Document:

grove_ex107.htm

EXHIBIT 10.7
   
 EXECUTIVE EMPLOYMENT AGREEMENT
  
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement") is made and effective as of May 3, 2021 (the "Effective Date"), between Grove, Inc., a Nevada corporation (the “Company”), Robert Hackett, an individual whose lives in Nevada (the "Executive"). 
  
 RECITALS
  
 A. The Company is a Nevada corporation and is principally engaged in the extraction, manufacturing, distributing and selling products, in the CBD industry, in addition to other business in the CBD and related industry. 
  
 B. The Executive is qualified and experienced in the CBD industry and specifically the sales and marketing of CBD products. 
  
 C. The Company desires to employ the Executive and the Executive desires to be employed by the Company.
  
 D. The parties agree that a covenant not to compete is essential to the growth and stability of the business of the Company.
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein made, the Company and the Executive do hereby agree as follows:
  
 1. Recitals. The above recitals are true, correct, and are herein incorporated by reference. 
  
 2. Employment. The Company hereby employs the Executive, and the Executive hereby accepts employment, upon the terms and conditions hereinafter set forth.
  
 3. Authority and Power During Term. 
  
 a. Duties and Responsibilities. During the “Term” of this Agreement (as defined below), the Executive shall serve as President for the Company and will perform duties typical and standard of this title and report directly to the Chief Executive Officer (the “CEO”), subject to the guidelines and direction of the Board of Directors of the Company. 
  
 b. Time Devoted. Executive agrees that during the Term, he will devote all of his business time, attention and energies to the performance of his duties and assignments in furtherance of the Business of Company interests. Executive shall at all times faithfully and diligently perform all reasonable and lawful duties that may be required pursuant to the express and implicit terms hereof to the reasonable satisfaction of the Company. Executive shall conduct such business to maintain and promote the goodwill and reputation of the Company and shall act faithfully and diligently with respect to the Company, its affairs, clients, customers and property. Notwithstanding the foregoing, Executive shall be permitted to engage in community, charitable and educational activities and to serve on not-for-profit boards or committees provided that any such activities do not conflict or interfere with Employee’s obligations under this Agreement or conflict with the interests of the Company. 
  
 	 
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 4. Term. The “Term” of employment hereunder shall be two (2) years from the Effective Date shown above, unless earlier amended, renewed or terminated as provided herein. 
  
 5. Compensation and Benefits.
  
 a. Salary. The Executive shall be paid a base salary (the "Base Salary") at an annual rate of One Hundred and Twenty Five Thousand Dollars ($125,000) beginning at the Effective Date of this Agreement, payable in installments according to the customary procedures of the Company. Any additional increase will be at the discretion of the CEO and the Compensation Committee of the Board of Directors. 
  
 b. Performance Based Bonus. As additional compensation from May 3, 2021 to May 3, 2023, the Executive shall be eligible to receive cash and equity bonuses ("Bonus") as determined by the CEO and the Compensation Committee, which may be paid in stock, stock options, or cash, within the discretion of the CEO and Compensation Committee. Bonus payments shall be paid at or after the end of the applicable fiscal reporting period and shall not be accrued or earned prior to the actual approval and award of any such Bonus by the Board of Directors.
  
 The CEO may award additional bonuses based on a profit-sharing performance criterion to be defined by the Company’s CEO and Compensation Committee. 
  
 c. Vacation. During each year of the Term of this Agreement, commencing with the Effective Date, the Executive shall be entitled to four (4) weeks paid vacation per year. 
  
 d. Business Expense Reimbursement. During the Term of employment, the Executive shall be entitled to receive proper reimbursement for all reasonable, out-of-pocket expenses incurred by the Executive (in accordance with the policies and procedures established by the Company for its senior executive officers) in performing services hereunder, including but not limited to travel expenses to various offices of the Company and reasonable continuing education courses completed, if any, provided the Executive properly accounts therefore. 
  
 e. Executive Benefits. During the Term of his employment hereunder, the Executive shall be entitled to participate in all benefit programs of the Company currently existing or hereafter made available to comparable executives of Company. 
  
 6. Consequences of Termination of Employment.
  
 a. Death. In the event of the death of the Executive during the Term, any unpaid salary and earned bonus shall be paid to the Executive's designated beneficiary, or, in the absence of such designation, to the estate or other legal representative of the Executive, until the date of death. Other death benefits will be determined in accordance with the terms of the Company's benefit programs and plans in effect at the time of such death, if any. 
  
 	 
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 b. Disability. In the event of the Executive's disability, the Executive shall be entitled to compensation in accordance with the Company's disability compensation practice for senior executives, if any, including any separate arrangement or policy covering the Executive. Given the unique circumstances and as an incentive to induce Executive to accept this Agreement - subject to appropriate medical verification by physicians reasonably selected by the Company - Executive shall be entitled to a disability payment of up to one (1) month’s Base Salary as a Company-paid disability and severance benefit to assist during the immediate aftermath of any total and permanent disability, after which the Company shall have no further obligation for compensation under this Agreement. The Board of Directors shall have the discretion to increase any such payment in its sole discretion if circumstances warrant additional compensation in the best interests of the Company. 
  
 c. Termination by the Company for Cause. 
  
 (1) Nothing herein shall prevent the Company from terminating Employment for "Cause," as hereinafter defined. The Executive shall continue to receive salary only for the pay period first ending after the date of such termination. Any rights and benefits the Executive may have in respect of any other compensation shall be determined in accordance with the terms of such other compensation arrangements or such plans or programs. 
  
 (2) "Cause" shall mean and include those actions or events specified below in subsections (A) through (G) to the extent the same occur, or the events constituting the same take place, subsequent to the date of execution of this Agreement: (A) Committing or participating in an injurious act of fraud, gross neglect or embezzlement against the Company; (B) committing or participating in any other injurious act or omission in a manner which was negligent against the Company, monetarily or otherwise; (C) engaging in a criminal enterprise involving moral turpitude; (D) conviction of an act or acts constituting a felony under the laws of the United States or any state thereof; (E) any attempted assignment of this Agreement by the Executive in violation of Section 14 of this Agreement; (F) failure to discharge written, statutory or regulatory duties of the CSMO under this Agreement; or (G) general and continuous failure or refusal to perform the duties reasonably assigned by the Board of Directors or the CEO or to follow any lawful directive of the Board of Directors or the CEO. 
  
 (3) Notwithstanding anything else contained in this Agreement, this Agreement will not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive a notice of termination stating that the Executive committed one of the types of conduct set forth in this Section 6(c) contained in this Agreement and specifying the particulars thereof. The Executive shall be given a ten (10) day period to cure such conduct or act or omission, if possible.
  
 d. Termination by the Company Other than for Cause. The foregoing notwithstanding, the Company may terminate the Executive's employment for whatever reason it deems appropriate, or for no reason whatsoever; provided, however, that in the event such termination is not based on Cause, as provided in Section 6(c) above or related to a change of control as defined in Section 6(f), the Company may terminate this Agreement upon giving three (3) months prior written notice. During such three (3) month period, the Executive shall continue to perform the Executive's duties pursuant to this Agreement unless otherwise directed by the CEO or the Board of Directors, and the Company shall continue to compensate the Executive in accordance with this Agreement. After the three (3) months the Company will continue to pay the Executive his salary for the greater of twelve (12) months or the remainder of the Term of this Agreement. All outstanding options held by the Executive shall immediately vest and shall remain outstanding for the remainder of the stated term of said options. 
  
 	 
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 e. Voluntary Termination. In the event the Executive terminates his employment voluntarily, except as provided in Section 6(f), prior to the expiration of the Term of this Agreement, including any renewals thereof, Executive shall be limited to salary, and vested equity and stock options earned to the date of voluntary termination. The Executive will be expected to give 30 days notice of termination to allow the Company a transition period to the new executive. The Executive can terminate this Agreement without the foregoing 30 day notice if in his professional judgment the circumstances require his immediate resignation. The Company will be obligated to compensate the Executive through the actual termination date. 
  
 f. Termination Following a Change of Control.
  
