Document:

Document

[Notarization required]
Shareholders‘ Agreement
relating to
PRETTL Electronics Automotive GmbH

Parties
1.PRETTL Electronics GmbH, a limited liability company under the laws of Germany, with business address at Robert-Bosch-Strasse 10, 01454 Radeberg, Germany, registered with the commercial register at the local court of Dresden under HRB 34431,
- hereinafter the “Existing Shareholder”  –
and
2.Ideanomics, Inc., a Nevada corporation, with business address at 1441 Broadway, Suite 5116, New York, NY 10018, USA,
- hereinafter the “Investor” -
and
3.PRETTL Electronics Automotive GmbH, a limited liability company under the laws of Germany, with business address at Robert-Bosch-Strasse 10, 01454 Radeberg, Germany, registered with the commercial register at the local court of Dresden under HRB 40004,
- hereinafter the “Company” -
- Parties No. 1 and 2 hereinafter individually a “Shareholder” and, collectively, the “Shareholders” -
- Parties No. 1 through 3 hereinafter individually a “Party” and, collectively, the “Parties” -
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Contents
									
	Parties
	2

	Contents
	3

	I.
	Preliminary Remarks
	4

	1
	Facts
	4

	2
	Definitions
	6

	II.
	Shareholders’ Agreement
	6

	3
	Consent Requirements for Certain Shareholders’ Resolutions
	6

	4
	Information Rights
	7

	5
	Share Transfer Restrictions, Lock-Up, Assignment of rights an obligations
	7

	6
	Protection against Indirect Share Transfers
	8

	7
	Transfer Notice
	10

	8
	Right of First Refusal
	11

	9
	Tag Along Right
	10

	10
	Permitted Transfers
	11

	11
	Financing, Future Capital Increases, Distribution of Dividends
	11

	12
	Dilution Protection
	12

	13
	Investor Put Option
	16

	14
	Corporate Bodies
	13

	15
	Management Board
	14

	16
	Advisory Board
	14

	17
	Agreements with Prettl-Group Entities
	15

	18
	Deadlock
	15

	19
	Use of Name “PRETTL”
	15

	III.
	General Provisions
	16

	20
	Effective Date, Term, Extent of Application
	16

	21
	Termination of the Shareholders’ Agreement
	17

	22
	Accession to this Shareholders’ Agreement
	17

	23
	Articles of Association
	17

	24
	Adjustments of Preferred Share Prices
	18

	25
	Final Provisions
	18

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I.Preliminary Remarks

1Facts
1.1The object of the Company is development, manufacture, sales and service of electronic and electromechanical products, systems and equipment for the automotive, energy, industrial, communications and medical technology sectors. (“Business”).
1.2The Existing Shareholder is currently the sole shareholders of the Company holding the Company’s entire share capital (Stammkapital) of DEM 51,000 (German Marks (DEM) fifty one thousand), represented by one share with serial number one and a nominal value of DEM 51,000.
1.3In the course of this Financing Round (as defined below) the current share capital will be converted to Euro and split in multiple shares with a nominal value of EUR 1.00 each. After the conversion and the split the Company’s share capital will amount to EUR 26,076 (Euro twenty six thousand, seventy six) and be represented by 26,076 shares with a nominal value of EUR 1,00 each (“Common Shares”).
1.4In order to raise an equity financing, the Investor has, pursuant to the Investment Agreement concluded on the date hereof (deed-roll No. [●] of the notary [●], [●]; the “Investment Agreement”), agreed to invest into the Company, (i) by subscribing to newly issued preferred shares and (ii) by making cash contributions into the Company in an amount of EUR 7,499,712.38 (Euro seven million four hundred ninety nine seven hundred twelve and thirty eight cents) in total, all of the foregoing pursuant to the terms and conditions as set forth in the Investment Agreement.
1.5The Parties intend to continue to develop the Company and the Business on the basis of jointly developed business plans and a constructive, trustful and cooperative relationship in the interest of a long-term strategic partnership.
1.6The Parties intend to agree to enter into this shareholders’ agreement (hereinafter, including its Annexes, the “Shareholders’ Agreement”).
NOW, THEREFORE, the Parties agree as follows:

2Definitions
Throughout this Shareholders’ Agreement, certain words and expressions have been defined to carry specific meaning. Such words and expressions shall have the meaning ascribed to them in such definitions. Hereafter is an index of these definitions:
															
	Acquisition Limit	12		Limited Liability Companies Act	6
	Advisory Board	17		Lower Price	16
	Affiliate(s)	6		Management Board	17
	Anti-Dilution Capital Increase	16		Other Shareholder(s)	11
	Business	4		Part(y/ies)	2
	Business Day	6		Prospective Acquirer	11
	Civil Code	6		Purchase Statement	12
	Commercial Code	6		Put Exercise Notice	17
	Common Shares	4		Put Option	17
	Company	2		Sale Shares	11
	Dilution Protection Shares	16		Selling Shareholder	11
	Down Round	16		Shareholder(s)	2
	Existing Shareholder	2		Shareholders’ Agreement	4
	Future Equity Financing	15		Signing Date	6
	Holders of Preferred Shares	6		Stock Corporation Act	7
	Investment Agreement	4		Takeover Act	7
	Investor	2		Transfer Notice	11

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In addition to the terms previously listed and defined throughout this Investment Agreement, except where the context requires a different interpretation, the words and expressions set out below shall have the following meaning or the meaning given to them in this Agreement:
						
	Affiliate(s)
	means any other person or entity who or which, directly or indirectly, controls, is controlled by, or is under common control with the respective Party, including without limitation any stockholder, partner, officer, director, member or fund manager of such Party and any of their relatives pursuant to Section 15 German Revenue Code (§ 15 AO) and any investment company, equity fund or source of investment capital now or hereafter existing that is managed or advised or controlled by or under common control with one or more general partners or managing members of, or shares the same management company or advisory company with such Party and the Prettl Privatstiftung.

		
	Anti-Dilution Capital Increase	has the meaning as set forth in Section 12.1.

		
	Business Day
	means any day (other than a Saturday, Sunday or legally recognized public holiday in Frankfurt am Main) on which banks in Frankfurt am Main are open for non-automated business.

		
	Civil Code
	means the German Civil Code (Bürgerliches Gesetzbuch (BGB)).

		
	Commercial Code
	means the German Commercial Code (Handelsgesetzbuch (HGB)).

		
	Holders of Preferred Shares
	means all holders of Preferred  Shares that are Parties to this Shareholders’ Agreement; each a Holder of Preferred Shares.
		
	Limited Liability Companies Act
	means the German Limited Liability Companies Act (GmbHG).

		
	Preferred Share(s)	means the 11,175  preferred shares (Vorzugsgeschäftsanteile) with serial numbers 26,078 through 37,252 as well as all other shares issued by the Company as Preferred Shares from time to time (including after a split or consolidation of such shares); each a Preferred Share.

		
	Signing Date
	means the date on which this Shareholders’ Agreement is notarized.
		
	Stock Corporation Act
	means the German Stock Corporation Act (Aktiengesetz (AktG)).

		
	Takeover Act
	means the German Securities Takeover Act (Wertpapierübernahmegesetz (WpÜG)).

		
	Transformation Act	means the German Transformation Act (Umwandlungsgesetz (UmwG)).

