Document:

Third Amended and Restated Intercreditor and Collateral Agency Agreement

 Exhibit 10.3 

 
  
 THIRD AMENDED AND RESTATED 
 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT

 Dated as of October 24, 2012 
 Among 
 PRUDENTIAL INVESTMENT MANAGEMENT, INC. 

AND THE PRUDENTIAL NOTEHOLDERS, 
 BANK OF AMERICA, N.A. 
 as Administrative Agent, 

NORTHWEST PIPE COMPANY 
 AND THE OTHER CREDIT PARTIES, 
 and 

BANK OF AMERICA, N.A. 
 as Collateral Agent 
  

 

 TABLE OF CONTENTS 

 
  

					
	 	  	PAGE	 
		
	 ARTICLE I. DEFINITIONS
	  	 	2	  
		
	 Section 1.1 Definitions of Certain Terms
	  	 	2	  
		
	 Section 1.2 Terms Generally
	  	 	11	  
		
	 ARTICLE II. ACTS AND DUTIES OF SECURED CREDITORS
	  	 	11	  
		
	 Section 2.1 Acts of Secured Creditors
	  	 	11	  
		
	 Section 2.2 Determination of Amounts of Obligations
	  	 	12	  
		
	 Section 2.3 Restrictions on Actions
	  	 	12	  
		
	 Section 2.4 Notice of Enforcement Event; Other Notices
	  	 	13	  
		
	 ARTICLE III. DUTIES OF COLLATERAL AGENT
	  	 	13	  
		
	 Section 3.1 Notices to Secured Creditors
	  	 	13	  
		
	 Section 3.2 Directions from Majority Secured Creditors
	  	 	13	  
		
	 ARTICLE IV. PROCEEDS RECEIVED UNDER COLLATERAL DOCUMENTS; OTHER AMOUNTS RECEIVED
	  	 	14	  
		
	 Section 4.1 Establishment of Collateral Accounts; Application of Proceeds of Collateral
	  	 	14	  
		
	 Section 4.2 Investment of Amounts in Collateral Accounts
	  	 	17	  
		
	 Section 4.3 Turnover of Collateral Received by Secured Creditors
	  	 	18	  
		
	 Section 4.4 Turnover of Deemed Collateral Proceeds by Secured Creditors
	  	 	18	  
		
	 Section 4.5 Determination of Pro Rata Shares
	  	 	18	  
		
	 Section 4.6 Adjustment for Avoided Payments
	  	 	19	  
		
	 ARTICLE V. CONCERNING THE COLLATERAL AGENT
	  	 	20	  
		
	 Section 5.1 Appointment and Authorization of Collateral Agent
	  	 	20	  
		
	 Section 5.2 Collateral Agent Fee
	  	 	20	  
		
	 Section 5.3 Delegation of Duties
	  	 	20	  
		
	 Section 5.4 Liability of Collateral Agent
	  	 	20	  
		
	 Section 5.5 Reliance by Collateral Agent
	  	 	21	  
		
	 Section 5.6 Notice of Enforcement Event
	  	 	21	  
		
	 Section 5.7 Credit Decision; Disclosure of Information by Collateral Agent
	  	 	22	  
		
	 Section 5.8 Attorney Costs, Expenses and Taxes
	  	 	22	  
		
	 Section 5.9 Indemnification by Company
	  	 	23	  
		
	 Section 5.10 Indemnification by Secured Creditors
	  	 	24	  
		
	 Section 5.11 BofA in its Individual Capacity
	  	 	24	  
		
	 Section 5.12 Successor Collateral Agent
	  	 	25	  
		
	 ARTICLE VI. REPRESENTATIONS AND WARRANTIES
	  	 	25	  

  
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	 ARTICLE VII. INTERCREDITOR ARRANGEMENTS
	  	 	26	  
		
	 Section 7.1 Security Interests
	  	 	26	  
		
	 Section 7.2 Restrictions on Waivers, Amendments and Consents to Creditor Documents
	  	 	26	  
		
	 Section 7.3 Release of Collateral
	  	 	27	  
		
	 Section 7.4 Additional Guarantors and Collateral
	  	 	27	  
		
	 Section 7.5 Purchase of Collateral
	  	 	27	  
		
	 Section 7.6 Bankruptcy Proceedings
	  	 	27	  
		
	 Section 7.7 No Contest of Secured Obligations
	  	 	28	  
		
	 Section 7.8 Further Assurances, Etc.
	  	 	28	  
		
	 ARTICLE VIII. MISCELLANEOUS
	  	 	28	  
		
	 Section 8.1 No Individual Action
	  	 	28	  
		
	 Section 8.2 Successors and Assigns; Replacements and Refinancings
	  	 	29	  
		
	 Section 8.3 Notices
	  	 	30	  
		
	 Section 8.4 Termination
	  	 	30	  
		
	 Section 8.5 APPLICABLE LAW
	  	 	30	  
		
	 Section 8.6 Amendments and Waivers of Agreement and Collateral Documents
	  	 	31	  
		
	 Section 8.7 Waiver of Rights
	  	 	31	  
		
	 Section 8.8 Severability
	  	 	32	  
		
	 Section 8.9 Counterparts; Effectiveness
	  	 	32	  
		
	 Section 8.10 Section Headings
	  	 	32	  
		
	 Section 8.11 Complete Agreement; No Novation
	  	 	32	  

  
 ii 

 THIRD AMENDED AND RESTATED INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT 

THIS THIRD AMENDED AND RESTATED INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT (“Agreement”), dated as of
October 24, 2012, which amends and restates in its entirety that certain Second Amended and Restated Intercreditor and Collateral Agency Agreement, dated as of May 31, 2007, by and among Northwest Pipe Company, an Oregon corporation (the
“Company”), certain parties hereto and certain other Persons, is entered into by and among (i) (a) Prudential Investment Management, Inc. (“PIM”), (b) The Prudential Insurance Company of America
(“Prudential”), as the holder of the Prudential Series A Notes, a holder of Prudential Series B Notes, a holder of Prudential Series C Notes and the holder of the Prudential Series D Notes, (c) Prudential Retirement Insurance
and Annuity Company (“PRIAC”) as a holder of Prudential Series B Notes and a holder of Prudential Series C Notes and (d) any other Prudential Affiliates that hereafter become initial purchasers of Prudential Shelf Notes and
execute a Joinder Agreement (Secured Creditor) (together with the successors, transferees and assigns of any of the foregoing holders of Prudential Series A Notes, Prudential Series B Notes, Prudential Series C Notes, Prudential Series D Notes or
Prudential Shelf Notes that execute a Joinder Agreement (Secured Creditor), the “Prudential Noteholders”), (ii) Bank of America, N.A., a national banking association, in its capacity as administrative agent (together with its
successors, transferees and assigns in such capacity that execute a Joinder Agreement (Agent), the “Lender Agent”) under the Credit Agreement (hereinafter defined) on behalf of itself and each of the other Credit Agreement Creditors
(as hereinafter defined), (iii) Bank of America, N.A., a national banking association, in its capacity as collateral agent for the Secured Creditors (in such capacity, together with all successors and assigns in such capacity, the
“Collateral Agent”) and (iv) for purposes of Sections 4.1(a), 4.4, 5.2, 5.8, 5.9, Article VI, Section 7.8 and Article VIII only, the Company, and any other Persons that hereafter become guarantors or other co-obligors of
any of the Secured Obligations and execute a Joinder Agreement (Additional Credit Party) (together with the Company, the “Credit Parties”). 
 RECITALS 
 A. The Company, on the one hand, and PIM, Prudential and PRIAC,
on the other hand, have entered into that certain Amended and Restated Note Purchase and Private Shelf Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Prudential Note
Agreement”), pursuant to which (i) the Company issued to Prudential on February 25, 2004 the Company’s 8.75% senior secured promissory term notes due February 25, 2014 in the aggregate original principal amount of
$15,000,000 (the “Prudential Series A Notes”), (ii) the Company issued to Prudential and PRIAC on June 21, 2004 the Company’s 8.47% senior secured promissory term notes due June 21, 2014 in the aggregate original
principal amount of $10,500,000 (the “Prudential Series B Notes”), (iii) the Company issued to Prudential and PRIAC on October 26, 2004 the Company’s 7.36% senior secured promissory term notes due October 26,
2014 in the aggregate original principal amount of $10,000,000 (the “Prudential Series C Notes”), (iv) the Company issued to Prudential on January 24, 2005 the Company’s 7.32% senior secured promissory term notes due
January 24, 2015 in the aggregate original principal amount of $4,500,000 (the “Prudential Series D Notes”) and (v) PIM and Prudential Affiliates are willing to consider, in their sole discretion and

  
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within limits which may be authorized for purchase by them from time to time, the purchase of the Company’s senior secured promissory term notes in the aggregate principal amount of up to
$35,000,000 (the “Prudential Shelf Notes” and, together with the Prudential Series A Notes, the Prudential Series B Notes, the Prudential Series C Notes and the Prudential Series D Notes, the “Prudential Notes”,
such term to include any such notes issued in substitution therefor pursuant to paragraph 11D of the Prudential Note Agreement). 
 B. The Company is entering into that certain Second Amended and Restated Credit Agreement, dated as of the date hereof among Company, the Lender Agent and the Credit Agreement Lenders (defined below) (and
as the same may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Credit Agreement Lenders are extending to the Company .a line of credit in the aggregate
commitment amount of $150,000,000 for the making of Revolving Loans, with a $30,000,000 sublimit thereunder for the issuance of Letters of Credit, in U.S. Dollars or alternative currencies. The Credit Agreement also provides for a possible increase
in aggregate commitments by $75,000,000. 
 C. The Company and the Collateral Agent are entering into that certain Fourth
Amended and Restated Security Agreement, dated as of the date hereof (and as the same may be further amended, supplemented or otherwise modified from time to time, the “Security Agreement”), which provides, among other things, that
the security interest in the collateral described therein is created in favor of the Collateral Agent for the benefit of the Secured Creditors, to secure the Secured Obligations. 

D. The parties hereto desire to set forth their agreement regarding, among other things, (i) the appointment, duties and
responsibilities of the Collateral Agent with respect to the Collateral, (ii) the application to the Secured Obligations of cash received by the Collateral Agent from dispositions of Collateral or cash turned over to the Collateral Agent by the
Secured Creditors under certain circumstances for sharing by the Secured Creditors and (iii) the agreement of the Secured Creditors as to the decisions relating to the exercise of remedies under this Agreement. 

In consideration of the above Recitals and the mutual covenants contained herein, the Secured Creditors, the Collateral Agent, and,
solely for purposes of Sections 4.1(a), 4.4, 5.2, 5.8, 5.9, Article VI, Section 7.8 and Article VIII, the Company and each other Credit Party, hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

Section 1.1 Definitions of Certain Terms. As used herein, the following terms have the respective meanings set forth below:

 “Act” has the meaning specified in Section 2.1. 

  
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 “Affiliate” means, with respect to any Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Agent-Related Persons” has the meaning specified in Section 5.9. 

“Agreement” has the meaning specified in the Preamble hereto. 

“Allocable L/C Share” has the meaning specified in Section 4.1(e). 

“Bankruptcy Proceeding” means, with respect to any Person, a general assignment of the assets of such Person for the
benefit of its creditors, or the initiation by or against such Person of any proceeding seeking relief as debtor, or seeking to adjudicate such Person as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment or composition of
such Person or its debts, under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, trustee, custodian or other similar official for such Person or for any substantial part of its
property. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks
are authorized or required to be closed in New York, New York, Portland, Oregon or San Francisco, California. 
 “Cash
Management Agreement” means any agreement not prohibited by the terms of the Credit Agreement to provide treasury or cash management services, including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including
purchasing cards and commercial cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash
management services. 
 “Cash Management Bank” means any Credit Agreement Lender (or Affiliate of a Credit
Agreement Lender that has executed and delivered a Secured Party Designation Notice pursuant to Section 8.2) that is a party to a Cash Management Agreement with a Credit Party. 

“Cash Management Exposure” as of any day of determination, the total obligations then due and payable to a Cash
Management Bank in respect of all Secured Cash Management Agreements. 
 “Certificate Regarding Obligations”
means a notice substantially in the form of Exhibit I, together with any supplement thereto. 
 “Closing Date”
means the date on which this Agreement becomes effective in accordance with Section 8.10. 
 “Collateral”
means all the properties and assets of whatever nature, tangible or intangible, now owned or existing or hereafter acquired or arising, of the Company or any other 

  
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Credit Party on or in which the Collateral Agent has been granted, conveyed or assigned a security interest, mortgage or other lien pursuant to any of the Collateral Documents or this Agreement,
including the Collateral Accounts, all funds from time to time maintained in the Collateral Accounts, all investments thereof, all interest, dividends and other amounts earned thereon, and all proceeds of any of the foregoing collateral. 

“Collateral Accounts” means the Intercreditor Disbursement Account and the L/C Holding Account, if any. 

“Collateral Agent” has the meaning specified in the Preamble hereto. 

“Collateral Documents” means the Security Agreement and all other security agreements, pledge agreements, deeds of
trust, mortgages, control agreements and other similar agreements executed and delivered from time to time to secure any portion of the Secured Obligations, and all financing statements, recordations, instruments, certificates or other documents
related to any of the foregoing, as any of the foregoing may be amended, supplemented or otherwise modified from time to time. 

“Company” has the meaning specified in the Preamble hereto. 

“Credit Agreement” has the meaning specified in Recital B hereto. 

“Credit Agreement Guaranties” means any guaranty of all or any portion of the obligations under the Loan Documents
hereafter entered into. 
 “Credit Agreement Creditors” means the Credit Agreement Lenders, the Hedge Banks and
the Cash Management Banks and each of their successors and assigns. 
 “Credit Agreement Lenders” means the
“Lenders” and the “L/C Issuer” in each case under and as defined in the Credit Agreement and, for the purposes hereof, the Lender Agent and each of their successors and assigns. 

