Document:

Exhibit 4.2
DESCRIPTION OF SECURITIES
As of December 31, 2021, ACE Convergence Acquisition Corp. (“we,” “our; “ “us” or the “company’) had the following three classes of securities registered under Section 72 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its units, each consisting of one Class A ordinary share and one-half of one redeemable warrant, (ii) Class A ordinary shares, par value $0.0001 per share, and (iii) redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50.  In addition, this Description of Securities also references the company’s Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares” or “founder shares”), which are not registered pursuant to Section 12 of the Exchange Act but are convertible into Class A ordinary shares.  The description of the Class B ordinary shares is included to assist in the description of the Class A ordinary shares.  Unless the context otherwise requires, references to our “sponsor” are to ACE Convergence Acquisition LLC and references to our “initial shareholders” are to our sponsor and certain members of our management team, as they held our founder shares prior to our initial public offering (our “IPO”).
We are a Cayman Islands exempted company and our affairs will be governed by our amended and restated memorandum and articles of association, the Companies Law and common law of the Cayman Islands.  Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 500,000,000 Class A ordinary shares, $0.0001 par value each, 50,000,000 Class B ordinary shares, $0.0001 par value each, and 5,000,000 undesignated preference shares, $0.0001 par value each.  The following description summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of association.  Because it is only a summary, it may not contain all the information that is important to you.
Units
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant.  Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described elsewhere.  Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares.  This means only a whole warrant may be exercised at any given time by a warrant holder.
The Class A ordinary shares and warrants constituting the units began separately trading on September 17, 2020.  Once the Class A ordinary shares and warrants commenced separate trading, holders had the option to continue to hold units or separate their units into the component securities.  Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and warrants.  Additionally, the units will automatically separate into their component parts and will not be traded after completion of our initial business combination.  No fractional warrants will be issued upon separation of the units and only whole warrants will trade.  Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.
Ordinary Shares
Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law.  Unless specified in the Companies Law, our amended and restated memorandum and articles of association or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders.  Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company.  Directors are appointed for a term of one year.  There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the ordinary shares voted for the appointment of directors can appoint all of the directors prior to our initial business combination.  Our shareholders are entitled to receive dividends when, as and if declared by the board of directors out of funds legally available therefor.
Because our amended and restated memorandum and articles of association authorize the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination.
Our last annual general meeting was held on January 21, 2022.  There is no requirement under the Companies Law for us to hold annual or extraordinary general meetings to appoint directors.  We may not hold another annual general meeting prior to the consummation of our initial business combination.
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We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations described herein.  The amount in the trust account is initially anticipated to be $10.00 per public share.  The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.  The redemption rights will include the requirement that a beneficial owner must identify itself in order to validly redeem its shares.  Our directors, officers, and initial shareholders and their permitted transferees have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with the completion of our initial business combination or certain amendments to our amended and restated memorandum and articles of association as described elsewhere in this prospectus.  Permitted transferees of our initial shareholders, directors or officers will be subject to the same obligations.
Unlike some blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination.  Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC’s proxy rules.  If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other reasons, we will, like some blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.  If we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary resolution under Cayman Islands law, which requires the affirmative vote of holders of a majority of ordinary shares who attend and vote in person or by proxy at a general meeting of the company.  However, the participation of our sponsor, directors, officers, advisors or any of their respective affiliates in privately-negotiated transactions, if any, could result in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such business combination.  For purposes of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.  We intend to give not less than 10 days nor more than 60 days prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination.  These quorum and voting thresholds, and the voting agreements of our initial shareholders and their permitted transferees, may make it more likely that we will consummate our initial business combination.
If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the ordinary shares sold in our IPO, which we refer to as the “Excess Shares,” without our prior consent.  However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination.  Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market.  Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination.  As a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.
If we seek shareholder approval in connection with our initial business combination, our initial shareholders have agreed (and their permitted transferees have agreed and will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by them in favor of our initial business combination.  Additionally, each public shareholder may elect to redeem its public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed transaction.
Pursuant to our amended and restated memorandum and articles of association, if we have not completed our initial business combination by July 13, 2022, or during any extended time that we have to consummate a business combination beyond such date as a result of a shareholder vote to amend our amended and restated memorandum and articles of association (an “Extension Period”), we will (1) cease all operations except for the purpose of winding up, (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), 
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divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.  Our initial shareholders and their permitted transferees have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination by July 13, 2022, or during any Extension Period.  However, if our directors, officers, or initial shareholders or their permitted transferees acquire public shares, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed time period.
In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders at such time will be entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares.  Our shareholders have no preemptive or other subscription rights.  There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), upon the completion of our initial business combination, subject to the limitations described herein.
Founder Shares
The founder shares are designated as Class B ordinary shares and are identical to the Class A ordinary shares included in the units sold in our IPO, and holders of founder shares have the same shareholder rights as public shareholders, except that: (1) the founder shares are subject to certain transfer restrictions, as described in more detail below; (2) our directors, officers, and initial shareholders and their permitted transferees have entered into a letter agreement with us, pursuant to which they have agreed to waive: (i) their redemption rights with respect to any founder shares and public shares held by them, as applicable, in connection with the completion of our initial business combination; (ii) their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by July 13, 2022, or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; and (iii) their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination by July 13, 2022, or during any Extension Period (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (3) the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in more detail below; and (4) the founder shares are entitled to registration rights.  If we submit our initial business combination to our public shareholders for a vote, our initial shareholders have agreed (and their permitted transferees have agreed and will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by them purchased during or after this offering in favor of our initial business combination.
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein.  In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the IPO and related to the closing of our initial business combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of all ordinary shares issued and outstanding upon the completion of this offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with our initial business combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination.  The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt.
With certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our directors and officers and other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of: (A) one year after the completion of our initial business combination; and (B) subsequent to our initial business combination (x) if the last reported sale price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-
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trading day period commencing at least 150 days after our initial business combination or (y) the date on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Register of Members
Under Cayman Islands law, we must keep a register of members and there shall be entered therein:
		●	the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member and the voting rights of the shares of each member;

		●	the date on which the name of any person was entered on the register as a member; and

		●	the date on which any person ceased to be a member.

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members shall be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register of members.  Once our register of members has been updated, the shareholders recorded in the register of members shall be deemed to have legal title to the shares set against their name.  However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position.  Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position.  If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.
Preference Shares
Our amended and restated memorandum and articles of association authorize 5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series.  Our board of directors are authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.  Our board of directors are able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects.  The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management.  We have no preference shares issued and outstanding at the date hereof.  Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future.  No preference shares were issued or registered in the Company’s initial public offering.
Redeemable Warrants
Public Shareholders’ Warrants
Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 30 days after the completion of our initial business combination and 12 months from the closing of the Company’s IPO, except as described below.  Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares.  This means only a whole warrant may be exercised at a given time by a warrant holder.  No fractional warrants will be issued upon separation of the units and only whole warrants will trade.  Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.  The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating thereto is available, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration is available, including in connection with a cashless exercise.  No warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.  In the event that the conditions in the two 
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immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless.  In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.
We have agreed that as soon as practicable, but in no event later than 15 business days, after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our initial business combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement.  Notwithstanding the above, if our Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.  In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value.  The “fair market value” shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.
Redemption of warrants.  Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):
		●	in whole and not in part;

		●	at a price of $0.01 per warrant;

		●	upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

		●	if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like).