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II.Shareholders’ Agreement

3Consent Requirements for Certain Shareholders’ Resolutions
3.1In addition to any statutory matters and those matters set forth in this Shareholders’ Agreement and the Articles of Association, the following matters in particular require a resolution by the shareholders’ meeting with a majority of at least 75 % of the votes cast unless such measures are set forth in the Company’s annual budget that has been adopted by a shareholders’ resolution for the relevant financial year and the development budget attached hereto as Annex 3.1, in which case a shareholders’ approval shall not be required:
a)Approval of the Company’s annual budget;
b)any reorganization within the meaning of section 1 Transformation Act (Umwandlungsgesetz);
c)winding-up and/or liquidation of the Company;
d)(i) application for the opening of insolvency procedures or protective screen procedures (Schutzschirmverfahren) relating to the Company (unless a duty to file for insolvency exists under applicable statutory law) and (ii) non mandatory filing for insolvency proceedings or any application under the German Stabilization and Restructuring Framework Act for Companies (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen – StaRUG), if applicable;
e)amendments of the Articles of Association, including capital increases (in particular capital increases from authorized capital), capital decreases and other capital measures including the issuance of subscription rights, as well as all other resolutions which are, according to statutory law, subject to a qualified majority;
f)creating any new class or series of shares having rights, preferences or privileges senior to or on a parity with Preferred Shares;
g)altering or changing the rights, preferences or privileges of Preferred Shares other than by creating a new class or series of shares;
h)any grant of rights or issuance of instruments with a right to convert into or exchange for shares in the Company (e.g., convertible loans or convertible bonds);
i)conclusion, amendment and termination of enterprise agreements (Unternehmensverträge) within the meaning of section 291 et. seq. Stock Corporation Act, as well as of agreements which may cause a major restriction of the Company’s entrepreneurial freedom and activity;
j)sale or other disposal of the Company’s assets as a whole or a material portion thereof (excluding assets with regard to the working capital in the ordinary course of business), if these assets exceed an amount of EUR 100,000.00 per business year or if these assets are material Company assets;
k)acquisition and sale of own shares by the Company (Erwerb und Veräußerung eigener Geschäftsanteile);
l)approval of dispositions (Verfügungen) of shares or parts of shares in the Company, including any transfer, pledge or other encumbrance, establishment of a usufruct, implementation and termination of a trust relationship or a sub-participation as well as any other legal transactions and measures, in particular in accordance with the Transformation Act, equaling a transfer from an economical perspective;
m)resolutions regarding and in connection with the redemption (Einziehung) of shares in the Company;
n)approval of the annual financial accounts, appropriation of the annual results, allocation of profits into reserves of the Company, decreasing or increasing of reserves of the Company, distribution of dividends including interim dividends as well as any other distributions of any kind to shareholders of the Company except as otherwise set out in this Shareholders’ Agreement;
o)decisions on audit requirements (including any waiver of such audit requirements) as well as the appointment of the Company’s auditor;
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p)establishment and dissolution of an advisory board (Beirat), any amendments of its size, rights and competences as well as the adoption, amendment and suspension of rules of procedure for the advisory board (Beirat);
q)adoption, amendment and cancellation of rules of procedure (Geschäftsordnung) for the management board (Geschäftsführung) of the Company;
r)granting approval to measures and transactions of the Company’s management board (Geschäftsführung) requiring approval pursuant to (i) the Articles of Association, (ii) the rules of procedure for the Company’s management board (Geschäftsführung), and/or (iii) this Shareholders’ Agreement;
s)determining the numbers of managing directors, appointment and dismissal of managing directors; conclusion, amendment and termination of managing director service agreements (including release from their work for the Company, approval of any secondary employment and waiver of any statutory and/or (post-) contractual non-compete obligations) as well as the making and receipt of declarations on behalf of the Company with regard to these service agreements; exemption of managing directors from the restrictions of section 181 Civil Code, revocation of such exemptions as well as granting managing directors sole and joint powers of representation, except as otherwise set out in this Shareholders’ Agreement;
t)discharge (Entlastung) of the members of the management board (Geschäftsführung); and
u)implementation of an employee incentive or similar plan at the Company under which employees and/or advisors of the Company and/or other persons or entities may be granted virtual or actual shares or virtual or actual options, as well as any further amendment (in particular with respect to content and volume) to an existing employee incentive or similar plan.
3.2The Parties agree that the consent requirements pursuant to Section 3.1 above shall also apply to all direct and indirect affiliated companies (verbundene Unternehmen) of the Company pursuant to section 15 et. seq. of the Stock Corporation Act and the Company shall ensure and safeguard at all times the proper implementation of such consent requirements at the respective level. 
3.3Further requirements for shareholders’ resolutions under mandatory law or under the Articles of Association remain unaffected.

4Information Rights
4.1The Company shall provide to each Shareholder:
4.1.1If not otherwise required by law, unaudited annual financial statements of the Company within ninety (90) calendar days after the end of each business year;
4.1.2for each quarter a reporting package to include unaudited monthly management accounts and a cash-flow analysis; 
4.1.3at least forty-five (45) calendar days prior to the end of each business year a detailed operating and capital budget in respect of the next business year.
4.2Section 51a Limited Liability Companies Act remains unaffected.

5Share Transfer Restrictions, Lock-Up, Assignment of rights an obligations
5.1In order to ensure that shares in the Company are solely transferred in compliance with this Shareholders’ Agreement, the transferability of shares in the Company is restricted (vinkuliert) and any disposal of shares in the Company requires the approval of the shareholders’ meeting by way of shareholders’ resolution in accordance with section 3.1l) of this Shareholders’ Agreement and section 9 of the Articles of Association in order to be effective. Such approval is to be granted if all applicable provisions relating to the transfer of shares in the Company under this Shareholders’ Agreement are being complied with and has to be denied otherwise.
5.2Sections 5.1 sentence 1 applies mutatis mutandis to any transfer of the economic interest or benefit of shares in the Company, e.g., by way of implementation and termination of trust (Treuhand), sub-participation (Unterbeteiligung), a silent partnership (stille Beteiligung), profit participation (Gewinnbeteiligung), voting trust agreements (Stimmbindungsvereinbarung) or similar legal arrangements, as well as to any encumbrance, pledge, establishment of a usufruct or other disposal 
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(Verfügung) of shares or any assignment of the administrative rights resulting from the company shares as well as the transfer of these rights for the sake of exercising them as well as any other legal transactions and measures, in particular in accordance with the Transformation Act, equaling a transfer from an economical perspective.
5.3Any rights and/or obligations under this Sharesholders’ Agreement may not be assigned and transferred, in whole or in part, and no rights to any rights hereunder may be granted to other parties without the prior written approval of the other Party hereto, except for any transfers and/or assignments to an Affiliate that do not request the consent of the other Party.
5.4The Shareholders undertake to exercise their voting rights in a shareholders’ meeting in such way that the provisions set forth in this Section 5 will be observed accordingly.

6Protection against Indirect Share Transfers
6.1The Existing Shareholder hereby guarantees to the Investor by way of an independent guarantee (selbstständiges Garantieversprechen) pursuant to section 311 (1) Civil Code that the shares in the Existing Shareholder are being held as follows:
												
	Shareholder	Total Nominal 
Value	Serial Numbers	Partizipation in %
	PRETTL 
Beteiligungs Holding GmbH	1,657,500.00	1 – 1,657,500	51
	Prettl Industrie 
Holding GmbH	1,592,500.00	1,657,501 – 3,250,000	49
	Total	3,250,000	1- 3,250,000	100

Other than this Shareholders’ Agreement and the Company’s articles of association, there are no trust agreements, sub-participations or other agreements with possible effects on the legal and/or economic ownership of the shares in the Existing Shareholders. 
6.2Any transfer of shares in the Existing Shareholder to a competitor of the Company shall be invalid without an approving shareholders’ resolution, taken with a majority of 75% of the votes cast. For the purposes of this section, competitor is any company, entity or person listed in Annex 6.2, which shall be reviewed updated by the Parties as reasonably necessary, but at least annually. Such approval shall in any case be granted in case of a transfer to an Affiliate. In case of a breach of this obligation the shares held by Existing Shareholder in the Company may be redeemed in accordance with section 10 of the Articles of Association. The Existing Shareholder herewith declares its consent to such redemption.

7Transfer Notice
7.1If any Shareholder intends to transfer (including by way of a swap or contribution) its shares in the Company in whole or in part with or without consideration (such Shareholder the “Selling Shareholder” and the shares in the Company intended to be transferred by the Selling Shareholder the “Sale Shares”) to another Shareholder or a third party (“Prospective Acquirer”), then the Selling Shareholder is obliged to inform all other Shareholders (collectively the “Other Shareholders” and each an “Other Shareholder”) of such intention without undue delay (unverzüglich) and in writing (“Transfer Notice”). The Transfer Notice must include in particular the following information:
7.1.1name / firm name and statutory seat and address of the Selling Shareholder and the Prospective Acquirer;
7.1.2the number of the Sale Shares;
7.1.3the purchase price or other consideration to be paid by the Prospective Acquirer for the Sale Shares and the due date for such payment or other consideration; and
7.1.4representations, warranties, indemnities and other claims to be given by the Selling Shareholder as well as the remedies available in case of a breach thereof.
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7.2If the Selling Shareholder intends to transfer shares in the Company for consideration other than cash, the Selling Shareholder shall, for the purpose of the right of first refusal under Section 8 and the tag-along right pursuant to Section 9, indicate in the Transfer Notice the value of any non-cash consideration in cash according to the consideration's fair market value. In such event, each Other Shareholder is entitled to request that such consideration's fair market value is (save in case of manifest error (offenbare Unbilligkeit) pursuant to section 319 Civil Code) ultimately determined by an independent expert (Schiedsgutachter), provided that such request must be made in writing to the Selling Shareholder within two (2) weeks as of receipt of the Transfer Notice. If such request is made within said time period, the Selling Shareholder and the requesting Other Shareholder(s) shall agree on the person of the independent expert, or, failing such agreement within a further two (2) weeks period, the independent expert is to be determined by the Institut der Wirtschaftsprüfer in Deutschland e.V. in Düsseldorf. The outcome of the expert's opinion (save in case of manifest error (offenbare Unbilligkeit) pursuant to section 319 Civil Code) ultimately determines the consideration's fair market value for the purpose of the right of first refusal under Section 8 and the tag-along right under Section 9. The Selling Shareholder shall forward the expert's opinion to all Other Shareholders to the effect that for all purposes of Sections 8 and 9 below (i) the fair market value as determined by the independent expert replaces the fair market value originally stated by the Selling Shareholder in the Transfer Notice, and (ii) the Transfer Notice is deemed received by the Other Shareholders at the date of receipt of the expert’s opinion, and not at the date the original Transfer Notice has been received. In the event that the expert's opinion shows the consideration's fair market value to deviate by more than 10 % from the value stated by the Selling Shareholder in the Transfer Notice, the Selling Shareholder shall bear the costs of the expert’s opinion, otherwise the requesting Other Shareholder(s) shall bear such cost in equal parts inter se.