“Credit Agreement Obligations” means, at any time, the sum (without duplication) of the following: 

(i) the aggregate principal amount of the Revolving Loans outstanding at such time and the aggregate amount of accrued and unpaid
interest thereon at such time; 
 (ii) the L/C Exposure and the aggregate amount of all Letter of Credit Disbursements not yet
reimbursed to Issuing Bank and accrued and unpaid interest thereon at such time; 
 (iii) the aggregate amount of accrued and
unpaid fees payable to the Credit Agreement Lenders, or any of them, under or in connection with the Credit Agreement; 
 (iv)
the aggregate amount of all losses, costs or expenses described in Section 3.05 of the Credit Agreement as of the date hereof incurred and all other monetary obligations of the Company and the other Credit Parties that are accrued and owing at
such time to the Credit Agreement Lenders or any of them under the Credit Agreement and the other Loan Documents; 

  
 4 

 (v) the Swap Contract Exposure; and 

(vi) the Cash Management Exposure. 
 “Credit Parties” has the meaning specified in the Preamble hereto. 
 “Creditor Documents” means, without duplication, the Loan Documents, the Secured Cash Management Agreements, the Secured Swap Contracts and the Prudential Note Documents. 

“Deemed Collateral Proceeds” means any payment received by any Secured Creditor in respect of the Secured Obligations
owed to such Secured Creditor or any reduction in the amount of Secured Obligations owed to such Secured Creditor, whether by voluntary payment, by realization upon security, through the exercise of any right of set-off, banker’s lien or
similar right, by counterclaim or cross action or by the enforcement of any other right under the Creditor Documents (including, without limitation, amounts recovered by any Secured Creditor from any guarantor as a result of the enforcement by such
Secured Creditor of its rights and remedies under any guaranty or (ii) any Affiliate of any Credit Party to which such Credit Party owes any indebtedness that has been subordinated to the obligations of such Credit Party to such Secured
Creditor as a result of the turnover provisions of a subordination agreement), or under any other guaranties or security agreements or otherwise, or as a distribution, adequate protection payment or similar amount received in respect of the
Collateral or otherwise in any insolvency case or proceeding involving the Company or any other Credit Party; provided that Deemed Collateral Proceeds shall exclude (i) payments received pursuant to this Agreement, (ii) reductions
in L/C Exposure resulting from the expiration of any Letter of Credit or reduction in the amount available to be drawn under any Letter of Credit, (iii) reductions in Swap Contract Exposure as a result of the application of any legally
enforceable netting agreement relating to the Swap Contracts and (iv) payments received by a Cash Management Bank in respect of customary fees for services provided in the ordinary course under Cash Management Agreements after the occurrence of
an event set forth in clause (vi) of the definition of Enforcement Event to the extent not applied to the Cash Management Agreement Exposure existing as of the date of the Enforcement Event. 

“Deposit Notice” has the meaning specified in Section 4.1(c). 

“Disbursement Amount” has the meaning specified in Section 4.1(d). 

“Disbursement Date” has the meaning specified in Section 4.1(c). 

“Enforcement Event” means any of the following: (i) any exercise of self-help or commencement of legal action to
realize upon any Collateral; (ii) any exercise of any right of set-off, bankers’ liens or similar rights against any obligation of the Company or any other Credit Party (excluding applications of funds pursuant to non-default contract
rights); (iii) the taking of any Collateral in satisfaction of any Secured Obligation or similar action; (iv) the acceleration of any monetary obligations under any of the Creditor Documents or the commencement of legal action with respect
to any monetary obligations then owing under any of the Creditor Documents; (v) a demand for payment or performance is made under any guaranty that is a Creditor Document; (vi) the occurrence of any Bankruptcy Proceeding or (vii) any
refusal by 

  
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any Credit Agreement Lender to fund a Revolving Loan (or its share of a Revolving Loan) in an aggregate amount of $100,000 or more requested by the Company (irrespective of whether the conditions
precedent thereto specified in the Credit Agreement have been satisfied), which refusal continues for more than 10 days. 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances,
rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment,
including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Company, any other Credit Party or any of their respective direct or indirect subsidiaries directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Exclusive Indemnification Payments” means indemnification obligations described in the penultimate sentence of
Section 5.10 that have been reimbursed to the Collateral Agent. 
 “Hazardous Materials” means all
explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

“Hedge Bank” means any Credit Agreement Lender (or Affiliate of a Credit Agreement Lender that has executed and
delivered a Secured Party Designation Notice pursuant to Section 8.2) that is a party to a Swap Contract with a Credit Party. 
 “including” means, unless the context clearly requires otherwise, “including, without limitation.” 
 “Indemnified Liabilities” has the meaning specified in Section 5.9. 
 “Intercreditor Disbursement Account” has the meaning specified in Section 4.1(a). 
 “Issuing Bank” means Bank of America, N.A. or any of its Affiliates that is party to the Credit Agreement (and bound by Section 9.10(d) thereof as in effect on the date hereof) and
any successor or assignee as the institution issuing Letters of Credit under the Credit Agreement. 
 “Joinder Agreement
(Secured Creditor)” means an agreement substantially in the form of Exhibit II. 

  
 6 

 “Joinder Agreement (Additional Credit Party)” means an agreement
substantially in the form of Exhibit III. 
 “Joining Secured Creditor(s)” has the meaning specified in
Section 3.2(a). 
 “L/C Exposure” means, as of any date of determination, the aggregate maximum available
amount which may be drawn under all Letters of Credit outstanding as of such date of determination. 
 “L/C Holding
Account” has the meaning specified in Section 4.1(a). 
 “Letter of Credit” means any standby or
commercial letter of credit issued by the Issuing Bank pursuant to the Credit Agreement. 
 “Letter of Credit
Disbursement” means a payment or disbursement made by the Issuing Bank pursuant to a Letter of Credit. 
 “Loan
Documents” means the Credit Agreement, the Revolving Line of Credit Notes evidencing the obligations thereunder (as more specifically defined therein), the Credit Agreement Guaranties, the Collateral Documents and any other agreement,
certificate, instrument or other document related to any of the foregoing, in each case as amended, restated, extended, supplemented or otherwise modified from time to time. 
 “Majority Credit Agreement Lenders” means, at any time of determination, the “Required Lenders” under and as defined in the Credit Agreement. 

“Majority Prudential Noteholders” means, at any time of determination, Prudential Noteholders that collectively hold
more than 50% of the Principal Obligations of the Prudential Note Obligations. 
 “Majority Secured Creditors”
means, at any time of determination, Credit Agreement Lenders and Prudential Noteholders with respect to which the Principal Obligations of the Credit Agreement Obligations and the Prudential Note Obligations attributable to such Persons at such
time collectively constitute a majority of the Principal Obligations of the Secured Obligations. 
 “Minority Creditor
Group” means a group comprised of any of the Credit Agreement Lenders or the Prudential Noteholders with respect to which the Principal Obligations of the Credit Agreement Obligations and the Prudential Note Obligations attributable to such
Persons at such time collectively constitute at least 10% of the Principal Obligations of the Secured Obligations at such time. 

“Minority Creditor Group Exercise Period” has the meaning specified in Section 3.2(a). 

“Notice of Enforcement Event” has the meaning specified in Section 2.4. 

“Notice of Intent to Exercise Remedies” has the meaning specified in Section 3.2(a). 

  
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 “Payment Default” means the default in the payment, after giving effect to
applicable grace periods, of any principal, interest or reimbursement of a Letter of Credit Disbursement, including, without limitation, any failure to pay any accelerated amounts owing under any Creditor Document if the applicable payment is in
excess of $250,000. 
 “Permitted Investments” means: 

(i) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within six months from the date of acquisition thereof; 

(ii) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within six months from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings generally obtainable from either Standard & Poor’s Ratings
Service, a division of The McGraw-Hill Companies, Inc. (“S&P”) or Moody’s Investors Service, Inc.; 

(iii) investments in commercial paper maturing no more than six months from the date of acquisition thereof and having, at such date of
acquisition, a credit rating of A-1 or higher from S&P or P-1 or higher from Moody’s Investors Service, Inc.; and 

(iv) investments in domestic and eurodollar certificates of deposit, banker’s acceptances and time deposits maturing within six
months from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, (w) any domestic office of any commercial bank organized under the laws of the United States of America
or any state thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000, (x) the Collateral Agent, (y) any branch of any commercial bank organized under the laws of the United Kingdom, Canada or
Europe having combined capital, surplus and undivided profits (less any undivided losses) of not less than $500,000,000 or (z) any domestic commercial bank whose deposits are guaranteed by the Federal Deposit Insurance Corporation and with whom
deposits maintained by the Collateral Agent do not exceed the amount so guaranteed. 
 “Person” means any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity. 
 “PIM” has the meaning specified in the Preamble hereto. 

“PRIAC” has the meaning specified in the Preamble hereto. 

“Principal Obligations” means, with respect to any of the Secured Obligations, the aggregate principal amount and, if
applicable, the aggregate L/C Exposure and the aggregate unreimbursed Letter of Credit Disbursements.  

  
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 “Pro Rata Share” means, with respect to each Secured Creditor as of any
date of determination, the percentage of all Principal Obligations (including L/C Exposure) owed to such Secured Creditor, if any, as of such date of determination. 
 “Prudential” has the meaning specified in the Preamble hereto. 

“Prudential Affiliates” means (i) any corporation or other entity controlling, controlled by, or under common
control with, PIM and (ii) any managed account or investment fund which is managed by PIM or a Prudential Affiliate described in clause (i) of this definition. For purposes of this definition, the terms “control,”
“controlling” and “controlled” shall mean the ownership, directly or through subsidiaries, of a majority of a corporation’s or other Person’s voting stock or equivalent voting securities or interests. 

“Prudential Note Agreement” has the meaning specified in Recital A hereto. 

“Prudential Note Documents” means the Prudential Note Agreement, the Prudential Notes, the Prudential Notes Subsidiary
Guaranty, the Collateral Documents and any other agreement, certificate, instrument or other document related to any of the foregoing, in each case as amended, restated, extended, supplemented or otherwise modified from time to time. 

“Prudential Note Obligations” means, at any time, the sum (without duplication) of the following: 

(i) the aggregate principal amount of the Prudential Notes outstanding at such time and the aggregate amount of accrued and unpaid
interest thereon at such time; 
 (ii) the aggregate Yield-Maintenance Amount, if any, payable in respect of such principal
amount (calculated, after the occurrence and during the continuance of an Enforcement Event, under the assumption that the amounts set forth in clause (i) above are due and payable at such time) and the aggregate amount of accrued and unpaid
interest thereon at such time; 
 (iii) the aggregate amount of accrued and unpaid fees payable to the Prudential Noteholders, or
any of them, under or in connection with the Prudential Note Agreement; and 
 (iv) the aggregate amount of all other monetary
obligations of the Company and the other Credit Parties that are accrued and owing at such time to the Prudential Noteholders or any of them under the Prudential Note Agreement and the other Prudential Note Documents. 

“Prudential Noteholders” has the meaning specified in the Preamble hereto. 

“Prudential Notes” has the meaning specified in Recital A hereto. 

“Prudential Notes Subsidiary Guaranty” means any guaranty of all or any portion of the obligations evidenced by the
Prudential Notes or any other obligations under the Prudential Note Documents hereafter entered into. 
 “Prudential
Series A Notes” has the meaning specified in Recital A hereto. 

  
 9 

 “Prudential Series B Notes” has the meaning specified in Recital A hereto.

 “Prudential Series C Notes” has the meaning specified in Recital A hereto. 

“Prudential Series D Notes” has the meaning specified in Recital A hereto. 

“Prudential Shelf Notes” has the meaning specified in Recital A hereto. 

“Revolving Line of Credit Note” means any note issued to a Credit Agreement Lender pursuant to the Credit Agreement.

 “Revolving Loan” means a revolving loan, including a swing line loan, made under the Credit Agreement.

 “Secured Cash Management Agreement” means any Cash Management Agreement between any Credit Party and any
Cash Management Bank; provided, however, that for any of the foregoing to be included as a “Secured Cash Management Agreement” on any date of determination by the Lender Agent, the applicable Cash Management Bank (other than
the Lender Agent) must have delivered a Secured Party Designation Notice to the Lender Agent prior to such date of determination in accordance with the Credit Agreement and Section 8.2. 

“Secured Creditors” means the Credit Agreement Creditors and the Prudential Noteholders and each of their respective
successors, transferees and permitted assigns in each case until the Secured Obligations of such Person shall have been repaid in full and any and all commitments shall have been terminated. 

“Secured Obligations” means, at any time of determination, the aggregate Credit Agreement Obligations and the aggregate
Prudential Note Obligations, as the same may be replaced or refinanced as permitted under Section 8.2, in each case measured at the time of determination. 
 “Secured Party Designation Notice” has the meaning specified for such term in the Credit Agreement as in effect on the date hereof, and which notice shall authorize the Lender Agent to
(i) execute this Agreement and (ii) bind such Person executing and delivering such Secured Party Designation Notice to the terms hereof. 
 “Secured Swap Contract” means any Swap Contract between any Credit Party and any Hedge Bank; provided that for any of the foregoing to be included as a “Secured Swap
Contract” on any date of determination by the Lender Agent, the applicable Hedge Bank (other than the Lender Agent) must have delivered a Secured Party Designation Notice to the Lender Agent prior to such date of determination in accordance
with the Credit Agreement and Section 8.2. 
 “Security Agreement” has the meaning specified in Recital E
hereto. 
 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index 

  
 10 

 
transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations
or liabilities under any Master Agreement. 
 “Swap Contract Exposure” means, as at any date of determination,
the total net amount that is then due and payable to a Credit Agreement Lender in respect of all Swap Contracts to which such Credit Agreement Lender is a party. 
 “Yield-Maintenance Amount” with respect to any of the Prudential Notes, has the meaning specified in the Prudential Note Agreement. 