We will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period.  If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.  If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date.  However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.
If we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.”  In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our shareholders of issuing the maximum number of Class A ordinary shares issuable upon the exercise of our warrants.  If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair market value.  The “fair market value” shall mean the average last reported sale price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.  If our management takes advantage of this option, the notice of redemption will contain the information necessary to 
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calculate the number of shares of Class A ordinary shares to be received upon exercise of the warrants, including the “fair market value” in such case.  Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.  We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination.  If we call our warrants for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.
Redemption procedures.  A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise.
Anti-dilution Adjustments.  If the number of issued and outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary shares, or by a split-up of Class A ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the issued and outstanding Class A ordinary shares.  A rights offering made to all or substantially all holders of Class A ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below) will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (1) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (2) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value.  For these purposes, (I) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (2) “historical fair market value” means the volume weighted average price of Class A ordinary shares during the 10 trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if we, at any time while the warrants are outstanding and unexpired, pay to all or substantially all of the holders of Class A ordinary shares a dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by July 13, 2022, or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A ordinary share in respect of such event.
If the number of issued and outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in issued and outstanding Class A ordinary shares.
Whenever the number of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter.
In addition, if (x) we issue additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our 
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sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the completion of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
In case of any reclassification or reorganization of the issued and outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a merger or consolidation in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued and outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of our Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares, stock or other equity securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.  However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such merger or consolidation, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such merger or consolidation that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in connection with redemption rights held by shareholders of the company as provided for in the company’s amended and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if a proposed initial business combination is presented to the shareholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(I) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement.  Additionally, if less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant.
The warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us.  The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in this prospectus, or defective provision or (ii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 65% of the then issued and outstanding public warrants is required to make any change that adversely affects the interests of the registered holders.  You should review a copy of the warrant agreement, which has been filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, for a complete description of the terms and conditions applicable to the warrants.
The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares.  After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
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Private Placement Warrants
The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions, to our directors and officers and other persons or entities affiliated with our sponsor) and they will not be redeemable by us so long as they are held by our sponsor or its permitted transferees.  Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis and have certain registration rights described herein.  Otherwise, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our IPO. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in our IPO. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants will require a vote of holders of at least 65% of the number of the then outstanding private placement warrants.
If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “historical fair market value” (defined below) less the exercise price of the warrants by (y) the historical fair market value.  For these purposes, the “historical fair market value” shall mean the average last reported sale price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent.  The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination.  If they remain affiliated with us, their ability to sell our securities in the open market will be significantly limited.  We expect to have policies in place that restrict insiders from selling our securities except during specific periods of time.  Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information.  Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities.  As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.
In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may loan us funds as may be required, although they are under no obligation to advance funds or invest in us.  Up to $1,500,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender.  Such warrants would be identical to the private placement warrants.
On January 13, 2022, the Company entered into a Convertible Promissory Note (the “Promissory Note”) with its sponsor. Pursuant to the Promissory Note, the sponsor has agreed that it will contribute to the Company as a loan (each loan being referred to herein as a “Contribution”) $0.03 for each Class A ordinary share of the Company that was not redeemed in connection with the shareholder vote to approve the extension of the deadline by which the Company must complete its initial business combination, for each month (or a pro rata portion thereof if less than a month) until the earlier of (i) the date of the extraordinary general meeting held in connection with the shareholder vote to approve the Company’s proposed business combination with Tempo Automation, Inc., and (ii) $1.5 million has been loaned. Up to $1.5 million of the loans may be settled in whole warrants to purchase Class A ordinary shares of the Company at a conversion price equal to $1.00 per warrant. The Contribution(s) will not bear any interest, and will be repayable by the Company to the sponsor upon the earlier of the date by which the Company must complete an initial business combination and the consummation of the proposed business combination. The Company’s board of directors will have the sole discretion whether to continue extending for additional months until $1.5 million in the aggregate has been loaned, and if the Company’s board of directors determines not to continue extending for additional months, the sponsor’s obligation to make additional Contributions will terminate. If this occurs, the Company would wind up its affairs and redeem 100% of the outstanding public shares in accordance with the procedures set forth in the Company’s Second Amended and Restated Memorandum and Articles of Association. The maturity date of the Promissory Note may be accelerated upon the occurrence of an Event of Default (as defined therein). Any outstanding principal under the Promissory Note may be prepaid at any time by the Company, at its election and without penalty, provided, however, that the sponsor shall have a right to first convert such principal balance as described in Section 6 of the Promissory Note upon notice of such prepayment. If the proposed business combination is not completed and the Company winds up, there will not be sufficient assets to repay the Promissory Note and it will be worthless.
Dividends
We have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination.  The payment of cash dividends in the future will be dependent upon our revenues and

earnings, if any, capital requirements and general financial condition subsequent to completion of our initial business combination.  The payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors at such time.  In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future.  Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
Our Transfer Agent and Warrant Agent
The transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company.  We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.
Certain Differences in Corporate Law
Cayman Islands companies are governed by the Companies Law.  The Companies Law is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable to United States corporations and their shareholders.  Set forth below is a summary of the material differences between the provisions of the Companies Law applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.
Mergers and Similar Arrangements.  In certain circumstances, the Companies Law allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).
Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information.  That plan of merger or consolidation must then be authorized by either (a) a special resolution (at least a majority of 66 2/3% in value who attend and vote in person or by proxy at a general meeting) of the shareholders of each company; and (b) such other authorization, if any, as may be specified in such constituent company’s articles of association.  No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company.  The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement.  If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Law (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.
Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (1) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with; (2) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (3) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (4) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted; and (5) that there is no other reason why it would be against the public interest to permit the merger or consolidation.
Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (1) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (2) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with; and (3) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction.
Where the above procedures are adopted, the Companies Law provides for a right of dissenting shareholders to be paid a payment of the fair value of his or her shares upon their dissenting to the merger or consolidation, in certain circumstances, if they follow
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a prescribed procedure.  In essence, that procedure is as follows: (a) the shareholder must give his or her written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his or her shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his or her intention to dissent including, among other details, a demand for payment of the fair value of his or her shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his or her shares at a price that the company determines is the fair value and if the company and the shareholder agrees to the price within 30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fails to agree to a price within such 30-day period, within 20 days following the date on which such 30-day period expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company.  At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value.  Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached.  These rights of a dissenting shareholder are not to be available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company or in the context of a parent and subsidiary merger.
Moreover, Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, such schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount to a merger.  In the event that a merger was sought pursuant to a scheme of arrangement (the procedures of which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a general meeting summoned for that purpose.  The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands.  While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it is satisfied that;
		●	we are not proposing to act illegally or beyond the scope of our corporate authority and we have complied with the statutory provisions as to majority vote;

		●	the shareholders have been fairly represented at the meeting in question;

		●	the arrangement is such as a business-person would reasonably approve; and

		●	the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Law or that would amount to a “fraud on the minority.”

If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing rights to receive payment in cash for the judicially determined value of the shares.
Squeeze-out Provisions.  When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer.  An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.
Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means to these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements, of an operating business.
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Shareholders’ Suits.  Our Cayman Islands counsel is not aware of any reported class action having been brought in a Cayman Islands court.  Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability of such actions.  In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our directors or officers usually may not be brought by a shareholder.  However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:
		●	a company is acting, or proposing to act, illegally or beyond the scope of its authority;

		●	the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes that have actually been obtained; or

		●	those who control the company are perpetrating a “fraud on the minority.”

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.
Enforcement of Civil Liabilities.  The Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors.  Additionally, Cayman Islands companies may not have standing to sue before the federal courts of the United States.
We have been advised by our Cayman Islands legal counsel that the courts of the Cayman Islands are unlikely (1) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state and (2) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature.  In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met.  For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy).  A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
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Special Considerations for Exempted Companies.  We are an exempted company with limited liability (meaning our public shareholders have no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies Law.  The Companies Law distinguishes between ordinary resident companies and exempted companies.  Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company.  The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:
		●	annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Law;

		●	an exempted company’s register of members is not open to inspection;

		●	an exempted company does not have to hold an annual general meeting;

		●	an exempted company may issue negotiable or bearer shares or shares with no par value;

		●	an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 30 years in the first instance);

		●	an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

		●	an exempted company may register as a limited duration company; and

		●	an exempted company may register as a segregated portfolio company.

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Our Amended and Restated Memorandum and Articles of Association
Our amended and restated memorandum and articles of association contain certain requirements and restrictions that will apply to us until the completion of our initial business combination.  These provisions cannot be amended without a special resolution.  As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either (1) holders of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s ordinary shares at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given or (2) if so authorized by a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders.  Other than as described above, our amended and restated memorandum and articles of association provide that special resolutions must be approved either by holders of at least two-thirds of our ordinary shares who attend and vote in person or by proxy at a general meeting (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.
Our initial shareholders and their permitted transferees may participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose.  Specifically, our amended and restated memorandum and articles of association provide, among other things, that:
		●	if we have not completed our initial business combination by July 13, 2022, or during any Extension Period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

		●	prior to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (1) receive funds from the trust account or (2) vote as a class with our public shares on any initial business combination;

		●	although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so.  In the event we enter into such a transaction, we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or from an independent accounting firm that such a business combination is fair to our company from a financial point of view;

		●	if a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

		●	as long as our securities are listed on Nasdaq, our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the assets held in trust (excluding any deferred underwriters fees and taxes payable on the income earned on the trust account);

		●	if our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by July 13, 2022, or (B) with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares; and

		●	we will not effectuate our initial business combination solely with another blank check company or a similar company with nominal operations.