8Right of First Refusal
8.1If a Selling Shareholder intends to transfer Sale Shares to a Prospective Acquirer all Other Shareholders have a right of first refusal on a pro rata basis as set forth in the following provisions to acquire the Sale Shares at the terms and conditions set forth in the Transfer Notice.
8.2Within three (3) weeks after receipt of the Transfer Notice, each Other Shareholder shall state in writing to the Selling Shareholder (“Purchase Statement”) the maximum number of shares (separately per each class of shares, of which shares are intended to be sold by the Selling Shareholder, if applicable) such Other Shareholder is willing to acquire (“Acquisition Limit”) in accordance with this Section 8. The Purchase Statement is binding in accordance with Sections 8.3 and 8.4 below.
8.3If the aggregate number of shares (or of shares of any particular class of shares, of which shares are intended to be sold by the Selling Shareholder, if applicable) under all Acquisition Limits falls short of the aggregate number of shares (or of any class of shares, if applicable), which the Selling Shareholder intends to transfer pursuant to the Transfer Notice, the Selling Shareholder shall inform all Other Shareholders accordingly, submitting copies of all Purchase Statements, and the Other Shareholders who have submitted Purchase Statements to the Selling Shareholder have the right to acquire such Sale Shares on a pro rata basis for which no Purchase Statements have been issued by the Other Shareholders within one (1) week after receipt of the statement of the Selling Shareholder according to the principles set forth in Section 8.2. In case such Other Shareholders do not take up such Sale Shares for which no Purchase Statements have been issued no right of first refusal applies at all. Subject to Sections 9 and 21 the Selling Shareholder is entitled to transfer the Sale Shares within three (3) months after the expiry of the one (1) week period set forth in sentence 1 of this Section 8.3 to the Prospective Acquirer, but only in strict compliance with the terms and conditions stated in the Transfer Notice. A notarially certified (notariell beglaubigte) copy of the notarized agreement concluded between the Selling Shareholder and the Prospective Acquirer is to be submitted to each Other Shareholder for review. Section 8.3 sentence 3 and 4 also applies in case no Other Shareholder submits a Purchase Statement.
8.4If the aggregate number of shares (and of each and every class of shares, of which shares are intended to be sold by the Selling Shareholder, if applicable) under all Acquisition Limits equals or exceeds the aggregate number of shares (and of any class of shares, if applicable), which the Selling Shareholder intends to transfer pursuant to the Transfer Notice, the Selling Shareholder shall inform all Other Shareholders accordingly, submitting copies of all Purchase Statements, and those Other Shareholders, who have issued Purchase Statements, are entitled and obliged to acquire from the Selling Shareholder all of the Sale Shares at the terms and conditions set forth in the Transfer Notice as 
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follows: Each Other Shareholder, that has issued a Purchase Statement with regard to shares of a specific class contained in the Sale Shares shall acquire such number of the Sale Shares of that specific class as limited by such Other Shareholder’s Acquisition Limit and up to such Acquisition Limit pro rata in the ratio of the number of shares held by the Other Shareholders who have issued Purchase Statements with regard to shares of that specific class inter se, unless the Other Shareholders who have issued a Purchase Statement agree otherwise. The Other Shareholder who issued its Purchase Statement first (time of receipt of the Purchase Statement by the Selling Shareholder is decisive) shall purchase indivisible fractional amounts. The Selling Shareholder and the Other Shareholders who are entitled and obliged to acquire from the Selling Shareholder the Sale Shares under the preceding sentences shall without undue delay (unverzüglich) and in any event within three (3) weeks after expiry of the time limit for the Purchase Statement under Section 8.2 enter into a notarized share sale and transfer agreement in accordance with the terms and conditions stated in the Transfer Notice, the respective Purchase Statement and the allocation of the Sale Shares pursuant to this Section 8.4.
8.5If the Selling Shareholder intends to transfer Sale Shares for a consideration other than cash, the Other Shareholders have the right to exercise their right of first refusal pursuant to this Section 8 against consideration in cash at least equal to the fair market value of the proposed non-cash consideration as determined pursuant to Section 7.2.
8.6For the avoidance of doubt, (i) no share sale and/or transfer effected for the implementation of the right of first refusal pursuant to this Section 8 triggers the obligations under Section 7 and (ii) no right of first refusal applies to any share sale and/or transfer effected for the implementation of the right of first refusal under this Section 8 and the implementation of the tag-along right under Section 9.

9Tag Along Right
9.1Each Other Shareholder is entitled to request from the Selling Shareholder who is entitled to transfer Sale Shares to the Prospective Acquirer pursuant to Section 8.3 above, that all or a part of its shares regardless of the class of its shares in the Company are sold and/or transferred to the Prospective Acquirer on a pro rata basis at the terms and conditions set forth in the Transfer Notice. The tag-along right is to be exercised by written declaration to the Selling Shareholder within three (3) weeks as of receipt of the Transfer Notice, stating the maximum (and, if desired minimum) number and class of shares in the Company that are being requested to be co-sold to the Prospective Acquirer and may be made jointly with the issuance of a Purchase Statement pursuant to Section 8.2. The Selling Shareholder shall inform the Prospective Acquirer about the fact and to what extent other Shareholders have exercised their tag-along rights.
9.2Without undue delay (unverzüglich) after expiry of the three (3) weeks period as set forth in Section 9.1, the Selling Shareholder is obliged to inform the Other Shareholders who have exercised their tag-along right in writing of the aggregate nominal amount of shares in the Company the Prospective Acquirer is prepared to acquire. If the Prospective Acquirer is not prepared to additionally acquire all the shares in the Company in respect of which a tag-along right pursuant to Section 9.1 has been exercised, then the Other Shareholders who have exercised their tag-along right shall inform the Selling Shareholder within one (1) week after receipt of the notification under the preceding sentence, whether they request to sell their shares in the Company on a pro rata basis according to the nominal amount of shares in the Company held by the Selling Shareholder and such Other Shareholders inter se at the date of receipt of the Transfer Notice or all their shares in the Company pursuant to Section 9.3 below, as the case may be. Such request is binding on the Selling Shareholder; i.e., the Selling Shareholder shall procure that the Sale Shares and the shares in the Company in respect of which a tag-along right has been exercised are sold to the Prospective Acquirer in accordance with this Section 9.2 and the provisions below.
9.3In the event that the Prospective Acquirer would hold directly and/or indirectly 50 % or more of all shares in the Company after acquisition of the Sale Shares and the shares from the Other Shareholders who have exercised their tag-along right under Section 9.2 above (if any), all Other Shareholders enjoy a tag-along right in accordance with the provisions of this Section 9 which may be exercised with respect to all of their shares in the Company, irrespective of the class, and any transfer to the Prospective Acquirer may only be made if the Prospective Acquirer, in the event the respective Other Shareholder who has exercised its tag-along right so demands, takes all shares in the Company held by the respective Other Shareholder. For the purposes of the preceding provisions, shares in the Company already held and/or to be acquired in connection with such acquisition by an Affiliate of the 
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Prospective Acquirer or a person acting in concert within the meaning of section 2 (5) Takeover Act (Wertpapiererwerbs- und Übernahme Gesetzt WpÜG) with the Prospective Acquirer are deemed to be held by the Prospective Acquirer. Sentence 1 of this Section 9.3 applies mutatis mutandis if the Prospective Acquirer is a competitor of the Company or an Affiliate of a competitor of the Company.
9.4If the Prospective Acquirer rejects to acquire the Sale Shares as well as the shares in respect of which a tag-along right under the preceding provisions has been exercised, either in total in case of Section 9.3 or on a pro rata basis in case of Section 9.1, none of the Sale Shares may be sold and/or transferred to the Prospective Acquirer.
9.5No tag-along right applies with respect to share sales and/or transfers effected for implementation of the right of first refusal under Section 8 or the tag-along right under this Section 9. No share sale and no transfer effected for implementation of the tag-along right under this Section 9 triggers the obligations under Section 7.

10Permitted Transfers
10.1Sections 7, 8 and 9 do not apply to any sale and/or transfer of shares in the Company nor to any transactions described in Section 5.2 by a Shareholder to an Affiliate.
10.2All Shareholders shall exercise their voting rights to consent to any such transfers as set forth in this Section 10 and all Parties shall take all actions and give all declarations which are necessary to validly enact any transaction contemplated under this Section 10.