 (1) In the event that a “Change of Control" of the Company shall occur at any time during the Term hereof, the Executive shall have the right to terminate the Executive's employment under this Agreement upon thirty (30) days written notice given at any time within six (6) months after the occurrence of such Change in Control. 
  
 (2) For purposes of this Agreement, "Change in Control" shall mean the occurrence of any of the following events:
  
 (A) one person or entity (or more than one person or entity acting as a group) acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation; provided that, a Change in Control shall not occur if any person or entity (or more than one person or entity acting as a group) owns more than 50% of the total fair market value or total voting power of the Company's stock and acquires additional stock; or
  
 (B) a majority of the members of the Board of Directors are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or
  
 (C) the sale of all or substantially all of the Company's assets; or
  
 (D) the merger of the Company into or consolidation with another entity and, after giving effect to such merger or consolidation, the holders of stock of the Company immediately prior to such merger or consolidation own less than 51% of the stock of the surviving entity after such merger or consolidation.
  
 (3) In the event of such termination of the Executive's employment pursuant to a Change of Control, Executive shall be entitled to (A) immediate vesting of all options previously awarded; and (B) the continued payment of the Executive’s salary for a period of twelve (12) months. 
  
 	 
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 g. Good Reason - The Executive's employment may be terminated by the Executive at any time for Good Reason. For purposes of this Agreement, "Good Reason" shall mean:
  
 (1) The sale of all or substantially all of the Company’s assets.
   
 (2) In the event of such termination of the Executive's employment pursuant to Good Reason, Executive shall be entitled to (A) immediate vesting of all options previously awarded; and (B) the continued payment of the Executive’s salary for a period of twelve (12) months. 
   
 h. Other Employment. The amount of any payment provided for under this Agreement shall be reduced by any compensation earned by the Executive as the result of self-employment or employment by another employer or otherwise.
  
 7. Non-Disclosure Covenant.
  
 a. Acknowledgments by The Executive. The Executive acknowledges that: (a) during the Term, and as a part of Executive’s employment, the Executive will be afforded access to Confidential Information; (b) public disclosure of such Confidential Information could have an adverse effect on the Company and its business; and (c) the provisions of this Section 7 are reasonable and necessary to prevent the improper use or disclosure of Confidential Information. 
  
 b. Confidential Information. In consideration of the compensation and benefits to be paid or provided to the Executive by the Company under this Agreement, the Executive covenants as follows:
  
 (1) Confidentiality.
   
 (i) During and following the Term, the Executive will hold in confidence the Confidential Information and will not disclose it to any person except with the specific prior written consent of the Company, or except as otherwise expressly permitted by the terms of this Agreement.
  
 (ii) During the Term, the Executive shall use good faith efforts to protect the Confidential Information from unauthorized use or disclosure. 
  
 (iii) Any trade secrets of the Company will be entitled to all of the protections and benefits under the Uniform Trade Secrets Act of the State of Nevada, and any other applicable law. If any information that the Company deems to be a trade secret is found by a court of competent jurisdiction not to be a trade secret for purposes of this Agreement, such information will, nevertheless, be considered Confidential Information for purposes of this Agreement. The Executive hereby waives any requirement that the Company submit proof of the economic value of any trade secret, or post a bond, or other security.
  
 	 
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 (iv) None of the foregoing obligations and restrictions applies to any part of the Confidential Information that (x) the Executive demonstrates is, was or became generally available to the public other than as a result of an impermissible disclosure by the Executive, or (y) is required to be disclosed by law or a final order of a court or other governmental agency or authority of competent jurisdiction provided that Executive provides to the Company reasonable notice prior to any such disclosure to allow sufficient time to obtain injunctive relief, a protective order, or a similar remedy, and shall reasonably cooperate with the Company in obtaining such relief, order, or remedy. 
  
 (v) The Executive will not remove from the Company's premises (except to the extent such removal is for purposes of the performance of the Executive's duties at home or while traveling, or except as otherwise specifically authorized by the Company) any document, record, notebook, plan, model, component, device, or computer software or code, whether embodied in a disk or in any other form (collectively, the “Proprietary Items”). The Executive recognizes that, as between the Company and the Executive, all of the Proprietary Items, whether or not developed by the Executive, are the exclusive property of the Company. Upon termination of this Agreement by either party, or upon the request of the Company during the Term, the Executive will return to the Company all of the Proprietary Items in the Executive's possession or subject to the Executive's control, and the Executive shall not retain any copies, abstracts, sketches, or other physical embodiment of any of the Proprietary Items.
  
 c. Disputes or Controversies. The Executive recognizes that should a dispute or controversy arising from or relating to this Agreement be submitted for adjudication to any court, arbitration panel, or other third party, the preservation of the secrecy of Confidential Information may be jeopardized. All pleadings, documents, testimony, and records relating to any such adjudication will be maintained in secrecy and will be available for inspection by the Company, the Executive, and their respective attorneys and experts, who will agree, in advance and in writing, to receive and maintain all such information in secrecy, except as may be limited by them in writing.
  
 8. Non-Competition and Non-Interference
  
 a. Acknowledgments by the Executive. The Executive acknowledges that: (a) the services to be performed by the Executive under this Agreement are of a special, unique, unusual, extraordinary, and intellectual character; (b) the Business of Company is nationwide in scope in the United States; and (c) the provisions of this Section 8 are reasonable and necessary to protect the Business of Company.
  
 b. Covenants of the Executive.
  
 (i) Restricted Area. Executive will have certain customer and management responsibilities involving and/or relating to marketing, servicing customers, customer support functions and/or exposure to marketing and/or customer information in the Restricted Area. The term “Restricted Area” means the continental United States. If Executive, in the future, markets to or has responsibilities with respect to customers in areas outside of the Restricted Area, then the term Restricted Area is automatically expanded to include those areas. 
  
 	 
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 (ii) Non-Compete. Executive hereby covenants and agrees that, during the Term and for a period of twelve (12) months after the employment has terminated, Executive will not, directly or indirectly, for Executive or any other persons, firms, corporations, associations or other entity, either as principal, partner, agent, employee, subcontractor, officer, director, shareholder or in any other capacity, in the Restricted Area, perform services for, conduct, operate, finance or become engaged or interested in a business that competes with the Business of Company (as hereinafter defined). In the event of a breach by Executive of the covenant set forth in this Section 8.2 (as determined by a final and non-appealable decision of a court of competent jurisdiction), the twelve (12) month period for this covenant will be extended by the period of the duration of the breach. Notwithstanding the foregoing, Executive shall be permitted to own, as a passive investment, up to five percent (5%) of any class of securities of any person that are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities Exchange Act of 1934 regardless of whether such person is engaged in the Business of Company.
  