In addition, our amended and restated memorandum and articles of association provide that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 following such redemptions.
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The Companies Law permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares attending and voting at a general meeting.  A company’s articles of association may specify that the approval of a higher majority is required.  Accordingly, although we could amend any of the provisions relating to our structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our directors or officers, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.
Anti-Money Laundering — Cayman Islands
In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds.  Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.
We reserve the right to request such information as is necessary to verify the identity of a subscriber.  In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended and revised from time to time (the “Regulations”).  Depending on the circumstances of each application, a detailed verification of identity might not be required where:
		●	the subscriber is a relevant financial business required to comply with the Regulations or is a majority-owned subsidiary of such a business; or

		●	the subscriber is acting in the course of a business in relation to which a regulatory authority exercises regulatory functions and which is in a country either: (i) listed by the Cayman Islands Anti-Money Laundering Steering Committee; or (ii) after 4 August 2020, assessed as having a low degree of risk of money laundering and terrorist financing in accordance with the Regulations (each a “Low Risk Country”) or is a majority-owned subsidiary of such a subscriber; or

		●	the subscriber is a central or local government organization, statutory body or agency of government in the Cayman Islands or a Low Risk Country; or

		●	the subscriber is a company that is listed on a recognized stock exchange and subject to disclosure requirements which impose requirements to ensure adequate transparency of beneficial ownership, or is a majority-owned subsidiary of such a company; or

		●	the subscriber is a pension fund for a professional association, trade union or is acting on behalf of employees of an entity referred to in sub-paragraphs (a) to (d); or

		●	the application is made through an intermediary which falls within one of sub-paragraphs (a) to (e), in such a situation a written assurance from the intermediary, may be relied on, provided such assurance confirms: (i) that the requisite identification and verification procedures on the subscriber for business and its beneficial owners have been carried out; (ii) the nature and intended purpose of the business relationship; (iii) that the intermediary has identified the source of funds of the subscriber for business; and (iv) that the intermediary shall make available copies of any identification and verification data or information and relevant documents.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.
In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.
We also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.
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If any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (1) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (2) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property.  Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.
Data Protection —Cayman Islands
We have certain duties under the Data Protection Law, 2017 of the Cayman Islands (the “DPL”) based on internationally accepted principles of data privacy.
In this subsection, “we”, “us,” “our” and the “Company” refers to ACE Convergence Acquisition Corp. or our affiliates and/or delegates, except where the context requires otherwise.
Privacy Notice
Introduction
This privacy notice puts our shareholders on notice that through your investment in the Company you will provide us with certain personal information which constitutes personal data within the meaning of the DPL (“personal data”).
Investor Data
We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business.  We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject.  We will only transfer personal data in accordance with the requirements of the DPL, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.
In our use of this personal data, we will be characterized as a “data controller” for the purposes of the DPL, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our “data processors” for the purposes of the DPL or may process personal information for their own lawful purposes in connection with services provided to us.
We may also obtain personal data from other public sources.  Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment activity.
Who this Affects
If you are a natural person, this will affect you directly.  If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.
How the Company May Use a Shareholder’s Personal Data
The Company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:
		(a)	where this is necessary for the performance of our rights and obligations under any purchase agreements;

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		(b)	where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

		(c)	where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.
Why We May Transfer Your Personal Data
In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority.  They, in turn, may exchange this information with foreign authorities, including tax authorities.
We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.
The Data Protection Measures We Take
Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPL.
We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.
We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.
Certain Anti-Takeover Provisions of Our Amended and Restated Memorandum and Articles of Association
Our authorized but unissued ordinary shares and preferred shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans.  The existence of authorized but unissued and unreserved ordinary shares and preferred shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.
Listing of Securities
Our units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “ACEVU,” “ACEV” and “ACEVW,” respectively.EX-4.2

 Exhibit 4.2 

KEMPER CORPORATION 
 and

 U.S. Bank Trust Company, National Association 

as Trustee 
 THIRD
SUPPLEMENTAL INDENTURE 
 dated as of March 10, 2022 

to the Indenture dated as of September 29, 2020 

5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE 1
	  			
	 APPLICATION OF SUPPLEMENTAL INDENTURE
	  			
			
	 Section 1.1.
	 	Application of Third Supplemental Indenture	  	 	1	 
		
	 ARTICLE 2
	  			
	 DEFINITIONS
	  			
			
	 Section 2.1.
	 	Terms Defined in the Indenture	  	 	2	 
	 Section 2.2.
	 	Additional Definitions	  	 	2	 
		
	 ARTICLE 3
	  			
	 FORM AND TERMS OF THE DEBENTURES
	  			
			
	 Section 3.1.
	 	Form; Denominations; Depositary	  	 	5	 
	 Section 3.2.
	 	Execution and Authentication of Initial Debentures	  	 	6	 
	 Section 3.3.
	 	Paying Agent	  	 	6	 
	 Section 3.4.
	 	Terms of the Debentures	  	 	6	 
	 Section 3.5.
	 	Option to Defer Interest Payments	  	 	7	 
	 Section 3.6.
	 	Redemption at the Option of the Company	  	 	8	 
	 Section 3.7.
	 	Payment Restrictions During an Optional Deferral Period	  	 	9	 
	 Section 3.8.
	 	Events of Default	  	 	10	 
	 Section 3.9.
	 	Tax Treatment	  	 	12	 
	 Section 3.10.
	 	Defeasance and Covenant Defeasance	  	 	12	 
		
	 ARTICLE 4
	  			
	 SUBORDINATION
	  			
			
	 Section 4.1.
	 	Agreement to Subordinate	  	 	12	 
	 Section 4.2.
	 	Default on Senior Indebtedness	  	 	12	 
	 Section 4.3.
	 	Prior Payment to Senior Indebtedness Upon Acceleration of Debentures	  	 	13	 
	 Section 4.4.
	 	Liquidation; Dissolution; Bankruptcy	  	 	13	 
	 Section 4.5.
	 	Subrogation	  	 	15	 
	 Section 4.6.
	 	Trustee to Effectuate Subordination	  	 	15	 
	 Section 4.7.
	 	Notice by the Company	  	 	16	 
	 Section 4.8.
	 	Rights of the Trustee; Holders of Senior Indebtedness	  	 	17	 
	 Section 4.9.
	 	Subordination May Not Be Impaired	  	 	17	 
	 Section 4.10.
	 	Article Applicable to Paying Agents	  	 	17	 

  
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	 ARTICLE 5
	  			
	 MISCELLANEOUS
	  			
			
	 Section 5.1.
	 	Trust Indenture Act Controls	  	 	18	 
	 Section 5.2.
	 	Governing Law	  	 	18	 
	 Section 5.3.
	 	Counterparts	  	 	18	 
	 Section 5.4.
	 	Severability	  	 	18	 
	 Section 5.5.
	 	Ratification	  	 	18	 
	 Section 5.6.
	 	Effectiveness	  	 	18	 
	 Section 5.7.
	 	Trustee Makes No Representation	  	 	19	 

 EXHIBIT A – Form of Debenture 
  

  
 ii 

 THIRD SUPPLEMENTAL INDENTURE 

THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of March 10, 2022, between Kemper
Corporation, a Delaware corporation (the “Company”), and U.S. Bank Trust Company, National Association, as Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of September 29, 2020 (the “Base
Indenture,” as supplemented by this Third Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the Base
Indenture; 
 WHEREAS, Section 14.01 of the Base Indenture provides, among other things, that the Company and the Trustee may
enter into indentures supplemental to the Base Indenture, without the consent of any Holders of Securities, to establish the form and terms of Securities of any series as permitted in Section 3.01 of the Base Indenture; 

WHEREAS, the Company desires to execute this Third Supplemental Indenture to establish the form and terms of, and provide for the
issuance, of a series of its debt securities (which shall be a series of Securities as referred to in Section 3.01 of the Base Indenture) designated as its 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 (the
“Debentures”), in an initial aggregate principal amount of $150,000,000; 
 WHEREAS, the Company has requested that
the Trustee execute and deliver this Third Supplemental Indenture; 
 WHEREAS, all things necessary have been done by the Company to
make this Third Supplemental Indenture, when executed and delivered by the Company, a valid supplement to the Base Indenture; and 

WHEREAS, all things necessary have been done by the Company to make the Debentures, when executed by the Company and authenticated and
delivered in accordance with the provisions of the Base Indenture, the valid obligations of the Company; 
 NOW, THEREFORE, in
consideration of the premises stated herein and the purchase of the Debentures by the Holders thereof, the Company and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the
Debentures as follows: 
 ARTICLE 1 

APPLICATION OF SUPPLEMENTAL INDENTURE 

Section 1.1. Application of Third Supplemental Indenture. Notwithstanding any other provision of this Third Supplemental
Indenture, all provisions of this Third Supplemental Indenture are expressly and solely for the benefit of the Holders of the Debentures and any such provisions shall not be deemed to apply to Securities of any other series issued under the Base
Indenture (as amended or supplemented from time to time) and shall not be deemed to amend, 

 
modify or supplement the Base Indenture for any purpose other than with respect to the Debentures. Unless otherwise expressly specified, references in this Third Supplemental Indenture to
specific Article numbers or Section numbers refer to Articles and Sections contained in this Third Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

ARTICLE 2 

DEFINITIONS 

Section 2.1. Terms Defined in the Indenture. For purposes of this Third Supplemental Indenture, all capitalized terms used
but not defined herein shall have the meanings ascribed to such terms in the Base Indenture, as amended hereby. 
 Section 2.2.
Additional Definitions. For the benefit of the Holders of the Debentures, Section 1.01 of the Base Indenture shall be amended by adding the following new definitions: 

“Additional Debentures” has the meaning specified in Section 3.4. 

“Base Indenture” has the meaning specified in the recitals hereto. 

