or Issuance of Securities	 	 	46	 
	Section 6.5
	May Hold Securities	 	 	46	 
	Section 6.6
	Money Held in Trust	 	 	46	 
	Section 6.7
	Compensation and Reimbursement	 	 	46	 
	Section 6.8
	Disqualification; Conflicting Interests	 	 	47	 
	Section 6.9
	Corporate Trustee Required; Eligibility	 	 	48	 
	Section 6.10   
	Resignation and Removal; Appointment of Successor	 	 	48	 
	Section 6.11
	Acceptance of Appointment by Successor	 	 	50	 
	Section 6.12
	Merger, Conversion, Consolidation or Succession to Business	 	 	51	 
	Section 6.13
	Preferential Collection of Claims Against Company	 	 	51	 
	Section 6.14
	Appointment of Authenticating Agent	 	 	51	 
	 
	 	 	 	 	 
	ARTICLE VII HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	53	 
	 
	 	 	 	 	 
	Section 7.1
	Company to Furnish Trustee Names and Addresses of Holders	 	 	53	 
	Section 7.2
	Preservation of Information, Communications to Holders	 	 	53	 
	Section 7.3
	Reports by Trustee	 	 	54	 
	Section 7.4
	Reports by Company	 	 	54	 

ii

 

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	 	 	54	 
	 
	 	 	 	 
	Section 8.1    Company May Consolidate, Etc., only on Certain Terms
	 	 	54	 
	Section 8.2    Successor Corporation Substituted
	 	 	55	 
	 
	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES
	 	 	56	 
	 
	 	 	 	 
	Section 9.1    Supplemental Indentures without Consent of Holders
	 	 	56	 
	Section 9.2    Supplemental Indentures with Consent of Holders
	 	 	57	 
	Section 9.3    Execution of Supplemental Indentures
	 	 	58	 
	Section 9.4    Effect of Supplemental Indentures
	 	 	59	 
	Section 9.5    Conformity with Trust Indenture Act
	 	 	59	 
	Section 9.6    Reference in Securities to Supplemental Indentures
	 	 	59	 
	Section 9.7    Subordination Unimpaired
	 	 	59	 
	 
	 	 	 	 
	ARTICLE X COVENANTS
	 	 	59	 
	 
	 	 	 	 
	Section 10.1  Payment of Principal, Premium and Interest
	 	 	59	 
	Section 10.2  Maintenance of Office or Agency
	 	 	59	 
	Section 10.3  Money for Securities Payments to be Held in Trust
	 	 	60	 
	Section 10.4  Statement as to Compliance
	 	 	61	 
	Section 10.5  Waiver of Certain Covenants
	 	 	61	 
	Section 10.6  Additional Sums; Expenses of a Webster Trust
	 	 	62	 
	Section 10.7  Additional Covenants
	 	 	62	 
	 
	 	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES
	 	 	62	 
	 
	 	 	 	 
	Section 11.1  Applicability of this Article
	 	 	62	 
	Section 11.2  Election to Redeem; Notice to Trustee
	 	 	63	 
	Section 11.3  Selection of Securities to be Redeemed
	 	 	63	 
	Section 11.4  Notice of Redemption
	 	 	63	 
	Section 11.5  Deposit of Redemption Price
	 	 	64	 
	Section 11.6  Payment of Securities Called for Redemption
	 	 	64	 
	 
	 	 	 	 
	ARTICLE XII SINKING FUNDS
	 	 	65	 
	 
	 	 	 	 
	Section 12.1  Applicability of Article
	 	 	65	 
	Section 12.2  Satisfaction of Sinking Fund Payments with Securities
	 	 	65	 
	Section 12.3  Redemption of Securities for Sinking Fund
	 	 	66	 
	 
	 	 	 	 
	ARTICLE XIII SUBORDINATION OF SECURITIES
	 	 	67	 
	 
	 	 	 	 
	Section 13.1  Securities Subordinate to Senior and Subordinated Debt
	 	 	67	 
	Section 13.2  Company Not to Pay if Senior and Subordinated Debt of Company is in Default
	 	 	67	 
	Section 13.3  Payment over of Proceeds upon Dissolution, Default, Etc., of the Company
	 	 	68	 
	Section 13.4  Subrogation to Rights of Holders of Senior and Subordinated Debt
	 	 	69	 

iii

 

	 	 	 	 	 
	 	 	 	Page	 
	Section 13.5    Reliance on Certificate of Liquidating Agent
	 	 	69	 
	Section 13.6    Payment Permitted if No Default
	 	 	70	 
	Section 13.7    Trustee Not Charged with Knowledge of Prohibition
	 	 	70	 
	Section 13.8    Provisions are Solely to Define Relative Rights
	 	 	70	 
	Section 13.9    No Waiver of Subordination Provisions
	 	 	71	 
	Section 13.10  Trustee to Effectuate Subordination
	 	 	71	 
	Section 13.11  Rights of Trustee as Holder of Senior and Subordinated Debt
	 	 	71	 
	Section 13.12  Article Applicable to Paying Agents
	 	 	71	 
	Section 13.13   All
Indenture Provisions Subject to Article XIII
	 	 	72	 
	 
	 	 	 	 
	ARTICLE XIV REPAYMENT AT THE OPTION OF HOLDERS
	 	 	72	 
	 
	 	 	 	 
	Section 14.1    Applicability of Article
	 	 	72	 
	Section 14.2    Repayment of Securities
	 	 	72	 
	Section 14.3    Exercise of Option; Notice
	 	 	72	 
	Section 14.4    Securities Payable on the Repayment Date
	 	 	73	 

iv

 

WEBSTER FINANCIAL CORPORATION

Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust
Indenture Act of 1939:

	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION
	§ 310(a)(1), (2) and (5)
	 	6.9
	(a)(3)
	 	Not Applicable
	(a)(4)
	 	Not Applicable
	(b)
	 	6.8, 6.10
	(c)
	 	Not Applicable
	§ 311(a)
	 	6.13
	(b)
	 	6.13
	§ 312(a)
	 	7.1, 7.2(a), 7.2(b), 7.2(c)
	§ 313(a)
	 	7.3(a), 7.3(b)
	(b)
	 	7.3(b)
	(c)
	 	7.3(a), 7.3(b)
	(d)
	 	7.3(c)
	§ 314(a)(1), (2) and (3)
	 	7.4
	(a)(4)
	 	10.4
	(b)
	 	Not Applicable
	(c)(1)
	 	1.2
	(c)(2)
	 	1.2
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	1.2
	(f)
	 	Not Applicable
	§ 315(a)
	 	6.1
	(b)
	 	6.2
	(c)
	 	6.1
	(d)
	 	6.1
	(e)
	 	5.14
	§ 316(a)
	 	1.1
	(a)(1)(A)
	 	5.12
	(a)(1)(B)
	 	5.13
	(a)(2)
	 	Not Applicable
	(b)
	 	5.8
	(c)
	 	1.4(f)
	§ 317(a)(1)
	 	5.3
	(a)(2)
	 	5.4
	(b)
	 	10.3
	§ 318(a)
	 	1.7

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

v

 

     Junior Subordinated Indenture, dated as of June 20, 2007, between Webster
Financial Corporation, a Delaware corporation (hereinafter called the “Company”), having its
principal office at Webster Plaza, 145 Bank Street, Waterbury, CT 06702, and The Bank of New
York, a New York banking corporation, as Trustee (hereinafter called the “Trustee”).

Recitals of the Company

     WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured junior subordinated debt securities in
series (hereinafter called the “Securities”) of substantially the tenor hereinafter provided,
including, without limitation, Securities issued to evidence loans made to the Company of the
proceeds from the issuance from time to time by one or more statutory trusts (each a “Webster
Trust,” and, collectively, the “Webster Trusts”) of preferred trust interests in such Trusts (the
“Trust Preferred Securities”) and common interests in such Trusts (the “Common Securities” and,
collectively with the Trust Preferred Securities, the “Trust Securities”), and to provide the terms
and conditions upon which the Securities are to be authenticated, issued and delivered.

     WHEREAS, all things necessary to make the Securities, when executed by the Company and
authenticated and delivered hereunder and duly issued by the Company, the valid and legally binding
obligations of the Company, and to make this Indenture a valid and legally binding agreement of the
Company, in accordance with their and its terms, have been done.

     Now therefore, this Indenture witnesseth: For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders of the Securities or of any series thereof,
as follows:

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1 Definitions.

     For all purposes of this Indenture, except as otherwise expressly provided (including, without
limitation, as may be expressly provided in accordance with the provisions of Section 3.1 with
respect to any particular series of Securities issued pursuant hereto) or unless the context
otherwise requires:

     (1) the terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;

     (2) all other terms used herein that are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

     (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and the

 

 

term “generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles that are generally
accepted at the date or time of such computation; provided that when two or more principles
are so generally accepted, it shall mean that set of principles consistent with those in use
by the Company;

     (4) the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision; and

     (5) unless the context otherwise requires, any reference to an “Article,” a “Section”
or a “Subsection” refers to an Article, Section or Subsection, as the case may be, of this
Indenture.

        “Act” when used with respect to any Holder has the meaning specified in Section 1.4(a).

        “Additional Interest” means the interest, if any (and to the extent permitted by applicable
law), that shall accrue on any interest on the Securities of any series the payment of which has
not been made on the applicable Interest Payment Date and that shall accrue at the rate per annum
specified or determined as specified in such Security.

        “Additional Sums” has the meaning specified in Section 10.6.

        “Additional Taxes” means the sum of any additional taxes, duties, assessments or governmental
charges of whatever nature, other than withholding taxes, imposed by the United States, or any
other taxing authority.

        “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person; provided,
however, no Webster Trust to which Securities have been issued shall be deemed to be an Affiliate
of the Company. For the purposes of this definition, “control” when used with respect to any
specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing.

        “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to
act on behalf of the Trustee to authenticate Securities of one or more series.

        “Board of Directors” means either the board of directors of the Company or any committee of
that board duly authorized to act hereunder.

        “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors, or such committee of
the Board of Directors or officers of the Company to which authority to act on behalf of the Board
of Directors has been delegated, and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

2

 

     “Business Day” means any day other than a Saturday, Sunday, or any other day on which banking
institutions and trust companies in New York, New York, Waterbury, Connecticut or Wilmington,
Delaware, are authorized or required by law or executive order to remain closed.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties on such date.

     “Common Securities” has the meaning specified in the first recital of this Indenture.

     “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor corporation shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Company” shall mean such successor corporation.

     “Company Request” and “Company Order” mean, respectively, the written request or order signed
in the name of the Company by the Chairman of the Board of Directors, the Chairman of the Executive
Committee of the Board of Directors, a Vice Chairman of the Board of Directors, the Chief Executive
Officer, the President, the Chief Operating Officer, a Vice Chairman or a Vice President, the
Treasurer, an Assistant Treasurer, the Secretary, an Assistant Secretary or the Comptroller of the
Company, and delivered to the Trustee.

     “Corporate Trust Office” means the principal office of the Trustee at which at any particular
time its corporate trust business shall be administered, which office at the date of the execution
of this Indenture is located at 101 Barclay Street, New York, New York 10286, Attention: Corporate
Trust Administration.

     “corporation” includes a corporation, association, company, joint-stock company or business
trust.

     “Debt” means with respect to any Person, whether recourse is to all or a portion of the assets
of such Person and whether or not contingent, (i) every obligation of such Person for money
borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or other
similar instruments, including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters
of credit, bankers’ acceptances or similar facilities issued for the account of such Person; (iv)
every obligation of such Person issued or assumed as the deferred purchase price of property or
services (but excluding trade accounts payable or accrued liabilities arising in the ordinary
course of business); (v) every capital lease obligation of such Person; (vi) all Other Financial
Obligations of such Person; and (vii) every obligation of the type referred to in clauses (i)
through (vi) of another Person and all dividends of another Person the payment of which, in either
case, such Person has guaranteed or is responsible or liable, directly or indirectly, as obligor or
otherwise.

     “Defaulted Interest” has the meaning specified in Section 3.7.

3

 

     “Depositary” means, with respect to the Securities of any series issuable or issued in whole
or in part in the form of one or more Global Securities, the Person designated as Depositary by the
Company pursuant to Section 3.1 with respect to such series (or any successor thereto).

     “Discount Security” means any security that provides for an amount less than the principal
amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.2.

     “Distributions,” with respect to the Trust Securities issued by a Webster Trust, means amounts
payable in respect of such Trust Securities as provided in the related Trust Agreement and referred
to therein as “Distributions.”

     “Dollar” means the currency of the United States of America that, as at the time of payment,
is legal tender for the payment of public and private debts.

     “DTC” means The Depository Trust Company.

     “Event of Default” unless otherwise specified in a supplemental indenture creating a series of
Securities has the meaning specified in Article V.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any statute
successor thereto, in each case as amended from time to time.

     “Expiration Date” has the meaning specified in Section 1.4.

     “Extension Period” has the meaning specified in Section 3.11.

     “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to
time constituted, or the Federal Reserve Bank of Boston, or any successor federal bank regulatory
agency having primary jurisdiction over the Company with respect to the regulation of bank holding
companies.

     “Global Security” means a Security in the form prescribed in Sections 2.2, 2.3 and 2.4 (unless
otherwise prescribed as to a particular series of Securities in accordance with the provisions of
Section 3.1) evidencing all or part of a series of Securities, issued to the Depositary or its
nominee for such series, and registered in the name of such Depositary or its nominee.

     “Holder” means a Person in whose name a Security is registered in the Securities Register.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of each particular series of Securities
established as contemplated by Section 3.1.

     “Interest Payment Date” means as to each series of Securities the Stated Maturity of an
installment of interest on such Securities.

4

 

     “Liquidation Amount” means, in respect of any Trust Securities issued by a Webster Trust, the
amount specified as such under the related Trust Agreement.

     “Major Subsidiary Depository Institution” means a major subsidiary depository institution of
the Company within the meaning of the Federal Reserve’s risk-based capital guidelines applicable to
bank holding companies. As of the date of this Indenture, Webster Bank, National Association is the
Company’s only Major Subsidiary Depository Institutions.

     “Maturity” when used with respect to any Security means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment at
the option of the Holder (if permitted by the terms of such Security) or otherwise.

     “Notice of Default” means a written notice of the kind specified in Section 6.2.

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors,
a Vice Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial
Officer, the President or a Vice President, the Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary of the Company, and delivered to the Trustee.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an employee
of the Company or an Affiliate of the Company.

     “Original Issue Date” means the date of issuance specified as such in each Security.

     “Other Financial Obligations” means, with respect to a Person, all obligations of such Person
to make payment pursuant to the terms of financial instruments, such as (i) securities contracts
and foreign currency exchange contracts, (ii) derivative instruments, such as swap agreements
(including interest rate and foreign exchange rate swap agreements), cap agreements, floor
agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options,
commodity futures contracts, commodity option contracts, and (iii) in the case of both (i) and (ii)
above, similar financial instruments.

     “Outstanding” means, when used in reference to any Securities, as of the date of
determination, all Securities theretofore authenticated and delivered under this Indenture, except:

     (i)   Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     (ii)  Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
for the Holders of such Securities; and

     (iii) Securities in substitution for or in lieu of which other Securities have been
authenticated and delivered or that have been paid pursuant to Section 3.6, unless proof

5

 

satisfactory to the Trustee is presented that any such Securities are held by Holders
in whose hands such Securities are valid, binding and legal obligations of the Company;

provided, however, that in determining whether the Holders of the requisite principal amount of
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, (A) the principal amount of a Discount Security that shall be deemed to be
Outstanding shall be the amount of the principal thereof that would be due and payable as of such
date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if, as of
such date, the principal amount payable at the Stated Maturity of a Security is not determinable,
the principal amount of such Security that shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 3.1, (C) the principal amount of a Security
denominated in one or more foreign currencies or currency units that shall be deemed to be
Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided
as contemplated by Section 3.1, of the principal amount of such Security (or, in the case of a
Security described in Clause (A) or (B) above, of the amount determined as provided in such
Clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Securities that a
Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so
owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or such other obligor. Upon the written request of the Trustee, the
Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all
Securities, if any, known by the Company to be owned or held by or for the account of the Company,
or any other obligor on the Securities or any Affiliate of the Company or such obligor, and,
subject to the provisions of Section 6.1, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the fact that all
Securities not listed therein are Outstanding for the purpose of any such determination.
Notwithstanding anything herein to the contrary, Securities of any series initially issued to a
Webster Trust that are owned by such Webster Trust shall be deemed to be Outstanding
notwithstanding the ownership by the Company or an Affiliate of the Company of any beneficial
interest in such Webster Trust represented by the Common Securities of such Webster Trust.

     “Paying Agent” means the Trustee or any Person authorized by the Company or the Trustee to pay
the principal of (and premium, if any) or interest on any Securities on behalf of the Company.

     “Person” means a legal person, including any individual, corporation, estate, partnership,
joint venture, limited liability company, trust, unincorporated organization or government or any
agency or political subdivision thereof or any other entity of whatever nature.

     “Place of Payment” means, with respect to the Securities of any series, the place or places
where the principal of (and premium, if any) and interest on the Securities of such series are
payable pursuant to Sections 3.1 and 3.11.

6

 

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any security authenticated and delivered under Section 3.6 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

     “Property Trustee” means, in respect of any Webster Trust, the commercial bank or trust
company identified as the “Property Trustee” in the related Trust Agreement, solely in its capacity
as Property Trustee of such Webster Trust under such Trust Agreement and not in its individual
capacity, or its successor in interest in such capacity, or any successor Property Trustee
appointed as therein provided.

     “Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed
for such redemption by or pursuant to this Indenture.

     “Redemption Price,” when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.

     “Regular Record Date” for the interest payable on any Interest Payment Date with respect to
the Securities of a series means, unless otherwise provided pursuant to Section 3.1 with respect to
Securities of a series, the date that is the first day of the month in which such Interest Payment
Date falls (whether or not a Business Day).

     “Repayment Date,” when used with respect to any Security to be repaid upon exercise of an
option for repayment by the Holder, means the date fixed for such repayment pursuant to this
Indenture.

     “Repayment Price,” when used with respect to any Security to be repaid upon exercise of an
option for repayment by the Holder, means the price at which it is to be repaid pursuant to this
Indenture.

     “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

     “Securities” or “Security” means any debt securities or debt security, as the case may be,
authenticated and delivered under this Indenture.

     “Securities Act” means the Securities Act of 1933 (or any successor statute), as it may be
amended from time to time.

     “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 3.5.

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     “Senior and Subordinated Debt” means, unless otherwise specified with respect to any series of
Securities, the principal of (and premium, if any) and interest, if any (including interest
accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the
Company whether or not such claim for post-petition interest is allowed in such proceeding), on
Debt, whether incurred on or prior to the date of the Indenture or thereafter incurred (including,
without limitation, indebtedness evidenced by bonds, debentures, notes or similar instruments,
similar obligations arising from off-balance sheet guarantees and direct credit substitutes,
obligations associated with derivative products including but not limited to interest rate and
foreign exchange contracts and foreign contracts relating to mortgages, commodity contracts,
capital lease obligations and guarantees of any of the foregoing), unless, in the instrument
creating or evidencing such Debt or pursuant to which such Debt is outstanding, it is provided that
such obligations are not superior in right of payment to the Securities or to other Debt that is
pari passu with, or subordinated to, the Securities; provided, however, that Senior and
Subordinated Debt shall not be deemed to include (i) trade accounts payable and accrued liabilities
arising in the ordinary course of business, which will rank equally in right of payment and upon
liquidation with the Securities, (ii) any Debt of the Company that when incurred and without
respect to any election under Section 1111(b) of the United States Bankruptcy Code of 1978, as
amended, was without recourse to the Company, (iii) indebtedness that (a) qualifies or is issued to
financing vehicles issuing securities that qualify as tier 1 capital of the Company under the
capital guidelines of the Federal Reserve (“Tier 1 Capital”) or does not at the time of issuance
prevent any series of Securities issued pursuant to this Indenture that qualifies and is designated
by the Company as Tier 1 Capital from qualifying as Tier 1 Capital of the Company under the capital
guidelines of the Federal Reserve and (b) by its terms is not superior in right of payment to the
Securities of such series or to other debt that is pari passu with or junior to such Securities,
and (iv) guarantees of indebtedness described in clause (iii) or securities issued by one or more
financing vehicles described in clause (iii).

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

     “Stated Maturity” when used with respect to any Security or any installment of principal
thereof or interest thereon means the date specified pursuant to the terms of such Security as the
date on which the principal of such Security or such installment of interest is due and payable, in
the case of such principal, as such date may be shortened or extended as provided pursuant to the
terms of such Security and this Indenture.

     “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the
Company and one or more other Subsidiaries. The term Subsidiary shall not include any Webster
Trust. For purposes of this definition, “voting stock” means stock that ordinarily has voting
power for the election of directors, whether at all times or only so long as no senior class of
stock has such voting power by reason of any contingency.

     “Tax Event” means the receipt by a Webster Trust of an opinion of counsel experienced in such
matters to the effect that, as a result of any (a) amendment to or change in the laws or
regulations of the United States or any political subdivision or taxing authority thereof or
therein that is enacted or becomes effective on or after the date of issuance of the Trust

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Preferred Securities of such Webster Trust, (b) proposed change in those laws or regulations that
is announced after the date of the prospectus pursuant to which the Trust Preferred Securities of
such Webster Trust are issued, (c) official administrative decision or judicial decision or
administrative or other official pronouncement interpreting or applying such laws or regulations,
which amendment or change is effective or which pronouncement or decision is announced on or after
the date of issuance of the Trust Preferred Securities of such Webster Trust, or (d) threatened
challenge asserted in connection with an audit of the Company, such Webster Trust, or the Company’s
Subsidiaries, or a threatened challenge asserted in writing against any other taxpayer that has
raised capital through the issuance of securities that are substantially similar to the Trust
Preferred Securities of such Webster Trust, which challenge becomes publicly known after the
issuance of such Trust Preferred Securities, there is more than an insubstantial risk that (i) such
Webster Trust is, or will be, subject to U.S. federal income tax with respect to income received
or accrued on the corresponding series of Securities issued by the Company to such Webster Trust,
(ii) interest payable by the Company on such corresponding series of Securities is not, or will not
be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes, or (iii)
such Webster Trust is, or will be, subject to more than a de minimis amount of other taxes, duties
or other governmental charges.

     “Trust Agreement” means the Trust Agreement (or an Amended and Restated Trust Agreement) under
which a Webster Trust is created and providing for the issuance of Trust Securities by such Webster
Trust, in each case as amended from time to time.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder and, if at any time there is more than one such Person, “Trustee” as used with respect to
the Securities of any series shall mean the Trustee with respect to Securities of that series.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended and as in effect on
the date as of this Indenture, except as provided in Section 9.5.

     “Trust Preferred Securities” has the meaning specified in the first recital of this Indenture.

     “Trust Securities” has the meaning specified in the first recital of this Indenture.

     “Vice President” when used with respect to the Company means any duly appointed vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president.”

     “Webster Guarantee” means the guarantee by the Company of distributions on the Trust Preferred
Securities of a Webster Trust to the extent provided in a guarantee agreement.

     “Webster Trust” has the meaning specified in the first recital of this Indenture.

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Section 1.2 Compliance Certificate and Opinions.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or
an Opinion of Counsel, if to be given by Counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirements set forth in this Indenture.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than the certificates provided pursuant to Section 10.4) shall
include:

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with; and

     (4) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

Section 1.3 Forms of Documents Delivered to Trustee.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to such matters are erroneous.

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     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

Section 1.4 Acts of Holders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments is or are
delivered to the Trustee, and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by the certificate of any notary public
or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a Person acting in other than his individual capacity, such certificate or affidavit shall
also constitute sufficient proof of his authority.

     (c) The fact and date of the execution by any Person of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other manner that the Trustee
deems sufficient and in accordance with such reasonable rules as the Trustee may determine.

     (d) The ownership of Securities shall be proved by the Securities Register.

     (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.

     (f) The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series, provided that the
Company may not set a record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or direction referred to in
the next paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other

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Holders, shall be entitled to take the relevant action, whether or not such Holders remain
Holders after such record date, provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Expiration Date (as hereinafter in this Section provided) by
Holders of the requisite principal amount of Outstanding Securities of such series on such record
date. Nothing in this paragraph shall be construed to prevent the Company from setting a new
record date for any action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with no action by any
Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities
of the relevant series on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.6.

     The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of
Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to
institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to in Section
5.12, in each case with respect to Securities of such series. If any record date is set pursuant
to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no
other Holders, shall be entitled to join in such notice, declaration, request or direction, whether
or not such Holders remain Holders after such record date, provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing
in this paragraph shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person be cancelled and of
no effect), and nothing in this paragraph shall be construed to render ineffective any action taken
by Holders of the requisite principal amount of Outstanding Securities of the relevant series on
the date such action is taken.

     Promptly after any record date is set pursuant to this paragraph, the Trustee, at the
Company’s expense, shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company in writing and to each Holder of Securities
of the relevant series in the manner set forth in Section 1.6.

     With respect to any record date set pursuant to this Section, the party hereto that sets such
record dates may designate any day as the “Expiration Date” and from time to time may change the
Expiration Date to any earlier or later day, provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in writing, and to
each Holder of Securities of the relevant series in the manner set forth in Section 1.6, on or
prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any
record date set pursuant to this Section, the party hereto that set such record date shall be
deemed to have initially designated the 180th day after such record date as the Expiration Date
with respect thereto, subject to its right to change the Expiration Date as

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provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later
than the 180th day after the applicable record date.

     (g) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Security may do so with regard to all or any part of the principal
amount of such Security or by one or more duly appointed agents each of which may do so pursuant to
such appointment with regard to all or any part of such principal amount.

Section 1.5 Notices, Etc. to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

     (1) the Trustee by any Holder, any holder of Trust Preferred Securities or the Company
shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing and delivered in person or mailed by first-class mail, postage prepaid, addressed to
or with the Trustee at its Corporate Trust Office, or transmitted by facsimile transmission
(confirmed by delivery in person or mail by first-class mail, postage prepaid, or by
guaranteed overnight courier, or

     (2) the Company by the Trustee, any Holder or any holder of Trust Preferred Securities
shall be sufficient for every purpose (except as otherwise provided in Section 5.1)
hereunder if in writing and mailed, first class, postage prepaid, to the Company addressed
to it at the address of its principal office specified in the first paragraph of this
instrument or at any other address previously furnished in writing to the Trustee by the
Company.

Section 1.6 Notice to Holders; Waiver.

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first
class postage prepaid, to each Holder affected by such event, at the address of such Holder as it
appears in the Securities Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders.
In case, by reason of the suspension of or irregularities in regular mail service or for any other
reason, it shall be impossible or impracticable to mail notice of any event to Holders when said
notice is required to be given pursuant to any provision of this Indenture or of the relevant
Securities, then any manner of giving such notice as shall be satisfactory to the Trustee shall be
deemed to be a sufficient giving of such notice. Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

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Section 1.7 Conflict with Trust Indenture Act.

