Document:

EXHIBIT
10.1

FOURTH
AMENDMENT TO

SENIOR REVOLVER LOAN AGREEMENT

THIS
FOURTH AMENDMENT TO SENIOR REVOLVER LOAN AGREEMENT, dated effective as of July 7, 2021 (the "Fourth Amendment"), is
entered into by and among EMPIRE LOUISIANA LLC, a Delaware limited liability company (the "Original Borrower" or "EL")
and EMPIRE NORTH DAKOTA LLC, a Delaware limited liability company ("END", together with the Original Borrower are sometimes
referred to herein collectively as the "Borrower") and CROSSFIRST BANK, a Kansas state-chartered bank (the "Bank").

RECITALS:

 

A.       The
Original Borrower and the Bank are parties to that certain Senior Revolver Loan Agreement dated as of September 20, 2018, as amended
by that certain First Amendment thereto dated as of March 27, 2019, among the Borrower and the Bank, as amended by that certain Second
Amendment thereto dated as of June 30, 2020 and as amended by that certain Third Amendment thereto dated as of December 31, 2020 (collectively,
the "Existing Loan Agreement"), pursuant to which the Bank extended and modified a revolving credit facility in favor
of the Borrower in the maximum principal amount of $20,000,000.00 (subject to the Revolver Commitment Amount ($8,520,000.00), the Collateral
Borrowing Base calculation provisions hereof and the QCR until the Revolver Final Maturity Date (currently March 27, 2022) (the "Revolver
Commitment").

B.       Borrower
has requested the Bank to amend, modify and extend the Revolver Commitment (subject to the reduced Revolver Commitment Amount of $7,980,000.00)
until the extended Revolver Final Maturity Date (March 27, 2024), waive non-compliance with certain covenants and make certain other
amendments and modifications.

C.       The
Bank has agreed to make the amendments and modifications requested by Borrower on the terms, provisions, conditions and limitations set
forth in the Existing Loan Agreement, as amended by the provisions of this Fourth Amendment (collectively, the "Loan Agreement").

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, receipt
of which is acknowledged by the parties hereto, the parties agree as follows:

1.              
Definitions. Capitalized terms used in this Fourth Amendment and not otherwise defined shall have the meaning given in the Existing
Loan Agreement. In addition, the following terms are added to Article I of the Existing Loan Agreement or amended to read as follows:

"Revolver
Commitment Amount" shall be the maximum outstanding principal amount plus Letter of Credit Exposure the Bank agrees from time
to time to make available under the Revolver Commitment Amount (stipulated to be equal to $7,980,000.00), subject to the Collateral Borrowing
Base calculations and the QCR. 

 

 

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"Revolver
Final Maturity Date" shall mean March 27, 2024, unless otherwise extended or renewed in writing by the mutual agreement of the
Borrower and the Bank.

2.              
Revolver Commitment. The Revolver Commitment is hereby continued in the maximum principal amount of $20,000,000.00, to the extended
Revolver Final Maturity Date, subject to the Revolver Commitment Amount, the Collateral Borrowing Base limitations and QCR described
below. All of the Indebtedness created pursuant thereto is evidenced by that certain replacement Promissory Note (Revolver Note) dated
as of July 7, 2021, from the Borrower payable to the order of the Bank in the maximum principal amount of $20,000,000.00 (the "Replacement
Revolver Note"), in form, scope and substance acceptable to the Bank. All references in the Existing Loan Agreement and the
other Loan Documents to "Revolver Note" shall hereafter mean the Replacement Revolver Note.

3.              
Redetermination of Collateral Borrowing Base. Pursuant to Section 4.2 of the Existing Loan Agreement, the Collateral Borrowing
Base has been redetermined in the amount of $7,980,000.00, which redetermination shall constitute and satisfy the spring 2021 semi-annual
Collateral Borrowing Base redetermination.

4.              
Quarterly Commitment Reduction. Section 2.13 (Quarterly Commitment Reduction) of the Existing Loan Agreement is hereby amended
and restated in its entirety to read as follows:

2.13
Quarterly Commitment Reduction. As of the last day of each calendar quarter, commencing with the quarter ending on September 30,
2021, the Revolver Commitment Amount will be automatically reduced by $300,000.00 per calendar quarter (the "QCR"),
and Borrower shall make a principal payment in the amount of the QCR. Such principal payment shall be in addition to the regularly scheduled
interest payment that month. From time to time thereafter, the QCR will be subject to adjustment by the Bank in its discretion at each
Collateral Borrowing Base redetermination. To the extent the outstanding principal balance of the Revolver Notes (including Letter of
Credit Exposure) are in excess of the adjusted amount of the Revolver Commitment Amount, the Borrower shall make a mandatory principal
prepayment on the Replacement Revolver Notes in such amount as is necessary to reduce the outstanding principal balance of the Replacement
Revolver Notes (including Letter of Credit Exposure) to an amount less than or equal to the adjusted Revolver Commitment Amount, which
such mandatory principal prepayment shall be made within five (5) days of the applicable QCR principal payment.

5.              
Financial Statements and Reports. Subpart (a)(Quarterly Financial Statements) of Section (6.6) (Financial Statements and Reports)
of the Existing Loan Agreement is hereby amended and restated in its entirety to read as follows:

6.6       Financial
Statements and Reports.

(a)            
Quarterly Financial Statements. As soon as practicable after the end of every fiscal quarter of the Borrower, including without
limitation the 4th and final calendar quarter of each fiscal year, and in any event within sixty (60) days thereafter, the Borrower shall
furnish to the Bank the following internally prepared consolidated financial statements, on a sound accounting basis in accordance with
GAAP, consistently applied:

 

 

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(i)       A
balance sheet of the Borrower at the end of such period,

(ii)       A
statement of income of the Borrower for such period, with year-to-date earnings,

(iii)       A
statement of cash flow,

(iv)       An
equity statement, and

(v)       All
additional financial information reasonably requested by and in form and substance acceptable to the Bank,

setting
forth in each case in comparative form the figures for each quarter period, the year to date, trailing twelve months and the previous
fiscal year, if applicable, all in reasonable detail. The preparer of the reports (the President or Chief Financial Officer or Manager
of Borrower) shall execute and deliver to the Bank a quarterly compliance certification in the form of Exhibit A annexed to the
Loan Agreement, within sixty (60) days of each fiscal quarter end, including that he/she has obtained no knowledge of any Event of Default
or Default as defined herein, or, if any Event of Default or Default existed or exists, specifying the nature and period of existence
thereof and that each Borrower is in compliance with all covenants, warranties, and representations set forth in the Loan Agreement,
including the financial covenants of Section 6.28 and Section 6.29. The consolidated financial statements referenced above,
including, but not limited to, the balance sheets, income statements and cash flow statements delivered by Borrower to Bank shall include
consolidating statements which must tie in to the 10-K and 10-Q statements currently required of Guarantor.

All
remaining terms and provisions of Section 6.6 of the Existing Loan Agreement shall remain unchanged and are in full force and effect.

6.              
Waiver of Non-Compliance With Minimum Hedging Requirement. The Borrower has requested and the Bank has agreed to waive Borrower's
non-compliance with the minimum hedging requirement under Section 6.32 of the Loan Agreement (not less than fifty percent (50%) of Borrower's
aggregate existing monthly crude oil and natural gas production for a rolling twelve (12) month period) through the test period ended
June 30, 2021. The waiver contained in this Section 6 is limited to the foregoing period and shall in no way be interpreted as a requirement
or agreement by the Bank to make any similar accommodation or amendment in the future.

7.              
Hedging. Section 6.32 (Hedging) of the Existing Loan Agreement is hereby amended and restated in its entirety to read as follows:

6.32           Hedging.
Borrower shall maintain risk management, hedging or other similar forms of price protection for its crude and natural gas production.
Such devices shall include a "price floor" or comparable financial hedge or similar instrument with the Swap

 

 

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Counterparty reasonably
acceptable to the Bank (including, without limitation, price and term), covering initially not less than (1) sixty percent (60%) of projected
PDP production from July 31, 2021 through July 30, 2022, (ii) forty percent (40%) of projected PDP production from and including July
31, 2022 through January 30, 2023 and thereafter (iii) sixty percent (60%) of projected PDP production on a rolling twelve (12) month
basis, tested quarterly, and in no event more than a maximum of eighty percent (80%), of the Borrower's aggregate existing crude and
natural gas production (as forecast in the Bank's most recent semiannual engineering valuation pursuant to Article IV hereof). The Borrower
shall not enter into any Prohibited Hedge Transaction. The counterparty to any Hedge Agreement shall be a Swap Counterparty or such other
counterparty acceptable to Bank and approved thereby in writing and, to the extent deemed necessary or appropriate by the Bank, shall
enter into an Intercreditor Agreement and hedge proceeds letter as either or both are deemed necessary or appropriate by the Bank.