 (iii) Business of Company. For purposes of this Agreement, the “Business of Company” means any business line or activity that is engaged in by the Company while Executive is employed by Company, including, but not limited to, the business of extraction, manufacturing, distributing and selling products in the CBD industry, in addition to other business in the CBD and related industry. 
  
 c. Customers, Employees, Sales Representatives. Executive agrees that during the Term by Company, and for a period of twelve (12) months after the employment has terminated, Executive will not, directly or indirectly, for Executive or any other persons, firms, corporations, associations or other entity, either as principal, partner, agent, employee, subcontractor, officer, director, shareholder or in any other capacity: 
  
 (i) solicit, or attempt to solicit, any of the customers or patrons now or hereafter served by Company (however, solicitations solely on behalf of Company are permitted); 
  
 (ii) solicit, or attempt to solicit, in the Restricted Area any "Company Prospect," and for this purpose "Company Prospect" means any person or entity that Executive contacts during the Executive’s employment by Company for the purpose of securing same as a customer or patron of Company (however, solicitations solely on behalf of Company are permitted); 
  
 (iii) cause, or attempt to cause, any of the customers or patrons of Company to cease being a customer or patron of Company, to reduce the level of business between the Company and a customer or patron, or in any way interfere with the relationship between any customer or patron and Company; 
  
 	 
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 (iv) accept business from customers or patrons now or hereafter served by Company;
  
 (v) induce, or attempt to induce, any of the employees of Company to leave his or her employ; 
  
 (vi) induce, or attempt to induce, any of the sales representatives of Company to cease contracting for Company, or to commence contracting for a competitor of Company, or another party; 
  
 (vii) in any way interfere with the relationship of Company and any employee of Company; or
  
 (viii) induce any supplier, licensee or business relation of Company to cease doing business with Company, reduce its level of business with the Company, or in any way interfere with the relationship between Company and any supplier, licensee or business relation.
  
 Executive hereby acknowledges that Company, in reliance on this Section 8(c), will be conveying and entrusting Executive with Confidential Information. In the event of a breach by Executive of any covenant set forth in any of the above clauses of this Section 8(c) (as determined by a final and non-appealable decision of a court of competent jurisdiction), the twenty-four (24) month period for such covenant will be extended by the period of the duration of the breach. 
  
 d. Notice to Company. The Executive will, while the covenants under Sections 8(b) or 8(c) are in effect, give notice to the Company, within ten (10) days after accepting any other employment, of the identity of the Executive's new employer. The Company may notify such new employer that the Executive is bound by this Agreement and, at the Company's election, furnish such new employer with a copy of this Agreement or relevant portions thereof.
  
 9. General Provisions
  
 a. Injunctive Relief and Additional Remedy. The Executive acknowledges that the injury that would be suffered by the Company as a result of a breach of the provisions of this Agreement (including any provision of Sections 7 and 8) may be irreparable, and that an award of monetary damages to the Company for such a breach may be an inadequate remedy. Consequently, the Company will have the right, in addition to any other rights it may have, to seek injunctive relief to restrain any breach, or threatened breach, or otherwise to specifically enforce any provision of this Agreement, and the Company will not be obligated to post bond or other security in seeking such relief. Without limiting the Company’s rights under this Section 9 or any other remedies of the Company, if the Executive breaches any of the provisions of Section 7 or 8, the Company will have the right to cease making any payments otherwise due to the Executive under this Agreement.
  
 	 
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 b. Covenants of Sections 7 and 8 Are Essential and Independent Covenants. The covenants by the Executive in Sections 7 and 8 are essential elements of this Agreement, and without the Executive's agreement to comply with such covenants, the Company would not have entered into this Agreement, or employed the Executive. The Company and the Executive have independently consulted their respective counsel and have been advised in all respects concerning the reasonableness and propriety of such covenants, with specific regard to the nature of the business conducted by the Company.
  
 The covenants by the Executive in Sections 7 and 8 are independent covenants and the existence of any claim by the Executive against the Company under this Agreement or otherwise will not excuse the Executive's breach of any covenant in Section 7 or 8.
  
 If the Executive's employment hereunder expires or is terminated, this Agreement will continue in full force and effect, as is necessary or appropriate to enforce the covenants and agreements of the Executive in Sections 7 and 8.
  
 c. Business Opportunities. Executive will promptly disclose to Company any business opportunity that is reasonably related to Business of Company, or that could be a reasonable extension of, or addition to, Business of Company, that comes to Executive’s attention during Executive’s employment with Company. Executive will not take advantage of or divert any such business opportunity for the benefit of Executive, or any other party, without the prior written consent of Company. Nothing contained herein shall limit, abrogate or terminate any of the fiduciary duties owed by Executive to the Company, under applicable law.
  
 d. Representations and Warranties by the Executive. The Executive represents and warrants to the Company that the execution and delivery by the Executive of this Agreement do not, and the performance by the Executive of the Executive's obligations hereunder will not, with or without the giving of notice or the passage of time, or both: (a) violate any judgment, writ, injunction, or order of any court, arbitrator, or governmental agency applicable to the Executive; or (b) conflict with, result in the breach of any provisions of or the termination of, or constitute a default under, any agreement to which the Executive is a party or by which the Executive is or may be bound.
  
 e. Severability. It is the intention of the parties hereto that the provisions of this Agreement shall be construed as severable as to section, paragraph, sentence, clause, phrase, time, area, and restricted activity and that if any section, paragraph, sentence, clause or phrase hereof be deemed too broad in scope as to time, area or restricted activity, then the section, paragraph, sentence, clause, phrase, period of time, geographical area or restricted activity shall be reduced to such scope as is reasonable and enforceable, and this Agreement shall be construed as if it had originally been drawn in such reduced form, to the end that the restraints hereby imposed may be enforced by injunction.
  
 f. Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by either party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party, (b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given, and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement.
  
 	 
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 g. Delegation of Duties Prohibited. The duties and covenants of the Executive under this Agreement, being personal, may not be delegated.
  
 h. Notices. All notices, consents, waivers, and other communications under this Agreement must be in writing and will be deemed to have been duly given when: (a) delivered by hand (with written confirmation of receipt); (b) sent by facsimile (with written confirmation of receipt), provided that a copy is sent by United States Postal Service, Certified Mail, postage prepaid (return receipt requested); or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the appropriate addresses and facsimile numbers set forth below (or to such other addresses and facsimile numbers as a party may designate by written notice to the other parties):
  
 If to the Company: 
  
 Allan Marshall
 1710 Whitney Mesa Drive
 Henderson NV 89014
  
 If to the Executive: 
  
 Address on File______________________
 __________________________________
 __________________________________
  
 i. Entire Agreement, Amendments. This Agreement contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof. For clarification, the obligations of Executive under this Agreement are supplemental and in addition to the obligations under Sections 7, 8 and 9 of this Agreement. This Agreement may not be amended orally, but only by an agreement in writing signed by the parties hereto.
  
 j. Section Headings, Construction. The headings of Sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement, unless otherwise specified. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.
  
 k. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.
  
 	 
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 l. Agreement with Others. If Company does not attempt to enforce any covenants or obligations of other employees or other parties similar to those obligating Executive as set forth herein, that shall not operate as a waiver or estoppel of any covenants or obligations set forth herein.
  
 m. Successors and Assigns. This Agreement shall inure to the benefit of, and be binding on, the parties hereto and their respective successors, assigns, heirs, and legal representatives, including any entity with which the Company may merge or consolidate or to which all or substantially all of its assets may be transferred. Any assignee or successor of Company may, and is expressly authorized to, enforce the provisions of this Agreement. 
  
 n. Attorneys’ Fees and Costs. If any legal action, arbitration proceeding or similar proceeding is brought for the enforcement or interpretation of this Agreement or any of its provisions, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys' fees and costs, in addition to any other relief which may be granted. This shall apply, without limitation, to any appeals or remands. 
  
 o. Nevada Law, Jurisdiction, Venue of Service of Process. This Agreement shall be governed by, interpreted, and enforced in accordance with Nevada law, without giving effect to the principles of conflicts of laws thereof. The parties agree that the courts of the State of Nevada and the federal courts of the United States located in the State of Nevada shall have sole and exclusive jurisdiction over any dispute, claim or controversy which may arise involving this Agreement or its subject matter. The parties waive any defense of lack of personal jurisdiction that any of them may have otherwise had to an action brought in Nevada. The parties agree that exclusive venue shall lie in courts of the State of Nevada or the applicable division of the United States District Court for that county in the State of Nevada. The parties irrevocably submit and consent to the above jurisdiction and venue and waive any and all rights to bring or maintain an action in any other jurisdiction or venue or seek any change of jurisdiction or venue. Executive agrees that service of process in any proceeding in any such court may be effected by United States Postal Service, Certified Mail, postage prepaid (return receipt requested), at the address for Executive as set forth in Section 9.8 of this Agreement.
  
 p. Headings. The descriptive headings of this Agreement are intended for reference only, and shall not affect the construction or interpretation of this Agreement. 
  
 q. WAIVER OF JURY TRIAL. EACH PARTY HEREBY COVENANTS AND AGREES THAT IN ANY LITIGATION, SUIT, ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF CONCERNS, OR RELATES TO THIS AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED HEREUNDER, THE PERFORMANCE HEREOF, OR THE RELATIONSHIP CREATED HEREBY, WHETHER GROUNDED IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A JUDGE OF A COURT OF COMPETENT JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT PARTY MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY THE OTHER PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS JURY WAIVER PROVISION.
  