     Except as otherwise expressly provided herein, the Trust Indenture Act shall apply as a matter
of contract to this Indenture for purposes of interpretation, construction and defining the rights
and obligations hereunder, and this Indenture, the Company, and the Trustee shall be deemed for all
purposes hereof to be subject to and governed by the Trust Indenture Act. If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties imposed by any of
Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of Section 318(c)
thereof, such imposed duties shall control.

     The Indenture shall also include those provisions of the Trust Indenture Act required to be
included herein by the provisions of the Trust Indenture Reform Act of 1990. If any provision of
this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified, or to be excluded, as the case may be. The following Trust Indenture Act terms used in
this Indenture have the following meanings:

     “indenture securities” means the Securities;

     “indenture trustee” means the Trustee; and

     “obligor” on the Securities means the Company or any other obligor on the Securities.

Section 1.8 Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

Section 1.9 Successors and Assigns.

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

Section 1.10 Separability Clause.

     In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

Section 1.11 Benefits of Indenture.

     Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the holders of Senior and
Subordinated Debt and assigns (to the extent provided herein), the holders of the Trust Preferred
Securities (to the extent provided herein) and the Holders of the Securities, any benefit or any
legal or equitable right, remedy or claim under this Indenture.

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Section 1.12 Governing Law.

     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

Section 1.13 Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date, Repayment Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities (other than a provision of any Security
the terms of which, as established pursuant to Section 3.1, specifically provide otherwise) payment
of interest or principal (and premium, if any) need not be made on such date, but may be made on
the next succeeding Business Day at such Place of Payment (and no interest shall accrue for the
period from and after such Interest Payment Date, Redemption Date, Repayment Date or Stated
Maturity, as the case may be, until such next succeeding Business Day except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day (in each case with the same force and effect as if made on the Interest
Payment Date, Redemption Date or Repayment Date or at the Stated Maturity).

Section 1.14 Force Majeure.

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

Section 1.15 Waiver of Jury Trial.

     EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 1.16 Execution in Counterparts.

     This Indenture may be executed and delivered in any number of counterparts, each of which when
so executed and delivered shall be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

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ARTICLE II

SECURITY FORMS

Section 2.1 Forms Generally.

     The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with applicable tax laws or the rules of any securities exchange or
Depositary therefor or as may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution thereof. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 with
respect to the authentication and delivery of such Securities.

     The definitive Securities shall be printed, lithographed or engraved or produced by any
combination of these methods, if required by any securities exchange on which the Securities may be
listed, on a steel engraved border or steel engraved borders or may be produced in any other manner
permitted by the rules of any securities exchange on which the Securities may be listed, all as
determined by the officers executing such Securities, as evidenced by their execution of such
Securities.

     Securities distributed to holders of Trust Preferred Securities in book-entry form shall be
distributed in the form of one or more Global Securities registered in the name of a Depositary or
its nominee, and deposited with the Security Registrar, as custodian for such Depositary, or held
by such Depositary, for credit by the Depositary to the respective accounts of the beneficial
owners of the Securities represented thereby (or such other accounts as they may direct).
Securities distributed to holders of Trust Preferred Securities held in non book-entry definitive
form shall not be issued in the form of a Global Security or any other form intended to facilitate
book-entry trading in beneficial interests in such Securities.

Section 2.2 Form of Face of Security.

     THIS NOTE IS NOT A DEPOSIT OR OTHER OBLIGATION OF A DEPOSITORY INSTITUTION AND IS NOT INSURED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

[Insert any legend required by the Internal Revenue Code and the regulations thereunder.]

WEBSTER FINANCIAL CORPORATION

(TITLE OF SECURITY)

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No. $

     WEBSTER FINANCIAL CORPORATION, a corporation organized and existing under the laws of Delaware
(hereinafter called the “Company”, which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to      , or
registered assigns, the principal sum of            Dollars [If the Security is a Global Security,
then insert, if applicable — , or such other principal amount as may be set forth in the records of
the Securities Registrar hereinafter referred to in accordance with the Indenture,] on      ,
(the “Stated Maturity Date”). The Company further promises to pay interest on said principal sum
from      , or from the most recent interest payment date (each such date, an “Interest Payment
Date”) on which interest has been paid or duly provided for, [monthly] [quarterly] [semi-annually]
[If applicable, insert — (subject to deferral as set forth herein)] in arrears on [Insert
applicable Interest Payment Dates] of each year, commencing      ,        , at the
rate of      % per annum [If applicable, describe method for calculating floating rate], until
the principal hereof shall have become due and payable, [If applicable, insert — plus Additional
Interest, if any,] until the principal hereof is paid or duly provided for or made available for
payment [If applicable, insert — and on any overdue principal and (without duplication and to the
extent that payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the rate of      % per annum, compounded [monthly] [quarterly]
[semi-annually]]. The amount of interest payable for any period less than a full interest period
shall be computed on the basis of twelve 30-day months and a 360-day year and the actual number of
days elapsed in a partial month in a period. In the event that any date on which interest is
payable on this Security is not a Business Day, then a payment of the interest payable on such date
will be made on the next succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay), except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business Day, in each case
with the same force and effect as if made on the date the payment was originally payable. [A
“Business Day” shall mean any day other than a Saturday, Sunday, or any other day on which banking
institutions and trust companies in New York, New York, Waterbury, Connecticut [If applicable,
insert —, or the principal office of the Property Trustee under the Trust Agreement hereinafter
referred to for Webster Trust] are authorized or required by law or executive order to remain
closed. The interest installment so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest installment, which shall be the [Insert definition of Regular
Record Dates]. Any such interest installment not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

17

 

     [If applicable, insert — So long as no Event of Default has occurred and is continuing, the
Company shall have the right at any time during the term of this Security to defer payment of
interest on this Security, at any time or from time to time, for up to            consecutive [monthly]
[quarterly] [semi-annual] interest payment periods with respect to each deferral period (each an
“Extension Period”), during which Extension Periods the Company shall have the right to make
partial payments of interest on any Interest Payment Date, and at the end of which the Company
shall pay all interest then accrued and unpaid (together with Additional Interest thereon to the
extent permitted by applicable law); provided, however, that no Extension Period shall extend
beyond the Stated Maturity of the principal of this Security; provided, however, that during any
such Extension Period, the Company shall not, and shall not permit any Subsidiary of the Company
to, declare or pay any dividends or any distributions on, or make any payments of interest,
principal or premium, or guarantee payments on, or redeem, purchase, acquire or make a liquidation
payment on, any capital stock of the Company, debt securities that rank equal or junior to this
Security or guarantees that rank equal or junior to this Security, in each case other than: [Insert
exceptions applicable to relevant series of Securities] Prior to the termination of any such
Extension Period, the Company may further extend the interest payment period, provided that no
Extension Period shall exceed consecutive [months] [quarters] [semi-annual periods] or extend
beyond the Stated Maturity of the principal of this Security. Upon the termination of any such
Extension Period and upon the payment of all accrued and unpaid interest and any Additional
Interest then due, the Company may elect to begin a new Extension Period, subject to the above
requirements. No interest shall be due and payable during an Extension Period except at the end
thereof. The Company shall give the Holder of this Security and the Trustee notice of its election
to begin or extend any Extension Period at least ten Business Days prior to the date on which
Distributions on the Trust Preferred Securities would be payable but for the election to begin or
extend such Extension Period. The Trustee or its designee shall give notice of the Company’s
election to begin or extend any Extension Period to the Property Trustee.]

     Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the United States, in such
coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts [If applicable, insert — ; provided, however, that at the
option of the Company payment of interest may be made (i) by check mailed to the address of the
Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire
transfer in immediately available funds at such place and to such account as may be designated by
the Person entitled thereto as specified in the Securities Register in writing not less than ten
days before the date of the interest payment].

     The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and junior in right of payments to the prior payment in full of all Senior and
Subordinated Debt, and this Security is issued subject to the provisions of the Indenture with
respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be
bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such actions
as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the
Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance
hereof, waives all notice of the acceptance of the subordination provisions

18

 

contained herein and in the Indenture by each holder of Senior Indebtedness, whether now
outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

	 	 	 	 	 	 	 
	 

	 	WEBSTER FINANCIAL CORPORATION.
	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	[PRESIDENT OR VICE PRESIDENT]	 	 

Section 2.3 Form of Reverse of Security.

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
June 20, 2007 (herein called the “Indenture”), between the Company and The Bank of New York, as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Trustee, the Company and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. [If applicable, insert — By the terms
of the Indenture, the Securities are issuable in series that may vary as to amount, date of
maturity, rate of interest, rank and in any other respect provided in the Indenture.]

     All terms used in this Security that are defined in the Indenture [If applicable, insert — or
in the Amended and Restated Trust Agreement, dated as of      ,        , as amended (the
“Trust Agreement”), for Webster Trust among WEBSTER FINANCIAL CORPORATION, as Sponsor, and the
Trustees named therein,] shall have the meanings assigned to them in the Indenture [If applicable,
insert— or the Trust Agreement, as the case may be].

[If applicable, insert — The Company may at any time, at its option, on or after
,       , and subject to the terms and conditions of Article XI of the Indenture, redeem
this Security in whole at any time or in part from time to time, without premium or penalty, at a
redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest [If
applicable, insert—including Additional Interest, if any] to the Redemption Date.]

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     In the event of redemption of this Security in part only, a new Security or Securities of this
series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

     The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of
this Security upon compliance by the Company with certain conditions set forth in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the Company and the
Trustee at any time to enter into a supplemental indenture or indentures for the purpose of
modifying in any manner the rights and obligations of the Company and of the Holders of the
Securities, with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series to be affected by such supplemental indenture. The Indenture
also contains provisions permitting Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.

     [If the security is not a Discount Security, insert — As provided in and subject to the
provisions of the Indenture, if an Event of Default with respect to the Securities of this series
at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of this series may
declare the principal amount of all the Securities of this series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders),
provided that, in the case of the Securities of this series issued to a Webster Trust, if upon an
Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of this series fails to declare the principal of all the Securities of this
series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation
Amount of the Trust Preferred Securities of such Webster Trust then outstanding shall have such
right by a notice in writing to the Company and the Trustee; and upon any such declaration the
principal amount of and the accrued interest (including any Additional Interest) on all the
Securities of this series shall become immediately due and payable, provided that the payment of
principal and interest (including any Additional Interest) on such Securities shall remain
subordinated to the extent provided in Article XIII of the Indenture.]

     [If the security is a Discount Security, insert — As provided in and subject to the provisions
of the Indenture, if an Event of Default with respect to the Securities of this series at the time
Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not
less than such portion of the principal amount as may be specified in the terms of this series may
declare an amount of principal and accrued but unpaid interest of the Securities of this series to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), provided that, in the case of the Securities of this series issued to a Webster Trust,
if upon an Event of Default, the Trustee or the Holders of not less than 25% in

20

 

principal amount of the Outstanding Securities of this series fails to declare the principal
and accrued but unpaid interest of all the Securities of this series to be immediately due and
payable, the holders of at least 25% in aggregate Liquidation Amount of the Trust Preferred
Securities of such Webster Trust then outstanding shall have such right by a notice in writing to
the Company and the Trustee. Such amount shall be equal to [Insert formula for determining the
amount]. Upon any such declaration, such amount of the principal of and the accrued interest
(including any Additional Interest) on all the Securities of this series shall become immediately
due and payable, provided that the payment of principal and interest (including any Additional
Interest) on such Securities shall remain subordinated to the extent provided in Article XIII of
the Indenture. Upon payment (i) of the amount of principal so declared due and payable and (ii) of
interest on any overdue principal and overdue interest (in each case to the extent that the payment
of such interest shall be legally enforceable), all of the Company’s obligations in respect of the
payment of the principal of and interest, if any, on this Security shall terminate.]

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any) and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Securities Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company maintained under
Section 10.2 of the Indenture duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee shall treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     The Securities of this series are issuable only in registered form without coupons in minimum
denominations of $1,000 and any integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of such series of a different
authorized denomination, as requested by the Holder surrendering the same.

     The Company and, by its acceptance of this Security or a beneficial interest therein, the
Holder of, and any Person that acquires a beneficial interest in, this Security agree that for U.S.
federal, state and local tax purposes it is intended that this Security constitute indebtedness.

21

 

          The Indenture and this Security shall be governed by and construed in accordance with the laws
of the State of New York.

Section 2.4 Additional Provisions Required in Global Security.

          Unless otherwise specified as contemplated by Section 3.1 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED,
AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME
OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
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, CEDE & CO., HAS AN INTEREST HEREIN.

Section 2.5 Form of Trustee’s Certificate of Authentication.

          The Trustee’s certificate of authentication shall be substantially in the following form:

          This is one of the Securities referred to in the within mentioned Indenture.

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	 	 	THE BANK OF NEW YORK,	 	 
	 	 	not in its individual capacity but solely as
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	AUTHORIZED OFFICER	 	 

ARTICLE III

THE SECURITIES

Section 3.1 Amount Unlimited Issuable in Series.

     The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited.

     The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution, and, subject to Section 3.3, set forth, or determined in the manner
provided, in an Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:

     (a) the title of the Securities of such series, which shall distinguish the Securities of the
series from all other Securities;

     (b) the limit, if any, upon the aggregate principal amount of the Securities of such series
that may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6, 11.6 or 14.3 and except for any Securities
that, pursuant to Section 3.3, are deemed never to have been authenticated and delivered
hereunder); provided, however, that the authorized aggregate principal amount of such series may be
increased above such amount by a Board Resolution to such effect;

     (c) the Stated Maturity and/or Maturities on which the principal of the Securities of such
series is payable or the method of determination thereof and any dates on which or circumstances
under which the Company shall have the right to extend or shorten such Stated Maturity and/or
Maturities;

      (d) the rate or rates, if any, at which the Securities of such series shall bear interest, the
rate or rates and extent to which Additional Interest, if any, shall be payable in respect of any
Securities of such series, or the method or methods by which such rate or rates may be determined,
whether payment of interest will be contingent in any respect and/or the interest rate reset, the
date or dates from which such interest or Additional Interest shall accrue, the Interest Payment
Dates on which such interest shall be payable, the right, pursuant to Section 3.11 or as otherwise
set forth therein, of the Company to defer or extend an Interest Payment Date, the Regular Record
Date for the interest payable on any Security on any Interest Payment Date and other circumstances,
if any, in which the Company may defer interest payments, or the method by which any of the
foregoing shall be determined;

23

 

     (e) if applicable, the extension features of the Securities of the series;

     (f) the place or places where the principal of (and premium, if any) and interest on the
Securities of such series shall be payable, the place or places where the Securities of such series
may be presented for registration of transfer or exchange, and the place or places where notices
and demands to or upon the Company in respect of the Securities of such series may be made;

     (g) the period or periods within or the date or dates on which, if any, the price or prices at
which and the terms and conditions upon which the Securities of such series may be redeemed, in
whole or in part, at the option of the Company;

     (h) the obligation or the right, if any, of the Company to redeem, repay or purchase the
Securities of such series pursuant to any sinking fund, amortization or analogous provisions, or at
the option of a Holder thereof, and the period or periods within which, the price or prices at
which, the currency or currencies (including currency unit or units) in which and the other terms
and conditions upon which Securities of the series shall be redeemed, repaid or purchased, in whole
or in part, pursuant to such obligation;

     (i) the denominations in which any Securities of such series shall be issuable, if other than
denominations of $1,000 and any integral multiple of $1,000 in excess thereof;

     (j) if other than Dollars, the currency or currencies (including currency unit or units) in
which the principal of (and premium, if any) and interest, if any, on the Securities of the series
shall be payable, which, in each instance, shall be acceptable to the Trustee, or in which the
Securities of the series shall be denominated and the manner of determining the equivalent thereof
in Dollars for purposes of the definition of Outstanding;

     (k) the additions, modifications or deletions, if any, in the Events of Default or covenants
of the Company set forth herein with respect to the Securities of such series;

     (l) if other than the principal amount thereof, the portion of the principal amount of
Securities of such series that shall be payable upon declaration of acceleration of the Maturity
thereof;

     (m) any index or indices used to determine the amount of payments of principal of and premium,
if any, on the Securities of such series or the manner in which such amounts will be determined;

     (n) whether the Securities of the series, or any portion thereof, shall initially be issuable
in the form of a temporary Global Security representing all or such portion of the Securities of
such series and provisions for the exchange of such temporary Global Security for definitive
Securities of such series;

     (o) if applicable, that any Securities of the series shall be issuable in whole or in part in
the form of one or more Global Securities and, in such case, the respective Depositaries for such
Global Securities, the form of any legend or legends that shall be borne by any such Global
Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in

24

 

addition to or in lieu of those set forth in Section 3.5 in which any such Global Security may
be exchanged in whole or in part for Securities registered, and any transfer of such Global
Security in whole or in part may be registered, in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof;

     (p) the appointment of any Paying Agent or Agents for the Securities of such series;

     (q) the terms of any right to convert or exchange Securities of such series into any other
securities or property of the Company, and the additions or changes, if any, to this Indenture with
respect to the Securities of such series to permit or facilitate such conversion or exchange;

     (r) if applicable, whether subordination provisions that differ from those set out in Article
XIII shall apply to the Securities of such series, including whether a different definition for the
term “Senior and Subordinated Debt” shall apply with respect to the Securities of such series; and

     (s) any other terms of the Securities of such series (which terms shall not be inconsistent
with the provisions of this Indenture).

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided herein or in or pursuant to such Board Resolution and set
forth in such Officers’ Certificate or in any such indenture supplemental hereto.

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.

     The Securities shall be subordinated in right of payment to Senior and Subordinated Debt as
provided in Article XIII.

Section 3.2 Denominations.

     The Securities of each series shall be in registered form without coupons and shall be
issuable in denominations of $1,000 and any integral multiple of $1,000 in excess thereof, unless
otherwise specified as contemplated by Section 3.1.

Section 3.3 Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its President or one of its Vice
Presidents. The signature of any of these officers on the Securities may be manual or facsimile.

     Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such

25

 

individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities. At any
time and from time to time after the execution and delivery of this Indenture, the Company may
deliver Securities of any series executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If
the form or terms of the Securities of the series have been established by or pursuant to one or
more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be provided with, and (subject to Section 6.1) shall be fully protected in relying
upon, an Opinion of Counsel stating,

     (1) if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 2.1, that such form has been established in conformity
with the provisions of this Indenture;

     (2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.1, that such terms have been established in conformity
with the provisions of this Indenture; and

     (3) that such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable in
accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles.

If such form or terms have been so established, the Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in
a manner that is not reasonably acceptable to the Trustee.

          Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.

          Each Security shall be dated the date of its authentication.

          No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose, unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by the manual signature of
one of its authorized officers, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and

26

 

delivered hereunder but never issued and sold by the Company, and the Company shall deliver
such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture.

Section 3.4 Temporary Securities.

     Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities that are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any denomination,
substantially of the tenor of the definitive Securities of such series in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.

     If temporary Securities of any series are issued, the Company will cause definitive Securities
of such series to be prepared without unreasonable delay. After the preparation of definitive
Securities, the temporary Securities shall be exchangeable for definitive Securities upon surrender
of the temporary Securities at the office or agency of the Company designated for that purpose
without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor one or more definitive Securities of the same series, of any authorized denominations
having the same Original Issue Date and Stated Maturity and having the same terms as such temporary
Securities. Until so exchanged, the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of such series.

Section 3.5 Registration, Transfer and Exchange.

     The Company shall cause to be kept at each office or agency maintained for registrations of
transfers and exchanges in a Place of Payment pursuant to Section 10.2 with respect to the
Securities of each series a register in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of transfers of
Securities. Each such register is herein sometimes referred to as the “Securities Register.” The
Company shall designate one Person to maintain the Securities Register for the Securities of each
series on a consolidated basis, and such Person is referred to herein, with respect to such series,
as the “Securities Registrar.” The Company appoints the Trustee as Securities Registrar unless
otherwise specified with respect to any particular series in accordance with Section 3.1. Anything
herein to the contrary notwithstanding, the Company may designate one or more of its offices as an
office in which a register with respect to the Securities of one or more series shall be
maintained, and the Company may designate itself the Securities Registrar with respect to one or
more of such series. The Company may revoke any designation of a Securities Registrar theretofore
made by it. The Securities Register shall be open for inspection by the Trustee and the Company at
all reasonable times.

     Upon surrender for registration of transfer of any Security at the office or agency of the
Company designated for that purpose the Company shall execute, and the Trustee shall

27

 

authenticate and deliver, in the name of the designated transferee or transferees, one or more
new Securities of the same series of any authorized denominations, of a like aggregate principal
amount, of the same Original Issue Date and Stated Maturity and having the same terms.

          At the option of the Holder, Securities may be exchanged for other Securities of the same
series of any authorized denominations, of a like aggregate principal amount, of the same Original
Issue Date and Stated Maturity and having the same terms, upon surrender of the Securities to be
exchanged at such office or agency. Whenever any securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the
Holder making the exchange is entitled to receive.

          All Securities issued upon any transfer or exchange of Securities shall be the valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Securities surrendered upon such transfer or exchange.

          Every Security presented or surrendered for transfer or exchange shall (if so required by the
Company or the Securities Registrar) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Securities Registrar, duly executed by the
Holder thereof or his attorney duly authorized in writing.

          No service charge shall be made to a Holder for any transfer or exchange of Securities, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any transfer or exchange of Securities.

          The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities:

     (1) Each Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and each such
Global Security shall constitute a single Security for all purposes of this Indenture.

     (2) Notwithstanding any other provision in this Indenture, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has
notified the Company and the Trustee that it is unwilling or unable to continue as
Depositary for such Global Security and no successor Depository has been appointed within 90
days of this notice or (ii) has ceased to be a clearing agency registered under the Exchange
Act at a time when the Depositary is required to be so registered to act as depositary and
no successor Depository has been appointed within 90 days after the Company has learned that
the Depositary has ceased to be so registered, (B) there shall have occurred and be
continuing an Event of Default with respect to such Global Security, (C) the Company in its
sole discretion determines that such Global Security will be so exchangeable or transferable
or (D) there shall exist such

28

 

circumstances, if any, in addition to or in lieu of the foregoing as have been
specified for this purpose as contemplated by Section 3.1.

     (3) Subject to Clause (2) above, any exchange of a Global Security for other Securities
may be made in whole or in part, and all Securities issued in exchange for a Global Security
or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

     (4) Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to
this Section, Section 3.4, 3.6, 9.6, 11.6 or 14.3 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is
registered in the name of a Person other than the Depositary for such Global Security or a
nominee thereof.

     (5) Neither any members of, or participants in, the Depositary nor any other Persons on
whose behalf such members or participants may act shall have any rights under this Indenture
with respect to any Global Security registered in the name of the Depositary or any nominee
thereof, and the Depositary or such nominee, as the case may be, may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and
holder of such Global Security for all purposes whatsoever. None of the Company, the
Trustee, any Paying Agent, any Securities Registrar, any authenticating agent or any other
agent of the Company or any agent of the Trustee shall have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Security in the form of a Global Security, or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests. The
Company, the Trustee, any Paying Agent, any Securities Registrar and any other agent of the
Company and any agent of the Trustee shall be entitled to deal with any depositary
(including any Depositary), and any nominee thereof, that is the holder of any such Global
Security for all purposes of this Indenture relating to such Global Security (including the
payment of principal, premium, if any, and interest, if any, and the giving of instructions
or directions by or to the owner or holder of a beneficial ownership interest in such Global
Security) as the sole holder of such Global Security and shall have no obligations to the
beneficial owners thereof. None of the Company, the Trustee, any Paying Agent, any
Securities Registrar or any other agent of the Company or any agent of the Trustee shall
have any responsibility or liability for any acts or omissions of any such depositary with
respect to such Global Note, for the records of any such depositary, including records in
respect of beneficial ownership interests in respect of any such Global Security, for any
transactions between such depositary and any members or participants in the Depositary or
other participant in such depositary or between or among any such depositary, any such
member or participant in the Depositary or other participant and/or any holder or owner of a
beneficial interest in such Global Security or for any transfers of beneficial interests in
any such Global Security. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary or such
nominee, as the case may be, or impair, as between the Depositary, members or participants
of the Depositary

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and any other Person on whose behalf a member or participant of the Depositary may act,
the operation of customary practices of such Persons governing the exercise of the rights of
a beneficial holder of any Global Security.

          Neither the Company nor the Trustee shall be required, pursuant to the provisions of this
Section, (a) to issue, register the transfer of or exchange any Security of any series during a
period beginning at the opening of business 15 days before the day of selection for redemption of
Securities pursuant to Article XI and ending at the close of business on the day of mailing of
notice of redemption or (b) to transfer or exchange any Security so selected for redemption in
whole or in part, except, in the case of any Security to be redeemed in part, any portion thereof
not to be redeemed.

Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities.

          If any mutilated Security is surrendered to the Trustee, together with such security or
indemnity as may be required by the Company or the Trustee to save each of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same issue and series of like tenor and principal amount, having the same Original
Issue Date and Stated Maturity, and bearing a number not contemporaneously outstanding.

          If there shall be delivered to the Company and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security, and (ii) such security or indemnity
as may be required by them to save each of them and any agent of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security, a new Security of the same issue and series of like tenor
and principal amount, having the same Original Issue Date and Stated Maturity as such destroyed,
lost or stolen Security, and bearing a number not contemporaneously outstanding.

          In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.

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

          Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series duly issued hereunder.

          The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.

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Section 3.7 Payment of Interest; Interest Rights Preserved.

          Interest on any Security of any series that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date, shall be paid to the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest in respect of Securities of such series, except that, unless
otherwise provided in the Securities of such series, interest payable on the Stated Maturity of the
principal of a Security shall be paid to the Person to whom principal is paid.

          The initial payment of interest on any Security of any series that is issued between a Regular
Record Date and the related Interest Payment Date shall be payable as provided in such Security or
in the Board Resolution pursuant to Section 3.1 with respect to the related series of Securities.

          Any interest on any Security that is payable, but is not timely paid or duly provided for, on
any Interest Payment Date for Securities of such series (herein called “Defaulted Interest”), shall
forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by
virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in Clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series in respect of which interest is in default (or
their respective Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the
following manner.

          The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest that shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first class, postage prepaid, to
each Holder of a Security of such series at the address of such Holder as it appears in the
Securities Register not less than 10 days prior to such Special Record Date.

          Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the
Persons in whose names the Securities of such series (or their respective

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Predecessor Securities) are registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to the following Clause (2).

     (2) The Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of
the series in respect of which interest is in default may be listed and, upon such notice as
may be required by such exchange (or by the Trustee if the Securities are not listed), if,
after notice given by the Company to the Trustee of the proposed payment pursuant to this
Clause, such payment shall be deemed practicable by the Trustee.

          Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon transfer of or in exchange for or in lieu of any other Security shall carry the
rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

Section 3.8 Persons Deemed Owners.

          The Company, the Trustee and any agent of the Company or the Trustee shall treat the Person in
whose name any Security is registered as the owner of such Security for the purpose of receiving
payment of principal of and any premium and (subject to Section 3.7) any interest on such Security
and for all other purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

          No holder of any beneficial interest in any Global Security held on its behalf by a Depositary
shall have any rights under this Indenture with respect to such Global Security, and such
Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee
from giving effect to any written certification, proxy or other authorization furnished by a
Depositary or impair, as between a Depositary and such holders of beneficial interests, the
operation of customary practices governing the exercise of the rights of the Depositary (or its
nominee) as Holder of any Security.

Section 3.9 Cancellation.

          All Securities surrendered for payment, redemption, repayment, transfer or exchange shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such
Securities and Securities surrendered directly to the Trustee for any such purpose shall be
promptly cancelled by it.

          The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever,
and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities shall be disposed of by
the Trustee in its customary manner and the Trustee shall deliver to the Company a certificate of
such disposal upon its request therefor.

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Section 3.10 Computation of Interest.

     Except as otherwise specified as contemplated by Section 3.1 for Securities of any series,
interest on the Securities of each series for any partial period shall be computed on the basis of
a 360-day year of twelve 30-day months and the actual days elapsed in a partial month in such
period.

Section 3.11 Deferrals of Interest Payment Dates.

     If specified as contemplated by Section 2.1 or Section 3.1 with respect to the Securities of a
particular series, so long as no Event of Default has occurred and is continuing, the Company shall
have the right, at any time during the term of such series, from time to time to defer the payment
of interest on such Securities for such period or periods as may be specified as contemplated by
Section 3.1 (each, an “Extension Period”) during which Extension Periods the Company shall have the
right to make partial payments of interest on any Interest Payment Date. The Company shall
exercise such right to defer the payment of the interest on such Securities at its option or when
directed to do so by the Federal Reserve. No Extension Period shall end on a date other than an
Interest Payment Date. At the end of any such Extension Period the Company shall pay all interest
then accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at
the rate specified for the Securities of such series to the extent permitted by applicable law),
provided that no Extension Period shall exceed the period or periods specified in such Securities
or extend beyond the Stated Maturity of the principal of such Securities. Upon termination of any
Extension Period and upon the payment of all accrued and unpaid interest and any Additional
Interest then due on any Interest Payment Date, the Company may elect to begin a new Extension
Period, subject to the above requirements. No interest shall be due and payable during an
Extension Period, except at the end thereof.

     The Company shall give the Trustee, the Property Trustee and each Paying Agent notice of its
election to begin or extend any Extension Period at least five Business Days prior to (i) the
earlier of (x) the next succeeding Interest Payment Date on the Securities of such series and (y)
the date that the Property Trustee is required to give notice to the Holders of the Outstanding
Securities of the record or payment date of such Interest Payment Date.

     The Trustee shall give notice of the Company’s election to begin or extend any Extension
Period to the Holders of the Outstanding Securities of such series, unless otherwise specified with
respect to such series in accordance with Section 3.1.

Section 3.12 Right of Set-off.

     With respect to the Securities of a series issued to a Webster Trust, notwithstanding anything
to the contrary herein, the Company shall have the right to set-off any payment it is otherwise
required to make thereunder in respect of any such Security to the extent the Company has
theretofore made, or is concurrently on the date of such payment making, a payment under the
Webster Guarantee relating to such Security or under Section 5.8 hereof.

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Section 3.13 Agreed Tax Treatment.

     Each Security issued hereunder shall provide that the Company and, by its acceptance of a
Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial
interest in, such Security agree, unless otherwise required by law, to treat for U.S. federal,
state and local tax purposes such Security as indebtedness of the Company and to treat for U.S.
federal income tax purposes stated interest on the Security as ordinary interest income that is
includible in gross income to such Holder or other Person at the time the interest is paid or
accrued in accordance with its regular method of tax accounting.

Section 3.14 CUSIP Numbers.

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

ARTICLE IV

SATISFACTION AND DISCHARGE

Section 4.1 Satisfaction and Discharge of Indenture.

     This Indenture shall, upon Company Request, cease to be of further effect with respect to any
series of Securities specified in such Company Request (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided for and as otherwise
provided in this Section) and the Trustee, on demand of and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series, when

     (1) either:

     (A) all Securities of such series theretofore authenticated and delivered (other than (i)
Securities that have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for
cancellation; or

     (B) all Securities of such series not theretofore delivered to the Trustee for cancellation

          (i) have become due and payable, or

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     (ii) will become due and payable at their Stated Maturity within one year of
the date of deposit, or

     (iii) are to be called for redemption within one year by the Trustee in the
name, and at the expense, of the Company,

and the Company, in the case of Clause (B)(i), (ii) or (iii) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose an amount in the
currency or currencies in which the Securities of such series are payable sufficient to pay
and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest (including any
Additional Interest) to the date of such deposit (in the case of Securities that have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

     (2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel complying with Section 1.2 each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture as to such series
have been complied with.

          Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating
Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to
subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and
the last paragraph of Section 10.3 shall survive such satisfaction and discharge.

          In the event that there are Securities of two or more series outstanding hereunder, the
Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this
Indenture only if requested in writing to do so with respect to Securities of a particular series
as to which it is Trustee and if the other conditions thereto are met.

Section 4.2 Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by the Trustee, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for
the payment of which such money or obligations have been deposited with or received by the Trustee.

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ARTICLE V

REMEDIES

Section 5.1 Events of Default.

          “Event of Default,” wherever used herein with respect to the Securities of any series, means
any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body):

     (1) default in the payment of any interest upon any Security of that series, including
any Additional Interest in respect thereof, in full for a period of 30 days after the
conclusion of a 10-year period following the commencement of any Extension Period; or

     (2) the entry of a decree or order by a court having jurisdiction in the premises
adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect of the
Company under any applicable Federal or State bankruptcy, insolvency, reorganization or
other similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or
other similar official) of the Company or of any substantial part of its property or
ordering the winding up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 90 consecutive days; or

     (3) the institution by the Company of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law, or the consent by it to the filing of any such petition or to the appointment
of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of
the Company or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due and its willingness to be adjudicated a bankrupt, or the
taking of corporate action by the Company in furtherance of any such action; or

     (4) a receiver is appointed for a Major Subsidiary Depository Institution under the
Federal Deposit Insurance Act or other applicable law; or

     (5) any other Event of Default provided with respect to Securities of that series.

Section 5.2 Acceleration of Maturity; Rescission and Annulment.

          If an Event of Default (other than an Event of Default specified in Section 5.1(2) or 5.1(3))
with respect to the Securities of any series at the time Outstanding occurs and is

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continuing, then and in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series may declare the principal amount (or,
if the Securities of that series are Discount Securities, such portion of the principal amount as
may be specified in the terms of that series) of all the Securities of that series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by
Holders), provided that, in the case of the Securities of a series issued to a Webster Trust, if,
upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of
the Outstanding Securities of that series fail to declare the principal of all the Securities of
that series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation
Amount of the corresponding series of Trust Preferred Securities then outstanding shall have such
right by a notice in writing to the Company and the Trustee; and upon any such declaration such
principal amount (or specified portion thereof) of and the accrued interest (including any
Additional Interest) on all the Securities of such series shall become immediately due and payable.
Payment of principal and interest (including any Additional Interest) on such Securities shall
remain subordinated to the extent provided in Article XIII notwithstanding that such amount shall
become immediately due and payable as herein provided. If an Event of Default specified in Section
5.1(2) or 5.1(3) and with respect to Securities of any series at the time Outstanding occurs, the
principal amount of all the Securities of that series (or, if the Securities of that series are
Discount Securities, such portion of the principal amount of such Securities as may be specified by
the terms of that series) shall automatically, and without any declaration or other action on the
part of the Trustee or any Holder, become immediately due and payable.

          At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if:

     (1) the Company has paid or deposited with the Trustee a sum sufficient to pay:

     (A) all overdue installments of interest (including any Additional Interest) on
all Securities of that series,

     (B) the principal of (and premium, if any, on) any Securities of that series
that have become due otherwise than by such declaration of acceleration and interest
thereon at the rate borne by the Securities, and

     (C) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and

     (2) all Events of Default with respect to the Securities of that series, other than the
non-payment of the principal of Securities of that series that has become due solely by such
acceleration (if such non-payment constitutes an Event of Default as to such series of
Securities), have been cured or waived as provided in Section 5.13.

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          In the case of Securities of a series issued to a Webster Trust, the holders of a majority in
aggregate Liquidation Amount of the related series of Trust Preferred Securities issued by such
Webster Trust shall also have the right to rescind and annul such declaration and its consequences
by written notice to the Company and the Trustee, subject to the satisfaction of the conditions set
forth in Clauses (1) and (2) above of this Section.

          No such rescission shall affect any subsequent default or impair any right consequent thereon.

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

     The Company covenants that if:

     (1) default is made in the payment of any installment of interest (including any
Additional Interest) on any Security when such interest becomes due and payable and such
default continues for a period of 30 days, or

     (2) default is made in the payment of the principal of (and premium, if any, on) any
Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for principal, including
any sinking fund payment or analogous obligations (and premium, if any) and interest (including any
Additional Interest); and, in addition thereto, such further amount as shall be sufficient to cover
the reasonable costs and expenses of collection including all amounts owing the Trustee under
Section 6.7.

          If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may
enforce the same against the Company or any other obligor upon the Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon the Securities, wherever situated.

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

Section 5.4 Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors:

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          (a) the Trustee (irrespective of whether the principal of the Securities of any series shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment of overdue principal
(and premium, if any) or interest (including any Additional Interest)) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

     (i) to file and prove a claim for the whole amount of principal (and premium, if any)
and interest (including any Additional Interest) owing and unpaid in respect to the
Securities and to file such other papers or documents as may be necessary or advisable and
to take any and all actions as are authorized under the Trust Indenture Act in order to have
the claims of the Holders and any predecessor to the Trustee under Section 6.7 allowed in
any such judicial proceedings; and

     (ii) in particular, the Trustee shall be authorized to collect and receive any moneys
or other property payable or deliverable on any such claims and to distribute the same in
accordance with Section 5.6; and

          (b) any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee for distribution in accordance with Section 5.6, and in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due to it and any predecessor Trustee under Section 6.7.

          Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or
similar official and be a member of a creditors’ or other similar committee.

Section 5.5 Trustee May Enforce Claim Without Possession of Securities.

          All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of all the amounts owing the Trustee and any predecessor Trustee under
Section 6.7, its agents and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.

Section 5.6 Application of Money Collected.

          Any money or property collected or to be applied by the Trustee with respect to a series of
Securities pursuant to this Article shall be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such money or property on account of
principal (or premium, if any) or interest (including any Additional Interest), upon

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presentation of the Securities and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee;

     SECOND: Subject to Article XIII, to the payment of the amounts then due and unpaid upon
such series of Securities for principal (and premium, if any) and interest (including any
Additional Interest), in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to the amounts due
and payable on such series of Securities for principal (and premium, if any) and interest
(including any Additional Interest), respectively; and

     THIRD: The balance, if any, to the Company.

Section 5.7 Limitation on Suits.

          Subject to Section 5.8, no Holder of any Securities of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture or for the
appointment of a receiver, assignee, trustee, liquidator, sequestrator (or other similar official)
or for any other remedy hereunder, unless:

     (1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;

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

     (3) such Holder or Holders have offered to the Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request;

     (4) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     (5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Holders of Securities, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all such
Holders.

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	Section 5.8	 	Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct
Action by Holders of Trust Preferred Securities.

          Notwithstanding any other provision in this Indenture, the Holder of any Security of any
Series shall have the right, which is absolute and unconditional, to receive payment of the
principal of (and premium, if any) and (subject to Section 3.7) interest (including any Additional
Interest) on such Security on the respective Stated Maturities expressed in such Security (or, in
the case of redemption or repayment, on the Redemption Date or the Repayment Date, as the case may
be) and to institute suit for the enforcement of any such payment, and such right shall not be
impaired without the consent of such Holder. In the case of Securities of a series issued to a
Webster Trust, any holder of the corresponding series of Trust Preferred Securities issued by such
Webster Trust shall have the right, upon the occurrence of any default in the Company’s timely
making any payment described in the preceding sentence, or upon the occurrence of an Event of
Default described in Section 5.1(1), to institute a suit directly against the Company for
enforcement of payment to such holder of principal of (premium, if any) and (subject to Section
3.7) interest (including any Additional Interest) on the Securities having a principal amount equal
to the aggregate Liquidation Amount of such Trust Preferred Securities of the corresponding series
held by such holder.

Section 5.9 Restoration of Rights and Remedies.

          If the Trustee, any Holder or any holder of Trust Preferred Securities has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee, such
Holder or such holder of Trust Preferred Securities, then and in every such case the Company, the
Trustee, the Holders and such holder of Trust Preferred Securities shall, subject to any
determination in such proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee, the Holders and the holders of
Trust Preferred Securities shall continue as though no such proceeding had been instituted.

Section 5.10 Rights and Remedies Cumulative.

          Except as otherwise provided in the last paragraph of Section 3.6, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

Section 5.11 Delay or Omission Not Waiver.

          No delay or omission of the Trustee, any Holder of any Security of the related series or any
holder of any Trust Security to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein.

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          Every right and remedy given by this Article or by law to the Trustee or to the Holders and
the right and remedy given to the holders of Trust Preferred Securities by Section 5.8 may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee, the Holders
or the holders of Trust Preferred Securities, as the case may be.

Section 5.12 Control by Holders.

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

     (1) such direction shall not be in conflict with any rule of law or with this
Indenture,

     (2) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction, and

     (3) subject to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow such direction if a Responsible Officer or Officers of the Trustee shall,
in good faith, determine that the proceeding so directed would be unjustly prejudicial to
the Holders not joining in any such direction or would involve the Trustee in personal
liability.

Section 5.13 Waiver of Past Defaults.

          The Holders of not less than a majority in principal amount of the Outstanding Securities of
any series affected thereby, and, in the case of any Securities of a series issued to a Webster
Trust, the holders of not less than a majority in Liquidation Amount of the Trust Preferred
Securities issued by such Webster Trust, may waive any past default hereunder and its consequences
with respect to such series except a default:

     (1) in the payment of the principal of (or premium, if any) or interest (including any
Additional Interest, if any) on any Security of such series, or

     (2) in respect of a provision hereof that under Article IX cannot be modified or
amended without the consent of the Holder of each Outstanding Security of such series
affected.

          Any such waiver shall be deemed to be on behalf of the Holders of all the Securities of such
series or, in the case of a waiver by holders of Trust Preferred Securities issued by such Webster
Trust, by all holders of Trust Preferred Securities issued by such Webster Trust.

          Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.

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Section 5.14 Undertaking for Costs.

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

Section 5.15 Waiver of Usury, Stay or Extension Laws.

          The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been
enacted.

ARTICLE VI

THE TRUSTEE

Section 6.1 Certain Duties and Responsibilities.

     (a) Except during the continuance of an Event of Default,

     (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the requirements of
this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

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          (b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs.

          (c) The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. No implied covenants or obligations shall be read into this Indenture against the Trustee.
Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.

          Whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Section.

Section 6.2 Notice of Defaults.

          Within 90 days after actual knowledge by a Responsible Officer of the Trustee of the
occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall
transmit by mail to all Holders of Securities of such series, as their names and addresses appear
in the Securities Register, notice of such default, unless such default shall have been cured or
waived; provided, however, that, except in the case of a default in the payment of the principal of
(or premium, if any) or interest (including any Additional Interest) on any Security of such
series, the Trustee shall be protected in withholding such notice if and so long as the Board of
Directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Trustee in good faith determines that the withholding of such notice is in the interests of the
Holders of Securities of such series. For the purpose of this Section, the term “default” means
any event that is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

Section 6.3 Certain Rights of Trustee.

          Subject to the provisions of Section 6.1:

          (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, Security or other paper or document believed
by it to be genuine and to have been signed or presented by the proper party or parties;

          (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution;

          (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the

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absence of bad faith on its part, rely upon an Officers’ Certificate or an Opinion of Counsel,
or both, which shall comply with Section 1.2;

          (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon;

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

          (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, indenture, security or other paper or document, but the Trustee in its
discretion may make such inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent or attorney;

          (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder;

          (h) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder;

          (i) in the exercise of the rights and powers vested in it by this Indenture, the Trustee shall
use the same degree of care and skill in its exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person’s own affairs;

          (j) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by
it in good faith and reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Indenture;

          (k) the Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a default is received by the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Securities and this Indenture.

          (l) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and
other Person employed to act hereunder; and

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          (m) the Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to
this Indenture.

          No provision of this Indenture shall be construed to relieve the Trustee from liability with
respect to matters that are within the authority of the Trustee under this Indenture for its own
negligent action, negligent failure to act or willful misconduct, except that:

     (1) the Trustee shall not be liable for any error or judgment made in good faith by an
authorized officer of the Trustee, unless it shall be proved that the Trustee was negligent
in ascertaining the pertinent facts; and

     (2) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Company or the Holders of
at least a majority in aggregate principal amount of the Outstanding Securities relating to
the time, method and place of conducting any proceeding for any remedy available to the
Trustee under this Indenture.

Section 6.4 Not Responsible for Recitals or Issuance of Securities.

          The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof.

Section 6.5 May Hold Securities.

          The Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Securities
Registrar or such other agent.

Section 6.6 Money Held in Trust.

          Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

Section 6.7 Compensation and Reimbursement.

          The Company agrees

     (1) to pay to the Trustee from time to time such compensation as shall be agreed in
writing between the Company and the Trustee for all services rendered by it

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hereunder (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);

     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as shall have been caused by its own negligence or bad
faith; and

     (3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability,
claim, action, suit, cost or expense of any kind and nature whatsoever (including the
reasonable compensation and disbursements of its agents and counsel) incurred without
negligence or bad faith on its part, arising out of or in connection with the acceptance or
administration of this trust or the performance of its duties hereunder, including the costs
and expenses of defending itself against any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Subsections 5.1(2) or 5.1(3) occurs, the expenses and the compensation for the services are
intended to constitute expenses of administration under the Bankruptcy Reform Act of 1978 or any
successor statute.

          This indemnification shall survive the termination of this Indenture.

          To secure the Company’s payment obligation in this Section 6.7, the Company and the Holders
agree that the Trustee shall have a lien prior to the Securities on all money held or collected by
the Trustee, except funds held in trust for the payment of principal of or interest, if any, on
particular Securities. Such lien (and the Company’s payment obligation hereunder) shall survive
the satisfaction and discharge of this Indenture.

Section 6.8 Disqualification; Conflicting Interests.

          (a) If the Trustee for the Securities of any series issued hereunder has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by, and subject to the
provisions of, the Trust Indenture Act (including, without limitation, Section 310(b) thereof) and
this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a
conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series if all such series rank equally at the time of issuance.

          (b) The Trust Agreement and the Webster Guarantee shall be deemed to be specifically described
in this Indenture for the purposes of clause (i) of the first proviso contained in Section 310(b)
of the Trust Indenture Act.

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Section 6.9 Corporate Trustee Required; Eligibility.

          There shall at all times be a Trustee hereunder with respect to the Securities of each series,
which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a
Person that is eligible pursuant to the Trust Indenture Act to act as such and shall be:

          (a) a corporation organized and doing business under the laws of the United States of America
or of any State or Territory or the District of Columbia, authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by Federal, State, Territorial or
District of Columbia authority, or

          (b) a corporation or other Person organized and doing business under the laws of a foreign
government that is permitted to act as Trustee pursuant to a rule, regulation or order of the
Commission, authorized under such laws to exercise corporate trust powers, and subject to
supervision or examination by authority of such foreign government or a political subdivision
thereof substantially equivalent to supervision or examination applicable to United States
institutional trustees,

in either case having a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by Federal or State authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then, for the purposes of this Section, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee with respect to the Securities
of any series shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article.
Neither the Company nor any Person directly or indirectly controlling, controlled by or under
common control with the Company shall serve as Trustee for the Securities of any series issued
hereunder.

Section 6.10 Resignation and Removal; Appointment of Successor.

          (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee under Section 6.11.

          (b) The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice
of resignation, the resigning Trustee may, at the expense of the Company, petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of
such series.

          (c) The Trustee may be removed at any time with respect to the Securities of any series by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee
shall not have been delivered to the Trustee within 30 days after the giving of

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notice of such act, such Holders may at the expense of the Company petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of
such series.

          (d) If at any time:

     (1) the Trustee shall fail to comply with Section 6.8 after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Security for at least six
months, or

     (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

     (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,

then, in any such case, (i) the Company, acting pursuant to the authority of a Board Resolution,
may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder
who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

          (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause with respect to the Securities of one or more
series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment, become the successor Trustee with respect to the Securities of such series and
supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to
the Securities of any series shall have been so appointed by the Company or the Holders and
accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder
of a Security of such series for at least six months may, subject to Section 5.14, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series.

          (f) The Company shall give notice of each resignation and each removal of the Trustee with
respect to the Securities of any series and each appointment of a successor Trustee with respect to
the Securities of any series by mailing written notice of such event by

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first-class mail, postage prepaid, to the Holders of Securities of such series as their names
and addresses appear in the Securities Register. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

Section 6.11 Acceptance of Appointment by Successor.

          (a) In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of any fees and expenses due and owing it
hereunder, execute and deliver an instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder.

          (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee
with respect to the Securities of one or more series shall execute and deliver an instrument in
writing or an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and that (1) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
instrument in writing or supplemental indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and
apart from any trust or trusts hereunder administered by any other such Trustee; and upon the
execution and delivery of such instrument in writing or supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall upon payment of any fees and expenses
due and owing to it hereunder with respect to such series of Securities, duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring Trustee hereunder
with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates.

          (c) Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor

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Trustee all rights, powers and trusts referred to in paragraph or (b) of this Section, as the
case may be.

          (d) No successor Trustee shall accept its appointment unless at the time of such acceptance
such successor Trustee shall be qualified and eligible under this Article.

Section 6.12 Merger, Conversion, Consolidation or Succession to Business.

          Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated, and in case any Securities
shall not have been authenticated, any successor to the Trustee may authenticate such Securities
either in the name of any predecessor Trustee or in the name of such successor Trustee, and in all
cases the certificate of authentication shall have the full force that it is provided anywhere in
the Securities or in this Indenture that the certificate of the Trustee shall have.

Section 6.13 Preferential Collection of Claims Against Company.

          If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).

Section 6.14 Appointment of Authenticating Agent.

          The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities that shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, or of any State or Territory or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to

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the requirements of said supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If
at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

          Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of an Authenticating Agent shall be the successor
Authenticating Agent hereunder, provided such corporation shall be otherwise eligible under this
Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

          An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent that shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent.

          No successor Authenticating Agent shall be appointed unless eligible under the provision of
this Section.

          The Trustee agrees to pay or cause to be paid to each Authenticating Agent from time to time
reasonable compensation for its services under this Section, and the Trustee shall be entitled to
be reimbursed for such payments, subject to the provisions of Section 6.7.

          If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following form:

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          This is one of the Securities of the series designated therein referred to in the within
mentioned Indenture.

Dated:

	 	 	 	 	 
	 	THE BANK OF NEW YORK,

not in its individual capacity but solely as

Trustee

 	 
	 	By:  	 	 
	 	 	AS AUTHENTICATING AGENT 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	AUTHORIZED OFFICER 	 
	 	 	 	 
	 

ARTICLE VII

HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders.

          The Company will furnish or cause to be furnished to the Trustee:

          (a) on or before June 30 and December 31 of each year, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders of Securities of each series as of
such date, and

          (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished, excluding from any such list names and
addresses received by the Trustee in its capacity as Securities Registrar.

Section 7.2 Preservation of Information, Communications to Holders.

          (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as
Securities Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

          (b) The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided in the Trust Indenture Act.

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          (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of the disclosure of information as to the names and addresses of the Holders
made pursuant to the Trust Indenture Act.

Section 7.3 Reports by Trustee.

          (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act, at the times and in
the manner provided pursuant thereto.

          (b) Reports so required to be transmitted at stated intervals of not more than 12 months shall
be transmitted no later than 60 days after September 30 in each calendar year, commencing with the
first September 30 after the first issuance of Securities under this Indenture.

          (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange upon which any Securities are listed, with the Commission
and with the Company. The Company will notify the Trustee in writing when any Securities are
listed on any securities exchange.

Section 7.4 Reports by Company.

          The Company shall file with the Trustee and the Commission, and transmit to Holders, copies of
such information, documents and other reports, and such summaries thereof, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture
Act; provided that any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act shall be filed with the
Trustee within 15 days after the same are filed with the Commission.

ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.1 Company May Consolidate, Etc., only on Certain Terms.

          The Company shall not consolidate with or merge into any other Person or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, and no Person shall
consolidate with or merge into the Company or convey, transfer or lease its properties and assets
substantially as an entirety to the Company, unless:

     (1) in case the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, the
Person formed by such consolidation or into which the Company is merged or the Person that
acquires by conveyance or transfer, or that leases, the properties and assets of the Company
substantially as an entirety shall be organized and existing under the laws of the United
States of America or any State or the District of Columbia and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to

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the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual
payment of the principal of (and premium, if any) and interest (including any Additional
Interest) on all the Securities and the performance of every covenant of this Indenture on
the part of the Company to be performed or observed;

     (2) immediately after giving effect to such transaction, no Event of Default, and no
event that, after notice or lapse of time, or both, would become an Event of Default, shall
have happened and be continuing;

     (3) in the case of the Securities of a series issued to a Webster Trust, such
consolidation, merger, conveyance, transfer or lease is permitted under the related Trust
Agreement and Webster Guarantee and does not give rise to any breach or violation of the
related Trust Agreement or Webster Guarantee; and

     (4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and any
such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with; and the Trustee,
subject to Section 6.1, may rely upon such Officers’ Certificate and Opinion of Counsel as
conclusive evidence that such transaction complies with this Section; and the Trustee,
subject to Section 6.1, may rely upon such Officers’ Certificate and Opinion of Counsel as
conclusive evidence that such transaction complies with this Section 8.1.

Section 8.2 Successor Corporation Substituted.

          Upon any consolidation or merger by the Company with or into any other Person, or any
conveyance, transfer or lease by the Company of its properties and assets substantially as an
entirety to any Person in accordance with Section 8.1, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person had been named as the
Company herein; and in the event of any such conveyance, transfer or lease the Company shall be
discharged from all obligations and covenants under the Indenture and the Securities and may be
dissolved and liquidated.