11Financing, Future Capital Increases, Distribution of Dividends
11.1Neither the Existing Shareholder nor the Investor shall have any obligation to provide additional financing to the Company, unless this Shareholders’ Agreement is expressly stating otherwise.
11.2Any future financial needs of the Company may be financed in the following order (i) from the Company’s cash flow or the reversal of accruals, (ii) by way of bank financing or other debt-financing granted by Third Parties, each on non-recourse basis or (iii) by shareholder loans or capital increase. The Existing Shareholder and the Investor shall resolve upon the financing structure for add-on acquisitions and investments by way of a resolution by the shareholders’ meeting with a majority of at least 75 % of the votes cast. Neither the Existing Shareholder nor the Investor is obliged to participate in the financing of add-on acquisitions and investments.
11.3In the event that, subsequent to the Capital Increase, an equity financing of the Company including an increase of the Company’s registered share capital is implemented (“Future Equity Financing”), each Shareholder shall have the right to subscribe to the newly issued shares on a pro rata basis (i) to such extent as is necessary to preserve its shareholding prior to the Future Equity Financing and (ii) under the same terms and conditions at which the new shares are generally issued.
11.4Subject to their statutory subscription rights pursuant to Section 11.1 and a shareholders’ resolution by the shareholders’ meeting with a majority of at least 75 % of the votes cast, the Investor (i) shall, in good faith, support and agree to a Future Equity Financing, (ii) shall submit any and all declarations and conduct any and all acts necessary or required for the implementation of Future Equity Financing or the accession of further investors, including entering into and/or amending investment agreements and shareholders’ agreements, issuing any instruments and passing any and all resolutions in shareholders’ meetings of the Company that may be reasonable or required for such purpose, and (iii) agree and acknowledge that the terms and conditions of Future Equity Financings, in particular, may include the introduction and issuance of new (classes of) preferred shares, carrying preference rights such as, e.g., senior proceeds preferences, tag along rights, drag along rights, first refusal rights, first offer rights, IPO demand rights, right to establish an advisory board, right to appoint members of an advisory board, right to dilution protection, consent requirements for certain actions and measures, etc., provided, however, that such measures do not result in an obligation to make additional contributions (unless the relevant Party agrees to the additional contribution or to the other obligation), and provided further that any unilateral alteration to the disadvantage of the rights or preferences granted to an individual holder of Shares only (and not of the rights or preferences granted to all holders of Shares equally) shall also require the consent of that respective affected holder of Share.
11.5The Existing Shareholder and the Investor shall discuss in good faith in each annual shareholders’ meeting in which the audited annual financial statements are to be adopted if and to what extent the annual profits of the Company, if any, shall be distributed to the Existing Shareholder and the Investor. 
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In the first three years after signing of this agreement there shall be no dividend distribution. Following the period of three years after signing of this agreement, of the profits of the Company, unless otherwise agreed, at least an amount equal to 50% of the annual profits generated in a given financial year without taking into account the results of preceeding financial years (in German: 50% des Jahresüberschusses aus dem letzten zurückliegenden Geschäftsjahr vor Berücksichtigung von Ergebnissen aus den Vorjahren) shall be subject to distribution, provided that (i) no borrowings shall be made by the Company to generate cash needed for any distributions (taking into due consideration the most recent business plan); and that (ii) the company shall retain a sufficient amount of cash for capital expenditure pursuant to the approved annual budget of the Company for the following financial year, provided however, that unless otherwise agreed for purposes of determining the distributable dividends only, such capital expenditure shall not exceed 50% of the annual profits in the preceding financial year. Any deviating distribution of dividends shall require a resolution by the shareholders’ meeting with a majority of at least 75 % of the votes cast.

12Dilution Protection
12.1In the event that at any time after the Signing Date new shares in the Company are issued from an increase of the Company’s share capital (other than from retained earnings (Gesellschaftsmitteln)) at a price per share in the nominal amount of EUR 1.00 (including contributions to the Company’s capital reserves pursuant to section 272 (2) Commercial Code and/or the assignment of any claims to the Company that may be agreed in that context) which is less than the Preferred Share Price as adjusted from time to time in accordance with Section 12.5 and/or Section 24 (“Lower Price”) (such share issue at the Lower Price: a “Down Round”), the Shareholders shall upon request of the Investor resolve, concurrently with or without undue delay (unverzüglich) after the resolution on the capital increase for the Down Round, a capital increase against cash contributions (Barkapitalerhöhung) to protect the Investor against dilution pursuant to the following provisions (“Anti-Dilution Capital Increase”).
12.2Under the Anti-Dilution Capital Increase new Preferred Shares (“Dilution Protection Shares”) have to be issued at an issue price (Ausgabebetrag) per Dilution Protection Share equal to its nominal value without premium. Only the Investor is admitted to subscribe for the Dilution Protection Shares. All other Shareholders shall waive any subscription rights (Bezugsrechte) in connection with the Anti-Dilution Capital Increase. The Dilution Protection Shares are entitled to participate in the profits of the Company with effect as of the beginning of the business year in which the Anti-Dilution Capital Increase is registered with the commercial register. For the avoidance of doubt, the Investor is not obliged to subscribe for any Dilution Protection Shares from the Anti-Dilution Capital Increase.
12.3The total number “N” of Dilution Protection Shares to be offered to the Investor under the Anti-Dilution Capital Increase has to be calculated as follows:

and

with
I = Sum of (i) all investments into the Company made by the Investor with respect to its Preferred Shares prior to the Down Round, (ii) all investments into the Company made by all investors participating in the Down Round.
S = Sum of (i) all Preferred Shares subscribed to by all Holders of Preferred Shares, (ii) all Shares issued in the Down Round subscribed to by all investors participating in the Down Round.
Ii = Investment made by Investor with respect to the Preferred Shares held by it prior to the Down Round.
Si = Number of Preferred Shares held by the Investor prior to the Down Round.
Page 12 of 18

The number of Dilution Protection Shares so calculated is in each case to be rounded (by applying general mathematical principles) to the next closest multiple of the amount of EUR 1.00 pursuant to section 5 (2), sentence 1 Limited Liability Companies Act.
12.4The Investor is not protected against any dilution resulting from this Section 12:
12.4.1if shares in the Company are issued to employees, managing directors, advisors or other supporters of the Company under a respective incentive plan; or
12.4.2if shares are issued in connection with internal financing rounds by and between the Shareholders; or
12.4.3with respect to shares issued as Dilution Protection Shares under an Anti-Dilution Capital Increase.
12.5In the event of the implementation of an Anti-Dilution Capital Increase for the purpose of dilution protection under this Section 12, the Preferred Share Price as applicable from time to time is for purposes of this Section 12 automatically adjusted with effect for the time after implementation of the Anti-Dilution Capital Increase to equal the relevant weighted average share price (P) applied for the purpose of calculating the volume of the Anti-Dilution Capital Increase pursuant to Section 12.3.
Any shares issued in the Down Round at the Lower Price may in no event be equipped with rights, preferences or privileges senior to Preferred Shares.

13Investor Put Option
13.1The Existing Shareholder hereby irrevocably offers to the Investor to purchase and acquire, subject to the terms and conditions in Section 13.3, all or, at the discretion of each Put Option Holder, a portion of the shares held by the Investor at an aggregate purchase price of EUR 1.00 (in words: Euro one), immediately upon acceptance of such offer by the Investor (“Put Option”).
13.2The Investor may accept the Put Option by notarizing in front of a notary an exercise notice, indicating (i) the number of shares that are sold and transferred pursuant to the Put Option and their respective consecutive numbers, and (ii) the relevant purchaser (“Put Exercise Notice”). The Existing Shareholder hereby waives the right to receive any declaration of acceptance pursuant to section 151 sentence 1 Civil Code (Verzicht auf den Zugang der Annahmeerklärung) made by the Investor. Subject to the condition precedent (aufschiebende Bedingung) that the Put Exercise Notice is duly notarized by a notary, the Investor exercising its Put Option hereby accepts the sale and assignment of shares that are sold and transferred pursuant to the Put Option (as indicated in the Put Exercise Notice) to the Existing Shareholder.
13.3With respect to any shares sold pursuant to the Put Option, the respective Put Option Holder makes no representations and warranties, except as the common title guarantees as described in Section 8 of the Investment Agreement, neither expressly nor implied, of any nature vis-à-vis the Existing Shareholder. The Existing Shareholder hereby already waives any claims under statutory representations and warranties (gesetzliche Gewährleistungsrechte) (section 434 et seq. Civil Code) with respect to any shares sold pursuant to the Put Option, irrespective of whether any defects (Mängel) exist. Any claims related to statutory, contractual or pre-contractual obligations (including section 280 through 284, 311, 311 a, 323 et seq. Civil Code), frustration of contract (Störung der Geschäftsgrundlage) (section 313 Civil Code), unjustified enrichment (ungerechtfertigte Bereicherung) (section 812 et seq. Civil Code) or tort (Deliktsrecht) (section 823 et seq. Civil Code) with respect to the shares sold pursuant to the Put Option are, to the extent legally permissible, hereby excluded. Furthermore, the Existing Shareholder has no right whatsoever to rescind, reverse, cancel or otherwise terminate the sale of shares pursuant to the Put Option or exercise any right or remedy which would have a similar effect.