 	 
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 r. Construction. The parties have discussed and reviewed the content of this Agreement. Both parties had the opportunity to consult counsel prior to executing this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by both Executive and Company, and no presumption or burden of proof shall arise favoring or disfavoring either by virtue of the authorship of any of the provisions of this Agreement.
  
 s. Section 409A. To the greatest extent permissible under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury regulations promulgated thereunder (collectively, “Section 409A”), the payments to Executive under this Agreement are intended to be exempt from Section 409A, including pursuant to Treasury Regulation sections 1.409A-1(b)(4) (the "short term deferral" exemption) or 1.409A-1(b)(9) (the "separation pay" exemption), and shall be administered accordingly. Notwithstanding anything in this Agreement to the contrary: 
  
 (a) If termination of employment or this Agreement gives rise to payment of any amount pursuant to this Agreement, then such termination of employment or this Agreement (as applicable) must constitute a “separation from service” (within the meaning of Section 409A).
  
 (b) To the extent any amounts or benefits payable pursuant to this Agreement constitute “deferred compensation” (within the meaning of Section 409A) and are not exempt from the applicability of Section 409A, then the following shall be applicable under this Agreement:
  
 (i) If any amount paid pursuant to this Agreement is deferred compensation within the meaning of Section 409A, payable as a result of a termination of the Executive’s employment or this Agreement, and as of the date of termination of employment or this Agreement giving rise to payment of such amount the Executive is a Specified Employee, amount(s) that would otherwise be payable during the six(6) month period immediately following such date of termination shall instead be paid, with interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code, on the first business day after the date that is six (6) months following the Executive’s “separation from service” (within the meaning of Section 409A) (the “Delayed Payment Date”). As used in this Agreement, the term “Specified Employee” means a “specified employee” as defined in Section 409A(a)(2)(B)(i) of the Code. By way of clarification, “specified employee” means a “key employee” (as defined in Section 416(i) of the Code, disregarding Section 416(i)(5) of the Code) of Company. The Executive shall be treated as a key employee if the Executive meets the requirement of Section 416(i)(1)(A)(i), (ii), or (iii) of the Code at any time during the twelve (12) month period ending on an “identification date.” For purposes of any “Specified Employee” determination hereunder, the “identification date” shall mean the last day of each calendar year; and 
  
 (ii) Neither Company nor the Executive or any other person or entity, acting alone or jointly, may exercise any discretion, through an amendment of this Agreement or otherwise, with respect to any payment under this Agreement which is not exempt from the requirements of Section 409A, regarding acceleration or other action or omission in respect of any such non-exempt payment, in a manner which would give rise to taxation under Section 409A.
  
 	 
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 10. Indemnification. The Executive shall be entitled to indemnification and defense by the Company to the full extent allowed by law, subject to and in accordance with the execution of the Company’s customary Indemnification Agreement—as established from time to time by the Company’s Board of Directors—to protect the Company’s officers and directors in the ordinary and prudent exercise of their duties to the Company—including the benefits of any insurance coverage that the Company may purchase or have in effect, provided however, to and only to the extent of (and solely with respect to) those claims, liabilities or other matters that arise or accrue against Executive in the ordinary and prudent exercise of his duties to the Company during the Term, or his actions in his employment capacity that were taken, after the Effective Date. To the extent that any such insurance coverage may not be sufficient or applicable, the Executive shall have the right to reimbursement and indemnification by the Company, in accordance with the Company’s Indemnification Agreement in effect at the time of any relevant loss or claim. Nothing in this Agreement shall be deemed to alter, amend, limit, or vary any of the terms of the Company’s duly approved Indemnification Agreement or its effective date, as modified from time to time within the sole discretion of the Company’s Board of Directors.
  
 11. Withholding. Anything to the contrary notwithstanding, all payments required to be made by the Company hereunder to the Executive or the Executive's estate or beneficiaries shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu of withholding such amounts, the Company may accept other arrangements pursuant to which it is satisfied that such tax and other payroll obligations will be satisfied in a manner complying with applicable law or regulation. Notwithstanding the foregoing, the Executive shall be solely and entirely responsible for his own compliance with applicable tax laws and regulations, in whatever form, venue or jurisdiction that may apply, and nothing in this Agreement shall be deemed to be any assumption of responsibility by the Company for any liability of the Executive for applicable taxes, fines or penalties. By executing this Agreement and signing in the space provided below, the Executive acknowledges that he has obtained his own tax counsel and advice with regard to this Agreement and that he assumes all responsibility and liability for any taxes that may be due or payable by law, and that he has not relied on any representation by the Company, or by any officer or director of the Company, with regard to the tax consequences of this Agreement, including any issue with respect to the concept of statutory employee.
  
 12. Further Assurances. All parties hereto shall execute and deliver such other instruments and do such other acts as may be necessary to carry out the intent and purposes of this Agreement.
  
 13. Survival. Any termination of this Agreement shall not, however, affect the ongoing provisions of this Agreement which shall survive such termination in accordance with their terms.
  
 THE PARTIES ACKNOWLEDGE THAT THEY HAVE READ THIS ENTIRE AGREEMENT, HAVE HAD THE OPPORTUNITY TO DISCUSS THIS WITH COUNSEL OF THEIR OWN CHOOSING; AND FURTHER ACKNOWLEDGE THAT THEY UNDERSTAND THE RESTRICTIONS, TERMS AND CONDITIONS IMPOSED UPON THEM BY THIS AGREEMENT; AND THAT THESE RESTRICTIONS, TERMS AND CONDITIONS MAY BE BINDING UPON BOTH THE COMPANY AND THE EXECUTIVE DURING AND AFTER TERMINATION OF THE EMPLOYMENT OF THE EXECUTIVE.
  
 	 
	Page 13 of 14
	

	 

  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of date set forth in the first paragraph of this Agreement. 
  
 	  
	 The Company:
	  

	  
	  
	  

	 	 Grove, Inc.
	