“business day” means any day other than a day on which banking institutions in the State of New York or any place of payment
are authorized or required by law, executive order or regulation to close. 
 “Calculation Agent” means, at any time, the
person or entity appointed by the Company and serving as such agent with respect to the Debentures at such time. Unless the Company has validly redeemed all outstanding Debentures on or before the First Reset Date, it will appoint a Calculation
Agent with respect to the Debentures prior to the First Reset Date. The Company may terminate any such appointment as long as it appoints a successor agent at the time of termination. The Trustee will initially act as Calculation Agent and may
subsequently appoint one of its affiliates as Calculation Agent. 
 “Debentures” has the meaning specified in the recitals
hereto. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“First Reset Date” has the meaning specified in Section 3.4. 

“Five-Year Treasury Rate” means, as of any Reset Interest Determination Date, as applicable, (1) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most recently published H.15, with a maturity of five years from the next Reset Date and trading in the public securities market or (2) if there is no
such published U.S. Treasury security with a maturity of five years from the next Reset Date and trading in the public securities markets, the rate will be determined by the Calculation Agent by interpolation or extrapolation on a straight line
basis between the most recent weekly average yield to maturity for two series of U.S. Treasury securities trading in the public securities market, (A) one maturing as close as possible to, but earlier than, the Reset Date following the next
succeeding Reset Interest Determination Date, and (B) the other maturity as close as possible to, 

  
 2 

 
but later than, the Reset Date following the next succeeding Reset Interest Determination Date, in each case as published in the most recently published H.15. If the Five-Year Treasury Rate
cannot be determined pursuant to the methods described in clauses (1) or (2) above, then the Five-Year Treasury Rate will be the same interest rate as in effect for the prior period. 

“Global Debenture” has the meaning specified in Section 3.1(c). 

“H.15” means the weekly statistical release designated as such, or any successor publication, published by the Board of
Governors of the United States Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities.” 

“Indebtedness for Money Borrowed” shall mean (i) any obligation of, or any obligation guaranteed by, the Company for
which the Company is responsible or liable as obligor or otherwise including principal, premium and interest (whether accruing before or after filing of any petition in bankruptcy or any similar proceedings by or against the Company and whether or
not allowed as a claim in bankruptcy or similar proceedings) for (A) indebtedness for money borrowed, (B) indebtedness evidenced by securities, bonds, debentures, notes or other similar written instruments, (C) any deferred obligation
for the payment of the purchase price or conditional sale obligation of property or assets acquired other than in the ordinary course of business, (D) all obligations for the reimbursement of any letter of credit, banker’s acceptance,
security purchase facility or similar credit transaction, (E) all obligations under “keep-well” agreements required by insurance regulators or (F) any obligation referred to in (A) through (E) above of other persons secured
by any lien on any property or asset of the Company and (ii) all indebtedness for obligations to make payment in respect of derivative products such as interest and foreign exchange rate contracts, commodity contracts (including future or
options contracts) swap agreements, cap agreements, repurchase and reverse repurchase agreements and similar arrangements, whether outstanding on the first issuance of the Debentures or thereafter created, assumed or incurred. 

“Indebtedness Ranking Junior to the Debentures” shall mean any Indebtedness for Money Borrowed, whether outstanding on the
date of the first issuance of the Debentures or thereafter created, assumed or incurred, which specifically by its terms ranks junior to and not equally with or prior to the Debentures (and any other Indebtedness Ranking on a Parity with the
Debentures) in right of payment upon the Company’s dissolution, winding-up, liquidation, reorganization, or similar events. The securing of any Indebtedness for Money Borrowed, otherwise constituting
Indebtedness Ranking Junior to the Debentures, shall not be deemed to prevent such Indebtedness for Money Borrowed from constituting Indebtedness Ranking Junior to the Debentures. 

“Indebtedness Ranking on a Parity with the Debentures” shall mean Indebtedness for Money Borrowed, whether outstanding on the
date of the first issuance of the Debentures or thereafter created, assumed or incurred, which specifically by its terms ranks equally with and not prior to the Debentures in right of payment upon the Company’s dissolution, winding-up, liquidation, reorganization or similar events. The securing of any Indebtedness for Money Borrowed, otherwise constituting Indebtedness Ranking on a Parity with the Debentures, shall not be deemed to
prevent such Indebtedness for Money Borrowed from constituting Indebtedness Ranking on a Parity with the Debentures. 

  
 3 

 “Initial Debentures” has the meaning set forth in
Section 3.4. 
 “interest,” when used with respect to the Debentures, includes interest accruing
on the Debentures, interest on deferred interest payments and other unpaid amounts and compounded interest, as applicable. 

“Interest Payment Date” means each March 15, June 15, September 15 and December 15, beginning
June 15, 2022. 
 “Optional Deferral Period” means the period commencing on an Interest Payment Date with respect to
which the Company defers interest pursuant to Section 3.5 and ending on the earlier of (i) the fifth anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid
all deferred and unpaid amounts (including compounded interest on such deferred amounts) and all other accrued interest on the Debentures. 

“Rating Agency Event” means that any nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) under the Exchange Act that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Debentures, which
amendment, clarification or change results in (a) the shortening of the length of time the Debentures are assigned a particular level of equity credit by that rating agency as compared to the length of time they would have been assigned that
level of equity credit by that rating agency or its predecessor on the initial issuance of the Debentures; or (b) the lowering of the equity credit (including up to a lesser amount) assigned to the Debentures by that rating agency compared to
the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Debentures. 
 “Regulatory
Capital Event” means that the Company become subject to capital adequacy supervision by a capital regulator and the capital adequacy guidelines that apply to the Company as a result of being so subject set forth criteria pursuant to which
the full principal amount of the Debentures would not qualify as capital under such capital adequacy guidelines, as the Company may determine at any time, in the Company’s sole discretion. 

“Reset Date” means the First Reset Date and each date falling on the fifth anniversary of the preceding Reset Date. 

“Reset Interest Determination Date” means, in respect of any Reset Period, the day falling two business days prior to the
beginning of such Reset Period. 
 “Reset Period” means the period from and including the First Reset Date to, but
excluding, the next following Reset Date and thereafter each period from and including each Reset Date to, but excluding, the next following Reset Date. 

  
 4 

 “Senior Indebtedness” shall mean all Indebtedness for Money Borrowed,
whether outstanding on the date of the first issuance of the Debentures or thereafter created, assumed or incurred, except Indebtedness Ranking on a Parity with the Debentures or Indebtedness Ranking Junior to the Debentures, and any deferrals,
renewals or extension of such Senior Indebtedness. Notwithstanding anything to the contrary, Senior Indebtedness shall not include obligations to trade creditors created or assumed by the Company in the ordinary course of business. 

“Tax Event” means that the Company will have received an opinion of counsel, rendered by a law firm of nationally recognized
standing that is experienced in such matters, stating that, as a result of any: 
 (a) amendment to, or change in (including any
promulgation, enactment, execution or modification of) the laws (or any regulations under those laws) of the United States or any political subdivision thereof or therein affecting taxation; 

(b) official administrative pronouncement (including a private letter ruling, technical advice memorandum or similar pronouncement) or
judicial decision or administrative action or other official pronouncement interpreting or applying the laws or regulations enumerated in the preceding bullet point, by any court, governmental agency or regulatory authority; or 

(c) threatened challenge asserted in connection with an audit of the Company or any Subsidiary of the Company, or a threatened challenge
asserted in writing against any taxpayer that has raised capital through the issuance of securities that are substantially similar to the Debentures, 

which amendment or change is enacted or effective or which pronouncement or decision is announced or which challenge is asserted against the Company or
becomes publicly known on or after the original issue date of the Debentures, there is more than an insubstantial increase in the risk that interest accruable or payable by the Company on the Debentures is not, or will not be, deductible by the
Company in whole or in part, for U.S. federal income tax purposes; provided that a change of tax law shall not give rise to a “Tax Event” unless, in the opinion of independent tax counsel, the change of law limits, defers, or prohibits the
deduction of interest on the Debentures in a manner or to an extent different from and more adverse than interest on senior debt obligations of the Company by reason of the specific characteristics of the Debentures. 

ARTICLE 3 
 FORM
AND TERMS OF THE DEBENTURES 
 Section 3.1. Form; Denominations; Depositary. 

(a) The Debentures and the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A attached hereto. The Debentures may have notations, legends or endorsements required by law, stock exchange rules or usage. The Debentures and any beneficial interest in the Debentures shall be in
denominations of $25 and multiples of $25 in excess thereof. The Debentures shall be issuable only in registered form without coupons. 

(b) The terms and notations contained in the Debentures shall constitute, and are hereby expressly made, a part of the Indenture, and the
Company and the Trustee, by their execution and delivery of this Third Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

  
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 (c) The Debentures shall be issued initially in the form of fully registered Global
Securities (the “Global Debentures”). The Depository Trust Company, New York, New York, is hereby designated as the Depositary with respect to the Debentures until one or more successor Depositaries for the Debentures shall have
become such pursuant to the applicable provisions of the Indenture. 
 Section 3.2. Execution and Authentication of Initial
Debentures. The Company shall execute and the Trustee shall, in accordance with this Section 3.2 and Section 3.03(g) of the Base Indenture, authenticate and deliver a Global Debenture representing
the Initial Debentures (as defined below) that shall be registered in the name of Cede & Co., as nominee of the Depositary, and shall be deposited with the Trustee, as Security Custodian with respect thereto. 

