Document:

Second Amended and Restated Indenture dated as of June 11, 2012

 Exhibit 4.1 
 PIPER JAFFRAY & CO. 
 Issuer 

THE BANK OF NEW YORK MELLON 
 Trustee 
  

 
 SECOND AMENDED
AND RESTATED INDENTURE 
 Dated as of June 11, 2012 

 
  

SECURED COMMERCIAL PAPER NOTES 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Article I.	 	 DEFINITIONS AND CONSTRUCTION
	  	 	2	  
	 Section 1.01
	 	 Definitions
	  	 	2	  
	 Section 1.02
	 	 Rules of Construction
	  	 	7	  
	 Section 1.03
	 	 Supplements Controlling
	  	 	8	  
	Article II.	 		  	 	9	  
	THE SERIES A CP NOTES	  	 	9	  
	 Section 2.01
	 	 Form Generally
	  	 	9	  
	 Section 2.02
	 	 Denominations
	  	 	9	  
	 Section 2.03
	 	 Execution, Authentication and Delivery
	  	 	9	  
	 Section 2.04
	 	 Authenticating Agent
	  	 	10	  
	 Section 2.05
	 	 Registration of and Limitations on Transfer and Exchange of Series A CP Notes
	  	 	11	  
	 Section 2.06
	 	 Mutilated, Destroyed, Lost or Stolen Series A CP Notes
	  	 	14	  
	 Section 2.07
	 	 Persons Deemed Owners
	  	 	15	  
	 Section 2.08
	 	 Appointment of Paying Agent
	  	 	15	  
	 Section 2.09
	 	 Access to List of Series A CP Noteholders' Names and Addresses
	  	 	15	  
	 Section 2.10
	 	 Cancellation
	  	 	16	  
	 Section 2.11.
	 	 Book Entry Series A CP Notes
	  	 	16	  
	 Section 2.12
	 	 Notices to Clearing Agency
	  	 	17	  
	 Section 2.13.
	 	 Definitive Notes
	  	 	17	  
	 Section 2.14
	 	 Series A CP Note Issuance Procedures
	  	 	17	  
	 Section 2.15
	 	 Payment of Interest and Principal; Optional Redemption
	  	 	20	  
	 Section 2.16
	 	 CUSIP Numbers
	  	 	21	  
	Article III.	 	 REPRESENTATIONS AND COVENANTS OF ISSUER
	  	 	22	  
	 Section 3.01
	 	 Representations and Warranties of the Issuer--General
	  	 	22	  
	 Section 3.02
	 	 General Covenants of the Issuer
	  	 	23	  
	 Section 3.03
	 	 Collateral Maintenance; Substitution; Trustee Daily Collateral Reports
	  	 	24	  
	 Section 3.04
	 	 Money for Series A CP Note Payments to Be Held in Trust
	  	 	25	  
	 Section 3.05
	 	 Unclaimed Funds
	  	 	26	  
	 Section 3.06
	 	 Successor Substituted
	  	 	26	  
	 Section 3.07
	 	 Authorized Representative
	  	 	27	  
	Article IV.	 	 SATISFACTION AND DISCHARGE
	  	 	27	  
	 Section 4.01
	 	 Satisfaction and Discharge
	  	 	27	  
	 Section 4.02
	 	 Application of Trust Money
	  	 	28	  
	Article V.	 	 DEFAULTS AND REMEDIES
	  	 	28	  
	 Section 5.02
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	29	  
	 Section 5.03
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	30	  
	 Section 5.04
	 	 Remedies
	  	 	31	  
	 Section 5.05
	 	 Optional Preservation of Trust Assets
	  	 	32	  
	 Section 5.06
	 	 Trustee May Enforce Claims Without Possession of Notes
	  	 	32	  
	 Section 5.07
	 	 Limitation on Suits
	  	 	33	  
	 Section 5.08
	 	 Unconditional Rights of Series A CP Noteholders to Receive Principal and Interest
	  	 	33	  

  
 ii 

							
	 Section 5.09
	 	 Restoration of Rights and Remedies
	  	 	33	  
	 Section 5.10
	 	 Rights and Remedies Cumulative
	  	 	34	  
	 Section 5.11
	 	 Delay or Omission Not Waiver
	  	 	34	  
	 Section 5.12
	 	 Rights of Series A CP Noteholders to Direct Trustee
	  	 	34	  
	 Section 5.13
	 	 Waiver of Past Defaults
	  	 	34	  
	 Section 5.14
	 	 Undertaking for Costs
	  	 	35	  
	 Section 5.15
	 	 Waiver of Stay or Extension Laws
	  	 	35	  
	 Section 5.16
	 	 Sale of Trust Assets
	  	 	35	  
	 Section 5.17
	 	 Action on Notes
	  	 	36	  
	 Section 5.18
	 	 Limited Rights of Certain Series A CP Noteholders
	  	 	36	  
	Article VI.	 	 THE TRUSTEE
	  	 	37	  
	 Section 6.01
	 	 Duties of Trustee
	  	 	37	  
	 Section 6.02
	 	 Notice of Event of Default
	  	 	38	  
	 Section 6.03
	 	 Rights of Trustee
	  	 	38	  
	 Section 6.04
	 	 Not Responsible for Recitals or Issuance of Notes
	  	 	40	  
	 Section 6.05
	 	 May Hold Notes
	  	 	40	  
	 Section 6.06
	 	 Money Held in Trust
	  	 	40	  
	 Section 6.07
	 	 Compensation, Reimbursement and Indemnification
	  	 	40	  
	 Section 6.08
	 	 Replacement of Trustee
	  	 	41	  
	 Section 6.09
	 	 Successor Trustee by Merger
	  	 	42	  
	 Section 6.10
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	42	  
	 Section 6.11
	 	 Eligibility; Disqualification
	  	 	43	  
	 Section 6.12
	 	 Representations and Covenants of Trustee
	  	 	43	  
	 Section 6.13
	 	 Trustee as Paying Agent, Registrar and Authenticating Agent
	  	 	44	  
	 Section 6.14
	 	 Liability in Agent Capacity
	  	 	44	  
	Article VII.	 	 SERIES A CP NOTEHOLDERS' LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER
	  	 	45	  
	 Section 7.01
	 	 Issuer to Furnish Trustee Names and Addresses of Series A CP Noteholders
	  	 	45	  
	 Section 7.02
	 	 Preservation of Information; Communications to Series A CP Noteholders
	  	 	45	  
	Article VIII.	 	 ACCOUNTS, ACCOUNTING AND RELEASES
	  	 	46	  
	 Section 8.01
	 	 Collection of Money
	  	 	46	  
	 Section 8.02
	 	 Distributions
	  	 	46	  
	 Section 8.03
	 	 Release of Trust Assets, Etc.
	  	 	46	  
	 Section 8.05
	 	 Establishment of Note Account
	  	 	46	  
	Article IX.	 	 SUPPLEMENTAL INDENTURES
	  	 	46	  
	 Section 9.01
	 	 Supplemental Indentures Without Consent of Series A CP Noteholders
	  	 	46	  
	 Section 9.02
	 	 Supplemental Indentures with Consent of Series A CP Noteholders
	  	 	47	  
	 Section 9.03
	 	 Execution of Supplemental Indentures
	  	 	49	  
	 Section 9.04
	 	 Effect of Supplemental Indenture
	  	 	49	  
	 Section 9.05
	 	 Reference in Series A CP Notes to Supplemental Indentures
	  	 	49	  
	Article X.	 	 MISCELLANEOUS
	  	 	49	  
	 Section 10.01
	 	 Form of Documents Delivered to Trustee
	  	 	49	  
	 Section 10.02
	 	 Acts of Series A CP Noteholders
	  	 	50	  
	 Section 10.03
	 	 Notices, Etc. to Trustee, Issuer and Issuer
	  	 	51	  
	 Section 10.04
	 	 Notices to Series A CP Noteholders; Waiver
	  	 	51	  
	 Section 10.05
	 	 Alternate Payment and Notice Provisions
	  	 	52	  

  
 iii

							
	 Section 10.06
	 	 Effect of Headings and Table of Contents
	  	 	52	  
	 Section 10.07
	 	 Successors and Assigns
	  	 	52	  
	 Section 10.08
	 	 Separability
	  	 	52	  
	 Section 10.09
	 	 Benefits of Indenture
	  	 	52	  
	 Section 10.10
	 	 Legal Holidays
	  	 	53	  
	 Section 10.11
	 	 Governing Law
	  	 	53	  
	 Section 10.12
	 	 Counterparts
	  	 	53	  
	 Section 10.13
	 	 Issuer Obligation
	  	 	53	  
	 Section 10.14
	 	 No Petition
	  	 	53	  
	 Section 10.15 Force Majeure
	  	 	54	  
	 EXHIBIT A—FORM OF MASTER SERIES A CP NOTE
	  	 	56	  
	 EXHIBIT B—FORM OF INVESTOR REPRESENTATION LETTER FOR SERIES A CP NOTES
	  	 	63	  
	 EXHIBIT C—FORM OF NOTICE OF EXCLUSIVE CONTROL
	  	 	66	  
	 EXHIBIT D—FORM OF ISSUANCE NOTICE
	  	 	67	  
	 EXHIBIT E—FORM OF DAILY COLLATERAL REPORT
	  			
	 EXHIBIT F—FORM OF COLLATERAL ACCOUNT CONTROL AGREEMENT
	  			

  
 iv 

 This SECOND AMENDED AND RESTATED INDENTURE is dated as of June 11, 2012 (as amended,
supplemented or restated from time to time, this “Indenture”), between PIPER JAFFRAY & CO., a corporation organized under the laws of the State of Delaware (the “Issuer”), and THE BANK OF NEW YORK MELLON, a
New York banking corporation, as indenture trustee (the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Issuer and the Trustee have previously entered into an Indenture, dated as of December 28, 2009 (the “Original
Indenture”), and an Amended and Restated Indenture, dated as of March 23, 2010 (the “Amended Indenture”, and collectively with the Original Indenture, the “Indenture”), pursuant to which Series A CP Notes in the
principal amount of $196,930,000 as of the date hereof are outstanding and hereby wish to amend and restate the Indenture and are executing and delivering this Indenture in order to provide for the continued issuance by the Issuer of the Series A CP
Notes; and 
 WHEREAS, Trustee and Issuer each have executed a Letter of Representations (the “Letter of
Representations”, which term shall include the procedures referred to therein) with the Issuer and the initial Clearing Agency, The Depository Trust Company (“DTC”) and a Certificate Agreement (the “Certificate Agreement”)
with DTC which establish, among other things, the procedures to be followed by Trustee in connection with the issuance and custody of Book-Entry Series A CP Notes. 
 WHEREAS, The Bank of New York Mellon, as Securities Intermediary and, in its capacity as Trustee hereunder, as Secured Party, and Issuer, as Pledgor, each have executed a Collateral Account Control
Agreement, dated as of the date hereof, whereby the Securities Intermediary has agreed to establish and maintain the Collateral Account (as defined herein). 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows: 
 GRANTING CLAUSES 
 To secure payment and performance of the Series A CP Notes and other obligations of the Issuer under this Indenture, the Issuer hereby unconditionally grants, transfers, assigns, sets over, pledges and
conveys to the Trustee, as Trustee and Secured Party, for the exclusive benefit of the Holders of the Series A CP Notes, subject to the terms of this Indenture and the Collateral Account Control Agreement (pursuant to which the Securities
Intermediary will take instructions from the Pledgor or the Secured Party, as specified therein) a continuing security interest in and a lien on all of the Issuer’s right, title and interest in and to all assets held by the Securities
Intermediary pursuant to the Collateral Account Control Agreement, including without limitation (a) all investment property held in the Collateral Account whether now or hereafter existing, including all payments of principal and interest
received, collected or otherwise recovered on such investment property and all other proceeds received in respect of such investment property, (b) all cash, instruments or other property that are held or required to be deposited in the
Collateral Account, including all investments made with funds in the Collateral Account, and (c) all proceeds of the conversion, voluntary or involuntary, of any of the foregoing into cash or other liquid assets, including, without limitation,
all insurance proceeds and condemnation awards (collectively, the “Collateral”). 

 The foregoing Grants are made in trust to secure the Series A CP Notes equally and ratably
without prejudice, priority or distinction between any Series A CP Note and any other Series A CP Notes, except as expressly provided in this Indenture and to secure (i) the payment of all amounts due on the Series A CP Notes in accordance with
their terms, (ii) the payment of all other sums payable under this Indenture and (iii) compliance with the provisions of this Indenture, all as provided herein (the “Secured Obligations”). 

The Trustee acknowledges such Grants, accepts the trusts hereunder in accordance with the provisions of this Indenture and agrees to
perform the duties herein required to the end that the interests of the Holders of the Series A CP Notes may be adequately and effectively protected. 
 Article I. 
 DEFINITIONS AND CONSTRUCTION 

Section 1.01 Definitions. 
 As used in this Indenture and unless otherwise defined herein, capitalized terms used in this Indenture shall have the meanings assigned to them in the Collateral Account Control Agreement, the form of
which is attached hereto as Exhibit F. 
 “Act” or “Act of the Series A CP Noteholders” has
the meaning specified in Section 10.02 of this Indenture. 
 “Affiliate” means, with respect to a
particular Person, (a) any Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person, or (b) any Person who is a director or officer or general partner (i) of such Person,
(ii) of any subsidiary of such Person, or (iii) of any Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to vote 5% or more of the securities
having ordinary voting power to elect the directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

“Authorized Representative” has the meaning specified in Section 3.07 of this Indenture. 

“Basic Documents” means this Trust Indenture and the Collateral Account Control Agreement. 

“Book Entry Series A CP Notes” means beneficial interests in Notes designated as “Book Entry Series A CP
Notes” in this Indenture, ownership and transfers of which shall be evidenced or made through book entries by a Clearing Agency as described in Section 2.11; provided, that after the occurrence of a condition whereupon Definitive Notes are
to be issued to Note Owners, such Book Entry Series A CP Notes shall no longer be “Book Entry Series A CP Notes.” 

  
 2 

 “Business Day” means any day on which the Trustee and the appropriate
depositories are open for business. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act, as amended. As of the Closing Date, the Clearing Agency shall be The Depository Trust Company. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book entry transfers and
pledges of securities deposited with the Clearing Agency. 
 “Closing Date” means each date of issuance of
Series A CP Notes. 
 “Collateral” has the meaning specified in the Granting Clauses herein. 

“Collateral Account” means custodial account number PJH006, established and maintained by the Securities Intermediary
under the Collateral Account Control Agreement. 
 “Collateral Account Control Agreement” means, the Amended
and Restated Collateral Account Control Agreement, dated as of June 11, 2012, among The Bank of New York Mellon as Trustee, as Secured Party and, The Bank of New York Mellon, as Securities Intermediary, and the Issuer, as Pledgor, as the same
may be amended, supplemented, restated or otherwise modified from time to time 
 “Corporate Trust Office”
means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Indenture is located at 

The Bank of New York Mellon 
 101 Barclay Street, Floor 7 West 
 New York, New York, New York, 10286 

	 	Attention:	Corporate Trust Administration 

Dealing and Trading. 
 “Daily Collateral Report” means a report provided by the Trustee pursuant to Section 3.03, containing the information required in Exhibit E hereto. 

“Definitive Series A CP Note” means a Series A CP Note in the form of a registered, physical certificated security
issued or endorsed directly to the Holder thereof. 
 “Designated Officer” shall mean an officer of the Trustee
charged with the administration of this Indenture. 

  
 3 

 “Dollars”, “$” or “U.S. $” means United
States dollars and, where the context requires, means Dollars paid and/or held in the form of cash monies or dollar-denominated commercial deposit accounts. 
 “DTC” has the meaning specified in the Preamble to this Indenture. 
 “Eligible Collateral” has the meaning specified in Article 1 and Schedule I of the Collateral Account Control Agreement. 

“Event of Default” has the meaning specified in Section 5.01 of this Indenture. 

“Interest Accrual Period” means, with respect to any interest-bearing Series A CP Notes, on any Interest Payment Date,
the period from and including the preceding Interest Payment Date (or, in the case of the first Payment Date occurring after the related Closing Date, such Closing Date) to and excluding such Payment Date, in each case calculated on the basis of
actual number of days over 360 days, subject to Section 10.10. 
 “Interest Payment Date” means the
fifteenth day of each calendar month or, if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing January 2010. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended from time to time. 
 “Issuance Notice” means the notice required to be provided by the Issuer to the Trustee pursuant to Section 2.14(c) of this Indenture. 

“Issuer” means Piper Jaffray & Co., a Delaware corporation. 

“Lien” means any security interest, mortgage, deed of trust, pledge, hypothecation, assignment, participation or equity
interest, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and includes the filing of any financing statement under the UCC (other than any such financing statement filed for informational
purposes only) or comparable law of any jurisdiction to evidence any of the foregoing. 
 “Majority of Series A CP
Noteholders” or “Majority Series A CP Noteholders”, means the Holders of Series A CP Notes evidencing in the aggregate more than 50% of the Outstanding amount of the Series A CP Notes. 

“Margin Percentage” shall have the meaning specified in Article I of the Collateral Account Control Agreement.

 “Margin Value” shall have the meaning specified in Article 1 of the Collateral Account Control Agreement.

  
 4 

 “Margin Value Deficiency” means the excess of the Obligation Amount over
the Margin Value. 
 “Master Series A CP Note” has the meaning specified in Section 2.01 of this
Indenture. 
 “Maturity Date” means, as to each Series A CP Note, the Maturity Date set forth on the face
thereof.; provided, however, the Maturity Date of a Series A CP Note shall not be greater than 270 days after the related Closing Date; and further provided that a Maturity Date must be on a Business Day 

“Note Account” means the account of that name established pursuant to Section 8.05 of this Indenture. 

“Notice of Exclusive Control” has the meaning set forth in Article 1 of the Collateral Account Control Agreement.

 ‘Obligation Amount” has the meaning specified in Article 1 of the Collateral Account Control Agreement.

 “Officer’s Certificate” means a certificate signed by the Chief Executive Officer, the President, the
Chief Financial Officer, the Treasurer or any Assistant Treasurer of the relevant party and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion reasonably acceptable to the party to whom the opinion is directed. of
counsel, who may be counsel for or an employee of the Person providing the opinion. 
 “Outstanding” as of any
date of determination and with respect to Series A CP Notes, refers to all Series A CP Notes theretofore authenticated and delivered under this Indenture, except: 
  

	 	(i)	Series A CP Notes theretofore cancelled or delivered for cancellation, as specified in this Indenture; 

 

	 	(ii)	Series A CP Notes or portions thereof for which payment or redemption money in the necessary amount has been theretofore deposited as specified in this Indenture;

  

	 	(iii)	Series A CP Notes in exchange for or in lieu of which other Series A CP Notes have been authenticated and delivered pursuant to this Indenture, unless proof is
presented to the Trustee that any such Series A CP Notes are held by a holder in due course; and 

  

	 	(iv)	Series A CP Notes alleged to have been destroyed, lost or stolen and for which replacement Series A CP Notes have been issued as provided for in this Indenture.

 “Paying Agent” means any paying agent appointed pursuant to Section 2.08 of this
Indenture, and shall initially be the Trustee. 

  
 5 

 “Payment Date” means each Interest Payment Date and each Maturity Date.

 “Permitted Lien” means with respect to the Collateral, Liens in favor of the Trustee pursuant to this
Indenture. 
 “Person” means any legal person, including any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or other entity of similar nature. 
 “Record Date” means the Business Day immediately preceding a Payment Date or Interest Payment Date . 
 “Relevant UCC State” means each jurisdiction in which the filing of a UCC financing statement is necessary to perfect the ownership interest of the Issuer pursuant to the security
interest granted to the Issuer or the Trustee. 
 “Secured Obligations” has the meaning assigned in the
granting clauses of this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended.

 “Securities Intermediary” has the meaning specified in the Collateral Account Control Agreement. 

“Series A CP Note Interest” means, with respect to any interest-bearing Series A CP Note, the interest payable in
respect of such Series A CP Notes (as calculated in accordance with Section 2.15 hereof and payable pursuant to Section 8.02 of this Indenture), including any interest remaining unpaid from any prior Interest Payment Date. 

“Series A CP Note Principal” means principal payable in respect of the Series A CP Notes pursuant to Section 8.02
of this Indenture. 
 “Series A CP Note Rate” means with respect to each Series A CP Note, the rate set by the
Issuer at the time of issuance thereof, which rate shall be communicated to the Trustee by the Issuer in its Issuance Notice. 

“Series A CP Note Register” means the register maintained pursuant to Section 2.05(a) of this Indenture, providing
for the registration of the Series A CP Notes and transfers and exchanges thereof. 
 “Series A CP Noteholder or
Holder” means the Person in whose name a Series A CP Note is registered in the Series A CP Note Register. 

“Series A CP Notes” means the Issuer’s Secured Commercial Paper Notes, issued pursuant to Section 2.01 of this
Indenture and authenticated by the Trustee substantially in the form attached hereto as Exhibit A. 

  
 6 

 “Series A CP Note Owner or Owner” means with respect to a Book Entry Series
A CP Note, the Person that is the beneficial owner of such Book Entry Series A CP Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency), and with respect to a Definitive Note, the Person that is the registered owner of such Series A CP Note as reflected in the Note Register.

 “Transfer” means to transfer, sell, exchange, pledge, hypothecate, participate, or otherwise assign, in
whole or in part. 
 “Transfer Agent and Registrar” has the meaning specified in Section 2.05 of this
Indenture. 
 “Trustee” means The Bank of New York Mellon, in its capacity as indenture trustee under this
Indenture, or any successor trustee appointed as provided therein. 
 “UCC” means the Uniform Commercial Code,
as amended from time to time, as in effect in the applicable jurisdiction. 
 Section 1.02 Rules of Construction. 

Except as otherwise expressly provided in this Indenture or unless the context otherwise clearly requires: 

 

	 	(a)	Defined terms include, as appropriate, all genders and the plural as well as the singular. References to designated articles, sections, and other subdivisions of this
Indenture, such as “Section 2.04(a),” refer to the designated article, section, or other subdivision of this Indenture as a whole and to all subdivisions of the designated article, section, or other subdivision. The words
“herein,” “hereof,” “hereto,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular article, section, or other subdivision of this Indenture.

  

	 	(b)	Any term that relates to a document or a statute, rule or regulation includes any amendments, modifications, supplements or any other changes that may have occurred
since the document, statute or rule came into being, including changes that occur after the date of this Indenture. 

  

	 	(c)	Any party may execute any of its obligations under this Indenture either directly or through others, and the right to cause something to be done rather than doing it
directly shall be implicit in every requirement under this Indenture; provide that any such party shall remain responsible to the other party hereto for the proper performance of its obligations hereunder. 

 

	 	(d)	The term “including” and all its variations mean “including but not limited to.” Except when used in conjunction with the word “either,”
the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”). 

  
 7 

	 	(e)	All accounting terms used in an accounting context shall be construed in accordance with generally accepted accounting principles as in effect in the United States.
Capitalized terms used in this Indenture without definition that are defined in the Uniform Commercial Code are used in this Indenture as defined in the Uniform Commercial Code. 

 

	 	(f)	In the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” or “until” mean “to but excluding.” 

 Section 1.03 Supplements Controlling.

 If a conflict exists between the provisions of this Indenture and any Supplement, the provisions of the Supplement shall be
controlling. 
  

  
 8 

 Article II. 
 THE SERIES A CP NOTES 
 Section 2.01 Form Generally. 

The Notes shall be designated as the “Piper Jaffray Secured Series A CP Notes.” The Notes, together with the Trustee’s
certificate of authentication, shall be in substantially the forms set forth in Exhibit A with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Series A CP Notes, as evidenced by their execution of the Series A CP Notes. Any
portion of the text of any Series A CP Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Series A CP Note. 
 The Definitive Notes and the global certificate (“Master Series A CP Note”) representing the Book Entry Series A CP Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Series A CP Notes, as evidenced by their execution of such Series A CP Notes. 

Each Series A CP Note shall be dated the date of its authentication. The terms of the Series A CP Notes set forth in Exhibit A are part
of the terms of this Indenture. 
 Section 2.02 Denominations. 