	  
	  
	  
	  

		By:	/s/ Allan Marshall 	
	  
	 Name: 
	 Allan Marshall
	 
	 	Title: 	 Chief Executive Officer
	 
	 	 	 	 
	  
	  
	  
	  

	  
	 The Executive
	  

	  
	  
	  

	  
		 /s/ Robert Hackett
	  

	  
		 Robert Hackett
	  

   
 	 
	Page 14 of 14EX-4.1

 Exhibit 4.1 

DEPOSIT AGREEMENT 
 among 

REGIONS FINANCIAL CORPORATION 

and 
 COMPUTERSHARE INC. and
COMPUTERSHARE TRUST COMPANY, N.A., 
 Jointly as Depositary, 

and 
 THE HOLDERS FROM TIME TO
TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of May 4, 2021 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I DEFINED TERMS
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
		
	Article II FORM OF RECEIPTS, DEPOSIT OF SERIES E PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	  	 	3	 
			
	 Section 2.1
	 	Form and Transfer of Receipts	  	 	3	 
	 Section 2.2
	 	Deposit of Series E Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	5	 
	 Section 2.3
	 	Registration of Transfer of Receipts	  	 	6	 
	 Section 2.4
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series E Preferred Stock	  	 	6	 
	 Section 2.5
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	7	 
	 Section 2.6
	 	Lost Receipts, etc.	  	 	8	 
	 Section 2.7
	 	Cancellation and Destruction of Surrendered Receipts	  	 	8	 
	 Section 2.8
	 	Redemption of Series E Preferred Stock	  	 	8	 
	 Section 2.9
	 	Bank Accounts	  	 	10	 
	 Section 2.10
	 	Receipts Issuable in Global Registered Form	  	 	10	 
		
	Article III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	  	 	11	 
			
	 Section 3.1
	 	Filing Proofs, Certificates and Other Information	  	 	11	 
	 Section 3.2
	 	Payment of Taxes or Other Governmental Charges	  	 	12	 
	 Section 3.3
	 	Warranty as to Series E Preferred Stock	  	 	12	 
	 Section 3.4
	 	Warranty as to Depositary Shares	  	 	12	 
		
	 Article IV THE DEPOSITED SECURITIES; NOTICES
	  	 	12	 
			
	 Section 4.1
	 	Cash Distributions	  	 	12	 
	 Section 4.2
	 	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	13	 
	 Section 4.3
	 	Subscription Rights, Preferences or Privileges	  	 	13	 
	 Section 4.4
	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	14	 
	 Section 4.5
	 	Voting Rights	  	 	14	 
	 Section 4.6
	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	15	 
	 Section 4.7
	 	Delivery of Reports	  	 	15	 
	 Section 4.8
	 	Lists of Receipt Holders	  	 	16	 

  
 - ii - 

							
	Article V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION	  	 	16	 
			
	 Section 5.1
	 	Appointment of the Depositary	  	 	16	 
	 Section 5.2
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	 	16	 
	 Section 5.3
	 	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	  	 	17	 
	 Section 5.4
	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation	  	 	17	 
	 Section 5.5
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	20	 
	 Section 5.6
	 	Corporate Notices and Reports	  	 	21	 
	 Section 5.7
	 	Indemnification by the Corporation	  	 	21	 
	 Section 5.8
	 	Fees, Charges and Expenses	  	 	21	 
		
	 Article VI AMENDMENT AND TERMINATION
	  	 	22	 
			
	 Section 6.1
	 	Amendment	  	 	22	 
	 Section 6.2
	 	Termination	  	 	22	 
		
	 Article VII MISCELLANEOUS
	  	 	23	 
			
	 Section 7.1
	 	Counterparts	  	 	23	 
	 Section 7.2
	 	Exclusive Benefit of Parties	  	 	23	 
	 Section 7.3
	 	Invalidity of Provisions	  	 	23	 
	 Section 7.4
	 	Notices	  	 	23	 
	 Section 7.5
	 	Depositary’s Agents	  	 	24	 
	 Section 7.6
	 	Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of Receipts	  	 	25	 
	 Section 7.7
	 	Reserved	  	 	25	 
	 Section 7.8
	 	Holders of Receipts Are Parties	  	 	25	 
	 Section 7.9
	 	Governing Law	  	 	25	 
	 Section 7.10
	 	Inspection of Deposit Agreement	  	 	25	 
	 Section 7.11
	 	Headings	  	 	25	 
	 Section 7.12
	 	Force Majeure	  	 	25	 
	 Section 7.13
	 	Further Assurances	  	 	25	 
	 Section 7.14
	 	Confidentiality	  	 	26	 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Depositary Receipt

  
 - iii - 

 DEPOSIT AGREEMENT dated as of May 4, 2021, among (i) Regions Financial
Corporation, a Delaware corporation, (ii) Computershare Inc., a Delaware corporation, (iii) Computershare Trust Company, N.A., a federally chartered, limited purpose trust company, and (iv) the Holders from time to time of the
Receipts described herein. 
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of
shares of Series E 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 the Series E
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 
  

	Section 1.1	 Definitions. 

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

 “Certificate of Designations” shall mean the Certificate of Designations filed by the Corporation with
the Secretary of State of the State of Delaware creating the Series E Preferred Stock. 
 “Computershare”
shall mean Computershare Inc. 
 “Corporation” shall mean Regions Financial Corporation, a Delaware
corporation, and its successors. 
 “Deposit Agreement” shall mean this Deposit Agreement, as amended or
supplemented from time to time in accordance with the terms hereof. 
 “Depositary” shall mean Computershare
and the Trust Company, acting jointly, and any successor Depositary hereunder. 
 “Depositary Shares” shall
mean the depositary shares, each representing 1/40th of one share of the Series E Preferred Stock, evidenced by a Receipt. 

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

  
 1 

 “Depositary’s Office” shall mean 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 150 Royall Street, Canton, Massachusetts 02021. 

“DTC” shall mean the Depository Trust Company, together with its successors and assigns. 

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

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

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt 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 90 calendar days after the Corporation received such notice, or 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued
or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Registered Receipt. 

“Global Receipt Depository” shall mean, 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” shall mean a global registered Receipt registered in the name of a nominee of DTC.

 “Intercompany Agreement” shall mean the Amended and Restated Service Agreement, dated as of
January 30, 2002, as amended, between Computershare Inc. and Computershare Trust Company, N.A. as successors to EquiServe Inc. and EquiServe Trust Company, N.A., respectively. 

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

  
 2 

 “Receipt” shall mean 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 a number of Depositary Shares held of record by a Record Holder. 

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

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Series E Preferred Stock” shall mean the shares of the Corporation’s 4.45% Non-Cumulative Perpetual Preferred Stock, Series E, par value $1 per share, with a liquidation preference of $1,000 per share. 

“Transfer Agent” shall mean Trust Company or such other successor bank or trust company which shall be
appointed by the Corporation to transfer the Receipts or the deposited Series E Preferred Stock, as the case may be, as herein provided. 

“Trust Company” shall mean Computershare Trust Company, N.A. 

Article II 
 FORM OF
RECEIPTS, DEPOSIT OF SERIES E PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 
  

	Section 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. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation delivered in compliance with
Section 2.2, shall execute and 

  
 3 

 
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, with the Corporation’s prior approval, as the Persons executing such Receipts may reasonably determine necessary, as evidenced by their execution of such Receipts.
If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and
deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge
therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Series E 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 the manual, electronic or facsimile signature of a duly authorized officer of the
Depositary and countersigned by the manual, electronic 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 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 (i) reasonably required by the Depositary and approved by the Corporation, (ii) required to comply with any applicable law or any regulation thereunder or with the rules and regulations of
any securities exchange upon which the Series E Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or (iii) to indicate any special limitations or restrictions to which any
particular Receipt is subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly
executed instrument of transfer, shall be transferable by delivery 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. 

  
 4 

 The Corporation shall have made a written request prior to the date hereof requesting that
the Series E Preferred Stock and the associated Depositary Shares be set aside and reserved for issuance. On the date hereof, the Corporation shall provide the Depositary with an opinion of counsel (which may be an opinion of internal counsel)
stating that: (i) all shares of Series E Preferred Stock have been registered under the Securities Act of 1933, as amended; (ii) all shares of Series E Preferred Stock have been validly issued and are fully paid and non-assessable; and (iii) upon due issuance by the Depositary of the Receipts evidencing the Depositary Shares against the deposit of Series E Preferred Stock in accordance with the provisions of this Deposit
Agreement and payment therefor, the Receipts will entitle the persons in whose names the Receipts are registered to the rights specified therein and in this Deposit Agreement, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
  

	Section 2.2	 Deposit of Series E 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 Series E Preferred Stock under this Deposit Agreement by delivery to the Depositary, including via direct registration for shares of Series E Preferred Stock in uncertificated form, for such shares of Series E Preferred Stock
to be deposited (or in such other manner as may be agreed to by the Corporation and the Depositary), properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement in a form reasonably
satisfactory to the Depositary, together with (i) all such certifications as may be reasonably required by the Depositary pursuant to this Deposit Agreement and (ii) an instruction letter from the Corporation authorizing the Depositary to
register such shares of the Series E Preferred Stock in uncertificated form by direct registration, each in a form satisfactory to the Depositary, together with an instruction letter of the Corporation directing the Depositary to execute and deliver
to, or upon the written order of, the Person or Persons stated in such instruction letter a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited shares of Series E Preferred Stock. 