8.              
Quarterly Compliance Certificate. The Quarterly Compliance Certificate attached as Exhibit A to the Existing Loan Agreement will
be used by the Borrower for the reporting period ended June 30, 2021, but will be deleted in its entirety and replaced with Exhibit A
to this Fourth Amendment, effective for the fiscal quarter ending on September 30, 2021.

9.              
Guaranty Agreement. Borrower shall cause Guarantor to execute the Ratification of Guarantor attached hereto (the "Guaranty
Ratification").

10.           
Conditions Precedent. The Borrower shall execute and deliver, or cause to be executed and delivered, to the Bank, each of the
following as express conditions precedent to the effectiveness of the amendments and modifications contemplated by this Fourth Amendment:

		(a)	This
                                            Fourth Amendment;

		(b)	Replacement
                                            Revolver Note;

		(c)	The
                                            Guaranty Ratification;

		(d)	Closing
                                            certificates from each of the Borrowers and Guarantor; and

		(e)	One
                                            executed original of the Guaranty Ratification, executed by the Guarantor.

11.           
Fees and Expenses. Borrower shall promptly (in any event within ten (10) days of receipt of an invoice therefor) reimburse the
Bank for its reasonable legal fees and all filing and recording fees and other costs and expenses reasonably incurred in connection with
the negotiation, preparation and closing of the transactions contemplated by this Fourth Amendment, including the reasonable attorney
fees and costs and expenses of Bank's legal counsel and any applicable mortgage taxes.

12.           
Ratification. The remaining terms, provisions and conditions set forth in the Existing Loan Agreement shall remain in full force
and effect as long as any Indebtedness of the Borrower is owing to the Bank and/or the Revolver Commitment remains in effect. The Borrower
adopts, restates, confirms and ratifies the warranties, covenants and representations set forth in the

 

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Existing Loan Agreement (except
the representations and warranties that specify a specific date or period of time) and further represents to the Bank that, as of the
date hereof, no Default or Event of Default exists under the Loan Agreement (including this Fourth Amendment). All references to the
"Loan Agreement" appearing in any of the Loan Documents shall hereafter be deemed references to the Existing Loan Agreement
as amended, modified and supplemented by this Fourth Amendment. In the event of any inconsistency between the terms of this Fourth Amendment
and the terms of the Existing Loan Agreement, the terms of this Fourth Amendment shall control and govern, and the agreements shall be
interpreted so as to carry out and give full effect to the intent of this Fourth Amendment. Each Borrower and the Bank hereby adopt,
ratify and confirm the Loan Agreement, as amended hereby, and acknowledge and agree that the Loan Agreement and all other Loan Documents,
are and remain in full force and effect. Borrower acknowledges and agrees that its liabilities and obligations under the Loan Agreement
and all other Loan Documents, including the Security Instruments, are not impaired in any respect by this Fourth Amendment. Borrower
further ratifies and confirms the mortgage liens and security interests granted thereby pursuant to Article III of the Existing Loan
Agreement and hereby grants and regrants such mortgage liens and security interests in favor of the Bank.

13.           
Reservation of Rights. Except as expressly waived hereby, the Bank retains and reserves any and all rights and remedies available
at law or in equity and pursuant to the Loan Agreement and any other Loan Documents or Security Instruments executed in connection with
the Loan Agreement, all of which shall remain in full force and effect.

14.           
SUBMISSION TO JURISDICTION. BORROWER AND THE BANK HEREBY CONSENT TO THE JURISDICTION OF ANY OF THE LOCAL, STATE, AND FEDERAL COURTS
LOCATED WITHIN TULSA COUNTY, OKLAHOMA AND WAIVES ANY OBJECTION WHICH THE BORROWER MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON CONVENIENS
TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT.

15.           
WAIVER OF JURY TRIAL. BORROWER FULLY, VOLUNTARILY AND EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
TO ENFORCE OR DEFEND ANY RIGHTS UNDER THE LOAN AGREEMENT (INCLUDING THIS FOURTH AMENDMENT), THE SECURITY INSTRUMENTS OR UNDER ANY AMENDMENT,
SUPPLEMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED (OR WHICH MAY IN THE FUTURE BE DELIVERED) IN CONNECTION HEREWITH OR ARISING FROM
ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT. THE BORROWER AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE
TRIED BEFORE A COURT AND NOT BEFORE A JURY.

16.           
Governing Law. The Loan Agreement (including the Fourth Amendment) shall be deemed to have been made or incurred under the Laws
of the State of Oklahoma and shall be construed and enforced in accordance with and governed by the Laws of Oklahoma.

17.           
Release. In consideration of the amendments contained herein, Borrower hereby waives and releases Bank from any and all claims
and defenses, known or unknown, as of the effective date of this Fourth Amendment, with respect to the Loan Agreement (including this
Fourth Amendment) and the Loan Documents and the transactions contemplated thereby.

 

 

 

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18.           
Counterparts. This Fourth Amendment may be executed in multiple counterparts, each of which, when so executed, shall constitute
an original copy. Transmission by facsimile or electronic transmission (e.g., pdf format) of an executed counterpart of this Fourth Amendment
by any party shall be deemed to constitute due and sufficient delivery of such counterpart and such facsimile or electronic transmission
shall be deemed to be an original counterpart of this Fourth Amendment.

19.           
Reaffirmation of Indebtedness. Borrower acknowledges the terms of this Fourth Amendment and ratifies and affirms its obligations
under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party, and agrees that
each Loan Document to which it is a party remains in full force and effect.

 

 

[Signature
Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed and delivered in Tulsa, Oklahoma, in multiple
counterparts effective as of the day and year first above written.

 

 

	BORROWER:	 	EMPIRE LOUISIANA LLC,
	 	 	a Delaware limited liability company
	 	 	 
	 	 	By:   /s/ Michael R. Morrisett                     
	 	 	          Michael R. Morrisett, President 
	 	 	 
	 	 	 
	 	 	 
	 	 	EMPIRE NORTH DAKOTA LLC,
	 	 	a Delaware limited liability company
	 	 	 
	 	 	By:   /s/ Michael R. Morrisett                     
	 	 	          Michael R. Morrisett, President
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

    

     

    

 

 

 

 

	BANK:	 	CROSSFIRST BANK
	 	 	 
	 	 	By:   /s/ Terry D. Blain                     
	 	 	         Terry
  D. Blain
	 	 	          Senior Vice
  President/Energy BankExhibit 4.1

 

DEPOSIT AGREEMENT

 

among

 

SILVERGATE CAPITAL
CORPORATION 

AS ISSUER

 

and

 

AMERICAN STOCK TRANSFER &
TRUST COMPANY, LLC 

AS DEPOSITARY

 

and

 

THE HOLDERS FROM TIME
TO TIME OF THE DEPOSITARY RECEIPTS 

DESCRIBED HEREIN

 

Dated August 4,
2021

 

     

     

    

 

DEPOSIT AGREEMENT

 

DEPOSIT
AGREEMENT, dated August 4, 2021, among (i) SILVERGATE CAPITAL CORPORATION, a Maryland corporation; (ii) AMERICAN STOCK
TRANSFER & TRUST COMPANY, LLC, and (iii) the Record Holders from time to time of the Receipts described in this Deposit
Agreement.

 

WHEREAS,
it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Preferred Stock of the
Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder
of Receipts evidencing Depositary Shares in respect of shares of the Preferred Stock so deposited; and

 

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

 

NOW,
THEREFORE, in consideration of the premises, the parties hereto agree as follows:

 

ARTICLE I 

DEFINED TERMS

 

1.1 Definitions.

 

The
following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common control with, such other
Person. For the purpose of this definition, “controlling,” “controlled by” or “under common control with”
mean the ownership, direct or indirect, of the power to direct or cause the direction of the operation or management and policies of a
Person, whether through the ownership or control of voting interests, by contract or otherwise.

 

“Articles
Supplementary” means the relevant Articles Supplementary filed with the State Department of Assessments and Taxation of Maryland
establishing the Preferred Stock as a series of preferred stock of the Corporation.

 

“AST”
means American Stock Transfer & Trust Company, LLC.

 

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

 

“Corporation”
means Silvergate Capital Corporation, a Maryland corporation.

 

“Deposit
Agreement” means this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof.

 

“Depositary”
means AST, and any successor as Depositary hereunder.