The Series A CP Notes shall be issued in minimum amounts of $100,000 and integral multiples of $5,000 in excess thereof. Series A CP Notes
shall be issued without coupons attached. Purchases of the Series A CP Notes will not be permitted in principal amounts less than $1,000,000. 

Section 2.03 Execution, Authentication and Delivery. 
 Each Series A CP Note shall be executed by manual or facsimile signature by an Authorized Representative of the Issuer and shall be authenticated by the Trustee at the written direction of an Authorized
Representative of the Issuer. 
 Series A CP Notes bearing the manual or facsimile signature of an individual who was, at the
time when the signature was affixed, authorized to sign on behalf of the Issuer shall not be rendered invalid notwithstanding the fact that the individual ceased to be so authorized prior to the authentication and delivery of the Series A CP Notes
or does not hold that office at the date of issuance of the Series A CP Notes. 

  
 9 

 No Series A CP Note shall be entitled to any benefit under this Indenture or be valid for
any purpose unless a certificate of authentication appears on the Series A CP Note substantially in the form provided for in this Indenture executed by the Trustee by the manual signature of a duly authorized signatory. The certificate of
authentication upon any Series A CP Note shall be conclusive evidence, and the only evidence, that that Series A CP Note has been duly authenticated and delivered. 
 The Issuer will from time to time to the extent it determines to issue Definitive Series A CP Notes, furnish to the Trustee an adequate supply of Series A CP Notes. Definitive Series A CP Notes, if any,
shall be in substantially the form agreed upon by the Issuer and the Trustee and shall be serially numbered and shall have been executed by manual or facsimile signature of an Authorized Representative (as hereafter defined), but shall otherwise be
uncompleted. Book-Entry Series A CP Notes shall be represented by a single Master Series A CP Notes substantially in the form attached hereto as Exhibit A and which shall be executed by manual or facsimile signature by an Authorized Representative
in accordance with the Letter of Representations. Pending receipt of instructions pursuant to this Agreement, the Trustee will hold the Master Series A CP Note in safekeeping for the account of the Issuer or the Clearing Agency, as the case may be,
in accordance with Trustee’s customary practice and the requirements of the Certificate Agreement. 
 Each Definitive
Series A CP Note or Master Note delivered to the Trustee shall be accompanied by a letter from the Issuer, as the case may be, identifying the Definitive Series A CP Note or Master Note(s) transmitted therewith, and the Trustee shall acknowledge
receipt of such Definitive Series A CP Note(s) or Master Note(s) on the copy of such letter or pursuant to some other form of written receipt deemed appropriate by the Trustee at the time of delivery to the Trustee of such Definitive Series A CP
Note(s) or Master Note(s). Pending the issuance of Definitive Series A CP Notes as provided in Section 2.13 of this Indenture, all Definitive Series A CP Notes and Master Note(s) delivered to the Trustee shall be held by the Trustee for the
account of the Issuer or the Clearing Agency, as the case may be, for safekeeping in accordance with the Trustee’s customary practice and the requirements of the Certificate Agreement. 
 Section 2.04 Authenticating Agent. 
  

	 	(a)	The Trustee may appoint authenticating agents (who must be Designated Officers of the Trustee) for the Series A CP Notes. Any authenticating agent shall be authorized
to act on behalf of the Trustee in authenticating the Series A CP Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Series A CP Notes. Whenever reference is made in this Indenture to the
authentication of Series A CP Notes by the Trustee or the Trustee’s certificate of authentication, that reference includes authentication on behalf of the Trustee by an authenticating agent and a certificate of authentication executed on behalf
of the Trustee by an authenticating agent. Each authenticating agent must be acceptable to the Issuer. 

  

	 	(b)	Any institution succeeding to the corporate agency business of an authenticating agent shall continue to be an authenticating agent without the execution or filing of
any power or any further act on the part of the Trustee or the authenticating agent. 

  
 10 

	 	(c)	An authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the
agency of an authenticating agent by giving notice of termination to that authenticating agent and to the Issuer. 

  

	 	(d)	The Issuer agrees to pay to each authenticating agent from time to time reasonable compensation for its services under this Section. 

 

	 	(e)	The provisions of Sections 6.01 and 6.04 shall be applicable to any authenticating agent. 

 

	 	(f)	Pursuant to an appointment made under this Section, the Series A CP Notes may be endorsed using, in lieu of or in addition to the Trustee’s certificate of
authentication, an alternative certificate of authentication in substantially the following form: 

 “This is
one of the Series A CP Notes described in the within-mentioned Indenture. 
  

			
	 
		 	 as Authenticating Agent
 for the Trustee

		
	By:	 	 
		 	 Authorized Signatory”

		 	
	 Dated:
	 	 

 Section 2.05 Registration of and Limitations on Transfer and Exchange of Series A CP Notes. 

(a) The Issuer shall cause to be kept a register (the “Series A CP Note Register”) in which, subject to such reasonable
regulations as it may prescribe and the restrictions on transfers of the Series A CP Notes as provided herein, a transfer agent and registrar (the “Transfer Agent and Registrar”) shall provide for the registration of the Series A CP
Notes and of transfers and exchanges of the Series A CP Notes. The Transfer Agent and Registrar shall initially be the Trustee, and the Series A CP Note Register shall initially be kept at the office of the Trustee. Unless the context requires
otherwise, any reference in this Indenture to the Transfer Agent and Registrar shall include any co-transfer agent and registrar appointed by the Trustee. 
 The Trustee shall be permitted to resign as Transfer Agent and Registrar upon 30 days’ written notice to the Issuer and the Series A CP Noteholders; provided, however, that such
resignation shall not be effective and the Trustee shall continue to perform its duties as Transfer Agent and Registrar until the Issuer at its own expense has appointed a successor Transfer Agent and Registrar reasonably acceptable to the Trustee.
If, after the date hereof, a Person other than the Trustee is appointed by the Issuer as Transfer Agent and Registrar, the Issuer shall give the Trustee prompt written notice of that appointment and of the location, and any change in the location,
of the Series A CP Note Register. The Trustee may inspect the Series A CP Note Register at all reasonable times and obtain copies of it, and the Trustee may conclusively rely upon a certificate executed by the Transfer Agent and Registrar as to the
names, addresses and taxpayer identification numbers of the Series A CP Noteholders and the principal balances and numbers of the Series A CP Notes. 

  
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 Upon surrender for registration of transfer of any Series A CP Note at any office or agency
of the Transfer Agent and Registrar maintained for such purpose, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Series A CP Notes in any authorized
denominations of like aggregate principal balance. 
 At the option of a Series A CP Noteholder, Series A CP Notes may be
exchanged for other Series A CP Notes in any authorized denominations of like aggregate principal balance, upon surrender of the Series A CP Notes to be exchanged at any office or agency of the Transfer Agent and Registrar maintained for such
purpose. Whenever any Series A CP Note is so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Series A CP Notes which the Series A CP Noteholder making the exchange is entitled to receive.

 All Series A CP Notes issued upon any registration of transfer or exchange of Series A CP Notes shall evidence the same
obligations and the same debt, and their Holders shall be entitled to the same rights and privileges under this Indenture, as the surrendered Series A CP Notes or the Holders thereof, as applicable. 

Every Series A CP Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by
(i) a written instrument of transfer in a form satisfactory to the Transfer Agent and Registrar and duly executed by, its Holder or any attorney-in-fact thereof duly authorized in writing, (ii) any representation letters or certifications
required by the Series A CP Notes and (iii) any other documents reasonably required by the Transfer Agent and Registrar. Each Series A CP Noteholder must satisfy all transfer restrictions set forth in the Series A CP Notes. 

Each Series A CP Note shall be registered at all times as herein provided, and any transfer or exchange of such Series A CP Note shall be
valid for purposes hereunder only upon registration of such transfer or exchange by the Transfer Agent and Registrar as provided herein. Payments on any Payment Date shall be made to Series A CP Noteholders of record on the immediately preceding
Record Date. 
 No service charge shall be made for any registration of transfer or exchange of Series A CP Notes, but the
Transfer Agent and Registrar or any co-transfer agent and registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Series A CP Notes. 

(b) The Transfer Agent and Registrar shall at all times maintain in The City of New York, an office or offices or agency or agencies
where Series A CP Notes may be surrendered for registration of transfer or exchange. 

  
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 (c) No Series A CP Note may be offered, sold, delivered or transferred (including, without
limitation, by pledge or hypothecation) except to Qualified Institutional Buyers (“QIBs”) and Qualified Purchasers (“QPs”) (each, as defined in Exhibit B hereto), in each case purchasing for their own account. Each Series A CP
Note shall bear a restrictive legend to the foregoing effect substantially in the form of the legends on the face of the form of Series A CP Note at Exhibit A. 
 (d) Each Prospective Owner shall represent and warrant in writing in substantially the form set forth in Exhibit B hereto, to the Issuer, Indenture Trustee and the Series A CP Note Registrar and any of
their respective successors that: 
 (i) Such Person is duly authorized to purchase such Series A CP Notes and its purchase of
investments having the characteristics of such Series A CP Notes is authorized under, and not directly or indirectly in contravention of, any law, charter, trust instrument or other operative document, investment guidelines or list of permissible or
impermissible investments that is applicable to the investor; and 
 (ii) Such Person understands that each holder of such Series
A CP Note, by virtue of its acceptance thereof, assents to the terms, provisions and conditions of this Indenture. 
 (e) Each
Prospective Owner of a Series A CP Note shall represent and warrant in writing, in substantially the form set forth in Exhibit B hereto, as applicable, to the Issuer, the Indenture Trustee and the Series A CP Note Registrar and any of their
respective successors that: 
 (i) Such Person is a QIB or QP and is acquiring such Series A CP Note for its own account or for
the account of one or more QIBs or QPs for whom it is authorized to act; and 
 (ii) Such Person understands that such Series A
CP Notes have not been registered under the Securities Act, and that, if in the future it decides to offer, resell, pledge or otherwise transfer such Series A CP Notes, such Series A CP Notes may be offered, resold, pledged or otherwise transferred
only to a person whom the seller reasonably believes is a QIB or QP that is purchasing such Notes for its own account or for the account of a QIB or QP, in each case in compliance with the requirements of this Indenture. 

(f) In the event that a Series A CP Note is transferred to a Person that does not meet the requirements of this Section 2.05, such
transfer shall be of no force and effect, shall be void ab initio, and shall not operate to transfer any rights to such Person, notwithstanding any instructions to the contrary to the Issuer, the Trustee or any intermediary; and neither the
Indenture Trustee nor the Issuer shall make any payments on such Note for as long as such Person is the Series A CP Noteholders of such Series A CP Note. 
 (g) Each Holder of a Series A CP Note (or Note Owner) desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuer and the Trustee against any liability that may result if the
transfer is not so exempt or is not made in accordance with federal and state securities laws and any other restrictions specified in this Section 2.05. Each holder of a Book-Entry Series A CP Note shall be deemed to have consented to such
transfer restrictions. 

  
 13 

 (h) The Trustee shall cause each Series A CP Note to contain a legend substantially similar
to the applicable legend provided in Exhibit A hereto stating that transfer of such Notes is subject to certain restrictions as set forth herein. 
 (i) Any purported transfer of a Series A CP Note (or any interest therein) not in accordance with this Section 2.05 shall be null and void and shall not be given effect for any purpose hereunder.

 (j) Neither the Trustee nor the Issuer will have the ability to monitor transfers of the Series A CP Notes while they are in
book-entry form and neither will have any liability for transfers of Book-Entry Series A CP Notes in violation of any of the transfer restrictions described in this Section 2.05. 
 Section 2.06 Mutilated, Destroyed, Lost or Stolen Series A CP Notes. 

If (a) the Trustee receives evidence to its reasonable satisfaction of the destruction, loss or theft of any Series A CP Note, and
there is delivered to the Trustee such security or indemnity as may be required by it to hold the Issuer, the Transfer Agent and Registrar and the Trustee harmless or (b) any mutilated Series A CP Note is surrendered to the Trustee, then, in
the absence of notice to the Issuer, the Transfer Agent and Registrar or the Trustee that the Series A CP Note has been acquired by a bona fide purchaser, the Issuer shall execute, and the Trustee shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Series A CP Note, a replacement Series A CP Note of like tenor (including the same date of issuance) and principal amount, bearing a number not contemporaneously outstanding. 

However, if the mutilated, destroyed, lost or stolen Series A CP Note shall have become or within seven days shall be due and payable, or
shall have been selected or called for redemption, instead of issuing a replacement Series A CP Note, the Issuer may pay the Series A CP Note without its surrender, except that any mutilated Series A CP Note shall be surrendered. If a bona fide
purchaser of the original Series A CP Note in lieu of which a replacement Series A CP Note was issued (or payment was made) presents for payment the original Series A CP Note, the Issuer and the Trustee shall be entitled to recover the replacement
Series A CP Note (or the payment) from the Person to whom it was delivered or any Person taking the replacement Series A CP Note from the Person to whom the replacement Series A CP Note was delivered or any assignee of that Person, except a bona
fide purchaser. 
 Upon the issuance of any replacement Series A CP Note under this Section, the Issuer may require the payment
by the Holder of the Series A CP Note of a sum sufficient to cover any tax or other governmental charge that may be imposed on that issuance and any other reasonable expenses (including the fees and expenses of the Trustee or the Transfer Agent and
Registrar) connected with that issuance. 
 Every replacement Series A CP Note issued pursuant to this Section in replacement of
any mutilated, destroyed, lost or stolen Series A CP Note shall constitute complete and indefeasible evidence of a claim against the Issuer secured by the lien of this Indenture, as if originally issued, whether or not the destroyed, lost or stolen
Series A CP Note shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any other duly issued Series A CP Notes. 

  
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 The provisions of this Section are exclusive and shall preclude all other rights and
remedies regarding the replacement or payment of mutilated, destroyed, lost or stolen Series A CP Notes. 
 Section 2.07 Persons Deemed
Owners. 
 Prior to due presentation for registration of transfer of any Series A CP Note, the Issuer, the Trustee and any
agent of the Issuer or the Trustee shall treat the Person in whose name any Series A CP Note is registered as the owner of that Series A CP Note for the purpose of receiving distributions pursuant to the terms herein and for all other purposes
whatsoever. Neither the Issuer, the Trustee, nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

Section 2.08 Appointment of Paying Agent. 
 The Trustee shall always be a Paying Agent for the Series A CP Notes (and the Trustee hereby accepts its appointments as a Paying Agent hereunder). The Issuer may appoint additional Paying Agents and may
vary or terminate the appointment of any Paying Agent other than the Trustee. Any additional Paying Agent appointed by the Issuer shall be a bank or other financial institution which, on the date of appointment, has short-term debt ratings of at
least “P-1” from Moody’s and “A-1” from Standard & Poor’s. 
 Notice of all changes in
the identity or specified office of a Paying Agent shall be delivered promptly to the Series A CP Noteholders by the Issuer. 

Section 2.09 Access to List of Series A CP Noteholders’ Names and Addresses. 

(a) The Transfer Agent and Registrar shall furnish or cause to be furnished to the Issuer, the Trustee, any Owner or any Paying Agent
requesting it a list of the names and addresses of the Series A CP Noteholders within five Business Days after receipt by the Transfer Agent and Registrar of a written request therefor from that Person; provided, however, that in the case of a
person claiming to be an Owner requesting a list of such names and addresses the Transfer Agent and Registrar shall not furnish such list until the Issuer shall have authorized release of such list and the Trustee shall have no liability for such
release or the identity of the requesting person. 
 (b) Every Series A CP Noteholder, by receiving and holding a Series A CP
Note, agrees that none of the Issuer, the Trustee, the Transfer Agent and Registrar nor any of their respective agents and employees shall be held accountable for the disclosure of any information as to the names and addresses of the Series A CP
Noteholders pursuant to clause (a) above. 

  
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 Section 2.10 Cancellation. 

All Series A CP Notes surrendered for payment, registration of transfer, exchange, or redemption shall be delivered to the Trustee and
promptly canceled by it in accordance with its customary procedures. The Issuer may at any time deliver to the Trustee for cancellation any Series A CP Notes previously authenticated and delivered that the Issuer may have acquired in any lawful
manner. All Series A CP Notes so delivered shall be promptly canceled by the Trustee in accordance with its customary procedures. No Series A CP Notes shall be authenticated in lieu of or in exchange for any Series A CP Notes canceled as provided in
this Section, except as expressly permitted by this Indenture. All canceled Series A CP Notes held by the Trustee shall be disposed of by it in its customary manner unless the Issuer directs by a timely order that they be returned to it. Promptly
upon the written request of the Issuer, Trustee shall cancel and return to the Issuer issued Certificated Series A CP Notes in its possession at the time of such request. 
 Section 2.11. Book Entry Series A CP Notes.  
 The Series A CP Notes
will be issued in the form of typewritten Notes or Master Notes representing Book Entry Series A CP Notes, to be delivered to, or to the Trustee, as custodian for, the Clearing Agency, by, or on behalf of, the Issuer. The Book Entry Series A CP
Notes shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the Clearing Agency, and no Owner of Book Entry Series A CP Notes thereof will receive a Definitive Note representing such Series A CP Note
Owner’s interest in such Book-Entry Note, except as provided in Section 2.13. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Owners of Book Entry Series A CP Notes pursuant
to Section 2.13: 
 (i) the provisions of this Section shall be in full force and effect; 

(ii) the Note Registrar, the Trustee and the Issuer shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Book Entry Series A CP Notes and the giving of instructions or directions hereunder) as the sole holder of the Book Entry Series A CP Notes, and shall have no obligation to the Owners of
Book Entry Series A CP Notes; 
 (iii) to the extent that the provisions of this Section conflict with any other provisions of
this Indenture, the provisions of this Section shall control; 
 (iv) the rights of Owners of Book Entry Series A CP Notes shall
be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Owners of Book Entry Series A CP Notes and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note
Depository Agreement. Unless and until Definitive Notes are issued pursuant to Section 2.13, neither the Trustee nor the Note Registrar shall register any transfer of a beneficial interest in a Book-Entry Note; and the initial Clearing Agency
will make book entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Book Entry Series A CP Notes to such Clearing Agency Participants; and 

  
 16 

 (v) whenever this Indenture requires or permits actions to be taken based upon instructions
or directions of Holders of Notes evidencing a specified percentage of the Outstanding balance of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from
Owners of Book Entry Series A CP Notes and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Book Entry Series A CP Notes and has delivered such instructions to the
Trustee. 
 Section 2.12 Notices to Clearing Agency.  
 Whenever a notice or other communication to the Series A CP Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to such Owners of Book Entry Series A CP
Notes pursuant to Section 2.13, the Trustee shall give all such notices and communications specified herein to be given to Owners of Book Entry Series A CP Notes to the Clearing Agency, and shall have no obligation to such Series A CP
Noteholders. 
 Section 2.13. Definitive Notes.  
 If (i) the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book Entry Series A CP Notes and the Issuer is unable to locate a qualified
successor or (ii) after the occurrence of an Event of Default hereunder, Series A CP Note Owners of the Book Entry Series A CP Notes representing beneficial interests aggregating at least a majority of the Outstanding Balance of the Book Entry
Series A CP Notes advise the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer in the best interests of such Series A CP Note Owners, then the Clearing Agency shall notify all Owners of
Book Entry Series A CP Notes, the Trustee and the Note Registrar of the occurrence of any such event and of the availability of Definitive Notes to Owners of Book Entry Series A CP Notes requesting the same. Upon surrender to the Note Registrar of
the typewritten Notes representing the Book Entry Series A CP Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Note Registrar shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar, or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon
the issuance of Definitive Notes, the Trustee and the Issuer shall recognize the Holders of such Definitive Notes as Noteholders. 

Section 2.14 Series A CP Note Issuance Procedures. 
 (a) On the initial Closing Date, the Issuer shall execute and the Trustee shall authenticate and deliver the Master Series A CP Note, which shall not contain a specified principal amount but shall
represent the entire amount of Series A CP Notes Outstanding from time to time hereunder; provided that the maximum principal aggregate amount of the Series A CP Notes shall not exceed $300,000,000 at any time. The Master Series A CP Note shall be
held by Trustee as Issuing Agent and custodian for the Depository. 
 (b) From time to time during the term of this Indenture
and subject to the terms and conditions hereof, and upon the Trustee’s timely receipt of written or telecopy instructions, notice transmitted directly to the Trustee’s computers or in such manner as the Trustee then employs as its normal
business practice (collectively, “Instructions”), not later than 5:00 p.m., New York City time, on a Business Day, from an Authorized Representative, on the day 

  
 17 

 
immediately preceding the day of issuance ( to be followed up by the Issuer’s entry in the “MMI/OIS” system (or any successor to such system) not later than 11:00 a.m., New York
City time on the day of issuance) of any Definitive Series A CP Notes (in the case of instructions from an Authorized Representative) the Trustee shall withdraw the respective Definitive Series A CP Notes from safekeeping and in accordance with the
Instructions so received, take the following actions with respect to each such Definitive Series A CP Notes: 
 (i) date each
such Definitive Series A CP Notes the date of issuance thereof (which shall be a Business Day) and insert the maturity date thereof (provided that the Authorized Representative shall ensure that such date is a Business Day and that it shall not less
than 27 days or more than 270 days from the date of issue) and the face amount (provided that the Authorized Representative shall ensure that such face amount is not less than $100,000) thereof in figures; 

(ii) authenticate (by countersigning) each such Definitive Series A CP Notes in the appropriate space provided thereon; and 

(iii) deliver in the Borough of Manhattan south of Chambers Street each such Definitive Series A CP Notes to the person designated by such
Authorized Representative against Payment in immediately available funds of the principal amount of Series A CP Notes. 
 (c) In
the case of Book-Entry Series A CP Notes, from time to time during the term of this Indenture and subject to the terms and conditions hereof, and upon the Trustee’s timely receipt of written or telecopy instructions, notice transmitted directly
to the Trustee’s computers or in such a manner as the Trustee then employs as its normal business practices, and confirmed by the Issuer by the submission of an Issuance Notice, not later than 5:00 p.m., New York City time, on a Business Day,
from an Authorized Representative, on the day immediately preceding the day of issuance ( to be followed up by the Issuer’s entry in the “MMI/OIS” system (or any successor to such system) not later than 11:00 a.m., New York City time
on the day of issuance) of any Book-Entry Series A CP Notes (in the case of instructions from an Authorized Representative) the Trustee shall give issuance instructions for the issuance of Book-Entry Series A CP Notes to the Clearing Agency in a
manner set forth in, and take other actions as are required by, the Letter of Representations and the Certificate Agreement. Instructions for the issuance of Book-Entry Series A CP Notes shall include the following information with respect to each
Book-Entry Series A CP Note: 
  

	 	(i)	the date of issuance of each such Book-Entry Series A CP Note (which shall be a Business Day); 

 

	 	(ii)	the maturity date of each such Book-Entry Series A CP Note (provided that the Authorized Representative shall ensure that such date is a Business Day and that it shall
not be less than 27 days or more than 270 days from the date of issue); 

  

	 	(iii)	the face amount (provided that the Authorized Representative shall ensure that such face amount is not less than $100,000) in figures; and 

  
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	 	(iv)	the Interest Rate or discount factor. 