Section 3.3. Paying Agent. The Company initially appoints the Trustee as Paying Agent for the payment of the
principal of (and premium, if any) and interest on the Debentures and designates the Corporate Trust Office of the Trustee, which office at the date hereof is located at 60 Livingston Ave., Saint Paul, MN 55107, as the Place of Payment where the
Debentures may be presented for payment. 
 Section 3.4. Terms of the Debentures. The following terms
relating to the Debentures are hereby established: 
 (a) Designation. The Debentures shall constitute a series of
Securities designated as and having the title “5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062.” 
 (b)
Principal Amount. The aggregate principal amount of the Debentures that may be initially authenticated and delivered under the Indenture (the “Initial Debentures”) shall be $150,000,000 (except for Debentures
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Debentures pursuant to Sections 3.04, 3.06, 3.07, 4.06 or 14.05 of the Base Indenture). The Company may from time to time, without the consent of
the Holders of Debentures, issue additional Debentures (in any such case “Additional Debentures”) having the same ranking and the same interest rate, maturity date and other terms as the Initial Debentures (other than the public
offering price and date of issuance and, under certain circumstances, the date from which interest thereon will begin to accrue), provided, however, that no Additional Debentures may be issued unless the Additional Debentures are fungible with the
Debentures for U.S. federal income tax purposes or issued with a different CUSIP number. Any Additional Debentures together with the Initial Debentures shall constitute a single series of Securities for all purposes under the Indenture, including
waivers, amendments and redemptions, and all references to the Debentures shall include the Initial Debentures and any Additional Debentures unless the context otherwise requires. The aggregate principal amount of Additional Debentures that may be
authenticated and delivered under and pursuant to the Indenture is unlimited. 
 (c) Maturity Date. The entire
outstanding principal amount of the Debentures shall be due and payable on March 15, 2062. 

  
 6 

 (d) Interest. Subject to applicable law and subject to any Optional Deferral
Period, the Debentures will bear interest (i) from and including the date of original issue to, but excluding, March 15, 2027 (the “First Reset Date”) at the fixed rate of 5.875% per annum and (ii) from, and
including, the First Reset Date, during each Reset Period, at a rate per annum equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date plus 4.140% to be reset on each Reset Date. Interest on the Debentures will
be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2022, each of which dates the Company refers to as an Interest Payment Date, to the record holders of the
Debentures at the close of business on the immediately preceding March 1, June 1, September 1 or December 1, as applicable, whether or not a business day. However, interest that the Company pays on the maturity date or a date of
redemption will be payable to the person to whom the principal will be payable. Interest payments will include accrued interest from, and including, the original issue date, or, if interest has already been paid, from the last date in respect of
which interest has been paid or duly provided for to, but excluding, the next succeeding Interest Payment Date, the maturity date or the date of redemption, as the case may be; subject to the Company’s right to defer payment of interest on the
Debentures in accordance with Section 3.5. The amount of interest payable for any interest payment period will be computed on the basis of a 360-day year consisting of twelve 30-day months. If any date on which interest is payable on the Debentures is not a business day, then 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). Interest not paid on any payment date will accrue and compound quarterly at a rate per year equal to the rate of interest on the debentures until paid. 

(e) Sinking Fund. The Debentures shall not be subject to any sinking fund (pursuant to Article V of the Base Indenture or
otherwise). 
 (f) Subordination. The Debentures shall be subordinated in right of payment to the prior payment in full
of all Senior Indebtedness to the extent and in the manner set forth in Article IV. The provisions of Article XV of the Base Indenture and the definition of Senior Indebtedness in Section 1.01 of the Base Indenture shall not apply to the
Debentures. 
 (g) Payments. Payment of the principal of (and premium, if any) and the interest on the Debentures shall
be made at the office of the Paying Agent, which office at the date hereof is located at 60 Livingston Ave., Saint Paul, MN 55107, in such currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts, provided that, at the option of the Company, payment of the interest on any Debenture may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Register or, in
accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the Holder; and provided further that, in the case of any Debentures represented by a Global Debenture, all payments of principal
of (and premium, if any) and interest thereon shall be made in accordance with the applicable procedures of the Depositary for such Global Debenture. 

Section 3.5. Option to Defer Interest Payments. (a) So long as no Event of Default with respect to the Debentures has
occurred and is continuing, the Company may, on one or more occasions, defer interest payments on the Debentures for one or more optional deferral periods of up to five consecutive years (each such period, an “Optional Deferral
Period”), provided that no Optional Deferral Period shall extend beyond March 15, 2062, any earlier accelerated maturity date arising from an Event of Default or any earlier redemption of the Debentures. 

  
 7 

 (b) During an Optional Deferral Period, interest will continue to accrue on the Debentures,
and deferred interest payments will accrue additional interest at the then applicable interest rate on the Debentures, compounded quarterly as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due during
an Optional Deferral Period will be due and payable on the Debentures until the end of such Optional Deferral Period except upon an acceleration or redemption of the Debentures during such deferral period. 

(c) At the end of any Optional Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the
Debentures to the Persons in whose names the Debentures are registered at the close of business on the Record Date with respect to the Interest Payment Date at the end of such Optional Deferral Period. 

(d) At the end of five years following the commencement of an Optional Deferral Period, the Company must pay all accrued and unpaid deferred
interest, including compounded interest thereon. If, at the end of any Optional Deferral Period, the Company has paid all deferred interest due on the Debentures, including compounded interest, the Company can again defer interest payments on the
Debentures pursuant to this Section 3.5. 
 (e) The Company will provide to the Trustee and the holders of
Debentures written notice of any deferral of interest at least one and not more than 60 business days prior to the applicable Interest Payment Date. In addition, the Company’s failure to pay interest on the Debentures on any Interest Payment
Date will itself constitute the commencement of an Optional Deferral Period unless the Company pays such interest within five business days after any such Interest Payment Date, whether or not the Company provides a notice of deferral. 

Section 3.6. Redemption at the Option of the Company. The provisions of Article IV of the Base Indenture, as supplemented
by the provisions of this Third Supplemental Indenture, shall apply to the Debentures. 
 (a) The Company may redeem the Debentures in
increments of $25 principal amount: 
 (i) in whole or in part on the First Reset Date or any time thereafter, at a
redemption price equal to the principal amount of the Debentures being redeemed plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption; provided that if the Debentures are not
redeemed in whole, at least $25 million aggregate principal amount of the Debentures must remain outstanding after giving effect to such redemption; 

(ii) in whole, but not in part, at any time prior to March 15, 2027, within 90 days of the occurrence of a “Tax
Event” at a redemption price equal to the principal amount plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption; 

  
 8 

 (iii) in whole, but not in part, at any time prior to March 15, 2027,
within 90 days of the occurrence of a “Regulatory Capital Event,” at a redemption price equal to the principal amount plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of
redemption; or 
 (iv) in whole, but not in part, at any time prior to March 15, 2027, within 90 days of the occurrence
of a “Rating Agency Event,” at a redemption price equal to 102% of the principal amount plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption. 

Section 3.7. Payment Restrictions During an Optional Deferral Period. After the commencement of an Optional Deferral Period
and until the Company has paid all accrued and unpaid interest on the Debentures, the Company shall not, and shall not permit any Subsidiary of the Company to: 

(i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect
to, any of Capital Stock of the Company (which includes common and preferred stock), 
 (ii) make any payment of principal,
interest or premium on or repay, repurchase or redeem any Indebtedness Ranking on a Parity with the Debentures or Indebtedness Ranking Junior to the Debentures, or 

(iii) make any guarantee payments with respect to any guarantee by the Company of any securities of any of Subsidiary of the
Company if such guarantee ranks pari passu with or junior in right of payment to the Debentures; 
 other than: 

(a) dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, Capital Stock of the
Company where the dividend stock or stock issuable upon exercise of such options, warrants or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock, 

(b) any declaration of a dividend in connection with the implementation of a stockholder’s rights plan, or the issuance of Capital Stock
of the Company under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, 
 (c) as a result of
a reclassification of any series or class of Capital Stock of the Company or the exchange or conversion of one class or series of Capital Stock of the Company for or into another class or series of Capital Stock of the Company, 

(d) the purchase of fractional interests in shares of Capital Stock of the Company pursuant to an acquisition or the conversion or exchange
provisions of such Capital Stock or the security being converted or exchanged, 

  
 9 

 (e) purchases or acquisitions of shares of Capital Stock of the Company in connection with
any employment contract, benefit plan or other similar arrangement with or for the benefit of directors, officers, agents, consultants or employees of the Company or satisfaction by the Company of its obligations under any dividend reinvestment plan
of the Company or director, officer, agent, consultant or employee stock purchase plans of the Company, 
 (f) any exchange, redemption or
conversion of any class or series of Capital Stock of the Company, or the Capital Stock of a Subsidiary of the Company, for any other class or series of Capital Stock of the Company, or of any class or series of Indebtedness for Money Borrowed for
any class or series of Capital Stock of the Company, 
 (g) purchases or acquisitions of shares of Capital Stock of the Company in
connection with satisfaction by the Company of its obligations under any contract or security entered into before commencement of the Optional Deferral Period, and 

(h) (i) payment of current or deferred interest on Indebtedness Ranking on a Parity with the Debentures made pro rata to the amounts due on
the Debentures and all other Indebtedness Ranking on a Parity with the Debentures and (ii) payment of principal or current or deferred interest on the Company’s Indebtedness Ranking on a Parity with the Debentures that, if not made, would
cause the Company to breach the terms of the instrument governing such Indebtedness Ranking on a Parity with the Debentures. 
 For the
avoidance of doubt, no terms of the Debentures will restrict in any manner the ability of any Subsidiary of the Company to pay dividends or make any distributions to the Company or to any Subsidiary of the Company. 