Section 1.2 Terms Generally. The definitions in Section 1.1 shall apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “without limitation.” All references herein to Articles and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. 

ARTICLE II. 

ACTS AND DUTIES OF SECURED CREDITORS 
 Section 2.1 Acts of Secured Creditors. Any request, demand, authorization, direction, notice, consent, waiver or other action permitted or required by this Agreement to be given or taken by
the Secured Creditors or any group constituting less than all Secured Creditors (including the Majority Secured Creditors) may be and, at the request of the Collateral Agent, shall be embodied in and evidenced by one or more instruments signed by or
on behalf of such Persons and, except as otherwise expressly provided in any such instrument, any such action shall become effective when such instrument or instruments shall have been delivered to the Collateral Agent. The instrument or instruments
evidencing any action (and the action embodied therein and evidenced thereby) are sometimes referred to herein as an “Act” of the Persons signing such instrument or instruments. The Collateral Agent shall be entitled to rely absolutely
upon an Act of any Secured Creditor if such Act purports to be taken by or on behalf of such Secured Creditor (including an Act taken by the Lender Agent by or on behalf of the Credit Agreement Creditors (or any subset thereof)), and nothing in this
Section 2.1 or 

  
 11 

 
elsewhere in this Agreement shall be construed to require any Secured Creditor to demonstrate that it has been authorized to take any action which it purports to be taking, the Collateral Agent
being entitled to rely conclusively, and being fully protected in so relying, on any Act of such Secured Creditor. 
 Section 2.2 Determination of Amounts of Obligations. Whenever the Collateral Agent is required to determine the existence or amount of any of the Secured Obligations or any portion thereof, or
the existence of any Enforcement Event for any purposes of this Agreement, it shall be entitled to make such determination on the basis of the Certificates Regarding Obligations, Notices of Enforcement Event, notices rescinding Notices of
Enforcement Event, and other notices and certificates delivered to it by the Secured Creditors or the Lender Agent on behalf of the Credit Agreement Creditors. The Collateral Agent may rely conclusively, and shall be fully protected in so relying,
on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to the Company, the other Credit Parties, any Secured Creditor or
any other Person as a result of any action taken by the Collateral Agent based upon such determination prior to receipt of notice of any error in such determination. 

Section 2.3 Restrictions on Actions. After the occurrence and during the continuance of an Enforcement Event
and until payment in full of the Secured Obligations, (i) the provisions of this Agreement shall govern exclusively the method by which the Collateral Agent or any Secured Creditor may exercise rights and remedies under the Collateral Documents
or otherwise with respect to the Collateral and (ii) except as expressly permitted hereunder, each Secured Creditor shall: 

(a) refrain from taking or filing any action, judicial or otherwise, to enforce rights or pursue any remedies under any of the Collateral
Documents, except for delivering notices hereunder; 
 (b) refrain from exercising any rights or remedies (including the remedy
of self-help) under any of the Collateral Documents which may be exercisable as a result of an Enforcement Event; and 
 (c)
refrain from exercising any right of setoff, bankers’ lien or similar right with respect to amounts on deposit with such Secured Creditor (excluding application of funds pursuant to non-default contract rights and the exercise of rights by a
Hedge Bank under any legally enforceable netting agreement relating to the Swap Contracts); 
 provided, however, that the foregoing
shall not prevent a Secured Creditor from raising any defenses in any action in which it has been made a party defendant or has been joined as a third party, except that the Collateral Agent may direct and control any defense directly relating to
the Collateral or the any of the Collateral Documents, subject to and in accordance with the provisions of this Agreement. 

  
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 Section 2.4 Notice of Enforcement Event; Other Notices. Each
Secured Creditor shall, upon learning of the existence of any Enforcement Event under a Creditor Document to which it is a party, promptly deliver written notice thereof describing in reasonable detail the nature of the event giving rise to such
Enforcement Event and setting forth the date of occurrence of such event (a “Notice of Enforcement Event”) to the Collateral Agent. Each Notice of Enforcement Event shall be deemed to have been given when such notice has actually
been received by the Collateral Agent and to have been rescinded when the Collateral Agent has received a certificate from Secured Creditors entitled to waive such default under the terms of the applicable Creditor Document and this Agreement
stating that the events of default giving rise to such Enforcement Event have been cured or waived in accordance with the terms of the applicable Creditor Document. A Notice of Enforcement Event shall be deemed to be outstanding at all times after
such notice has been given until such time, if any, as such notice has been rescinded. 
 ARTICLE III. 

DUTIES OF COLLATERAL AGENT 
 Section 3.1 Notices to Secured Creditors. The Collateral Agent promptly, and in any event within three (3) Business Days of its receipt thereof, shall deliver written notification to each
Secured Creditor (or, in the case of the Credit Agreement Creditors, the Lender Agent on behalf of the Credit Agreement Creditors) of the Collateral Agent’s receipt of any Notice of Enforcement Event from any Secured Creditor in accordance with
Section 2.4 (and the Collateral Agent shall provide each Secured Creditor a copy thereof), a certificate rescinding such Notice of Enforcement Event in accordance with Section 2.4, or any request by any party hereto or by the Company or
any other Credit Party for any consent, waiver or amendment with respect hereto or any other Creditor Document. 

Section 3.2 Directions from Majority Secured Creditors. 

(a) Subject to the provisions of Article V, the Collateral Agent agrees to administer the Collateral Documents and the Collateral, to
make such demands, give such notices, take such actions under or with respect to the Collateral Documents and exercise other rights, powers and remedies as shall be available to it under the Collateral Documents (including, at any time when a Notice
of Enforcement Event shall have been given and shall be outstanding, the disposition of Collateral or any portion thereof) which are requested in writing by the Majority Secured Creditors (or, if permitted by this Section 3.2(a), the Minority
Creditor Group) and which are not inconsistent with or contrary to the provisions of this Agreement or the Collateral Documents or law. If at any time of determination (1) a Payment Default in respect of the Secured Obligations of each of the
Secured Creditors comprising a Minority Creditor Group has occurred and continued for at least 90 days and (2) during such period the Majority Secured 

  
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Creditors shall not have directed the Collateral Agent to commence the exercise of remedies available to it in respect of the Collateral, then the Minority Creditor Group shall thereafter, for so
long as such Payment Default shall continue to exist, have the right to direct the Collateral Agent to do the things expressly stated in the first sentence of this Section 3.2(a) (the period during which such right is exercisable being referred
to herein as the “Minority Creditor Group Exercise Period”); provided, however, that such right shall not be exercisable unless and until the sixth Business Day after the Minority Creditor Group shall have delivered a notice
(a “Notice of Intent to Exercise Remedies”) to each of the other Secured Creditors certifying that the conditions described in the preceding clauses (1) and (2) of this sentence have been satisfied, stating that the
Minority Creditor Group has elected to exercise such right commencing six (6) Business Days after delivery of such notice and describing in reasonable detail the actions intended to be pursued; provided, further, that if, during the five
Business Day period after delivery of such notice, any of such other Secured Creditors (“Joining Secured Creditor(s)”) deliver a written notice to the senders of such Notice of Intent to Exercise Remedies that they will join in the
commencement of the exercise of remedies then available to the Collateral Agent in respect of the Collateral and if the Principal Obligations of the Secured Obligations attributable to the Minority Creditor Group together with the Principal
Obligations of the Secured Obligations of the Joining Secured Creditor(s) constitutes the Majority Secured Creditors, then all actions expressly stated in the first sentence of this Section 3.2(a) shall thereafter require the direction of the
Majority Secured Creditors. 
 (b) Absent written instructions from the Majority Secured Creditors (or, if permitted by
Section 3.2(a), the Minority Creditor Group) at a time when a Notice of Enforcement Event shall be outstanding, the Collateral Agent may take, but shall have no obligation to take, any and all such actions under the Collateral Documents or
otherwise as it shall deem to be in the best interests of the Secured Creditors in order to maintain the Collateral and protect and preserve the Collateral and the rights of the Secured Creditors; provided, however, that in the absence of written
instructions (which may relate to the exercise of specific remedies or to the exercise of remedies in general) from the Majority Secured Creditors (or, if permitted by Section 3.2(a), the Minority Creditor Group), the Collateral Agent shall not
liquidate or compromise any claims under any of the Collateral Documents, make any disposition of the Collateral or exercise any other remedies available to it under any of the Collateral Documents (other than insuring the Collateral) with respect
to the Collateral or any part thereof. 
 (c) The Collateral Agent shall not be obligated to take any action under this
Agreement or the Collateral Documents except for the performance of such duties as are specifically set forth herein or therein. 

ARTICLE IV. 

PROCEEDS RECEIVED UNDER COLLATERAL DOCUMENTS; 
 OTHER AMOUNTS RECEIVED 
 Section 4.1 Establishment
of Collateral Accounts; Application of Proceeds of Collateral. 
  

  
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 (a) Establishment of Collateral Accounts. The Collateral Agent shall establish and
maintain at its banking office the following segregated account(s): 
 (i) an account entitled the “Northwest Pipe Company
Intercreditor Disbursement Account” (the “Intercreditor Disbursement Account”); and 
 (ii) an account
entitled the “Northwest Pipe Company L/C Holding Account” (the “L/C Holding Account”). 
 Each such account will be
held by the Collateral Agent as provided in this Agreement and shall at all times be in the exclusive possession of, and under the exclusive control of, the Collateral Agent, as agent for the Secured Creditors. Neither the Company, any other Credit
Party nor any subsidiary of the Company or such other Credit Party shall have rights to any such account or to any amounts on deposit therein, except the right to receive amounts, if any, in accordance with clause FOURTH of Section 4.1(d). Each
of the Company and the other Credit Parties hereby grants and assigns to the Collateral Agent, for the benefit of the Secured Creditors, as collateral security for the Secured Obligations, all of the Company’s or such other Credit Party’s
right, title and interest in and to the Collateral Accounts, all funds from time to time maintained therein, all investments thereof, all interest, dividends and other amounts earned thereon and all proceeds thereof. 

(b) Deposits into Collateral Accounts. Except as otherwise explicitly required in the Collateral Documents or by law, the
Collateral Agent shall, as promptly as practicable, after receipt of a Notice of Enforcement Event, deposit into the Intercreditor Disbursement Account all amounts received by it in its capacity as Collateral Agent (and not in any other capacity) in
respect of the Secured Obligations (including during any dissolution, winding up, liquidation, reorganization or insolvency proceeding of the Company or any other Credit Party), including all monies received on account of any sale of or other
realization upon any of the Collateral pursuant to the Collateral Documents, any amounts turned over to the Collateral Agent pursuant to Section 4.4, and any distributions, adequate protection payments or similar amounts received in respect of
the Collateral or otherwise in any insolvency case or proceeding involving the Company or any other Credit Party. 
 (c)
Notices to Secured Creditors. On the last Business Day of each month in which any amounts shall be deposited into the Intercreditor Disbursement Account, the Collateral Agent shall provide written notice of all such deposits during such month
to each Secured Creditor (a “Deposit Notice”), specifying (i) the dates of such deposits, (ii) the amounts and currencies of such deposits, (iii) the date on which the Collateral Agent will make a disbursement in
respect of such deposits (which date shall be a Business Day not less than ten (10) Business Days nor more than thirty (30) days after the date of the Deposit Notice (the “Disbursement Date”) and (iv) the date and
nature of the Enforcement Event giving rise to distributions under this Agreement; provided that no disbursement shall be required at any time that the amount on deposit in the Intercreditor Disbursement Account is less than $50,000 absent an
Act of the Majority Secured Creditors requiring such disbursement). For any distribution of such deposits that is to be made with respect to an obligation denominated in a currency other than the currency in which the amount to be distributed
is denominated, the Collateral Agent shall exchange the relevant portion of such amount into the applicable currency on the Disbursement Date and make each such distribution in the applicable currency in which the relevant obligation is denominated
at the foreign exchange rate determined by the Collateral Agent in accordance with its usual and customary practice. 

  
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 (d) Disbursements to Secured Creditors and L/C Holding Account. On the applicable
Disbursement Date, the Collateral Agent shall disburse the amount on deposit in the Intercreditor Disbursement Account (the “Disbursement Amount”) in accordance with the order of priority set forth in clauses FIRST through FIFTH
below: 
 FIRST: To the payment of any unpaid fees due to the Collateral Agent and the reasonable costs
and expenses of any sale, collection or other realization, and to the payment of any and all reasonable expenses and costs and all other liabilities and indemnification made, incurred or suffered by the Collateral Agent and its agents and counsel,
including amounts required to be provided to the Collateral Agent pursuant to Section 4.1(f) in connection therewith or in connection, with this Agreement or the Collateral Documents; 

SECOND: after payment in full of the obligations described in Section 4.1(d) FIRST, then to the Secured
Creditors in payment of any and all amounts owed to the Secured Creditors for reimbursement of amounts paid by them to the Collateral Agent (other than Exclusive Indemnification Payments) in accordance with the indemnification provisions of
Section 5.5 and Section 5.10, pro rata in proportion to their respective shares of such amount; 

THIRD: after payment in full of the obligations described in Section 4.1(d) FIRST and SECOND, then to
(i) the Secured Creditors in payment of the Secured Obligations other than the L/C Exposure, if any, and (ii) the L/C Holding Account for the cash collateralization of the L/C Exposure; the amounts of such payment to Secured
Creditors and deposits into the L/C Holding Account to be made pro rata in proportion to the respective amounts of such Secured Obligations as determined by the Collateral Agent pursuant to Section 4.5 based on the then applicable
Certificates Regarding Obligations; 
 FOURTH: after payment in full of the obligations described in
Section 4.1(d) FIRST, SECOND and THIRD, then to the Secured Creditors in payment of any and all amounts owed to any Secured Creditors for reimbursement of Exclusive Indemnification Payments, pro rata in proportion to their respective
shares of such amount; and 
 FIFTH: after payment or cash collateralization in full of the obligations
described in Section 4.1(d) FIRST, SECOND, THIRD and FOURTH, then to the payment to or upon the order of the Company or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, of any
surplus then remaining in the Intercreditor Disbursement Account. 
 Together with the payment of each disbursement from the Intercreditor
Disbursement Account on each Disbursement Date, the Collateral Agent shall deliver to each Secured Creditor a statement detailing the aggregate amount disbursed to all Secured Creditors, the amount deposited in each Collateral Account and all
deductions therefrom pursuant to Section 4.1(d) FIRST and SECOND. 