14Corporate Bodies
14.1The Company shall have the following corporate bodies:
a)the management board (the “Management Board”);
b)the advisory board (the “Advisory Board”);
c)the shareholders’ meeting.
14.2The Parties shall instruct the managing directors (Geschäftsführer) of the Company to comply with the Articles of Association and the Rules of Procedure for the Management Board.
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15Management Board
15.1The Management Board of the Company shall consists of three members (the “Managing Directors”). If the Existing Shareholder and the Investor mutually agree, only one Managing Director will be appointed.
15.2Subject to Sections 15.3 and 15.4 below, the Managing Directors shall be appointed and removed by a resolution by the shareholders’ meeting with a majority of at least 75 % of the votes cast.
15.3The investor is entitled to nominate one (1) Managing Director and the Existing Shareholder is entitled to nominate two (2) Managing Directors including the CEO of the Company (each the “Appointed Managing Director” and the nominating Party the “Nominating Party”) in their sole discretion and to request removal of such Appointed Managing Director in their sole discretion. 
All candidates nominated by the Existing Shareholder and/or the Investor for the position of an Appointed Managing Director will be presented to and interviewed by both Parties. 
In case the Investor and the Existing Shareholder do not jointly appoint a candidate within a shareholders‘ meeting within six (6) weeks after the profile of a candidate has been submitted to the other Party by the Nominating Party who is nominating such candidate, the Nominating Party may call and invite for a shareholders‘ assembly of the Company in accordance with Section 6 of the Articles of Association and may request the other Party to exercise its voting rights in such shareholders‘ assembly in favour of the candidate nominated by the Nominating Party for the position of an Appointed Managing Director and consequently each Party shall exercise its voting rights in the shareholders‘ meeting so that the candidate nominated by the Nominating Party for the position of an Appointed Managing Director is appointed as Managing Director, unless the nomination made by a Nominating Party is unacceptable (unzumutbar) for the other Party for reasons inherent to the person of the nominee. 
If either the Investor or the Existing Shareholder rejects the nomination by the other Party of a Managing Director as being unacceptable, both Parties shall discuss the nomination in good faith and take into adequate consideration the reasoning brought forward by the other Party against such nominee. Reasons inherent to the person of the nominee shall be reputational issues which could reasonably negatively affect the relationship with customers, suppliers, or otherwise have a negative effect on the Business of the Company, e.g. threatening, past or current personal bankruptcy, criminal indictments or indictments of tax evasion. If either the Investor or the Existing Shareholder rejects the nomination by the other Party, the other Party shall have the right to nominate another candidate who shall then be appointed as Managing Director in accordance with this Section 15.3.
15.4Sections 15.2 and 15.3 shall apply accordingly in case an Appointed Managing Director resigns or is requested to be removed from office by the Nominating Party nominating such Appointed Managing Director in accordance with Section 15.3, it being understood that neither a review or agreement nor an observation of any time period is required for the removal from office of an Appointed Managing Director.
15.5Currently the managing directors of the Company as well as of Prettl Electronics Automotive North America, Inc. are Carsten Ellermeier and Miroslav Dziuba. The Parties agree that Carsten Ellermeier and Miroslav Dziuba will be removed as managing directors of the Company as well as of Prettl Electronics Automotive North America, Inc. and new managing directors will be installed. As new managing director of Prettl Electronics Automotive North America, Inc., Mr. Christian Priess has been appointed recently.

16Advisory Board
16.1The Company shall have an Advisory Board consisting of three (3) members.
16.2Each Party is entitled to nominate one member of the Advisory Board. The third member of the Advisory Board will be jointly nominated by the Existing Shareholder and the Investor. If the Existing Shareholder and the Investor cannot agree on the third member of the Advisory Board, the already nominated members of the Advisory Board will jointly nominate the third member.
16.3The Advisory Board shall only have advising function and the function described in Section 18.
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17Agreements with Prettl-Group Entities
At least at the beginning, the Company needs the services provided by certain Prettl – Affiliates as listed in Annex 17. Therefore, the termination of an Intercompany Agreement listed in Annex 17 by the Company and/or the Prettl – Affiliate being the contractual party of the respective agreement requires a resolution by the shareholders’ meeting with a majority of at least 75 % of the votes cast.

18Deadlock
18.1If there is a Deadlock in respect of any of the matters, listed in Section 3.1 lit. a), k) to o) and lit q) to u) including such measures at controlled entities of the Company, each Party shall be entitled to send a conciliation notice (the “Conciliation Notice”) to the other Party requiring the Parties to negotiate in good faith to attempt to amicably resolve the Deadlock. If the Deadlock is not resolved within thirty (30) Business Days of the receipt of the Conciliation Notice, then such Deadlock shall jointly be referred to the respective chairman of the Parties who shall within thirty (30) Business Days, take necessary steps on the best efforts to amicably resolve the Deadlock in a commercially reasonable manner.
18.2If the Deadlock is not resolved in accordance with the provisions of Section 18.1, the Parties are obliged to refer such matter, on which the Deadlock has occurred to the Advisory Board within ten (10) Business Days from expiry of the time period specified in Section 18.1.
The Advisory Board shall try to resolve the matter amicably by unanimous decision, however, the Advisory Board is authorised to decide on such matter by final and binding majority resolution. The Advisory Board shall, in respect of the matter present a decision as soon as practicable immediately after its notification but no later than twenty-one (21) Business Days from the date of its notification (the “Advisory Board Mediation Period”).
18.3If a dispute is resolved under section 18.1 or 18.2, the Parties shall jointly sign a respective declaration and shall exercise all voting rights and other powers of control available to them to procure that such resolution is fully and promptly carried into effect.
18.4If the Advisory Board has not provided its decision within the Advisory Board Mediation Period, such Deadlock shall be dropped and the Parties shall continue to carry on the Business in the usual way.

19Use of Name “PRETTL”
19.1The Parties agree that the Products which the Company will develop, produce and distribute, will, at least in the TERRITORY not be distributed and sold under a trade name, mark, brand or logo that consists of or contains the word “PRETTL” or “Prettl”. 
19.2The Parties agree that within a period of six months as of the date of this Agreement the name of Prettl Electronics Automotive North America, Inc. will be changed and the new name will not contain the word “PRETTL” or “Prettl”. The Existing Shareholder is also entitled to demand that the name of the Company will be changed accordingly.
Page 15 of 18