 

“Depositary
Shares” means the depositary shares, each representing one-fortieth (1/40th) of one share of the Preferred Stock,
and evidenced by a Receipt.

 

“Depositary’s
Agent” means an agent appointed by the Depositary pursuant to Section 7.5.

 

“Depositary’s
Office” means the office of the Depositary, at which at any particular time its depositary receipt business shall be administered,
which at the date of this Deposit Agreement is located at 6201 15th Avenue Brooklyn, N.Y. 11219.

 

     

     

    

 

“DTC”
means The Depository Trust Company.

 

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

 

“Exchange
Event” means with respect to any Global Registered Receipt: (i) (A) the Global Receipt Depository which is the Holder
of such Global Registered Receipt notifies the Corporation that it is no longer willing or able to properly discharge its responsibilities
under any Letter of Representations or that it is no longer eligible or in good standing under the Exchange Act, and (B) the Corporation
has not appointed a qualified successor Global Receipt Depository within ninety (90) calendar days after the Corporation received
such notice, or (ii) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof
issued or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Registered Receipt.

 

“Funds”
has the meaning set forth in Section 2.10.

 

“Global
Receipt Depository” means, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt
Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable
law or regulation, a clearing agency registered under the Exchange Act.

 

“Global
Registered Receipt” means a global registered Receipt registered in the name of a nominee of the Global Receipt Depository.

 

“Letter
of Representations” means any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with
respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipt, as the same may
be amended, supplemented, restated or otherwise modified from time to time and any successor agreement thereto.

 

“Person”
means any natural person, partnership, joint venture, firm, corporation, limited liability company, limited liability partnership, unincorporated
association, trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing.

 

“Preferred
Stock” means the shares of the Corporation’s Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A,
$1,000 liquidation preference per share, designated in the Articles Supplementary.

 

“Receipt”
means one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto,
whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to shares of the Preferred Stock
held of record by the Record Holder of such Depositary Shares.

 

“Record
Holder” or “Holder” as applied to a Receipt means the Person in whose name such Receipt is registered on
the books of the Depositary maintained for such purpose.

 

“Redemption
Date” has the meaning set forth in Section 2.8.

 

“Registrar”
means AST, or such other successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers
of Receipts and the deposited shares of Preferred Stock as herein provided, and if a successor Registrar shall be so appointed, references
herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer as well to the register
maintained by such Registrar for such purpose.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Signature
Guarantee” has the meaning set forth in Section 2.1.

 

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“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, or such other successor bank or trust company which shall
be appointed by the Corporation to transfer the Receipts or the deposited shares of Preferred Stock, as the case may be, as herein provided.

 

ARTICLE II 

FORM OF
RECEIPTS, DEPOSIT OF THE PREFERRED STOCK, 

EXECUTION AND DELIVERY,
TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

2.1 Form and
Transfer of Receipts.

 

The
definitive Receipts shall be substantially in the form set forth in Exhibit A attached to this Deposit Agreement,
with appropriate insertions, modifications and omissions, as hereinafter provided (but which do not affect the rights, duties, obligations
or immunities of the Depositary as set forth in this Deposit Agreement without the Depositary’s consent). Pending the preparation
of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance with Section 2.2, shall
be authorized and instructed to, and shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed
or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the Persons executing such Receipts may determine, as evidenced by their execution of
such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts
upon surrender of the temporary Receipts at the Depositary’s Office or at such other place or places as the Depositary shall determine,
without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized
and instructed to, and shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares
as represented by the surrendered temporary Receipt or Receipts registered in the name (and only in the name) of the holder of the temporary
Receipt(s); provided that, the Depositary has been provided with all necessary information that it may request in order to execute and
deliver such definitive Receipt(s). Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until
so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect
to the Preferred Stock, as definitive Receipts.

 

Any
Receipt to be executed by the Depositary pursuant to this Deposit Agreement shall be executed by the manual, electronic or facsimile signature
of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid
or obligatory for any purpose unless it shall have been executed manually, electronically or by the facsimile signature of a duly authorized
officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual, electronic
or facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual or facsimile signature by a duly
authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided.
Receipts bearing the manual, electronic or facsimile signature of a duly authorized signatory of the Depositary who was at such time a
proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to
the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

 

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

 

Receipts
may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions
of this Deposit Agreement, all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable
law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Preferred Stock, the
Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipt is subject (but which do not affect the rights, duties, obligations or immunities of the
Depositary as set forth in this Deposit Agreement without the Depositary’s consent).

 

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Title
to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer accompanied
by a guarantee of the signature thereon by a guarantor institution that is a participant in a signature guarantee program approved by
the Securities Transfer Association at a guarantee level acceptable to the Transfer Agent (a “Signature Guarantee”),
shall be transferable by delivery of such Receipt with the same effect as if such Receipt were a negotiable instrument; provided, however,
that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the
Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof
for the purpose of determining the Person entitled to distributions of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes.

 

2.2 Deposit
of the Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

 

Subject
to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of the Preferred Stock under
this Deposit Agreement by delivery to the Depositary, including via electronic book-entry, of the shares of Preferred Stock to be deposited
(or in such other manner as may be agreed to by the Corporation and the Depositary), duly endorsed and accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form reasonably satisfactory to the Depositary, together with
all such certifications as may be required by the Depositary pursuant to this Deposit Agreement, and together with a written order of
the Corporation directing the Depositary to (i) register such shares of the Preferred Stock in uncertificated form by direct registration,
and (ii) execute and deliver to, or upon the written order of, the Person or Persons stated in such order a Receipt or Receipts evidencing
in the aggregate the number of Depositary Shares representing such deposited shares of the Preferred Stock.

 

The
shares of the Preferred Stock that are deposited pursuant to this Deposit Agreement shall be held by the Depositary at the Depositary’s
Office or at such other place or places as the Depositary shall determine. The Depositary shall not lend any shares of the Preferred Stock
deposited hereunder.

 

Upon
receipt by the Depositary of shares of the Preferred Stock deposited in accordance with the provisions of this Section 2.2, together
with the other documents required as above specified, and upon recordation of the shares of the Preferred Stock on the books of the Corporation
(or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions
of this Deposit Agreement, shall execute and deliver to or upon the order of the Person or Persons named in the written order delivered
to the Depositary referred to in the first paragraph of this Section 2.2, a Receipt or Receipts evidencing in the aggregate the number
of Depositary Shares representing the shares of the Preferred Stock so deposited and registered in such name or names as may be requested
by such Person or Persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such
other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the Person requesting
such delivery.

 

The
Corporation shall cause to be provided an opinion of counsel containing opinions, or a letter of counsel to the Corporation authorizing
reliance on such counsel’s opinions delivered to the underwriters named therein, relating to (i) the status of the Preferred
Stock and Depositary Shares as validly issued, fully paid and non-assessable and (ii) the registration of the Depositary
Shares and Preferred Stock under the Securities Act.

 

2.3 Registration
of Transfer of Receipts.

 

Subject
to the express terms and conditions of this Deposit Agreement, AST, as Transfer Agent and Registrar for the Receipts, shall register on
its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly
endorsed or accompanied by a properly executed instrument of transfer or endorsement, including a Signature Guarantee, together with (if
applicable) evidence of the payment of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt
or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver
such new Receipt or Receipts to or upon the order of the Person entitled thereto.

 

The
Depositary shall not be required (i) to issue, transfer or exchange any Receipts for a period beginning at the opening of business
fifteen (15) days next preceding any selection of Depositary Shares and Preferred Stock to be redeemed and ending at the close of
business on the day of the sending of notice of redemption, or (ii) to transfer or exchange for another Receipt any Receipt called
or being called for redemption in whole or in part except as provided in Section 2.8.

 

    5 

     

    

 

2.4 Split-ups and
Combinations of Receipts; Surrender of Receipts and Withdrawal of the Preferred Stock.

 

Upon
surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting
a split-up or combination of such Receipt or Receipts, and the receipt by the Depositary of all other necessary information
and documents, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts
in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt
or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts
so surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share.