  
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 (e) Disbursements From L/C Holding Account. All amounts deposited in the L/C Holding
Account shall be deemed to be allocated to each Letter of Credit taken into account in the determination of the amount of such deposit, ratably in accordance with the respective maximum amounts available to be drawn under all such Letters of Credit
(the amount so allocated to a Letter of Credit being referred to as its “Allocable L/C Share”). At such time as (i) any such Letter of Credit expires undrawn or (ii) the amount available to be drawn under any such Letter
of Credit is irrevocably reduced (other than by a draw thereon) according to the terms thereof, in either case causing a reduction in the L/C Exposure, then the Allocable L/C Share attributable to such expired Letter of Credit or such reduction in
the L/C Exposure shall be deposited into the Intercreditor Disbursement Account and shall be distributed in accordance with Section 4.1(d). At such time as, and to the extent that, any such Letter of Credit is drawn, the Allocable L/C Share
attributable to such Letter of Credit (or such ratable portion thereof as has been drawn in the event such Letter of Credit is drawn only in part) shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank. If any of
the Credit Agreement Lenders (including the Lender Agent under the Credit Agreement) or the Issuing Bank receives any cash collateral in respect of an undrawn outstanding Letter of Credit in accordance with the provisions of any of the Loan
Documents, it shall as promptly as practicable after the occurrence of an Enforcement Event (and then only during the continuance thereof) turn such cash collateral over to the Collateral Agent for distribution in accordance with
Section 4.1(d). 
 (f) Collateral Agent’s Costs and Expenses. The Collateral Agent shall have the right at any
time and from time to time, after delivery to each Secured Creditor (or in the case of the Credit Agreement Creditors, to the Lender Agent on behalf of the Secured Creditors) of a written accounting, to apply any amounts in the Intercreditor
Disbursement Account to the payment of the fee set forth in Section 5.2 and the reasonable out-of-pocket costs and expenses (including reasonable attorney fees and disbursements) incurred by the Collateral Agent in administering and carrying
out its obligations under this Agreement or the Collateral Documents, in exercising or attempting to exercise any right or remedy hereunder or thereunder or in taking possession of, protecting, preserving or disposing of any item of Collateral, and
all amounts against or for which the Collateral Agent is to be indemnified or reimbursed hereunder (excluding any such costs, expenses or amounts which have theretofore been reimbursed) until all of such costs, expenses and amounts have been paid in
full. 
 Section 4.2 Investment of Amounts in Collateral Accounts. Pending the disbursement thereof
pursuant to the terms of this Agreement, all amounts in the Collateral Accounts shall (to the extent practical under the circumstances) be invested by the Collateral Agent in Permitted Investments or in an interest bearing deposit account maintained
with the Collateral Agent. The Collateral Agent shall endeavor to select Permitted Investments for each Collateral Account that mature prior to the anticipated date of any distribution to be made from such Collateral Account. The Collateral Agent
shall have no liability for any losses resulting from the investment of amounts in the Collateral Accounts pursuant to this Section 4.2 to 

  
 17 

 
the extent that such investments are made and maintained solely in Permitted Investments. The Collateral Agent shall have no duty to place funds held pursuant to this Agreement in investments
which provide a maximum return. For tax reporting and withholding purposes, all income earned on such investments shall be allocated to the Company, provided that, all such income shall, to the extent not distributed to the Company, effect a pro
tanto discharge of the Obligations upon application to the same. 
 Section 4.3 Turnover of
Collateral Received by Secured Creditors. Each Secured Creditor promptly shall, after the occurrence and during the continuance of an Enforcement Event, put in the custody, possession or control of the Collateral Agent for disposition or
distribution in accordance with the provisions of Section 4.1 any Collateral or proceeds thereof over which such Secured Creditor obtains custody, control or possession. Until such time as each Secured Creditor shall have complied with the
provisions of the immediately preceding sentence, such Secured Creditor shall be deemed to hold such Collateral or proceeds in trust for the parties entitled thereto hereunder. 

Section 4.4 Turnover of Deemed Collateral Proceeds by Secured Creditors. The Secured Creditors hereby agree
among themselves that if an Enforcement Event shall occur and at any time during the continuation of such Enforcement Event any of them shall receive any Deemed Collateral Proceeds, then the Secured Creditor receiving such Deemed Collateral Proceeds
shall as promptly as practicable turn over such proceeds to the Collateral Agent for distribution in accordance with Section 4.1(d). Each of the Company and the other Credit Parties expressly consents to the foregoing arrangement and agrees
that any amount so turned over by any Secured Creditor will be deemed to have been received by the Collateral Agent and the Secured Creditors that ultimately receive such amount such that, if such amount turned over has previously reduced the claim
of the Secured Creditor turning over such amount, (i) the amount of the claim against the Company and the other Credit Parties of the Secured Creditor that turns over such amounts shall immediately be increased to the extent such amounts are
turned over to the Collateral Agent and (ii) the amount of the claims of the Collateral Agent and each Secured Creditor that ultimately receives any portion of such amount shall immediately be decreased to the extent of the amount received by
it. If any of the agreements in the immediately preceding sentence (regarding the adjustment of claims due to the turnover of amounts pursuant to this Agreement) are unenforceable for any reason, then the Secured Creditors agree to take such actions
as shall have the effect of placing them in the same relative positions as they would have been if such agreements had been binding and enforceable. 
 Section 4.5 Determination of Pro Rata Shares. 
 (a) Not later
than ten (10) Business Days after each Secured Creditor’s (or in the case of the Credit Agreement Creditors, the Lender Agent’s) receipt from the Collateral Agent pursuant to Section 4.1(c) of a Deposit Notice, such Secured
Creditor (or 

  
 18 

 
the Lender Agent on behalf of the Credit Agreement Creditors) shall deliver to the Collateral Agent for distribution to each other Secured Creditor a duly completed Certificate Regarding
Obligations which shall certify (i) the amount of Secured Obligations (separately stating the Principal Obligations (including any L/C Exposure of such Secured Creditor and an itemization of the available amount which may then be drawn under
each separate Letter of Credit), Yield-Maintenance Amounts, LIBOR breakage costs under the Loan Documents and interest), Swap Contract Exposure and Cash Management Agreement Exposure due and payable to such Secured Creditor as of the date five 5
Business Days after the date of the Deposit Notice and the currency in which such amount is denominated (and the US Dollar equivalent based upon the exchange rates as of the time of the applicable Certificate Regarding Obligations); and
(ii) the aggregate amount of any Deemed Collateral Proceeds received by such Secured Creditor on or after the occurrence of the Enforcement Event specified in such notice (or, in the case of subsequent Deposit Notices, the aggregate amount of
any Deemed Collateral Proceeds received by such Secured Creditor since such Secured Creditors most recently submitted Certificate Regarding Obligations, with any such Deemed Collateral Proceeds to be turned over in accordance with Section 4.4).

 (b) The Collateral Agent shall calculate, in reliance upon such Certificates Regarding Obligations, the
Pro Rata Shares of each of the Secured Creditors and the aggregate amount of Deemed Collateral Proceeds received by all Secured Creditors since the applicable Enforcement Event. The calculation of the Pro Rata Shares of each of the Secured Creditors
contemplated by the immediately preceding sentence shall be made by assuming that all Secured Obligations are denominated in U.S. Dollars based upon the exchange rates as of the time of the applicable Certificate Regarding Obligations, determined by
the Collateral Agent in accordance with its usual and customary practice. Promptly following its determination of such Pro Rata Shares and in any event no later than the tenth (10th) Business Day following its receipt of the Certificates Regarding Obligations, the Collateral Agent shall notify
the Secured Creditors in writing of such determinations. Subject only to manifest error and any adjustment required by Section 4.6, Pro Rata Shares shall be fixed and not recalculated. 

Section 4.6 Adjustment for Avoided Payments. Each Secured Creditor agrees that, in the event any payment of
any of the Secured Obligations made to any Secured Creditor which has been turned over and distributed hereunder is subsequently invalidated, declared fraudulent or preferential, set aside or required to be paid to a trustee, receiver, or any other
party under any bankruptcy act, state or federal law, common law or equitable cause (an “Avoided Payment”), the other Secured Creditors shall pay to such Secured Creditor the applicable amounts previously turned over and distributed
to them (and in the same currency as was received by them) in respect of such Avoided Payment. 

  
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 ARTICLE V. 
 CONCERNING THE COLLATERAL AGENT 
 Section 5.1
Appointment and Authorization of Collateral Agent. Each Secured Creditor (including the Lender Agent on behalf of the Credit Agreement Creditors) hereby appoints, designates and authorizes Bank of America, N.A. as the initial Collateral Agent to
(i) hold as a representative (as such term is used in § 9-102(72)(E) of the Uniform Commercial Code in effect in the State of Oregon) for such Secured Creditor the security interests granted under or pursuant to the terms of the Collateral
Documents and (ii) take such actions on such Secured Creditor’s behalf under the provisions of this Agreement and each Collateral Document and to exercise such powers and perform such duties as are expressly delegated to the Collateral
Agent by the terms of this Agreement or any Collateral Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any Collateral Document, (1) the
Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein or in a Collateral Document, and (2) no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read
into this Agreement or any Collateral Document or otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Collateral Documents with
reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended
to create or reflect only a collateral relationship between independent contracting parties. 

Section 5.2 Collateral Agent Fee. By countersigning this Agreement the Company agrees to pay to the Collateral
Agent for its own account (i) a fee in the amount of $2,500.00 per calendar month plus (ii) the Collateral Agent’s actual out-of-pocket expenses in serving as Collateral Agent under this Agreement. Such monthly fee shall be due and
payable in advance on the date of this Agreement and on the same date of each month thereafter. All such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

Section 5.3 Delegation of Duties. The Collateral Agent may execute any of its duties under this Agreement or
any Collateral Document by or through agents, employees or attorneys in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible
for the negligence or misconduct of any agent or attorney-in-fact that it selects with reasonable care. 

Section 5.4 Liability of Collateral Agent. No Agent-Related Person shall (a) be liable for any action
taken or omitted to be taken by any of them under or in connection with this Agreement or any Collateral Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in connection with its duties
expressly set forth herein), or (b) be responsible in any manner to 

  
 20 

 
any Secured Creditor or participant for any recital, statement, representation or warranty made by any Credit Party or any officer thereof, contained herein or in any Collateral Document, or in
any certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this Agreement or any Collateral Document, or the validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any Collateral Document, or for any failure of any Credit Party, Secured Creditor or any other party to any Collateral Document to perform its obligations hereunder or thereunder. No Agent-Related
Person shall be under any obligation to any Secured Creditor to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any Collateral Document, or to inspect the
properties, books or records of any Credit Party or any Affiliate thereof. 
 Section 5.5 Reliance by
Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram,
facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and
statements of legal counsel (including counsel to any Credit Party), independent accountants and other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take any action under any
Collateral Document unless it shall first receive such advice or concurrence of the Majority Secured Creditors (or such greater number of Secured Creditors as may be expressly required hereby in any instance or, if permitted by Section 3.2(a),
the Minority Creditor Group) as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Secured Creditors against any and all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any Collateral Document in accordance with a request or consent of the Majority Secured
Creditors (or such greater number of Secured Creditors as may be expressly required hereby in any instance or, if permitted by Section 3.2(a), the Minority Creditor Group) and such request and any action taken or failure to act pursuant thereto
shall be binding upon all the Secured Creditors. 
 Section 5.6 Notice of Enforcement Event. The
Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Enforcement Event, unless the Collateral Agent shall have received a Notice of Enforcement Event from a Secured Creditor (or the Lender Agent on behalf of the
Credit Agreement Creditors) in accordance with Section 2.4. The Collateral Agent shall take such action with respect to such Enforcement Event as may be directed by the Majority Secured Creditors in accordance with Section 3.2 or, if
permitted by Section 3.2(a), as may be directed by the Minority Creditor Group. 