The shares of Series E 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 Series E Preferred Stock deposited hereunder. 

Upon receipt by the Depositary of shares of Series E Preferred Stock to be deposited in accordance with the provisions of this
Section 2.2, together with the other documents required as specified above, and upon recordation of the shares of Series E 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 instruction letter 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 Series E 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. 

  
 5 

 The Corporation hereby appoints Trust Company as transfer agent and Computershare as
registrar in respect of the Series E Preferred Stock deposited with the Depositary hereunder, and Trust Company and Computershare hereby accept their respective appointments on the express terms and conditions set forth in this Deposit Agreement.
With respect to the appointments of Trust Company as transfer agent and Computershare as registrar in respect of the Series E Preferred Stock, Trust Company and Computershare shall be entitled to the same rights, indemnities, immunities and benefits
as the Depositary hereunder as if explicitly named in each such provision. 
  

	Section 2.3	 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Transfer Agent 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 and appropriate evidence of authority which shall include a signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Transfer Agent, together with
(if applicable) evidence of the payment by the applicable party 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. 
  

	Section 2.4	 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Series E 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 subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver
such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered. 
 Any Holder of a Receipt or
Receipts may withdraw the number of whole shares of Series E 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 may not withdraw such whole shares of Series E 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, the Depositary shall deliver to such Holder, or to the

  
 6 

 
Person or Persons designated by such Holder as hereinafter provided, the number of whole shares of Series E Preferred Stock (and all money and other property, if any), represented by such Receipt
so surrendered for withdrawal, but Holders of such whole shares of Series E Preferred Stock will not thereafter be entitled to deposit such shares of Series E Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor.
If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series E Preferred Stock
to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Series E 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 the written order of such Holder, a new Receipt evidencing such excess number of Depositary Shares. 

In no event will fractional shares of Series E Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery
of the Series E 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 the Series E 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 Series E 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 Series E Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Series E 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. 
  

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

 As a condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require (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 5.8 (including any such tax
or charge with respect to any shares of Series E 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 shall include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence
of authority that may be required by the Depositary, and (iii) compliance with such additional requirements, if any, as the Depositary or the Corporation may reasonably establish consistent with the provisions of this Deposit Agreement and/or
applicable law. 

  
 7 

 The deposit of shares of Series E Preferred Stock may be refused, the delivery of Receipts
against such shares of Series E 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. 
  

	Section 2.6	 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his, her or its ownership thereof and (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond satisfactory
to the Depositary. Such Holder shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the
Uniform Commercial Code in effect in the State of New York. 
  

	Section 2.7	 Cancellation and Destruction of Surrendered Receipts. 

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

	Section 2.8	 Redemption of Series E Preferred Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Series E Preferred Stock in accordance with the terms of the
Certificate of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 35 days and not more than 60 days prior to the Redemption Date (as defined below),
notice of the date of such proposed redemption of Series E 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 Series E Preferred Stock is in accordance with the provisions of the Certificate of Designations. On the applicable Redemption Date, provided that the Corporation shall then have paid or caused
to be paid in full to the Depositary the Redemption Price of the Series E Preferred Stock to be redeemed plus an amount equal to any declared and unpaid dividends thereon to the date fixed for redemption, in accordance with the provisions of the
Certificate of Designations, the Depositary shall redeem the number of 

  
 8 

 
Depositary Shares representing such shares of Series E Preferred Stock. The Depositary shall transmit notice of the Corporation’s redemption of shares of Series E Preferred Stock and the
proposed simultaneous redemption of the number of Depositary Shares representing such shares of the Series E Preferred Stock to be redeemed by first-class mail, postage prepaid, or by such other method approved by the Depositary (in its reasonable
discretion), in either case not less than 30 days and not more than 60 days prior to the date fixed for redemption of such shares of Series E 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 applicable 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 Series E 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. 
 Notice having been mailed or transmitted by the Depositary as aforesaid, from and
after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Series E Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series E
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 applicable 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 1/40th of the redemption price per share of Series E 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 in accordance with the provisions of the Certificate of Designations. 

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 applicable Redemption Price for all of the Depositary Shares redeemed, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption.

  
 9 

	Section 2.9	 Bank Accounts. 

All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by Computershare in the performance of
services (the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this
Deposit Agreement, Computershare 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.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses
resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare shall not be obligated
to pay such interest, dividends or earnings to the Corporation, any holder or any other party. 
  

	Section 2.10	 Receipts Issuable in Global Registered Form. 

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

 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global Registered
Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt
Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or
approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the
Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered
Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the Holder of such
Global Registered 

  
 10 

 
Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global
Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable
procedures and arrangements, and (2) whenever any notice, payment or other communication to the Holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all such notices,
payments and communications specified herein to be given to such Holders to the applicable Global Receipt Depository. 
 If an Exchange
Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in
exchange for such Global Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global
Registered Receipt in exchange for such Global Registered Receipt. 
 Definitive registered Receipts issued in exchange for a Global
Registered Receipt pursuant to this Section 2.10 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 any Letter of Representations. 
 Article III 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION 

 

	Section 3.1	 Filing Proofs, Certificates and Other Information. 

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

  
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	Section 3.2	 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to Computershare, as service provider on behalf of the Depositary, of certain taxes,
charges and expenses, as provided in Section 5.8. Registration of transfer of any Receipt or any withdrawal of shares of Series E Preferred Stock and all money or other property, if any, represented by the Depositary Shares
evidenced by any 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 the Series E Preferred Stock or other property represented by the
Depositary Shares evidenced by any 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. 

Section 3.3 Warranty as to Series E Preferred Stock. 

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

 

	Section 3.4	 Warranty as to Depositary Shares. 

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

Article IV 
 THE
DEPOSITED SECURITIES; NOTICES 
  

	Section 4.1	 Cash Distributions. 

Whenever the Depositary (through the account of Computershare acting as dividend distributing agent for the Depositary pursuant to the
Intercompany Agreement) shall receive any cash dividend or other cash distribution on the Series E Preferred Stock, the Depositary shall cause Computershare, subject to Section 3.1 and Section 3.2,
to distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of
Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary (or Computershare acting as the dividend distributing agent for the Depositary) shall be required to
withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series E 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. The Depositary shall cause Computershare to distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one
cent, and any balance not so distributable shall be held by Computershare (without liability for interest thereon), as service provider for the Depositary, and shall be added to and be treated as part of

  
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the next sum received by the Depositary (through the account of Computershare acting as dividend distributing agent for the Depositary pursuant to the Intercompany Agreement) for distribution to
Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as
amended, may require withholding by the Depositary (or Computershare acting as the dividend distributing agent for the Depositary) of a portion of any of the distributions to be made hereunder. 

 

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

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series E Preferred Stock,
the Depositary shall, subject to Section 3.1 and Section 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 the Corporation shall reasonably direct. If in the opinion of the Corporation, in consultation with the Depositary, 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) such distribution shall not be feasible, the Corporation, in its discretion, may 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 Section 3.1 and Section 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by
Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of securities or property (other than cash) to the Depositary and the Depositary shall not make any distribution of
securities or property (other than cash) to the Holders of Receipts unless such securities or property have been registered under the Securities Act or the Corporation shall have provided an opinion of counsel as set forth in
Section 2.1 above, dated as of or prior to the date of such distribution, stating that such securities or property do not need to be registered in connection with such distributions. 