          Such successor Person may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Securities issuable hereunder that theretofore shall not
have been signed by the Company and delivered to the Trustee; and, upon the order of such successor
Person instead of the Company and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities that
previously shall have been signed and delivered by the officers of the Company to the Trustee for
authentication pursuant to such provisions and any Securities that such successor Person thereafter
shall cause to be signed and delivered to the Trustee on its behalf for the purpose pursuant to
such provisions. All the Securities so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Securities theretofore or

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thereafter issued in accordance with the terms of this Indenture as though all of such
Securities had been issued at the date of the execution hereof.

          In case of any such consolidation, merger, sale, conveyance or lease, such changes in
phraseology and form may be made in the Securities thereafter to be issued as may be appropriate.

ARTICLE IX

SUPPLEMENTAL INDENTURES

Section 9.1
Supplemental Indentures without Consent of Holders.

          Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

     (1) to evidence the succession of another Person to the Company, and the assumption by
any such successor of the covenants of the Company herein and in the Securities contained;
or

     (2) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee
or to surrender any right or power herein conferred upon the Company; or

     (3) to establish the form or terms of Securities of any series as permitted by Section
2.1 or 3.1; or

     (4) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the
Company; or

     (5) to add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such additional Events of Default are to be for the benefit
of less than all series of Securities, stating that such additional Events of Default are
expressly being included solely for the benefit of such series); or

     (6) add to, change or eliminate any of the provisions of this Indenture in respect of
one or more series of Securities, provided that any such addition, change or elimination (a)
shall become effective only when there is no Security Outstanding of any series created
prior to the execution of such supplemental indenture that is entitled to the benefit of
such provision or (b) shall not apply to any Outstanding Securities; or

     (7) to cure any ambiguity, to correct or supplement any provision herein that may be
defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, provided that

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such action pursuant to this clause (7) shall not adversely affect the interest of the
Holders of Securities of any series in any material respect or, in the case of the
Securities of a series issued to a Webster Trust and for so long as any of the corresponding
series of Trust Preferred Securities issued by such Webster Trust shall remain outstanding,
the holders of such Trust Preferred Securities; or

     (8) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11(b); or

     (9) to add, change or eliminate any provision of this Indenture as necessary or
desirable in accordance with any amendments to the Trust Indenture Act, provided that such
action shall not adversely affect the interest of the holders of the Securities in any
material respect; or

     (10) to add to or change any terms of this Indenture or the Securities of such series
to conform the terms of such Securities or this Indenture as it relates to such Securities
to the description of such Securities in the prospectus or other offering document pursuant
to which such Securities or corresponding Trust Preferred Securities are offered to
purchasers thereof; or

     (11) to change or eliminate any restrictions on the payment of principal or premium, if
any, on Securities in registered form, provided that any such action shall not adversely
affect the interests of the Holders of the Securities of any series in any material respect.

Section 9.2 Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority in the aggregate principal amount
of the Outstanding Securities of each series affected by such supplemental indenture, by Act of
said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby,

     (1) except to the extent permitted by Section 3.11 or as otherwise specified as
contemplated by Section 2.1 or Section 3.1 with respect to the deferral of the payment of
interest on the Securities of any series, change the Stated Maturity of any payment of
principal of, or any installment of interest (including any Additional Interest) on, any
Security, or reduce any of the payments due on the Securities or change the manner of
calculating such payments in a manner adverse to the Holders of any Security, or change

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the place of payment of the Securities in a manner adverse to Holders of the
Securities, or change the coin or currency in which any payment on the Securities is
payable, or impair the right to institute suit for the enforcement of any such payment due
on the Securities, or

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or

     (3) modify any of the provisions of this Section, Section 5.13 or Section 10.5, or

     (4) modify the provisions in Article XIII of this Indenture with respect to the
subordination of Outstanding Securities of any series in a manner adverse to the Holders
thereof;

provided, further, that, in the case of the Securities of a series issued to a Webster Trust, so
long as any of the corresponding series of Trust Preferred Securities issued by such Webster Trust
remains outstanding, (i) no such amendment shall be made that adversely affects the holders of such
Trust Preferred Securities in any material respect without the prior consent of the holders of at
least a majority of the aggregate Liquidation Amount of such Trust Preferred Securities then
outstanding and (ii) no such amendment which would require the consent of the Holder of each
Outstanding Security may be made without the prior consent of the holder of each Trust Preferred
Security then outstanding.

     A supplemental indenture that changes or eliminates any covenant or other provision of this
Indenture that has expressly been included solely for the benefit of one or more particular series
of Securities or the Trust Preferred Securities of one or more Webster Trusts, or that modifies the
rights of the Holders of Securities of such series or holders of Trust Preferred Securities of such
Webster Trust with respect to such covenant or other provision, shall be deemed not to affect the
rights under this Indenture of the Holders of Securities of any other series or holders of Trust
Preferred Securities of other Webster Trusts.

     It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

Section 9.3 Execution of Supplemental Indentures.

     In executing or accepting the additional trusts created by any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be provided with, and (subject to Section 6.1) shall be fully protected in relying
upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and that all conditions
precedent herein provided to be complied with by the Company in relation to such action have been
complied with. The Trustee may, but shall not be obligated to, enter into any such

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supplemental indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

Section 9.4 Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

Section 9.5 Conformity with Trust Indenture Act.

     Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

Section 9.6 Reference in Securities to Supplemental Indentures.

     Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Company, bear a notation in
form approved by the Company as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Company, to any such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

Section 9.7 Subordination Unimpaired.

     No provision in any supplemental indenture that adversely affects the superior position of any
holder of Senior and Subordinated Debt shall be effective against any such holder of Senior and
Subordinated Debt, unless such holder shall have consented thereto.

ARTICLE X

COVENANTS

Section 10.1 Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on the Securities of
that series in accordance with the terms of such Securities and this Indenture.

Section 10.2 Maintenance of Office or Agency.

     The Company will maintain in each Place of Payment for any series of Securities, an office or
agency where Securities of that series may be presented or surrendered for payment and an office or
agency where Securities of that series may be surrendered for transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. The Company initially appoints the Trustee, acting

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through its Corporate Trust Office, as its agent for said purposes. The Company will give
prompt written notice to the Trustee of any change in the location of any such office or agency.
If at any time the Company shall fail to maintain such office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands.

     The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all of such
purposes, and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain an
office or agency in each Place of Payment for Securities of any series for such purposes. The
Company will give prompt written notice to the Trustee of any such designation and any change in
the location of any such office or agency.

Section 10.3 Money for Securities Payments to be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any) or
interest on any of the Securities of such series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as
herein provided, and will promptly notify the Trustee in writing of its failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to 10:00 a.m. New York City time on each due date of the principal of or interest on
any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal
(and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of
the Persons entitled to such principal and premium (if any) or interest, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its failure so to act.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will:

     (1) hold all sums held by it for the payment of the principal of (and premium, if any)
or interest on Securities of that series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

     (2) give the Trustee notice of any default by the Company (or any other obligor upon
the Securities of that series) in the making of any payment of principal of (and premium, if
any) or interest; and

     (3) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

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     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on any Security of that
series and remaining unclaimed for two years after such principal (and premium, if any) or interest
has become due and payable shall be paid on Company Request to the Company, or (if then held by the
Company) shall (unless otherwise required by mandatory provision of applicable escheat or abandoned
or unclaimed property law) be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the expense of the
Company cause to be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in the Borough of Manhattan, The City of
New York, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

Section 10.4 Statement as to Compliance.

     The Company shall deliver to the Trustee, within 120 days after the end of each calendar year
of the Company ending after the date hereof, an Officers’ Certificate covering the preceding
calendar year, stating whether or not to the best knowledge of the signers thereof the Company is
in default in the performance, observance or fulfillment of or compliance with any of the terms,
provisions, covenants and conditions of this Indenture, and if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge.
For the purpose of this Section, compliance shall be determined without regard to any grace period
or requirement of notice provided pursuant to the terms of this Indenture.

Section 10.5 Waiver of Certain Covenants.

     The Company may omit in any particular instance to comply with any covenant or condition
provided pursuant to Section 3.1, 9.1(3) or 9.1(4) with respect to the Securities of any series, if
before or after the time for such compliance the Holders of at least a majority in principal amount
of the Outstanding Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company in respect of
any such covenant or condition shall remain in full force and effect. If the Securities of a
series have not been registered under the Securities Act,

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the Holders of at least a majority in principal amount of such series, by Act of such Holders,
may waive compliance by the Company with the Trust Indenture Act with respect to such series unless
such compliance is otherwise required by the Trust Indenture Act.

Section 10.6 Additional Sums; Expenses of a Webster Trust.

     In the case of the Securities of a series issued to a Webster Trust, so long as no Event of
Default has occurred and is continuing and except as otherwise specified as contemplated by Section
2.1 or Section 3.1, in the event that (i) a Webster Trust is the Holder of all of the Outstanding
Securities of such series and (ii) a Tax Event has occurred and is continuing with respect to such
Webster Trust and such Webster Trust shall be required to pay Additional Taxes, the Company shall
pay to such Webster Trust (and its permitted successors or assigns under the related Trust
Agreement) as Holder of the Securities of such series for so long as such Webster Trust (or its
permitted successor or assignee) is the registered Holder of any Securities of such series, such
additional sums as may be necessary in order that the amount of Distributions (including any
Additional Amounts (as defined in such Trust Agreement)) then due and payable by such Webster Trust
on the related Trust Preferred Securities and Common Securities that at any time remain outstanding
in accordance with the terms thereof shall not be reduced as a result of any Additional Taxes
arising from such Tax Event (the “Additional Sums”). Whenever in this Indenture or the Securities
there is a reference in any context to the payment of principal of or interest on the Securities,
such mention shall be deemed to include mention of the payments of the Additional Sums provided for
in this paragraph to the extent that, in such context, Additional Sums are, were or would be
payable in respect thereof pursuant to the provisions of this paragraph and express mention of the
payment of Additional Sums (if applicable) in any provisions hereof shall not be construed as
excluding Additional Sums in those provisions hereof where such express mention is not made;
provided, however, that the deferral of the payment of interest pursuant to Section 3.11 or the
Securities shall not defer the payment of any Additional Sums that may be due and payable.

Section 10.7 Additional Covenants.

     The Company also covenants and agrees with each Holder of Securities of a series issued to a
Webster Trust to maintain directly or indirectly 100% ownership of the Common Securities of such
Webster Trust; provided, however, that any permitted successor of the Company hereunder may succeed
to the Company’s ownership of such Common Securities.

ARTICLE XI

REDEMPTION OF SECURITIES

Section 11.1 Applicability of this Article.

     Redemption of Securities of any series (whether by operation of a sinking fund or otherwise)
as permitted or required by any form of Security issued pursuant to this Indenture shall be made in
accordance with such form of Security and this Article; provided, however, that if any provision of
any such form of Security shall conflict with any provision of this Article, the provision of such
form of Security shall govern. Except as otherwise set forth in the form of

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Security for such series, each Security of such series shall be subject to partial redemption
only in the amount of $1,000 or integral multiples thereof.

Section 11.2 Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution. In case of any redemption at the election of the Company of any of the
Securities of any particular series and having the same terms, the Company shall, not less than 30
nor more than 60 days prior to the Redemption Date (unless a shorter notice shall be satisfactory
to the Trustee), notify the Trustee in writing and, in the case of Securities of a series held by a
Webster Trust, the Property Trustee under the related Trust Agreement, of such date and of the
principal amount of Securities of that series to be redeemed and provide the additional information
required to be included in the notice or notices contemplated by Section 11.4. In the case of any
redemption of Securities prior to the expiration of any restriction on such redemption provided in
the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate
and an Opinion of Counsel evidencing compliance with such restriction.

Section 11.3 Selection of Securities to be Redeemed.

     If less than all the Securities of any series are to be redeemed, the particular Securities to
be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and that may provide for the selection for
redemption of a portion of the principal amount of any Security of such series, provided that the
unredeemed portion of the principal amount of any Security shall be in a denomination (which shall
not be less than the minimum authorized denomination) for such Security. If less than all the
Securities of such series and of a specified tenor are to be redeemed (unless such redemption
affects only a single Security), the particular Securities to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series and specified tenor not previously called for redemption in accordance with the
preceding sentence.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
partial redemption and the principal amount thereof to be redeemed. For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to
the portion of the principal amount of such Security that has been or is to be redeemed. If the
Company shall so direct, Securities registered in the name of the Company, any Affiliate or any
Subsidiary thereof shall not be included in the Securities selected for redemption.

Section 11.4 Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not later
than the thirtieth day, and not earlier than the sixtieth day, prior to the Redemption Date, to
each Holder of Securities to be redeemed, at the address of such Holder as it appears in the
Securities Register.

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     With respect to Securities of each series to be redeemed, each notice of redemption shall
state:

     (a) the Redemption Date;

     (b) the Redemption Price or if the Redemption Price cannot be calculated prior to the time the
notice is required to be sent, the estimate of the Redemption Price provided pursuant to the
Indenture together with a statement that it is an estimate and that the actual Redemption Price
will be calculated on a specified day prior to the Redemption Date;

     (c) if less than all Outstanding Securities of such particular series and having the same
terms are to be redeemed, the identification (and, in the case of partial redemption, the
respective principal amounts) of the particular Securities to be redeemed;

     (d) that on the Redemption Date, the Redemption Price will become due and payable upon each
such Security or portion thereof, and that interest thereon, if any, shall cease to accrue on and
after said date;

     (e) the place or places where such Securities are to be surrendered for payment of the
Redemption Price; and

     (f) that the redemption is for a sinking fund, if such is the case.

     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company and shall be irrevocable. If the Trustee is giving the notice of redemption, the
Company shall so advise the Trustee at least five (5) Business Days prior to the mailing date of
such notice of redemption. The notice if mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives such notice. In
any case, a failure to give such notice by mail or any defect in the notice to the Holder of any
Security designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security.

Section 11.5 Deposit of Redemption Price.

     Prior to 10:00 a.m. New York City time on the Redemption Date specified in the notice of
redemption given as provided in Section 11.4, the Company will deposit with the Trustee or with one
or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will
segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the
Redemption Price of, and any accrued interest (including Additional Interest) on, all the
Securities that are to be redeemed on that date.

Section 11.6 Payment of Securities Called for Redemption.

     If any notice of redemption has been given as provided in Section 11.4, the Securities or
portion of Securities with respect to which such notice has been given shall become due and payable
on the date and at the place or places stated in such notice at the applicable Redemption Price.
On presentation and surrender of such Securities at a Place of Payment in

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said notice specified, the said Securities or the specified portions thereof shall be paid and
redeemed by the Company at the applicable Redemption Price, together with accrued interest
(including any Additional Interest) to the Redemption Date; provided, however, that, unless
otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity
is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the relevant record
dates according to their terms and the provisions of Section 3.7.

     Upon presentation of any Security redeemed in part only, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder thereof, at the expense of the Company, a new
Security or Securities of the same series, of authorized denominations, in aggregate principal
amount equal to the unredeemed portion of the Security so presented and having the same Original
Issue Date, Stated Maturity and terms. If a Global Security is so surrendered, such new Security
(subject to Section 3.5) will also be a new Global Security.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal of and premium, if any, on such Security shall, until paid, bear interest
from the Redemption Date at the rate prescribed therefor in the Security.

ARTICLE XII

SINKING FUNDS

Section 12.1 Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of any series except as otherwise specified as contemplated by Section 3.1 for such
Securities.

     The minimum amount of any sinking fund payment provided for by the terms of any Securities of
any series is herein referred to as a “mandatory sinking fund payment,” and any sinking fund
payment in excess of such minimum amount that is permitted to be made by the terms of such
Securities of any series is herein referred to as an “optional sinking fund payment.” If provided
for by the terms of any Securities of any series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to
the redemption (or purchase by tender or otherwise) of Securities of any series as provided for by
the terms of such Securities.

Section 12.2 Satisfaction of Sinking Fund Payments with Securities.

     In lieu of making all or any part of a mandatory sinking fund payment with respect to any
Securities of a series in cash, the Company may at its option, at any time no more than 16 months
and no less than 45 days prior to the date on which such sinking fund payment is due, deliver to
the Trustee Securities of such series (together with the unmatured coupons, if any, appertaining
thereto) theretofore purchased or otherwise acquired by the Company, except Securities of such
series that have been redeemed through the application of mandatory or

65

 

optional sinking fund payments pursuant to the terms of the Securities of such series,
accompanied by a Company Order instructing the Trustee to credit such obligations and stating that
the Securities of such series were originally issued by the Company by way of bona fide sale or
other negotiation for value; provided that the Securities to be so credited have not been
previously so credited. The Securities to be so credited shall be received and credited for such
purpose by the Trustee at the Redemption Price for such Securities, as specified in the Securities
so to be redeemed, for redemption through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.

Section 12.3 Redemption of Securities for Sinking Fund.

     Not less than 60 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the
portion thereof, if any, which is to be satisfied by payment of cash in the currency in which the
Securities of such series are payable (except as provided pursuant to Section 3.1) and the portion
thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to
Section 12.2 and will also deliver to the Trustee any Securities to be so delivered. Such
Officers’ Certificate shall be irrevocable and upon its delivery the Company shall be obligated to
make the cash payment or payments therein referred to, if any, on or before the succeeding sinking
fund payment date. In the case of the failure of the Company to deliver such Officers’ Certificate
(or, as required by this Indenture, the Securities and coupons, if any, specified in such Officers’
Certificate), the sinking fund payment due on the succeeding sinking fund payment date for such
series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of the
Securities of such series subject to a mandatory sinking fund payment without the right to deliver
or credit securities as provided in Section 12.2 and without the right to make the optional sinking
fund payment with respect to such series at such time.

     Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused
balance of any preceding sinking fund payments made with respect to the Securities of any
particular series shall be applied by the Trustee (or by the Company if the Company is acting as
its own Paying Agent) on the sinking fund payment date on which such payment is made (or, if such
payment is made before a sinking fund payment date, on the sinking fund payment date immediately
following the date of such payment) to the redemption of Securities of such series at the
Redemption Price specified in such Securities with respect to the sinking fund. Any sinking fund
moneys not so applied or allocated by the Trustee (or, if the Company is acting as its own Paying
Agent, segregated and held in trust by the Company as provided in Section 10.3) for such series and
together with such payment (or such amount so segregated) shall be applied in accordance with the
provisions of this Section. Any and all sinking fund moneys with respect to the Securities of any
particular series held by the Trustee (or if the Company is acting as its own Paying Agent,
segregated and held in trust as provided in Section 10.3) on the last sinking fund payment date
with respect to Securities of such series and not held for the payment or redemption of particular
Securities of such series shall be applied by the Trustee (or by the Company if the Company is
acting as its own Paying Agent), together with other moneys, if necessary, to be deposited (or
segregated) sufficient for the purpose, to the payment of the principal of the Securities of such
series at Maturity. The Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in

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Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner stated in Section
11.6. On or before each sinking fund payment date, the Company shall pay to the Trustee (or, if
the Company is acting as its own Paying Agent, the Company shall segregate and hold in trust as
provided in Section 10.3) in cash a sum in the currency in which Securities of such series are
payable (except as provided pursuant to Section 3.1) equal to the principal, premium, if any, and
any interest accrued to the Redemption Date for Securities or portions thereof to be redeemed on
such sinking fund payment date pursuant to this Section.

     Neither the Trustee nor the Company shall redeem any Securities of a series with sinking fund
moneys or mail any notice of redemption of Securities of such series by operation of the sinking
fund for such series during the continuance of a default in payment of interest, if any, on any
Securities of such series or of any Event of Default (other than an Event of Default occurring as a
consequence of this paragraph) with respect to the Securities of such series, except that if the
notice of redemption shall have been provided in accordance with the provisions hereof, the Trustee
(or the Company, if the Company is then acting as its own Paying Agent) shall redeem such
Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated
by the Company) for that purpose in accordance with the terms of this Article. Except as
aforesaid, any moneys in the sinking fund for such series at the time when any such default or
Event of Default shall occur and any moneys thereafter paid into such sinking fund shall, during
the continuance of such default or Event of Default, be held as security for the payment of the
Securities and coupons, if any, of such series; provided, however, that in case such default or
Event of Default shall have been cured or waived herein, such moneys shall thereafter be applied on
the next sinking fund payment date for the Securities of such series on which such moneys may be
applied pursuant to the provisions of this Section.

ARTICLE XIII

SUBORDINATION OF SECURITIES

Section 13.1 Securities Subordinate to Senior and Subordinated Debt.

     The Company, for itself, its successors and assigns, covenants and agrees, and each Holder
likewise covenants and agrees by his acceptance thereof, that the obligations of the Company to
make any payment on account of the principal of (or premium, if any) and interest on each and all
of the Securities shall be subordinate and junior, to the extent and in the manner hereinafter set
forth, in right of payment and upon liquidation to the Company’s obligations to the holders of
Senior and Subordinated Debt of the Company.

Section 13.2 Company Not to Pay if Senior and Subordinated Debt of Company is in Default.

     No payment on account of principal of (or premium, if any) or interest on the Securities shall
be made by the Company unless full payment of amounts then due for principal (and premium, if any),
sinking funds, and interest on Senior and Subordinated Debt of the Company has been made or duly
provided for in money or money’s worth in accordance with its terms. No payment on account of
principal of (or premium, if any) or interest on the Securities

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shall be made by the Company if, at the time of such payment or immediately after giving
effect thereto, there shall have occurred an event of default with respect to any Senior and
Subordinated Debt of the Company or in any instrument under which the same is outstanding,
permitting the holders thereof (or a trustee on behalf of the holders thereof) to accelerate the
maturity thereof, or an event that, with the giving of notice or the passage of time or both, would
constitute such event of default, and such event of default shall not have been cured or waived.

Section 13.3 Payment over of Proceeds upon Dissolution, Default, Etc., of the Company.

     The Company agrees that upon (i) the occurrence of any event of default referred to in Section
13.2 above that shall not have been cured or waived or (ii) any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or securities, to creditors upon
any dissolution or winding up or total or partial liquidation or reorganization of the Company,
whether voluntary or involuntary or in bankruptcy, insolvency, receivership, conservatorship or
other proceedings, all principal (and premium, if any), sinking fund payments and interest due or
to become due upon all Senior and Subordinated Debt of the Company shall first be paid in full, or
payment thereof provided for in money or money’s worth in accordance with its terms, before any
payment is made on account of the principal of (or premium, if any) or interest on the indebtedness
evidenced by the Securities due and owing at the time and upon any such dissolution or winding up
or liquidation or reorganization, any payment or distribution of assets of the Company of any kind
or character, whether in cash, property or securities (other than securities of the Company or any
other Person provided for by a plan of reorganization or readjustment, the payment of which is
subordinate, at least to the extent provided in this Section with respect to the Securities, to the
payment in full of all Senior and Subordinated Debt, provided the rights of the Holders of the
Senior and Subordinated Debt are not altered by such reorganization or readjustment), to which the
Holders of the Securities would, except for the provisions hereof, be entitled, shall be paid by
the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person
making such payment or distribution, or by the Holders or by the Trustee under this Indenture if
received by them or it, directly to the holders of Senior and Subordinated Debt of the Company (pro
rata to each such holder on the basis of the respective amounts of Senior and Subordinated Debt
held by such holder) or their representatives, to the extent necessary to pay all Senior and
Subordinated Debt of the Company in full, in money or money’s worth, after giving effect to any
concurrent payment or distribution to or for the holders of such Senior and Subordinated Debt,
before any payment or distribution is made to the Holders of the indebtedness evidenced by the
Securities or to the Trustee or to any Paying Agent for the account of the Holders of the
Securities (subject, in the case of the Trustee or any Paying Agent, to the provisions of Section
6.7) under this Indenture.

     In the event that any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, including any such payment or distribution that
may be payable or deliverable by reason of the payment of any other indebtedness of the Company
being subordinated to the payment of the Securities, not permitted by the foregoing, shall be
received by the Trustee or any Holder before all Senior and Subordinated Debt of the Company is
paid in full, or provision is made for such payment, in accordance with its terms, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the
holders of such Senior and Subordinated Debt of the Company (pro rata to each

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such holder on the basis of the respective amounts of Senior and Subordinated Debt held by
such holder) or their representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any of such Senior and Subordinated Debt of
the Company may have been issued, as their respective interests may appear, or to any receiver,
trustee in bankruptcy, liquidating trustee, agent or other person making such distribution, for
application to the payment of all Senior and Subordinated Debt of the Company remaining unpaid to
the extent necessary to pay all such Senior and Subordinated Debt of the Company in full in
accordance with its terms, after giving effect to any concurrent payment or distribution to the
holders of such Senior and Subordinated Debt of the Company.

     The consolidation of the Company with, or the merger of the Company into, another corporation
or the liquidation or dissolution of the Company following the conveyance or transfer of its
properties and assets substantially as an entirety to another Person upon the terms and conditions
set forth in Article VIII shall not be deemed a dissolution, winding up, liquidation or
reorganization for the purposes of this Section if the corporation formed by such consolidation or
into which the Company is merged or the Person that acquires by conveyance or transfer such
properties and assets substantially as an entirety, as the case may be, shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions set forth in Article
VIII.

Section 13.4 Subrogation to Rights of Holders of Senior and Subordinated Debt.

     Subject to the prior payment in full of all Senior and Subordinated Debt of the Company, the
Holders shall be subrogated (equally and ratably with the holders of all indebtedness of the
Company that by its express terms is subordinated to indebtedness of the Company to substantially
the same extent as the Securities are subordinated and is entitled to like rights of subrogation)
to the rights of the holders of such Senior and Subordinated Debt to receive payments or
distributions of cash, property and securities applicable to the Senior and Subordinated Debt of
the Company until the Securities shall be paid in full. For purposes of such subrogation, no
payments or distributions in respect of the Senior and Subordinated Debt of the Company of any
cash, property or securities to which the Holders of the Securities or the Trustee would be
entitled except for the provisions of this Article, and no payments over pursuant to the provisions
of this Article to the holders of Senior and Subordinated Debt by Holders of the Securities or the
Trustee, shall, as between the Company, its creditors other than holders of Senior and Subordinated
Debt of the Company and the Holders of the Securities, be deemed to be a payment or distribution by
the Company to or on account of the Senior and Subordinated Debt of the Company; and no payments or
distributions to the Trustee or the Holders of the Securities of cash, property or securities that
are applied to the satisfaction of Senior and Subordinated Debt of the Company, as the case may be,
by virtue of the subordination herein provided for shall, as between the Company, its creditors
other than the holders of Senior and Subordinated Debt of the Company and the Holders of the
Securities, be deemed to be a payment by the Company to or on account of the Securities.

Section 13.5 Reliance on Certificate of Liquidating Agent.