 

Any
Holder of a Receipt or Receipts may withdraw the number of whole shares of the Preferred Stock and all money and other property, if any,
represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary
may designate for such withdrawals; provided, however, that a Holder of a Receipt or Receipts may not withdraw such whole shares of Preferred
Stock (or money and other property, if any, represented thereby) which has previously been called for redemption. After such surrender
and upon the receipt of written instructions from the Holder of such Receipt or Receipts, without unreasonable delay (provided the Corporation
has provided the Depositary with all necessary documentation), the Depositary shall deliver to such Holder, or to the Person or Persons
designated by such Holder as hereinafter provided, the number of whole shares of the Preferred Stock and all money and other property,
if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of the Preferred Stock
will not thereafter be entitled to deposit such shares of the Preferred Stock hereunder or to receive a Receipt evidencing Depositary
Shares therefor. Delivery of such shares of the Preferred Stock and such money and other property being withdrawn may be made by the delivery
of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary,
shall be properly endorsed or accompanied by proper instruments of transfer. If a Receipt delivered by the Holder to the Depositary in
connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing
the number of whole shares of the Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of
whole shares of the Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject
to Section 2.3 upon such Holder’s order, a new Receipt evidencing such excess number of Depositary Shares.

 

In
no event will fractional shares of the Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery
of shares of the Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem appropriate.

 

If
shares of the Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a Person or Persons other
than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such shares of the Preferred Stock, such
Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the
Receipt or Receipts surrendered by such Holder for withdrawal of such shares of the Preferred Stock be properly endorsed in blank or accompanied
by a properly executed instrument of transfer in blank.

 

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

 

    6 

     

    

 

2.5 Limitations
on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 

As
a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange
of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require (i) payment to it of a sum sufficient
for the payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any
charges, taxes or expenses payable by the Holder of a Receipt pursuant to Section 5.7 (including any such tax or charge with respect
to the shares of Preferred Stock being deposited or withdrawn or any charges or expense pursuant to Section 3.2), (ii) the production
of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence may include a Signature Guarantee),
and (iii) any other reasonable evidence of authority that may be required by the Depositary, and may also require compliance with
such requirements, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement
and/or applicable law and as may be required by any securities exchange on which the Preferred Stock, the Depositary Shares or the Receipts
may be listed.

 

The
deposit of shares of the Preferred Stock may be refused, the delivery of Receipts against shares of the Preferred Stock may be suspended,
the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts
may be suspended (i) during any period when the register of stockholders of the Corporation is closed or (ii) if any such action
is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to
time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit
Agreement.

 

2.6 Lost
Receipts, etc.

 

In
case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may, absent notice to the Depositary
that such Receipt has been acquired by a bona fide purchaser, execute and deliver a Receipt of like form and tenor in
exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, only
upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss
or theft of such Receipt, of the authenticity thereof and of the Holder’s ownership thereof; and (ii) the Holder thereof furnishing
the Depositary with an affidavit and an open penalty surety bond or other indemnity satisfactory to the Depositary, holding the Depositary
and the Corporation harmless. Such Holder shall also comply with such other reasonable regulations and pay such other reasonable charges
as the Depositary may prescribe.

 

2.7 Cancellation
and Destruction of Surrendered Receipts.

 

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

 

2.8 Redemption
of the Preferred Stock.

 

Whenever
the Corporation shall be permitted and shall elect to redeem shares of the Preferred Stock in accordance with the terms of the Articles
Supplementary, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less
than thirty-five (35) days and not more than sixty (60) days prior to the Redemption Date (as defined below), notice of the
date of such proposed redemption of shares of the Preferred Stock and of the number of such shares held by the Depositary to be so redeemed
and the applicable redemption price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption
of shares of the Preferred Stock is in accordance with the provisions of the Articles Supplementary. On the date of such redemption, provided
that the Corporation shall then have paid or caused to be paid in full to AST the redemption price of $1,000 per share of the Preferred
Stock to be redeemed, plus an amount equal to any declared and unpaid dividends thereon to the date fixed for redemption to be redeemed,
in accordance with the provisions of the Articles Supplementary, the Depositary shall redeem the number of Depositary Shares representing
such shares of the Preferred Stock. The Depositary shall, if requested in writing and provided with all necessary information, transmit
the notice of the Corporation’s redemption of shares of the Preferred Stock and the proposed simultaneous redemption of the number
of Depositary Shares representing such shares of the Preferred Stock to be redeemed by first-class mail, postage prepaid, at the respective
last addresses as they appear on the records of the Depositary, or transmit in accordance with the applicable procedures of any Global
Receipt Depository or by such other method approved by the Depositary, in its reasonable discretion, in either case not less than thirty
(30) days and not more than sixty (60) days prior to the date fixed for redemption of such shares of the Preferred Stock and
Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to
be so redeemed at the addresses of such Holders as they appear on the records of the Depositary; but neither failure to mail or transmit
any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary
Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice
shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed
and, if less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such
Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares
are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Preferred Stock represented by
such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares
are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other
manner as the Corporation may determine to be fair and equitable (which determination the Corporation will promptly notify the Depositary
in writing). In any such case, the Depositary Shares shall only be redeemed in increments of 40 shares and any integral multiple thereof.

 

    7 

     

    

 

Notice
having been mailed or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have
failed to provide the funds necessary to redeem shares of the Preferred Stock evidenced by the Depositary Shares called for redemption) (i) all
dividends on the shares of the Preferred Stock so called for redemption shall cease to accrue from and after such date; (ii) the
Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding; (iii) all rights of the Holders
of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary
Shares, cease and terminate; and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such
Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require),
such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to one-fortieth (1/40th)
of the redemption price per share of the Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary
Shares, including all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares
of the Preferred Stock to be so redeemed and have not theretofore been paid (it being understood that, in accordance with the provisions
of the Articles Supplementary, any declared but unpaid dividends payable on a Redemption Date that occurs subsequent to the record date
fixed pursuant to Section 4.4 for a dividend period shall not be paid to the Holder of a Receipt entitled to receive the redemption
price on the Redemption Date, but rather shall be paid to the Holder of such Receipt on such record date).

 

If
fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of
such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares
evidenced by such prior Receipt and not called for redemption; provided, however, that the Depositary shall not issue any Receipt evidencing
a fractional Depositary Share.

 

2.9 Receipts
Issuable in Global Registered Form.

 

If
the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the
form of one or more Global Registered Receipts, then the Depositary shall, if instructed and provided with all necessary information,
in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing
the Receipts, which (i) shall represent, and shall be denominated in an amount equal to the aggregate number of Depositary Shares
evidenced by the Receipts to be represented by such Global Registered Receipt or Receipts and (ii) shall be registered in the name
of the Global Receipt Depository therefor or its nominee.

 

    8 

     

    

 

Notwithstanding
any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered
Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a
nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another
nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository
for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository.
Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical
delivery of the Receipts represented by such Global Registered Receipt or to have such Receipts, or the Depositary Shares represented
by those Receipts, registered in their names. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt
Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on their behalf by a
Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer,
employee or agent of the Corporation or the Depositary as the Holder of such Global Registered Receipt for all purposes whatsoever. Unless
and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (i) the applicable
Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions
in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements,
and (ii) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this
Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified herein to be
given to such holders to the applicable Global Receipt Depository.

 

If
an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt
of a written order from the Corporation authorizing and directing the Depositary to execute and deliver the individual definitive registered
Receipts in exchange for such Global Registered Receipt, execute and deliver, individual definitive registered Receipts, in authorized
denominations and of like terms in an aggregate number of Depositary Shares equal to the aggregate number of Depositary Shares represented
by the Global Registered Receipt being delivered in exchange for such Receipts. The Depositary shall have no duties, obligations or liability
under this paragraph unless and until such written order has been received by the Depositary.

 

Definitive
registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section 2.9 shall be registered in such names
and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from
its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the Persons in whose names such
Receipts are so registered.

 

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

 

2.10 Receipt
of Funds.

 

All
funds received by AST under this Deposit Agreement that are to be distributed or applied by AST in the performance of services hereunder
(the “Funds”) shall be held by AST as agent for the Corporation and deposited in one or more bank accounts to be maintained
by AST in its name as agent for the Corporation. Until paid pursuant to this Deposit Agreement, AST may hold or invest the Funds through
such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or
better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”),
respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand
deposit accounts, short term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with
Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating),
Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.).
The Corporation shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment
made by AST in accordance with this paragraph, except for any losses resulting from a default by any bank, financial institution or other
third party. AST may from time to time receive interest, dividends or other earnings in connection with such deposits or investments.
AST shall not be obligated to pay such interest, dividends or earnings to the Corporation, any holder or any other party.

 

    9 

     

    

 

ARTICLE III 

CERTAIN OBLIGATIONS
OF HOLDERS OF 

RECEIPTS AND THE CORPORATION

 

3.1 Filing Proofs,
Certificates and Other Information.

 

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

 

3.2 Payment
of Taxes or Other Governmental Charges.

 

Holders
of Receipts shall be obligated to make payments to the Depositary of certain taxes, charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of shares of the Preferred Stock and all money or other property, if any, represented
by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments
or other distributions may be withheld or any part of or all shares of the Preferred Stock or other property represented by the Depositary
Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable
means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such
sale may be applied to any payment of such charges or expenses, with the Holder of such Receipt remaining liable for any deficiency. The
Depositary shall not have any duty or obligation to take any action under any section of this Deposit Agreement that requires the payment
of taxes and/or charges unless and until it is satisfied that all such payments have been made.