 (d) Trustee shall send a report (by telecopy or other means permitted hereunder) except if otherwise provided to the Issuer on a monthly basis of the Trustee’s issuance of Series A CP Notes under
this Section 2.14, including the maturity date and face amounts of each Series A CP Note issued. 
 (e) Instructions must
be received by the Trustee by 5:00 p.m., New York City time, on a Business Day, on the day immediately preceding the day of issuance, for physical issuance or for book-entry issuance ( to be followed up by the Issuer’s entry in the
“MMI/OIS” system (or any successor to such system) not later than 11:00 a.m., New York City time on the day of issuance). 
 (f) The Issuer understands that although Trustee has been instructed to deliver Series A CP Notes against payment, delivery of Series A CP Notes may, in accordance with the custom prevailing in the
commercial paper market, be made before receipt of payment in immediately available funds. Therefore, once Trustee has delivered a Series A CP Note as instructed by the Issuer, the Issuer shall bear the risk that a Series A CP Note purchaser fails
to remit payment for the Series A CP Note. Trustee shall have no liability to the Issuer for any failure or inability on the part of a purchaser to make payment for Series A CP Notes. Nothing in this Agreement shall require Trustee to purchase any
Series A CP Note or expend its own funds for the purchase price of a Series A CP Note or Series A CP Notes. 
 (g) Except as may
otherwise be provided in the Letter of Representations, if at any time the Issuer instructs Trustee to cease issuing Definitive Series A CP Notes and to issue only Book-Entry Series A CP Notes, the Trustee agrees that all Series A CP Notes will be
issued as Book-Entry Series A CP Notes and that no Definitive Series A CP Notes shall be exchanged for Book-Entry Series A CP Notes unless and until the Trustee have received written instructions from an Authorized Representative to the contrary.

 (h) It is understood that Trustee is not under any obligation to assess or review the financial condition or credit
worthiness of any person to or for whose account Trustee is instructed to deliver a Series A CP Note pursuant to instructions from an Authorized Representative or to advise the Issuer as to the results of any such appraisal or investigation Trustee
may have conducted on its own or of any adverse information concerning any such person that may in any way have come to Trustee’s attention. 
 (i) It is understood that the Clearing Agency may request the delivery of Definitive Series A CP Notes in exchange for Book-Entry Series A CP Notes upon the termination of the Clearing Agency’s
services pursuant to the Clearing Agency Letter of Representations. Accordingly, upon such termination, Trustee is authorized to complete and deliver Definitive Series A CP Notes in partial or complete substitution for Book-Entry Series A CP Notes
of the same face amount and maturity as requested by the Clearing Agency. Upon the completion or delivery of any such Definitive Series A CP Notes, Trustee shall annotate its records regarding the Master Note with respect to such Book-Entry Series A
CP Notes to reflect a corresponding 

  
 19 

 
reduction in the face amount of the Outstanding Book-Entry Series A CP Notes. Trustee’s authority to so complete and deliver such Definitive Series A CP Notes shall be irrevocable at all
times from the time a Book-Entry Series A CP Note is purchased until the indebtedness evidenced thereby is paid in full. 
 (j)
If Trustee shall receive instructions (confirmed in writing in accordance with this Indenture) from the Issuer not to issue or deliver Series A CP Notes, until revoked in writing or superseded by further written instructions from the Issuer, Trustee
shall not issue or deliver Series A CP Notes, provided, however, that, Trustee shall be required to deliver Series A CP Notes in respect of agreements for the sale of Series A CP Notes concluded by an Authorized Representative prior to receipt by
the Authorized Representative of notice of such instructions from the Issuer, if the Authorized Representative shall have confirmed such delivery to Trustee in writing prior to Trustee’s delivery of the Series A CP Notes. For purposes of this
Section (i), Trustee may rely on written notice given or delivered to Trustee by an Authorized Representative as to whether any particular Series A CP Notes are to be issued in respect of such agreements concluded by such Authorized Representative,
and Trustee shall have no obligation to make any other or further investigation. 
 (k) Each issuance of Series A CP Notes
hereunder shall be subject to the conditions (to be monitored by the Issuer) that: (i) each representation, warranty and covenant of the Issuer contained in this Indenture is satisfied on the date of such issuance, (ii) there shall be no
occurrence and continuance of an Event of Default that remains uncured, and (iii) there shall have been confirmed by the Securities Intermediary to the Trustee, on or prior to 12:00 noon, New York City time, that there is no Margin Value
Deficiency (i.e., the aggregate Series A CP Note Principal Outstanding immediately after such issuance, taking into account any concurrent maturities and redemptions, shall not exceed the Margin Value), and no issuance shall occur unless these
conditions are satisfied. 
 Section 2.15 Payment of Interest and Principal; Optional Redemption. 

(a) Each Series A CP Note shall either (i) be sold at a discount to the face or par amount thereof and not bear interest or
(ii) accrue interest at the stated Series A CP Note Rate and such interest shall be payable on each Interest Payment Date. If Series A CP Notes are issued with Interest, such Interest shall be computed on each such Series A CP Note on the basis
of a 360-day year and the actual number of days elapsed in each Interest Accrual Period. The principal of the Series A CP Notes shall be payable on the related Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Series A CP Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Trustee, or Majority CP Holders have declared the Series A CP Notes to be immediately due and
payable in the manner provided in Section 5.02. All principal payments on the Series A CP Notes shall be made to the Series A CP Noteholders entitled thereto. 
 (b) By 11:00 a.m., New York City time, on each Payment Date, Issuer shall transfer to Paying Agent for deposit in the Note Account immediately available funds at least equal to the sum of any Series A CP
Note Interest and the aggregate principal amount of all Series A CP Notes maturing on such Payment Date. In the event Issuer fails to make the payment by such 

  
 20 

 
time, the Trustee may provide DTC with a “refusal to pay” notice. Paying Agent shall then pay on the Payment Date to each holder of the Series A CP Notes (which may, in the case of
Book-Entry Series A CP Notes held by Paying Agent pursuant to the Certificate Agreement, be the Clearing Agency or a nominee of the Clearing Agency), (i) Series A CP Note Interest, if any, and (ii) the principal amount of all Series A CP
Notes maturing on such Payment Date that are presented to Paying Agent for payment at or prior to 3:00 p.m., New York City time, on such day (or if presented after 3:00 p.m., New York City time, then on the next succeeding Business Day) to the
extent of funds available in the Note Account. Upon payment by Paying Agent as aforesaid, Paying Agent shall mark Definitive Series A CP Note(s) presented as paid, cancel such Definitive Series A CP Note(s) and dispose of such cancelled Definitive
Series A CP Notes in accordance with Section 2.10 of this Indenture. After payment of any matured Book-Entry Series A CP Note, Paying Agent shall also annotate its records to reflect the remaining aggregate Outstanding principal amount of
Book-Entry Series A CP Notes in accordance with the Letter of Representations. 
 (c) Any Series A CP Note Interest and
principal payable on the Maturity Date of any Definitive Series A CP Note shall be paid on the applicable Payment Date (to the extent of funds available in the Note Account) to the Person in whose name such Series A CP Note is registered on the
Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date or, upon written request made to the Paying Agent with a copy to the Trustee, if the Trustee is not the
Paying Agent, at least five Business Days prior to the related Record Date, by the Holder of a Series A CP Note by wire transfer in immediately available funds to an account specified in the request and at the expense of such Series A CP Noteholder.

 (d) Upon the request of a Series A CP Noteholder, the Issuer may agree to (but in no event shall Issuer be required to)
redeem some or all of such Noteholder’s Series A CP Notes. If the Issuer agrees to such a redemption, the Issuer shall immediately notify the Trustee of the particular Series A CP Notes to be redeemed, including the related Maturity Date (and
the new redemption date), the principal amount of the redemption and the CUSIP number. The Trustee and the Issuer shall agree upon the procedures to be followed to execute such redemption request. For all purposes hereunder, the redemption date
shall be deemed to be the new Maturity Date for such Series A CP Notes so redeemed. 
 Section 2.16 CUSIP Numbers. 

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

  
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 Article III. 
 REPRESENTATIONS AND COVENANTS OF ISSUER 
 Section 3.01 Representations and
Warranties of the Issuer—General. The Issuer hereby represents and warrants to the Trustee and the Series A CP Noteholders, as of the Closing Date: 
  

	 	(a)	Organization and Good Standing. The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has
full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted, and to execute, deliver and perform its obligations under this Indenture and the
Collateral Account Control Agreement and to execute and deliver to the Trustee the Series A CP Notes pursuant hereto. 

  

	 	(b)	Due Authorization; Enforceability. The execution and delivery of this Indenture and the Collateral Account Control Agreement have been duly authorized by the
Issuer by all necessary action on its part. This Indenture, and the Collateral Account Control Agreement each constitutes the legal, valid and binding obligation of the Issuer, enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect, affecting the enforcement of creditors’ rights in general and except as such enforceability may
be limited by general principles of equity (whether considered in a proceeding at law or in equity). 

  

	 	(c)	No Conflicts. The execution, delivery and performance of this Indenture and the Collateral Account Control Agreement, the execution and delivery of the Notes,
and the performance of the transactions contemplated under the Basic Documents by the Issuer, do not (i) contravene its Articles of Incorporation or any other agreements pursuant to which it is organized, (ii) violate any provision of, or
require any filing (except for the filings under the UCC required by this Agreement, each of which has been duly made and is in full force and effect), registration, consent or approval under, any law, rule, regulation, order, writ, judgment,
injunction, decree, determination or award presently in effect having applicability to the Issuer, except for such filings, registrations, consents or approvals as have already been obtained and are in full force and effect, (iii) result in a
breach of or constitute a default or require any consent under any indenture or loan or credit agreement or any other agreement, lease or instrument to which the Issuer is a party or by which it or its properties may be bound or affected except
those as to which a consent or waiver has been obtained and is in full force and effect and an executed copy of which has been delivered to the Trustee, or (iv) result in, or require, the creation or imposition of any Lien upon or with respect
to any of the properties now owned or hereafter acquired by the Issuer other than as specifically contemplated by this Agreement. 

  

	 	(d)	Use of Proceeds. No proceeds of the issuance of any Series A CP Note will be used by the Issuer to purchase or carry any margin security within the meaning of,
or otherwise contravene or conflict with any of, Regulations T, U or X of the Board of Governors of the Federal Reserve System. 

  
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	 	(e)	Certain Security Interest Representations. The Issuer further represents and warrants as follows with respect to the security interest in the Collateral granted
to the Trustee hereunder: 

 (i) This Agreement creates a valid and continuing security interest (as defined in the
UCC) in the Collateral pledged hereunder in favor of the Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer. 

(ii) The Issuer has taken or caused to be taken all steps necessary to perfect the security interest against the Collateral. 

(iii) At the time of conveyance hereunder the Issuer owned and had good and marketable title to the Collateral free and clear of any Lien,
claim or encumbrance of any Person (other than Permitted Liens and Liens, if any, which by their terms are released in full upon conveyance hereunder). 
 (iv) The Issuer has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the grant of the
Collateral to the Trustee hereunder. 
 (v) Other than the transfer to the Trustee pursuant to this Agreement, and any Liens or
encumbrances which by their terms or otherwise are released in full upon conveyance hereunder, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral. The Issuer has not authorized the
filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral Notes other than any financing statement relating to the transfers hereunder or that has been or is being
terminated or that relates to a Lien that is or was released in full upon or prior to the transfer hereunder. The Issuer is not aware of any judgment or tax lien filings against the Issuer. 

For the purposes of the representations and warranties contained in this Section 3.01 and made by the Issuer on the initial Closing
Date, “Series A CP Notes” shall mean the Series A CP Notes issued on such Closing Date. The representations and warranties set forth in this Section 3.01 shall survive the grant and assignment of the respective Collateral to the
Trustee. The Issuer hereby represents and warrants to the Trustee, as of each Closing Date that the representations and warranties of the Issuer set forth in this Section 3.01 are true and correct as of such date. Upon discovery by the Issuer
of a breach of any of the foregoing representations and warranties, the Issuer shall give written notice to the Series A CP Noteholders, within two (2) Business Days following such discovery. 

Section 3.02 General Covenants of the Issuer.  
 The Issuer hereby covenants that: 

  
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	 	(a)	Preservation of Legal Existence. It will preserve and maintain its legal existence, rights, franchises and privileges in the jurisdiction of its formation, and
qualify and remain qualified in good standing in each jurisdiction in which the ownership or lease of property or the conduct of its business requires such qualification, licenses or approvals. 

 

	 	(b)	Reporting Requirements. Unless the Trustee (upon written direction of a Majority of Series A CP Noteholders) shall otherwise consent in writing, the Issuer shall
furnish to the Trustee and the Trustee will furnish to the Series A CP Noteholders: 

 Event of Default. As
soon as possible, and in any event within five Business Days after the Issuer has knowledge of the occurrence of any Event of Default, a written statement of an Authorized Representative of the Issuer describing such event and the action that the
Issuer proposes to take with respect thereto, in each case in reasonable detail. 
  

	 	(c)	Issuer’s Covenants and Agreements. The Issuer will duly observe and perform all covenants and agreements of the Issuer set forth in this Indenture and the
Collateral Account Control Agreement. 

  

	 	(d)	Security Interests. Except for the grants and assignments hereunder, the Issuer will not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist any Lien (other than a Permitted Lien), on any Collateral, whether now existing or hereafter created or arising, or any interest therein; the Issuer will immediately notify the Trustee of the existence of any Lien
(other than a Permitted Lien) on any Collateral; and the Issuer shall defend the right, title and interest of the Trustee in, to and under the Collateral, whether now existing or hereafter created or arising, against all claims of third parties
claiming through or under the Issuer, including, but not limited to, the filing of any continuation statements required by applicable law. 

 Upon discovery by an Authorized Representative of the Issuer of a breach of any of the foregoing covenants, the Issuer shall give written notice to the other parties hereto, and to the Series A CP
Noteholders, within two Business Days following such discovery. Upon receipt by a Designated Officer of the Trustee of written notice of a breach of any of the foregoing covenants, the Trustee shall give written notice to the other parties to
hereto, and to the Series A CP Noteholders, within two Business Days following receipt of such written notice. 
 Section 3.03
Collateral Maintenance; Substitution; Trustee Daily Collateral Reports. 
 On the initial Closing Date, the Issuer shall
have deposited in the Collateral Account, Eligible Collateral with a Margin Value of not less than the Obligation Amount. At or before 1:00 p.m. New York City time each Business Day thereafter, Securities Intermediary will determine the Margin Value
of the Collateral, in accordance with Article III of the Collateral Account Control Agreement. If the Securities Intermediary notifies the Issuer at or before 1:00 p.m. New York City time on any Business Day of the existence of a Margin Deficiency
(taking into account any new issuance, maturities or redemptions), then on or before 3:30 p.m. New York City time on such Business Day, the Issuer shall deliver to Securities Intermediary for deposit into the Collateral Account an amount of
Collateral at least equal to the Margin Deficiency. If the Securities Intermediary notifies the Issuer after 1:00 p.m. New York City time 

  
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on any Business Day of the existence of a Margin Deficiency, the Issuer shall use its best efforts to deliver on or before the close of business on such Business Day, to Securities Intermediary
for deposit into the Collateral Account an amount of Collateral at least equal to the Margin Deficiency; provided, however, that in no case shall the Issuer deliver such Collateral after 1:00 p.m. New York City time on the following Business Day.

 Assuming that Securities Intermediary has not received a Notice of Exclusive Control (in the form of Exhibit C hereto) from
the Trustee, as Secured Party, pursuant to Section 5.04, and provided that there shall not be a Collateral Deficiency immediately after any substitution referred to herein, the Issuer shall be permitted at any time prior to 3:30 p.m. New York
City time during any Business Day, to substitute new Eligible Collateral for existing Eligible Collateral in the Collateral Account having at least the same market value as the Eligible Collateral for which the substitution is made held; provided
however that on any Business Day on which new Series A CP Notes are being issued, no such substitutions shall be permitted after 12:00 noon New York City time. Such substitutions shall be effectuated by the Securities Intermediary upon receipt of
Oral or Written Instructions of the Issuer in the manner specified in Article III of the Collateral Account Control Agreement. 

The Trustee shall obtain from the Securities Intermediary’s data base, Access Edge, the information needed to prepare and shall
prepare and deliver a Daily Collateral Report on each Business Day to the Issuer. The Daily Collateral Report shall be made available through GCT Investor Reporting to beneficial owners of the Series A CP Notes requesting such access. 

Section 3.04 Money for Series A CP Note Payments to Be Held in Trust. 

The Issuer will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which that Paying
Agent agrees with the Trustee that it will, and the Trustee hereby agrees in its capacity as Paying Agent, subject to the provisions of this Section, that it will: 
 (i) hold all sums held by it for the payment of amounts due on the Series A CP Notes in trust for the benefit of the Persons entitled to them until those sums are paid to the Persons entitled to them or
otherwise disposed of as provided in this Indenture, and pay those sums to the Persons entitled to them as provided in this Indenture; 
 (ii) give the Issuer and the Trustee notice of any default by the Issuer in the making of any payment required to be made on the Series A CP Notes of which it has actual knowledge; 

(iii) at any time during the continuance of any payment default on the Series A CP Notes, upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by it for the payment of Notes; 
 (iv) immediately resign as a Paying Agent
and forthwith pay to the Trustee all sums held by it in trust for the payment of Series A CP Notes if at any time it ceases to meet the standards required to be met for a Paying Agent at the time of its appointment; and 

  
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 (v) withhold from any payments made by it on any Series A CP Notes of any applicable
withholding taxes imposed on them and comply with any applicable withholding reporting requirements. 
 To obtain the
satisfaction and discharge of this Indenture or for any other purpose, the Issuer may at any time in writing direct any Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent. Those sums shall be held by the Trustee upon the
same trusts as those upon which they were held by the Paying Agent. Upon that payment by any Paying Agent to the Trustee, that Paying Agent shall be released from all further liability regarding that money. 

Section 3.05 Unclaimed Funds. 
 On the request of the Issuer, any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of or interest on any Series A CP Note and
remaining unclaimed for two years after it has become due and payable shall be paid to the Issuer. The Holder of the Series A CP Note on which payment was due shall thereafter look only to the Issuer for payment as an unsecured general creditor. All
liability of the Trustee or the Paying Agent regarding that trust money to the extent so paid to the Issuer shall thereupon cease. The Trustee or the Paying Agent, before being required to make any payment, may at the expense of the Issuer cause to
be published once, in a newspaper of general circulation published in the English language and customarily published on each Business Day in New York, New York and in the city in which the principal corporate trust office of the Trustee is located,
notice that such money remains unclaimed and that, after a date specified therein, which shall be not less than 30 days from the date of the publication, any unclaimed balance of that money then remaining will be repaid to the Issuer. The Trustee
may also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of a release of payment (including mailing notice of the release to Series A CP Noteholders whose Series A CP Notes have been called but have not
been surrendered for redemption or whose right to monies payable but not claimed is determinable from the records of any Paying Agent, such notice to be mailed to the last address of record of each such Series A CP Noteholder). 

Section 3.06 Successor Substituted. 
 Upon any consolidation or merger or any transfer of the assets of the Issuer substantially as an entirety, the Person formed by or surviving the consolidation or merger (if other than the Issuer) or the
Person to which the transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if that Person had been named as the Issuer. The entity that was the
Issuer prior to the transfer shall be released from its obligations under this Indenture as Issuer immediately upon the effectiveness of the transfer, but shall not be released from any obligations or liabilities to the Trustee or the Series A CP
Noteholders arising prior to such effectiveness. 

  
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 Section 3.07 Authorized Representative 

The Issuer has furnished to the Trustee, and from time to time thereafter may furnish to the Trustee and shall furnish to you upon the
Trustee’s request, certificates (“Incumbency Certificates”) of a responsible officer of the Issuer certifying the incumbency and specimen signatures of officers or agents of the Issuer authorized to execute Series A CP Notes on behalf
of the Issuer by manual or facsimile signature and/or to take other action hereunder on behalf of the Issuer (each an “Authorized Representative”). Until the Trustee has received a subsequent incumbency certificate of the Issuer, the
Trustee is entitled to conclusively rely on the last such certificate delivered to the Trustee for purposes of determining the Authorized Representatives. The Trustee shall not have any responsibility to the Issuer to determine by whom or by what
means a facsimile signature may have been affixed on the Series A CP Notes, or to determine whether any facsimile or manual signature resembles the specimen signature(s) filed with the Trustee by a duly authorized officer of the Issuer. Any Series A
CP Note bearing the manual or facsimile signature of a person who is an Authorized Representative on the date such signature is affixed shall be binding on the Issuer after the authentication thereof by Trustee notwithstanding that such person shall
have died or shall have otherwise ceased to hold his office on the date such Series A CP Note is countersigned or delivered to the Trustee. 
 Article IV. 
 SATISFACTION AND DISCHARGE 

Section 4.01 Satisfaction and Discharge. 
 This Indenture shall cease to be of further effect with respect to the Series A CP Notes, except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) the rights of Series A CP Noteholders to receive payments of principal of and interest on the Notes, (d) the rights and immunities of the Trustee under this Indenture, including the rights of the
Trustee under Section 6.07 and the obligations of the Trustee under Section 4.02 and (e) the rights of Series A CP Noteholders as beneficiaries of this Indenture regarding property deposited under Section 4.02 with the Trustee
and payable to any of them, and the Trustee shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to those Series A CP Notes, on demand of and at the expense of the Issuer, when either: 

(i) All Series A CP Notes theretofore authenticated and delivered have been delivered to the Trustee for cancellation (other than
(A) Series A CP Notes that have been destroyed, lost, or stolen and that have been replaced or paid as provided in Section 2.06 and (B) Series A CP Notes for whose full payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 4.02); or 
 (ii) (A) the Issuer has deposited or caused to be deposited with the Trustee all other sums payable hereunder by the Issuer; and 

(B) the Issuer has delivered to the Trustee an Officer’s Certificate of the Issuer stating that all amounts payable
under this Indenture to the Series A CP Noteholders have been paid. 
 Notwithstanding the satisfaction and discharge of this
Indenture or the earlier resignation or removal of the Trustee, the obligations of the Issuer to the Trustee under Section 6.07 and of the Trustee to the Series A CP Noteholders under Section 4.02 shall survive such satisfaction and
disharge. 

  
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 Section 4.02 Application of Trust Money. 

All monies deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it in accordance with the
provisions of the Series A CP Notes and this Indenture to make payments of all sums due and to become due on the Series A CP Notes for principal and interest to the Series A CP Noteholders for whose payment the monies have been deposited with the
Trustee. These payments may be made either directly or through any Paying Agent, as the Trustee may determine. These monies need not be segregated from other funds except to the extent required herein. 

Article V. 

DEFAULTS AND REMEDIES 

Section 5.01 Events of Default. 
  

	 	(a)	The occurrence of any one of the following shall constitute a default (each an “Event of Default”) by Issuer hereunder: (i) if Issuer shall fail to pay
any (A) Series A CP Note Principal, within five (5) days after the date on which such payment shall become due and payable, or declared due and payable, or (B) Series A CP Note Interest, if any, within five (5) days after the
date on which such payment of interest shall become due and payable, or declared due and payable; (ii) if Issuer shall fail to pledge additional Collateral as required under Section 3.03 hereof; (iii) if Issuer shall default in the
performance or observance of any other of its obligations under this Indenture or the Collateral Account Control Agreement and such default shall remain uncured for a period of fifteen (15) days after notice from Trustee; (iv) if any
representation, warranty, statement, report or certificate made or delivered by Issuer or any of its officers, employees or agents, to the Trustee or Series A CP Noteholders as required hereunder, is not true and correct in any material respect when
made or deemed made; (v) if Issuer shall (A) become insolvent, (B) not be paying its debts generally as such debts become due, (C) make an assignment for the benefit of creditors or cause or suffer any of their respective assets
to come within the possession of any receiver, trustee or custodian, (D) have a petition filed by or against Issuer under the Bankruptcy Reform Act of 1978, as amended, or any similar law or regulation, (E) have any of its assets attached,
seized or levied upon, or (F) otherwise become the subject of any insolvency or creditor enforcement proceedings, provided however, that any involuntary petition or other proceeding against Issuer shall not be an Event of Default unless an
order for relief is entered or such proceeding remains undismissed for at least sixty (60) days; or (vi) if this Indenture, any Series A CP Note, or the Collateral Account Control Agreement, shall cease to be in full force and effect,
shall be declared null and void, shall be revoked or terminated or shall be subject to any contest by Issuer as to their validity and/or enforceability, for any reason, or if Issuer shall for any reason deny any further liability to the Series A CP
Noteholders hereunder and thereunder. 

  
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	 	(b)	Within five days after the occurence of an Event of Default described in Section 5.01(iii) thorough (vi), the Issuer shall deliver to the Trustee written notice in
the form of an Officer’s Certificate stating the particulars of any event that with the giving of notice or the lapse of time or both would become an Event of Default, its status, and what action the Issuer is taking or proposes to take
regarding the event. 