     Upon any payment or distribution of assets of the Company referred to in this Article, the
Trustee, subject to the provisions of Section 6.1, and the Holders shall be entitled to

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rely upon an order or decree made by any court of competent jurisdiction in which such
dissolution or winding up or liquidation or reorganization or arrangement proceedings are pending
or upon a certificate of the trustee in bankruptcy, receiver, conservator, assignee for the benefit
of creditors or other person making such payment or distribution, delivered to the Trustee or to
the Holders, for the purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior and Subordinated Debt, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts pertinent or to this
Article.

Section 13.6 Payment Permitted if No Default.

     Nothing contained in this Article or elsewhere in this Indenture, or in any of the Securities,
shall prevent (a) the Company, at any time except during the pendency of any dissolution, winding
up, liquidation or reorganization or other similar proceedings referred to in Section 13.3 or under
the conditions described in Section 13.2, from making payments at any time of principal of (or
premium, if any) or interest on the Securities or (b) the application by the Trustee or any Paying
Agent of any moneys deposited with it hereunder to the payment of or on account of the principal of
(or premium, if any) or interest on Securities, if, at the time of such application, the Trustee or
such Paying Agent, as the case may be, did not have the written notice provided for in Section 13.7
(subject to Section 13.12) of any event prohibiting the making of such deposit or if, at the time
of such deposit (whether or not in trust) by the Company with the Trustee or any Paying Agent
(other than the Company), such payment would not have been prohibited by the provisions of this
Article.

Section 13.7 Trustee Not Charged with Knowledge of Prohibition.

     Anything in this Article or elsewhere in this Indenture contained to the contrary
notwithstanding, the Trustee shall not at any time be charged with knowledge of the existence of
any facts that would prohibit the making of any payment of moneys to or by the Trustee and, subject
to the provisions of Section 6.1, shall be entitled to assume that no event of default or
prohibition specified in Section 13.2 has happened, until the Trustee shall have received an
Officers’ Certificate of the Company to that effect or notice in writing signed by or on behalf of
the holders, or their representatives, of at least $1,000,000 in principal amount of Senior and
Subordinated Debt of the Company who shall have been certified by the Company or otherwise
established to the reasonable satisfaction of the Trustee to be such holders or representatives or
from any trustee under any indenture pursuant to which such Senior and Subordinated Debt shall be
outstanding.

Section 13.8 Provisions are Solely to Define Relative Rights.

     The provisions of this Article are and are intended solely for the purpose of defining the
relative rights of the Holders on the one hand, and the holders of the Senior and Subordinated Debt
on the other. Nothing contained in this Article or elsewhere in this Indenture or in the
Securities is intended to or shall (a) impair, as among the Company, its creditors other than
holders of Senior and Subordinated Debt and the Holders of the Securities, the obligation of the
Company, which is absolute and unconditional (and which, subject to the rights under this Article
of the holders of Senior and Subordinated Debt, is intended to rank equally with all other

70

 

general obligations of the Company), to pay to the Holders of the Securities the principal of
(and premium, if any, on) and interest on the Securities as and when the same shall become due and
payable in accordance with their terms; (b) affect the relative rights against the Company of the
Holders of the Securities and creditors of the Company other than the holders of Senior and
Subordinated Debt; or (c) prevent the Trustee or the Holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the
rights, if any, under this Article of the holders of Senior and Subordinated Debt, to receive cash,
property and securities otherwise payable or deliverable to the Trustee or such Holder.

Section 13.9 No Waiver of Subordination Provisions.

     No right of any present or future holder of any Senior and Subordinated Debt of the Company to
enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by
any act or failure to act on the part of the Company or by any act or failure to act, in good
faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.

Section 13.10 Trustee to Effectuate Subordination.

     Each Holder by his acceptance of a Security or Securities authorizes and directs the Trustee
in his behalf to take such action as may be necessary or appropriate to effectuate the
subordination as provided in this Article and appoints the Trustee his attorney-in-fact for any and
all such purposes.

     The Trustee, however, shall not be deemed to owe any duty or obligation, including any
fiduciary duty to the holders of Senior and Subordinated Debt and shall not be liable to any such
holders or creditors if it shall pay over or distribute to or on behalf of Holders of the
Securities or the Company moneys or assets to which any holder of Senior and Subordinated Debt
shall be entitled by virtue of this Article.

Section 13.11 Rights of Trustee as Holder of Senior and Subordinated Debt.

     The Trustee shall be entitled to all the rights set forth in this Article with respect to any
Senior and Subordinated Debt that may at any time be held by it, to the same extent as any other
holder of Senior and Subordinated Debt, as the case may be, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder.

Section 13.12 Article Applicable to Paying Agents.

     In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company with respect to a series of securities and be then acting hereunder, the term “Trustee” as
used in this Article shall in such case (unless the context shall otherwise require) be construed
as extending to, and including such Paying Agent within its meaning as fully for all intents and
purposes as if such Paying Agent were named in this Article in addition to or in place of the
Trustee; provided, however, that Sections 13.8 and 13.11 shall not apply to the Company or any
Affiliate of the Company if it or such Affiliate acts as Paying Agent; and provided, further, that
no Paying Agent (other than the Company or any Affiliate of the

71

 

Company if it or such Affiliate acts as Paying Agent) shall be liable to any such holder if it
shall pay over or distribute to or on behalf of Holders of Securities or the Company or any other
Person moneys or assets to which any holder of Senior and Subordinated Debt shall be entitled by
virtue of this Article or otherwise shall be deemed to owe any fiduciary duty to the holders of
Senior and Subordinated Debt. No Paying Agent shall be deemed to have received any Officers’
Certificate or notice required pursuant to or referred in this Article (whether or not actually
received) until after the second Business Day after any such notice shall have been delivered to a
Responsible Officer of such Paying Agent at the Paying Agent Office of such Paying Agent, as such
Responsible Officer and Paying Agent Office shall be specified with respect to such series in
accordance with Section 3.1; and furthermore, Section 6.1 (as referred to in Sections 13.5 and
13.7) and the first paragraph of Section 13.10 are not applicable to any Paying Agent.

Section 13.13 All Indenture Provisions Subject to Article XIII

     The provisions of this Article XIII shall not apply to amounts to the Trustee under Section
6.7.

ARTICLE XIV

REPAYMENT AT THE OPTION OF HOLDERS

Section 14.1 Applicability of Article.

     Securities of any series that are repayable at the option of the Holders thereof before their
Stated Maturity shall be repaid in accordance with their terms and (except as otherwise specified
pursuant to Section 3.1 for Securities of such series) in accordance with this Article.

Section 14.2 Repayment of Securities.

     Each Security that is subject to repayment in whole or in part at the option of the Holder
thereof on a Repayment Date shall be repaid at the applicable Repayment Price together with
interest accrued to such Repayment Date as specified pursuant to Section 3.1.

Section 14.3 Exercise of Option; Notice.

     Each Holder desiring to exercise such Holder’s option for repayment shall, as conditions to
such repayment, surrender the Security to be repaid in whole or in part together with written
notice of the exercise of such option at any office or agency of the Company in a Place of Payment,
not less than 30 nor more than 45 days prior to the Repayment Date. Such notice, which shall be
irrevocable, shall specify the principal amount of such Security to be repaid, which shall be equal
to the minimum authorized denomination for such Security or an integral multiple thereof, and shall
identify the Security to be repaid and, in the case of a partial repayment of the Security, shall
specify the denomination or denominations of the Security or Securities of the same series to be
issued to the Holder for the portion of the principal of the Security surrendered that is not to be
repaid.

     The Company shall execute and the Trustee shall authenticate and deliver without service
charge to the Holder of any Security so surrendered a new Security or Securities of the

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same series, of any authorized denomination specified in the foregoing notice, in an aggregate
principal amount equal to any portion of the principal of the Security so surrendered that is not
to be repaid.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the repayment of Securities shall relate, in the case of any Security repaid or to be
repaid only in part, to the portion of the principal of such Security that has been or is to be
repaid.

Section 14.4 Securities Payable on the Repayment Date.

     Notice of exercise of the option of repayment having been given and the Securities so to be
repaid having been surrendered as aforesaid, such Securities shall, unless purchased in accordance
with this Section, on the Repayment Date become due and payable at the price therein specified and
from and after the Repayment Date such Securities shall cease to bear interest and shall be paid on
the Repayment Date, unless the Company shall default in the payment of such price in which case the
Company shall continue to be obligated for the principal amount of such Securities and shall be
obligated to pay interest on such principal amount at the rate borne by such Securities from time
to time until payment in full of such principal amount.

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     In Witness Whereof, the parties hereto have caused this Indenture to be duly executed
and attested, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Webster Financial Corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gerald P. Plush
 

	 
	 

	 	 	 	Name:	Gerald P. Plush	 
	 

	 	 	 	Title:	Executive Vice President
and Chief
Financial Officer
	 
	 	 	 	 	 	 
	 	 	The Bank of New York,

as Trustee	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott I. Klein
 

	 	 
	 

	 	 	 	Name:	Scott I. Klein	 
	 

	 		 	Title:	Assistant Treasurer

74EX-4.2

 

Exhibit 4.2

First Supplemental Indenture

between

WEBSTER FINANCIAL CORPORATION

and

THE BANK OF NEW YORK

Dated as of June 20, 2007

Supplement to Junior Subordinated Indenture,

dated as of June 20, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	Section 1.1 Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II GENERAL TERMS AND CONDITIONS OF THE JUNIOR SUBORDINATED NOTES
	 	 	12	 
	 
	 	 	 	 
	Section 2.1 Designation, Principal Amount and Authorized Denomination
	 	 	12	 
	Section 2.2 Repayment
	 	 	12	 
	Section 2.3 Form
	 	 	16	 
	Section 2.4 Rate of Interest; Interest Payment Date
	 	 	16	 
	Section 2.5 Interest Deferral
	 	 	17	 
	Section 2.6 Dividend and Other Payment Stoppages during Extension Period
	 	 	18	 
	Section 2.7 Alternative Payment Mechanism
	 	 	20	 
	Section 2.8 Redemption of the Junior Subordinated Notes
	 	 	23	 
	Section 2.9 Events of Default
	 	 	24	 
	Section 2.10 Securities Registrar; Paying Agent; Delegation of Trustee Duties
	 	 	25	 
	Section 2.11 [RESERVED]
	 	 	25	 
	Section 2.12 Limitation on Claims in the Event of Bankruptcy, Insolvency or Receivership

	 	 	25	 
	Section 2.13 Unconditional Right of Holders to Receive Principal, Premium and Interest;
Direct Action by Holders of Trust Preferred Securities
	 	 	25	 
	 
	 	 	 	 
	ARTICLE III [RESERVED]
	 	 	26	 
	 
	 	 	 	 
	 
	 	 	 	 
	ARTICLE IV REPAYMENT OF JUNIOR SUBORDINATED NOTES
	 	 	26	 
	 
	 	 	 	 
	Section 4.1 Repayments
	 	 	26	 
	Section 4.2 Selection of the Junior Subordinated Notes to be Repaid
	 	 	26	 
	Section 4.3 Notice of Repayment
	 	 	26	 
	Section 4.4 Deposit of Repayment Amount
	 	 	27	 
	Section 4.5 Repayment of Junior Subordinated Notes
	 	 	27	 
	 
	 	 	 	 
	ARTICLE V FORM OF JUNIOR SUBORDINATED NOTE
	 	 	28	 
	 
	 	 	 	 
	Section 5.1 Form of Junior Subordinated Notes
	 	 	28	 
	 
	 	 	 	 
	ARTICLE VI ORIGINAL ISSUE OF JUNIOR SUBORDINATED NOTES
	 	 	38	 
	 
	 	 	 	 
	Section 6.1 Original Issue of Junior Subordinated Notes
	 	 	38	 
	Section 6.2 Calculation of Original Issue Discount
	 	 	38	 
	 
	 	 	 	 
	ARTICLE VII SUBORDINATION
	 	 	38	 
	 
	 	 	 	 
	Section 7.1 Senior and Subordinated Debt
	 	 	38	 
	Section 7.2 Compliance with Federal Reserve Rules
	 	 	38	 

i

 

	 	 	 	 	 
	ARTICLE VIII MISCELLANEOUS
	 	 	39	 
	 
	 	 	 	 
	Section 8.1 Effectiveness
	 	 	39	 
	Section 8.2 Successors and Assigns
	 	 	39	 
	Section 8.3 Further Assurances
	 	 	39	 
	Section 8.4 Effect of Recitals
	 	 	39	 
	Section 8.5 Ratification of Indenture
	 	 	39	 
	Section 8.6 Governing Law
	 	 	39	 

ii

 

          First Supplemental Indenture, dated as of June 20, 2007 (the “First Supplemental
Indenture”), between Webster Financial Corporation, a Delaware corporation (the
“Company”), having its principal office at Webster Plaza, 145 Bank Street, Waterbury, CT 06702, and
The Bank of New York, a New York banking corporation, as trustee (hereinafter called the
“Trustee”).

Recitals Of The Company

          WHEREAS, the Company and the Trustee entered into a Junior Subordinated Indenture, dated as of
June 20, 2007 (the “Indenture”).

          WHEREAS, Webster Capital Trust IV, a Delaware statutory trust (the “Trust”), has offered to
the public its trust preferred securities known as 7.65% Fixed to Floating Rate Trust Preferred
Securities (the “Trust Preferred Securities”), which are beneficial interests in the Trust, and
proposes to invest the proceeds from such offering, together with the proceeds of the issuance and
sale by the Trust to the Company of its common securities (the “Trust Common Securities” and,
together with the Trust Preferred Securities, the “Trust Securities”), in the Junior Subordinated
Notes (as defined herein);

          WHEREAS, Section 9.1 of the Indenture provides that the Company and the Trustee may, without
the consent of any Holder, enter into a supplemental indenture to establish the form or terms of
securities of any series as permitted by Section 2.1 or 3.1 thereof;

          WHEREAS, pursuant to Sections 2.1 and 3.1 of the Indenture, the Company desires to provide for
the establishment of a first series of Securities under the Indenture, the form and substance of
such Securities and the terms, provisions and conditions thereof to be set forth as provided in the
Indenture and this First Supplemental Indenture;

          WHEREAS, the Company has delivered to the Trustee an Opinion of Counsel and an Officers’
Certificate pursuant to Section 9.3 of the Indenture to the effect that the execution and delivery
of the First Supplemental Indenture is authorized or permitted under the Indenture and that all
conditions precedent provided for in the Indenture to the execution and delivery of this First
Supplemental Indenture to be complied with by the Company have been complied with;

          WHEREAS, all other conditions and requirements necessary to make this First Supplemental
Indenture a valid and binding instrument in accordance with its terms and the terms of the
Indenture have been satisfied;

          WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee is authorized to execute and
deliver this First Supplemental Indenture;

          WHEREAS, the Company has requested that the Trustee execute and deliver this First
Supplemental Indenture.

          NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: For and in consideration of the
premises and the purchase of the Junior

 

 

Subordinated Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Junior Subordinated Notes, as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions

          For all purposes of this First Supplemental Indenture, except as otherwise expressly provided
or unless the context otherwise requires:

     (a) Terms defined in the Indenture or the Declaration of Trust (as defined herein) have the
same meaning when used in this First Supplemental Indenture unless otherwise specified herein.

     (b) The terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular.

     (c) The words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this First Supplemental Indenture as a whole and not to any particular Article, Section or other
subdivision, and any reference to an Article, Section or other subdivision refers to an Article,
Section or other subdivision of this First Supplemental Indenture.

     (d) Any reference herein to “interest” shall include any Additional Interest.

          “APM Period” means, with respect to any Extension Period, the period commencing on the earlier
of (i) immediately following the first Interest Payment Date on which the Company pays any current
interest on the Junior Subordinated Notes (which it may do from any source of funds) or (ii) the
fifth anniversary of the commencement of the Extension Period, and ending on the next Interest
Payment Date on which the Company has raised an amount of Eligible Proceeds at least equal to the
aggregate amount of accrued and unpaid deferred interest, including compounded interest pursuant to
Section 2.4(a) to the extent permitted by law, on the Junior Subordinated Notes.

          “Applicable Spread” means, with respect to a redemption of the Junior Subordinated Notes,
0.50% if the redemption is within 90 days after the occurrence of a Tax Event or a Rating Agency
Event and 0.35% in all other cases.

          “Bankruptcy Event” means the occurrence of an event set forth in Section 5.1(2) or Section
5.1(3) of the Indenture.

          “Business Combination” means a merger, consolidation, amalgamation or conveyance, transfer or
lease of assets substantially as an entirety by one Person to any other Person.

          “Business Day” means any day other than a Saturday, Sunday or other day on which banking
institutions in New York, New York, Waterbury, Connecticut or Wilmington,

2

 

Delaware are authorized or required by law or executive order to remain closed, provided that,
with respect to the payment of interest accrued on the Junior Subordinated Notes for any period
commencing on or after June 15, 2017, the day is also a London Banking Day.

          “Calculation Agent” means, with respect to the Junior Subordinated Notes, The Bank of New
York, or any other firm appointed by the Company, acting as calculation agent for the Junior
Subordinated Notes.

          “Capital Treatment Event” means the Company’s reasonable determination based on a written
opinion of counsel experienced in such matters, who may be an employee of the Company or of any of
its Affiliates, that, as a result of (i) any amendment to, or clarification of, or change
(including any announced prospective change) in applicable laws (or any rules, regulations or
official interpretations thereunder) of the United States or any political subdivision thereof or
therein, or (ii) any official or administrative pronouncement or action or judicial decision
interpreting or applying such laws, rules or regulations, which amendment, clarification or change
is effective, or which pronouncement, action or decision is announced, on or after the date of
issuance of the Trust Preferred Securities, there is more than an insubstantial risk that the
Company will not be entitled to treat an amount equal to all (or any substantial portion of) the
aggregate liquidation amount of the Trust Preferred Securities as “Tier 1 capital” (or the then
equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve, as then
in effect and applicable to the Company.

          “Commercially Reasonable Efforts” to sell Qualifying Capital Securities means commercially
reasonable efforts to complete the offer and sale of Qualifying Capital Securities of the Company
to third parties other than Subsidiaries of the Company in public offerings or private placements.
The Company shall not be considered to have made Commercially Reasonable Efforts to effect a sale
of Qualifying Capital Securities if it determines not to pursue or complete such sale due to
pricing, coupon, dividend rate or dilution considerations.

          “Common Stock” means any of the Company’s equity securities (including equity securities held
as treasury shares and equity securities sold pursuant to the Company’s dividend reinvestment plan
and its employee benefit plans) that have no preference in the payment of dividends or amounts
payable upon the Company’s liquidation, dissolution or winding up (including a security that tracks
the performance of, or relates to the results of, a business, unit or division of the Company), and
any securities issued in exchange therefor in connection with a merger, consolidation, binding
share exchange, business combination, recapitalization or other similar event.

          “Common Equity Issuance Cap” has the meaning specified in Section 2.7(a)(ii).

          “Company” has the meaning specified in the Recitals.

          “Current Stock Market Price” means, with respect to Common Stock on any date, (i) the closing
sale price per share (or if no closing sale price is reported, the average of the bid and ask
prices or, if more than one in either case, the average of the average bid and the average ask
prices) on that date as reported in composite transactions by the New York Stock Exchange, or (ii)
if Common Stock is not then listed on the New York Stock Exchange, as reported by the

3

 

principal U.S. securities exchange on which Common Stock is traded or quoted on the relevant
date, or (iii) if Common Stock is not listed on any U.S. securities exchange on the relevant date
the last quoted bid price for Common Stock in the over-the-counter market on the relevant date as
reported by the National Quotation Bureau or similar organization, or (iv) if Common Stock is not
so quoted the average of the mid-point of the last bid and ask prices for Common Stock on the
relevant date from each of at least three nationally recognized independent investment banking
firms selected by the Company for this purpose.

          “Declaration of Trust” means the Amended and Restated Trust Agreement, dated as of June 20,
2007, among the Company, as Sponsor of the Trust, The Bank of New York, as the Property Trustee,
The Bank of New York (Delaware), as the Delaware Trustee, and the Administrative Trustees named
therein.

          “Eligible Proceeds” means, for each relevant Interest Payment Date, the net proceeds (after
deducting underwriters’ or placement agents’ fees, commissions or discounts and other expenses
relating to the issuance or sale) the Company has received during the 180-day period prior to such
Interest Payment Date from the issuance or sale of Qualifying APM Securities (excluding sales of
Qualifying Preferred Stock and/or Mandatorily Convertible Preferred Stock in excess of the
Preferred Stock Issuance Cap) to Persons that are not the Company’s Subsidiaries.

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

          “Extension Conditions” mean, with respect to each Extension Date, the following criteria:

	 	(a)	 	on the applicable Extension Date the Junior Subordinated Notes
are rated investment grade by each of Moody’s Investors Services Inc.
(“Moody’s”) and Standard & Poor’s Ratings Service, a division of McGraw-Hill,
Inc. (“S&P”), or, if Moody’s or S&P (or their respective successors) is no
longer in existence, the equivalent rating by at least two nationally
recognized statistical rating organizations within the meaning of
15c3-1(c)(2)(vi)(F) under the Exchange Act;
	 
	 	(b)	 	during the five years prior to the applicable Extension Date:

	 	(i)	 	no event of default has occurred in the payment
of any of the Company’s then outstanding debt for money borrowed; and
	 
	 	(i)	 	the Company did not have any outstanding
deferred payments under any of its then outstanding preferred stock or
debt securities; and

	 	(c)	 	on the applicable Extension Date the Company has delivered a
written certification to the Trustee dated as of such date stating that on such
Extension Date (i) the Company believes that the likelihood that it will elect
to defer interest on the Junior Subordinated Notes is remote, (ii) the Company
expects to make all required payments on the Junior

4

 

	 	 	 	Subordinated Notes in accordance with their terms, and (iii) the Company
expects to be able to satisfy its obligations under the Replacement Capital
Covenant relating to the Junior Subordinated Notes.

          “Extension Date” means each of June 15, 2017 and June 15, 2027.

          “Extension Period” means the period commencing on an Interest Payment Date with respect to
which the Company elects to defer interest pursuant to Section 2.5 and ending on the earlier of (i)
the tenth anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on
which the Company has paid the amount deferred, all deferred amounts with respect to any subsequent
period and all other accrued and unpaid interest on the Junior Subordinated Notes.

          “Final Repayment Date” has the meaning specified in Section 2.2(b).

          “First Supplemental Indenture” means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more agreements supplemental hereto entered into
pursuant to the applicable provisions hereof.

          “Guarantee Agreement” means the Guarantee Agreement between the Company, as guarantor, and The
Bank of New York, as guarantee trustee, dated as of June 20, 2007.

          “Holder” means a Person in whose name any of the Junior Subordinated Notes is registered in
the Securities Register.

          “Indenture” has the meaning specified in the Recitals.

          “Interest Payment Dates” shall have the meaning specified in Section 2.4.

          “Interest Period” means the period from, and including, any Interest Payment Date (or, in the
case of the first Interest Payment Date, June 20, 2007) to but excluding the next Interest Payment
Date.

          “Investment Company Act” means the Investment Company Act of 1940, as amended.

          “Investment Company Event “ means the receipt by the Trust of an opinion of nationally
recognized independent counsel experienced in such matters to the effect that, as a result of any
amendment to, or change (including any announced prospective change) in, the laws (or any
regulations thereunder) of the United States or any political subdivision or taxing authority
thereof or therein, or as a result of any official administrative, governmental, regulatory or
legislative pronouncement or judicial decision interpreting or applying such laws or regulations,
which amendment or change is effective or which pronouncement or decision is announced on or after
the date of issuance of the Trust Preferred Securities, there is more than an insubstantial risk
that the Trust is, or will be, considered an “investment company” that is required to be registered
under the Investment Company Act.

          “Junior Subordinated Notes” has the meaning specified in Section 2.1.

5

 

          “LIBOR” means, with respect to any Monthly Interest Period or Quarterly Interest Period, the
rate (expressed as a percentage per annum) for deposits in U.S. dollars for a one- or three-month
period (respectively) commencing on the first day of that Monthly Interest Period or Quarterly
Interest Period (respectively) that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time,
on the LIBOR Determination Date for that Monthly Interest Period or Quarterly Interest Period. If
such rate does not appear on Reuters Page LIBOR01, one- or three-month LIBOR will be determined on
the basis of the rates at which deposits in U.S. dollars for a one- or three-month period
(respectively) commencing on the first day of that Monthly Interest Period or Quarterly Interest
Period (respectively) and in a principal amount of not less than $1,000,000 are offered to prime
banks in the London interbank market by four major banks in the London interbank market selected by
the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., London
time, on the LIBOR Determination Date for that Monthly Interest Period or Quarterly Interest
Period. The Calculation Agent will request the principal London office of each of these banks to
provide a quotation of its rate. If at least two such quotations are provided, one- or three-month
LIBOR with respect to that Monthly Interest Period or Quarterly Interest Period (respectively) will
be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of
such quotations. If fewer than two quotations are provided, one- or three-month LIBOR with respect
to that Monthly Interest Period or Quarterly Interest Period (respectively) will be the arithmetic
mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of the rates quoted by
three major banks in New York City selected by the Calculation Agent, at approximately 11:00 a.m.,
New York City time, on the first day of that Monthly Interest Period or Quarterly Interest Period
for loans in U.S. dollars to leading European banks for a one- or three-month period commencing on
the first day of that Monthly Interest Period or Quarterly Interest Period and in a principal
amount of not less than $1,000,000. However, if fewer than three banks selected by the Calculation
Agent to provide quotations are quoting as described above, one- or three-month LIBOR for that
Monthly Interest Period or Quarterly Interest Period (respectively) will be the same as one- or
three-month LIBOR as determined for the previous Monthly Interest Period or Quarterly Interest
Period (respectively) or, in the case of the Quarterly Interest Period beginning on June 15, 2017,
5.36% per annum. The establishment of one- or three-month LIBOR for each Monthly Interest Period
or Quarterly Interest Period by the Calculation Agent shall (in the absence of manifest error) be
final and binding.

          “LIBOR Determination Date” means the second London Banking Day immediately preceding the first
day of the relevant Quarterly Interest Period or Monthly Interest Period, as the case may be.

          “London Banking Day” means any day on which commercial banks are open for general business
(including dealings in deposits in U.S. dollars) in London.

          “Mandatorily Convertible Preferred Stock” means cumulative Preferred Stock with (a) no
prepayment obligation on the part of the issuer thereof, whether at the election of the holders or
otherwise, and (b) a requirement that the Preferred Stock converts into Common Stock within three
years from the date of its issuance at a conversion ratio within a range established at the time of
issuance of the Preferred Stock.