 

3.3 Warranty
as to the Preferred Stock.

 

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

 

3.4 Warranty
as to Receipts.

 

The
Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in shares of the Preferred
Stock. Such representation and warranty shall survive the deposit of shares of the Preferred Stock and the issuance of the related Receipts.

 

ARTICLE IV 

THE DEPOSITED SECURITIES;
NOTICES

 

4.1 Cash Distributions.

 

Whenever
AST, as dividend disbursing agent or redemption agent, shall receive any cash dividend or other cash distribution on the Preferred Stock,
AST shall, subject to Sections 3.1 and 3.2 and, if received, in accordance with written instructions from the Corporation, distribute
to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are,
as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders;
provided, however, that in case the Corporation or AST shall be required to withhold and shall withhold from any cash dividend or other
cash distribution in respect of the Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed
in respect of Depositary Shares shall be reduced accordingly. AST, as dividend disbursing agent or redemption agent, shall distribute
or make available for distribution, as the case may be and, if received, in accordance with the Corporation’s written instructions,
only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance
not so distributable shall be held by AST (without liability for interest thereon) and shall be added to and be treated as part of the
next sum received by AST for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary
with its certified tax identification number on a properly completed Form W-8 or W-9 or other appropriate form, as
may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the
Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made
to such Holder hereunder.

 

    10 

     

    

 

4.2 Distributions
Other than Cash, Rights, Preferences or Privileges.

 

Whenever
the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Preferred Stock, the Depositary
shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4
such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of
Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary (with the approval of the Corporation)
may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary and the Corporation such distribution
cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or
the Depositary withhold an amount on account of taxes or charges) the Depositary deems, after consultation with the Corporation, such
distribution not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property
thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections
3.1 and 3.2, be distributed or made available for distribution, as the case may be, by AST to Record Holders of Receipts as provided by
Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such securities or
property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts
unless the Corporation shall have provided to the Depositary an opinion of counsel stating that such securities or property have been
registered under the Securities Act or do not need to be registered in connection with such distributions.

 

4.3 Subscription
Rights, Preferences or Privileges.

 

If
the Corporation shall at any time offer or cause to be offered to the Persons in whose names shares of the Preferred Stock is recorded
on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences
or privileges of any other nature, such rights, preferences or privileges shall in each such instance be communicated to the Depositary
and made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall direct and the Depositary
shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other
method as may be approved by the Corporation in its discretion with the acknowledgement of the Depositary; provided, however,
that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not
lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of
Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire
to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in
any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges
at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall
be delivered to AST and, if received, in accordance with the written instructions of the Corporation and, subject to Sections 3.1 and
3.2, be distributed by AST to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution
received in cash.

 

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

 

    11 

     

    

 

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

 

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

 

Whenever
any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences
or privileges shall at any time be offered, with respect to the Preferred Stock, or whenever the Depositary shall receive notice of any
meeting at which holders of the Preferred Stock are entitled to vote or of which holders of the Preferred Stock are entitled to notice,
or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms
of the Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution,
rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at
any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons.

 

4.5 Voting Rights.

 

Subject
to the provisions of the Articles Supplementary, upon receipt of notice from the Corporation of any meeting at which the holders of the
Preferred Stock are entitled to vote, the Depositary shall, if requested in writing and provided with all necessary information and documents,
as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to
the Record Holders of Receipts, as determined on the record date fixed pursuant to Section 4.4, a notice prepared by the Corporation
which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the Holders of Receipts
at the close of business on a specified record date fixed pursuant to Section 4.4 may, subject to any applicable restrictions, instruct
the Depositary as to the exercise of the voting rights pertaining to the shares of the Preferred Stock represented by their respective
Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a
Person designated by the Corporation), and (iii) a brief statement as to the manner in which such instructions may be given. Upon
the written request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote
or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of the Preferred
Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The
Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary
to vote such shares of the Preferred Stock or cause such shares to be voted. In the absence of specific instructions from Holders of Receipts,
the Depositary will not vote (but, at its discretion, may appear at any meeting with respect to the Preferred Stock unless directed to
the contrary by the Holders of all the Receipts) to the extent of the shares of the Preferred Stock represented by the Depositary Shares
evidenced by such Receipts. The Depositary shall not be required to exercise discretion in voting any Preferred Stock represented by the
Depositary Shares evidenced by such Receipt.

 

4.6 Changes Affecting
Deposited Securities and Reclassifications, Recapitalizations, etc.

 

Upon
any change in liquidation preference, split-up, combination or any other reclassification of the Preferred Stock, subject to
the provisions of the Articles Supplementary, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation
or to which it is a party, the Depositary shall, upon the written instructions of the Corporation setting forth any adjustment, (i) make
such adjustments as are certified by the Corporation in (a) the fraction of an interest represented by one Depositary Share in one
share of the Preferred Stock and (b) the ratio of the redemption price per Depositary Share to the redemption price per share of
the Preferred Stock, in each case as stated in such instructions and (ii) treat any securities or property (including cash) which
shall be received by the Depositary in exchange for or upon conversion of or in respect of the Preferred Stock as new deposited securities
or property so received in exchange for or upon conversion or in respect of such Preferred Stock. In any such case, the Depositary shall,
upon receipt of written instructions of the Corporation, execute and deliver additional Receipts or may call for the surrender of all
outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities or property. Anything to the
contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in liquidation
preference, split-up, combination or other reclassification of the Preferred Stock or any such recapitalization, reorganization,
merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the shares of
the Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property
and cash into which the shares of the Preferred Stock represented by such Receipts might have been converted or for which such shares
might have been exchanged or surrendered immediately prior to the effective date of such transaction; provided, that the Depositary shall
not have any obligations under this sentence unless and until it has received written instructions from the Corporation.

 

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4.7 Delivery
of Reports.

 

The
Depositary shall, at the direction and expense of the Corporation, furnish to Holders of Receipts any reports and communications received
from the Corporation which are received by the Depositary and which the Corporation is required to furnish to the holders of the Preferred
Stock, as provided in Section 5.5.

 

4.8 Lists of
Receipt Holders.

 

Promptly
upon request from time to time by the Corporation, the Registrar shall furnish to it a list, as of the most recent practicable date, of
the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

 

ARTICLE V 

THE DEPOSITARY, THE
DEPOSITARY’S 

AGENTS, THE REGISTRAR
AND THE CORPORATION

 

5.1 Appointment;
Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 

The
Corporation hereby appoints AST to act as Depositary in accordance with the terms and conditions hereof, and AST accepts this appointment
upon the express terms and conditions of this Deposit Agreement.

 

Upon
execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s
Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the
provisions of this Deposit Agreement.

 

The
Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts. Upon direction
by the Corporation and with reasonable notice to the Depositary, the Registrar shall, at reasonable times during regular business hours,
open its books for inspection by the Record Holders of Receipts as directed by the Corporation; provided that any record
Holder shall be granted such right by the Corporation only after certifying that such inspection shall be for a proper purpose reasonably
related to such Person’s interest as an owner of Depositary Shares evidenced by the Receipts.

 

The
Depositary or Registrar may close such books, at any time or from time to time, when deemed necessary or advisable by the Depositary,
the Registrar, any Depositary’s Agent or the Corporation because of any requirement of law or of any government, governmental body
or commission, stock exchange or any applicable self-regulatory body.