Section 3.8. Events of Default. With respect to the Debentures, the Events of Default set forth in Section 7.01 of the
Base Indenture shall not apply to the Debentures, and for purposes of the Debentures the following event shall be substituted for, and replace, the Event of Default set forth in Section 7.01 of the Base Indenture: 

(a) An “Event of Default” with respect to the Debentures shall occur only upon certain events of bankruptcy, insolvency or
receivership. 
 (b) The Indenture refers to breaches that are not “Events of Default” as “defaults.” They include: 

(i) a default in payment of principal or any premium when due; 

(ii) a default for 30 days in payment of any interest when due; provided that the date on which such interest payment is due
and payable shall be the date on which the Company must make payment following any Optional Deferral Period; or 
 (iii) the
failure to comply with the Company’s covenants or agreements under the Indenture or the Debentures. 
 (c) A “Default” also
includes, for example, a failure to pay interest within 30 days of the relevant Interest Payment Date if the Company does not give a timely written notice of the Company’s election to commence or continue a deferral period. If the Company does
not give a timely written notice of the Company’s election to commence or continue a deferral 

  
 10 

 
period and fails to pay interest within 30 days of the relevant Interest Payment Date, any holder of the Debentures may seek to enforce the Company’s obligation to make the missed interest
payment, including through legal process. However, there is no right of acceleration except upon the occurrence of an Event of Default as described above. 

(d) If the Company does give a timely written notice of the Company’s election to commence or continue a deferral period on any Interest
Payment Date (and, if such notice continues a deferral period, the deferral period has not continued for five years), then no “default” will arise from the Company’s non-payment of interest on
such Interest Payment Date on the Debentures. 
 (e) The Indenture provides that the Trustee must give holders notice of all defaults or
events of default within 90 days after they become actually known to a responsible officer of the Trustee. However, except in the case of a default in payment on the Debentures, the Trustee will be protected in withholding the notice if a
responsible officer determines that withholding of the notice is in the interest of holders. 
 (f) If an Event of Default under the
Indenture occurs, the entire principal amount of the Debentures will automatically become due and payable without any declaration or other action on the part of the Trustee or any holder of the Debentures. There is no right of acceleration in the
case of any payment default or other breaches of covenants under the Indenture or the Debentures. In the case of a default in the payment of principal of or interest, including any compounded interest, on the Debentures, the holders may, or if
directed by the holders of a majority in principal amount of the Debentures, the Trustee shall, subject to the conditions set forth in the Indenture, demand payment of the amount then due and payable and may institute legal proceedings for the
collection of such amount if the Company fails to make payment thereof upon demand. 
 (g) The holders of a majority in aggregate principal
amount of the outstanding Debentures may waive any past default, except: 
 (i) a default in payment of principal or
interest; or 
 (ii) a default under any provision of the Indenture that itself cannot be modified or amended without the
consent of the holders of all outstanding Debentures. 
 (h) The holders of a majority in principal amount of the Debentures will have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, subject to the provisions of the Indenture. 

(i) The Company is required to file an officers’ certificate with the Trustee each year that states, to the knowledge of the certifying
officers, whether the Company has complied with all conditions and covenants under the terms of the Indenture and the Debentures and specifying any default. 

  
 11 

 (j) If an Event of Default under the Indenture occurs, the Trustee will be obligated to use
its rights and powers under the Indenture, and to use the same degree of care and skill in doing so that a prudent person would use in that situation in conducting his or her own affairs. In contrast, the Trustee shall have no right or obligation
under the Indenture or otherwise to exercise any remedies on behalf of any holders of the Debentures pursuant to the Indenture in connection with any default that is not also an Event of Default, unless such remedies are available under the
Indenture and the Trustee is directed to exercise such remedies by the holders of a majority in principal amount of the Debentures pursuant to and subject to the conditions of the Indenture. In connection with any such exercise of remedies in
connection with a default the Trustee shall be entitled to the same immunities and protections and remedial rights (other than acceleration) as if such default were an Event of Default. 

Section 3.9. Tax Treatment. Each Holder or beneficial owner of the Debentures will, by accepting the Debentures or a
beneficial interest therein, be deemed to have agreed that the Holder or beneficial owner intends that the Debentures constitute indebtedness and will treat the Debentures as indebtedness for all United States federal, state and local tax purposes.

 Section 3.10. Defeasance and Covenant Defeasance. Provision is hereby made for both Defeasance and Covenant Defeasance
of the Debentures, in each case, upon the terms and conditions contained in Article XII of the Base Indenture. 
 ARTICLE 4 

SUBORDINATION 

Section 4.1. Agreement to Subordinate. The Company covenants and agrees, and each Holder of Debentures issued under the
Indenture likewise covenants and agrees, that the Debentures shall be issued subject to the provisions of this Article 4; and each Holder of a Debenture, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions. 
 The payment by the Company of the principal of, premium, if any, and interest on the
Debentures shall, to the extent and in the manner set forth in this Article 4, be subordinated and junior in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date of this
Third Supplemental Indenture or thereafter incurred. 
 No provision of this Article 4 shall prevent the
occurrence of any Event of Default with respect to the Debentures or any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default with respect to the Debentures. 

Section 4.2. Default on Senior Indebtedness. Unless Section 4.3 shall be applicable, in the event
and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Indebtedness, or in the event that the maturity of any Senior Indebtedness has been or would be permitted
upon notice or the passage of time to be accelerated because of a default, then, unless and until such Event of Default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, no
payment or distribution of any kind or character, whether in cash, property or securities shall be made by the Company with respect to the principal (including redemption payments) of or premium, if any, or interest on the Debentures or on account
of the purchase or other acquisition of Debentures by the Company or any Subsidiary of the Company, in each case unless and until all amounts due or to become due on such Senior Indebtedness are paid in full in cash or other consideration
satisfactory to the holders of such Senior Indebtedness. 

  
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 In the event that, notwithstanding the foregoing, any payment shall be received by the
Trustee or a Holder of any Debenture when such payment is prohibited by the preceding paragraph of this Section 4.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the
holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the
extent that the holders of the Senior Indebtedness (or their representative or representatives or a trustee) notify a Responsible Officer of the Trustee in writing at its Corporate Trust Office, within 90 days of such payment, and only the amount
specified in such notice to the Trustee shall be paid to the holders of such Senior Indebtedness. 
 Section 4.3. Prior Payment
to Senior Indebtedness Upon Acceleration of Debentures. In the event that any Debentures are declared due and payable before their maturity date, then no payment or distribution of any kind or character, whether in cash, property or
securities shall be made by the Company on account of the principal (including redemption payments) of, or premium, if any, or interest on the Debentures or on account of the purchase or other acquisition of Debentures by the Company or any
Subsidiary of the Company, until all amounts due on or in respect of Senior Indebtedness outstanding at the time of such acceleration shall have been paid in full to the holders of such Senior Indebtedness in cash or other consideration satisfactory
to the holders of such Senior Indebtedness, or provision shall have been made for such payment. 
 In the event that, notwithstanding the
foregoing, any payment shall be received by the Trustee or the Holder of any Debenture prohibited by the foregoing provisions of this Section 4.3, such payment shall be held in trust for the benefit of, and shall be paid
over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may
appear, but only to the extent that the holders of the Senior Indebtedness (or their representative or representatives or a trustee) notify a Responsible Officer of the Trustee in writing at its Corporate Trust Office, within 90 days of such
payment, and only the amounts specified in such notice to the Trustee shall be paid to the holders of such Senior Indebtedness. 
 The
provisions of this Section 4.3 shall not apply to any payment with respect to which Section 4.4 would be applicable. 