6

 

          “Market Disruption Event” means, with respect to the issuance or sale of Qualifying Capital
Securities pursuant to Section 2.2 or Qualifying APM Securities pursuant to Section 2.7, the
occurrence or existence of any of the following events or sets of circumstances:

     (i) Trading in securities generally on the New York Stock Exchange or any other
national securities exchange or in over-the-counter market on which Common Stock and/or
Preferred Stock is then listed or traded shall have been suspended or the settlement of such
trading generally shall have been materially disrupted or minimum prices shall have been
established on any such exchange or market by the relevant exchange or by any other
regulatory body or governmental agency having jurisdiction, and the establishment of such
minimum prices materially disrupts or otherwise has a material adverse effect on trading in,
or the issuance and sale of, any of the Company’s securities that constitute Qualifying APM
Securities (in connection with an APM Period) or any of the Company’s securities that
constitute Qualifying Capital Securities (in connection with the repayment of principal on
or after the Scheduled Maturity Date);

     (ii) The Company would be required to obtain the consent or approval of the Company’s
shareholders, a regulatory body (including, without limitation, any securities exchange but
excluding the Federal Reserve or any successor federal bank regulatory agency having primary
jurisdiction over the Company) or governmental authority to issue or sell Qualifying APM
Securities pursuant to the alternative payment mechanism described in Section 2.7 or
Qualifying Capital Securities pursuant to the obligations of the Company set forth in
Section 2.2 hereof in connection with the repayment of the Junior Subordinated Notes, as the
case may be, and such consent or approval has not yet been obtained notwithstanding the
Company’s commercially reasonable efforts to obtain such consent or approval;

     (iii) A banking moratorium shall have been declared by the federal or state authorities
of the United States and such moratorium materially disrupts or otherwise has a material
adverse effect on trading in, or the issuance and sale of, the Company’s securities that
constitute Qualifying APM Securities (in connection with an APM period) or the Company’s
securities that constitute Qualifying Capital Securities (in connection with the repayment
of principal on or after the Scheduled Maturity Date);

     (iv) A material disruption shall have occurred in commercial banking or securities
settlement or clearance services in the United States and such disruption materially
disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale
of, the Company’s securities that constitute Qualifying APM Securities (in connection with
an APM period) or the Company’s securities that constitute Qualifying Capital Securities (in
connection with the repayment of principal on or after the Scheduled Maturity Date);

     (v) The United States shall have become engaged in hostilities, there shall have been
an escalation in hostilities involving the United States, there shall have been a
declaration of a national emergency or war by the United States or there shall have occurred
any other national or international calamity or crisis and such event materially disrupts or
otherwise has a material adverse effect on trading in, or the issuance and sale

7

 

of, the Company’s securities that constitute Qualifying APM Securities (in connection
with an APM period) or the Company’s securities that constitute Qualifying Capital
Securities (in connection with the repayment of principal on or after the Scheduled Maturity
Date);

     (vi) There shall have occurred a material adverse change in general domestic or
international economic, political or financial conditions, including without limitation as a
result of terrorist activities, and such change materially disrupts or otherwise has a
material adverse effect on trading in, or the issuance and sale of, the Company’s securities
that constitute Qualifying APM Securities (in connection with an APM period) or the
Company’s securities that constitute Qualifying Capital Securities (in connection with the
repayment of principal on or after the Scheduled Maturity Date);

     (vii) An event occurs and is continuing as a result of which the offering document for
such offer and sale of Qualifying APM Securities or Qualifying Capital Securities, as the
case may be, would, in the reasonable judgment of the Company, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and either (x) the disclosure of
that event at such time, in the reasonable judgment of the Company, is not otherwise
required by law and would have a material adverse effect on the business of the Company or
(y) the disclosure relates to a previously undisclosed proposed or pending material business
transaction, the disclosure of which would impede the ability of the Company to consummate
such transaction, provided that one or more events described in this paragraph (vii) shall
not constitute a Market Disruption Event with respect to more than one semi-annual Interest
Payment Date, or, following June 15, 2017, more than two Quarterly Interest Payment Dates
(or, after the Scheduled Maturity Date, six Monthly Interest Payment Dates) in any APM
Period or, in the case of our obligations in connection with the repayment of principal,
more than six Monthly Interest Payment Dates (whether or not consecutive); or

     (viii) the Company reasonably believes that the offering document for the offer and
sale of Qualifying APM Securities or Qualifying Capital Securities, as the case may be,
would not be in compliance with a rule or regulation of the United States Securities and
Exchange Commission (for reasons other than those referred to in paragraph (vii) above), and
the Company is unable to comply with such rule or regulation or such compliance is unduly
burdensome, provided that no single suspension period contemplated by this paragraph (viii)
shall exceed 90 consecutive days and multiple suspension periods contemplated by this
paragraph (viii) shall not exceed an aggregate of 180 days in any 360-day period.

          “Monthly Interest Payment Date” shall have the meaning specified in Section 2.4(b).

          “Monthly Interest Period” means an Interest Period commencing on or after the Scheduled
Maturity Date.

          “Optional Redemption” has the meaning set forth in Section 2.8(a).

8

 

          “Optional Par Redemption Date” means June 15, 2017 and each date thereafter that is the fifth
anniversary of a prior Optional Par Redemption Date.

          “Parity Debt Securities” means debt securities of the Company that rank on a parity with the
Junior Subordinated Notes.

          “Paying Agent” means, with respect to the Junior Subordinated Notes, The Bank of New York or
any other Person authorized by the Company to pay the principal of (and premium, if any) or
interest on the Junior Subordinated Notes on behalf of the Company.

          “Paying Agent Office” means the office of the applicable Paying Agent at which at any
particular time its corporate agency business shall principally be administered in a Place of
Payment, which office at the date hereof in the case of The Bank of New York, in its capacity as
Paying Agent with respect to the Junior Subordinated Notes under the Indenture, is located at The
Bank of New York, 101 Barclay Street, Floor 8 West, New York, New York 10286, Attn: Corporate Trust
Administration.

          “Preferred Stock” means the preferred stock of the Company.

          “Preferred Stock Issuance Cap” has the meaning specified in Section 2.7(a)(iii).

          “Qualifying APM Securities” means (subject to Section 2.7(d) hereof) Common Stock, Qualifying
Preferred Stock, Qualifying Warrants and Mandatorily Convertible Preferred Stock.

          “Qualifying Capital Securities” has the meaning specified in the Replacement Capital Covenant.

          “Qualifying Preferred Stock” means the Company’s non-cumulative perpetual Preferred Stock that
(i) contains no remedies other than “Permitted Remedies” and (ii) either (a) is subject to
“Intent-Based Replacement Disclosure” and has a “Mandatory Trigger Provision,” as such terms are
defined in the Replacement Capital Covenant, or (b) is subject to a replacement capital covenant
substantially similar to the Replacement Capital Covenant.

          “Qualifying Warrants” means any net share-settled warrants to purchase the Common Stock that
(i) have an exercise price greater than the Current Stock Market Price of Common Stock as of the
date of their issuance, and (ii) the Company is not entitled to redeem for cash and the holders of
which are not entitled to require the Company to purchase for cash in any circumstances.

          “Quarterly Interest Period” means an Interest Period commencing on or after June 15, 2017 and
ending before the Scheduled Maturity Date.

          “Rating Agency Event” means a change by any nationally recognized statistical rating
organization within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act that currently
publishes a rating for the Company (in this definition, a “rating agency”) to its equity credit
criteria for securities such as the Junior Subordinated Notes, as such criteria were in effect on
June 13, 2007 (in this definition, the “current criteria”), which change results in a lower

9

 

equity credit being given to the Junior Subordinated Notes as of the date of such change than
the equity credit that would have been assigned to the Junior Subordinated Notes as of the date of
such change by such rating agency pursuant to its current criteria. For the avoidance of doubt, a
Rating Agency Event will not have occurred if at any future date the equity credit given to the
Junior Subordinated Notes is reduced solely due to a failure to extend the Scheduled Maturity Date
or Final Repayment Date of the Junior Subordinated Notes.

          “Repayment Date” means the Scheduled Maturity Date and each Monthly Interest Payment Date
thereafter until the Company shall have repaid or redeemed all of the Junior Subordinated Notes.

          “Replacement Capital Covenant” means the Replacement Capital Covenant, dated as of June 20,
2007, by the Company, as the same may be amended or supplemented from time to time in accordance
with the provisions thereof and Section 2.2(a)(viii) hereof.

          “Responsible Officer” means, when used with respect to the Trustee, any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such
person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this First Supplemental Indenture.

          “Reuters Page LIBOR01” means the page designated as “LIBOR01” on Reuters 3000 Xtra (or any
successor service) or such other page as may replace Page LIBOR01 on Reuters 3000 Xtra (or any
successor service).

          “Scheduled Maturity Date” has the meaning specified in Section 2.2(a)(ii).

          “Securities Registrar” means, with respect to the Junior Subordinated Notes, The Bank of New
York, or any other firm appointed by the Company, acting as securities registrar for the Junior
Subordinated Notes.

          “Securities Registrar Office” means the office of the applicable Securities Registrar at which
at any particular time its corporate agency business shall principally be administered, which
office at the date hereof in the case of The Bank of New York, in its capacity as Securities
Registrar under the Indenture, is located at The Bank of New York, 101 Barclay Street, Floor 8
West, New York, New York 10286, Attn: Corporate Trust Administration.

          “Semi-Annual Interest Payment Date” shall have the meaning specified in Section 2.4(b).

          “Share Cap Amount” shall have the meaning specified in Section 2.7(a).

          “Supervisory Event” shall commence upon the date the Company has notified the Federal Reserve
of its intention and affirmatively requested Federal Reserve approval both (1) to sell Qualifying
APM Securities and (2) to apply the net proceeds of such sale to pay deferred

10

 

interest on the Junior Subordinated Notes, and the Company has been notified that the Federal
Reserve disapproves of either of such actions mentioned in such notice. A Supervisory Event shall
cease on the Business Day following the earlier to occur of (i) the 10th anniversary of the
commencement of any Extension Period or (ii) the day on which the Federal Reserve notifies the
Company in writing that it no longer disapproves of the Company’s intention to both (1) issue or
sell Qualifying APM Securities and (2) apply the net proceeds from such sale to pay deferred
interest on the Junior Subordinated Notes.

          “Tax Event” means the receipt by the Company of an Opinion of Counsel experienced in such
matters to the effect that, as a result of any (1) amendment to or change in the laws or
regulations of the United States or any political subdivision or taxing authority of or in the
United States that is enacted or becomes effective on or after the date of issuance of the Trust
Preferred Securities; (2) proposed change in those laws or regulations that is announced after June
13, 2007; (3) official administrative decision or judicial decision or administrative or other
official pronouncement interpreting or applying those laws or regulations that is announced on or
after the date of issuance of the Trust Preferred Securities; or (4) threatened challenge asserted
in connection with an audit of the Company, the Trust or the Company’s Subsidiaries, or a
threatened challenge asserted in writing against any other taxpayer that has raised capital through
the issuance of securities that are substantially similar to the Trust Preferred Securities, which
challenge becomes publicly known after the issuance of the Trust Preferred Securities, there is
more than an insubstantial risk that (x) the Trust is, or will be, subject to United States federal
income tax with respect to income received or accrued on the Junior Subordinated Notes; (y)
interest payable by the Company on the Junior Subordinated Notes is not, or will not be, deductible
by the Company, in whole or in part, for United States federal income tax purposes; or (z) the
Trust is, or will be, subject to more than a de minimis amount of other taxes, duties or other
governmental charges.

          “Trading Day” means a day on which Common Stock is traded on the New York Stock Exchange, or
if not then listed on the New York Stock Exchange, a day on which Common Stock is traded or quoted
on the principal U.S. securities exchange on which it is listed or quoted, or if not then listed or
quoted on a U.S. securities exchange, a day on which Common Stock is quoted in the over-the-counter
market.

          “Treasury Dealer” means Merrill Lynch Government Securities Inc. (or its successor) or, if
Merrill Lynch Government Securities Inc. (or its successor) refuses to act as Treasury Dealer for
the purpose of determining the Redemption Price or ceases to be a primary U.S. Government
securities dealer, another nationally recognized investment banking firm that is a primary U.S.
Government securities dealer specified by the Company to act as Treasury Dealer.

          “Treasury Price” means, with respect to a Redemption Date, the bid-side price for the Treasury
Security as of the third Trading Day preceding the Redemption Date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve Bank of New York on
that Trading Day and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities,”
except that: (i) if that release (or any successor release) is not published or does not contain
that price information on that Trading Day, or (ii) if the Treasury Dealer determines that the
price information is not reasonably reflective of the actual bid-side price of

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the Treasury Security prevailing at 3:30 p.m., New York City time, on that Trading Day, then
Treasury Price will instead mean the bid-side price for the Treasury Security at or around 3:30
p.m., New York City time, on that Trading Day (expressed on a next Trading Day settlement basis) as
determined by the Treasury Dealer through such alternative means as are commercially reasonable
under the circumstances.

          “Treasury Rate” means, with respect to a Redemption Date, the semi-annual equivalent yield to
maturity of the Treasury Security that corresponds to the Treasury Price (calculated in accordance
with standard market practice and computed as of the second Trading Day preceding the Redemption
Date).

          “Treasury Security” means the United States Treasury security that the Treasury Dealer
determines would be appropriate to use, at the time of determination and in accordance with
standard market practice, in pricing the Junior Subordinated Notes being redeemed in a tender offer
based on a spread to United States Treasury yields.

          “Trust” has the meaning specified in the Recitals.

          “Trust Common Securities” has the meaning specified in the Recitals.

          “Trustee” has the meaning specified in the Recitals.

          “Trust Preferred Securities” has the meaning specified in the Recitals.

          “Trust Securities” has the meaning specified in the Recitals.

          “Underwriting Agreement” means the Underwriting Agreement, dated as of June 13, 2007, among
the Trust, the Company and the underwriters named therein.

ARTICLE II

GENERAL TERMS AND CONDITIONS OF THE JUNIOR SUBORDINATED NOTES

Section 2.1 Designation, Principal Amount and Authorized Denomination

     There is hereby authorized a series of Securities designated the 7.65% Fixed to Floating Rate
Junior Subordinated Notes (the “Junior Subordinated Notes”), the amount of which to be issued shall
be as set forth in any Company Order for the authentication and delivery of Junior Subordinated
Notes pursuant to the Indenture. The denominations in which Junior Subordinated Notes shall be
issuable is $1,000 principal amount and integral multiples thereof.

Section 2.2 Repayment

     (a) Scheduled Maturity Date.

     (i) The principal amount of, and all accrued and unpaid interest on, the Junior
Subordinated Notes shall be payable in full on the Scheduled Maturity Date; provided,
however, that in the event the Company has delivered an Officers’ Certificate to the

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Trustee that complies with clause (vi) of this Section 2.2(a) in connection with the
Scheduled Maturity Date, (x) the principal amount of Junior Subordinated Notes payable on
the Scheduled Maturity Date, if any, shall be the principal amount set forth in the notice
of repayment, if any, accompanying such Officers’ Certificate, (y) such principal amount of
Junior Subordinated Notes shall be repaid on the Scheduled Maturity Date pursuant to Article
III, and (z) subject to clause (iii) of this Section 2.2(a), the remaining Junior
Subordinated Notes shall remain outstanding and shall be payable on the immediately
succeeding Monthly Interest Payment Date or such earlier date on which they are redeemed
pursuant to Section 2.8 hereof or shall become due and payable pursuant to Section 5.2 of
the Indenture. The entire principal amount of the Junior Subordinated Notes outstanding
shall be due and payable on the Scheduled Maturity Date in the event the Company does not
deliver an Officers’ Certificate to the Trustee on or prior to the 10th Business Day, but
not prior to the 15th Business Day, immediately preceding the Scheduled Maturity Date.

     (ii) The “Scheduled Maturity Date” means June 15, 2037 (or if such date is not a
Business Day, the following Business Day), provided that the Company may elect to extend
such date up to two times, in each case for an additional 10-year period, on each Extension
Date, and as a result the Scheduled Maturity Date may be extended to (and in such case,
shall mean) June 15, 2047 or June 15, 2057 (or if either date is not a Business Day, the
following Business Day), in each case if all the Extension Conditions are satisfied as of
the applicable Extension Date. The Company shall provide irrevocable notice to Holders and
the Trustee of an election to extend the Scheduled Maturity Date of the Junior Subordinated
Notes no later than the 30th calendar day prior to the applicable Extension Date in the
manner provided for in the Indenture.

     (iii) In the event the Company has delivered an Officers’ Certificate to the Trustee
that complies with clause (vi) of this Section 2.2(a) in connection with any Monthly
Interest Payment Date, the principal amount of Junior Subordinated Notes repayable on such
Monthly Interest Payment Date shall be the principal amount set forth in the notice of
repayment, if any, accompanying such Officers’ Certificate, and shall be repaid on such
Monthly Interest Payment Date pursuant to Article III, and the remaining Junior Subordinated
Notes shall remain outstanding and shall be payable on the immediately succeeding Monthly
Interest Payment Date or such earlier date on which they are redeemed pursuant to Section
2.8 hereof or shall become due and payable pursuant to Section 5.2 of the Indenture. The
entire principal amount of the Junior Subordinated Notes outstanding shall be due and
payable on any Monthly Interest Payment Date in the event the Company does not deliver an
Officers’ Certificate that complies with clause (vi) of this Section 2.2(a) to the Trustee
on or prior to the 10th Business Day, but not prior to the 15th Business Day, immediately
preceding such Monthly Interest Payment Date.

     (iv) The obligation of the Company to repay the Junior Subordinated Notes pursuant to
this Section 2.2(a) on any date prior to the Final Repayment Date shall be subject to (x)
its obligations under Article XIII of the Indenture to the holders of Senior and
Subordinated Debt and (y) its obligations under Section 2.5 with respect to the payment of
deferred interest on the Junior Subordinated Notes.

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     (v) Until the Junior Subordinated Notes are paid in full, the Company shall use
Commercially Reasonable Efforts, subject to a Market Disruption Event:

     (A) to raise sufficient net proceeds from the issuance of Qualifying Capital
Securities during a 180-day period ending on the date, not more than 15 and not less
than 10 Business Days prior to the Scheduled Maturity Date, on which the Company
delivers the notice required by clause (vi) of this Section 2.2(a) and Section 3.1,
to permit repayment of the Junior Subordinated Notes in full on the Scheduled
Maturity Date pursuant to clause (i) of this Section 2.2(a); and

     (B) if the Company is unable for any reason to raise sufficient net proceeds
from the issuance of Qualifying Capital Securities to permit repayment in full of
the Junior Subordinated Notes on the Scheduled Maturity Date or any subsequent
Monthly Interest Payment Date, to raise sufficient net proceeds from the issuance of
Qualifying Capital Securities during a 30-day period ending on the date, not more
than 15 and not less than 10 Business Days prior to the following Monthly Interest
Payment Date, on which the Company delivers the notice required by clause (vi) of
this Section 2.2(a) and Section 3.1, to permit repayment of the Junior Subordinated
Notes in full on such following Monthly Interest Payment Date pursuant to clause
(i)(z) of this Section 2.2(a);

and the Company shall apply any such net proceeds to the repayment of the Junior Subordinated Notes
as provided in clause (vii) of this Section 2.2(a).

     (vi) If the Company has complied with the requirements of clause (v) of this Section
2.2(a), but has not raised sufficient net proceeds from the issuance of Qualifying Capital
Securities pursuant to such clause (v) in connection with any Repayment Date, the Company
shall deliver an Officers’ Certificate to the Trustee (which the Trustee will promptly
forward upon receipt to the Property Trustee, who shall forward such certificate to each
holder of record of Trust Preferred Securities) no more than 15 and no less than 10 Business
Days in advance of such Repayment Date stating the amount of net proceeds, if any, raised
pursuant to clause (v) above in connection with such Repayment Date. The Company shall be
excused from its obligation to use Commercially Reasonable Efforts to sell Qualifying
Capital Securities pursuant to clause (v) above if such Officers’ Certificate further
certifies that: (A) a Market Disruption Event was existing during the 180-day period
preceding the date of such Officers’ Certificate or, in the case of any Repayment Date after
the Scheduled Maturity Date, the 30-day period preceding the date of such Officers’
Certificate; and (B) either (1) the Market Disruption Event continued for the entire 180-day
period or 30-day period, as the case may be, or (2) the Market Disruption Event continued
for only part of the period, but the Company was unable after Commercially Reasonable
Efforts to raise sufficient net proceeds during the rest of that period to permit repayment
of the Junior Subordinated Notes in full pursuant to clause (v) above. Each Officers’
Certificate delivered pursuant to this clause (vi), unless no principal amount of Junior
Subordinated Notes is to be repaid on the applicable Repayment Date, shall be accompanied by
a notice of repayment pursuant to Section 3.1 setting forth the principal amount of the
Junior Subordinated Notes to be repaid on such

14

 

Repayment Date, if any, which amount shall be determined after giving effect to clause
(vii) of this Section 2.2(a).

     (vii) Net proceeds of the issuance of any Qualifying Capital Securities that the
Company is permitted to apply to repayment of the Junior Subordinated Notes on any Repayment
Date will be applied, first, to pay deferred interest (including compounded interest thereon
pursuant to Section 2.4(a) to the extent permitted by law) to the extent of Eligible
Proceeds raised pursuant to Section 2.7, second, to pay current interest to the extent not
paid from other sources and, third, to repay the principal of Junior Subordinated Notes,
subject to a minimum principal amount of $5 million to be repaid on any Repayment Date;
provided that if the Company is obligated to sell Qualifying Capital Securities and apply
the net proceeds to payments of principal of or interest on any outstanding securities in
addition to the Junior Subordinated Notes, then on any date and for any period the amount of
net proceeds received by the Company from those sales and available for such payments shall
be applied to the Junior Subordinated Notes and those other securities having the same
scheduled maturity date as the Junior Subordinated Notes pro rata in accordance with their
respective outstanding principal amounts and none of such net proceeds shall be applied to
any other securities having a later scheduled maturity date until the principal of and all
accrued and unpaid interest on the Junior Subordinated Notes have been paid in full, except
to the extent permitted by Sections 2.6(a) and 2.7(c). If the Company raises less than $5
million of net proceeds from the sale of Qualifying Capital Securities during the relevant
180-day or 30-day period, the Company will not be required to repay any Junior Subordinated
Notes on the Scheduled Maturity Date or the next Monthly Interest Payment Date, as
applicable, but will use those net proceeds to repay the Junior Subordinated Notes on the
next Monthly Interest Payment Date as of which the Company has raised at least $5 million of
net proceeds.

     (viii) The Company shall not amend the Replacement Capital Covenant to impose
additional restrictions on the type or amount of Qualifying Capital Securities that the
Company may include for purposes of determining whether or to what extent repayment,
redemption or purchase of the Junior Subordinated Notes or the Trust Preferred Securities is
permitted, except with the consent of holders of a majority in Liquidation Amount of the
Trust Preferred Securities or, if the Junior Subordinated Notes have been distributed by the
Trust to the holders of the Trust Preferred Securities, a majority in principal amount of
the Junior Subordinated Notes. Except as aforesaid, the Company may amend or supplement the
Replacement Capital Covenant in accordance with its terms and without the consent of the
holders of the Trust Preferred Securities or the Junior Subordinated Notes.

     (b) Final Repayment Date. The principal of, and all accrued and unpaid interest on,
all outstanding Junior Subordinated Notes shall be due and payable on the Final Repayment Date,
regardless of the amount of Qualifying Capital Securities the Company may have issued and sold by
that time. The “Final Repayment Date” means June 15, 2067 (or if such date is not a Business Day,
the following Business Day); provided that, the Company may elect to extend such date up to two
times, in each case for an additional 10-year period, on each Extension Date, and as a result the
Final Repayment Date may be extended to (and in such case, shall mean) June 15, 2077 or June 15,
2087 (or if either date is not a Business Day, the following Business

15

 

Day), in each case if all the Extension Conditions are satisfied as of the applicable
Extension Date.

     (c) Independent Extensions. The Company shall provide irrevocable notice to Holders
and the Trustee of an election to extend the Final Maturity Date of the Junior Subordinated Notes
no later than the 30th calendar day prior to the applicable Extension Date in the manner provided
for in the Indenture. The Company may elect to extend the Scheduled Maturity Date for the Junior
Subordinated Notes whether or not it also elects to extend the Final Repayment Date, and the
Company may elect to extend the Final Repayment Date on any Extension Date whether or not it also
elects to extend the Scheduled Maturity Date.

Section 2.3 Form

     The Junior Subordinated Notes shall be issued in fully registered definitive form without
interest coupons. Principal of and interest on the Junior Subordinated Notes issued in definitive
form will be payable, the transfer of such Junior Subordinated Notes will be registrable and such
Junior Subordinated Notes will be exchangeable for Junior Subordinated Notes bearing identical
terms and provisions and notices and demands to or upon the Company in respect of the Junior
Subordinated Notes and the Indenture may be served at the Corporate Trust Office of the Trustee,
and the Company appoints the Trustee as its agent for the foregoing purposes, provided that payment
of interest may be made at the option of the Company by check mailed to the Holder at such address
as shall appear in the Securities Register or by wire transfer in immediately available funds to
the bank account number of the Holder specified in writing by the Holder not less than 10 days
before the relevant Interest Payment Date and entered in the Securities Register by the Securities
Registrar, provided further that if the Property Trustee, on behalf of the Trust, is the sole
Holder of the Junior Subordinated Notes then payment of interest shall be made by wire transfer in
immediately available funds to a bank account number specified by the Property Trustee. The Junior
Subordinated Notes may be presented for registration of transfer or exchange at the Securities
Registrar Office.

Section 2.4 Rate of Interest; Interest Payment Date

     (a) Rate of Interest. The Junior Subordinated Notes shall bear interest (i) from and
including June 20, 2007 to but excluding June 15, 2017 at the rate of 7.65% per annum, computed on
the basis of a 360-day year comprised of twelve 30-day months (and the actual number of days
elapsed from and including June 20, 2007 to and including June 30, 2007), (ii) from and including
June 15, 2017 to but excluding June 15, 2037 at a rate equal to three-month LIBOR plus 1.89% per
annum, computed on the basis of a 360-day year and the actual number of days elapsed, and (iii)
thereafter, as to any unpaid amounts that remain outstanding, at an annual rate equal to one-month
LIBOR plus 2.89%, accruing from June 15, 2037 and computed on the basis of a 360-day year and the
actual number of days elapsed, provided that if the Company has elected to extend the Scheduled
Maturity Date for the Junior Subordinated Notes, then the Junior Subordinated Notes will bear
interest for the period from and including June 15, 2037 to but excluding the Scheduled Maturity
Date at a floating annual rate equal to three-month LIBOR plus 2.89% and thereafter, as to any
unpaid amounts that remain outstanding, at a floating annual rate of interest equal to one-month
LIBOR plus 2.89%, in each such case, computed on the basis of a 360-day year and the actual number
of days elapsed. Accrued interest

16

 

that is not paid on the applicable Interest Payment Date (subject to the terms of Section
2.4(b)), including interest deferred pursuant to Section 2.5, will bear Additional Interest, to the
extent permitted by law, at the interest rate in effect from time to time on the Junior
Subordinated Notes, from the relevant Interest Payment Date, compounded on each subsequent Interest
Payment Date.