  
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 Section 5.7 Credit Decision; Disclosure of Information by Collateral
Agent. Each Secured Creditor (or, in the case of the Credit Agreement Creditors, the Lender Agent on behalf of the Credit Agreement Creditors) acknowledges that, except as set forth in Article 6 hereof, no Agent-Related Person has made any
representation or warranty to it, and that no act by the Collateral Agent hereafter taken shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Secured Creditor as to any matter, including whether
Agent-Related Persons have disclosed material information in their possession. Each Secured Creditor (or, in the case of the Credit Agreement Creditors, the Lender Agent on behalf of the Credit Agreement Creditors) represents to the Collateral Agent
and the other Secured Creditors that it has, independently and without reliance upon any Agent-Related Person or any other Secured Creditor and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Credit Parties and their respective direct or indirect subsidiaries, and all applicable bank or other regulatory laws
relating to the transactions contemplated hereby, and made its own decision to extend credit to the Credit Parties. Each Secured Creditor (or, in the case of the Credit Agreement Creditors, the Lender Agent on behalf of the Credit Agreement
Creditors) also represents that it will, independently and without reliance upon any Agent-Related Person or any other Secured Creditor and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Collateral Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property,
financial and other condition and creditworthiness of the Company and the other Credit Parties. Except for notices, reports and other documents expressly required to be furnished to the Secured Creditors by the Collateral Agent herein, the
Collateral Agent shall not have any duty or responsibility to provide any Secured Creditor with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the
Credit Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 
 Section 5.8 Attorney Costs, Expenses and Taxes. By countersigning this Agreement, the Company and each other Credit Party agrees (a) to pay or reimburse the Collateral Agent for all costs
and expenses, including reasonable attorneys’ fees and disbursements (including allocated costs of in-house counsel), incurred in connection with the preparation, negotiation and execution of this Agreement and the Collateral Documents and any
amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated hereby or thereby are consummated), and the consummation and administration of the transactions contemplated hereby
and thereby, and (b) to pay or reimburse the Collateral Agent for all costs and expenses, including reasonable attorneys’ fees and disbursements (including allocated costs of in-house counsel), incurred in connection with the enforcement,
attempted enforcement, or preservation of any rights or remedies under this Agreement or the Collateral Documents (including all such costs and 

  
 22 

 
expenses incurred during any “workout” or restructuring in respect of the Secured Obligations and during any legal proceeding, including any proceeding under any applicable bankruptcy,
insolvency or other similar law affecting the rights of creditors generally of the United States of America or any state thereof). The foregoing costs and expenses shall include all search, filing, recording, title insurance and appraisal charges
and fees and taxes related thereto, and other out-of-pocket expenses incurred by the Collateral Agent and the cost of independent public accountants and other outside experts retained by the Collateral Agent in connection with the matters described
in this Section 5.8. All amounts due under this Section shall be payable within ten (10) Business Days after demand therefor. The agreements in this Section shall survive the repayment of the Secured Obligations. 

Section 5.9 Indemnification by Company. By countersigning this Agreement the Company and each other Credit
Party agrees to indemnify upon demand the Collateral Agent and its Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the “Agent-Related Persons”) from and against any and all
liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements, including attorneys’ fees and disbursements (including allocated costs of in-house counsel) of any kind or
nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Agent-Related Person in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or
administration of this Agreement, any Collateral Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated hereby or thereby or the consummation of the transactions contemplated hereby or
thereby, (b) any Secured Obligation or the use or proposed use of the proceeds therefrom, (c) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by the Company,
any of its direct or indirect subsidiaries or any other Credit Party, or any Environmental Liability related in any way to the Company, any of its direct or indirect subsidiaries or any other Credit Party, or (d) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any pending or threatened claim, investigation,
litigation or proceeding) and regardless of whether any Agent-Related Person is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”), in all cases, whether or not caused by or arising, in whole or in
part, out of the negligence of the Agent-Related Person; provided that such indemnity shall not, as to any Agent-Related Person, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses or disbursements are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent-Related Person. No
Agent-Related Person shall be liable for any damages arising from the use by others of any information or other materials obtained through Debtdomain, IntraLinks, Syndtrak or other similar electronic information transmission systems in connection
with this Agreement, nor shall any Agent-Related Person have any liability for any indirect or consequential damages relating to this Agreement or any Collateral Document or arising out of its activities in connection

  
 23 

 
herewith or therewith (whether before or after the date of this Agreement). All amounts due under this Section shall be payable within ten (10) Business Days after demand therefor. The
agreements in this Section shall survive the resignation of the Collateral Agent and the repayment, satisfaction or discharge of the Secured Obligations. 
 Section 5.10 Indemnification by Secured Creditors. The Secured Creditors shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Credit Party
and without limiting the obligation of any Credit Party to do so) in their respective Pro Rata Shares and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; provided, however,
that no Secured Creditor shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent such portion resulted from such Agent-Related Person’s own gross negligence or willful misconduct;
further provided, however, that no action taken in accordance with the directions of the Majority Secured Creditors or the directions of a Minority Creditor Group during a Minority “Creditor Group Exercise Period shall be deemed
to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Secured Creditor shall reimburse the Collateral Agent upon demand for its Pro Rata Share of any costs or out-of-pocket
expenses, including reasonable attorneys’ fees and disbursements (including allocated costs of in-house counsel), incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, modification, amendment
or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, the Collateral Documents or any other document contemplated by or referred to herein,
in each case to the extent that the Collateral Agent is not reimbursed for such expenses by the Company or the other Credit Parties. Notwithstanding anything to the contrary in this Section 5.10, if a Minority Creditor Group Exercise Period
shall have commenced, then the indemnification obligations described in this Section 5.10 that are incurred from actions taken by or at the direction of the applicable Minority Creditor Group during the effectiveness of such Minority Creditor
Group Exercise Period shall be solely obligations of such Minority Creditor Group. The agreements in this Section shall survive the resignation of the Collateral Agent and the repayment, satisfaction or discharge of the Secured Obligations.

 Section 5.11 Bank of America, N.A. in its Individual Capacity. Bank of America, N.A. and its
Affiliates (“BofA”), and any successor to BofA as Collateral Agent and its Affiliates, may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind
of banking, trust, financial advisory, underwriting or other business with each of the Credit Parties and their respective Affiliates as though BofA were not the Collateral Agent hereunder and without notice to or consent of the Secured Creditors.
The Secured Creditors acknowledge that, pursuant to such activities, BofA or its Affiliates may receive information regarding any Credit Party or its Affiliates (including information that may be subject to confidentiality obligations in favor of
such Credit Party or such Affiliate) and acknowledge that the Collateral Agent shall be under no obligation to provide such 

  
 24 

 information to them. With respect to its Secured Obligations, BofA shall
have the same rights and powers under this Agreement as any other Secured Creditor and may exercise such rights and powers as though it were not the Collateral Agent, and the terms “Credit Agreement Lender”, “Credit Agreement
Creditors” and “Secured Creditor” include BofA in its individual capacity. 
 Section 5.12
Successor Collateral Agent. The Collateral Agent may resign at any time by giving thirty (30) days’ written notice thereof to the Secured Creditors and may be removed at any time with or without cause by the Majority Secured Creditors.
Upon any such resignation or removal, the Majority Secured Creditors shall have the right to appoint a successor Collateral Agent. If no successor Collateral Agent shall have been appointed by the Majority Secured Creditors and shall have accepted
such appointment within thirty (30) days after the retiring Collateral Agent’s giving of notice of resignation or the Majority Secured Creditors’ removal of the retiring Collateral Agent, then the retiring Collateral Agent may, on
behalf of the Secured Creditors, appoint a successor Collateral Agent, which shall be a state or national bank, trust company or insurance company organized under the laws of the United States of America or of any state thereof and having a combined
capital and surplus of at least $200,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, (i) the retiring Collateral Agent shall assign all of the security interests in, mortgages and
other liens upon all Collateral under the Collateral Documents, and all right, title and interest of the retiring. Collateral Agent under the Collateral Documents, to the replacement Collateral Agent, without recourse or representation or warranty
by the retiring Collateral Agent or any Secured Creditors and at the expense of the Company, and (ii) such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder and under the Collateral Documents. After any retiring Collateral Agent’s resignation or removal hereunder as Collateral
Agent, the provisions of this Article V shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Collateral Agent. Notwithstanding anything to the contrary in this
Section 5.12, no resignation or removal of the Collateral Agent shall become effective until a replacement Collateral Agent shall have been selected as provided herein and shall have assumed in writing the obligations of the Collateral Agent
under this Agreement and the Collateral Documents. 
 ARTICLE VI. 

REPRESENTATIONS AND WARRANTIES 
 Each of the parties hereto represents and warrants to the other parties hereto that (a) the execution, delivery and performance of this Agreement (i) have been duly authorized by all requisite
corporate or similar action on its part and (ii) will not contravene any provision of its charter or by-laws or any order of any court or other governmental authority having applicability to it or any applicable law, and (b) this Agreement
has been duly executed and delivered by it and constitutes its legal, valid and binding obligation. 

  
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 ARTICLE VII. 
 INTERCREDITOR ARRANGEMENTS 
 Section 7.1 Security
Interests. The Collateral Agent and each of the Secured Creditors hereby agree that, notwithstanding (i) the order or concurrence of the timing of the creation, attachment or perfection of any security interest and (ii) any applicable
statutory or case law that would result in a contrary ordering of priorities or interests, all proceeds of Collateral and other amounts received by the Collateral Agent under the Collateral Documents shall be distributed in accordance with
Section 4.1(d) and shall at all times be shared by the Secured Creditors as provided herein. Any and all amounts required to be provided as cash collateral for L/C Exposure pursuant to the Credit Agreement or any agreement executed in
connection therewith shall be deemed to be Collateral for purposes of this Agreement. 
 Section 7.2
Restrictions on Waivers, Amendments and Consents to Creditor Documents. 
 (a) Notwithstanding any contrary provisions
contained in the Credit Agreement, as long as there are any outstanding Secured Obligations, no amendment or waiver of any provision of the Credit Agreement or the other Loan Documents, nor consent to any departure by the Company or any other Credit
Party therefrom, shall (in the aggregate for all such amendments, waivers and consents) increase the aggregate commitment under the Credit Agreement or the maximum aggregate principal amount of Revolving Loans, the unreimbursed Letter of Credit
Disbursements and the L/C Exposure to an amount in excess of $225,000,000, unless such amendment, waiver or consent shall have been approved in writing by the Majority Prudential Noteholders; provided that no amendment, waiver, consent or
other modification of any of the Loan Documents shall be effective except pursuant to the terms of such Loan Documents. 
 (b)
Notwithstanding any contrary provisions contained in the Prudential Note Agreement, as long as there are any outstanding Secured Obligations, no amendment or waiver of any provision of the Prudential Note Agreement or any other Prudential Note
Documents, nor consent to any departure by the Company or any other Credit Party therefrom, shall (in the aggregate for all such amendments, waivers and consents) increase the aggregate principal amount of indebtedness evidenced by the Prudential
Notes to an amount in excess of the sum of (i) the aggregate principal amount of the Prudential Series A Notes, the Prudential Series B Notes, the Prudential Series C Notes and the Prudential Series D Notes on the date hereof plus (ii) up
to $35,000,000 aggregate principal amount of Prudential Shelf Notes, unless such amendment, waiver or consent shall have been approved in writing by the Majority Credit Agreement Lenders;; provided that no amendment, waiver, consent or other
modification of any of the Prudential Note Documents shall be effective except pursuant to the terms of such Prudential Note Documents. 

  
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 (c) Except as specifically set forth in Sections 7.2(a) and (b), nothing in this Agreement
shall restrict the ability of any Secured Creditor to declare events of default, impose default rates of interest, accelerate the Secured Obligations held by such Secured Creditor, or amend, modify or waive any term, condition, covenant or provision
of the Creditor Documents to which such Secured Creditor is a party. 
 Section 7.3 Release of
Collateral. The Collateral Agent is authorized hereby to execute releases of any security interest or other lien with respect to property of the Company or any other Credit Party that is sold or to be sold as part of or in connection with any
sale, transfer or other disposition to the extent that the sale, transfer or other disposition thereof is not prohibited by the terms of the Credit Agreement, the Prudential Note Agreement or any other Creditor Document. 

Section 7.4 Additional Guarantors and Collateral. Each of the Secured Creditors hereby covenants and agrees
that it will not (i) accept any guaranty of any of the Secured Obligations by any subsidiary of the Company or any other Person unless such subsidiary or other Person is simultaneously providing the other Secured Creditors a comparable guaranty
or (ii) take any security interest in or lien on any assets of the Company, any other Credit Party or any other Person to secure any of the Secured Obligations unless such security interest or lien is provided to the Collateral Agent for the
benefit of all Secured Creditors. 
 Section 7.5 Purchase of Collateral. Any Secured Creditor may
purchase Collateral at any public sale of such Collateral pursuant to the Collateral Documents for cash. In addition, any Secured Creditor may purchase Collateral at any public sale of such Collateral pursuant to the Collateral Documents and may
make payment on account thereof by using any Secured Obligation then due and payable to such Secured Creditor from the Person which granted a security interest in such Collateral as a credit against the purchase price to the extent, but only to the
extent, approved by each of the Majority Credit Agreement Lenders and the Majority Prudential Noteholders. 

Section 7.6 Bankruptcy Proceedings. 
 (a) This Agreement shall survive the commencement of any Bankruptcy Proceeding and shall continue to govern, to the fullest extent provided by law, the rights and obligations of the Collateral Agent and
the Secured Creditors with respect to the Collateral and any distributions in respect thereof in any Bankruptcy Proceeding. The Secured Creditors and the Collateral Agent agree that they intend for the provisions of this Agreement to be enforced in
a Bankruptcy Proceeding. The Secured Creditors acknowledge that the effect of this Agreement may be that a Secured Creditor could receive less than it otherwise would receive in a Bankruptcy Proceeding in the absence of this Agreement. 

  
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 (b) The Collateral Agent is not entitled to initiate such actions on behalf of any Secured
Creditor or to appear and be heard on any matter before the bankruptcy or other applicable court in any such proceeding as the representative of any Secured Creditor, unless such action or appearance has been approved in writing by such Secured
Creditor. The Collateral Agent is not authorized in any such proceeding to enter into any agreement for, or give any authorization or consent with respect to, the postpetition usage of Collateral, unless such agreement, authorization or consent has
been approved in writing by the Majority Secured Creditors, except as set forth in Section 7.6(c). 
 (c) Except as set
forth in this Section 7.6 and Section 7.7 below, nothing contained herein shall otherwise limit or restrict the independent right of any Secured Creditor to initiate an action or actions in any bankruptcy, reorganization, compromise,
arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar proceeding in its individual capacity or in its capacity as holder of Secured Obligations and to appear or be heard on any matter before the bankruptcy or other
applicable court in any such proceeding. 
 Section 7.7 No Contest of Secured Obligations. Except for
breaches of this Agreement, each Secured Creditor and the Collateral Agent agrees that it will not at any time contest the validity or enforceability of the Secured Obligations, or any provisions of any of the Creditor Documents, or the validity,
enforceability, perfection or priority of the liens and security interests of the Collateral Agent in the Collateral securing the Secured Obligations. 
 Section 7.8 Further Assurances, Etc. Each party hereto shall execute and deliver such other documents and instruments, in form and substance reasonably satisfactory to the other parties
hereto, and shall take such other action, in each case as any other party hereto reasonably may have requested (at the cost and expense of the Company which, by countersigning this Agreement, agrees to pay such costs and expenses), to effectuate and
carry out the provisions of this Agreement, including by recording or filing in such places as the requesting party may deem desirable, this Agreement or such other documents or instruments. 