III.General Provisions

20Effective Date, Term, Extent of Application
20.1This Shareholders’ Agreement becomes effective on the Signing Date, irrespective of whether all shareholders of the Company have become a party hereto.
20.2Each Party hereto may terminate this Shareholders’ Agreement in writing with twelve (12) months’ notice to the end of a calendar year, but in no event with effect to a date prior to 31 December 2031. The right to terminate this Shareholders’ Agreement for good cause (aus wichtigem Grund) remains unaffected. If a Party intends to terminate this Shareholders’ Agreement for good cause (aus wichtigem Grund), such Party shall notify the Company in writing thereof, which shall forward a copy of such notice to the other Parties. If a Party ceases to be a party to this Shareholders’ Agreement as a result of a termination or for any other reason this does not impair the effectiveness of this Shareholders’ Agreement, which continues to be in force and effect among the other Parties; this also applies in the event of death, insolvency or liquidation of any of the Parties. The termination rights of the Parties pursuant to Section 723 para. 1 BGB shall be excluded.
20.3Each Party is entitled to terminate the Shareholders’ Agreement for cause, in particular if
a)any material act or omission by the other Party, or its respective Affiliates, agents or employees occurs, constituting intentional misrepresentation, fraud, wilful misconduct, bribery, theft of embezzlement with respect to the Company and such default has not been cured to the satisfaction of the non defaulting Party within sixty (60) days of the receipt of written notice of such act or omission from the other party; or
b)the other Party is in breach of a material obligation under this Shareholders’ Agreement and/or the Investment Agreement and/or the Articles of Association of the Company and does not sustainably cease the breach of the material obligation within sixty (60) days following a written formal notice of default (Abmahnung) which specifies the breach and refers to the termination right; or
c)(preliminary) insolvency proceedings having been opened over the assets of the other Party or in case the opening of insolvency proceedings has been rejected due to lack of assets (Ablehnung der Insolvenzeröffnung mangels Masse).
20.4A termination for cause must be declared in writing to the other Party (i) in case of Sections 20.3(a) and 20.3(b) within three (3) weeks after the relevant cure period pursuant to Sections 20.3(a) and 20.3(b) has elapsed and (ii) in case of Section 20.3(c) or in all other cases within three (3) weeks after the Party entitled to terminate the Shareholders’ Agreement has learned of the facts relevant for the termination. The Parties shall have no right to assert reasons for the termination of which they have been aware at the time of the termination for cause (Nachschieben von Kündigungsgründen). If the other Party does not receive the termination in due time, the reasons for the termination on which such a termination is based on, shall be exhausted and a subsequent termination for cause cannot be based on such reasons. The other Party shall have the right to object to the termination within three (3) weeks as of receipt of the termination. If the other Party does not object to the termination declared in accordance with this Section 20.4, such termination shall be deemed valid. It the other Party objects the termination in writing within the 3-week-period stating reasons for the non-existence of the reasons for the termination for cause, the Parties shall without undue delay upon receipt of the objection by the terminating Party use their best efforts to come to an agreement on the validity of the termination for cause. Regardless of the existence of a valid objection, the time limits for a termination for cause set forth in Section 20.4 shall apply as of the expiry of the 3-week-period.
20.5This Shareholders’ Agreement applies to any and all shares in the Company held by any of the Parties from time to time, irrespective of whether third parties participate in such shares by way of trusts, sub-participations, or other ways of beneficial interest or similar legal relations and irrespective of whether at all times all of the shareholders of the Company have become a Party hereto. The shares in the Company remain in the particular ownership of the respective Shareholder. No joint ownership (Eigentum zur gesamten Hand) or co-ownership (Miteigentum) is established by this Shareholders’ Agreement. If a Shareholder disposes of all of its shares in the Company or in case all shares of a Shareholder in the Company are redeemed, such Shareholder ceases to be a party to this Shareholders’ Agreement with effect as of the point in time such disposal or redemption becomes effective; any obligations accrued prior to the point in time such disposal or redemption becomes 
Page 16 of 18

effective (in particular any obligations under Section 15 (Confidentiality) of the Investment Agreement) remain unaffected.
20.6The costs of the notarization of this Shareholders’ Agreement shall be borne by the Investor. All other costs and expenses in connection with the preparation, conclusion and performance of this Shareholders’ Agreement, including any professional fees, costs and expenses of its advisors, shall be borne by the Party commissioning such costs.

21Termination of the Shareholders’ Agreement
21.1This Shareholders’ Agreement terminates
a)In case of a valid termination pursuant to Section 20.1 to 20.4;
b)In case a Party ceases to be a shareholder of the Company as a result of a transfer or a redemption of shares, except when a third party assumes all rights and obligations under this Shareholders’ Agreement pursuant to Section 22.
21.2Sections 15 through 18 and 21 through 23 of the Investment Agreement (Confidentiality, Press Release, Form of Notices, Delivery Addresses and Authorized Recipients, Entire Agreement, Form of Amendments, Invalid Provisions, Unintended Gaps (Salvatorische Klausel), Interpretation, German Terms, Governing Law and Jurisdiction) and this Section 21.2 shall continue to apply after termination of this Shareholders’ Agreement.

22Accession to this Shareholders’ Agreement
22.1Except in case of a transfer of all shares in the Company, shares in the Company must not be transferred by way of individual succession (Einzelrechtsnachfolge) and respective approval required under this Shareholders’ Agreement or the Articles of Association may not be granted, unless the acquirer accedes, or has otherwise become a party, to this Shareholders’ Agreement beforehand or simultaneously with the acquisition of the shares in the Company. As a consequence of such accession, the acquirer fully assumes the legal position of the transferor in respect of the shares acquired from the transferor, except for rights and obligations specifically granted to a specifically named Shareholder (individually or jointly with others) stay with such Shareholder as long as such Shareholder holds shares in the Company, and pass to an acquirer of such Shareholder’s shares only in case such Shareholder expressly agrees so with the acquirer or transfers all of its shares to such acquirer. Sentence 1 of this Section 22.1 applies mutatis mutandis to any issuance of new shares in the Company.
22.2The Parties hereby expressly and irrevocably offer third parties, who hold, acquire or subscribe for shares in the Company to accede to this Shareholders’ Agreement (as amended from time to time) and each of them individually, except for the Company, waive the receipt of the acceptance declaration pursuant to section 151 Civil Code. Furthermore, the Parties authorize each other individually to direct such offer to the aforementioned third parties. The Parties agree that such third parties may accept the offer of accession to this Shareholders’ Agreement (as amended from time to time) by way of a notarized accession declaration, stating the Party, that has directed the offer of accession to such third party, as well as the Party, from which shares have been or are being acquired (except in case shares are subscribed for within a capital increase of the Company). The accession becomes effective upon receipt of an execution copy (Ausfertigung) of the notarized accession declaration by the Company, provided that such accession declaration does not contain any amendment or alteration to this Shareholders’ Agreement (as amended from time to time) and is unconditional except for its becoming effective upon such third party's acquisition of shares in the Company. The Company shall inform all other Parties in writing upon an accession to this Shareholders’ Agreement without undue delay (unverzüglich).

23Articles of Association
The rights and obligation of the Parties relating to the Company and their participation therein as shareholders are governed by mandatory law, this Shareholders’ Agreement and the Articles of Association of the Company as amended from time to time. Except as expressly provided otherwise in this Shareholders’ Agreement, any provisions in this Shareholders’ Agreement, to the extent legally permissible and among the Parties hereto, prevail over the provisions of Articles of Association in case they conflict.The Parties shall exercise their voting and other rights and powers available to them to give effect to the provisions of this Shareholders’ Agreement and, if necessary, ensure that any amendment is made to the Articles of Association in order to reflect the provisions of this Shareholders’ Agreement.
Page 17 of 18

24Adjustments of Preferred Share Prices
In the event of (i) an increase of the Company's share capital from retained earnings (Kapitalerhöhung aus Gesellschaftsmitteln) by issuance of new shares, (ii) a decrease of the Company's share capital (Kapitalherabsetzung) and number of shares without repayment to the Company’s shareholders, (iii) a stock split or consolidation of shares, or (iv) any structural measure with a similar effect, the Preferred Share Price (as applicable from time to time) is adjusted accordingly for all purposes of this Shareholders’ Agreement.

25Final Provisions
With respect to this Shareholders’ Agreement, Sections 14 through 18 and 21 through 23 of the Investment Agreement (Assignments, Set-off and Retention, No Joint Entitlement, No Joint Liability, Confidentiality, Press Release, Form of Notices, Delivery Addresses and Authorized Recipients, Entire Agreement, Form of Amendments, Invalid Provisions, Unintended Gaps (Salvatorische Klausel), Interpretation, German Terms, Governing Law and Jurisdiction) shall apply mutatis mutandis.
*****
Page 18 of 18EX-4.2

 Exhibit 4.2 

Execution Copy 

RENASANT CORPORATION 

FOURTH SUPPLEMENTAL INDENTURE 

dated as of November 23, 2021 

to the Subordinated Indenture 

dated as of August 22, 2016 

3.00% Fixed-to-Floating Rate Subordinated Notes due 2031

 Wilmington Trust, National Association, as Trustee 

 FOURTH SUPPLEMENTAL INDENTURE 

THIS FOURTH SUPPLEMENTAL INDENTURE (“Fourth Supplemental Indenture”), dated as of November 23, 2021, is made by and
between Renasant Corporation, a Mississippi corporation (the “Company”), and Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as trustee (“Trustee”).

 RECITALS 

WHEREAS, the Company and the Trustee have executed and delivered a Subordinated Indenture, dated as of August 22, 2016 (the
“Base Indenture” and as supplemented by the First Supplemental Indenture, dated as of August 22, 2016 between the Company and the Trustee, by the Second Supplemental Indenture, dated as of August 22, 2016 between the
Company and the Trustee, by the Third Supplemental Indenture, dated as of September 3, 2020 between the Company and the Trustee and by this Fourth Supplemental Indenture, and as further supplemented from time to time, the
“Indenture”), to provide for the issuance from time to time by the Company of its unsecured subordinated indebtedness to be issued in one or more series as provided in the Indenture; 

WHEREAS, Section 9.1(j) of the Base Indenture provides that the Company and the Trustee may, without the consent of any Holder,
enter into a supplemental indenture to provide for the issuance of and establish the form or terms of Securities of any Series as permitted by Sections 2.1 and 2.2 thereof; 

WHEREAS, the issuance and sale of Two Hundred Million Dollars ($200,000,000) aggregate principal amount of a new series of Securities
of the Company designated as its 3.00% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2031 Notes”) have been authorized by resolutions adopted
by the Board of Directors of the Company; 
 WHEREAS, the Company desires to issue and sell Two Hundred Million Dollars
($200,000,000) aggregate principal amount of the 2031 Notes as of the date hereof; 
 WHEREAS, the Company desires to establish the
terms of the 2031 Notes; 
 WHEREAS, all things necessary to make this Fourth Supplemental Indenture a legal and binding supplement
to the Base Indenture in accordance with its terms and the terms of the Base Indenture have been done; 
 WHEREAS, the Company has
complied with all conditions precedent provided for in the Base Indenture relating to this Fourth Supplemental Indenture; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Fourth Supplemental Indenture. 