 

	Section 4.3	 Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the Persons in whose names the Series E 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
made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall reasonably direct; 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, may, if applicable laws or the terms of such rights, preferences or
privileges permit such transfer, sell such rights, 

  
 13 

 
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 the Depositary and,
subject to Section 3.1 and Section 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a
distribution received in cash. 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 such securities have been registered under the
Securities Act or the Corporation shall have provided an opinion of counsel stating that such securities do not need to be registered in connection with such distributions. 

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

 

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

 Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Series E Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which Holders of the Series E
Preferred Stock are entitled to vote or of which Holders of the Series E 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 Series E 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. 
  

	Section 4.5	 Voting Rights. 

Subject to the Certificate of Designations, upon receipt of notice from the Corporation of any meeting at which the Holders of the Series E
Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, transmit to the Record Holders of Receipts, as determined on the record date set forth in 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 Series E 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 

  
 14 

 
the instructions set forth in such requests, the maximum number of whole shares of Series E 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 Series E Preferred Stock or cause such Series E
Preferred Stock to be voted. In the absence of specific instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting with respect to such Series E Preferred Stock unless directed to the
contrary by the Holders of all the Receipts) to the extent of the Series E Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 
  

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

 Upon any change in par or stated value, split-up, combination or any
other reclassification of the Series E Preferred Stock, subject to the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary shall, upon
the written instructions of the Corporation setting forth any adjustment, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series E Preferred Stock
and in the ratio of the redemption price per Depositary Share to the redemption price per share of Series E Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series E Preferred Stock, or of such recapitalization, reorganization, merger or consolidation 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 Series E Preferred Stock as new deposited securities or property so received in exchange for or upon conversion or in respect of such Series E
Preferred Stock. In any such case the Depositary may in its discretion, with the approval 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 par or stated value, split-up, combination or other reclassification of the Series E 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 Series E 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 Series E Preferred Stock represented by
such Receipts might have been converted or for which such Series E Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

 

	Section 4.7	 Delivery of Reports. 

The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the
Depositary and which the Corporation is required to furnish to the Holders of the Series E Preferred Stock. 

  
 15 

	Section 4.8	 Lists of Receipt Holders. 

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

Article V 
 THE
DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION 
  

	Section 5.1	 Appointment of the Depositary. 

The Corporation hereby appoints Computershare and Trust Company to jointly act as Depositary in accordance with the terms and conditions
hereof, and Computershare and Trust Company jointly accept this appointment. The Corporation acknowledges and agrees that Computershare shall act as service provider to Trust Company and as processor of all payments received from or made by or on
behalf of the Corporation under this Deposit Agreement. Depositary is engaged in an independent business and will perform its obligations under this Deposit Agreement as an agent of the Corporation. 

 

	Section 5.2	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for
the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of
Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer of Receipts, which books at all reasonable times during regular business hours shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting
to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such Person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed necessary or advisable by it in connection with the
performance of its duties hereunder. 
 The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of
the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series E Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges,
the Depositary will appoint a Registrar (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 

  
 16 

 
removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Series E Preferred Stock are listed
on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series
E Preferred Stock as may be required by law or applicable securities exchange regulation. 
  

	Section 5.3	 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 shall incur any liability
to any Holder of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or
the Registrar or any Transfer Agent, by reason of any provision, present or future, of the Corporation’s Amended and Restated Certificate of Incorporation (including the Certificate of Designations) or by reason of any act of God or war or
other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar, the Transfer Agent or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or
performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent or the Corporation incur liability to any Holder of a
Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise
of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 
  

	Section 5.4	 Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Corporation. 

 Neither the Depositary nor any Depositary’s Agent nor any
Registrar nor the Transfer Agent nor the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts or 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, excluding the Depositary’s fraud,
recklessness, willful misconduct or bad faith (each as determined by a final non-appealable judgment of a court of competent jurisdiction), the Depositary’s, any Depositary’s Agent, Registrar’s
or Transfer Agent’s aggregate liability under this Deposit Agreement with respect to, arising from or arising in connection with this Deposit Agreement, or from all services provided or omitted to be provided under this Deposit Agreement,
whether in contract, tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to the Depositary as fees and charges, but not including reimbursable expenses. 

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 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. 

  
 17 

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

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to
act by it in reliance upon (i) the written advice of legal counsel or accountants or (ii) information from any Person presenting Series E Preferred Stock for deposit, any Holder of a Receipt or any other Person believed by it in good faith
to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request,
direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The
Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series E Preferred Stock or for the manner or effect of any such vote made, as long as any such action or
non-action is not the result of the Depositary’s gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment of a court
of competent jurisdiction). The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations
shall be read into this Deposit Agreement against the Depositary or any Registrar or any Transfer Agent. 
 The Depositary, the
Depositary’s Agents, and any Registrar or Transfer Agent may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of
the Corporation and its affiliates. 
 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 Series E 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 Agent, any Registrar or any Transfer Agent reasonably believes any ambiguity or
uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by it hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary, the
Depositary’s Agent, any Registrar or any Transfer Agent shall reasonably deem it necessary that a matter be proved or established prior to taking, omitting or suffering to take 

  
 18 

 
any action hereunder, the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent may, in its sole discretion upon written notice to the Corporation, refrain from taking any
action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other Person or entity for refraining from taking such action, unless the Depositary, the Depositary’s Agent, the
Registrar or Transfer Agent, as applicable, receives written instructions or a certificate signed by a duly authorized officer of the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the
Depositary’s Agent, any Registrar or any Transfer Agent or which proves or establishes the applicable matter to its satisfaction. 

In the event the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent shall receive conflicting claims, requests or
instructions from any Holder of a Receipt, on the one hand, and the Corporation, on the other hand, the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent, shall be entitled to act on such claims, requests or instructions
received from the Corporation, and shall be entitled to the indemnification set forth in Section 5.7 hereof in connection with any action so taken. 

From time to time, the Corporation may provide the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent with
instructions concerning the services performed by the Depositary under this Deposit Agreement. In addition, at any time, the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent may apply to any officer of the Corporation for
instruction, and may consult with legal counsel for the Depositary with respect to any matter arising in connection with the services to be performed by the Depositary, Depositary’s Agent, Registrar or Transfer Agent, as applicable, under this
Deposit Agreement. The Depositary, Depositary’s Agent, Registrar, Transfer Agent and their respective agents and subcontractors shall not be liable and shall be indemnified by the Corporation for any action taken, suffered or omitted to be
taken by them in reliance upon any written instructions from the Corporation or upon the advice or opinion of such counsel. None of the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent shall be held to have notice of any
change of authority of any Person, until receipt of written notice thereof from the Corporation. 
 The Depositary, any Depositary’s
Agent, Transfer Agent, and Registrar hereunder: 
 (i) 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 Agreement, with respect to any matter relating to its actions as Depositary, Transfer Agent or Registrar covered by this Agreement (or supplementing or
qualifying any such actions), of officers of the Corporation; 
 (ii) shall not be called upon at any time to advise any Person with respect
to the Series E Preferred Stock, Depositary Shares or Receipts; 
 (iii) shall not be liable or responsible for any recital or statement
contained in any documents relating hereto or to the Series E Preferred Stock, the Depositary Shares or Receipts; and 

  
 19 

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

The terms of this Section 5.4 shall survive the replacement, removal or resignation of any Depositary, Registrar,
Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 
  

	Section 5.5	 Resignation and Removal of the Depositary; Appointment of Successor Depositary.

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

The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take
effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a
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. If no successor Depositary shall have been so appointed and have accepted appointment
within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent 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 Series E 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 notice of its appointment (at
the Corporation’s expense) to the Holders of Receipts. 
 Any entity into or with which the Depositary may be merged, consolidated or
converted 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. 