ARTICLE VIII. 
 MISCELLANEOUS 
 Section 8.1 No Individual
Action. No Secured Creditor may require the Collateral Agent to take any action hereunder or under the Collateral Documents or with respect to any of the Collateral except as and to the extent expressly set forth in this Agreement.

  
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 Section 8.2 Successors and Assigns; Replacements and
Refinancings. Except as provided in the second succeeding sentence, none of the Secured Creditors shall assign or transfer any interest in the Secured Obligations held by it unless such Secured Creditor shall (i) have caused the assignee or
transferee to execute and deliver to each other Secured Creditor, concurrent with the effectiveness of such assignment or transfer, a Joinder Agreement (Secured Creditor) or (ii) in the case of a Credit Agreement Creditor, have authorized the
Lender Agent in its assignment documentation or Secured Party Designation Notice to execute this Agreement on its behalf and bind such Credit Agreement Creditor to the terms hereof thereby (in each case, consistent with section 9.10(d) of the Credit
Agreement as in effect of the date hereof). Any of the Secured Obligations may be replaced or refinanced and the lender(s) replacing or refinancing such Secured Obligations will become a party hereto as a Secured Creditor(s) with respect to the
indebtedness to be provided by it to replace or refinance such Secured Obligations if the lender replacing or refinancing such Secured Obligations executes and delivers to each other Secured Creditor a Joinder Agreement (Secured Creditor). Any
Secured Creditor may, without the consent of any other Secured Creditor, sell one or more participations in any portion of the Secured Obligations held by such Secured Creditor; provided, however, that (except as otherwise specified
herein) each Secured Creditor shall remain liable to each other Secured Creditor for the full performance of its obligations hereunder with the same effect as though no such participation had been sold and as though any and all amounts, payments or
security received by a participant with whom it dealt in respect of the loan or note participation were received by such party and shall continue to deal solely and directly with each other with respect to their respective rights and obligations
under this Agreement. In the event that any Prudential Affiliate (if such Prudential Affiliate is not already a party to this Agreement) becomes an initial holder of Prudential Shelf Notes (other than by transfer or assignment (which transfers or
assignment are subject to the requirements of the first sentence of this Section 8.2), such Prudential Affiliate shall not have the benefits of a Secured Creditor hereunder unless and until such Prudential Affiliate executes and delivers a
Joinder Agreement (Secured Creditor) prior to, or within thirty (30) calendar days after, such Person having becoming an initial holder of Prudential Shelf Notes. In the event any Person, including an Affiliate of a Credit Agreement Lender (if
such Person is not already a party to this Agreement or already bound by the provisions hereof pursuant to Section 9.10(d) of the Credit Agreement as in effect on the date hereof) becomes a provider of a Swap Contract or a Cash Management
Agreement, or becomes a lender under the Credit Agreement (other than by transfer or assignment (which transfers or assignments are subject to the requirements of the first sentence of this Section 8.2)), such Person shall not have the benefits
of a Secured Creditor hereunder unless and until such Person executes and delivers a Secured Party Designation Notice to the Lender Agent prior to, or within thirty (30) calendar days after such Person having entered into a Swap Contract or
Cash Management Agreement, as the case may be. The Company agrees that, concurrent with any Person becoming a guarantor or other co-obligor of any portion of the Secured Obligations, it will cause such Person to execute and deliver to each other
party hereto a Joinder Agreement (Additional Credit Party). Except as provided in Section 8.6(b), this Agreement is not intended to confer any benefit on, or create any obligation of the Collateral Agent or any Secured Creditor to, the Company,
any other Credit Party or any third party. This Agreement shall be binding on each of the Company, the other Credit Parties and each of their successors and assigns. This Agreement shall be binding on and inure to the benefit of the successors of
each of the Secured Creditors. 

  
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 Section 8.3 Notices. Notices and other communications provided
for herein or in the Collateral Documents shall be in writing and shall be delivered by hand or overnight courier service, mailed or sent by facsimile to the parties hereto at the respective addresses or facsimile numbers, as applicable, set forth
below such parties’ names on the signature pages hereto or the Joinder Agreement (Secured Creditor) or Joinder Agreement (Additional Credit Party) pursuant to which such Persons become parties hereto; provided that any notices to a Credit
Agreement Creditor shall be delivered to the Lender Agent at the address on the signature pages hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been
given on the date of receipt if delivered by hand or overnight courier service or sent by facsimile, or on the date three (3) Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed
(properly addressed) to such party as provided in this Section 8.3 or, in each case, in accordance with the latest unrevoked direction from such party given in accordance with this Section 8.3. 

Section 8.4 Termination. This Agreement and the agency of the Collateral Agent shall terminate automatically
upon the earlier of:. (i) the final payment in full of the outstanding Secured Obligations, the termination of the Credit Agreement Lenders’ commitments under the Loan Documents and the termination of the shelf facility under the
Prudential Note Documents; provided, however, that this Section 8.4 and Sections 5.8, 5.9, 5.10 and 8.5 of this Agreement shall survive, and remain operative and in full force and effect, regardless of such termination; and
(ii) in the event of any dissolution, winding up, liquidation, reorganization or other insolvency proceeding of the Company or any other Credit Party, the completion of all distributions from such proceedings to the Secured Creditors in respect
of the Secured Obligations after the discharge or satisfaction thereof, the satisfaction or discharge of the obligations under the Collateral Documents and the compliance with the provisions of this Agreement (including those set forth in
Section 4) with respect to all Deemed Collateral Proceeds and other property received by the Secured Creditors in respect of the Secured Obligations. 
 Section 8.5 APPLICABLE LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE
THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

  
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 Section 8.6 Amendments and Waivers of Agreement and Collateral
Documents. No amendment, waiver or other modification of any provision of this Agreement or any of the Collateral Documents shall in any event be effective unless the same shall be in writing and signed by the Majority Secured Creditors;
provided, however, that: 
 (a) no such amendment or waiver shall adversely affect any of the Collateral Agent’s
rights, immunities or rights to indemnification hereunder or under the Collateral Documents or expand its duties hereunder or under the Collateral Documents without the prior written consent of the Collateral Agent; 

(b) no such amendment or waiver of Sections 4.1(a), 4.4, 5.2, 5.8, 5.9, Article VI, Section 7.8 or Article VIII which affects the
duties of the Company or any other Credit Party shall be effective without the prior written consent of the Company; 
 (c) no
such amendment or waiver shall modify any provision hereof which is intended to provide for the equal and ratable security of all Secured Obligations without the prior written consent of all holders of Secured Obligations affected thereby;

 (d) no such amendment or waiver that (i) decreases the portion of the Disbursement Amount that any Secured Creditor
would receive pursuant to Section 4.1(d), (ii) has the effect of rendering any Person no longer a Secured Creditor under this Agreement or the Collateral Documents or (iii) permits the release of the Company or any other Credit Party
of any of its obligations under this Agreement, shall be effective without the prior written consent of all Secured Creditors affected thereby; 
 (e) no such amendment or waiver shall change the definition of “Majority Secured Creditors” or modify this Section or Sections 3.2, 4.3, 4.4, 7.2 or 7.3 without the prior written consent of each
Secured Creditor; and 
 (f) no such amendment or waiver of this Section 8.6 shall be effective without the prior written
consent of all parties hereto. 
 No waiver of any provision of this Agreement and no consent to any departure by any party hereto from the
provisions hereof shall be effective unless such waiver or consent shall be set forth in a written instrument executed by the party against which it is sought to be enforced, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. No notice to or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in the same, similar or other circumstances. 

Section 8.7 Lender Agent’s Authority to Bind. The Lender Agent hereby represents and warrants to the
other parties hereto that it has the authority to act on behalf of the Credit Agreement Creditors, and to bind such Credit Agreement Creditors to the terms hereof. The Lender Agent acknowledges and agrees that the Prudential Noteholders are intended
third party beneficiaries of Section 9.10(d) of the Credit Agreement (as in effect on the date hereof), and further covenants not to permit any amendments or other modifications to section 9.10(d) of the Credit Agreement (as in effect on the
date hereof) without the prior written consent of the Majority Prudential Noteholders. 

  
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 Section 8.8 Waiver of Rights. Neither any failure nor any delay
on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, and a single or partial exercise thereof shall not preclude any other or further exercise or the exercise of any other right,
power or privilege. 
 Section 8.9 Severability. In case any one or more of the provisions contained
in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in
good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision. 

Section 8.10 Counterparts; Effectiveness. This Agreement may be executed in two or more counterparts, each of
which shall constitute an original, but all of which, when taken together, shall constitute but one instrument. This Agreement shall become effective on the date (the “Closing Date”) on which this Agreement shall have been executed and
delivered by each Secured Creditor, the Collateral Agent, the Company and each other Credit Party. 

Section 8.11 Section Headings. The Article and Section headings used herein are for convenience of reference
only and are not to affect the construction of or be taken into consideration in interpreting this Agreement. 

Section 8.12 Complete Agreement; No Novation. This, Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof and supersedes all prior representations, negotiations, writings, memoranda and agreements. To the extent any provision of this Agreement conflicts with any other Creditor Document, the
provisions of this Agreement shall be controlling. This Agreement amends and restates in its entirety that certain Second Amended and Restated Intercreditor and Collateral Agency Agreement, dated as of May 31, 2007, by and among the Company,
the Collateral Agent, certain of the Secured Creditors and certain other Persons, and is not intended to constitute a novation of the obligations thereunder. 
 [Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Collateral Agent, the Lender Agent and the Prudential
Noteholders have caused this Agreement to be duly executed by their duly authorized officers, all as of the day and year first above written. 
  

			
	BANK OF AMERICA, N. A., as Collateral Agent
		
	By:	 	 
		
	Title:	 	 
	
	Bank of America, N.A.
	Agency Management
	Mail Code: WA1-501-32-37
	800 Fifth Avenue, Floor 32
	Seattle, WA 98104
	Attn: Brenda H. Little
	Telephone: (206) 358-0048
	Facsimile: (206) 358-0971
	
	BANK OF AMERICA, N. A., as Lender Agent on behalf of itself and the other Credit Agreement Creditors
		
	By:	 	 
		
	Title:	 	 
	
	Bank of America, N.A.
	Agency Management
	Mail Code: WA1-501-32-37
	800 Fifth Avenue, Floor 32
	Seattle, WA 98104
	Attn: Brenda H. Little
	Telephone: (206) 358-0048
	Facsimile: (206) 358-0971

 SIGNATURE PAGE TO INTERCREDITOR AGREEMENT 
 CHAR1\1282859v6 

 
			
	PRUDENTIAL INVESTMENT MANAGEMENT, INC.
		
	By:	 	 
	
	Title: Vice President
	
	c/o Prudential Capital Group
	Four Embarcadero Center, Suite 2700
	San Francisco, California 94111
	Facsimile: (415) 421-6233
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as the sole initial holder of the Prudential Series A Notes, as a holder of Prudential Series B Notes, as a holder of
Prudential Series C Notes and as the sole initial holder of the Prudential Series D Notes
		
	By:	 	 
	
	Title: Vice President
	
	c/o Prudential Capital Group
	Four Embarcadero Center, Suite 2700
	San Francisco, California 94111
	Facsimile: (415) 421-6233
	
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY, as a holder of Prudential Series B Notes, as a holder of Prudential Series C Notes
	
	By: PRUDENTIAL INVESTMENT MANAGEMENT, INC., as Investment Manager
		
	By:	 	 
	
	Title: Vice President
	
	c/o Prudential Capital Group
	Four Embarcadero Center, Suite 2700
	San Francisco, California 94111
	Facsimile: (415) 421-6233

 SIGNATURE PAGE TO INTERCREDITOR AGREEMENT 
 CHAR1\1282859v6 

 COUNTERSIGNED AND AGREED BY THE CREDIT PARTIES: 

 

			
	NORTHWEST PIPE COMPANY, an Oregon corporation
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	200 S.W. Market Street, Suite 1800
	Portland, Oregon 97201
	Attn: Chief Executive Officer
	Facsimile: (503) 240-6615
	
	With a copy to:
	
	George K. Fogg
	Perkins Coie LLP
	1120 NW Couch Street, Tenth Floor
	Portland, Oregon 97209-4128
	Facsimile: (503) 346-2022

 THIRD AMENDED AND RESTATED INTERCREDITOR AGREEMENT 

NORTHWEST PIPE COMPANY 
 CHAR1\1282859v6Form of Deposit Agreement

 Exhibit 4.34 

 
  

 
 DEPOSIT AGREEMENT 

between 

EverBank Financial Corp, 
 as Issuer 
 and 

Wells Fargo Bank, N.A. 
 as Depositary, 
 on behalf of 

THE HOLDERS FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 
 Dated as of October [•], 2012

  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  
	
	DEFINED TERMS	  
			
	Section 1.1.	 	Definitions	  	 	1	  
	
	ARTICLE II	  
	
	FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION
AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	
  