  

	 	(c)	Upon the occurrence and during the continuance of any Event of Default, Issuer may not request the issuance of any additional Series A CP Notes under this Indenture,
and Trustee may then forthwith cease authenticating and issuing any additional Series A CP Notes under this Indenture without any notice to Issuer. 

 Section 5.02 Acceleration of Maturity; Rescission and Annulment. 
  

	 	(a)	If an Event of Default in clause (v)(C), (D), (E) or (F) of the definition thereof shall occur, the unpaid principal amount of the Notes, together with
accrued and unpaid interest on the Series A CP Notes through the date of acceleration, shall become immediately due and payable and no notice to such effect from the Issuer, any Series A CP Noteholder or any other Person to the Trustee shall be
required. Upon the occurrence and during the continuance of an Event of Default described in Sections 5.01(i) or (ii), and upon the receipt of any notice of an Event of Default pursuant to Section 5.01(b), the Majority Series A CP Noteholders
may declare all the Series A CP Notes to be immediately due and payable by a notice in writing to the Issuer and to the Trustee. Upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest on the
Series A CP Notes through the date of acceleration, shall become immediately due and payable. 

  

	 	(b)	If at any time a declaration of acceleration of maturity has been made but before a judgment or decree for payment of the money due has been obtained by the Trustee as
provided in this Article, the Majority Series A CP Noteholders may rescind and annul the declaration and its consequences by written notice to the Issuer and the Trustee if: 

(i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay: 

1) all payments of principal of and interest on the Series A CP Notes and all other amounts that would then be due under
this Indenture or upon the Series A CP Notes if the Event of Default giving rise to the acceleration had not occurred; and 
 2) all sums paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and advances of the Trustee and their respective agents and outside counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Series A CP Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.14. 
 No such rescission shall affect any subsequent
default or impair any right consequent thereto. 

  
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 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Issuer covenants that upon the acceleration of the maturity of the Series A CP Notes pursuant to Section 5.02 and the demand of
the Trustee, the Issuer will immediately pay to the Trustee for the benefit of the Series A CP Noteholders the whole amount then due and payable on the Series A CP Notes for principal and interest, with interest upon the overdue principal and, to
the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, in the order set forth herein and, in addition thereto, any further amount necessary to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the
Issuer fails to pay these amounts forthwith upon the demand of the Trustee, the Trustee, in its own name and as Trustee of an express trust, may institute a proceeding for the collection of the sums so due and unpaid, and may prosecute the
proceeding to judgment or final decree, and may enforce the same against the Issuer and collect the monies adjudged or decreed to be payable in the manner provided by law. 
 If an Event of Default occurs and is continuing, the Trustee may, in its discretion and subject to the provisions of Section 5.02, Section 5.12 and Section 6.01, proceed to protect and
enforce its rights and the rights of the Series A CP Noteholders under this Indenture by whatever appropriate proceedings the Trustee may deem necessary to protect and enforce any of those rights, whether for the specific enforcement of any covenant
or agreement contained in the Collateral Account Control Agreement or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by law. 

If proceedings relating to the Issuer under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency, or other similar law are pending, or if a receiver, assignee, or trustee in bankruptcy or reorganization, liquidator, sequestrator, or similar official has been appointed for or taken possession of the Issuer or its property, or if any
other comparable judicial proceedings relating to the Issuer or the creditors or property of the Issuer are pending, then regardless of whether the principal of any Series A CP Notes shall then be payable by their terms or by declaration or
otherwise and regardless of whether the Trustee has made any demand pursuant to this Section, the Trustee shall be entitled and empowered, by intervention in the proceedings or otherwise: 

 

	 	(a)	to file and prove a claim for the whole amount of principal and interest owing and unpaid on the Series A CP Notes, and to file any other papers or documents that may
be appropriate to have the claims of the Trustee and of the Series A CP Noteholders allowed in any proceedings relating to the Issuer upon the Notes, or to the creditors or property of the Issuer, 

 

	 	(b)	to vote on behalf of the Series A CP Noteholders in any election of a trustee or a standby trustee in any arrangement, reorganization, liquidation, or other bankruptcy
or insolvency proceedings or in any election of any Person performing similar functions in comparable proceedings, and 

  
 30 

	 	(c)	to collect any monies or other property payable or deliverable on any such claims, and to distribute all amounts received on the claims of the Series A CP Noteholders
and of the Trustee on their behalf, 

 and any trustee, receiver, liquidator, custodian, or other similar official is authorized
by each of the Series A CP Noteholders to make payments to the Trustee, and, if the Trustee consents to payments going directly to the Series A CP Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Trustee, each predecessor Trustee, and their respective agents, attorneys, and counsel, and all other expenses and liabilities incurred (including attorneys’ fees and expenses), and all advances made, by the Trustee and each
predecessor Trustee except as shall have been determined to have been caused by its own gross negligence or willful misconduct. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Series A CP Noteholders any plan of reorganization, arrangement, adjustment, or composition affecting the Series A CP Notes or the rights of any Series A CP Noteholder, or to authorize the Trustee to vote regarding the claim of any Series A CP
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or Person performing similar functions. 
 In any proceedings involving this Indenture or the Series A CP Notes the Trustee shall represent all the Series A CP Noteholders, and it shall not be necessary to make any Series A CP Noteholders parties
to the proceedings. 
 Section 5.04 Remedies. 
  

	 	(a)	If an Event of Default has occurred and is continuing and the maturity of the Series A CP Notes has been accelerated, the Trustee shall immediately provide to the
Securities Intermediary a Notice of Exclusive Control in the form of Exhibit C hereto, after which Trustee shall have sole and exclusive authority to issue Oral and Written Instructions with respect to the Collateral Account, and, subject to
Section 5.05, Section 5.12 and Article VI hereof, shall do one or more of the following: 

 (i) institute
proceedings in its own name and as trustee for an express trust for the collection of all amounts then payable on the Series A CP Notes or under this Indenture (whether by declaration or otherwise), enforce any judgment obtained, and collect from
the Collateral Account securing the Series A CP Notes monies adjudged due; 
 (ii) only if so instructed in writing by all Series
A CP Noteholders, sell or liquidate all or a portion of the Collateral at one or more public or private sales called and conducted in accordance with Section 5.16 to the extent permitted by law; provided, however, that if the
proceeds of such sale or liquidation distributable to the Series A CP Noteholders are insufficient to discharge in full all amounts then due and unpaid upon the Series A CP Notes for principal and interest, the Trustee shall not proceed with such
sale or liquidation unless the Holders of 100% of the Series A CP Notes (other than any Series A CP Notes then held by the Issuer or any Affiliate thereof) consent in writing thereto; 

  
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 (iii) institute proceedings from time to time for the complete or partial foreclosure of
this Indenture with respect to the Collateral; and 
 (iv) exercise any remedies of a secured party under the UCC and take any
other appropriate action to protect and enforce the rights and remedies of the Trustee or the Series A CP Noteholders under this Indenture. 

For the purpose of determining the sufficiency or insufficiency in clause (ii) above, the Trustee shall be provided by the Series A CP Noteholders
with and may conclusively rely upon an opinion of an independent investment banking or accounting firm of national reputation as to the feasibility of the proposed action and as to the sufficiency of the Collateral for these purposes. 

 

	 	(b)	The proceeds of the sale or other liquidation of the Collateral shall be distributed as follows: 

1) first, to the Trustee, all sums paid or advanced by the Trustee and the reasonable compensation, expenses,
disbursements and advances of the Trustee and its respective agents and outside counsel; and. 
 2) second, to
the payments of principal of and interest on the Series A CP Notes and all other amounts then due under this Indenture or upon the Series A CP Notes. 
  

	 	(c)	The Trustee may fix a record date and payment date for any payment to Series A CP Noteholders pursuant to this Section. At least 15 days before that record date, the
Trustee shall mail to each Series A CP Noteholder and the Issuer a notice that states the record date, the payment date and the amount to be paid. 

 Section 5.05 Optional Preservation of Trust Assets. 
 If the Series A
CP Notes have been declared to be payable under Section 5.02 following an Event of Default and the declaration and its consequences have not been rescinded and annulled, the Trustee may, but need not, elect to maintain possession of the
Collateral. It is the intent of the parties to this Indenture and the Series A CP Noteholders that all principal of and interest on the Series A CP Notes be paid in full when due. The Trustee shall take direction from 100% of the Series A CP
Noteholders in determining whether to maintain possession of the Collateral, and may rely upon an opinion of an independent investment banking or accounting firm of national reputation addressed to the Trustee as to the feasibility of the proposed
action and as to the sufficiency of the Collateral for these purposes. 
 Section 5.06 Trustee May Enforce Claims Without Possession of
Notes. 
 All rights of action and claims under this Indenture or the Series A CP Notes may be prosecuted and enforced by the
Trustee without the possession of any of the Series A CP Notes or their production in any proceeding relating to them. Any proceeding instituted by the Trustee shall be brought in its own name as Trustee. Any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Series A CP Noteholders and any other parties entitled thereto upon which the
judgment has been obtained. 

  
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 Section 5.07 Limitation on Suits. 

No Series A CP Noteholder shall have any right to institute any proceedings, judicial or otherwise, regarding this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy under this Indenture, unless: 
  

	 	(a)	Series A CP Noteholders of not less than 25% of the Series A CP Notes have made written request to the Trustee to institute the proceeding in its own name as Trustee;

  

	 	(b)	those Series A CP Noteholders have previously given written notice to the Trustee of a continuing Event of Default; 

 

	 	(c)	those Series A CP Noteholders have offered to the Trustee indemnity satisfactory to it against the costs, expenses, and liabilities to be incurred in compliance with
their request; 

  

	 	(d)	the Trustee for 60 days after its receipt of that notice, request and offer of indemnity has failed to institute appropriate proceedings; and 

 

	 	(e)	no direction inconsistent with the written request has been given to the Trustee during the 60-day period by the Majority Series A CP Noteholders.

 No one or more Series A CP Noteholders may in any manner whatever under any provision of this Indenture affect,
disturb, or prejudice the rights of any other Series A CP Noteholder or obtain or seek to obtain priority or preference over any other Series A CP Noteholder or enforce any right under this Indenture, except in the manner provided in this Indenture
and for the equal and ratable benefit of all the Series A CP Noteholders. 
 If the Trustee receives conflicting or inconsistent
requests and indemnity from two or more groups of Series A CP Noteholders, each representing less than Majority Series A CP Noteholders, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture; provided, however, that the Trustee shall be under no obligation to act until it is directed by the Majority Series A CP Noteholders. 
 Section 5.08 Unconditional Rights of Series A CP Noteholders to Receive Principal and Interest. 
 Notwithstanding any other provision in this Indenture, each Series A CP Noteholder shall have the absolute and unconditional right to receive payment of the principal of and interest on its Series A CP
Note as that principal and interest becomes due and payable and to institute suit for the enforcement of that payment. This right shall not be impaired without the consent of the affected Series A CP Noteholder. 

Section 5.09 Restoration of Rights and Remedies. 
 If the Trustee or any Series A CP Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and that proceeding has been discontinued or abandoned, or has been
determined adversely to the Trustee or to the Series A CP Noteholder, then the Issuer, the Trustee, and the Series A CP Noteholder shall, subject to any determination in that proceeding, be restored to their former positions under this Indenture,
and thereafter all rights and remedies of the Trustee and the Series A CP Noteholders shall continue as though no proceeding had been instituted. 

  
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 Section 5.10 Rights and Remedies Cumulative. 

No right, remedy, power, or privilege herein conferred upon or reserved to the Trustee or to the Series A CP Noteholders is intended to be
exclusive of any other right, remedy, power, or privilege. Every right, remedy, power, or privilege shall be cumulative and in addition to every other right, remedy, power, or privilege given under this Indenture or now or hereafter existing at law
or in equity or otherwise. The assertion or exercise of any right, remedy, power, or privilege shall not preclude any other further assertion or the exercise of any other appropriate right, remedy, power, or privilege. 

Section 5.11 Delay or Omission Not Waiver. 
 No failure to exercise and no delay in exercising, on the part of the Trustee or of any Series A CP Noteholder or other Person, any right, remedy, power, or privilege upon any Event of Default shall
impair that right, remedy, power, or privilege or constitute a waiver of it or of the Event of Default or an acquiescence in the Event of Default. Every right, remedy, power, or privilege given by this Article or by law to the Trustee or to the
Series A CP Noteholders may be exercised as often as may be deemed expedient by the Trustee or by the Series A CP Noteholders, as the case may be. 
 Section 5.12 Rights of Series A CP Noteholders to Direct Trustee. 

Majority Series A CP Noteholders may direct the time, method, and place of conducting any proceeding for any remedy available to the
Trustee regarding the Series A CP Notes or exercising any trust or power conferred on the Trustee regarding the Notes. 

Notwithstanding the foregoing and subject to Section 6.01: 

 

	 	(a)	the Trustee may decline any direction if the Trustee, after being advised by counsel, determines that the action so directed is in conflict with any rule of law or with
this Indenture, and 

  

	 	(b)	the Trustee may decline any direction if the Trustee in good faith, by a Designated Officer of the Trustee, determines that the proceedings so directed would be illegal
or involve the Trustee in personal liability or be unjustly prejudicial to Series A CP Noteholders not parties to that direction. 

Section 5.13 Waiver of Past Defaults. 
 Prior to the declaration of the acceleration of the maturity of the Series A CP Notes as provided in Section 5.02 (except in the case of subsection (a)(ii) below), Majority Series A CP Noteholders
may, on behalf of all the Series A CP Noteholders, waive in writing any past default on the Series A CP Notes and its consequences, except: 

  
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	 	(a)	a default in the payment of the principal or interest on any Series A CP Note (which may be waived only with the consent of all of the Series A CP Noteholders), or

  

	 	(b)	regarding any of the provisions under Section 9.02 that cannot be modified or amended without the consent of the Series A CP Noteholder of each outstanding Series
A CP Note affected. 

 Upon any written waiver, the default shall cease to exist, and any Event of Default arising
from it shall be deemed to have been cured for every purpose of this Indenture. No such waiver shall extend to any subsequent or other default or impair any right consequent to it. 
 Section 5.14 Undertaking for Costs. 
 All parties to this Indenture
agree, and each Series A CP Noteholder by its acceptance of a Series A CP Note shall be deemed to have agreed, that in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered, or omitted by it as Trustee, any court may in its discretion require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and that the court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by that party litigant. The provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Series A CP Noteholders (in compliance with Section 5.07) holding in the aggregate not less than 25% of the principal balance of the outstanding Series A CP Notes, or to any suit
instituted by any Series A CP Noteholder for the enforcement of the payment of the principal or interest on any Series A CP Note on or after the Payment Date on which the principal or interest was due (or, in the case of redemption, on or after the
applicable redemption date). 
 Section 5.15 Waiver of Stay or Extension Laws. 

The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may adversely affect the covenants or the performance of this Indenture. The Issuer (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay, or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted. 
 Section 5.16 Sale of Trust Assets. 

 

	 	(a)	The method, manner, time, place, and terms of any sale of all or any portion of the Collateral pursuant to Section 5.04 shall be commercially reasonable. Any sale
of the Collateral by the Trustee shall be deemed to have been commercially reasonable. The Trustee may from time to time postpone any sale by public announcement made at the time and place of the sale. 

  
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	 	(b)	In any sale of all or any portion of the Collateral pursuant to Section 5.04, any Series A CP Noteholder may bid for and purchase the property offered for sale,
and upon compliance with the terms of the sale may hold, retain, and possess and dispose of the property, without further accountability, and may, in paying the purchase money for the property, deliver any outstanding Series A CP Notes or claims for
interest on the Series A CP Notes in lieu of cash up to the amount that shall, upon distribution of the net proceeds of the sale, be payable thereon, and those Series A CP Notes, if the amounts so payable are less than the amount due on the Notes,
and such Series A CP Notes shall be returned to the Series A CP Noteholder after being appropriately stamped to show partial payment. 

  

	 	(c)	The Trustee may bid for and acquire any portion of the Collateral securing the Series A CP Notes in a public sale, and may pay all or part of the purchase price by
crediting against amounts owing to the Trustee under this Indenture, including, without limitation, the costs, charges and expenses incurred by the Trustee in connection with the sale notwithstanding the provisions of Section 6.07.

  

	 	(d)	The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Collateral upon its sale. In addition, the
Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to transfer and convey its interest in any portion of the Collateral upon its sale, and to take all action necessary to effect its sale. No purchaser or transferee
of any portion of the Issuer’s interest in the Collateral shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions precedent, or see to the application of any monies. 

Section 5.17 Action on Notes. 
 The Trustee’s right to seek and recover judgment on the Series A CP Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief under this
Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Trustee or the Series A CP Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under that
judgment upon any portion of the Trust Assets or upon any of the assets of the Issuer. Any money or property collected by the Trustee shall be applied as specified in Section 5.04 of this Indenture. 

Section 5.18 Limited Rights of Certain Series A CP Noteholders. 
 Neither the Issuer or any Affiliate thereof as Holders of any Series A CP Notes issued pursuant to this Indenture related thereto shall have any rights to direct the Trustee to take any action in respect
of the Series A CP Notes pursuant to this Indenture. 

  
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 Article VI. 
 THE TRUSTEE 
 Section 6.01 Duties of Trustee. 

 

	 	(a)	If an Event of Default has occurred and is continuing and the Trustee has actual knowledge or written notice of that Event of Default, the Trustee shall, before
receiving directions from Majority Series A CP Noteholders, exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances
in the conduct of his own affairs. 

  

	 	(b)	The Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee. In the absence of willful misconduct or negligence on its part, the Trustee may conclusively rely (as to their truth and correctness) and shall be fully protected in relying upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture. 

  

	 	(c)	The Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders; or other instruments furnished to the Trustee that are
specifically required to be furnished pursuant to any provision of this Indenture, shall review them to determine whether they substantially conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 

  

	 	(d)	No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that: 

 (i) this subsection shall not be construed to limit the effect of subsection
(b) of this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Designated
Officer of the Trustee unless the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not
be liable for any action taken, suffered or omitted to be taken by it in good faith in accordance with this Indenture or at the direction of Majority Series A CP Noteholders relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or for exercising any trust or power conferred upon the Trustee, under this Indenture. The Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith at the direction of
the Issuer. 

  
 37 

	 	(e)	No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties under this Indenture or in the exercise of any of its rights or powers if it has reasonable grounds for believing that repayment of its funds or indemnity satisfactory to it against any risk or liability is not reasonably assured to it.

  

	 	(f)	Every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b), (d) and (e) of this Section.

  

	 	(g)	The Trustee shall have no power to vary the Collateral, including (i) accepting any substitute Collateral, (ii) adding any other investment, obligation, or
security to the Collateral or (iii) withdrawing investments from the Collateral. 

  

	 	(h)	The Trustee shall have no responsibility or liability for investment losses on the Collateral. 

 

	 	(i)	For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default unless a Designated Officer of the Trustee
has actual knowledge of the event or has received written notice of it. For the purposes of determining the Trustee’s responsibility and liability under this Indenture, any reference to an Event of Default shall be construed to refer only to
such event of which the Trustee is deemed to have notice as described in this subsection. 

 Section 6.02 Notice of Event
of Default. 
 Upon the occurrence of any Event of Default of which a Designated Officer of the Trustee has actual knowledge
or has received written notice, the Trustee shall transmit by mail notice of the occurrence of the event to all Series A CP Noteholders as their names and addresses appear on the Series A CP Note Register within 5 days after it receives written
notice or obtains actual knowledge of the event. 
 Section 6.03 Rights of Trustee. 

 

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

 

	 	(b)	Whenever in the administration of this Indenture the Trustee deems it desirable that a matter be proved or established prior to taking, suffering or omitting any
action, the Trustee (unless other evidence is specifically prescribed) may, in the absence of willful misconduct on its part, conclusively rely upon an Officer’s Certificate of the Issuer; 

 

	 	(c)	As a condition to the taking, suffering or omitting of any action by it, the Trustee may consult with counsel, and the advice of counsel or any opinion of counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by it in good faith and in reliance thereon; 

  
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	 	(d)	The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to honor the request or direction of any of the
Series A CP Noteholders pursuant to this Indenture, unless the Series A CP Noteholders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with the request or direction; 

  

	 	(e)	The Trustee shall not be bound to make any investigation into the matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, note or other document, but the Trustee, in its discretion, may make any further inquiry or investigation into those matters that it deems appropriate, and, if the Trustee determines to inquire further, it
shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation;

  

	 	(f)	The Trustee may execute any of the trusts or powers under this Indenture or perform any duties under this Indenture either directly or through agents, attorneys,
custodians or nominees and the Trustee shall not be responsible for (i) any misconduct or negligence on the part of any agent, attorney, custodians or nominees appointed with due care by it or (ii) the supervision of those agents,
attorneys, custodians or nominees appointed with due care; 

  

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

  

	 	(h)	The Trustee shall not be liable for any actions taken, suffered or omitted by it in good faith based upon instructions or notices contemplated in this Indenture which
the Trustee reasonably believed in good faith to have been given by an Authorized Representative; and 

  

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

  

	 	(j)	The Bank of New York Mellon, in whatever capacity acting, shall have no liability whatsoever for the action or inaction of any Clearing Agency.

  

	 	(k)	Trustee is authorized to utilize any generally recognized pricing information service (including brokers and dealers of securities) or may rely on prices provided by
the Securities Intermediary in order to perform its valuation responsibilities hereunder, and the parties hereto agree that Trustee shall not be liable for any loss, damage or expense (including attorney’s fees) incurred as a result of errors
or omissions of any such pricing information service, broker or dealer, or in any prices provided by the Securities Intermediary. 

  
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 Section 6.04 Not Responsible for Recitals or Issuance of Notes. 

The recitals contained in this Indenture and in the Notes, except the certificate of authentication of the Trustee, shall be taken as the
statements of the Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture, the Notes, or any related document. The Trustee shall not be
accountable for the use or application by the Issuer of the proceeds from the Notes. 
 Section 6.05 May Hold Notes.

 The Trustee, any Paying Agent, any Transfer Agent and Registrar, or any other agent of the Issuer, in its individual or any
other capacity, may become the owner or pledgee of Series A CP Notes and may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Paying Agent, Transfer Agent and Registrar, or other agent. 

Section 6.06 Money Held in Trust. 
 Any money held by the Trustee in trust under this Indenture need not be segregated from any other funds held by the Trustee in trust under this Indenture except to the extent required by this Indenture.
The Trustee shall be under no liability for interest on any money received by it under this Indenture except as otherwise agreed upon in writing by the Trustee. 
 Section 6.07 Compensation, Reimbursement and Indemnification. 
  

	 	(a)	The Issuer agrees: 

 (i) to pay
the Trustee the Trustee fees set forth in the Trustee Fee Letter; 
 (ii) except as otherwise expressly provided in this
Indenture, to reimburse the Trustee upon its request, and in accordance with the Trustee Fee Letter, for all expenses, disbursements, and advances incurred or made by the Trustee pursuant to this Indenture (including all costs and expenses incurred
by the Trustee exercising any remedies under this Indenture and the reasonable compensation and the expenses and disbursements of its agents and counsel, except any such expense, disbursement, or advance that shall be determined to have been caused
by its negligence or willful misconduct); and 
 (iii) to indemnify the Trustee, its officers, directors, employees, and agents
against any loss, liability, expense, damage, or injury suffered or sustained without negligence or willful misconduct on its part, arising in connection with the acceptance or administration of this trust, including the costs and expenses of
defending itself against any claim or liability from the exercise or performance of any of its powers or duties under this Indenture. 
  

	 	(b)	The Trustee hereby agrees not to cause the filing of a petition in bankruptcy against the Issuer for the non-payment to the Trustee of any amounts provided by this
Section until at least one year and one day after the payment in full of all the Series A CP Notes issued under this Indenture. 

  
 40 

	 	(c)	When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(a)(v) or Section 5.01(a)(vi), the
expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law.

  

	 	(d)	The provisions of this Section shall survive the termination of this Indenture. 