Section 4.4. Liquidation; Dissolution; Bankruptcy. In the case of the pendency of any receivership, insolvency,
dissolution, winding-up, liquidation, reorganization, assignment for the benefit of creditors or any other marshaling of assets or liabilities of the Company or other similar judicial proceeding relative to
the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings (each such event, if any, herein sometimes referred to as a “Proceeding”), then the holders of Senior Indebtedness shall
be entitled to receive payment in full of all amounts due or to become due on such Senior Indebtedness, or provision shall be made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior
Indebtedness, before the Holders of 

  
 13 

 
the Debentures are entitled to receive or retain any payment or distribution of any kind or character, whether in cash, property or securities (including any payment or distribution which may be
payable or deliverable by reason of the payment of any other debt of the Company subordinated to the payment of the Debentures, such payment or distribution being hereinafter referred to as a “Junior Subordinated Payment”), on
account of principal of (or premium, if any) or interest on the Debentures or on account of the purchase or other acquisition of Debentures by the Company or any Subsidiary of the Company, and to that end the holders of Senior Indebtedness shall be
entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash, property or securities, including any Junior Subordinated Payment, which may be payable or deliverable in respect of
the Debentures in any such Proceeding. 
 In the event that, notwithstanding the foregoing provisions of this
Section 4.4, the Trustee or the Holders of any Debenture shall have received any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, including any Junior
Subordinated Payment, before all amounts due or to become due on all Senior Indebtedness are paid in full or payment thereof is provided for in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, and
if such fact shall, at or prior to the time of such payment or distribution, have been made actually known to a Responsible Officer of the Trustee or, as the case may be, such Holder, then in such event such payment or distribution shall be paid
over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Company for application to the payment of all amounts due or to
become due on all Senior Indebtedness remaining unpaid, to the extent necessary to pay all amounts due or to become due on all Senior Indebtedness in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior
Indebtedness. 
 For purposes of this Article 4, the words “cash, property or securities” shall not be
deemed (so long as the effect of any exclusion employing this definition is not to cause the Debentures to be treated in any Proceeding as a part of the same class of claims as the Senior Indebtedness or any class of claims pari passu with, or
senior to the Senior Indebtedness) to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other Person provided for by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this Article 4 with respect to the Debentures to the payment of Senior Indebtedness that may at the time be outstanding, provided that (i) such Senior
Indebtedness is assumed by the new Person, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of such Senior Indebtedness are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the merger of the Company with or into, another Person or the liquidation or dissolution of the Company following the sale, assignment, transfer, lease or conveyance of all or
substantially all of its properties and assets to another Person upon the terms and conditions provided for in Section 6.04 of the Base Indenture shall not be deemed a dissolution, winding-up, liquidation
or reorganization for the purposes of this Section 4.4 if such other Person shall, as a part of such consolidation, merger, sale, assignment, transfer, lease or conveyance, comply with the conditions stated in
Section 6.04 of the Base Indenture. 

  
 14 

 Section 4.5. Subrogation. Subject to the payment in full of all amounts
due or to become due on all Senior Indebtedness to the extent provided herein or the provision for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Indebtedness, the rights of the Holders of the
Debentures shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property or securities of the Company, as the case may be, made to the holders of such Senior Indebtedness
pursuant to the provisions of this Article 4 (equally and ratably with the holders of all Indebtedness of the Company which by its express terms is subordinated to Senior Indebtedness of the Company to substantially the
same extent as the Debentures are subordinated to the Senior Indebtedness and is entitled to like rights of subrogation by reason of payments or distributions made to holders of such Senior Indebtedness) until the principal of (and premium, if any)
and interest on the Debentures shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which the Holders of the Debentures or
the Trustee would be entitled except for the provisions of this Article 4, and no payment over pursuant to the provisions of this Article 4 to or for the benefit of the holders of such Senior
Indebtedness by Holders of the Debentures or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness of the Company, and the Holders of the Debentures, be deemed to be a payment by the Company to or on
account of such Senior Indebtedness. It is understood that the provisions of this Article 4 are and are intended solely for the purposes of defining the relative rights of the Holders of the Debentures, on the one hand, and
the holders of such Senior Indebtedness on the other hand. 
 Nothing contained in this Article 4 or elsewhere in
this Indenture or in the Debentures is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness of the Company, and the Holders of the Debentures, the obligation of the Company, which is
absolute and unconditional, to pay to the Holders of the Debentures the principal of (and premium, if any) and interest on the Debentures as and when the same shall become due and payable in accordance with their terms, or is intended to or shall
affect the relative rights of the Holders of the Debentures and creditors of the Company, as the case may be, other than the holders of Senior Indebtedness of the Company, as the case may be, nor shall anything herein or therein prevent the Trustee
or the Holder of any Debenture from exercising all remedies otherwise permitted by applicable law upon default under the Indenture, subject to the rights, if any, under this Article 4 of the holders of such Senior
Indebtedness in respect of cash, property or securities of the Company, as the case may be, received upon the exercise of any such remedy nor shall anything herein or therein prevent the application by the Trustee of any moneys or assets deposited
with it hereunder to the payment of or on account of the principal of (or premium, if any) or interest, if any, on the Debentures, unless a Responsible Officer of the Trustee shall have received at its Corporate Trust Office written notice of any
fact prohibiting the making of such payment from the Company or from the holder of any Senior Indebtedness or from the trustee for any such holder, together with proof satisfactory to the Trustee of such holding of Senior Indebtedness or of the
authority of such trustee more than two Business Days prior to the date fixed for such payment. 
 Section 4.6. Trustee to
Effectuate Subordination. Each Holder of the Debentures by such Holder’s acceptance thereof authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article 4 and appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes. 

  
 15 

 Section 4.7. Notice by the Company. The Company shall give prompt written
notice to a Responsible Officer of the Trustee at its Corporate Trust Office of any fact known to the Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the Debentures pursuant to the provisions of
this Article 4; provided that any failure by the Company to give such notice shall not constitute a Default or an Event of Default. Notwithstanding the provisions of this Article 4 or any
other provision of the Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Debentures pursuant to the provisions of
this Article 4, unless and until a Responsible Officer of the Trustee shall have received written notice thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor; and before the
receipt of any such written notice, the Trustee, subject to the provisions of this Article 4, shall be entitled in all respects to assume that no such facts exist; provided that if a Responsible Officer of
the Trustee shall not have received the notice provided for in this Section 4.7 at least two Business Days prior to the date (i) upon which by the terms hereof any money may become payable for any purpose (including,
without limitation, the payment of the principal of (or premium, if any) or interest on any Debenture), or (ii) money and/or U.S. Government Obligations are deposited in trust pursuant to Article XII of the Base Indenture then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and U.S. Government Obligations and to apply the same to the purposes for which they were received, and shall not be affected by any
notice to the contrary that may be received by it within two Business Days prior to such date. 
 The Trustee, subject to the provisions of
Article XI of the Base Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness of the Company (or a trustee or representative on behalf of
such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee or representative on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of such Senior Indebtedness to participate in any payment or distribution pursuant to this Article 4, the Trustee may request such Person to furnish evidence to
the reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of
such Person under this Article 4, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

Upon any payment or distribution of assets of the Company referred to in this Article 4, the Trustee and the Holders
of the Debentures shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case
or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the
Holders of the Debentures, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 4. 

  
 16 

 Section 4.8. Rights of the Trustee; Holders of Senior Indebtedness. The
Trustee in its individual capacity shall be entitled to all the rights set forth in this Article 4 in respect of any Senior Indebtedness at any time held by it, to the same extent as any other holder of Senior Indebtedness,
and nothing in the Indenture shall deprive the Trustee of any of its rights as such holder. 
 With respect to the holders of Senior
Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article 4, and no implied covenants or obligations with respect to the holders
of Senior Indebtedness shall be read into the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and, subject to the provisions of Article XI of the Base Indenture, the
Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders of the Debentures, the Company or any other Person money or assets to which any holder of Senior Indebtedness shall be entitled by virtue of
this Article 4 or otherwise. 
 Nothing in this Article 4 shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 7.05 or Section 11.01 of the Base Indenture. 
 Section 4.9.
Subordination May Not Be Impaired. No right of any present or future holder of any Senior Indebtedness 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 the Indenture, regardless of any knowledge thereof that any such holder
may have or otherwise be charged with. 
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior
Indebtedness may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Debentures, without incurring responsibility to the Holders of the Debentures and without impairing or releasing the
subordination provided in this Article 4 or the obligations hereunder of the Holders of the Debentures to the holders of Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness or any instrument evidencing the same or any agreement under which such Senior
Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior Indebtedness; (iii) release any Person liable in any manner for the collection of such
Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 

Section 4.10. Article Applicable to Paying Agents. In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and then be acting hereunder, the term “Trustee” as used in this Article 4 shall in such case (unless the context otherwise requires) be construed as extending to and including
such Paying Agent within its meanings as fully and for all intents and purposes as if such Paying Agent were named in this article in addition to or in place of the Trustee. 

  
 17 

 ARTICLE 5 

MISCELLANEOUS 

Section 5.1. Trust Indenture Act Controls. If and to the extent that any provision of this Third Supplemental Indenture
limits, qualifies or conflicts with the duties imposed by, or another provision included in this Third Supplemental Indenture which is required to be included in this Third Supplemental Indenture by any of the provisions of Sections 310 to 318,
inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 
 Section 5.2. Governing
Law. This Third Supplemental Indenture and the Debentures shall be deemed to be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of the State of New
York. 
 Section 5.3. Counterparts. This Third Supplemental Indenture 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. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture and signature pages for all purposes. Each party agrees
that the electronic signatures, whether digital or encrypted, of the parties included in this Third Supplemental Indenture are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature
means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures. 