 

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

 

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

 

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

 

5.3 Obligations
of the Depositary, the Depositary’s Agents, the Registrar, Transfer Agent and the Corporation.

 

The
Corporation does not assume any obligation and shall not be subject to any liability under this Deposit Agreement or any Receipt to holders
of Receipts other than for its gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment
of a court of competent jurisdiction). Neither the Depositary nor any Depositary’s Agent nor any Registrar or Transfer Agent, as
the case may be, assumes any obligation or shall be subject to any liability under this Deposit Agreement or the Receipts to Holders of
Receipts, the Corporation or to any other Person other than for its gross negligence, willful misconduct, or bad faith (each as determined
by a final non-appealable judgment of a court of competent jurisdiction). Notwithstanding anything in this Deposit Agreement
to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation,
as the case may be, shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any
kind whatsoever (including but not limited to lost profits), even if they have been advised of the likelihood of such loss or damage and
regardless of the form of action. Any liability of the Depositary, any Depositary’s Agent or the Registrar or Transfer Agent, as
the case may be, under this Deposit Agreement will be limited in the aggregate to an amount equal to the fees paid by the Corporation
to the Depositary pursuant to this Deposit Agreement during the twelve (12) months immediately preceding the event for which recovery
from the Depositary, but not including reimbursable expenses; provided, however, that in the event that such liability arises as a result
of bad faith, willful misconduct or fraud by the Depositary, any of the Depositary’s Agents (except for such Depositary’s
Agents which are not employees of the Depositary), any Registrar or any Transfer Agent, as the case may be, through fraud or willful misconduct
on the part of such Depositary, agent, Registrar or Transfer Agent, as the case may be (each as determined by a final non-appealable judgment
of a court of competent jurisdiction), such limit shall not apply and such liability hereunder shall be instead limited to the amount
of such misappropriated funds or the liability resulting from such bad faith, willful misconduct or fraud.

 

Neither the Depositary
nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation, as the case may be, shall be under any
obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Preferred Stock, the Depositary Shares
or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and
liability be furnished as often as may be required.

 

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Neither
the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation, as the case may be, shall
be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information
from any Person presenting the shares of the Preferred Stock for deposit, any Holder of a Receipt or any other Person believed by it
in the absence of bad faith, gross negligence, or willful misconduct (each as determined by a final non-appealable judgment
of a court of competent jurisdiction) to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar,
any Transfer Agent and the Corporation, as the case may be, may each rely and shall each be protected in respect of any action taken,
suffered or omitted to be taken by it upon any written notice, request, direction or other document believed by it in the absence of
bad faith, gross negligence, or willful misconduct (each as determined by a final non-appealable judgment of a court of competent
jurisdiction), to be genuine and to have been signed or presented by the proper party or parties.

 

The
Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, shall not be responsible for any failure
to carry out any instruction to vote any of the shares of the Preferred Stock or for the manner or effect of any such vote made, as long
as any such action or non-action is not taken in bad faith, willful misconduct or gross negligence (each as determined by a
final non-appealable judgment of a court of competent jurisdiction). The Depositary undertakes, and any Depositary’s Agent,
Registrar and any Transfer Agent, as the case may be, shall be required to undertake, to perform such duties and only such duties as are
specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against
the Depositary, any Depositary’s Agent, Registrar or any Transfer Agent.

 

The
Depositary, its parent, Affiliates, or subsidiaries, any Depositary’s Agents, and any Transfer Agent and any Registrar, as the case
may be, may own and deal in any class of securities of the Corporation and its Affiliates and in Receipts or Depositary Shares or become
pecuniarily interested in any transaction in which the Corporation or its Affiliates may be interested or contract with or lend money
to or otherwise act as fully or as freely as if it were not the Depositary, the parent, Affiliate or subsidiary of the Depositary or the
Depositary’s Agent or Transfer Agent or Registrar hereunder. The Depositary may also act as transfer agent, trustee or registrar
of any of the securities of the Corporation and its Affiliates or act in any other capacity for the Corporation or its Affiliates.

 

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

 

In
the event the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, believes any ambiguity or
uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the
Depositary, the Depositary’s Agents, any Transfer Agent or Registrar hereunder, or in the administration of any of the provisions
of this Deposit Agreement, the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar shall deem it necessary or desirable
that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary, the Depositary’s
Agents, any Transfer Agent or Registrar may, in its sole discretion upon providing written notice to the Corporation, refrain from taking
any action and the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar shall be fully protected and shall not be
liable in any way to the Corporation, any Holders of Receipts or any other Person for refraining from taking such action, unless the Depositary,
the Depositary’s Agents, any Transfer Agent or Registrar receives written instructions or a certificate of the Corporation which
eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar
or which proves or establishes the applicable matter to the satisfaction of the Depositary, the Depositary’s Agents, any Transfer
Agent or Registrar. Such written instructions shall be full and complete authorization to the Depositary, the Depositary’s Agents,
any Transfer Agent or Registrar, as the case may be, and the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar
shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit Agreement
in reliance upon such written instructions.

 

In
the event the Depositary, the Depositary’s Agent, the Registrar or the Transfer Agent, as the case may be, shall receive conflicting
claims, requests or instructions from any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary,
the Depositary’s Agent, the Registrar or the Transfer Agent, as the case may be, shall be entitled to act on such claims, requests
or instructions received from the Corporation, and shall incur no liability and shall be entitled to the full indemnification set forth
in Section 5.6 hereof in connection with any action so taken.

 

    15 

     

    

 

It
is intended that the Depositary shall not be deemed to be an “issuer” of the securities under the federal securities laws
or applicable state securities laws, it being expressly understood and agreed that the Depositary is acting only in a ministerial capacity
as Depositary for the deposited Preferred Stock. The Depositary will not be under any duty or responsibility to ensure compliance with
any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, the shares of Preferred
Stock or Depositary Shares.

 

The
Depositary assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other provision
herein or in the Receipts, the Depositary makes no warranties or representations as to the validity or genuineness of the Preferred Stock
at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this Deposit Agreement
(except as to due authorization and due execution by the Depositary), as to the value of the Depositary Shares or as to any right, title
or interest of the record holders of Receipts in and to the Depositary Shares; nor shall the Depositary be liable or responsible for any
failure of the Corporation to comply with any of its obligations relating to any registration statement filed with the U.S. Securities
and Exchange Commission, including without limitation obligations under applicable regulation or law. The Depositary shall not be accountable
for the use or application by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof.

 

Neither
the Depositary (or its officers, directors, employees or agents), any Depositary’s Agent nor any Registrar or any Transfer Agent
makes any representation or has any responsibility as to the validity of any registration statement pursuant to which the Depositary Shares
may be registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature
thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made in any such registration statement
or herein; provided that the Depositary is responsible for any and all of its representations in this Deposit Agreement.

 

The
Depositary may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an
 “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other
comparable “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any
law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed,
amended or repealed.

 

The
Depositary may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by
or through its attorneys or agents, and the Depositary shall not be answerable or accountable for any act, omission, default, neglect
or misconduct of any such attorneys or agents or for any loss to the Corporation, to the holders of the Receipts or any other Person resulting
from any such act, omission, default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment
thereof (which gross negligence or bad faith must be determined by a final, non appealable judgment of a court of competent jurisdiction).

 

The
Depositary, any Depositary’s Agent, any Transfer Agent, any Registrar, any dividend disbursing agent or redemption agent hereunder:

 

(i) shall
have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may subsequently
be agreed to in writing by the parties;

 

(ii) shall
have no obligation to make payment hereunder unless the Corporation shall have provided the necessary federal or other immediately available
funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto;

 

(iii) shall
not be obligated to take any legal or other action hereunder; if, however, the it determines to take any legal or other action hereunder,
and, where the taking of such action might in its judgment subject or expose it to any expense or liability, it shall not be required
to act unless it shall have been furnished with an indemnity satisfactory to it;

 

(iv) may
rely on and shall be authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, facsimile
transmission or other document or security delivered to it and believed by it to be genuine and to have been signed by the proper party
or parties, and shall have no responsibility for determining the accuracy thereof;

 

    16 

     

    

 

(v) may
rely on and shall be authorized and protected in acting or omitting to act upon the written, telephonic, electronic and oral instructions
given in accordance with this Deposit Agreement, with respect to any matter relating to its actions covered by this Deposit Agreement
(or supplementing or qualifying any such actions), of officers of the Corporation;

 

(vi) shall
not be called upon at any time to advise any Person with respect to the Preferred Stock, Depositary Shares or Receipts;

 

(vii) shall
not be liable in any respect on account of the identity, authority or rights of the parties (other than with respect to the Depositary)
executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for
under this Deposit Agreement;

 

(viii) shall
not be liable or responsible for any recital or statement contained in any documents relating hereto or to the Preferred Stock, the Depositary
Shares or Receipts (except its countersignature hereof and thereof);

 

(ix) shall
not be liable for any delays of failure in performance resulting from acts beyond its control including shortage of supply, breakdowns
or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, or labor difficulties; and

 

(x) shall
not be required to take notice or be deemed to have notice of any event or condition hereunder, including any event or condition that
may require action by any such Person, unless such Person shall be specifically notified in writing of such event or condition by the
Corporation, and all notices or other instruments required by this Deposit Agreement to be delivered to the such Persons must, in order
to be effective, shall be given in accordance with Section 7.4 hereof, and in the absence of such notice so delivered, such Persons
may conclusively assume no such event or condition exists.