 Section 6.08 Replacement of Trustee. 
 No resignation or removal of the
Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee pursuant to this Section. The Trustee may resign at any time upon 60 days’ written notice to the Issuer.
Majority Series A CP Noteholders may remove the Trustee with or without cause by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if: 

(i) the Trustee fails to satisfy Section 6.11; 
 (ii) the Trustee is adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer takes charge of the Trustee or its property or its affairs
for the purpose of rehabilitation, conservation, or liquidation; or 
 (iii) the Trustee otherwise becomes legally unable to act.

 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such
event being referred to as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee satisfactory to the Series A CP Noteholders. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and
the successor Trustee shall have all the rights, powers, and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Series A CP Noteholders. The retiring Trustee, upon payment of its charges
hereunder, shall promptly transfer all property held by it as Trustee to the successor Trustee. 
 If a successor Trustee does
not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the Issuer), the Issuer or Majority Series A CP Noteholders may petition any court of competent jurisdiction for the appointment
of a successor Trustee. 
 If the Trustee fails to satisfy Section 6.11, any Series A CP Noteholder may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding the
replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 6.07 shall continue for the benefit of the removed or retiring Trustee. 

  
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 Section 6.09 Successor Trustee by Merger. 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets
to, another corporation or banking association, the resulting, surviving, or transferee corporation or banking association without any further act shall be the successor Trustee if that corporation or banking association is otherwise qualified and
eligible under Section 6.11. The Trustee shall provide the Issuer and all Series A CP Noteholders prior written notice of any such transaction. 
 If any Series A CP Notes have been authenticated but not delivered at the time a successor to the Trustee by merger, conversion, consolidation, or transfer succeeds to the trusts created by this
Indenture, the successor to the Trustee may adopt the certificate of authentication of the predecessor Trustee and deliver the Series A CP Notes so authenticated. 
 Any successor to the Trustee may authenticate Series A CP Notes in the name of the successor Trustee and those certificates of authentication shall have the full force that it is anywhere provided in the
Series A CP Notes or in this Indenture that certificates of authentication of the Trustee shall have. 
 Section 6.10 Appointment of
Co-Trustee or Separate Trustee. 
  

	 	(a)	Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the
Collateral may at the time be located, the Trustee may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of any part of the Collateral, and to vest in
those Persons, in such capacity and for the benefit of the Series A CP Noteholders, title to any part of the Collateral and, subject to the other provisions of this Section, the powers, duties, obligations, rights and trusts as the Trustee may
consider necessary or desirable. No co-trustee or separate trustee under this Indenture shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Series A CP Noteholders of the appointment of
any co-trustee or separate trustee shall be required under Section 6.08. 

  

	 	(b)	Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 (i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or
imposed upon and exercised or performed by the Trustee and the separate trustee or co-trustee jointly (the separate trustee or co-trustee is not authorized to act separately without the Trustee joining in the act), except to the extent that under
any law of any jurisdiction in which any particular acts are to be performed the Trustee is incompetent or unqualified to act, in which event the rights, powers, duties, and obligations shall be performed singly by the separate trustee or
co-trustee, but solely at the direction of the Trustee; 
 (ii) no trustee under this Indenture shall be personally liable by
reason of any act or omission of any other trustee; under this Indenture; and 

  
 42 

 (iii) the Trustee may at any time accept the resignation of or remove any separate trustee
or co-trustee. 
  

	 	(c)	Any notice, request, or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as
if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be
vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of
this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every instrument of appointment shall be filed with the Trustee. 

 

	 	(d)	Any separate trustee or co-trustee may at any time constitute the Trustee its agent or attorney-in-fact with full power and authority to do any lawful act under this
Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign, or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee,
without the appointment of a new or successor trustee. 

 Section 6.11 Eligibility; Disqualification. 

The Trustee shall have a combined capital and surplus of at least $500,000,000 as set forth in its most recently filed report of
condition. 
 Section 6.12 Representations and Covenants of Trustee. 

The Trustee represents, warrants and covenants that: 
 (i) it is a banking corporation duly organized and validly existing under the laws of the State of New York; 
 (ii) it has full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery, and performance by it of this Indenture and the
Collateral Account Control Agreement; and 
 (iii) each of this Indenture and the Collateral Account Control Agreement has been
duly executed and delivered by the Trustee and constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except to the extent the enforcement thereof may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditor’s rights generally and subject also to the availability of equitable remedies if equitable remedies are sought. 

  
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 Section 6.13 Trustee as Paying Agent, Registrar and Authenticating Agent. 

Where the Trustee shall act in the capacity of Paying Agent, Registrar, Authenticating Agent and issuing agent (collectively, the
“Agent Capacity”), neither the Trustee nor its officers, employees or agents shall be liable for any act or omission thereunder, except in the case of a judicial determination of its own gross negligence or willful misconduct as described
in Section 6.14 in this Indenture. The duties and obligations of the Trustee in its Agent Capacity and those of its officers and employees shall be determined by the express provisions of this Indenture, and the Trustee and its officers,
employees and agents shall be responsible for the performance of only such duties and obligations as are specifically set forth herein and therein, and no implied covenants shall be read into any such document against the Trustee or its officers,
employees or agents. Neither the Trustee or its officers, employees or agents shall be required to ascertain whether any issuance or sale of Series A CP Note(s) (or any amendment or termination of this Indenture) has been duly authorized or is in
compliance with any other agreement, ordinance, resolution or other undertaking or document to which the Issuer is a party or by which it or its property may be bound (whether or not the Trustee is a party to such other agreement). 

Section 6.14 Liability in Agent Capacity. 
 The Issuer hereby indemnifies and holds the Trustee in its Agent Capacity, and its employees and any of its officers and agents harmless, from and against, and the Trustee in its Agent Capacity shall not
be liable for, any and all losses, liabilities (including liabilities for penalties), actions, suits, judgments, demands, damages, costs and expenses of any nature (including, without limitation, interest and reasonable attorneys’ fees,
expenses, and the allocable costs of in-house legal services) arising out of or resulting from the exercise of its rights and/or the performance of its duties (or those of its agents and employees) hereunder; provided, however, that the Issuer shall
not be liable to indemnify or pay you with respect to any loss, liability, action, suit, judgment, demand, damage, cost or expense that shall be determined to have been caused by your own gross negligence or willful misconduct or that of your
officers or employees. The foregoing indemnity includes, but is not limited to, any action taken or omitted to be taken by the Trustee in its Agent Capacity upon electronically transmitted instructions (authorized herein) received by it from, or
believed by it in good faith to have been given by, the proper person or persons. The provisions of this Section 6.14 shall survive (i) the Trustee’s resignation or removal in its Agent Capacity and (ii) the termination of this
Indenture. 
 In no event shall the Trustee, whether as Trustee or in its Agent Capacity be responsible or liable for special,
indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

  
 44 

 Article VII. 
 SERIES A CP NOTEHOLDERS’ LIST AND REPORTS BY INDENTURE TRUSTEE AND ISSUER 

Section 7.01 Issuer to Furnish Trustee Names and Addresses of Series A CP Noteholders. 

Within five days after each Record Date, the Transfer Agent and Registrar, at the direction of the Issuer, will cause to be furnished to
the Trustee a list, in such form as the Trustee may reasonably require, of the names, addresses and taxpayer identification numbers of the Series A CP Noteholders as they appear on the Series A CP Note Register as of that Record Date. At any other
time the Trustee may request the Issuer to furnish, on ten days’ written notice, a list of similar form and content as of a date not more than 10 days prior to the time the list is furnished. So long as the Trustee is the Transfer Agent and
Registrar, the Issuer shall not be required to furnish such lists and the Trustee shall furnish to the Issuer such list upon ten days’ written request. 
 Section 7.02 Preservation of Information; Communications to Series A CP Noteholders. 
  

	 	(a)	The Trustee shall preserve, in as current a form as is reasonably practicable, the names, addresses and taxpayer identification numbers of the Series A CP Noteholders
contained in the most recent list furnished to the Trustee under Section 7.01 and the names, addresses and taxpayer identification numbers of the Series A CP Noteholders received by the Trustee in its capacity as Transfer Agent and Registrar.
The Trustee may destroy any list furnished to it under Section 7.01 upon receipt of a new list so furnished. 

  

	 	(b)	If any Series A CP Noteholder applies in writing to the Trustee stating that it desires to communicate with other Series A CP Noteholders regarding their rights under
this Indenture or under the Notes, then the Trustee shall, within five Business Days after the receipt of the application, afford that Series A CP Noteholder access to the information preserved at the time by the Trustee in accordance with
subsection (a) of this Section. 

  

	 	(c)	If any Owner applies in writing to the Trustee stating that it desires to communicate with other Owners regarding their rights under this Indenture or under the Notes,
then the Trustee shall, within five Business Days after the receipt of the application, afford that Owner access to the information preserved at the time by the Trustee in accordance with subsection (a) of this Section; provided, however, that
in the case of a person claiming to be an Owner requesting such information, the Trustee shall not furnish such information until the Issuer shall have authorized release of such information and the Trustee shall have no liability for such release
or the identity of the requesting person 

  
 45 

 Article VIII. 
 ACCOUNTS, ACCOUNTING AND RELEASES 
 Section 8.01 Collection of Money.

 Except as otherwise expressly provided in this Indenture, the Trustee may demand payment or delivery of, and receive and
collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Trustee pursuant to this Indenture. The Trustee shall hold all such money and property
received by it in trust for the Series A CP Noteholders and shall apply such property and money as provided in this Indenture. 

Section 8.02 Distributions.  
 On each Payment Date, the Trustee shall, in accordance with Section 2.15 of this Indenture, distribute to the Series A CP Noteholders payments due thereunder. 

Section 8.03 Release of Trust Assets, Etc. 
  

	 	(a)	Subject to the payment of its fees and expenses, the Trustee, when required by the Basic Documents shall, execute instruments to release property from the Lien of this
Indenture, or convey the Trustee’s interest in the same. No party relying upon an instrument executed by the Trustee as provided in this Article shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 

  

	 	(b)	Upon written direction of an Authorized Representative of the Issuer, the Trustee shall, at such time as there are no Series A CP Notes outstanding, release and
transfer, without recourse, all of the Collateral that secured the Series A CP Notes (other than any cash held for the payment of the Series A CP Notes pursuant to Section 4.02). 

Section 8.05 Establishment of Note Account. 
 The Trustee, for the benefit of the Series A CP Noteholders, shall establish and maintain with a separate segregated trust account (the “Note Account”), bearing a designation clearly
indicating that the funds therein are held for the benefit of the Series A CP Noteholders. 
 Article IX. 

SUPPLEMENTAL INDENTURES 

Section 9.01 Supplemental Indentures Without Consent of Series A CP Noteholders. 

 

	 	(a)	The Issuer and the Trustee, when authorized by a written direction of an Authorized Representative of the Issuer, may enter into one or more indentures supplemental to
this Indenture, in form satisfactory to the Trustee, for any of the following purposes: 

  
 46 

 (i) to correct or amplify the description of any property subject to the Lien of this
Indenture, or better to assure, convey and confirm to the Trustee any property required to be subjected to the Lien of this Indenture, or to subject to the Lien of this Indenture additional property; 

(ii) to evidence the succession, in compliance with Section 3.06, of another Person to the Issuer, and the assumption by the
successor of the covenants of the Issuer herein and in the Series A CP Notes; 
 (iii) to add to the covenants of the Issuer, for
the benefit of the Series A CP Noteholders, or to surrender any right or power herein conferred upon the Issuer; 
 (iv) to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee; 
 (v) to cure any ambiguity, to correct or
supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters arising under this Indenture or in
any supplemental indenture so long as the interests of any Series A CP Noteholder are not adversely affected; or 
 (vi) to
evidence the acceptance of the appointment under this Indenture of a successor trustee and to add to or change any of the provisions of this Indenture necessary to facilitate the administration of the trusts under this Indenture by more than one
trustee, pursuant to the requirements of Article VI. 
 The Trustee is authorized to join in the execution of any such supplemental indenture
and to make any further appropriate agreements and stipulations that may be therein contained. 
  

	 	(b)	The Issuer and the Trustee, when authorized by a written direction of an Authorized Representative of the Issuer, may also enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Series A CP Noteholders under this Indenture;
provided that such action will not, as evidenced by an Opinion of Counsel of the Issuer, delivered and acceptable to the Trustee, adversely affect in any material respect the interests of any Series A CP Noteholder. 

Section 9.02 Supplemental Indentures with Consent of Series A CP Noteholders. 

The Issuer and the Trustee, when authorized by a written direction of an Authorized Representative of the Issuer, also may, with the
consent of a Majority of Series A CP Noteholders, by an Act of the Series A CP Noteholders delivered to the Issuer and the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in
any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of those Series A CP Noteholders under this Indenture. However, no such supplemental indenture shall, without the consent of each Series A CP
Noteholder affected thereby: 

  
 47 

 (i) change the due date of any installment of principal of or interest on any Series A CP
Note, or reduce the principal amount of any Series A CP Note, the interest rate on any Series A CP Note or the redemption price of any Series A CP Note or change any place of payment where, or the coin or currency in which, any Series A CP Note or
any interest on it is payable; 
 (ii) impair the right to institute suit for the enforcement of the provisions of this Indenture
requiring the application of funds, as provided in Article V, to the payment of any amount due on the Series A CP Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the redemption date); 

(iii) reduce the percentage that constitutes “Majority Series A CP Noteholders” or the consent requirements of the Holders which
is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences as provided for in this
Indenture; 
 (iv) reduce the percentage of the aggregate outstanding amount of any Notes, the consent of the Holders of which is
required to direct the Trustee to sell or liquidate the Collateral if the proceeds of such sale would be insufficient to pay the principal amount and accrued but unpaid interest on the outstanding Notes; 

(v) decrease the percentage of the aggregate principal amount of the Series A CP Notes required to amend the sections of this Indenture
that specify the applicable percentage of the aggregate principal amount of the Series A CP Notes necessary to amend this Indenture; 
 (vi) modify or alter the provisions of this Indenture regarding the voting of Series A CP Notes held by the Issuer or any Affiliate thereof; 

(vii) permit the creation of any Lien ranking prior to or on a parity with the Lien of this Indenture on any part of the Collateral for
any Series A CP Notes or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any Collateral assets or deprive any Series A CP Noteholder of the security provided by the Lien of this Indenture; or

 (vi) to provide for the termination or replacement of any external credit enhancement in accordance with the provisions
hereto. 
 Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section,
the Trustee shall mail to the Series A CP Noteholders to which that supplemental indenture relates written notice provided to the Trustee by the Issuer setting forth in general terms the substance of that supplemental indenture. The failure of the
Trustee to mail any such notice, or any defect therein, shall not in any way impair or affect the validity of that supplemental indenture. 

  
 48 

 Section 9.03 Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modification
thereby of the trusts created by this Indenture, the Trustee shall be provided with, and (subject to Sections 6.01 and 6.03) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any supplemental indenture that affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.

 Section 9.04 Effect of Supplemental Indenture. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and that supplemental indenture shall form a part of this Indenture for all
purposes, and every Holder of Series A CP Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.05 Reference in Series A CP Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may bear a notation in form
as to any matter provided for in that supplemental indenture. If the Issuer so determines, new Series A CP Notes so modified as to conform, in the opinion of the Issuer, to that supplemental indenture may be prepared and executed by the Issuer and
authenticated and delivered by the Trustee in exchange for outstanding Notes. 
 Article X. 

MISCELLANEOUS 

Section 10.01 Form of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to those matters in one or several documents. 
 Any certificate or opinion of an Authorized
Representative of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Representative or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer or the Issuer, stating that the information with respect to those factual matters is in the possession of such party, unless such
Authorized Representative or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to those matters are erroneous. 

  
 49 

 Where any Person is required to make, give, or execute two or more applications, requests,
consents, certificates, statements, opinions, or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such
application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of that certificate or report (as the case may
be), of the facts and opinions stated in that document shall in such case be conditions precedent to the right of the Issuer to have that application granted or to the sufficiency of that certificate or report. The foregoing shall not, however, be
construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 Section 10.02 Acts of Series A CP Noteholders. 
  

	 	(a)	Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Series A CP Noteholders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by those Series A CP Noteholders in person or by agent duly appointed in writing and satisfying any requisite percentages as to minimum number or dollar value
of outstanding principal amount represented by those Series A CP Noteholders. Except as herein otherwise expressly provided, any such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is
hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Series A CP Noteholders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this
Section. 

  

	 	(b)	The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee deems sufficient.

  

	 	(c)	The ownership of Series A CP Notes shall be proved by the Series A CP Note Register. 

 

	 	(d)	Any request, demand, authorization, direction, notice, consent, waiver, or other action by any Series A CP Noteholder shall bind the Holder (and any transferee thereof)
of every Series A CP Note issued upon the registration thereof in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note. 

  
 50 

 Section 10.03 Notices, Etc. to Trustee, Issuer and Issuer. 

 

	 	(a)	Any request, demand, authorization, direction, notice, consent, waiver, or Act of Series A CP Noteholders or other documents provided or permitted by this Indenture to
be made upon, given or furnished to, or filed with: 

 (i) the Trustee by any Series A CP Noteholder or by the
Issuer shall be sufficient for every purpose hereunder (x) if in writing and mailed, first-class postage prepaid, to the address set forth below or (y) if made, given, furnished or filed in writing to a Designated Officer of the Trustee,
by facsimile transmission or by other electronic means acceptable to the Trustee to or with the Trustee at 
 The Bank of New
York Mellon 
 101 Barclay Street, Floor 7 West 
 New York, New York 10286 
 Attention: Corporate Trust Administration 

                  Dealing and Trading 

Facsimile No.: (212) 815-2830 
 (ii) the Issuer by the Trustee or by any Series A CP Noteholder shall be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid, to the address set forth below or
(y) if made, given, furnished or filed in writing to the Issuer, by facsimile transmission or by other electronic means acceptable to the Issuer to or with the Issuer at: 
 Piper Jaffray & Co. 
 800 Nicollet Mall, J13S22 

Minneapolis, MN 55402-7020 
 Attn: Treasury Department 
 Telephone:    (612) 303-6805

 Facsimile:     (612) 303-1316 

, or at any other address previously furnished in writing to the Trustee by the Issuer. 

Section 10.04 Notices to Series A CP Noteholders; Waiver. 
 Where this Indenture provides for notice to Series A CP Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed by
registered or certified mail or first class postage prepaid or national overnight courier service to each Series A CP Noteholder affected by such event, at the address of that Series A CP Noteholder as it appears on the Series A CP Note Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Series A CP Noteholders is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Series A CP Noteholder shall affect the sufficiency of such notice with respect to other Series A CP Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have
been duly given. 

  
 51 

 Where this Indenture provides for notice in any manner, that notice may be waived in writing
by any Person entitled to receive such notice, before the event, and any such waiver shall be the equivalent of that notice. 

If because of the suspension of regular mail service, it is impractical to mail notice of any event to Series A CP Noteholders when that
notice is required to be given, then any manner of giving that notice that is satisfactory to the Trustee shall be deemed to be a sufficient giving of that notice. 
 The Issuer shall give prompt written notice to each Series A CP Noteholder of any of the following occurrences: (a) the appointment of a successor Trustee and (b) the execution of a supplemental
indenture pursuant to Article IX. 
 Section 10.05 Alternate Payment and Notice Provisions. 

Notwithstanding any provision of this Indenture or any of the Series A CP Notes to the contrary, the Issuer, with the consent of the
Trustee, may enter into any agreement with any Series A CP Noteholder providing for a method of payment, or notice by the Trustee or any Paying Agent to that Series A CP Noteholder, that is different from the methods provided for in this Indenture
for payments or notices. The Issuer will furnish to the Trustee a copy of each such agreement and the Trustee will cause payments to be made and notices to be given in accordance with those agreements. 

Section 10.06 Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 10.07 Successors and Assigns. 
 All covenants and agreements in
this Indenture by the Issuer shall bind its successors and assigns, whether so expressed or not. 
 Section 10.08 Separability.

 If any provision in this Indenture or in the Series A CP Notes is invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.09 Benefits of
Indenture. 
 Except as set forth in Section 10.13, nothing in this Indenture or in the Notes, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder, and the Series A CP Noteholders, any benefit. 

  
 52 

 Section 10.10 Legal Holidays. 

In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the
Series A CP Notes or this Indenture) payment need not be made on that date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period
from and after any such nominal date. 
 Section 10.11 Governing Law. 

THIS INDENTURE AND EACH SERIES A CP NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CONFLICTS-OF-LAW PRINCIPLES THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN. 

EACH OF THE ISSUER AND THE TRUSTEE HEREBY CONSENT TO THE JURISDICTION OF A STATE OR FEDERAL COURT SITUATED IN NEW YORK, NEW YORK IN
CONNECTION WITH ANY SUIT HEREUNDER. 
 EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 10.12 Counterparts. 
 This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. 
 Section 10.13 Issuer Obligation. 
 No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Series A CP Notes or under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) any owner of a membership or other equity interest in the Issuer or (iii) any manager, partner, owner, beneficiary, agent, officer, director, employee or agent of the Issuer, or of any holder of a
membership or other equity interest in the Issuer. 
 Section 10.14 No Petition. 

The Trustee, by entering into this Indenture, and each Series A CP Noteholder, by accepting a Note, hereby covenant that they will not at
any time institute against the Issuer, or join in any institution against the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, this Indenture, until at least one year and one day after the payment in full of all Series A CP Notes issued under this Indenture. 

  
 53 

 Section 10.15 Force Majeure. 

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

  
 54 

 IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Second Amended and Restated
Indenture to be duly executed by their respective officers thereunto duly authorized, all as of the day and year first above written. 
  

			
	PIPER JAFFRAY & CO., Issuer
	BY:
		
	By:	 	/s/ Timothy L. Carter
	 Printed Name: Timothy L. Carter

	 Title: Treasurer

  

			
	 THE BANK OF NEW YORK MELLON, as TRUSTEE

		
	By:	 	/s/ Maryann Joseph
	 Printed Name: Maryann Joseph

Title: Vice President

  
 55 

 EXHIBIT A- FORM OF MASTER SERIES A CP NOTE 

PIPER JAFFRAY & CO. 
 SERIES A SECURED COMMERCIAL PAPER MASTER NOTE 
 THIS MASTER NOTE HAS NOT
BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS (I) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE
144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, OR (II) AN ENTITY (EXCLUSIVE OF A NATURAL PERSON) ACTING FOR ITS OWN ACCOUNT OR THE ACCOUNTS OF OTHER SIMILARLY QUALIFIED PURCHASERS WHO IN THE AGGREGATE OWN AND
INVEST ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN INVESTMENTS (“QP”), PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION, SUBJECT TO THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
INDENTURE. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE NOTE REGISTRAR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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. 

  
 56 

 PIPER JAFFRAY & CO. 

SERIES A SECURED COMMERCIAL PAPER MASTER NOTE 
 Date of Issuance: December 29, 2009 
 Piper Jaffray &
Co., a corporation organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal amount of all
Series A CP Notes Outstanding at the related Maturity Date therefor, which principal amounts and Maturity Dates shall be as identified on the Issuing Agent’s records (the “Records”), as Custodian for Cede & Co., in accordance
with Section 2.14 of the Indenture, plus Interest on each interest bearing Series A CP Note on the related Interst Payment Date as set forth in the Records. The principal of and interest on the Series A CP Notes are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to each Series A CP Note shall be applied first to interest, if any, due and
payable on such Series A CP Note and then to the unpaid principal of such Series A CP Note. The Indenture provides that the aggregate Outstanding principal amount of the Series A CP Notes shall not exceed $300,000,000 at any time. 

Reference is made to the further provisions of the Series A CP Notes set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Master Series A CP Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Series A CP Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose. 
 SEE REVERSE FOR CERTAIN DEFINITIONS 

  
 57 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Signatory as of the date set forth below. 
 Date: December 29, 2009 

 

			
	PIPER JAFFRAY & CO.
		