NOW, THEREFORE, for and in consideration of the premises stated herein and the purchase of the 2031 Notes by the Holders thereof, the
Company and the Trustee covenant and agree, for the equal and proportionate benefit of the Holders of the 2031 Notes, as follows: 

  
 1 

 ARTICLE I 

SCOPE OF FOURTH SUPPLEMENTAL INDENTURE 

Section 1.01. Scope. This Fourth Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part of the
Indenture and shall be read together with the Base Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the Fourth Supplemental Indenture, the terms and provisions of the Base Indenture shall
remain in full force and effect. Notwithstanding the foregoing, this Fourth Supplemental Indenture shall only apply to the 2031 Notes. 

ARTICLE II 
 DEFINITIONS 

Section 2.01. Definitions and Other Provisions of General Application. For all purposes of this Fourth Supplemental Indenture
unless otherwise specified herein: 
 (a) all terms used in this Fourth Supplemental Indenture which are not otherwise defined herein shall
have the meanings they are given in the Base Indenture and include the plural as well as the singular; 
 (b) the provisions of general
application stated in Sections 10.1 through 10.14 of the Base Indenture shall apply to this Fourth Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this Fourth Supplemental Indenture as a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this Fourth
Supplemental Indenture; 
 (c) Section 1.1 of the Base Indenture is amended and supplemented, solely with respect to the 2031 Notes, by
inserting the following additional defined terms in their appropriate alphabetical positions: 
 “Act” means any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by the Indenture to be given, made or taken by Holders, which may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such Holders in person or by agent duly appointed in writing; such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. 

“Administrative or Judicial Action” has the meaning provided in the definition of “Tax Event.” 

“Benchmark” means, initially, Three-Month Term SOFR; provided that if the Calculation Agent determines on or prior to the
Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark
Replacement. All percentages used in or resulting from any calculation of the then-current Benchmark shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005%
rounded up to 0.00001%. 
 “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current
Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is
Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be
determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: 

  
 2 

 (1) Compounded SOFR; 

(2) the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 
 (3) the sum of:
(a) the ISDA Fallback Rate, and (b) the Benchmark Replacement Adjustment; and 
 (4) the sum of: (a) the alternate rate that
has been selected by the Calculation Agent as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S.
Dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment. 
 “Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: 

(1) the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero),
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 
 (2) if the
applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and 
 (3) the spread
adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for
the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. Dollar-denominated floating rate securities at such time. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “interest period,” timing and frequency of determining rates with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other
administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any
portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines is reasonably
necessary). 
 “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark: 
 (1) in the case of clause (1) of the definition of “Benchmark Transition Event,” the
relevant Reference Time in respect of any determination; 
 (2) in the case of clause (2) or (3) of the definition of “Benchmark
Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the
Benchmark; or 

  
 3 

 (3) in the case of clause (4) of the definition of “Benchmark Transition
Event,” the date of the public statement or publication of information referenced therein. 
 For the avoidance of doubt,
for purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to
the Benchmark would include SOFR). 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (1) if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a
forward-looking term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not
complete or (c) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

(2) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark; or 
 (4) a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

“Calculation Agent” has the meaning ascribed in Section 3.02(e)(iv) of the Fourth Supplemental Indenture. 

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology
for this rate, and conventions for this rate being established by the Calculation Agent in accordance with: 
 (1) the rate, or methodology
for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining Compounded SOFR; provided that: 

(2) if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause
(1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. Dollar-denominated floating rate
securities at such time. 

  
 4 

 For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark
Replacement Adjustment (if applicable) and the spread of 191 basis points per annum. 
 “Corresponding Tenor” with respect
to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 

“DTC” has the meaning provided in Section 3.02(h) of the Fourth Supplemental Indenture. 

“Federal Reserve” has the meaning provided in the definition of “Tier 2 Capital Event.” 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Fixed Rate Interest Payment Date” has the meaning provided
in Section 3.02(e)(i) of the Fourth Supplemental Indenture. 
 “Fixed Rate Period” has the meaning provided in
Section 3.02(e)(i) of the Fourth Supplemental Indenture. 
 “Fixed Rate Regular Record Date” has the meaning provided
in Section 3.02(e)(i) of the Fourth Supplemental Indenture. 
 “Floating Rate Interest Payment Date” has the meaning
provided in Section 3.02(e)(ii) of the Fourth Supplemental Indenture. 
 “Floating Rate Period” has the meaning
provided in Section 3.02(e)(ii) of the Fourth Supplemental Indenture. 
 “Floating Rate Regular Record Date” has the
meaning provided in Section 3.02(e)(ii) of the Fourth Supplemental Indenture. 
 “Interest Payment Date” has the
meaning provided in Section 3.02(e)(ii) of the Fourth Supplemental Indenture. 
 “interest period” means the period
from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the Issue Date to, but excluding, the
applicable Interest Payment Date or the Maturity Date or date of earlier redemption, if applicable. 
 “Interpolated
Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter
than the Corresponding Tenor, and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor. 

“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor. 

  
 5 

 “ISDA Definitions” means the 2006 ISDA Definitions published by the ISDA or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Issue Date” means November 23, 2021. 

“Major Constituent Bank” means any Subsidiary which is organized as a banking organization under federal or state law and
which represents 50% or more of the consolidated assets of the Company determined as of the date of the most recent audited financial statements of the Company. 

“Maturity Date” has the meaning provided in Section 3.02(d) of the Fourth Supplemental Indenture. 

“Redemption Date” has the meaning provided in Section 3.02(h) of the Fourth Supplemental Indenture. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month Term SOFR,
the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark
Replacement Conforming Changes. 
 “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank
of New York, or a committee officially endorsed or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto. 

“SOFR” means the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of
the Benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s website. 
 “Tax Event” means
the receipt by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment to, or change (including any announced prospective amendment or change) in, any law or treaty, or any regulation thereunder,
of the United States or any political subdivision or taxing authority thereof or therein; (b) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement,
including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”); or (c) an amendment to or change in any
official position with respect to, or any interpretation of, an Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation, in each case, which change
or amendment or challenge becomes effective or which pronouncement, decision or challenge is announced on or after the original issue date of the 2031 Notes, there is more than an insubstantial risk that interest payable by the Company on the 2031
Notes is not, or, within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes. 

  
 6 

 “Term SOFR” means the forward-looking term rate based on SOFR that has been
selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Administrator” means any entity designated by the
Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator). 
 “Three-Month Term SOFR”
means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any interest period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR
Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005%
rounded up to 0.00001%. 
 “Three-Month Term SOFR Conventions” means any determination, decision or election with respect
to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of
determining Three-Month Term SOFR with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of
Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent
determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary). 

“Tier 2 Capital Event” means the Company’s good faith determination that, as a result of (a) any amendment to, or
change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other federal bank regulatory agencies) or any political
subdivision of or in the United States that is enacted or becomes effective after the original issue date of the 2031 Notes; (b) any proposed change in those laws, rules or regulations that is announced or becomes effective after the original
issue date of the 2031 Notes; or (c) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules, regulations, policies or guidelines with respect
thereto that is announced after the original issue date of the 2031 Notes, there is more than an insubstantial risk that the Company will not be entitled to treat the 2031 Notes then outstanding as “Tier 2 Capital” (or its equivalent) for
purposes of the capital adequacy rules or regulations of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate
federal banking agency) as then in effect and applicable to the Company, for so long as any 2031 Notes are outstanding. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

(d) Section 1.1 of the Base Indenture is amended and supplemented, solely with respect to the 2031 Notes, by replacing the corresponding
defined term in the Base Indenture with the following defined terms: 

  
 7 

 “Business Day” means (a) each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in New York are authorized or obligated by law or executive order to close, or (b) a day on which the Corporate Trust Office of the Trustee is not closed for business. 

“Indenture” has the meaning set forth in the Recitals. 