 

The
terms of this Section 5.3 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s
Agent or termination of this Deposit Agreement.

 

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

 

The
Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation upon at least
thirty (30) days prior written notice, such resignation to take effect upon the appointment of a successor Depositary and its acceptance
of such appointment as hereinafter provided.

 

The
Depositary may at any time be removed by the Corporation by at least thirty (30) days prior written notice of such removal delivered
to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment
as hereinafter provided.

 

In
case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within thirty (30) days after
the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be (i) a Person
having its principal office in the United States of America and having a combined capital and surplus, along with its Affiliates, of at
least $50,000,000 or (ii) an Affiliate of any such Person. In the event of such removal or resignation, the Corporation will appoint
a successor depositary and inform the Depositary of the name and address of any successor depositary so appointed. Upon payment of all
outstanding fees and expenses hereunder, the Depositary shall promptly forward to the successor depositary or its designee any shares
of stock held by it and any certificates, letters, notices and other document that the Depositary may receive after its appointment has
so terminated.

 

If
no successor Depositary shall have been so appointed and have accepted appointment within thirty (30) days after delivery of such
notice, the resigning or removed Depositary may, at the Corporation’s expense, petition any court of competent jurisdiction for
the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation
an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed,
shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary
under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall
promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all right, title and interest in the shares of the Preferred Stock and any moneys or property held hereunder
to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books
and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method
approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of Receipts.

 

    17 

     

    

 

Any
Person into or with which the Depositary may be merged, consolidated or converted, or any Person to which all or a substantial part of
the assets of the Depositary may be transferred or which succeeds to the shareholder services business of the Depositary shall be the
successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required
hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor
Depositary.

 

The
removal or resignation of the Depositary shall automatically be deemed to be a removal of the Registrar and Transfer Agent, dividend disbursing
agent and redemption agent (to the extent AST is acting in such capacities) herein without any further act or deed.

 

5.5 Corporate
Notices and Reports.

 

The
Corporation agrees that it will deliver to the Depositary, and the Depositary will, upon the Corporation’s written instruction,
promptly after receipt of all necessary information and documents, transmit to the Record Holders of Receipts, in each case at the addresses
recorded in the Depositary’s or Registrar’s books, copies of all notices and reports (including without limitation financial
statements) required by law, by the rules of any national securities exchange upon which the Preferred Stock, the Depositary Shares
or the Receipts are listed or by the Corporation’s Articles of Incorporation, as it may be amended from time to time, (including
the Articles Supplementary), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense
and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request.
In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as
may be requested in writing by the Corporation.

 

5.6 Indemnification
by the Corporation.

 

Notwithstanding
Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent, any Registrar, any Transfer
Agent, and any dividend disbursing agent or redemption agent (including each of their officers, directors, agents and employees) against,
and hold each of them harmless from and against, any fee, loss, damage, cost, penalty, fine, judgment, liability or expense (including
the reasonable costs and expenses of its legal counsel) which may arise out of actions taken, suffered or omitted to be taken in connection
with its acting as Depositary, Depositary’s Agent, Registrar, Transfer Agent, dividend disbursing agent or redemption agent, respectively,
under this Deposit Agreement (including, without limitation, the enforcement by the Depositary, Depositary’s Agent, Registrar, Transfer
Agent, dividend disbursing agent or redemption agent, as the case may be, of this Deposit Agreement) and the Receipts by the Depositary,
any Transfer Agent, any Registrar, dividend distribution agent, redemption agent, or any of their respective agents (including any Depositary’s
Agent) and any transactions or documents contemplated hereby, except for any liability arising out of gross negligence, willful misconduct
or bad faith (each as determined by a final non-appealable judgment of a court of competent jurisdiction) on the respective
parts of any such Person or Persons. The obligations of the Corporation and the rights of the Depositary, Depositary’s Agent, Registrar,
Transfer Agent, dividend distribution agent and redemption agent, set forth in this Section 5.6 shall survive the termination of
this Deposit Agreement and any resignation, replacement, removal, or succession of any Depositary, Registrar, Transfer Agent, dividend
distribution agent, redemption agent or Depositary’s Agent.

 

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5.7 Fees, Charges
and Expenses.

 

The
Corporation agrees promptly to pay the Depositary the compensation, as separately agreed upon with the Corporation, in accordance with
such agreed upon terms, for all services rendered by the Depositary, Depositary’s Agent, Transfer Agent, Registrar, dividend distribution
agent and redemption agent hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable
counsel fees and expenses) incurred by the Depositary, Depositary’s Agent, Transfer Agent, Registrar, dividend distribution agent
and redemption agent without gross negligence, willful misconduct, bad faith (each as determined by a final non-appealable judgment
of a court of competent jurisdiction) on its part in connection with the services rendered by it (or any agent of the Depositary) hereunder.
The Corporation shall pay all charges of the Depositary in connection with the initial deposit of shares of the Preferred Stock and the
initial issuance of the Depositary Shares, all withdrawals of shares of the Preferred Stock by owners of Depositary Shares, and any redemption
or exchange of shares of the Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes
and charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and charges shall be
at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs
charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however,
that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary
has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses
to the Corporation at such intervals as the Corporation and the Depositary may agree.

 

5.8 Tax Compliance.

 

The
Depositary will comply in all material respects with all applicable certification, information reporting, and withholding (including “backup
withholding”) requirements imposed upon the Depositary by applicable tax laws, regulations, or administrative practice with respect
to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption,
or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation
and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority
or its designated agent. The Depositary shall comply with any written direction received from the Corporation with respect to the application
of such requirements to particular payments or holders or in other particular circumstances and may, for purposes of this Deposit Agreement,
rely on any such direction in accordance with the provisions of Section 5.3 hereof. The Depositary shall, in accordance with its
record retention policies or procedures, maintain all appropriate records documenting compliance with such requirements, and shall make
such records available on request to the Corporation or to its authorized representatives during the term of this Agreement.

 

ARTICLE VI 

AMENDMENT AND TERMINATION

 

6.1 Amendment.

 

The
form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however,
that no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent) which shall materially and adversely
alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved
by the Holders of Receipts representing in the aggregate at least two-thirds of the Depositary Shares then outstanding. Every
Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt,
to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair
the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any
Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the shares of the Preferred Stock
and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or
the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent
to the Depositary’s execution of any amendment, the Corporation shall deliver to the Depositary a certificate executed by a duly
authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1.
No amendment to this Depositary Agreement shall be effective unless duly executed by the Depositary.

 

    19 

     

    

 

6.2 Termination.

 

This
Deposit Agreement may be terminated by the Corporation at any time upon not less than sixty (60) days prior written notice to the
Depositary, in which case, at least thirty (30) days prior to the date fixed in such notice for such termination, the Depositary
will mail or otherwise transmit notice of such termination to the record Holders of all Receipts then outstanding. If any Receipts shall
remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue the transfer of
Receipts, shall suspend the distribution of dividends to the Holders of the Receipts thereof and shall not give any further notices (other
than notice of such termination) or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to the Preferred Stock, and shall continue to deliver the Preferred Stock and any
money and other property, if any, represented by Receipts upon surrender thereof by the Holders of Receipts thereof. At any time after
the expiration of two years from the date of termination, as may be instructed by the Corporation in writing, the Depositary shall (i) sell
the shares of the Preferred Stock then held hereunder at public or private sale, at such places and upon such terms as it deems proper
and may thereafter hold the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability
for interest, for the benefit, pro rata in accordance with their holdings, of the Holders of Receipts that have not theretofore
been surrendered, or (ii) return such shares of Preferred Stock to the Corporation. After making such sale, the Depositary shall
be discharged from all obligations under this Deposit Agreement except to account for such net proceeds and money and other property.
The Depositary shall continue to receive its fees and expenses and shall continue to be entitled to its protections set forth herein after
termination of this Deposit Agreement so long as the Depositary continues to provide services in connection with this Deposit Agreement.
Nothing contained in this Section 6.2 shall impede the Depositary’s right to resign under this Deposit Agreement.

 

Subject
to the first paragraph of this Section 6.2, this Deposit Agreement may be terminated by the Corporation or the Depositary only if
(i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.8; (ii) there shall have been made a final
distribution in respect of the Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such
distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2,
as applicable; or (iii) upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of
the Depositary Shares outstanding.

 

Upon
the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary, any Depositary’s Agent, any Transfer Agent, any Registrar, any dividend distribution agent
or redemption agent under Sections 5.3, 5.6 and 5.7 (including as to any services of the Depositary, any Depositary’s Agent, any
Registrar, any dividend distribution agent or redemption agent that are necessary following and in connection with the termination of
this Deposit Agreement); provided further that Sections 5.2, 5.3, 5.6 and 5.7 shall survive the termination of this Deposit
Agreement.