	 By:
	 	 
		 	Authorized Signatory

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Master Series A CP Notes of Piper Jaffray & Co.designated above and referred to in the
within-mentioned Indenture. 
 Date: December 29, 2009 

			
	 THE BANK OF NEW YORK MELLON,

not in its individual capacity but solely

as Indenture Trustee,

		
	 By:
	 	 
		 	Authorized Signatory

  
 58 

 [REVERSE OF NOTE] 

This Master Series A CP Note is being held by the Issuing Agent, as custodian for DTC acting as Depository, and registered
in the name of Cede & Co., a nominee of DTC. This Master Series A CP Note represents the Issuer’s obligations under each duly authorized issue of the Series A CP Notes of the Issuer, designated as its Senior Secured Commercial Paper
Notes (herein called the “Series A CP Notes”), all issued under an Indenture dated as of December 29, 2009 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of
New York Mellon, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), and as Issuing Agent and Paying Agent, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Series A CP Notes. Each of the Series A CP Notes represented by this Master Series A CP Note
shall be issued pursuant to the procedures set forth in the Indenture, including an identification in the Issuing Agent’s records of the Issuance Date, the Maturity Date, the Interest Rate, if any, the Discount, if any, and the CUSIP applied to
such Series A CP Note. All of the Series A CP Notes represented by this Master Notes are subject to all terms of the Indenture. All terms used in this Master Series A CP Note that are defined in the Indenture, as supplemented or amended, shall have
the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 As described
above, the entire unpaid principal amount of each Series A CP Note represented by this Master Series A CP Note shall be due and payable on related Maturity Date set forth in the Records. Notwithstanding the foregoing, the entire unpaid principal
amount of each Series A CP Note shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Majority Noteholders have declared the Series A CP Notes to be immediately due
and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Series A CP Notes shall be made pro rata to the Series A CP Noteholders entitled thereto. 

Each Series A CP Noteholder or Series A CP Note Owner, by acceptance of a Series A CP Note or, in the case of a Series A
CP Note Owner, a beneficial interest in a Series A CP Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under the Indenture on the Series A CP Notes or under any
certificate or other writing delivered in connection therewith, against the Indenture Trustee. 
 On each CP
Interest Payment Date, commencing on January 15, 2010, the Indenture Trustee or Paying Agent shall distribute to the Person in whose name this Series A CP Note is registered at the close of business on the Record Date an amount equal to the
related Series A CP Note Interest, if any, at the Interest Rate set forth in the Issuing Agent’s records for such Series A CP Notes. 
 Distributions on each Series A CP Note will be made by the Indenture Trustee or Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note
Register or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this Note or the
making of any notation thereon, at a bank or other entity having appropriate facilities therefor. 

  
 59 

 This Series A CP Note is a direct an unconditional obligation of the Issuer
and is secured equally and ratably by certain collections and recoveries respecting the Collateral, all as more specifically set forth herein and in the Indenture and the Collateral Account Control Agreement, dated as of December 29, 2009,
between the Indenture Trustee, as Secured Party, The Bank of New York Mellon, as Securities Intermediary and the Isuuer, as Pledgor. The Series A CP Notes are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Securities
Investor Protection Corporation or any other governmental agency. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Master Series A CP Note is registrable in the Note Register upon surrender of this Master Series A CP Note for registration of transfer at the offices or agencies maintained by the Note
Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and
thereupon one or more new Series A CP Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. As of the date any such Series A CP Notes are issued, the
obligations which are evidenced thereby shall no longer be evidenced by this Master Note 
 The Series A CP Notes
are issuable only as registered Series A CP Notes. As provided in the Indenture and subject to certain limitations therein set forth, the Series A CP Notes are exchangeable for new Series A CP Notes evidencing the same undivided ownership interest,
as requested by the holder surrendering the same. 
 No service charge will be made for any such registration of
transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

The Issuer, the Indenture Trustee, the Issuing Agent, the Paying Agent and the Note Registrar, and any agent of any of the
foregoing, may treat the person in whose name this Series A CP Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 

THIS MASTER SERIES A CP NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN. 

The obligations and responsibilities created by the Indenture shall terminate upon the payment to Series A CP Noteholders
of all amounts required to be paid to them pursuant to the Indenture and the disposition of all Collateral held by the Securities Intermediary on behalf of the Trustee. 

  
 60 

 [SCHEDULE OF EXCHANGES OF INTERESTS IN THE MASTER NOTE] 

The following exchanges of a part of this Master Note for an interest in another Master Note or for an Individual Note, or
exchanges of a part of another Master Note or Individual Note for an interest in this Master Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease

in Principal Amount

of this Master Note
	 	 Amount of Increase

in Principal

Amount of this

Master Note
	 	 Principal Amount

of this Master Note

following such

decrease
 (or
increase)
	 	 Signature of

authorized officer

of Note Registrar

  
 61 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
             
  

 
 (name and
address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints             , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

									
	Dated:	 	 	 		 	 	 	1
		 	 	 		 	Signature Guaranteed	 	

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 62 

 EXHIBIT B—FORM OF INVESTOR REPRESENTATION LETTER FOR SERIES A CP NOTES

 The Bank of New York Mellon 

101 Barclay Street, Floor 7W 
 New York, New York
10286 

	Attention:	Corporate Trust Administration 

Dealing and Trading 
 Piper
Jaffray & Co. 
 800 Nicollet Mall, J13S22 
 Minneapolis, MN 55402-7020 
 Attention: Short Term Desk 

Re: Piper Jaffray & Co. Series A CP Notes issued pursuant to the Second Amended and Restated Indenture, dated as of June 11,
2012, between Piper Jaffray & Co., as Issuer, and The Bank of New York Mellon, as Indenture Trustee 
 In connection with our
initial purchase of the Series A CP Notes, and any future purchases of the Series A CP Notes we make while this letter is in effect, the undersigned (the “Purchaser”) hereby acknowledges, represents to and agrees with Piper
Jaffray & Co. (the “Issuer”) and the Indenture Trustee as follows: 
 (1) We understand and acknowledge that
the Series A CP Notes are exempt securities under the Securities Act of 1933, as amended (the “Act”), pursuant to Section 3(a)(3) thereof and that the Issuer is offering the Series A CP Notes only to Qualified Institutional Buyers (as
defined in Rule 144A under the Securities Act of 1933, as amended)(“QIBs”) and Qualified Purchasers (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended) (“QPs”). We represent that we are a QIB
and/or QP. “Investments” refers to securities of issuers that are not affiliated with us, and the amount of Investments referred to above generally refers to the value thereof without regard to the stated or principal amount. 

(2) We are purchasing the Series A CP Notes, and any future purchases of the Series A CP Notes covered by this letter will be, for our own
account or for the accounts of one or more QIBs or QPs for which we are acting as a fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with any distribution thereof. We will (i) not make
any sale or other transfer of fractional interests in the Series A CP Notes to any transferee, and (ii) only make transfers to QIBs or QPs. 
 (3) We acknowledge that the Issuer and the Indenture Trustee and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements, in connection with this and
any future purchases covered hereby, and agree that, if any of the acknowledgements, representations or agreements deemed to have been made by our purchase of the Series A CP Notes are no longer accurate, we shall promptly notify the addressees; and
if we are acquiring any Series A CP Notes as a fiduciary or agent for one or more Persons who qualify as QIBs or QPs, we represent that we have sole investment discretion 

  
 63 

 
with respect to each such Person and that we have full power to make the foregoing acknowledgements, representations and agreements on behalf of each such Person. Each of the following
acknowledgements, representations and agreements will be deemed to be remade in their entirety for any future purchases we make that are covered by this letter. 
 (4) We (i) have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks (including for tax, legal, regulatory, accounting and other
financial purposes) of our prospective investment in the Series A CP Notes, (ii) are financially able to bear such risk, (iii) in making such investment are not relying on the advice or recommendations of the Issuer or any of their
respective affiliates (or any representative of any of the foregoing), and represent that none of such parties or any of their respective affiliates is acting as a fiduciary or financial or investment adviser for us and (iv) have determined
that an investment in the Series A CP Notes is suitable and appropriate for us. We have had access to such financial and other information concerning the Issuer and the Series A CP Notes as we have deemed necessary to make our own independent
decision to purchase the Series A CP Notes, including the opportunity, at a reasonable time prior to our purchase of the Series A CP Notes, to ask questions and receive answers concerning the Issuer and the terms and conditions of the offering of
the Series A CP Notes. 
 (5) We understand that there is no trading market for the Series A CP Notes and that no assurance can
be given as to the liquidity of any trading market for the Series A CP Notes and that it is unlikely that a trading market for the Series A CP Notes will develop. We further understand that, although the Issuer may from time to time make a market in
the Series A CP Notes, the Issuer is under no obligation to do so and, following the commencement of any market-making, may discontinue the same at any time. Accordingly, we are prepared to hold the Series A CP Notes for an indefinite period of time
or until the Maturity Date. 
 (6) The Series A CP Notes were not offered or sold to us by any form of general solicitation or
advertising, including but not limited to: 
 (a) any advertisement, article, notice or other communication
published in any newspaper, magazine or similar media or broadcast over television or radio; or 
 (b) any
seminar or meeting whose attendees were invited by any general solicitation or general advertising. 
 (7) We understand and
agree that in making decisions as to whether to purchase or sell the Series A CP Notes, we must rely on our own examination of the Issuer and the terms of the Series A CP Notes and that the Issuer shall not be deemed to make any recommendation
regarding the amounts of any investment in the Series A CP Notes or the suitability of an investment in the Series A CP Notes by us. We have carefully reviewed the Offering Memorandum, dated as of June 11, 2012, and we acknowledge that
(i) the Issuer of the Series A CP Notes is Piper Jaffray & Co., (ii) our registered representative at Piper Jaffray & Co. in connection with this purchase is an employee of Piper Jaffray & Co., (ii) Piper
Jaffray & Co. will compensate our registered representative with a commission that is determined by reference to the dollar amount of the Series A CP Notes we are purchasing from you and (iii) we are aware that the relationships
referred to above pose a potential conflict of interest. 

  
 64 

 (8) We are the beneficial owner of at least $1,000,000 of the Series A CP Notes and hereby
request access to the Daily Collateral Reports pursuant to Section 3.03 of the Indenture and any other notices required under the Indenture to be sent to [mailing address]. We agree that any such reports shall be received by us as confidential
and will not be disseminated to any other person or organization. 
 We understand that this letter shall continue in effect and apply to any
purchases of the Series A CP Notes that are sold pursuant to the Offering Memorandum, dated as of June 11, 2012 and that if any of the acknowledgements, representations or agreements deemed to have been made upon each purchase of the Series A
CP Notes are no longer accurate, we shall promptly notify the addressees. 
 Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Indenture. 
  

							
	Date:	 	 	 		 	 
		 		 		 	(Name of Purchaser)

  

			
	By:	 	 
	 Printed
	 	
	 Name:
	 	 
	 Title:
	 	 
	
	 Mailing Address of Purchaser:

  
 65 

 EXHIBIT C—FORM OF NOTICE OF EXCLUSIVE CONTROL 

 

	The	Bank of New York Mellon 

	One	Wall Street, New York 

	New	York, New York 10286 

	Attention:	Broker Dealer Services 

  

	 	Re:	Piper Jaffray & Co. Series a CP Notes 

 We hereby instruct you pursuant to Section 5.04 (a) of the Second Amended and Restated Indenture, dated as of June 11, 2012 (as supplemented or amended, the “Indenture”), between
Piper Jaffray & Co., as Issuer, and The Bank of New York Mellon, as indenture trustee, and Article III, Section 5 of the Amended and Restated Collateral Account Control Agreement, dated as of June 11, 2012 (as supplemented or
amended, the “Control Agreement”) among the undersigned, as Securities Intermediary and Secured Party and Piper Jaffray & Co., as Pledgor, that (i) an uncured Event of Default has occurred and is continuing under
Section 5.01 of the Indenture, (ii) you (A) shall not follow any instructions or entitlement orders of Pledgor with respect to the Collateral or the Collateral Account held by you for Pledgor, and (B) unless and until otherwise
expressly instructed by the undersigned, shall exclusively follow the entitlement orders and instructions of the undersigned with respect to the Collateral or the Collateral Account. 

 

			
	 Very truly yours,
 The Bank of New York Mellon, not in its individual
     capacity but solely as Indenture Trustee

		
	 By:
	 	 
	Authorized Signatory

  
 66 

 EXHIBIT D—FORM OF ISSUANCE NOTICE 

The Bank of New York Mellon 
 101 Barclay Street,
Floor 7W 
 New York, New York 10286 

	Attention:	Corporate Trust Administration 

Dealing and Trading 
  

	 	Re:	Piper Jaffray & Co.— Series A CP Notes $300,000,000 

 The undersigned, an Authorized Representative of Piper Jaffray & Co., does hereby request The Bank of New York Mellon , as Issuing Agent under the Second Amended and Restated Indenture, dated as
of June 11, 2012 (as supplemented or amended, the “Indenture”), between Piper Jaffray & Co., as Issuer, and The Bank of New York Mellon, as Indenture Trustee, Issuing Agent and Paying Agent, to issue pursuant to
Section 2.14 of the Indenture, Series A CP Notes as follows: 
 Unless otherwise defined herein, capitalized terms used in
this request shall have the meanings assigned to them in the Indenture and the Amended and Restated Collateral Account Control Agreement, dated as of June 11, 2012, by and between the Issuer, as Pledgor, and The Bank of New York Mellon, as
Securities Intermediary and the Indenture Trustee, as Secured Party. 
 Date of
Issuance:                         
  

			
	Type of Transaction :	  	(should specify either Free Delivery or Delivery vs. Payment)

 DTC Participant# 

Type of Series A CP Note : [Sold at a discount to the face] or [Interest paying on each Interest Payment Date]. 

For Interest Paying: 
  

					
	 Maturity Date
	 	 Principal Amount
	 	 Interest Rate

For Discount: 
  

					
	 Maturity Date
	 	 Principal Amount
	 	 Discount Rate

  
 67 

 You are requested to increase the principal amount of the Series A CP Notes Outstanding on
your Master Note Records to the aggregate principal amount of $            . 
 Pursuant to Section 2.14 of the Indenture, the undersigned hereby certifies that: 
 (i) After the issuance of the Series A CP Notes as hereby requested, and the retirement of any Series A CP Notes maturing concurrently with the issuance requested hereunder, the aggregate principal amount
of the Series A CP Notes will not exceed $300,000,000; 
 (ii) The term to Maturity of the Series A CP Notes as hereby requested
is not less than 27 days and does not exceed 270 days; 
 (iii) To the actual knowledge of the Issuer, no Event of Default has
occurred and is now continuing; 
 (iv) Each representation, warranty and covenant of the Issuer contained in the Indenture is
satisfied as of the date hereof, and 
 (v) After the issuance of the Series A CP Notes as hereby requested, and the retirement
of any Series A CP Notes maturing concurrently with the issuance requested hereunder, there is no Margin Value Deficiency (i.e., the aggregate Series A CP Note Principal Outstanding immediately after the requested issuance shall not exceed the
Margin Value). 
 Dated:
                         
 Piper Jaffray & Co. 
  

			
		
	 By:
	 	 
	 Authorized Representative

  
 68 

 EXHIBIT E—FORM OF DAILY COLLATERAL REPORT 

 

																													
	 Security
Number
	 	 Type
	 	 Security
Description
	 	 Maturity
Date
	 	 Coupon
	 	 Price
	 	 Factor
	 	 Moody
	 	 S&P
	 	 Issuer
	 	 Par
Amount
	 	 Accrued
Interest
	 	 Market
Value
	 	
Market
Value of
Eligible
Collateral
	 	 Margin
Value

 EXHIBIT F—FORM OF COLLATERAL ACCOUNT CONTROL AGREEMENT 

SECOND AMENDED AND RESTATED 
 COLLATERAL ACCOUNT CONTROL AGREEMENT 
 AMENDED AND RESTATED AGREEMENT,
dated as of June 11, 2012 among Piper Jaffray & Co. (“Pledgor”), The Bank of New York Mellon, as Indenture Trustee (“Secured Party”) and The Bank of New York Mellon (“Securities Intermediary”). 

W I T N E S S E T H : 
 WHEREAS, Pledgor, Secured Party and Securities Intermediary originally entered into that certain Collateral Account Control Agreement dated as of December 28, 2009 and amended and restated as of
March 23, 2010 (the “March 23, 2010 Collateral Account Control Agreement”) pursuant to which Securities Intermediary agreed to act on behalf of Secured Party and Pledgor in respect of collateral delivered to Securities Intermediary by
Pledgor for the benefit of the Secured Party; and 
 WHEREAS, Secured Party and Pledgor originally entered into that certain
Indenture dated as of December 28, 2009 and amended and restated as of March 23, 2010 (the “March 23, 2010 Indenture”) pursuant to which Pledgor agreed to pledge to Secured Party for the benefit of the Series A CP Noteholders (as
defined below) pursuant to the March 23, 2010 Indenture the Collateral (as defined below) in order to secure the repayment of Pledgor’s obligations to the Series A CP Noteholders; and 

WHEREAS, Secured Party and Pledgor have entered into the Second Amended and Restated Indenture dated as of June 11, 2012 (the
“Second Amended and Restated Indenture”) pursuant to which the terms of the March 23, 2010 Indenture have been amended and restated; and 
 WHEREAS, Pledgor, Secured Party and Securities Intermediary wish to amend and restate the March 23, 2010 Collateral Account Control Agreement as set forth herein. 

NOW THEREFORE, in consideration of the mutual promises set forth hereafter, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 Whenever used in this Agreement, the following words shall have the meanings set forth below: 
 1. “Account” shall mean a custodial account established and maintained pursuant to this Agreement in which Collateral shall be deposited by Pledgor and pledged to Secured Party and any
demand deposit account established and maintained in connection therewith. 
 2. “Authorized Person” shall be
any person, whether or not an officer or employee of Secured Party or Pledgor, duly authorized by Secured Party or Pledgor, respectively, to give Oral and/or Written Instructions on behalf of Secured Party or Pledgor, respectively, such persons to
be designated in a Certificate of Authorized Persons (attached hereto as Schedule II) which contains a specimen signature of such person. 
 3. “Business Day” shall mean any day on which Securities Intermediary and the appropriate Depositories are open for business. 

4. “Collateral” shall mean the investment property and all proceeds thereof held in the Account. 

 5. “Daily Collateral Report” shall mean a report in a form as agreed
between the Indenture Trustee and the Pledgor, containing the information required in Exhibit E to the Indenture. 
 6.
“Depository” shall mean the Treasury/Reserve Automated Debt Entry System maintained at The Federal Reserve Bank of New York for receiving and delivering securities, The Depository Trust Company and any other clearing corporation within
the meaning of Section 8-102 of the UCC or otherwise authorized to act as a securities depository or clearing agency, and their respective successors and nominees. 
 7. “Eligible Collateral” shall mean cash, and the types of securities designated as Eligible Collateral on Schedule I attached hereto. 

8. “Indenture” shall mean the Second Amended and Restated Indenture (as amended, supplemented or restated from time to
time). 
 9. “Indenture Trustee” shall mean the Secured Party, as indenture trustee under the Indenture.

 10. “Margin Percentage” shall mean the percentage indicated on Schedule I with respect to specific types of
Eligible Collateral, as Schedule I may be amended from time to time. 
 11. “Margin Value” shall mean the amount
obtained by dividing the Market Value of the Collateral by the applicable Margin Percentage. 
 12. “Market Value of
Eligible Collateral” shall mean, with respect to each type of security constituting Eligible Collateral, the sum of (i) the market value of each such security in the Account based on the most recently available closing bid price for
each such security as made available to Securities Intermediary by a recognized pricing service selected by Securities Intermediary; provided however, that if such service does not report a closing bid price for a particular security, the market
value shall be as determined by Securities Intermediary in its sole discretion based on information furnished to Securities Intermediary by one or more brokers or dealers in such security, and (ii) accrued interest on each such security (to the
extent not reflected in such market value). 
 13. “Obligation Amount” shall mean as of any Business Day, the
principal amount of the Series A CP Notes outstanding pursuant to the Indenture. 
 14. “Notice of Exclusive
Control” shall mean a written notice given by Secured Party to Securities Intermediary that Secured Party is exercising sole and exclusive control of the Collateral. 
 15. “Oral Instructions” shall mean verbal instructions received by Securities Intermediary. 
 16. “Series A CP Notes” shall mean the Issuer’s senior, secured, commercial paper notes issued pursuant to the Indenture. 

17. “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York. 

18. “Written Instructions” shall mean written communications received by Securities Intermediary via S.W.I.F.T., tested
telex, letter, facsimile transmission, or other method or system specified by Securities Intermediary as available for use in connection with this Agreement. 
 The terms “entitlement holder”, “entitlement order”, “financial asset”, “investment property”, “proceeds”,
“security”, “security entitlement” and “securities intermediary” shall have the meanings set forth in Articles 8 and 9 of the UCC. All times set forth herein shall be New York City time unless
otherwise noted. 

  
 3 

 ARTICLE II 
 APPOINTMENT AND STATUS OF SECURITIES INTERMEDIARY; 
 ACCOUNT

 1. Appointment; Identification of Collateral. (a) Secured Party and Pledgor each hereby appoints Securities
Intermediary to perform its duties as hereinafter set forth and authorizes Securities Intermediary to hold Collateral in the Account in registered form in its name or the name of its nominees. Securities Intermediary hereby accepts such appointment
and agrees to establish and maintain the Account and appropriate records identifying the Collateral in the Account as pledged by Pledgor to Secured Party. Pledgor hereby authorizes Securities Intermediary to comply with all Oral and Written
Instructions, including entitlement orders, originated by Secured Party with respect to the Collateral in accordance with this Agreement and the Indenture without further consent or direction from Pledgor or any other party. 

2. Status of Securities Intermediary. The parties agree that Securities Intermediary is a securities intermediary, and intend that
all securities held in the Account shall be treated as financial assets. This Agreement is intended by Secured Party and Pledgor to grant “control” of the Account to the Secured Party for purposes of perfection of Secured Party’s
security interest in the Collateral (granted pursuant to the Indenture) pursuant to Article 8 and Article 9 of the UCC, and Securities Intermediary hereby acknowledges that it has been advised of Pledgor’s grant to the Secured Party of a
security interest in the Account. Securities Intermediary makes no representation or warranties with respect to the creation or enforceability of any security interest in the Account or the Collateral. 

3. Use of Depositories. Secured Party and Pledgor hereby authorize Securities Intermediary to utilize Depositories to the extent
possible in connection with its performance hereunder. Collateral held by Securities Intermediary in a Depository will be held subject to the rules, terms and conditions of such Depository. Where Collateral is held in a Depository, Securities
Intermediary shall identify on its records as belonging to Pledgor and pledged to Secured Party a quantity of securities as part of a fungible bulk of securities held in Securities Intermediary’s account at such Depository. Securities deposited
in a Depository will be represented in accounts which include only assets held by Securities Intermediary for its customers. 

ARTICLE III 

COLLATERAL SERVICES 
 1. Obligation Amount; Collateral Eligibility. On each Business Day, Secured Party shall provide Written Instructions (which may be by Bank of New York Mellon internal email) to Securities
Intermediary on or before the opening of business on such Business Day, indicating the Obligation Amount adjusted to remove any Series A CP Notes maturing or being redeemed on such Business Day for which payment has been received (separately
identifying the amount of Series A CP Notes being issued on such Business Day, if any) with a copy to Pledgor and Pledgor agrees, on the same Business Day, to deliver or cause to be delivered to Securities Intermediary for deposit in the Account
Eligible Collateral whose Margin Value is an amount not less than the Obligation Amount as described in Section 2 below. Securities Intermediary shall determine that the Collateral to be transferred to the Account constitutes Eligible
Collateral and verify that the Margin Value of the Eligible Collateral is not less than the Obligation Amount. Securities which do not constitute Eligible Collateral shall not be transferred to the Account. 

2. Marks to Market. Securities Intermediary shall mark-to-market the value of the Eligible Collateral in accordance with the
following provisions. 