			
	Section 2.1.	 	Form and Transfer of Receipts	  	 	3	  
			
	Section 2.2.	 	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	4	  
			
	Section 2.3.	 	Registration of Transfer of Receipts	  	 	5	  
			
	Section 2.4.	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	  	 	6	  
			
	Section 2.5.	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	7	  
			
	Section 2.6.	 	Lost Receipts, etc.	  	 	7	  
			
	Section 2.7.	 	Cancellation and Destruction of Surrendered Receipts	  	 	7	  
			
	Section 2.8.	 	Redemption of Stock	  	 	8	  
			
	Section 2.9.	 	Receipts Issuable in Global Registered Form	  	 	9	  
	
	ARTICLE III	  
	
	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND
THE COMPANY	  
			
	Section 3.1.	 	Filing Proofs, Certificates and Other Information	  	 	10	  
			
	Section 3.2.	 	Payment of Taxes or Other Governmental Charges	  	 	11	  
			
	Section 3.3.	 	Warranty as to Stock	  	 	11	  
			
	Section 3.4.	 	Warranty as to Receipts	  	 	11	  

  
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	ARTICLE IV	  
	
	THE DEPOSITED SECURITIES; NOTICES	  
			
	Section 4.1.	 	Cash Distributions	  	 	11	  
			
	Section 4.2.	 	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	12	  
			
	Section 4.3.	 	Subscription Rights, Preferences or Privileges	  	 	12	  
			
	Section 4.4.	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	13	  
			
	Section 4.5.	 	Voting Rights	  	 	14	  
			
	Section 4.6.	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	14	  
			
	Section 4.7.	 	Delivery of Reports	  	 	15	  
			
	Section 4.8.	 	Lists of Receipt Holders	  	 	15	  
	
	ARTICLE V	  
	
	THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE
REGISTRAR AND THE COMPANY	  

			
	Section 5.1.	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	 	15	  
			
	Section 5.2.	 	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	  	 	16	  
			
	Section 5.3.	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company	  	 	17	  
			
	Section 5.4.	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	18	  
			
	Section 5.5.	 	Corporate Notices and Reports	  	 	19	  
			
	Section 5.6.	 	Indemnification by the Company	  	 	19	  
			
	Section 5.7.	 	Fees, Charges and Expenses	  	 	20	  
	
	ARTICLE VI	  
	
	AMENDMENT AND TERMINATION	  
			
	Section 6.1.	 	Amendment	  	 	20	  

  
 -ii-

							
			
	Section 6.2.	 	Termination	  	 	21	  
	
	ARTICLE VII	  
	
	MISCELLANEOUS	  
			
	Section 7.1.	 	Counterparts	  	 	22	  
			
	Section 7.2.	 	Exclusive Benefit of Parties	  	 	22	  
			
	Section 7.3.	 	Invalidity of Provisions	  	 	22	  
			
	Section 7.4.	 	Notices	  	 	22	  
			
	Section 7.5.	 	Depositary’s Agents	  	 	23	  
			
	Section 7.6.	 	Appointment of Registrar and Transfer Agent in Respect of the Receipts	  	 	23	  
			
	Section 7.7.	 	Holders of Receipts Are Parties	  	 	24	  
			
	Section 7.8.	 	Governing Law	  	 	24	  
			
	Section 7.9.	 	Inspection of Deposit Agreement	  	 	24	  
			
	Section 7.10.	 	Headings	  	 	24	  
			
	Exhibit A	 	Form of Receipt	  	 	A-1	  
			
	Exhibit B	 	Certificate of Designations	  	 	B-1	  

  
 -iii-

 DEPOSIT AGREEMENT dated as of October [•], 2012, between EverBank Financial Corp, a
Delaware corporation and Wells Fargo Bank, N.A., a national banking association formed under the laws of the United States, as Depositary on behalf of the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of
[    ]% Series A Non-Cumulative Perpetual Preferred Stock of the Corporation with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a fractional
interest in the Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 
 WHEREAS, the
Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and 

WHEREAS, the terms and conditions of the [    ] % Series A Non-Cumulative Perpetual Preferred Stock of the
Corporation are substantially set forth in the Certificate of Designations attached hereto as Exhibit B; 
 NOW, THEREFORE, in
consideration of the premises, the parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
 Section 1.1. Definitions. 
 The following definitions shall for all
purposes, unless otherwise indicated, apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 
 “Certificate of Designations” shall mean the Certificate of Designations filed with the Secretary of State of the State of Delaware establishing the Stock as a series of preferred stock
of the Corporation, and setting forth the rights, preferences and privileges of the Stock, and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

“Corporation” shall mean EverBank Financial Corp, a Delaware corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as the same may be amended, modified or supplemented from time to
time in accordance with the terms hereof. 
 “Depositary” shall mean Wells Fargo Bank, N.A., a national banking
association formed under the laws of the United States and any successor as Depositary hereunder. 

  
 1 

 “Depositary Shares” shall mean the security representing a 1/1000th
fractional interest in a share of the Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement, all as evidenced by the Receipts
issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share (including the dividend,
voting, redemption and liquidation rights contained in the Certificate of Designations). 
 “Depositary’s
Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 
 “Depositary’s
Office” shall mean the principal office of the Depositary, at which at any particular time its depositary receipt business in respect of matters governed by this Deposit Agreement shall be administered. 

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

(1) (A) the Global Receipt Depository which is the holder of such Global Registered Receipt or Receipts notifies the Corporation that
it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and (B) the Corporation
has not appointed a qualified successor Global Receipt Depository within ninety (90) calendar days after the Corporation received such notice, or 
 (2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer
be represented by such Global Registered Receipt or Receipts. 
 “Global Receipt Depository” shall mean, with
respect to any Receipt issued hereunder, The Depository Trust Company (“DTC”) or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which Person must be, to the extent
required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipts” shall mean a global registered Receipt registered in the name of a nominee of DTC. 
 “Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s
rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any successor agreement thereto. 

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

  
 2 

 “record holder” or “holder” as applied to a Receipt shall
mean the person in whose name a Receipt is registered on the books of the Depositary maintained by the Depositary for such purpose. 
 “Redemption Date” shall have the meaning set forth in Section 2.8. 
 “Redemption Price” shall have the meaning set forth in the Certificate of Designations. 
 “Registrar” shall mean the Depositary or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein
provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such
purpose. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 

“Stock” shall mean shares of the Corporation’s [    ]% Series A Non-Cumulative Perpetual
Preferred Stock, $0.01 par value, $25,000 liquidation preference per share, designated and described in the Certificate of Designations. 
 ARTICLE II 
 FORM OF RECEIPTS,
DEPOSIT OF STOCK, 
 EXECUTION AND
DELIVERY, TRANSFER, 
 SURRENDER AND REDEMPTION
OF RECEIPTS 
 Section 2.1. Form and Transfer of Receipts. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in each case with
appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange Inc. Pending the preparation of definitive Receipts, the
Depositary, upon the written order of the Corporation, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor
of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts.
If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall
execute and deliver in exchange therefor definitive Receipts representing the same number of 

  
 3 

 
Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so
exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement as definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual signature of a duly authorized officer of the Depositary; provided, that such signature may be a facsimile if a Registrar for the Receipts (other
than the Depositary) shall have been appointed and such Receipts are countersigned by a duly authorized officer of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose
unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of
the Depositary and countersigned by a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 

Receipts shall be in denominations of any number of whole Depositary Shares. All receipts shall be dated the date of their issuance.

 Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent
with the provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities
exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of
transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in
Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
 Section 2.2.
Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. 
 Subject to the terms and conditions of this
Deposit Agreement, the Corporation may from time to time deposit shares of the Stock under this Deposit Agreement by delivery to the Depositary of (i) a certificate or certificates for the Stock to be deposited, properly endorsed or
accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement or (ii) an instruction letter from the Corporation authorizing the 

  
 4 

 
Depositary to register such shares of the Stock in book-entry form, each in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in
accordance with the provisions of this Deposit Agreement and all other information required to be set forth, and together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the
person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 
 Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any Stock deposited
hereunder. 
 Upon receipt by the Depositary of (i) a certificate or certificates for Stock deposited in accordance with
the provisions of this Section or (ii) an instruction letter from the Corporation in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Stock on the books
of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or
persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited and registered
in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other
offices shall be at the risk and expense of the person requesting such delivery. 
 Section 2.3. Registration of
Transfer of Receipts. 
 Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its
books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute
a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of
business fifteen days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any
Receipt called or being called for redemption in whole or in part except as provided in Section 2.8. 

  
 5 

 Section 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Stock. 
 Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as
it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized
denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the holder of the Receipt or
Receipts so surrendered. 
 Any holder of a Receipt or Receipts may withdraw the number of whole shares of Stock and all money
and other property, if any, represented thereby by surrendering such Receipt or Receipts, at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the
Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so
surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the holder to the
Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in
addition to such number of whole shares of Stock and such money and other property, if any, to be so withdrawn, deliver to such holder, or subject to Section 2.3 upon such holder’s order, a new Receipt evidencing such excess number of
Depositary Shares. 
 Except as provided in Section 6.2, in no event will fractional shares of Stock (or any cash payment
in lieu thereof) be delivered by the Depositary. Delivery of the Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem
appropriate. 
 If the Stock and the money and other property, if any, being withdrawn are to be delivered to a person or
persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the
Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the
Depositary at the Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be
designated by such holder. 

  
 6 

 Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange
of Receipts. 
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination,
surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such
payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature, and any
other reasonable evidence of authority that may be required by the Depositary and may also require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement
and/or applicable law. 
 The deposit of Stock may be refused, the delivery of Receipts against Stock may be suspended, the
registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or
(ii) at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement. 

Section 2.6. Lost Receipts, etc. 
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated
Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such
Receipt, of the authenticity thereof and of such holder’s ownership thereof and (ii) the holder thereof furnishing of the Depositary with reasonable indemnification satisfactory to the Depositary. 

Section 2.7. Cancellation and Destruction of Surrendered Receipts. 

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

  
 7 

 Section 2.8. Redemption of Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Stock in accordance with the provisions of the
Certificate of Designations (including on account of a Regulatory Capital Treatment Event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than
30 days and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable
redemption price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in accordance with the provisions of the Certificate of Designations. On the date of such redemption, provided that
the Corporation shall then have paid or caused to be paid in full to the Depositary the Redemption Price per share of Stock to be redeemed, in accordance with and as required by the provisions of the Certificate of Designations, the Depositary shall
redeem the number of Depositary Shares representing such Stock. The Depositary shall mail notice of the Corporation’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be
redeemed shall be (1) mailed by first-class mail, postage prepaid, at the respective last addresses as they appear on the records of the Depositary, or (2) transmitted by such other method approved by the Depositary, in its reasonable
discretion, in either case not less than 30 days and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts evidencing the
Depositary Shares to be so redeemed at the addresses of such holders as they appear on the records of the Depositary; but neither failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such holders nor any
defect in any notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption as to the other holders. Each such notice shall be prepared by the Corporation and shall state:
(i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so
redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment of the redemption price and (v) that dividends on such shares of Stock represented by the
Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata , by lot or
in such other manner as the Corporation may determine to be equitable. 
 Notice having been mailed or transmitted by the
Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) all shares of Stock called
for redemption shall cease to be outstanding and any rights with respect to such shares shall cease and terminate (except for the right to receive the redemption price without interest), (ii) the Depositary Shares being redeemed from such
proceeds shall cease to be outstanding and all rights of the holders of Receipts evidencing 

  
 8 

 
such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate (except the right to receive the redemption price without interest), and (iii) upon surrender in
accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to one-thousandth of the Redemption Price per share of Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares. 

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

Section 2.9. Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the
form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, and (ii) shall be registered in the name of the Global Receipt Depository
therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise
provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a
nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global
Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive
physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect
to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the
Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. 
 Unless and until definitive Receipts
are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository 

  
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will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in
accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary
shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 
 If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and
delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal
amount equal to the principal amount of the Global Registered Receipt surrendered in exchange for such Global Registered Receipt. 
 Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names and in such authorized denominations as the Global Receipt
Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered.

 Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation determine that the Receipts should
be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations, if applicable. 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF

 HOLDERS OF RECEIPTS AND THE COMPANY

 Section 3.1. Filing Proofs, Certificates and Other Information. 

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

  
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 Section 3.2. Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in
Section 5.7. Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any
dividends or other distributions may be withheld or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after
attempting by reasonable means to notify such holder prior to such sale), and such dividends or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining
liable for any deficiency. 
 Section 3.3. Warranty as to Stock. 

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

Section 3.4. Warranty as to Receipts. 
 The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Stock. Such representation and warranty shall survive the deposit of the
Stock and the issuance of Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1. Cash Distributions. 
 Whenever the Depositary shall receive any cash dividend or other cash distribution on Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record
date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however,
that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes, the amount made available for distribution or
distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of
Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum

  
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received by the Depositary for distribution to record holders of Receipts then outstanding. Each holder of a Receipt shall provide the Depositary with its certified tax identification number on a
properly completed Form W-8 or W-9, as may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the
Depositary of a portion of any of the distributions to be made hereunder. 
 Section 4.2. Distributions Other than Cash,
Rights, Preferences or Privileges. 
 Whenever the Depositary shall receive any distribution other than cash, rights,
preferences or privileges upon Stock, the Depositary shall, at the direction of the Corporation, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the
securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Corporation may deem equitable and
practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such record holders in accordance with the direction of the Corporation, or if for any other reason
(including any requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of
the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a
commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by
Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to
the holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions.

 Section 4.3. Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Stock is recorded on the books of the
Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by
the Depositary to the Record Holders of Receipts in such manner as the Corporation shall direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such
other method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that 

  
 12 

 
(i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible
to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or
privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws
or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to which any rights,
preferences or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it will file promptly a
registration statement pursuant to such Act with respect to such rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective
sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right,
preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the
offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act. 

The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or
administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable
best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges.

 Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if
rights, preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice,
or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date 

  
 13 

 
(which shall be the same date as the record date fixed by the Corporation with respect to, or otherwise in accordance with the terms of, the Stock, as identified in a written notice to the
Depositary of such record date) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the
exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 
 Section 4.5. Voting Rights. 
 Subject to the provisions of the
Certificate of Designations, upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its
reasonable discretion, to the record holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the holders may, subject to any
applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the
Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the holders of Receipts on the relevant record date, the
Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts
as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be
voted. In the absence of specific instructions from holders of Receipts, the Depositary will vote the Stock represented by the Depositary Shares evidenced by the Receipts of such holders proportionately with votes cast pursuant to instructions
received from the other holders. 
 Section 4.6. Changes Affecting Deposited Securities and Reclassifications,
Recapitalizations, etc. 
 Upon any change in par or stated value, split-up, combination or any other reclassification of
the Stock, subject to the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Corporation may, in its discretion and with the acknowledgement of
the Depositary, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Stock and in the ratio of the redemption price per Depositary Share to the
Redemption Price per share of Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Stock, or of such recapitalization, reorganization,
merger or consolidation and (ii) treat any securities 

  
 14 

 
which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect
of such Stock. In any such case, the Corporation may, in its discretion and with the acknowledgement of the Depositary, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new
Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up,
combination or other reclassification of the Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Stock represented thereby
only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Stock represented by such Receipts might have been converted or for which such Stock might have been exchanged or
surrendered immediately prior to the effective date of such transaction. 
 Section 4.7. Delivery of Reports.

 The Depositary shall furnish to holders of Receipts any reports and communications received from the Corporation which are
received by the Depositary and which the Corporation is required to furnish to the holders of the Stock. 
 Section 4.8.
Lists of Receipt Holders. 
 Promptly upon request from time to time by the Corporation, the Depositary shall furnish to
it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. 
 ARTICLE V 
 THE DEPOSITARY, THE
DEPOSITARY’S 
 AGENTS, THE REGISTRAR
AND THE COMPANY 
 Section 5.1. Maintenance of Offices, Agencies and
Transfer Books by the Depositary; Registrar. 
 Upon execution of this Deposit Agreement, the Depositary shall maintain at
the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery,
registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 

The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer, surrender and exchange
of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided 

  
 15 

 
that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an
owner of Depositary Shares evidenced by the Receipts. 
 The Depositary may close such books, at any time or from time to time,
when deemed expedient by it in connection with the performance of its duties hereunder. 
 The Corporation may appoint a
Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national securities
exchanges, the Corporation will appoint a Registrar for registration of such Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any
such exchange) may be removed and a substitute Registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, such Depositary Shares or such Stock are listed on one or more other securities
exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by
law or applicable securities exchange regulation. 
  

	 	Section 5.2.	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall incur any liability to any holder of
any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar,
by reason of any provision, present or future, of the Corporation’s Amended and Restated Certificate of Incorporation, as amended (including the Certificate of Designations), or by reason of any act of God or war or other circumstance beyond
the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of
this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any holder of a Receipt (i) by reason of any nonperformance or delay, caused
as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this
Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

  
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	 	Section 5.3.	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject
to any liability under this Deposit Agreement to holders of Receipts other than for its negligence, willful misconduct or bad faith. Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary, nor the
Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits). 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under, any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability
be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Corporation shall be liable for any action or any failure to act by it in reasonable reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other
person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written
notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The Depositary will indemnify the Corporation against any liability which may directly arise out of acts performed or omitted by the Depositary due to its gross negligence, willful misconduct or bad
faith, however, in no event shall the Depositary be liable for consequential, special or indirect damages of any kind regardless of whether the Depositary is put on notice of the possibility of such damages. The Depositary shall not be liable for
the acts or omissions due to the gross negligence, willful misconduct or bad faith of any Depositary’s Agent, so long as such Depositary’s Agent was appointed with due care. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner
or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set
forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 
 The Depositary, the Depositary’s Agents, and any Registrar may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may also act as transfer
agent or registrar of any of the securities of the Corporation and its affiliates. 

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

In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or established
prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to
the Corporation, any holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or
uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. The Depositary shall not be liable to the Corporation or any holder of Receipts, for any action taken by it
in accordance with the written instruction of the Corporation. 
  

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

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign
or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the
United States of America and having a combined capital and surplus of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or
removed Depositary may petition any court of competent 

  
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jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its
appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this
Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts
and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its
appointment to the record holders of Receipts. 
 Any entity into or with which the Depositary may be merged, consolidated or
converted shall be the successor of such Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the
predecessor Depositary or in the name of the successor Depositary. 
 Section 5.5. Corporate Notices and Reports.

 The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof,
transmit to the record holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national
securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Amended and Restated Certificate of Incorporation, as amended (including the Certificate of Designations), to be furnished to the
record holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the
Depositary will transmit to the record holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. 
 Section 5.6. Indemnification by the Company. 
 Notwithstanding
Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any
loss, damage, cost, penalty, liability or expense (including the reasonable out-of-pocket costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and
the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability

  
 19 

 
arising out of negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The obligations of the Corporation set forth in this Section 5.6 shall
survive any succession of any Depositary, Registrar or Depositary’s Agent. 
 Section 5.7. Fees, Charges and
Expenses. 
 The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation
for all services rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depositary without negligence, willful misconduct or bad
faith on its part (or on the part of any Depositary’s Agent) in connection with the services rendered by it (or such Depositary’s Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial
deposit of the Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of the Stock by owners of Depositary Shares, and any redemption or exchange of the Stock at the option of the Corporation. The Corporation shall pay
all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares evidenced by
Receipts. If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such holder will be liable for such charges and expenses; provided, however, that the
Depositary may, at its sole option, require a holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such holder of Receipts. The Depositary shall present its statement for charges
and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

Section 6.1. Amendment. 
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the holders of Receipts shall be effective unless such amendment shall have been approved by holders of Receipts
representing in the aggregate at least two-thirds of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to
surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the Stock and all money and other 

  
 20 

 
property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or
applicable stock exchange. 
 Section 6.2. Termination. 

This Deposit Agreement may be terminated by the Corporation at any time upon not less than 60 days prior written notice to the
Depositary, in which case, at least 30 days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record holders of all Receipts then outstanding. 

If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall
discontinue the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under this Deposit Agreement, except
that the Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall deliver the number of whole or fractional shares of
Stock and any money and other property, if any, represented by Receipts upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of termination, the Depositary may sell Stock then held hereunder at
public or private sale, at such places and upon such terms as it deems proper and may thereafter hold the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the
benefit, pro rata in accordance with their holdings, of the holders of Receipts that have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to
account for such net proceeds and money and other property and its obligations to the Corporation under Section 5.3. 

This Deposit Agreement will terminate automatically if (i) all outstanding Depositary Shares issued hereunder have been redeemed
pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to
the holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 
 Upon the
termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7.

  
 21 

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1. Counterparts. 

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

Section 7.2. Exclusive Benefit of Parties. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any
other person whatsoever. 
 Section 7.3. Invalidity of Provisions. 

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

Section 7.4. Notices. 
 Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, overnight
delivery, or by telegram, facsimile transmission or electronic mail confirmed by letter, addressed to the Corporation at: 

EverBank Financial Corp 
 501 Riverside Ave. 12th Floor 
 Jacksonville, Florida, 32202 

Attention: Thomas A. Hajda, Executive Vice President, General Counsel and Secretary 

Facsimile No.: 904-623-8190 
 or
at any other addresses of which the Company shall have notified the Depositary in writing. 

  
 22 

 Any and all notices to be given to the Depositary hereunder or under the Receipts shall be
in writing and shall be deemed to have been duly given if personally delivered or sent by mail, overnight delivery, or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office at 

Wells Fargo Bank, N.A. 
 161 North Concord Exchange 
 South St. Paul, MN 55075 

Attention: Relationship Manager 
 Facsimile No.: 651-450-4078 
 or at any other address of which the Depositary shall have notified
the Company in writing. 
 Except as otherwise provided herein, any and all notices to be given to any record holder of a
Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary, or if such holder shall have timely filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such
request. 
 Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a
duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may, however, act upon any facsimile
transmission received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5. Depositary’s Agents. 
 The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation in advance of any such action. 

Section 7.6. Appointment of Registrar and Transfer Agent in Respect of the Receipts. 

The Corporation hereby appoints the Depositary as Registrar and Transfer Agent in respect of the Receipts and the Depositary hereby
accepts such appointments. 

  
 23 

 Section 7.7. Holders of Receipts Are Parties. 

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

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by,
and construed in accordance with, the laws of the State of New York. Each party hereby agrees that any action, suit or proceeding arising out of or relating to this Deposit Agreement or the Receipts, or such rights or provisions, may be brought
in or removed to the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, any state court located in The City and County of New York. Each party hereby accepts, for itself and in
respect of its property, generally and unconditionally, to submit to the non-exclusive jurisdiction of, and venue in, such courts (and courts of appeals therefrom) with respect to any such action, suit or proceeding, and hereby waives the defenses
of improper venue or inconvenient forum with respect thereto. 
 Section 7.9. Inspection of Deposit Agreement.

 Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to
inspection during business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
 Section 7.10. Headings. 
 The headings of articles and sections in
this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning
or interpretation of any provision contained herein or in the Receipts. 
 Section 7.11. Confidentiality.

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

  
 24 

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

 

			
	EVERBANK FINANCIAL CORP
		
	By:	 	 
		 	Name:
		 	Title:
	
	WELLS FARGO BANK, N.A.
		
	By:	 	 
		 	Name:
		 	Title:

  
 25 

 EXHIBIT A 
 [FORM OF FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to EverBank Financial Corp 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. 
 DEPOSITARY SHARES 

[                    ] 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH 
 REPRESENTING 1/1,000TH OF ONE SHARE OF [    ]% SERIES A 

NON-CUMULATIVE PERPETUAL 
 PREFERRED STOCK 
 OF 

EVERBANK FINANCIAL CORP 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 
 CUSIP
                     

SEE REVERSE FOR CERTAIN DEFINITIONS 
 Dividend Payment Dates:                     . 

Wells Fargo Bank, N.A., a national banking association formed under the laws of the United States, as Depositary (the
“Depositary”), hereby certifies that Cede & Co. is the registered owner of [            ][(            )]
DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/1,000th of one share of [    ]% Series A Non-Cumulative Perpetual Preferred Stock, $0.01 par value, liquidation preference $25,000 per share,
(the “ Stock “), of EverBank Financial Corp, a Delaware corporation (the “ Corporation “), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of
    , 2012 (the “ Deposit Agreement “), among the Corporation, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party
to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed
by the Depositary by the manual signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof.

  
 A-1

 This Depositary Receipt is transferable in New York, New York. 

 

			
	Dated:	 	 

                    , Depositary 

 

			
	By:	 	 
		 	Authorized Officer

  
 A-2

 [FORM OF REVERSE OF RECEIPT] 

 
  

EVERBANK FINANCIAL CORP 
 EVERBANK FINANCIAL CORP WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS ESTABLISHING THE
[    ]% SERIES A NON-CUMULATIVE PERPETUAL PREFERRED STOCK OF EVERBANK FINANCIAL CORP. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 

 
  
 The Corporation will furnish without charge to each holder of a receipt who so requests the powers, preferences and special rights of each class of stock or series thereof of the Corporation, and the
qualifications, limitations or restrictions of such powers, preferences and/or rights. Such request may be made to the Corporation or to the Registrar. 
 EXPLANATION OF ABBREVIATIONS 
 The following abbreviations when used in the form
of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 

 

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

  

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

  
 A-3

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

 
  
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 PLEASE PRINT
OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF 
 ASSIGNEE 
 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint
                     Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of
substitution in the premises. 
  

			
	Dated:	 	 

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

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

  
 A-4

 EXHIBIT B 

  
 B-1

 Exhibit 4.35 
 [FORM OF FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to EverBank Financial Corp 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. 
 DEPOSITARY SHARES 

[            ] 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH 
 REPRESENTING 1/1,000TH OF ONE SHARE OF [            ]% SERIES A 
 NON-CUMULATIVE PERPETUAL 
 PREFERRED STOCK 

OF 
 EVERBANK
FINANCIAL CORP 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP ___________ 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 Dividend Payment Dates: __________. 
 Wells Fargo Bank, N.A., a national banking
association formed under the laws of the United States, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of
[            ][(            )] DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/1,000th of
one share of [            ]% Series A Non-Cumulative Perpetual Preferred Stock, $0.01 par value, liquidation preference $25,000 per share, (the “ Stock “), of EverBank
Financial Corp, a Delaware corporation (the “ Corporation “), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of ______, 2012 (the “ Deposit Agreement
“), among the Corporation, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the
Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a duly authorized
officer or, if executed in 

 
facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 

This Depositary Receipt is transferable in New York, New York. 
 Dated: ________________________ 
 _____________, Depositary 

 

			
		
	By:	 	 
		 	Authorized Officer

 [FORM OF REVERSE OF RECEIPT] 

 
  

EVERBANK FINANCIAL CORP 
 EVERBANK FINANCIAL CORP WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS ESTABLISHING THE
[            ]% SERIES A NON-CUMULATIVE PERPETUAL PREFERRED STOCK OF EVERBANK FINANCIAL CORP. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 The Corporation will furnish without charge to each holder of a receipt who so requests the powers, preferences and special
rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such powers, preferences and/or rights. Such request may be made to the Corporation or to the Registrar. 

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

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

  

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

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

 
  
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 PLEASE PRINT
OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF 
 ASSIGNEE 
 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint __________________________________________________ Attorney to transfer the said Depositary Shares
on the books of the within named Depositary with full power of substitution in the premises. 
 Dated: _____________________________ 

NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular,
without alteration or enlargement or any change whatsoever. 
 SIGNATURE GUARANTEED 
 NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

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