 

ARTICLE VII 

MISCELLANEOUS

 

7.1 Counterparts.

 

This
Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one
and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile, pdf or electronic
mail (including any signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signature
and Records Act or other applicable law, e.g., www.docusign.com) shall be effective as delivery of a manually executed counterpart
of this Deposit Agreement.

 

7.2 Exclusive
Benefit of Parties.

 

This
Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other Person whatsoever.

 

    20 

     

    

 

7.3 Invalidity
of Provisions.

 

In
case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall
in no way be affected, prejudiced or disturbed thereby; provided, however, that if any such provision adversely affects the rights, duties,
liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately upon written notice to the Corporation.

 

7.4 Notices.

 

Any
and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail or recognized next day courier service or by electronic mail, confirmed by letter, addressed
to the Corporation at:

 

Silvergate
Capital Corporation 

4250
Executive Square 

Suite 300 

La
Jolla, CA 92037 

Attention:
Antonio Martino 

Email:
amartino@silvergate.com

 

with
a copy to:

 

Holland &
Knight LLP 

800
17th Street NW 

Washington,
DC 20006 

Attention: 

Kevin
Houlihan 

William
Levay 

Email: 

kevin.houlihan@hklaw.com 

william.levay@hklaw.com

 

or at any other addresses
of which the Corporation shall have notified the Depositary in writing.

 

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

 

American
Stock Transfer & Trust Company, LLC 

6201
15th Avenue 

Brooklyn,
NY 11219 

Attention:
Relationship Management

 

With
a copy to:

 

American
Stock Transfer & Trust Company, LLC 

48
Wall Street, 22nd Floor 

New
York, New York 10005 

Attention:
Legal Department 

Email:
legalteamAST@astfinancial.com

 

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

 

Except
as otherwise provided herein, any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall
be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, recognized next day courier services,
facsimile transmission or electronic mail, confirmed by letter, addressed to such Record Holder at the address of such Record Holder as
it appears on the books of the Depositary; or if such Holder shall have timely filed with the Depositary a written request that notices
intended for such Holder be mailed to some other address, at the address designated in such request; or in the case of any Global Receipt
Depository, in accordance with its applicable procedures and arrangements for notices.

 

    21 

     

    

 

Delivery
of a notice sent by mail or as provided in this Section 7.4 shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a facsimile transmission or electronic mail) is deposited, postage prepaid,
in a post office letter box; provided, that notice to a Global Receipt Depository shall be deemed to be effected at the time
such notice is delivered or made as provided in this Section 7.4; provided, further, that the Depositary
or the Corporation may, however, act upon any facsimile transmission or electronic mail received by it from the other or from any Holder
of a Receipt, notwithstanding that such facsimile transmission or electronic mail shall not subsequently be confirmed by letter or as
aforesaid.

 

7.5 Depositary’s
Agents.

 

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

 

7.6 Appointment
of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Preferred Stock.

 

The
Corporation hereby appoints AST, as Registrar, Transfer Agent, dividend disbursing agent and redemption agent in respect of the Receipts
and shares of the Preferred Stock deposited with the Depositary hereunder, and AST hereby accepts its appointments, subject to the express
terms and conditions of this Deposit Agreement (and no implied terms or conditions) and, as such, will reflect changes in the number of
shares of deposited Preferred Stock held by it by notation, book-entry or other appropriate method. With respect to the appointments of
AST as Registrar, Transfer Agent, dividend disbursing agent and redemption agent in respect of the Receipts and shares of the Preferred
Stock deposited with the Depositary hereunder, AST shall be entitled to the same rights, indemnities, immunities and benefits as the Depositary
hereunder as if explicitly named in each such provision.

 

7.7 Holders
of Receipts are Parties.

 

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

 

7.8 Governing
Law.

 

This
Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles.

 

7.9 Inspection
of Deposit Agreement.

 

Copies
of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection
during business hours upon reasonable notice to the Depositary by any Holder of a Receipt.

 

7.10 Headings.

 

The
headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto
have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any
bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.

 

    22 

     

    

 

7.11 Confidentiality.

 

The
Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party, including, inter
alia, personal, non-public Holder information, and the fees for services to be performed hereunder, which are exchanged
or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily
disclosed to any other Person, except as may be required by law or legal process. Notwithstanding anything contained herein, each party
may disclose relevant aspects of the other party’s confidential information to its officers, affiliates, agents, subcontractors
and employees to the extent reasonably necessary to perform its duties and obligations under this Deposit Agreement and such disclosure
is not prohibited by applicable law. To avoid doubt, the parties hereto shall not (otherwise as set forth in this Section 7.11) be
required to keep the terms of this Deposit Agreement confidential.

 

7.12 Further
Assurances.

 

The
Corporation shall perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts,
documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary
of the provisions of this Deposit Agreement.

 

[Remainder of page intentionally
left blank; signature page follows.]

 

    23 

     

    

 

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

 

	 	SILVERGATE CAPITAL CORPORATION
	 	 	 
	 	By	/s/ Antonio Martino
	 	 	Name: Antonio Martino
	 	 	Title:   Chief Financial Officer
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Depositary and as Transfer Agent and Registrar
	 	 	 
	 	By	/s/ Michael Legregin
	 	 	Name: Michael Legregin
	 	 	Title:   Senior Vice-President

 

[Signature page to
Deposit Agreement]

 

     

     

    

 

EXHIBIT A:

 

FORM OF RECEIPT

 

[FORM OF FACE OF
RECEIPT]

 

Unless this receipt is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Silvergate Capital
Corporation or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

DEPOSITARY SHARES

 

DEPOSITARY RECEIPT FOR
DEPOSITARY SHARES, 

EACH REPRESENTING A 1/40TH INTEREST
IN ONE SHARE OF 

FIXED RATE NON-CUMULATIVE PERPETUAL 

PREFERRED STOCK, SERIES
A

 

OF

 

SILVERGATE CAPITAL CORPORATION 

INCORPORATED UNDER THE
LAWS OF THE STATE OF MARYLAND

 

CUSIP 82837P 507 / US82837P5070 

SEE REVERSE FOR CERTAIN
DEFINITIONS

 

American
Stock Transfer & Trust Company, LLC, as Depositary (the “Depositary”), hereby certifies that Cede &
Co. is the registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing a 1/40th
interest in one share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, liquidation preference
$1,000 per share (the “Preferred Stock”), of Silvergate Capital Corporation, a Maryland corporation (the “Corporation”),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated August 4, 2021 (the
 “Deposit Agreement”), among the Corporation, the Depositary and the holders from time to time of the Depositary Receipts.
By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the
Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit
Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer and,
if a Registrar for the Receipts (other than the Depositary) shall have been appointed, countersigned by such Registrar in respect of the
Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof.

 

    A-1 

     

    

 

	AMERICAN STOCK TRANSFER & TRUST
COMPANY, LLC, as Depositary	 	Dated: August 4, 2021
	 	 	
     

	By:	/s/ Michael Legregin	 	 
	 	Name: Michael Legregin	 	 
	 	Title:    Senior Vice-President	 	 

 

    A-2 

     

    

 

[FORM OF REVERSE
OF RECEIPT]

 

SILVERGATE CAPITAL CORPORATION

 

SILVERGATE
CAPITAL CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY
OF THE ARTICLES SUPPLEMENTARY OF FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A, OF SILVERGATE CAPITAL CORPORATION.
ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 

The
Corporation will furnish without charge to each receiptholder who so requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions
of such preferences and/or rights. Such request may be made to the Corporation or to the Transfer Agent.

 

EXPLANATION OF ABBREVIATIONS

 

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

 

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

 

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

 

    A-3 

     

    

 

Assignment

 

For value received, ___________________________hereby
sell(s), assign(s) and transfers(s) unto

 

	 

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	 

PLEASE PRINT OR TYPEWRITE
NAME AND ADDRESS, INCLUDING POSTAL CODE, OF ASSIGNEE

 

Depositary Shares represented
by the within Receipt, and do(es) hereby irrevocably constitute and appoint _____________________________________________ Attorney to
transfer the said Depositary Shares on the books of the within named Depositary with

full power of substitution in the premises.

 

Dated :____________________________

 

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

 

SIGNATURE GUARANTEED

 

NOTICE: The signature(s) should be guaranteed
by a participant in a signature guarantee program approved by the Securities Transfer Association at a guarantee level acceptable to the
Transfer Agent.

 

    A-4

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