  
 4 

 (a) If at the opening of any Business Day other than a Business Day on which Series A CP
Notes are being issued, the Margin Value of Eligible Collateral is less than the Obligation Amount, Securities Intermediary shall provide notice of such shortfall to the Pledgor and to the Secured Party by 1:00 p.m. Pledgor agrees to deliver to
Securities Intermediary for deposit in the Account upon such notice and on or before 3:30 p.m., additional Eligible Collateral (“Additional Collateral”) in an amount such that the Margin Value of Eligible Collateral, including such
Additional Collateral, equals or exceeds the Obligation Amount. 
 (b) On any Business Day on which Series A CP Notes are being
issued, Pledgor agrees to deliver to Securities Intermediary for deposit in the Account on or before 12:00 noon, Additional Collateral in an amount at least equal to the amount of the Series A CP Notes to be issued that Business Day and shall by no
later than 12:00 noon cure any Collateral deficiency identified by Securities Intermediary. If Pledgor has failed to deliver sufficient Eligible Collateral to meet or exceed the Obligation Amount as adjusted to reflect the additional amount of
Series A CP Notes being issued that day (taking into account any maturities and redemptions on that day for which payment has been received), Securities Intermediary shall notify the Secured Party and Pledgor by 1:00 p.m. and the additional Series A
CP Notes scheduled to close on such Business Day will not be issued. 
 (c) Securities Intermediary shall determine that all
Additional Collateral to be transferred to the Account constitutes Eligible Collateral. Any Additional Collateral which does not constitute Eligible Collateral shall not be transferred to the Account. If after the close of trading on any Business
Day the Margin Value of Eligible Collateral is greater than the Obligation Amount, Securities Intermediary is authorized to transfer from the Account Eligible Collateral in an amount equal to such excess in accordance with Oral or Written
Instructions from Pledgor on such Business Day. 
 3. Substitutions. Until Securities Intermediary receives a Notice of
Exclusive Control from Secured Party, and other than during such times as Securities Intermediary may advise that substitutions are not permissible, Securities Intermediary is authorized to act upon any Oral or Written Instructions from Pledgor to
substitute other Eligible Collateral for any Collateral then held in the Account, provided that the Margin Value of the Eligible Collateral in the Account after such substitution (taken together with the Eligible Collateral not substituted
hereunder) shall not be less than the Obligation Amount, provided, however, that on any Business Day on which Series A CP Notes are being issued, (x) prior to 12:00 noon the Obligation Amount shall not include the amount of Series A CP Notes
being issued on such Business Day and (y) on and after 12:00 noon no substitutions shall be permitted. Notwithstanding the foregoing sentence, Pledgor covenants that on a Business Day other than one on which Series A CP Notes are being issued
it will not substitute collateral after 3:30 p.m.; provided, however, that Securities Intermediary shall have no duty to ensure that Pledgor complies with the terms of the covenant contained in this sentence. 

4. Payment of Proceeds. Until Securities Intermediary receives a Notice of Exclusive Control, Securities Intermediary shall
transfer to Pledgor (whether by credit to Pledgor’s clearing account at Securities Intermediary or otherwise) all proceeds received by it with respect to the Collateral. Subject to Section 2 hereof and the return of any excess Collateral
as provided thereunder, after Securities Intermediary’s receipt of a Notice of Exclusive Control, Securities Intermediary shall credit to the Account all proceeds received by it with respect to the Collateral. 

5. Notice of Exclusive Control. Until Securities Intermediary receives a Notice of Exclusive Control, Securities Intermediary is
authorized to act upon Pledgor’s Oral or Written Instructions with respect to the Account and Collateral. Secured Party may, subject to the terms of the Indenture, exercise sole and exclusive control of the Account and the Collateral held
therein at any time by delivering to Securities Intermediary a Notice of Exclusive Control. Upon receipt of a Notice of Exclusive Control, and a reasonable time to put it into effect, Securities Intermediary shall, without inquiry and in reliance
upon such Notice, thereafter comply with Oral or Written Instructions (including entitlement orders) solely from Secured Party with respect to the Account. 

  
 5 

 6. Securities Clearing Agreement and Security Agreement. Pledgor agrees that any
fees, charges, expenses and other amounts owed to Securities Intermediary and incurred in connection with the performance of its duties hereunder and the maintenance and operation of the Account, including as a result of the advance of any funds to
purchase or make payment on or against delivery of any investment property to be held in the Account, shall be “Losses” of the Securities Intermediary for purposes of the Securities Clearing Agreement between Pledgor and Securities
Intermediary dated December 31, 2003 (the “Securities Clearing Agreement”) (as such agreement may be amended or replaced), and such Losses shall constitute “Obligations” due to the Securities Intermediary under the Security
Agreement dated December 31, 2003 given by Pledgor to Securities Intermediary (as such agreement may be amended or replaced). 
 7. Statements. Securities Intermediary shall furnish Pledgor and Secured Party with advices of transactions affecting the Account and monthly Account statements. Each of Pledgor and Secured Party
may elect to receive advices and statements electronically through the Internet to an email address specified by it for such purpose. By electing to use the Internet for this purpose, each of Pledgor and Secured Party acknowledges that such
transmissions are not encrypted and therefore are insecure. Each of Pledgor and Secured Party further acknowledges that there are other risks inherent in communicating through the Internet such as the possibility of virus contamination and
disruptions in service, and agrees that Securities Intermediary shall not be responsible for any loss, damage or expense suffered or incurred by Pledgor, Secured Party, or any person claiming by or through Pledgor or Secured Party as a result of the
use of such methods. On each Business Day, Securities Intermediary agrees to make available to the Indenture Trustee sufficient information to enable the Indenture Trustee to cause to be prepared and delivered by email to the Pledgor the Daily
Collateral Report. 
 8. Notice of Adverse Claims. Upon receipt of written notice of any lien, encumbrance or adverse
claim against the Account or any portion of the Collateral carried therein, Securities Intermediary shall use reasonable efforts to notify Secured Party and Pledgor as promptly as practicable under the circumstances. 

ARTICLE IV 

GENERAL TERMS AND CONDITIONS 
 1. Standard of Care; Indemnification. (a) Except as otherwise expressly provided herein, Securities Intermediary shall not be liable for any costs, expenses, damages, liabilities or claims,
including attorneys’ fees (“Losses”) incurred by or asserted against Pledgor or Secured Party, except those Losses arising out of the negligence or willful misconduct of Securities Intermediary. Securities Intermediary shall have no
liability whatsoever for the action or inaction of any Depository. In no event shall Securities Intermediary be liable for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement.

 (b) Secured Party, solely in its capacity as Indenture Trustee and only to the extent of available trust assets, and Pledgor
agree, jointly and severally, to indemnify Securities Intermediary and hold Securities Intermediary harmless from and against any and all Losses sustained or incurred by or asserted against Securities Intermediary by reason of or as a result of any
action or inaction, or arising out of Securities Intermediary’s performance hereunder, including reasonable fees and expenses of counsel incurred by Securities Intermediary in a successful defense of claims by Pledgor or Secured Party;
provided, that Pledgor and Secured Party shall not indemnify Securities Intermediary for those Losses arising out of Securities Intermediary’s negligence or willful misconduct. This indemnity shall be a continuing obligation of Pledgor and
Secured Party, their respective successors and assigns, notwithstanding the termination of this Agreement. 

  
 6 

 2. No Obligation Regarding Quality of Collateral. Without limiting the generality of
the foregoing, Securities Intermediary shall be under no obligation to inquire into, and shall not be liable for, any Losses incurred by Pledgor, Secured Party or any other person as a result of the receipt or acceptance of fraudulent, forged or
invalid Collateral, or Collateral which otherwise is not freely transferable or deliverable without encumbrance in any relevant market. 
 3. No Responsibility Concerning Indenture. Pledgor and Secured Party hereby agree that, notwithstanding references to the Indenture in this Agreement, Securities Intermediary has no interest in,
and no duty, responsibility or obligation with respect to, the Indenture (including without limitation, no duty, responsibility or obligation to monitor Pledgor’s or Secured Party’s compliance with the Indenture or to know the terms of the
Indenture). 
 4. No Duty of Oversight. Securities Intermediary is not at any time under any duty to supervise the
investment of, or to advise or make any recommendation for the purchase, sale, retention or disposition of any Collateral. 
 5.
Advice of Counsel. Securities Intermediary may, with respect to questions of law, obtain the advice of counsel and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice.

 6. No Collection Obligations. Securities Intermediary shall be under no obligation to take action to collect any
amount payable on Collateral in default, or if payment is refused after due demand and presentment. 
 7. Fees and
Expenses. Pledgor agrees to pay to Securities Intermediary the fees as may be agreed upon from time to time. Pledgor shall reimburse Securities Intermediary for all costs associated with transfers of Collateral to Securities Intermediary and
records kept in connection with this Agreement. Pledgor shall also reimburse Securities Intermediary for out-of-pocket expenses which are a normal incident of the services provided hereunder. 

8. Effectiveness of Instructions; Reliance; Risk Acknowledgements; Additional Terms. (a) Subject to the terms below,
Securities Intermediary shall be entitled to rely upon any Written or Oral Instructions actually received by Securities Intermediary and reasonably believed by Securities Intermediary to be duly authorized and delivered. Secured Party and Pledgor
each agrees (i) to forward to Securities Intermediary Written Instructions confirming its Oral Instructions by the close of business of the same day that such Oral Instructions are given to Securities Intermediary, and (ii) the fact that
such confirming Written Instructions are not received or that contrary Written Instructions are received by Securities Intermediary shall in no way affect the validity or enforceability of transactions authorized and effected by Securities
Intermediary pursuant to its Oral Instructions. 
 (b) If Securities Intermediary receives Written Instructions which appear on
their face to have been transmitted by an Authorized Person via (i) computer facsimile, email, the Internet or other insecure electronic method, or (ii) secure electronic transmission containing applicable authorization codes, passwords
and/or authentication keys, Secured Party and Pledgor each understands and agrees that Securities Intermediary cannot determine the identity of the actual sender of such Written Instructions and that Securities Intermediary shall conclusively
presume that such Written Instructions have been sent by an Authorized Person. Secured Party and Pledgor shall be responsible for ensuring that only its Authorized Persons transmit such Written Instructions to Securities Intermediary and that all of
its Authorized Persons treat applicable user and authorization codes, passwords and/or authentication keys with extreme care. 

  
 7 

 (c) Secured Party and Pledgor each acknowledges and agrees that it is fully informed of the
protections and risks associated with the various methods of transmitting Written Instructions to Securities Intermediary and that there may be more secure methods of transmitting Written Instructions than the method(s) selected by it. Secured Party
and Pledgor each agrees that the security procedures (if any) to be followed in connection with its transmission of Written Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

 (d) If Secured Party or Pledgor elects to transmit Written Instructions through an on-line communication system offered by
Securities Intermediary, its use thereof shall be subject to the Terms and Conditions attached hereto as Appendix I. If Secured Party or Pledgor elects (with Securities Intermediary’s prior consent) to transmit Written Instructions through an
on-line communications service owned or operated by a third party, it agrees that Securities Intermediary shall not be responsible or liable for the reliability or availability of any such service. 

9. Inspection. Upon reasonable request and provided Securities Intermediary shall suffer no significant disruption of its normal
activities, Secured Party or Pledgor shall have access to Securities Intermediary’s books and records relating to the Account during Securities Intermediary’s normal business hours. Upon reasonable request, copies of any such books and
records shall be provided to Secured Party or Pledgor at its expense. 
 10. Account Disclosure. Securities Intermediary
is authorized to supply any information regarding the Account which is required by any law or governmental regulation now or hereafter in effect and, to the extent permitted by law, agrees to provide notice of any such information request to
Pledgor. Notwithstanding the foregoing, Securities Intermediary may freely disclose Secured Party’s or Pledgor’s name, address, securities position and other information to the extent required by the rules of any stock exchange or
regulatory or self-regulatory organization or any order or decree of any court or administrative body that is binding on Securities Intermediary or any Depository or the terms of the organizational documents of the issuer of any Security or the
terms of any Security itself. 
 11. Force Majeure. Securities Intermediary shall not be responsible or liable for any
failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods;
wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority;
governmental actions; inability to obtain labor, material, equipment or transportation. 
 12. Pricing Services.
Securities Intermediary is authorized to utilize any generally recognized pricing information service (including brokers and dealers of securities) in order to perform its valuation responsibilities hereunder, and Secured Party and Pledgor agree
that Securities Intermediary shall not be liable for any loss, damage or expense (including attorney’s fees) incurred as a result of errors or omissions of any such pricing information service, broker or dealer. 

13. No Implied Duties. Securities Intermediary shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement, and no covenant or obligation shall be implied against Securities Intermediary in connection with this Agreement. 

  
 8 

 ARTICLE V 
 MISCELLANEOUS 
 1. Termination. This Agreement shall terminate upon
(a) Securities Intermediary’s receipt of Written Instructions from Secured Party expressly stating that Secured Party no longer claims any security interest in the Collateral and Securities Intermediary’s subsequent transfer of the
Collateral from the Account pursuant to Pledgor’s Written Instructions, (b) transfer of the Collateral to Secured Party subsequent to Securities Intermediary’s receipt of a Notice of Exclusive Control, or (c) by any party upon
not less than ninety (90) days prior written notice of termination to the other parties, provided that termination pursuant to (c) above shall not affect or terminate Secured Party’s security interest in the Collateral. Upon
termination pursuant to (c) above, Securities Intermediary shall follow all reasonable joint Written Instructions of Secured Party and Pledgor concerning the transfer of Collateral. Except as otherwise provided herein, all obligations of the
parties to each other hereunder shall cease upon termination of this Agreement. 
 2. Certificates of Authorized Persons.
Secured Party and Pledgor agree to furnish to Securities Intermediary a new Certificate of Authorized Persons in the event of any change in the then present Authorized Persons. Until such new Certificate is received, Securities Intermediary shall be
fully protected in acting upon Written Instructions of such present Authorized Persons. 
 3. Notices. (a) Any
notice or other instrument in writing, authorized or required by this Agreement to be given to Securities Intermediary, shall be sufficiently given if addressed to Securities Intermediary and received by it at its offices at One Wall Street, New
York, New York 10286, or at such other place as Securities Intermediary may from time to time designate in writing. 
 (b) Any
notice or other instrument in writing, authorized or required by this Agreement to be given to Secured Party shall be sufficiently given if addressed to Secured Party and received by it at its offices at 101 Barclay Street, 7W New York, NY 10286,
Attention: Corporate Trust Administration, Dealing & Trading or at such other place as Secured Party may from time to time designate in writing. 
 (c) Any notice or other instrument in writing, authorized or required by this Agreement to be given to Pledgor shall be sufficiently given if addressed to Pledgor and received by it at its offices at
Piper Jaffray & Co., 800 Nicollet Mall, Minneapolis, MN 55402; Attention: Treasury Department or at such other place as Pledgor may from time to time designate in writing. 

4. Cumulative Rights; No Waiver. Each and every right granted to Securities Intermediary hereunder or under any other document
delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of Securities Intermediary to exercise, and no delay in exercising, any right will
operate as a waiver thereof, nor will any single or partial exercise by Securities Intermediary of any right preclude any other future exercise thereof or the exercise of any other right. 

5. Severability; Amendments; Assignment. In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written agreement executed by
the parties hereto. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by any party without the written consent of
the other parties. 
 6. Governing Law; Jurisdiction; Waiver of Immunity; Jury Trial Waiver. This Agreement and the
Account shall be governed by and construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The State of New York shall be deemed to be the location of the Securities
Intermediary. Secured Party, Pledgor and Securities Intermediary hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. To the extent that in any
jurisdiction Secured Party or Pledgor may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, Secured Party and Pledgor each irrevocably agrees
not to claim, and hereby waives, such immunity. Secured Party, Pledgor and Securities Intermediary each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

  
 9 

 7. No Third Party Beneficiaries. In performing hereunder, Securities Intermediary is
acting solely on behalf of Secured Party and Pledgor and no contractual or service relationship shall be deemed to be established hereby between Securities Intermediary and any other person. 

8. Headings. Section headings are included in this Agreement for convenience only and shall have no substantive effect on its
interpretation. 
 9. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but such counterparts shall, together, constitute only one instrument. 
 10. USA PATRIOT ACT.
Pledgor and Secured Party hereby acknowledge that Securities Intermediary is subject to federal laws, including the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which
Securities Intermediary must obtain, verify and record information that allows Securities Intermediary to identify each of Pledgor and Secured Party. Accordingly, prior to opening an Account hereunder Securities Intermediary will ask Pledgor and/or
Secured Party to provide certain information including, but not limited to, Pledgor’s and/or Secured Party’s name, physical address, tax identification number and other information that will help Securities Intermediary to identify and
verify each of Pledgor’s and Secured Party’s identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. 

IN WITNESS WHEREOF, Secured Party, Pledgor and Securities Intermediary have caused this Agreement to be executed by their
respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	 THE BANK OF NEW YORK MELLON, not in its

individual capacity but solely as Indenture Trustee

		
	 By:
	 	 
	 Title:
	 	
	
	PIPER JAFFRAY & CO.
		
	 By:
	 	 
	 Title:
	 	
	
	THE BANK OF NEW YORK MELLON, as Securities Intermediary
		
	 By:
	 	 
	 Title:
	 	

  
 10 

 SCHEDULE I 
 ELIGIBLE COLLATERAL 
  

							
	Eligible Collateral:	 		 	Margin Percentage
				
	Dated:
                                         
                   	 		 		 	 
				
		 		 	By	 	 
		 		 	Title:	 	
				
		 		 		 	 
				
		 		 	By	 	 
		 		 	Title:	 	

  

			
	ACCEPTED:
	
	 THE BANK OF NEW YORK MELLON

		
	 By
	 	 
	 Title:
	 	

 SCHEDULE II 
 AUTHORIZED PERSONS 
 The following individuals have been designated as
Authorized Persons of Secured Party and Pledgor, respectively, in connection with the Second Amended and Restated Collateral Account Control Agreement dated as of             .

 SECURED PARTY 
  

					
	Name	  	 	  	Signature
			
	  	  	 	  	  
			
	  	  	 	  	  
			
	  	  	 	  	  
			
	  	  	 	  	  

 PLEDGOR 

 

					
	Name	  	 	  	Signature
			
	  	  	 	  	  
			
	  	  	 	  	  
			
	  	  	 	  	  
			
	  	  	 	  	  

 APPENDIX I 
 ELECTRONIC SERVICES TERMS AND CONDITIONS 
 1.
License; Use. (a) This Appendix I shall govern Customer’s use of electronic communications, information delivery, portfolio management and banking services, that The Bank of New York Mellon and its affiliates (“BNYM”) may
provide to Customer, such as The Bank of New York Mellon Inform TM and The Bank of New York Mellon CA$H-Register
Plus®, and any computer software, proprietary data and documentation provided by BNYM to Customer in connection
therewith (collectively, the “Electronic Services”). In the event of any conflict between the terms of this Appendix I and the main body of this Agreement with respect to Customer’s use of the Electronic Services, the terms of
this Appendix I shall control. 
 (b) BNYM grants to Customer a personal, nontransferable and nonexclusive license to use the
Electronic Services to which Customer subscribes solely for the purpose of transmitting instructions and information (“Written Instructions”), obtaining reports, analyses and statements and other information and data, making inquiries and
otherwise communicating with BNYM in connection with the Customer’s relationship with BNYM. Customer shall use the Electronic Services solely for its own internal and proper business purposes and not in the operation of a service bureau. Except
as set forth herein, no license or right of any kind is granted to Customer with respect to the Electronic Services. Customer acknowledges that BNYM and its suppliers retain and have title and exclusive proprietary rights to the Electronic Services,
including any trade secrets or other ideas, concepts, know-how, methodologies, and information incorporated therein and the exclusive rights to any copyrights, trade dress, look and feel, trademarks and patents (including registrations and
applications for registration of either), and other legal protections available in respect thereof. Customer further acknowledges that all or a part of the Electronic Services may be copyrighted or trademarked (or a registration or claim made
therefor) by BNYM or its suppliers. Customer shall not take any action with respect to the Electronic Services inconsistent with the foregoing acknowledgments, nor shall Customer attempt to decompile, reverse engineer or modify the Electronic
Services. Customer may not copy, distribute, sell, lease or provide, directly or indirectly, the Electronic Services or any portion thereof to any other person or entity without BNYM’s prior written consent. Customer may not remove any
statutory copyright notice or other notice included in the Electronic Services. Customer shall reproduce any such notice on any reproduction of any portion of the Electronic Services and shall add any statutory copyright notice or other notice upon
BNYM’s request. 
 (c) Portions of the Electronic Services may contain, deliver or rely on data supplied by third parties
(“Third Party Data”), such as pricing data and indicative data, and services supplied by third parties (“Third Party Services”) such as analytic and accounting services. Third Party Data and Third Party Services supplied
hereunder are obtained from sources that BNYM believes to be reliable but are provided without any independent investigation by BNYM. BNYM and its suppliers do not represent or warrant that the Third Party Data or Third Party Services are correct,
complete or current. Third Party Data and Third Party Services are proprietary to their suppliers, are provided solely for Customer’s internal use, and may not be reused, disseminated or redistributed in any form. Customer shall not use any
Third Party Data in any manner that would act as a substitute for obtaining a license for the data directly from the supplier. Third Party Data and Third Party Services should not be used in making any investment decision. BNYM AND ITS SUPPLIERS ARE
NOT RESPONSIBLE FOR ANY RESULTS OBTAINED FROM THE USE OF OR RELIANCE UPON THIRD PARTY DATA OR THIRD PARTY SERVICES. BNYM’s suppliers of Third Party Data and Services are intended third party beneficiaries of this Section 1(c) and
Section 5 below. 
 (d) Customer understands and agrees that any links in the Electronic Services to Internet sites may be
to sites sponsored and maintained by third parties. BNYM make no guarantees, representations or warranties concerning the information contained in any third party site (including without limitation that such information is correct, current, complete
or free of viruses or other contamination), or any products or services sold through third party sites. All such links to third party Internet sites are provided solely as a convenience to Customer and Customer accesses and uses such sites at its
own risk. A link in the Electronic Services to a third party site does not constitute BNYM’s endorsement, authorisation or sponsorship of such site or any products and services available from such site. 

2. Equipment. Customer shall obtain and maintain at its own cost and expense all equipment and services, including but not limited
to communications services, necessary for it to utilize and obtain access to the Electronic Services, and BNYM shall not be responsible for the reliability or availability of any such equipment or services. 

3. Proprietary Information. The Electronic Services, and any proprietary data (including Third Party Data), processes, software,
information and documentation made available to Customer (other than which are or become part of the public domain or are legally required to be made available to the public) (collectively, the “Information”), are the exclusive and
confidential property of BNYM or its suppliers. However, for the avoidance of doubt, reports generated by Customer containing information relating to its account(s) (except for Third Party Data contained therein) are not deemed to be within the
meaning of the term “Information.” Customer shall keep the Information confidential by using the same care and discretion that Customer uses with respect to its own confidential property and trade secrets, but not less than reasonable
care. Upon termination of the Agreement or the licenses granted herein for any reason, Customer shall return to BNYM any and all copies of the Information which are in its possession or under its control (except that Customer may retain reports
containing Third Party Data, provided that such Third Party Data remains subject to the provisions of this Appendix). The provisions of this Section 3 shall not affect the copyright status of any of the Information which may be copyrighted and
shall apply to all information whether or not copyrighted. 
 4. Modifications. BNYM reserves the right to modify the
Electronic Services from time to time. Customer agrees not to modify or attempt to modify the Electronic Services without BNYM’s prior written consent. Customer acknowledges that any modifications to the Electronic Services, whether by Customer
or BNYM and whether with or without BNYM’s consent, shall become the property of BNYM. 
 5. NO REPRESENTATIONS OR
WARRANTIES; LIMITATION OF LIABILITY. BNYM AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE ELECTRONIC SERVICES OR ANY THIRD PARTY DATA OR THIRD PARTY SERVICES, EXPRESS OR IMPLIED, IN FACT OR IN LAW,
INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE. CUSTOMER ACKNOWLEDGES THAT THE ELECTRONIC SERVICES, THIRD PARTY DATA AND THIRD

 
PARTY SERVICES ARE PROVIDED “AS IS.” TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BNYM OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT
SPECIAL, OR CONSEQUENTIAL, WHICH CUSTOMER MAY INCUR IN CONNECTION WITH THE ELECTRONIC SERVICES, THIRD PARTY DATA OR THIRD PARTY SERVICES, EVEN IF BNYM OR SUCH SUPPLIER KNEW OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL BNYM OR ANY SUPPLIER
BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE CONTROL. 