     (b) Interest Payment Date. Subject to the other provisions hereof, interest on the
Junior Subordinated Notes shall be payable (i) semi-annually in arrears on June 15 and December 15
of each year, commencing on December 15, 2007, until and including June 15, 2017 (each such date, a
“Semi-Annual Interest Payment Date”), (ii) quarterly in arrears on March 15, June 15, September 15
and December 15 of each year, beginning on September 15, 2017, during the period from and including
June 15, 2017 to and including the Scheduled Maturity Date (each date a “Quarterly Interest Payment
Date”), and (iii) thereafter, on the 15th day of each calendar month (each such date, a “Monthly
Interest Payment Date” and, together with each Quarterly Interest Payment Date and Semi-Annual
Interest Payment Date, the “Interest Payment Dates”), monthly in arrears, commencing on the July 15
next succeeding the Scheduled Maturity Date. If any Semi-Annual Interest Payment Date shall fall on
a day that is not a Business Day, the related payment of interest shall be made on the next day
that is a Business Day and no interest or additional payment shall accrue in respect of the delay.
If any Quarterly Interest Payment Date or Monthly Payment Date shall fall on a day that is not a
Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day.
Interest payable on any Interest Payment Date shall include interest accrued from and including
the immediately prior Interest Payment Date (or if none, from the original issue date of the Junior
Subordinated Notes) to but excluding such Interest Payment Date.

Section 2.5 Interest Deferral

     (a) Option to Defer Interest Payments.

     (i) The Company shall have the right at any time and from time to time, to defer the
payment of interest on the Junior Subordinated Notes for one or more consecutive Interest
Periods that do not exceed 10 years, provided that no Extension Period shall extend beyond
the Final Repayment Date or the earlier repayment or redemption in full of the Junior
Subordinated Notes. Upon termination of any Extension Period and upon the payment of all
deferred interest then due on any Interest Payment Date the Company may elect to begin a new
Extension Period pursuant to this Section 2.5. The provisions of this First Supplemental
Indenture relating to deferral of interest shall apply in lieu of, and not in addition to,
Section 3.11 of the Indenture.

     (ii) At the end of any Extension Period, the Company shall pay all deferred interest on
the Junior Subordinated Notes to the Persons in whose names the Junior Subordinated Notes
are registered in the Securities Register at the close of business on the Regular Record
Date with respect to the Interest Payment Date at the end of such Extension Period.

     (iii) The Company may elect to pay interest on any Interest Payment Date during any Extension
Period to the extent permitted by Section 2.5(b).

17

 

     (b) Payment of Deferred Interest. The Company will not pay deferred interest on
the Junior Subordinated Notes (and compounded interest thereon pursuant to Section 2.4(a) to the
extent permitted by law) on any Interest Payment Date during any Extension Period prior to the
Final Repayment Date from any source other than Eligible Proceeds except that deferred interest may
be paid from any source to the extent that an Event of Default shall have occurred.
Notwithstanding the foregoing, (i) the Company may pay current interest during an Extension Period
or at any other time from any available funds and (ii) if a Supervisory Event has occurred and is
continuing, then the Company may (but is not obligated to) pay deferred interest with cash from any
source. In addition, if the Company sells Qualifying APM Securities pursuant to Section 2.7 but a
Supervisory Event arises from the Federal Reserve disapproving the use of the proceeds to pay
deferred interest, the Company may use the proceeds for other purposes and continue to defer
interest on the Junior Subordinated Notes.

     (c) Business Combination Exception. If the Company is involved in a Business
Combination where immediately after its consummation more than 50% of the voting stock of the
Person formed by such Business Combination, or the Person that is the surviving entity of such
Business Combination, or the Person to whom assets are conveyed, transferred or leased in such
Business Combination, is owned by the shareholders of the other party to such Business Combination,
then Section 2.5(b) and Section 2.7 shall not apply to any interest on the Junior Subordinated
Notes that is deferred and unpaid as of the date of consummation of such Business Combination.

     (d) Notice of Deferral. The Company shall give written notice of its election to
begin or extend any Extension Period, (x) if the Property Trustee, on behalf of the Trust, is the
sole Holder of the Junior Subordinated Notes, to the Property Trustee and the Delaware Trustee at
least five Business Days before the earlier of (A) the next succeeding date on which the
distributions on the Trust Preferred Securities are payable and (B) the date the Property Trustee
is required to give notice to holders of the Trust Preferred Securities of the record or payment
date for the related distribution, or (y) if the Property Trustee, on behalf of the Trust, is not
the sole Holder of the Junior Subordinated Notes, to Holders of the Junior Subordinated Notes and
the Trustee at least five Business Days before the next Interest Payment Date. Notice of the
Company’s election of an Extension Period shall be given by the Property Trustee by first-class
mail, postage prepaid, mailed not less than three Business Days after the Property Trustee receives
written notice from the Company to each holder of Trust Securities at such holder’s address
appearing in the Security Register.

Section 2.6 Dividend and Other Payment Stoppages during Extension Period

     (a) Dividend and Other Payment Stoppages. So long as any Junior Subordinated Notes
remain outstanding, if the Company has given notice of its election to defer interest payments on
the Junior Subordinated Notes but the related Extension Period has not yet commenced or an
Extension Period is continuing, the Company shall not, and shall not permit any Subsidiary of the
Company to:

     (i) declare or pay any dividends or distributions, or redeem, purchase, acquire or make
a liquidation payment with respect to, any shares of capital stock of the Company;

18

 

     (ii) make any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any Parity Debt Securities or any debt securities that rank junior to
the Junior Subordinated Notes; or

     (iii) make any guarantee payments pursuant to guarantees by the Company that rank equal
with or junior to the Junior Subordinated Notes;

provided, however, the restrictions in clauses (i), (ii) and (iii) above do not apply to: (a)
purchases of capital stock of the Company in connection with employee or agent benefit plans or
under any dividend reinvestment plan; (b) purchases or repurchases of shares of capital stock of
the Company pursuant to a contractually binding requirement to buy stock existing prior to the
beginning of any Extension Period including under a contractually binding stock repurchase plan;
(c) the purchase of Common Stock related to the issuance of Common Stock, or securities convertible
into Common Stock, as consideration in an acquisition transaction that was entered into before the
beginning of the Extension Period; (d) in connection with the reclassification of any class or
series of capital stock of the Company or the capital stock of any Subsidiaries of the Company, or
the exchange, redemption or conversion of one class or series of capital stock of the Company or
the capital stock of any of the Subsidiaries of the Company for or into another class or series of
capital stock of the Company or the capital stock of any of the Subsidiaries of the Company; (e)
the purchase of fractional interests in shares of capital stock of the Company in connection with
the conversion or exchange provisions of that capital stock or the security being converted or
exchanged; (f) dividends or distributions in the form of capital stock of the Company or warrants,
options or other rights to acquire capital stock of the Company (where such capital stock is the
same stock on which the dividend is being paid or ranks pari passu or junior to such stock), or
repurchases or redemptions of Common Stock solely from the issuance or exchange of Common Stock;
(g) any declaration of a dividend in connection with the implementation of a shareholder rights
plan, or issuances of capital stock under any such plan in the future, or redemptions or
repurchases of any rights outstanding under a shareholder rights plan; (h) acquisitions of capital
stock previously issued in connection with acquisitions of businesses made by the Company (which
acquisitions of capital stock of the Company are made by the Company in connection with the
satisfaction of indemnification obligations of the sellers of such businesses); (i) the payment of
any dividend within 60 days after the date of declaration thereof, if the date of declaration was
prior to the beginning of any Extension Period; (j) any payment of current interest in respect of
Parity Debt Securities having the same interest payment date as the Junior Subordinated Notes made
ratably to the holders of one or more series of such Parity Debt Securities and the Junior
Subordinated Notes in proportion to the respective amounts due on such Parity Debt Securities, on
the one hand, and on the Junior Subordinated Notes, on the other hand and any payments of deferred
interest on Parity Debt Securities that, if not made, would cause the Company to breach the terms
of the instrument governing such Parity Debt Securities; (k) any payment of principal in respect of
Parity Debt Securities having the same maturity date as the Junior Subordinated Notes made ratably
to the holders of one or more series of such Parity Debt Securities and the Junior Subordinated
Notes in proportion to the respective amounts due on such Parity Debt Securities, on the one hand,
and on the Junior Subordinated Notes, on the other hand; (l) any payment in respect of guarantees
that rank equally with the Junior Subordinated Notes (“Parity Guarantees”) made ratably to the
beneficiaries of one or more of such Parity Guarantees and the holders of the Junior Subordinated
Notes in proportion to the respective accrued and unpaid amounts due on such Parity Guarantees, on
the one hand, and

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accrued and unpaid amounts on the Junior Subordinated Notes, on the other hand; or (m) payments by
the Company under the Guarantee Agreement.

     (b) Additional Limitation on Deferral over One Year. If any Extension Period lasts
longer than one year, the limitation on the ability to redeem or purchase Common Stock, as set
forth in Section 2.6(a)(i), shall continue until the first anniversary of the date on which all
deferred interest on the Junior Subordinated Notes has been paid. However, if the Company is
involved in a Business Combination where immediately after its consummation more than 50% of the
voting stock of the Person formed by such Business Combination, or the Person that is the surviving
entity of such Business Combination, or the Person to whom assets are conveyed, transferred or
leased in such Business Combination, is owned by the shareholders of the other party to such
Business Combination, then the preceding sentence will not apply to any Extension Period that is
terminated on the next Interest Payment Date following the date of consummation of such Business
Combination.

Section 2.7 Alternative Payment Mechanism

     (a) Obligation to Issue Qualifying APM Securities. During the APM Period, the Company
shall, subject to the occurrence and continuation of a Supervisory Event or a Market Disruption
Event as described under Section 2.7(b) and subject to Section 2.5(c), issue one or more types of
Qualifying APM Securities until the Company has raised an amount of Eligible Proceeds at least
equal to the aggregate amount of accrued and unpaid deferred interest (including compounded
interest thereon pursuant to Section 2.4(a) to the extent permitted by law) on the Junior
Subordinated Notes and apply such Eligible Proceeds on the next Interest Payment Date to the
payment of deferred interest in accordance with Section 2.6, provided that (and as a qualification
to the foregoing):

     (i) the Company may (but shall not be obligated to) pay deferred interest with cash
from any source if a Supervisory Event has occurred and is continuing;

     (ii) subject to the last two sentences of this Section 2.7(a), the Company is not
required to issue Common Stock (or, if the Company has amended the definition of “Qualifying
APM Securities” to eliminate Common Stock as set forth in Section 2.7(d), Qualifying
Warrants) with respect to deferred interest attributable to the first five years of any
Extension Period (including compounded interest thereon pursuant to Section 2.4(a) to the
extent permitted by law) if the net proceeds of any issuance of Common Stock applied during
such Extension Period to pay interest on the Junior Subordinated Notes pursuant to the
provisions set forth above, together with the net proceeds of all prior issuances of Common
Stock and Qualifying Warrants so applied for that Extension Period, would exceed an amount
equal to 2% of the product of the average of the Current Stock Market Prices of the Common
Stock on the 10 consecutive Trading Days ending on the second Trading Day immediately
preceding the date of issuance multiplied by the total number of issued and outstanding
shares of Common Stock as of the date of the Company’s then most recent publicly available
consolidated financial statements (the “Common Equity Issuance Cap”);

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     (iii) the Company is not permitted to issue Qualifying Preferred Stock or Mandatorily
Convertible Preferred Stock to the extent that the aggregate net proceeds of any issuance of
Qualifying Preferred Stock and Mandatorily Convertible Preferred Stock applied to pay
interest on the Junior Subordinated Notes pursuant to the provisions set forth above,
together with the net proceeds of all prior issuances of Qualifying Preferred Stock and any
still-outstanding Mandatorily Convertible Preferred Stock applied during the current and all
prior Extension Periods, would exceed 25% of the aggregate principal amount of the Junior
Subordinated Notes initially issued (the “Preferred Stock Issuance Cap”); and

     (iv) so long as the definition of “Qualifying APM Securities” has not been amended to
eliminate Common Stock as set forth in Section 2.7(d), the sale of Qualifying Warrants to
pay deferred interest is an option that may be exercised at the sole discretion of the
Company, and the Company will not be obligated to sell Qualifying Warrants or to apply the
proceeds of any such sale to pay deferred interest on the Junior Subordinated Notes, and no
class of investors of the Company’s securities, or any other party, may require the Company
to issue Qualifying Warrants.

     For the avoidance of doubt, once the Company reaches the Common Equity Issuance Cap for an
Extension Period, the Company shall not be required to issue more Common Stock with respect to
deferred interest attributable to the first five years of such Extension Period (including
compounded interest thereon) pursuant to this Section 2.7, even if the amount referred to in clause
(ii) of this Section 2.7 subsequently increases because of a subsequent increase in the Current
Stock Market Price of Common Stock or the number of outstanding shares of Common Stock.
Notwithstanding anything to the contrary set forth above, the Common Equity Issuance Cap will cease
to apply after the ninth anniversary of the commencement of any Extension Period, at which point
the Company must pay any deferred interest regardless of the time at which it was deferred, using
the foregoing procedures, subject to any Supervisory Event or Market Disruption Event and subject
further to the Share Cap Amount. In addition, if the Common Equity Issuance Cap is reached during
an Extension Period and the Company subsequently repays all deferred interest, the Common Equity
Issuance Cap shall cease to apply at the termination of such Extension Period and shall not apply
again unless and until the Company shall start a new Extension Period.

     Notwithstanding the Common Equity Issuance Cap and the Preferred Stock Issuance Cap, for
purposes of paying deferred interest, the Company shall not be permitted, subject to the provisions
of the next paragraph, to sell shares of Common Stock, Qualifying Warrants or Mandatorily
Convertible Preferred Stock such that the Common Stock to be issued (or which would be issuable
upon exercise or conversion thereof) would be in excess of 10 million shares of the Company’s
Common Stock (the “Share Cap Amount”). If the issued and outstanding shares of the Company’s Common
Stock are changed into a different number of shares or a different class by reason of any stock
split, reverse stock split, stock dividend, reclassification, recapitalization, split-up,
combination, exchange of shares or other similar transaction, the Share Cap Amount shall be
correspondingly adjusted. The Share Cap Amount limitation shall apply so long as the Junior
Subordinated Notes remain Outstanding. However, the Company shall use its commercially reasonable
efforts to increase the Share Cap Amount from time to time to a number of shares that would allow
the Company to satisfy its obligations under this Section 2.7.

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     If the Share Cap Amount has been reached and it is not sufficient to allow the Company to
raise sufficient proceeds to pay deferred interest in full, the Company shall use its commercially
reasonable efforts to increase the Share Cap amount only to the extent that it can do so and (i)
simultaneously satisfy its future fixed or contingent obligations under other securities and
derivative instruments that provide for settlement or payment in shares of the Company’s Common
Stock or (ii) if the Company cannot increase the Share Cap Amount as contemplated in the preceding
clause, by requesting the Board of Directors of the Company to adopt a resolution for shareholder
vote at the next occurring annual shareholders meeting to increase the number of shares of the
Company’s authorized Common Stock for purposes of satisfying its obligations to pay deferred
interest.

     (b) Market Disruption Event and Supervisory Event. Section 2.7(a) shall not apply,
with respect to any Interest Payment Date, if the Company shall have provided to the Trustee (and
to the Property Trustee of the Trust to the extent the Company is the sole Holder of the Junior
Subordinated Notes) no more than 15 and no less than 10 Business Days prior to such Interest
Payment Date an Officers’ Certificate stating that (i) a Market Disruption Event or a Supervisory
Event was existing after the immediately preceding Interest Payment Date and (ii) either (x) the
Market Disruption Event or Supervisory Event continued for the entire period from the Business Day
immediately following the preceding Interest Payment Date to the Business Day immediately preceding
the date on which such Officers’ Certificate is provided or (y) the Market Disruption Event or a
Supervisory Event continued for only part of such period but the Company was unable after
Commercially Reasonable Efforts to raise sufficient Eligible Proceeds during the rest of that
period to pay all accrued and unpaid interest due on the Interest Payment Date with respect to
which such Officers’ Certificate is being delivered or (z) in the case of a Supervisory Event, such
Supervisory Event prevents the Company from applying the net proceeds of sales of Qualifying APM
Securities to pay deferred interest on such Interest Payment Date.

     (c) Partial Payment of Deferral Interest.

     (i) If the Company has raised some but not all Eligible Proceeds necessary to pay all
deferred interest (including compounded interest thereon pursuant to Section 2.4(a) to the
extent permitted by law) on any Interest Payment Date pursuant to this Section 2.7, such
Eligible Proceeds shall be allocated to pay accrued and unpaid interest on the applicable
Interest Payment Date in chronological order based on the date each payment was first
deferred, subject to the Preferred Stock Issuance Cap and the Share Cap Amount, and payment
on each installment of deferred interest shall be distributed to Holders of such installment
on a pro rata basis.

     (ii) If the Company has outstanding Parity Debt Securities under which the Company is
obligated to sell securities that are Qualifying APM Securities and apply the net proceeds
to the payment of deferred interest or distributions, then on any date and for any period
the amount of net proceeds received by the Company from those sales and available for
payment of the deferred interest and distributions shall be applied to the Junior
Subordinated Notes and those other Parity Debt Securities on a pro rata basis up to the
Preferred Stock Issuance Cap (or comparable provisions in the instruments governing those
other Parity Debt Securities) and the Share Cap Amount in proportion to

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the total amounts that are due on the Junior Subordinated Notes and such other Parity
Debt Securities, or on such other basis as the Federal Reserve may approve.

     (d) Qualifying APM Securities Definition Change. The Company may, without the consent
of the holders of the Trust Preferred Securities or the Junior Subordinated Notes, amend the
definition of “Qualifying APM Securities” to eliminate Common Stock, Qualifying Warrants or
Mandatorily Convertible Preferred Stock (or any combination of two or more of the foregoing) if the
Company has been advised in writing by a nationally recognized independent accounting firm that
there is more than an insubstantial risk that the failure to do so would result in a reduction in
its earnings per share as calculated for financial reporting purposes. The Company shall send
written notice to the Trustee (which notice the Trustee shall promptly forward upon receipt to the
Administrative Trustees, who shall forward such notice to each holder of record of Trust Preferred
Securities) in advance of any change in the definition of Qualifying APM Securities to eliminate
Common Stock or Qualifying Warrants.

Section 2.8 Redemption of the Junior Subordinated Notes

     (a) Redemption Right. The Junior Subordinated Notes shall be redeemable in accordance
with Article XI of the Indenture, (i) in whole or in part, at the option of the Company (an
“Optional Redemption”) at any time at the applicable Redemption Price set forth in this Section
2.8, and (ii) in whole but not in part, at the option of the Company, within 90 days after the
occurrence of a Tax Event, a Rating Agency Event, a Capital Treatment Event or an Investment
Company Event, in each case at the applicable Redemption Price set forth in Section 2.8(b).

     (b) Redemption Price.

     (i) Redemption Price Prior to June 15, 2017. The Redemption Price for any
Junior Subordinated Notes redeemed prior to June 15, 2017 shall be as follows: In the case
of any Optional Redemption or redemption within 90 days after the occurrence of a Tax Event
or a Rating Agency Event, the Redemption Price shall be equal to (1) 100% of the principal
amount of the Junior Subordinated Notes being redeemed or (2) if greater, the present value
of scheduled payments of principal and interest from the Redemption Date (not including any
portion of such payments of interest accrued to but excluding the date of redemption) to
June 15, 2017 on the Junior Subordinated Notes being redeemed, discounted to the Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at
a discount rate equal to the Treasury Rate plus the Applicable Spread, in each case plus
accrued and unpaid interest on such Junior Subordinated Notes to the Redemption Date. In the
case of a redemption of Junior Subordinated Notes within 90 days after the occurrence of a
Capital Treatment Event or an Investment Company Event, the Redemption Price shall be equal
to 100% of the principal amount of the Junior Subordinated Notes being redeemed, plus
accrued and unpaid interest thereon to the Redemption Date.

     (ii) Redemption Price On and After June 15, 2017 and Prior to the Scheduled
Maturity Date. The Redemption Price for any Junior Subordinated Notes redeemed on or
after June 15, 2017 and prior to the Scheduled Maturity Date shall be as follows: In the

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case of any Optional Redemption, other than an Optional Redemption that occurs on an
Optional Par Redemption Date, the Redemption Price shall be equal to (1) 100% of the
principal amount of the Junior Subordinated Notes being redeemed or (2) if greater, the
present value of scheduled payments of principal and interest from the Redemption Date (not
including any portion of such payments of interest accrued to but excluding the date of
redemption) to the next succeeding Optional Par Redemption Date on the Junior Subordinated
Notes being redeemed (assuming for this purposes that the principal amount of the Junior
Subordinated Notes being redeemed were payable on such next succeeding Optional Par
Redemption Date), discounted to the Redemption Date on a quarterly basis (assuming a 360-day
year consisting of twelve 30-day months) at a discount rate equal to three-month LIBOR
applicable to the Interest Period immediately preceding the date on which such Junior
Subordinated Notes are redeemed (which three-month LIBOR rate shall also, for purposes of
calculating such Redemption Price, be the rate used in calculating the amount of each
scheduled payment of interest to the next succeeding Optional Par Redemption Date), in each
case plus accrued and unpaid interest on such Junior Subordinated Notes to the Redemption
Date. In the case of an Optional Redemption of Junior Subordinated Notes on an Optional Par
Redemption Date or a redemption of Junior Subordinated Notes within 90 days after the
occurrence of a Tax Event, a Capital Treatment Event or an Investment Company Event, the
Redemption Price shall be equal to 100% of the principal amount of the Junior Subordinated
Notes being redeemed, plus accrued and unpaid interest thereon to the Redemption Date.

     (iii) Redemption Price On or After the Scheduled Maturity Date. The Redemption
Price for any Junior Subordinated Notes redeemed on or after the Scheduled Maturity Date
shall be equal to the principal amount of the Junior Subordinated Notes being redeemed, plus
accrued and unpaid interest thereon to the Redemption Date.

     (c) No Redemption or Repayment at Option of Holders. Article XIV of the Indenture
shall not apply to the Junior Subordinated Notes.

     (d) Sinking Fund. The Junior Subordinated Notes are not entitled to any sinking fund
payments or similar provisions.

Section 2.9 Events of Default

     (a) So long as any Junior Subordinated Notes are held by or on behalf of the Trust, the
Trustee shall provide to the holders of the Trust Preferred Securities such notices as it shall
from time to time provide under Section 6.2 of the Indenture. In addition, the Trustee shall
provide to the holders of the Trust Preferred Securities notice of any Event of Default or event
that, with the giving of notice or lapse of time, or both, would become an Event of Default with
respect to the Junior Subordinated Notes within 30 days after the actual knowledge of a Responsible
Officer of the Trustee of such Event of Default or other event.

     (b) For the avoidance of doubt, and without prejudice to any other remedies that may be
available to the Trustee, the Holders of the Junior Subordinated Notes or the holders of the Trust
Preferred Securities under the Indenture, no breach by the Company of any covenant or obligation
under the Indenture or the terms of the Junior Subordinated Notes shall be an Event of

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Default with respect to the Junior Subordinated Notes other than those specified as Events of
Default in Sections 5.1(1), 5.1(2), 5.1(3) and 5.1(4) of the Indenture.

Section 2.10 Securities Registrar; Paying Agent; Delegation of Trustee Duties

     (a) The Company appoints The Bank of New York, as Securities Registrar and Paying Agent with
respect to the Junior Subordinated Notes.

     (b) Notwithstanding any provision contained herein, to the extent permitted by applicable law
and subject to Section 6.1 of the Indenture, the Trustee may delegate to agents its duty to provide
such notices and to perform such other duties as may be required to be provided or performed by the
Trustee under the Indenture, and, to the extent such obligation has been so delegated, the Trustee
shall not be responsible for any misconduct or negligence on the part of any such agent appointed
with due care by it hereunder.

Section 2.11 [RESERVED]

Section 2.12 Limitation on Claims in the Event of Bankruptcy, Insolvency or Receivership

     Each Holder, by such Holder’s acceptance of the Junior Subordinated Notes, agrees that if a
Bankruptcy Event shall occur in respect of the Company prior to the redemption or repayment of such
Holder’s Junior Subordinated Notes, such Holder shall have no claim for, and thus no right to
receive, any deferred interest (including compounded interest) pursuant to Section 2.5 that has not
been paid pursuant to Sections 2.5 and 2.7 to the extent the amount of such interest exceeds the
sum of (x) the first two years of accumulated and unpaid interest (including compounded interest
thereon pursuant to Section 2.4(a) to the extent permitted by law) on such Holder’s Junior
Subordinated Notes and (y) an amount equal to such Holder’s pro rata share of the excess, if any,
of the Preferred Stock Issuance Cap over the aggregate amount of net proceeds from the sale of
Qualifying Preferred Stock that the Company has applied to pay such interest pursuant to Section
2.7. Each Holder, by such Holder’s acceptance of the Junior Subordinated Notes, shall be deemed to
agree that to the extent the remaining claim exceeds the amount set forth in clause (x), the amount
it receives in respect of such excess shall not exceed the amount it would have received had the
claim for such excess ranked pari passu with the interests of the holders, if any, of Qualifying
Preferred Stock.

Section 2.13 Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct
Action by Holders of Trust Preferred Securities

     In addition to, and without limitation of, the terms of Section 5.8 of the Indenture, and
notwithstanding any other provision in the Indenture, so long as any Junior Subordinated Notes are
held by or on behalf of the Trust, any holder of the Trust Preferred Securities issued by the Trust
shall have the right, upon the breach by the Company of its obligations under Section 2.2(a)(v) to
issue Qualifying Capital Securities or under Section 2.7(a) to issue Qualifying APM Securities, to
institute a suit directly against the Company to enforce such obligations or for such other
remedies as may be available.

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ARTICLE III

[RESERVED]

ARTICLE IV

REPAYMENT OF JUNIOR SUBORDINATED NOTES

Section 4.1 Repayments

     The Company shall, not less than 10 nor more than 15 Business Days prior to each Repayment
Date (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing
of the principal amount of Junior Subordinated Notes to be repaid on such date pursuant to Section
2.2(a).