Section 5.4. Severability. In case any provision in this Third Supplemental Indenture or in the Debentures 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 5.5. Ratification. The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all
respects ratified and confirmed. The Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Third Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless
not permitted by law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

Section 5.6. Effectiveness. The provisions of this Third Supplemental Indenture shall become effective as of the date
hereof. 

  
 18 

 Section 5.7. Trustee Makes No Representation. The recitals contained
herein are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Third Supplemental Indenture. All rights,
protections, privileges, indemnities, immunities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted by
the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act under this Third Supplemental Indenture. 

[Remainder of page intentionally left blank.] 

  
 19 

 IN WITNESS WHEREOF, the Company has caused this Third Supplemental Indenture to be duly
executed as of the date first above written. 
  

					
	KEMPER CORPORATION
		
	By:	 	 /s/ James J. McKinney

		 	Name:	 	James J. McKinney
		 	Title:	 	Executive Vice President and Chief Financial Officer

 IN WITNESS WHEREOF, the Trustee has caused this Third Supplemental Indenture to be duly
executed as of the date first above written. 
  

					
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Joshua A. Hahn

		 	Name:	 	Joshua A. Hahn
		 	Title:	 	Vice President

 EXHIBIT A 

[THIS DEBENTURE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
(AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND,
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2 
  

 

	1 	 This legend to be included if the Debenture is a Global Debenture. 

	2 	 To be included if the Debenture is a Global Debenture for which the Depositary is The Depository Trust Company,
unless such Depositary requires a different legend or otherwise does not require this legend. 

  
 A-1 

 KEMPER CORPORATION 

5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 
  

					
	No.	 		  	Principal Amount
	CUSIP No.	 		  	$

 Kemper Corporation, a Delaware corporation (hereinafter called the “Company”, which term
includes any successor Person under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal
sum                     of                    
United States Dollars, subject to increase or decrease as set forth in the attached Schedule, on March 15, 2062 and to pay interest thereon from March 10, 2022 or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, quarterly in arrears on March 15, June 15, September 15 and December 15 in each year (each an “Interest Payment Date”), beginning June 15, 2022, subject to the Company’s right to
defer the payment of interest on the Debentures in accordance with said Indenture, at the rate of 5.875% per annum, until the principal hereof is paid or duly made available for payment. The interest so payable and punctually paid or duly
provided for on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest,
which shall be the March 1, June 1, September 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. However, interest paid at Maturity shall be paid to the Person
to whom the principal will be payable. 
 Any interest on this Debenture that is payable but is not punctually paid or duly provided for on
any Interest Payment Date shall forthwith cease to be payable to the Holder hereof on the relevant Record Date by virtue of his, her or its having been such Holder, and may be paid by the Company, at its election (i) to the Person in whose name
this Debenture (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date fixed by the Trustee, notice whereof shall be given to Holders of the Debentures not less than 10 calendar days prior to such
Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. 
 Payment of the principal of (and premium, if any) and the interest on this Debenture shall be made at the
office of the Paying Agent, in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, provided that, at the option of the Company, payment of the interest on
this Debenture may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the
Holder [; and provided further that all payments of principal of (and premium, if any) and interest on this Debenture shall be made in accordance with the applicable procedures of the Depositary for this Debenture]3. 
  
  

	3 	 To be included if the Debenture is a Global Debenture. 

  
 A-2 

 This Debenture is one of the duly authorized series of Securities of the Company, designated
as the Company’s “5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062”, initially limited to an aggregate principal amount of $150,000,000, all issued or to be issued under and pursuant to an Indenture (the “Base
Indenture”), dated as of September 29, 2020, between the Company and U.S. Bank Trust Company, National Association, as trustee (hereinafter referred to as the “Trustee”), as supplemented by the Third Supplemental
Indenture thereto, dated as of March 10, 2022 (the “Third Supplemental Indenture”, and together with the Base Indenture, the “Indenture”). Reference is hereby made to the Indenture for a description of the
respective rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Debentures. The Company may from time to time following the issuance of the Initial Debentures, without consent
of the Holders of Debentures, issue Additional Debentures under and pursuant to the Indenture, and the aggregate principal amount of Additional Debentures that may be authenticated and delivered under and pursuant to the Indenture is unlimited;
provided, however, that no Additional Debentures may be issued unless the Additional Debentures are fungible with the Debentures for U.S. federal income tax purposes or issued with a different CUSIP number. 

This Debenture is an unsecured obligation of the Company and is subordinated to all Senior Indebtedness of the Company in the manner set forth
in the Indenture. 
 Subject to, and in accordance with, the Indenture, the Company has the right, at any time and from time to time, to
defer the payment of interest on the Debentures. 
 The Company may redeem the Debentures in the manner and under the circumstances set
forth in the Indenture. 
 If an Event of Default with respect to the Debentures shall occur and be continuing, the principal of the
Debentures may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Debentures under the Indenture from time to time and at any time by the Company and
the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Debentures. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Debentures at
the time Outstanding, on behalf of the Holders of all Debentures, 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 Debenture shall be conclusive and binding upon such Holder and every subsequent Holder of this Debenture and of any Debenture issued upon the transfer hereof or in exchange herefor or in place hereof, even if notation of such consent
or waiver is not made upon any such Debenture. 
 Nothing in the Indenture or this Debenture shall affect or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Debenture to the Holder of this Debenture at the respective due dates herein stated, subject to the Company’s right to defer the
payment of interest on the Debentures in accordance with the Indenture, or affect or impair the right, which is also absolute and unconditional, of such Holder to institute suit to enforce the payment thereof. 

  
 A-3 

 As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Debenture may be registered in the Register, upon surrender of this Debenture for registration of transfer at the Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to
the Company, the Trustee and the Registrar duly executed by, the Holder hereof or by such Holder’s attorney duly authorized in writing, and thereupon one or more new Debentures for like aggregate principal amount of any authorized denomination
or denominations shall be executed, authenticated and delivered in the name of the designated transferee. 
 The Debentures are issuable
only in registered form without coupons in denominations of $25 and multiples of $25 in excess thereof. Subject to certain limitations therein set forth in the Indenture and in this Debenture, the Debentures are exchangeable for a like aggregate
principal amount of Debentures in different authorized denominations, as requested by the Holders surrendering the same. 
 No service
charge will be made for any registration of transfer or exchange of this Debenture, but the Company or the Trustee may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of a Debenture, other than in certain cases expressly provided in the Indenture. 
 Prior to
the due presentation of this Debenture for registration of transfer or exchange, the Company, the Trustee, the Paying Agent, the Registrar, any co-Registrar or any of their agents shall deem and treat the
Person in whose name this Debenture is registered as the absolute owner hereof (whether or not this Debenture shall be overdue and notwithstanding any notation of ownership or other writing thereon) for all purposes whatsoever, and none of the
Company, the Trustee, the Paying Agent, the Registrar, any co-Registrar or any of their agents shall be affected by any notice to the contrary. 

The Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the Debentures (subject
to certain exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee money or U.S. Government Obligations
sufficient to pay and discharge the entire indebtedness on all Debentures of this series, and satisfies certain other conditions, all as more fully provided in the Indenture. 

This Debenture shall be deemed to be a contract made under the law of the State of New York, and for all purposes shall be governed by and
construed in accordance with the law of the State of New York. 
 All terms used in this Debenture which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. 
 Unless the certificate of authentication hereon has been executed by or on behalf of
the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Debenture shall not be entitled, and shall not entitle the Holder hereof, to any benefits under the Indenture or be valid or obligatory for any
purpose. 

  
 A-4 

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

 

			
	KEMPER CORPORATION
		
	By:	 	              

		 	Name: James J. McKinney
		 	 Title: Executive Vice President and

          Chief Financial Officer

  
 A-5 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Date of authentication: 
  

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	
                     

		 	Authorized Signatory

  
 A-6 

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
  

(Please print or typewrite name and address including postal zip code of Assignee) 

the within Debenture of KEMPER CORPORATION and does hereby irrevocably constitute and appoint
                 attorney to transfer the said Debenture on the books of the Company, with full power of substitution in the premises. 

 

							
	Dated:	 	  
	 	                                      
  	  	  

		 		 		  	(Signature)

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any change whatever. 

  
 A-7 

 Kemper Corporation 

5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062 

No: 
 SCHEDULE OF INCREASES AND DECREASES IN
GLOBAL DEBENTURE 
 The following increases or decreases in this Global Debenture have been made: 

 

									
	 Date
	  	 Amount of decrease in
principal amount of this
Global
Debenture
	  	 Amount of increase in
principal amount of this
Global
Debenture
	  	 Principal Amount of this
Global Debenture
following such
decrease or
increase
	  	 Signature of authorized
signatory of Trustee or
Security
Custodian

  
 A-8

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