6. Security; Reliance; Unauthorized Use; Funds Transfers. BNYM will establish security procedures to be followed in connection with
the use of the Electronic Services, and Customer agrees to comply with the security procedures. Customer understands and agrees that the security procedures are intended to determine whether instructions received by BNYM through the Electronic
Services are authorized but are not (unless otherwise specified in writing) intended to detect any errors contained in such instructions. Customer will cause all persons utilizing the Electronic Services to treat any user and authorization codes,
passwords, authentication keys and other security devices with the highest degree of care and confidentiality. Upon termination of Customer’s use of the Electronic Services, Customer shall return to BNYM any security devices (e.g., token cards)
provided by BNYM. BNYM is hereby irrevocably authorized to comply with and rely upon on Written Instructions and other communications, whether or not authorized, received by it through the Electronic Services. Customer acknowledges that it has sole
responsibility for ensuring that only Authorized Persons use the Electronic Services and that to the fullest extent permitted by applicable law BNYM shall not be responsible nor liable for any unauthorized use thereof or for any losses sustained by
Customer arising from or in connection with the use of the Electronic Services or BNYM’s reliance upon and compliance with Written Instructions and other communications received through the Electronic Services. With respect to instructions for
a transfer of funds issued through the Electronic Services, when instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number), the BNYM, its affiliates, and any other bank
participating in the funds transfer, may rely solely on the unique identifier, even if it identifies a party different than the party named. Such reliance on a unique identifier shall apply to beneficiaries named in such instructions as well as any
financial institution which is designated in such instructions to act as an intermediary in a funds transfer. It is understood and agreed that unless otherwise specifically provided herein, and to the extent permitted by applicable law, the parties
hereto shall be bound by the rules of any funds transfer system utilized to effect a funds transfer hereunder. 
 7.
Acknowledgments. BNYM shall acknowledge through the Electronic Services its receipt of each Written Instruction communicated through the Electronic Services, and in the absence of such acknowledgment BNYM shall not be liable for any failure
to act in accordance with such Written Instruction and Customer may not claim that such Written Instruction was received by BNYM. BNYM may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete
or are not received by BNYM in sufficient time for BNYM to act upon, or in accordance with such instructions or communications. 

8. Viruses. Customer agrees to use reasonable efforts to prevent the transmission through the Electronic Services of any software
or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper working of the Electronic Services. 

9. Encryption. Customer acknowledges and agrees that encryption may not be available for every communication through the
Electronic Services, or for all data. Customer agrees that BNYM may deactivate any encryption features at any time, without notice or liability to Customer, for the purpose of maintaining, repairing or troubleshooting its systems. 

10. On-Line Inquiry and Modification of Records. In connection with Customer’s use of the Electronic Services, BNYM may, at
Customer’s request, permit Customer to enter data directly into a BNYM database for the purpose of modifying certain information maintained by BNYM’s systems, including, but not limited to, change of address information. To the extent that
Customer is granted such access, Customer agrees to indemnify and hold BNYM harmless from all loss, liability, cost, damage and expense (including attorney’s fees and expenses) to which BNYM may be subjected or which may be incurred in
connection with any claim which may arise out of or as a result of changes to BNYM database records initiated by Customer. 
 11. Agents.
Customer may, on advance written notice to the BNYM, permit its agents and contractors (“Agents”) to access and use the Electronic Services on Customer’s behalf, except that the BNYM reserves the right to prohibit Customer’s use
of any particular Agent for any reason. Customer shall require its Agent(s) to agree in writing to be bound by the terms of the Agreement, and Customer shall be liable and responsible for any act or omission of such Agent in the same manner, and to
the same extent, as though such act or omission were that of Customer. Each submission of a Written Instruction or other communication by the Agent through the Electronic Services shall constitute a representation and warranty by the Customer that
the Agent continues to be duly authorized by the Customer to so act on its behalf and the BNYM may rely on the representations and warranties made herein in complying with such Written Instruction or communication. Any Written Instruction or other
communication through the Electronic Services by an Agent shall be deemed that of Customer, and Customer shall be bound thereby whether or not authorized. Customer may, subject to the terms of this Agreement and upon advance written notice to the
Bank, provide a copy of the Electronic Service user manuals to its Agent if the Agent requires such copies to use the Electronic Services on Customer’s behalf. Upon cessation of any such Agent’s services, Customer shall promptly terminate
such Agent’s access to the Electronic Services, retrieve from the Agent any copies of the manuals and destroy them, and retrieve from the Agent any token cards or other security devices provided by BNYM and return them to BNYM. 

  
 2Form of Performance Share Unit Agreement

 Exhibit 10.1 
 PIPER JAFFRAY COMPANIES 
 AMENDED AND RESTATED 

2003 ANNUAL AND LONG-TERM INCENTIVE PLAN 
 PERFORMANCE SHARE UNIT AGREEMENT 
  

			
	Name of Employee:
	No. of Performance Share Units Covered:	  	Date of Issuance:

 This is a Performance Share Unit Agreement (“Agreement”) between Piper Jaffray Companies, a
Delaware corporation (the “Company”), and the above-named employee of the Company (the “Employee”). 

Recitals 
 WHEREAS, the Company maintains the Piper Jaffray Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan, as amended from time to time (the “Plan”); 

WHEREAS, the Board of Directors of the Company has delegated to the Compensation Committee (the “Committee”) the authority to
determine the awards to be granted under the Plan; and 
 WHEREAS, the Committee or its delegee has determined that the Employee
is eligible to receive an award under the Plan in the form of performance share units and has set the terms thereof; 
 NOW,
THEREFORE, the Company hereby grants this award to the Employee under the terms set by the Committee as follows. 
 Terms
and Conditions* 
 1. Grant of Performance Share Units. 

(a) Subject to the terms and conditions of this Agreement, the Company has granted to the Employee the number of Performance Share Units
specified at the beginning of this Agreement. These Performance Share Units are subject to the terms and conditions of this Agreement and are referred to collectively as the “Performance Share Units” and each as a “Performance Share
Unit.” 
  
  

	*	Unless the context indicates otherwise, terms that are not defined in this Agreement shall have the meaning set forth in the Plan. 

 (b) The Performance Share Units granted to the Employee shall be credited to an account in
the Employee’s name. This account shall be a record of book-keeping entries only and shall be utilized solely as a device for the measurement and determination of the number of Shares to be granted to or in respect of the Employee pursuant to
this Agreement. 
 2. Vesting. Except as provided in Section 4, the Performance Share Units will vest on the last day of the
Performance Period to the extent such Performance Share Units are earned pursuant to Section 3. 
 3. Earned Performance Share
Units. 
 (a) If the Employee remains continuously employed (including during the continuance of any leave of absence as
approved by the Company or an Affiliate) by the Company or an Affiliate, the number of the Performance Share Units that will be earned pursuant to this Section 3(a) will be determined by reference to the Company’s Total Shareholder Return
relative to the Total Shareholder Return of the Peer Group as provided in the table below: 
  

			
	 Company Total Shareholder Return Relative to Peer Group
	  	% of Performance
Share Units Earned
	 Below 50th percentile
	  	0%
	 50th percentile
	  	25%
	 75th percentile or above
	  	50%

   Note: Interpolation between points in the table above will be on a straight-line basis.

 (b) If the Employee remains continuously employed (including during the continuance of any leave of absence as approved by
the Company or an Affiliate) by the Company or an Affiliate, the number of the Performance Share Units that will be earned pursuant to this Section 3(b) will be determined by reference to the Company’s Total Shareholder Return as provided
in the table below: 
  

			
	 Company Total Shareholder Return
	  	% of Performance
Share Units Earned
	 Below 15%
	  	0%
	 15% — 24.9%
	  	12.5%
	 25% — 34.9%
	  	25%
	 35% — 39.9%
	  	37.5%
	 40% or greater
	  	50%

  
 2 

 (c) As used in this Agreement, the following terms have the meanings provided below:

 (i) “Beginning Price” with respect to a company means the average closing price of a share of common
stock of such company as reported by such company’s primary national securities market or exchange at the end of each trading day during the 60 calendar days immediately prior to the first day of the Performance Period. 

(ii) “Dividends” with respect to a company means the per share amount of each cash or stock dividend paid by
such company with respect to its common stock during the Performance Period. All such dividends will be deemed to be reinvested in such company’s common stock for purposes of calculating Total Shareholder Return hereunder. 

(iii) “End Price” with respect to a company means the average closing price of a share of common stock of such
company as reported by such company’s primary national securities market or exchange at the end of each trading day during the last 60 calendar days of the Performance Period. 

(iv) “Peer Group” means the following companies: (i) Cowen Group, Inc.; (ii) Evercore Partners Inc.;
(iii) FBR & Co.; (iv) Gleacher & Company, Inc.; (v) Jefferies Group Inc.; (vi) JMP Group Inc.; (vii) KBW, Inc.; (viii) Lazard Ltd; (ix) Oppenheimer Holdings Inc.; and (x) Stifel Financial
Corp. If, after the date of this Agreement and prior to the end of the Performance Period (A) a member of the Peer Group is acquired by a company not included in the Peer Group, then the acquired company will be removed from the Peer Group
effective as of the beginning of the Performance Period; (B) a member of the Peer Group is acquired by a company that is included in the Peer Group, then the acquired company will be removed from the Peer Group effective as of the beginning of
the Performance Period and the acquiring company (or its successor, by merger or otherwise) will remain a member of the Peer Group subject to the other terms of this Section 3(c)(iv); and (C) any member of the Peer Group ceases continuing
operations or ceases to be traded on a national securities market or exchange (other than in connection with an acquisition of such company), then such company will continue to be a member of the Peer Group and the End Price for such company will be
deemed to be zero. 
 (v) “Performance Period” means the 36-month period beginning on
May 15, 2012 and ending on May 14, 2015. 
 (vi) “Total Shareholder
Return” with respect to a company means ((End Price + Dividends)—Beginning Price) / Beginning Price. 

  
 3 

 (vii) The Beginning Price, End Price and amount of Dividends for the Company
and each company that is part of the Peer Group may be adjusted by the Committee to account for any change in capitalization such as a stock split or a corporate transaction (such as any merger, consolidation, separation, including a spin-off, or
other distribution of stock or property of such company (including any extraordinary cash or stock dividend)) in the Committee’s sole discretion. 
 (d) Notwithstanding the foregoing, if the Employee’s employment with the Company or an Affiliate terminates because of the Employee’s death or long-term disability (as defined in the
Company’s long-term disability plan, as the same may be amended hereafter, a “Disability”), then the number of Performance Share Units that will be earned will equal (i) the number of Performance Share Units that would otherwise
be earned pursuant to Sections 3(a) and 3(b) but for the Employee’s termination multiplied by (ii) a fraction, (x) the numerator of which is the number of days during the Performance Period up to and including the date of
termination of the Employee’s employment with the Company or an Affiliate and (y) the denominator of which is the total number of days in the Performance Period. 
 (e) Notwithstanding the foregoing, if the Employee’s employment by the Company or an Affiliate terminates as a result of a Severance Event (as defined in the Company’s Severance Plan, as the
same may be amended hereafter, and as determined in the sole discretion of the Company) or under such circumstances determined to constitute retirement by the Committee in its sole discretion, then the number of Performance Share Units that will be
earned will equal (i) the number of Performance Share Units that would otherwise be earned pursuant to Sections 3(a) and 3(b) but for the Employee’s termination multiplied by (ii) a fraction, (x) the numerator of which is
the number of days during the Performance Period up to and including the date of termination of the Employee’s employment with the Company or an Affiliate and (y) the denominator of which is the total number of days in the Performance
Period. 
 (f) Except as expressly provided herein, no Performance Share Units will vest based on any termination of the
Employee’s employment by the Company or an Affiliate (whether voluntary or involuntary). 
 (g) The Performance Share Units
that are earned pursuant to this Section 3 will be determined by the Committee’s certification of attainment of the applicable Performance Goal hereunder as provided in Section 5. 

4. Change in Control. If a Change in Control occurs during the Performance Period, then, notwithstanding the other terms of this Agreement
or Section 7 of the Plan: 
 (a) Each Performance Share Unit automatically will become one Share of Restricted Stock (each
a “Restricted Share” and collectively the “Restricted Shares”), and, on the closing date of the Change in Control, Company will cause its transfer agent to make a book entry in the transfer agent’s records in the name of the
Employee (unless the Employee requests a certificate evidencing the Restricted Shares). All restrictions provided 

  
 4 

 
for in this Section 4 will apply to each Restricted Share and to any other securities distributed with respect to that Restricted Share. Each Restricted Share will remain restricted and
subject to forfeiture to the Company unless and until that Restricted Share has vested in the Employee in accordance this Section 4. Each book entry (or stock certificate if requested by the Employee) evidencing any Restricted Share may contain
such notations or legends and stock transfer instructions or limitations as may be determined or authorized by the Company in its sole discretion. If a certificate evidencing any Restricted Share is requested by the Employee, the Company may, in its
sole discretion, retain custody of any such certificate throughout the period during which any restrictions are in effect and require, as a condition to issuing any such certificate, that the Employee tender to the Company a stock power duly
executed in blank relating to such custody. The Company will not be required (i) to transfer on its books any Restricted Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to
treat as owner of the Restricted Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom the Restricted Shares shall have been so transferred. 

(b) If the Change in Control is a Corporate Transaction, the Company shall arrange for the surviving entity or acquiring entity (or the
surviving or acquiring entity’s parent company) to assume or continue the Award evidenced hereby or to substitute a similar award for the Award evidenced hereby, in each case as determined by the Committee in its sole discretion. 

(c) If the Employee’s employment with the Company or an Affiliate is terminated after the closing of the Change in Control and prior
to the end of the Performance Period (i) by the Company or an Affiliate without Cause, (ii) by the Employee for Good Reason, (iii) in connection with the Employee’s death or Disability or (iv) under such circumstances
determined to constitute 
 retirement by the Committee in its sole discretion, all unvested Restricted Shares will vest on the
date of termination of the Employee’s employment with the Company or an Affiliate. 
 (d) Provided the Employee remains
continuously employed (including during the continuance of any leave of absence as approved by the Company or an Affiliate) by the Company or an Affiliate after the closing of the Change in Control through the end of the Performance Period, all
unvested Restricted Shares as of the last day of the Performance Period will vest on such date. 
 (e) For purposes of this
Agreement, 
 (i) “Good Reason” means (1) a material diminution of the Employee’s duties;
(2) a significant, adverse reduction in the Employee’s title; or (3) any relocation of the Employee’s principal place of business to a location more than a 30 mile radius from its current location; and 

  
 5 

 (ii) “Cause” means (1) the Employee’s continued failure
to substantially perform his or her duties with the Company or an Affiliate after written demand for substantial performance is delivered to the Employee; (2) the Employee’s conviction of a crime (including a misdemeanor) that, in the
Company’s determination, impairs the Employee’s ability to perform his or her duties with the Company or an Affiliate, (3) the Employee’s violation of any policy of the Company or an Affiliate that the Company deems material;
(4) the Employee’s violation of any securities law, rule or regulation that the Company deems material; (5) the Employee’s engagement in conduct that, in the Company’s determination, exposes the Company or an Affiliate to
civil or regulatory liability or injury to their reputations; (6) the Employee’s engagement in conduct that would subject the Employee to statutory disqualification pursuant to Section 15(b) of the Exchange Act and the regulations
promulgated thereunder; or (7) the Employee’s gross or willful misconduct, as determined by the Company. 
 5. Settlement.

 (a) After any Performance Share Units vest in accordance with Section 2, the Company shall cause to be issued to the
Employee, or to the Employee’s designated beneficiary or estate in the event of the Employee’s death, one Share in payment and settlement of each vested Performance Share Unit. The Committee shall certify the Total Shareholder Return of
the Company and the number of Performance Share Units (if any) that are earned pursuant to the terms and conditions hereof, and the Company shall cause the Shares issuable in connection with the vesting of any such Performance Share Units to be
issued, on or before the 15th day of the third calendar month after the date on which the vesting of Performance Share Units occurs, and the Employee shall have no power to affect the timing of such issuance. Such issuance shall be evidenced by a
stock certificate or appropriate entry on the books of the Company or a duly authorized transfer agent of the Company, shall be subject to the tax withholding provisions of Section 8, and shall be in complete settlement and satisfaction of such
vested Performance Share Units. Notwithstanding the foregoing, if the ownership of or issuance of Shares to the Employee as provided herein is not feasible due to applicable exchange controls, securities or tax laws or other provisions of applicable
law, as determined by the Committee in its sole discretion the Employee or the Employee’s legal representative shall receive cash proceeds in an amount equal to the Fair Market Value (as of the date the applicable Performance Share Units are
vested) of the Shares otherwise issuable to the Employee or the Employee’s legal representative, net of any amount required to satisfy withholding tax obligations as provided in Section 8. 

(b) Upon the vesting of any Restricted Shares, such vested Restricted Shares will no longer be subject to forfeiture as provided in
Section 6 and the Company will, or will cause its transfer agent to, remove all notations and legends and revoke all stock transfer instructions from the book entry or stock certificate evidencing the Restricted Shares so vested as may have
been made or given as a result of the terms of this Agreement, and the Company will deliver to the Employee, or the Employee’s designated beneficiary or estate in the event of the Employee’s death, all certificates (or replacement
certificates removing all legends contemplated hereby) in the Company’s custody relating to the Restricted Shares. 

  
 6 

 (c) Notwithstanding the foregoing, if the common equity of the surviving entity or acquiring
entity (or the surviving or acquiring entity’s parent company) in any Corporate Transaction is not listed or quoted on an established securities market at the time of vesting of any Restricted Shares, the Company will deliver to the Employee or
the Employee’s designated beneficiary or estate in the event of the Employee’s death, in lieu of shares of capital stock not subject to restrictions pursuant hereto, cash in an amount equal to the Fair Market Value (as of the date of
closing of the Corporate Transaction) of the Restricted Shares vested pursuant to the terms hereof, net of any amount required to satisfy withholding tax obligations as provided in Section 8. 

6. Forfeiture. If (i) the Employee attempts to pledge, encumber, assign, transfer or otherwise dispose of any of the Performance Share
Units or, prior to vesting, any Restricted Shares without the Committee’s prior written consent or other than by will or by the laws of descent and distribution, or if the Performance Share Units or Restricted Shares become subject to
attachment or any similar involuntary process in violation of this Agreement; (ii) the Employee’s employment with the Company or an Affiliate is terminated other than (1) due to the Employee’s death or Disability, (2) as a
result of a Severance Event, (3) under such circumstances determined to constitute retirement (as determined by the Committee in its sole discretion), (4) by the Company or an Affiliate without Cause following a Change in Control or
(5) by the Employee for Good Reason following a Change in Control; or (iii) the Employee fails to comply with the terms and conditions of the Severance Plan and the applicable severance agreement with the Employee, including execution of a
general release of all claims against the Company and any designated Affiliates and their respective agents, on a form provided by the Company for this purpose and within the timeframe designated by the Company, that becomes effective and
enforceable, then any Performance Share Units or Restricted Shares (as applicable) that have not previously vested automatically will be forfeited by the Employee. Any Performance Share Units or Restricted Shares that are unvested as of the last day
of the Performance Period also shall be forfeited. 
 7. Stockholder Rights. The Performance Share Units do not entitle the
Employee to any rights of a stockholder of the Company, including the right to receive any dividends declared or paid by the Company. As of the date of issuance, the Employee shall have all of the rights of a stockholder of the Company with respect
to any Restricted Shares issued pursuant hereto, except as otherwise specifically provided in this Agreement. The Employee’s rights with respect to the Performance Share Units and Restricted Shares shall remain forfeitable at all times by the
Employee until satisfaction of the vesting conditions set forth herein. 

  
 7 

 8. Tax Withholding. The parties hereto recognize that the Company or an Affiliate may be
obligated to withhold federal and state taxes or other taxes upon the vesting of the Performance Share Units or Restricted Stock or, in the event that the Employee elects under Code Section 83(b) to report the receipt of the Restricted Shares
as income in the year of receipt, upon the Employee’s receipt of the Restricted Shares. The Employee agrees that, at such time, if the Company or an Affiliate is required to withhold such taxes, the Employee will promptly pay, in cash upon
demand (or in any other manner permitted by the Committee in accordance with the terms of the Plan), to the Company or an Affiliate such amounts as shall be necessary to satisfy such obligation, and the issuance of Shares in connection with the
vesting of any Performance Share Units shall be conditioned upon the prior payment by the Employee, or the establishment of arrangements satisfactory to the Committee for the payment by the Employee, of such obligation. The Employee further
acknowledges that the Company has directed the Employee to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which the Employee may reside, and the tax
consequences of the Employee’s death. 
 9. Interpretation of This Agreement. All decisions and interpretations made by the
Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive upon the Company and the Employee. If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the
Plan shall govern. 
 10. Not Part of Employment Contract; Discontinuance of Employment. The Employee acknowledges that this
Agreement awards performance share units to the Employee, but does not impose any obligation on the Company to make any future grants or issue any future Awards to the Employee or otherwise continue the participation of the Employee under the Plan.
This Agreement does not constitute a contract of employment, shall not give the Employee a right to continued employment with the Company or any Affiliate, and the Company or Affiliate employing the Employee may terminate his or her employment and
otherwise deal with the Employee without regard to the effect it may have upon him or her under this Agreement. 
 11. Binding
Effect. This Agreement shall be binding in all respects on the heirs, representatives, successors and assigns of the Employee. 
 12.
Choice of Law. This Agreement is entered into under the laws of the State of Delaware and shall be construed and interpreted thereunder (without regard to its conflict-of-law principles). 

13. Entire Agreement. This Agreement and the Plan set forth the entire agreement and understanding of the parties hereto with respect to
the issuance of the Performance Share Units or Restricted Shares in lieu thereof and the administration of the Plan and supersede all prior agreements, arrangements, plans, and understandings relating to the issuance of the Performance Share Units,
Restricted Shares in lieu thereof and the administration of the Plan. 

  
 8 

 14. Securities Law Compliance. No Shares shall be delivered upon the vesting and settlement of
any Performance Share Units unless and until the Company and/or the Employee shall have complied with all applicable federal, state or foreign registration, listing and/or qualification requirements and all other requirements of law or of any
regulatory agencies having jurisdiction, unless the Committee has received evidence satisfactory to it that the Employee may acquire such shares pursuant to an exemption from registration under the applicable securities laws. Any determination in
this connection by the Committee shall be final, binding, and conclusive. The Company reserves the right to legend any Share certificate or book entry, conditioning sales of such Shares upon compliance with applicable federal and state securities
laws and regulations. 
 15. Potential Clawback. This Award and any compensation associated therewith may be made subject to
forfeiture, recovery by the Company or other action pursuant to any compensation recovery policy adopted by the Board or the Committee at any time, including in response to the requirements of Section 10D of the Exchange Act and any
implementing rules and regulations thereunder, or as otherwise required by law. This Agreement may be unilaterally amended by the Committee at any time to comply with any such compensation recovery policy. 

16. Amendment and Waiver. Except as provided in this Agreement or in the Plan, this Agreement may be amended, waived, modified, or canceled
only by a written instrument executed by the parties or, in the case of a waiver, by the party waiving compliance. 
 17. Acknowledgment
of Receipt of Copy. By execution hereof, the Employee acknowledges having received a copy of the prospectus related to the Plan and instructions on how to access a copy of the Plan. 

  
 9 

 IN WITNESS WHEREOF, the Employee and the Company have executed this Agreement as of the date
of issuance specified at the beginning of this Agreement. 
  

			
	EMPLOYEE
	
	 
	Printed name:
                                         
                                  
	
	PIPER JAFFRAY COMPANIES
		
	By	 	 
		 	Its
                                         
                                         
        

  
 10

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