Section 4.2 Selection of the Junior Subordinated Notes to be Repaid

     If less than all the Junior Subordinated Notes are to be repaid on any Repayment Date (unless
the Junior Subordinated Notes are issued in the form of a Global Security or held by the Property
Trustee), the particular Junior Subordinated Notes to be repaid shall be selected not more than 60
days prior to such Repayment Date by the Trustee, from the Outstanding Junior Subordinated Notes
not previously repaid or called for redemption, pro rata, by lot or such other method as the
Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a
portion of the principal amount of any Junior Subordinated Notes, provided that the portion of the
principal amount of any Junior Subordinated Notes not repaid shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination).

     The Trustee shall promptly notify the Company in writing of the Junior Subordinated Notes
selected for partial repayment and the principal amount thereof to be repaid. For all purposes
hereof, unless the context otherwise requires, all provisions relating to the repayment of Junior
Subordinated Notes shall relate, in the case of any Junior Subordinated Notes repaid or to be
repaid only in part, to the portion of the principal amount of such Junior Subordinated Notes which
has been or is to be repaid. Junior Subordinated Notes registered in the name of the Company, any
Affiliate or any Subsidiary thereof shall not be included in the Junior Subordinated Notes selected
for repayment except to the extent no other Junior Subordinated Notes remain or would remain
outstanding.

Section 4.3 Notice of Repayment

     Notice of repayment shall be given by first-class mail, postage prepaid, mailed not earlier
than the 15th day, and not later than the 10th Business Day, prior to the Repayment Date, to each
Holder of Junior Subordinated Notes to be repaid, at the address of such Holder as it appears in
the Security Register.

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     Each notice of repayment shall identify the Junior Subordinated Notes to be repaid (including
CUSIP number, if a CUSIP number has been assigned to the Junior Subordinated Notes) and shall
state:

     (a) the Repayment Date;

     (b) if less than all Outstanding Junior Subordinated Notes are to be repaid, the
identification (and, in the case of partial repayment, the respective principal amounts) of the
particular Junior Subordinated Notes to be repaid;

     (c) that on the Repayment Date, the principal amount of the Junior Subordinated Notes to be
repaid will become due and payable upon each such Junior Subordinated Note or portion thereof, and
that interest thereon, if any, shall cease to accrue on and after said date; and

     (d) the place or places where such Junior Subordinated Notes are to be surrendered for payment
of the principal amount thereof.

     Notice of repayment shall be given by the Company or, at the Company’s request, by the Trustee
in the name and at the expense of the Company and shall be irrevocable. The notice if mailed in
the manner herein provided shall be conclusively presumed to have been duly given, whether or not
the Holder receives such notice. In any case, a failure to give such notice by mail or any defect
in the notice to the Holder of any Junior Subordinated Note designated for repayment as a whole or
in part shall not affect the validity of the proceedings for the repayment of any other Junior
Subordinated Note.

Section 4.4 Deposit of Repayment Amount

     Prior to 10:00 a.m. New York City time on the Repayment Date specified in the notice of
repayment given as provided in Section 3.3, the Company will deposit with the Trustee or with one
or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will
segregate and hold in trust as provided in Section 10.3 of the Indenture) an amount of money
sufficient to pay the principal amount of, and any accrued interest on, all the Junior Subordinated
Notes which are to be repaid on that date.

Section 4.5 Repayment of Junior Subordinated Notes

     If any notice of repayment has been given as provided in Section 3.3, the Junior Subordinated
Notes or portion of the Junior Subordinated Notes with respect to which such notice has been given
shall become due and payable on the date and at the place or places stated in such notice. On
presentation and surrender of such Junior Subordinated Notes at a Place of Payment in said notice
specified, the said securities or the specified portions thereof shall be paid by the Company at
their principal amount, together with accrued interest to the Repayment Date; provided that, except
in the case of a repayment in full of all Outstanding Junior Subordinated Notes, installments of
interest whose Stated Maturity is on or prior to the Repayment Date will be payable to the Holders
of such Junior Subordinated Notes, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Regular Record Dates according to their terms and the provisions
of Section 3.7 of the Indenture.

27

 

     Upon presentation of any Junior Subordinated Note repaid in part only, the Company shall
execute and the Trustee shall authenticate and make available for delivery to the Holder thereof,
at the expense of the Company, a new Junior Subordinated Note or Junior Subordinated Notes, of
authorized denominations, in aggregate principal amount equal to the portion of the Junior
Subordinated Notes not repaid and so presented and having the same Scheduled Maturity Date and
other terms. If a Global Security is so surrendered, such new Junior Subordinated Note will also
be a new Global Security.

     If any Junior Subordinated Note required to be repaid shall not be so repaid upon surrender
thereof, the principal of such Junior Subordinated Note shall, until paid, bear interest from the
applicable Repayment Date at the rate prescribed therefor in the Junior Subordinated Note.

ARTICLE V

FORM OF JUNIOR SUBORDINATED NOTE

Section 5.1 Form of Junior Subordinated Notes

     Sections 2.2 and 2.3 of the Indenture notwithstanding, the Junior Subordinated Notes are to be
substantially in the following form and shall bear any legend required by Section 2.4 of the
Indenture:

     THIS NOTE IS NOT A DEPOSIT OR OTHER OBLIGATION OF A DEPOSITORY INSTITUTION AND IS NOT INSURED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

			
	 	 	 
	No. R-1
	 	Principal Amount: $200,010,000
	Issue Date: ___, 2007	 	 

Webster Financial Corporation

7.65% Fixed to Floating Rate Junior Subordinated Notes

     WEBSTER FINANCIAL CORPORATION, a corporation organized and existing under the laws of Delaware
(hereinafter called the “Company”, which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New
York, as Property Trustee of Webster Capital Trust IV, or registered assigns, the principal sum of
TWO HUNDRED MILLION TEN THOUSAND DOLLARS ($200,010,000) and all accrued and unpaid interest thereof
on the Scheduled Maturity Date, or if such day is not a Business Day, the following Business Day or
any subsequent Interest Payment Date (as hereafter defined) to the extent set forth in the First
Supplemental Indenture. If that amount is not paid in full on the Scheduled Maturity Date or any
subsequent Interest Payment Date, the remaining amount, together with accrued and unpaid interest,
will be due and payable on the Final Repayment Date. Initially, the Scheduled Maturity Date will
be June 15, 2037 and the Final Repayment Date will be June 15, 2067, or, in each case, if such day
is not a Business Day, the following Business Day. The Company may elect to

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extend either or both of the Scheduled Maturity Date and the Final Repayment Date in
accordance with and subject to the terms and conditions set forth in the Indenture, in the case of
each of the Scheduled Maturity Date and the Final Repayment Date, up to two times, each for an
additional 10-year period, and as a result the Scheduled Maturity Date may be extended to June 15,
2047 or June 15, 2057, and/or the Final Repayment Date may be extended to June 15, 2077 or June 15,
2087. The Company may so extend the Scheduled Maturity Date for one or two additional 10-year
periods without also extending the Final Prepayment Date, and may so extend the Final Prepayment
Date for one or two additional 10-year periods without also extending the Scheduled Maturity Date.

     The Company further promises (i) to pay interest on said principal sum from and including June
20, 2007, or from and including the most recent Interest Payment Date on which interest has been
paid or duly provided for, semi-annually (subject to deferral as set forth herein) in arrears on
June 15 and December 15 of each year, commencing December 15, 2007, at the rate of 7.65% per annum
(computed on the basis of a 360-day year comprised of twelve 30-day months and the actual number of
days elapsed from and including June 20, 2007 to and including June 30, 2007) to but excluding June
15, 2017, (ii) to pay interest on said principal sum from and including June 15, 2017 to but
excluding June 15, 2037, quarterly in arrears on each March 15, June 15, September 15 and December
15, commencing September 15, 2017, at a floating annual rate equal to three-month LIBOR plus 1.89%
(computed on the basis of a 360-day year and the actual number of days elapsed) and (iii) to pay
interest, after June 15, 2037, on said outstanding principal sum monthly in arrears on the 15th day
of each calendar month, at a floating annual rate equal to one-month LIBOR plus 2.89% (computed on
the basis of a 360-day year and the actual number of days elapsed), provided that if the Company
has elected to extend the Scheduled Maturity Date, then for the period from and including June 15,
2037 to but excluding the Scheduled Maturity Date, interest on said principal sum shall accrue at a
floating annual rate equal to three-month LIBOR plus 2.89% (computed on the basis of a 360-day year
and the actual number of days elapsed) payable quarterly in arrears on each March 15, June 15,
September 15 and December 15 and thereafter, as to any unpaid portion of said principal sum,
interest shall accrue at a floating annual rate equal to one-month LIBOR plus 2.89% (computed on
the basis of a 360-day year and the actual number of days elapsed), payable monthly in arrears on
the 15th day of each calendar month, plus Additional Interest (to the extent permitted
by law), if any, in accordance with the next sentence until the principal hereof is paid or duly
provided for or made available for payment. Accrued interest that is not paid on the applicable
Interest Payment Date (subject to the next sentence), including interest deferred pursuant to
Section 2.5 of the First Supplemental Indenture, will bear Additional Interest, to the extent
permitted by law, at the interest rate in effect from time to time, from the relevant Interest
Payment Date, compounded on each subsequent Interest Payment Date, to the extent permitted by law.
In the event that any date on which interest is payable on this Security is not a Business Day,
then a payment of the interest payable on such date will be made on the next succeeding day that is
a Business Day (and, in the case of payments on or prior to the Scheduled Maturity Date, without
any interest or other payment in respect of any such delay) with the same force and effect as if
made on the date the payment was originally payable. A “Business Day” means any day other than a
Saturday, Sunday or other day on which banking institutions in New York, New York, Waterbury,
Connecticut or Wilmington, Delaware are authorized or required by law or executive order to remain
closed, provided that, with respect to the payment of interest accrued for any period commencing on
or after June 15, 2017, such day must also be a day on which commercial banks

29

 

are open for general business (including dealings in deposits in U.S. dollars) in London. The
interest installment so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest installment, which shall be the date that is the last day of the month
immediately preceding the month in which such Interest Payment Date falls (whether or not a
Business Day). Any such interest installment not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

     So long as no Event of Default has occurred and is continuing, the Company shall have the
right at any time or from time to time during the term of this Security to defer payment of
interest on this Security for one or more consecutive interest payment periods (each an “Extension
Period”) that do not exceed 10 years, during which Extension Periods the Company shall have the
right to make partial payments of interest on any Interest Payment Date, and at the end of which
the Company shall pay all interest then accrued and unpaid (together with Additional Interest
thereon to the extent permitted by applicable law); provided, however, that no Extension Period
shall extend beyond the Final Repayment Date or the earlier repayment or redemption in full of the
Securities. Upon the termination of any Extension Period and upon the payment of all deferred
interest then due, the Company may elect to begin a new Extension Period, subject to the above
requirements. Deferred interest on the Security will bear interest at the then applicable interest
rate, compounded on each Interest Payment Date, subject to applicable law. No interest shall be
due and payable during an Extension Period except at the end thereof.

     So long as any Securities remain outstanding, if the Company has given notice of its election
to defer interest payments on the Securities but the related Extension Period has not yet commenced
or an Extension Period is continuing, the Company shall not, and shall not permit any Subsidiary of
the Company to, (i) declare or pay any dividends or distributions, or redeem, purchase, acquire or
make a liquidation payment with respect to, any shares of the Company’s capital stock, (ii) make
any payment of principal of or interest or premium, if any, on or repay, purchase or redeem any
Parity Debt Securities, or any debt securities that rank junior to the Securities or (iii) make any
guarantee payments pursuant to guarantees by the Company that rank equal with or junior to the
Securities (other than (a) purchases of capital stock of the Company in connection with employee or
agent benefit plans or under any dividend reinvestment plan; (b) purchases or repurchases of shares
of capital stock of the Company pursuant to a contractually binding requirement to buy stock
existing prior to the beginning of any Extension Period including under a contractually binding
stock repurchase plan; (c) the purchase of Common Stock related to the issuance of Common Stock, or
securities convertible into Common Stock, as consideration in an acquisition transaction that was
entered into before the beginning of the Extension Period; (d) in connection with the
reclassification of any class or series of capital stock

30

 

of the Company or the capital stock of any Subsidiaries of the Company, or the exchange,
redemption or conversion of one class or series of capital stock of the Company or the capital
stock of any of the Subsidiaries of the Company for or into another class or series of capital
stock of the Company or the capital stock of any of the Subsidiaries of the Company; (e) the
purchase of fractional interests in shares of capital stock of the Company in connection with the
conversion or exchange provisions of that capital stock or the security being converted or
exchanged; (f) dividends or distributions in the form of capital stock of the Company or warrants,
options or other rights to acquire capital stock of the Company (where such capital stock is the
same stock on which the dividend is being paid or ranks pari passu or junior to such stock), or
repurchases or redemptions of Common Stock solely from the issuance or exchange of Common Stock;
(g) any declaration of a dividend in connection with the implementation of a shareholder rights
plan, or issuances of capital stock under any such plan in the future, or redemptions or
repurchases of any rights outstanding under a shareholder rights plan; (h) acquisitions of capital
stock previously issued in connection with acquisitions of businesses made by the Company (which
acquisitions of capital stock of the Company are made by the Company in connection with the
satisfaction of indemnification obligations of the sellers of such businesses); (i) the payment of
any dividend within 60 days after the date of declaration thereof, if the date of declaration was
prior to the beginning of any Extension Period; (j) any payment of current interest in respect of
Parity Debt Securities having the same interest payment date as the Securities made ratably to the
holders of one or more series of such Parity Debt Securities and the Securities in proportion to
the respective amounts due on such Parity Debt Securities, on the one hand, and on the Securities,
on the other hand and any payments of deferred interest on Parity Debt Securities that, if not
made, would cause the Company to breach the terms of the instrument governing such Parity Debt
Securities; (k) any payment of principal in respect of Parity Debt Securities having the same
maturity date as the Securities made ratably to the holders of one or more series of such Parity
Debt Securities and the Securities in proportion to the respective amounts due on such Parity Debt
Securities, on the one hand, and on the Securities, on the other hand; (l) any payment in respect
of guarantees that rank equally with the Securities (“Parity Guarantees”) made ratably to the
beneficiaries of one or more of such Parity Guarantees and the holders of the Securities in
proportion to the respective accrued and unpaid amounts due on such Parity Guarantees, on the one
hand, and accrued and unpaid amounts on the Securities, on the other hand; or (m) payments by the
Company under the Guarantee Agreement. In addition, if any Extension Period lasts longer than one
year, the restrictions on the Company’s ability to redeem or repurchase any of its common stock set
forth in clause (i) of this paragraph will continue until the first anniversary of the date on
which all deferred interest on the Securities has been paid.

     The Company shall give written notice of its election to begin or extend any Extension Period,
(x) if the Property Trustee, on behalf of the Trust, is the sole holder of the Securities, to the
Property Trustee and the Delaware Trustee at least five Business Days before the earlier of (A) the
next succeeding date on which the distributions on the Trust Preferred Securities are payable and
(B) the date the Property Trustee is required to give notice to holders of the Trust Preferred
Securities of the record or payment date for the related distribution, or (y) if the Property
Trustee, on behalf of the Trust, is not the sole Holder of the Securities, to Holders of the
Securities and the Trustee at least five Business Days before the next Interest Payment Date.
Notice of the Company’s election of an Extension Period shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than three Business Days after the Property

31

 

Trustee receives written notice from the Company to each holder of Trust Securities at such
holder’s address appearing in the Security Register.

     Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the United States, in such
coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the Company payment
of interest may be made (i) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Securities Register or (ii) by wire transfer in immediately available
funds at the bank account number as may be designated by the Person entitled thereto as specified
in the Securities Register in writing not less than ten days before the relevant Interest Payment
Date.

     The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all Senior and
Subordinated Debt, and this Security is issued subject to the provisions of the Indenture with
respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be
bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such actions
as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the
Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance
hereof, waives all notice of the acceptance of the subordination provisions contained herein and in
the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter incurred,
and waives reliance by each such holder upon said provisions.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

32

 

     In Witness Whereof, the Company has caused this instrument to be duly executed.

	 	 	 	 	 
	 	WEBSTER FINANCIAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Certificate Of Authentication

     This is one of the Securities referred to in the within-mentioned Indenture.

Dated:

	 	 	 	 	 
	 	The Bank of New York,

not in its individual capacity but solely as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

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(FORM OF REVERSE OF JUNIOR SUBORDINATED NOTE)

     This 7.65% Fixed to Floating Rate Junior Subordinated Note (this “Security”) is one of or
represents all of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under the Junior Subordinated
Indenture, dated as of June 20, 2007 (herein called the “Base Indenture”), between the Company and
The Bank of New York, as trustee (collectively with any successor trustee, the “Trustee”), as
amended and supplemented by the First Supplemental Indenture, dated as of June 20, 2007, between
the Company and the Trustee (the “First Supplemental Indenture”, and together with the Base
Indenture, the “Indenture” ), to which Indenture and all other indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the
terms upon which the Securities are, and are to be, authenticated and delivered.

     All terms used in this Security that are defined in the Indenture or in the Amended and
Restated Trust Agreement, dated as of June 20, 2007 (the “Trust Agreement”) for Webster Capital
Trust IV among Webster Financial Corporation, as Sponsor, The Bank of New York, as the Property
Trustee, The Bank of New York (Delaware), as the Delaware Trustee, and the Administrative Trustees
named therein, shall have the meanings assigned to them in the Indenture or the Trust Agreement, as
the case may be.

     This Security shall be redeemable at any time, in whole or in part, at the option of the
Company in accordance with the terms of the Indenture. In the event of redemption of this Security
in part only, a new Security or Securities for the unredeemed portion of this Security will be
issued in the name of the Holder hereof upon the cancellation of this Security. This Security is
not redeemable or repayable at the option of the Holder or any beneficial owner hereof.

     No sinking fund is provided for the Securities.

     The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of
this Security upon compliance by the Company with certain conditions set forth in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the Company and the
Trustee at any time to enter into a supplemental indenture or indentures for the purpose of
modifying in any manner the rights and obligations of the Company and of the Holders of the
Securities, with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities to be affected by such supplemental indenture. The Indenture also contains
provisions permitting Holders of specified percentages in principal amount of the Securities at the
time Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

34

 

     As provided in and subject to the provisions of the Indenture, if an Event of Default with
respect to the Securities at the time Outstanding occurs and is continuing, then, subject to the
next sentence, the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities may declare the entire principal amount and all accrued but unpaid interest
of all the Securities to be due and payable immediately, by a notice in writing to the Company (and
to the Trustee if given by Holders), provided that, in the case of the Securities issued to and
held by Webster Capital Trust IV, or any trustee thereof or agent therefor, if upon an Event of
Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Securities fails to declare the entire principal and all accrued but unpaid interest of all the
Securities to be immediately due and payable, the holders of at least 25% in aggregate Liquidation
Amount of the Trust Preferred Securities then outstanding shall have such right by a notice in
writing to the Company and the Trustee; and upon any such declaration the principal amount of and
the accrued but unpaid interest (including any Additional Interest to the extent permitted by law);
on all the Securities shall become immediately due and payable. Upon the occurrence of an Event of
Default specified in Section 5.1(2) or 5.1(3) of the Base Indenture, the principal amount of all
the Securities shall automatically, and without any declaration or other action on the part of the
Trustee or any Holder, become immediately due and payable. The payment of principal and interest
(including any Additional Interest to the extent permitted by law) on any such Securities so
accelerated shall remain subordinated to the extent provided in Article XIII of the Base Indenture.

     So long as Securities are held by or on behalf of Webster Capital Trust IV, any holder of the
Trust Preferred Securities issued by the Webster Capital Trust IV shall have the right (i) upon the
breach by the Company of its obligations under Section 2.2(a)(v) of the First Supplemental
Indenture, to issue Qualifying Capital Securities or under Section 2.7(a) of the First Supplemental
Indenture to issue Qualifying APM Securities, or (ii) upon the occurrence of a breach of the
Company’s obligation to pay the principal of (and premium, if any) and (subject to Section 3.7 of
the Base Indenture) interest (including any Additional Interest to the extent permitted by law) on
any of the Securities on the Stated Maturity of such Securities (or, in the case of redemption or
repayment, on the Redemption Date or the Repayment Date, as the case may be) of such Securities,
(a) in the case of (i) above, to institute a suit directly against the Company to enforce such
obligations or for such other remedies as may be available, and (b) in the case of (ii) above, for
enforcement of payment to such holder of principal or (premium, if any) and (subject to Section 3.7
of the Base Indenture) interest (including any Additional Interest to the extent permitted by law)
on the Securities having a principal amount equal to the aggregate Liquidation Amount (as defined
in the Trust Agreement) of such Trust Preferred Securities.

     The Holder of this Security, by such Holder’s acceptance of this Security, agrees that if a
Bankruptcy Event shall occur in respect of the Company prior to the redemption or repayment of this
Security, such Holder shall have no claim for, and thus no right to receive, any deferred interest
(including compounded interest) pursuant to Section 2.5 of the First Supplemental Indenture that
has not been paid pursuant to Sections 2.5 and 2.7 of the First Supplemental Indenture to the
extent the amount of such interest exceeds the sum of (x) the first two years of accumulated and
unpaid interest (including compounded interest thereon pursuant to Section 2.4(a) of the First
Supplemental Indenture to the extent permitted by law) on this Security and (y) an amount equal to
such Holder’s pro rata share of the excess, if any, of the Preferred Stock Issuance Cap over the
aggregate amount of net proceeds from the sale of Qualifying Preferred

35

 

Stock that the Company has applied to pay such interest pursuant to Section 2.7 of the First
Supplemental Indenture. The Holder of this Security, by such Holder’s acceptance of this Security,
shall be deemed to agree that to the extent the remaining claim exceeds the amount set forth in
clause (x), the amount it receives in respect of such excess shall not exceed the amount it would
have received had the claim for such excess ranked pari passu with the interests of the holders, if
any, of Qualifying Preferred Stock.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any) and interest on this Security at the times, place and rate,
and in the coin or currency herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Securities Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company maintained under
Section 10.2 of the Base Indenture duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities,
of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee shall treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

     The Securities are issuable only in registered form without coupons in minimum denominations
of $1,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate
principal amount of Securities of a different authorized denomination, as requested by the Holder
surrendering the same.

     The Company and, by its acceptance of this Security or a beneficial interest therein, the
Holder of, and any Person that acquires a beneficial interest in, this Security agree to treat for
United States Federal income tax purposes (i) the Securities as indebtedness of the Company, and
(ii) the stated interest on the Securities as ordinary interest income that is includible in the
Holder’s or beneficial owner’s gross income at the time the interest is paid or accrued in
accordance with the Holder’s or beneficial owner’s regular method of tax accounting, and otherwise
to treat the Securities as described in the Prospectus.

     The Indenture and this Security shall be governed by and construed in accordance with the laws
of the State of New York.

36

 

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned assigns and transfers this Security to:

 

 

 

(Insert assignee’s social security or tax identification number)

 

 

 

(Insert address and zip code of assignee)

agent to transfer this Security on the books of the Securities Registrar. The agent may substitute
another to act for him or her.

	 	 	 
	Dated:

	 	Signature:
	 
	 	 
	 

	 	Signature Guarantee:

(Sign exactly as your name appears on the other side of this Security)

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Securities Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Securities Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

37

 

ARTICLE VI

ORIGINAL ISSUE OF JUNIOR SUBORDINATED NOTES

Section 6.1 Original Issue of Junior Subordinated Notes

     Junior Subordinated Notes in the aggregate principal amount of $200,010,000 may, upon
execution of this First Supplemental Indenture, be executed by the Company and delivered to the
Trustee or an Authenticating Agent for authentication, and the Trustee or an Authenticating Agent
shall thereupon authenticate and deliver said Junior Subordinated Notes in accordance with a
Company Order.

Section 6.2 Calculation of Original Issue Discount

     If during any calendar year any original issue discount shall have accrued on the Junior
Subordinated Notes, the Company shall file with each Paying Agent (including the Trustee if it is a
Paying Agent) promptly at the end of each calendar year (i) a written notice specifying the amount
of original issue discount (including daily rates and accrual periods) accrued on Outstanding
Securities as of the end of such year and (ii) such other specific information relating to such
original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended
from time to time. Neither the Company nor the Trust would make actual payments on the Junior
Subordinated Notes, or on the Trust Preferred Securities, as the case may be, during an Extension
Period.

ARTICLE VII

SUBORDINATION

Section 7.1 Senior and Subordinated Debt

     The subordination provisions of Article XIII of the Indenture shall apply to the Securities.
Notwithstanding the foregoing or any other provision of the Indenture or of this First Supplemental
Indenture, provided that the Company is not subject to a bankruptcy, insolvency, liquidation or
similar proceeding, the priority of the Securities in right of payment as to Parity Debt Securities
is subject to the provisions of Section 2.6 hereof and the Company shall be permitted to pay
interest or principal on Parity Debt Securities in accordance with Section 2.6 hereof.

Section 7.2 Compliance with Federal Reserve Rules

     The Company shall not incur any additional indebtedness for borrowed money that ranks pari
passu with or junior to the Junior Subordinated Notes (if then subject to Article XIII of the
Indenture), except in compliance with applicable regulations and guidelines of the Federal Reserve.

38

 

ARTICLE VIII

MISCELLANEOUS

Section 8.1 Effectiveness

     This First Supplemental Indenture will become effective upon its execution and delivery.

Section 8.2 Successors and Assigns

     All covenants and agreements in the Indenture, as supplemented and amended by this First
Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed
or not.

Section 8.3 Further Assurances

     The Company will, at its own cost and expense, execute and deliver any documents or
agreements, and take any other actions that the Trustee or its counsel may from time to time
request in order to assure the Trustee of the benefits of the rights granted to the Trustee under
the Indenture, as supplemented and amended by this First Supplemental Indenture.

Section 8.4 Effect of Recitals

     The recitals contained herein and in the Junior Subordinated Notes, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this First Supplemental Indenture or
of the Junior Subordinated Notes. Neither the Trustee nor any Authenticating Agent shall be
accountable for the use or application by the Company of the Junior Subordinated Notes or the
proceeds thereof.

Section 8.5 Ratification of Indenture

     The Indenture as supplemented by this First Supplemental Indenture, is in all respects
ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Indenture
in the manner and to the extent herein and therein provided.

Section 8.6 Governing Law

     This First Supplemental Indenture and the Junior Subordinated Notes shall be governed by and
construed in accordance with the laws of the State of New York.

* * * *

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

39

 

     In Witness Whereof, the parties hereto have caused this First Supplemental Indenture
to be duly executed as of the day and year first above written.

	 	 	 	 	 
	 	WEBSTER FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Gerald P. Plush	 
	 	 	Name:  	Gerald P. Plush	 
	 	 	Title:  	Executive Vice President

and Chief Financial Officer	 
	 
	 	THE BANK OF NEW YORK,

as Trustee

 	 
	 	By:  	/s/ Scott I. Klein	 
	 	 	Name:  	Scott I. Klein	 
	 	 	Title:  	Assistant Treasurer	 
	 

40

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