  
 20 

 The provisions of this Section 5.5 as they apply to the Depositary apply to the
Registrar and Transfer Agent as if specifically enumerated herein. 
  

	Section 5.6	 Corporate Notices and Reports. 

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

	Section 5.7	 Indemnification by the Corporation. 

The Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including each of their officers, directors,
agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to
be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar, any Transfer 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 set forth in this Section 5.7 shall survive the termination of this Deposit Agreement and any resignation or replacement,
removal, succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent. 
  

	Section 5.8	 Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the
Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depositary without gross negligence, willful misconduct or bad faith on its part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. The Corporation shall
pay all charges of the Depositary in connection with the initial deposit of the Series E Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series E Preferred Stock by owners of Depositary Shares, and any
redemption or exchange of the Series E Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other
transfer and other taxes and governmental charges shall be at the expense of Holders of 

  
 21 

 
Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such
Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at
the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 

Article VI 
 AMENDMENT
AND TERMINATION 
  

	Section 6.1	 Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective
against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least 66 2/3% 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 Section 2.5 and Section 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 Series E 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 from a duly authorized officer of the Corporation that states
that the proposed amendment is in compliance with the terms of this Section 6.1. 
  

	Section 6.2	 Termination. 

This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued
hereunder have been redeemed pursuant to Section 2.8, (ii) there shall have been made a final distribution in respect of the Series E 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 Section 4.2, as applicable or (iii) upon the
consent of Holders of Receipts representing in the aggregate not less than 66 2/3% 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 and any Registrar under
Section 5.3, Section 5.7 and Section 5.8. 

  
 22 

 Article VII 

MISCELLANEOUS 
  

	Section 7.1	 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the
same authority, effect, and enforceability as an original signature. 
  

	Section 7.2	 Exclusive Benefit of Parties. 

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

	Section 7.3	 Invalidity of Provisions. 

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

 

	Section 7.4	 Notices. 

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

Regions Financial Corporation 

1900 Fifth Avenue North 

Birmingham, Alabama 35203 

Attention: Corporate Secretary 
 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 overnight delivery service, or by facsimile transmission or electronic mail, confirmed by letter or telephone,
addressed to the Depositary at: 

  
 23 

 Computershare Trust Company, N.A. 

Computershare Inc. 
 150 Royall
Street 
 Canton, Massachusetts 02021 

Attention: Client Services 
 with a
copy to: 
 Computershare Inc. 

Computershare Trust Company, N.A. 

150 Royall Street 
 Canton,
Massachusetts 02021 
 Attention: General Counsel 

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

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, overnight delivery service, 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. Any written notices given to any
record holder of a Global Registered Receipt shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures. 

Delivery of a notice sent by mail 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. 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. 

 

	Section 7.5	 Depositary’s Agents. 

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

  
 24 

	Section 7.6	 Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of
Receipts. 

 The Corporation hereby appoints the Trust Company as Registrar and Transfer Agent, and
Computershare as dividend disbursing agent and redemption agent in respect of the Receipts, and the Trust Company and Computershare hereby accept such respective appointments. Computershare and the Trust Company hereby represent that, as of the date
hereof, Computershare is authorized pursuant to the Intercompany Agreement, and hereby agree that, throughout the term of this Deposit Agreement, Computershare will continue to be so authorized, to receive dividend payments as agent for and on
behalf of Depositary (including dividend payments on the Series E Preferred Stock) as described herein. 
  

	Section 7.7	 Reserved. 

  

	Section 7.8	 Holders of Receipts Are Parties. 

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

	Section 7.9	 Governing Law. 

This Deposit Agreement and the Receipts of each series 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. 
  

	Section 7.10	 Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during
business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any Holder of a Receipt. 
  

	Section 7.11	 Headings. 

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

	Section 7.12	 Force Majeure. 

Notwithstanding anything to the contrary contained herein, the Depositary will not be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, pandemics, epidemics, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data
due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 
  

	Section 7.13	 Further Assurances. 

Each of the Corporation and the Depositary, respectively, agrees that it will perform, acknowledge, and deliver or cause to be performed,
acknowledged or delivered, all such further and other acts, documents, instruments and assurances as the Depositary or the Corporation, respectively, may reasonably require in connection with the performance of this Deposit Agreement. 

  
 25 

	Section 7.14	 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, 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. However, 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 be required to keep the terms of this Deposit Agreement confidential. 
 [Remainder of page intentionally left blank; signature page
follows.] 

  
 26 

 IN WITNESS WHEREOF, the Corporation, the Depositary and Computershare 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. 

 

			
	REGIONS FINANCIAL CORPORATION
		
	By:	 	              

	Name:	 	Hardie B. Kimbrough, Jr.
	Title:	 	Executive Vice President and Controller

 [Signatures continue on the following page] 

 
  
  

 
 [Signature Page to Deposit Agreement] 

 
			
	COMPUTERSHARE TRUST COMPANY, N.A. and COMPUTERSHARE INC. (on behalf of both entities)

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

 
  

[Signature Page to Deposit Agreement] 

			
	Depositary Receipt No. 1	  	CUSIP NO.: 7591EP 886
		  	ISIN NO.: US7591EP8869

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 IF
GLOBAL RECEIPT IS ISSUED: UNLESS THIS GLOBAL RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITARY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY RECEIPT 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. 

TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 

16,000,000 DEPOSITARY SHARES, 

EACH REPRESENTING 1/40th OF ONE SHARE 

OF 
 4.45% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES E 
 OF 

REGIONS FINANCIAL CORPORATION 

SEE REVERSE FOR CERTAIN DEFINITIONS 
 Dividend
Payment Dates: Beginning June 15, 2021, each March 15, June 15, September 15 and December 15. 

COMPUTERSHARE INC, and COMPUTERSHARE TRUST COMPANY, N.A., jointly as Depositary (the “Depositary”), hereby certify that
___________________ is the registered owner of _______________ depositary shares (“Depositary Shares”), each Depositary Share representing 1/40th of one share of 4.45% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share, par value $1 per share (the “Series E Preferred Stock”), of Regions Financial Corporation, a Delaware
corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of May 4, 2021 (the “Deposit Agreement”), among the
Corporation, the Depositary and the Holders from time to time of the 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 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, electronic 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 by the manual, electronic or facsimile signature of a duly authorized officer thereof. 

									
	Dated: May 4, 2021	  		  	Dated: May 4, 2021
			
	 Computershare Inc. and Computershare Trust Company, N.A.,

Jointly as Depositary
	  	        	  	 Computershare Trust Company, N.A.,

as Registrar

					
	By:	  	  
	  		  	By:	  	  

		  	Authorized Officer	  		  		  	Authorized Officer

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH REGISTERED HOLDER OF RECEIPTS WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY
OF THE CERTIFICATE OF DESIGNATIONS OF 4.45% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES E OF REGIONS FINANCIAL 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 registered Holder of receipts 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 Registrar. 
 EXPLANATION OF ABBREVIATIONS 

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

							
	 Abbreviation
	  	 Abbreviation
	  	 Abbreviation
	  	 Equivalent Word

				
	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	  	PL	  	Public Law
						
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	TR	  	(As) trustee(s), for, of
						
	ART	  	Article	  	FDN	  	Foundation	  	U	  	Under
						
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	UA	  	Under Agreement

  
 A-3 

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent
Word
	  	 Abbreviation
	  	 Equivalent
Word

						
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UW	  	Under will of, Of will of, Under last will & testament
						
	DEC	  	Declaration	  	MIN	  	Minor(s)	  		  	
						
	EST	  	Estate, of Estate of	  	PAR	  	Paragraph	  		  	

 ASSIGNMENT 

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

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 PRINT OR TYPEWRITE NAME AND ADDRESS
INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  
  

_______________ Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint ______________ Attorney to transfer
the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 
  

			
	Dated: ______________	  	Signed:_____________________________

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

  
 A-4

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