“Senior Indebtedness” means any obligation of the Company to its creditors, whether now outstanding or subsequently incurred,
other than any obligation where, in the instrument creating or evidencing the obligation or pursuant to which the obligation is outstanding, it is provided that the obligation is not Senior Indebtedness. Senior Indebtedness includes, without
limitation: 
 a. the principal (and premium, if any) of and interest in respect of indebtedness of the Company for purchased or borrowed
money, whether or not evidenced by securities, notes, debentures, bonds or other similar instruments issued by the Company, including obligations incurred in connection with the acquisition of property, assets or businesses; 

b. all capital lease obligations of the Company; 

c. all obligations of the Company issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Company
and all obligations of the Company under any conditional sale or title retention agreement, but excluding trade accounts payable in the ordinary course of business; 

d. all obligations of the Company arising from off-balance sheet guarantees and direct credit
substitutes, including obligations in respect of any letters of credit, bankers’ acceptance, security purchase facilities and similar credit transactions; 

e. all obligations of the Company associated with derivative products, including obligations in respect of interest rate swap, cap or other
agreements, interest rate future or options contracts, currency swap agreements, currency future or option contracts and other similar agreements; 

f. all obligations of the type referred to in clauses (a) through (e) of other persons for the payment of which the Company is responsible
or liable as obligor, guarantor or otherwise; 
 g. all obligations of the type referred to in clauses (a) through (f) of other persons
secured by any lien on any property or asset of the Company whether or not such obligation is assumed by the Company; and 
 h. any
deferrals, renewals or extensions of any obligations of the type referred to in clauses (a) through (g) above. 
 Notwithstanding the
foregoing, Senior Indebtedness does not include: 
 a. the 2031 Notes; 

b. trade accounts payable arising in the ordinary course of business; and 

c. any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, the 2031 Notes. 

  
 8 

 ARTICLE III 

FORM AND TERMS OF THE 2031 Notes 

Section 3.01. Form and Dating. 

(a) The 2031 Notes shall be substantially in the form of Exhibit A attached hereto. The 2031 Notes shall be executed in the name and on
behalf of the Company by the manual, electronic signature or facsimile signature of its Chairman of the Board of Directors, its Chief Executive Officer, its President or one of its Executive Vice Presidents. Unless otherwise provided herein or in
the 2031 Notes, the words “execute,” “execution,” “signed,” and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any 2031 Notes or any
of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any Applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the
Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee. If the person whose signature is on any 2031 Notes
no longer holds that office at the time the 2031 Notes are authenticated and delivered, the 2031 Notes shall nevertheless be valid. 
 (b)
The 2031 Notes may have a legend or legends or endorsements as may be required to comply with any law or with any rules of any securities exchange or usage. The 2031 Notes shall be dated the date of their authentication. 

(c) The terms contained in the 2031 Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this
Fourth Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.02. Terms of the 2031 Notes. The following terms relating to the 2031 Notes are hereby established: 

(a) Title. The 2031 Notes shall constitute a series of Securities having the title “Renasant Corporation 3.00% Fixed-to-Floating Rate Subordinated Notes due 2031” and the CUSIP number 75970E AE7. 

(b) Principal Amount. The aggregate principal amount of the 2031 Notes that may be authenticated and delivered under the Indenture, as
amended hereby, shall be Two Hundred Million Dollars ($200,000,000) on the Issue Date. Provided that no Event of Default has occurred and is continuing with respect to the 2031 Notes, the Company may, without notice to or the consent of the Holders,
create and issue additional Securities having the same terms as, and ranking equally and ratably with, the 2031 Notes in all respects and so that such additional 2031 Notes will be consolidated and form a single series with, and have the same terms
as to status, redemption or otherwise as, the 2031 Notes initially issued (except for any differences in the issue price and interest accrued prior to the date of issuance of the additional 2031 Notes), and with the same CUSIP number as the 2031
Notes, provided that such additional 2031 Notes are fungible for U.S. federal income tax purposes with the 2031 Notes. 

  
 9 

 (c) Person to Whom Interest is Payable. Interest payable, and punctually paid or duly
provided for, on any Interest Payment Date will be paid to the person in whose name the 2031 Notes are registered for such interest at the close of business on the fifteenth calendar day of the month immediately preceding the applicable Interest
Payment Date, whether or not such day is a Business Day. Any such interest which is payable, but not so punctually paid or duly provided for on any Interest Payment Date shall cease to be payable to the Holder on such relevant record date by virtue
of having been a Holder on such date, and such defaulted interest may be paid by the Company to the person in whose name the 2031 Note is registered at the close of business on a special record date for the payment of such defaulted interest to be
fixed by the Company, notice whereof shall be given to Holders of 2031 Notes of this series not less than 10 days prior to such special record date that complies with Section 2.13 of the Base Indenture, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the 2031 Notes may be listed and upon such notice as may be required by such exchange and in compliance with the Base Indenture. 

(d) Maturity Date. The entire outstanding Principal of the 2031 Notes shall be payable on December 1, 2031 (the “Maturity
Date”). 
 (e) Interest. 

(i) The 2031 Notes will bear interest at a fixed rate of 3.00% per annum from and including the Issue Date to, but excluding, December 1,
2026 or the date of earlier redemption (the “Fixed Rate Period”). Interest accrued on the 2031 Notes during the Fixed Rate Period will be payable semi-annually in arrears on June 1 and December 1 of each year (each such
date a “Fixed Rate Interest Payment Date”), commencing on June 1, 2022. The last Fixed Rate Interest Payment Date shall be December 1, 2026, unless the 2031 Notes are earlier redeemed. The interest payable during the Fixed
Rate Period will be paid to each holder in whose name a 2031 Note is registered at the close of business on the fifteenth day (whether or not a Business Day) of the month immediately preceding the applicable Fixed Rate Interest Payment Date (each
such date, a “Fixed Rate Regular Record Date”). 
 (ii) The 2031 Notes will bear a floating interest rate from and
including December 1, 2026 to, but excluding, the Maturity Date or earlier Redemption Date (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Rate Period
shall be equal to the Benchmark, which is expected to be the then-current Three-Month Term SOFR, plus 191 basis points for each quarterly interest period during the Floating Rate Period. During the Floating Rate Period, interest on the 2031 Notes
will be payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year (each such date, a “Floating Rate Interest Payment Date”, together with a Fixed Rate Interest Payment Date, an
“Interest Payment Date”), commencing on March 1, 2027 through the Maturity Date or Redemption Date. The interest payable during the Floating Rate Period will be paid to each holder in whose name a 2031 Note is registered at the
close of business on the fifteenth day (whether or not a Business Day) of the month immediately preceding the applicable Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”). Notwithstanding
the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero. The Calculation Agent (as defined below) will provide the Company and the
Trustee with the interest rate in effect on the 2031 Notes promptly after the Reference Time (or such other date of determination for the applicable Benchmark). 

  
 10 

 (iii) The amount of interest payable on any Fixed Rate Interest Payment Date during the
Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months up to, but excluding December 1, 2026, and the amount of
interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and the number of days actually elapsed. The Company or the
Calculation Agent, as applicable, shall calculate the amount of interest payable on any Interest Payment Date and the Trustee shall have no duty to confirm or verify any such calculation. In the event that any scheduled Interest Payment Date or the
Maturity Date for the 2031 Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on the Maturity Date will be paid on the next succeeding day which is a
Business Day (any payment made on such date will be treated as being made on the date that the payment was first due and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date); provided, that in
the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated
to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to but excluding such Business Day. Dollar amounts resulting from interest calculations will be rounded to the
nearest cent, with one-half cent being rounded upward. 
 (iv) The Company shall take such actions
as are necessary to ensure that, from the commencement of the Floating Rate Period, for so long as any of the 2031 Notes are outstanding, there will at all times be a calculation agent appointed by the Company to calculate Three-Month Term SOFR in
respect of each Floating Rate Period (the “Calculation Agent”). The calculation of Three-Month Term SOFR for each applicable Floating Rate Period by the Calculation Agent will (in the absence of manifest error) be final and binding.
The Calculation Agent’s determination of any interest rate and its calculation of interest payments for any period will be maintained on file at the Calculation Agent’s principal offices, will be made available to any Holder of the Notes
upon request and will be provided to the Trustee. The Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The Company will act as the initial Calculation Agent. The
Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Company, the Company will promptly appoint a replacement Calculation Agent. The Calculation
Agent may not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice
of resignation by the Calculation Agent, the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Calculation Agent with respect to such series. The Trustee
will not be under any duty to succeed to, assume or otherwise perform any of the duties of the Calculation Agent, or to appoint a successor or replacement in the event of the Calculation Agent’s resignation or removal or to replace the
Calculation Agent in the event of a default, breach or failure of performance on the part of the Calculation Agent with respect to the Calculation Agent’s duties and obligations hereunder. For the avoidance of doubt, if at any time there is no
Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent. The Calculation Agent’s calculation of the amount of any interest
payable on any Interest Payment Date will be maintained on file at the Calculation Agent’s principal offices, and will be made available to any Holder of the 2031 Notes upon request and will be provided to the Trustee. 

(f) Effect of Benchmark Transition Event. 

(i) If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior
to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the 2031 Notes during the Floating Rate Period in respect of such
determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark Replacement Conforming Changes from time to
time. 

  
 11 

 (ii) Notwithstanding anything set forth in Section 3.02(e)(ii) above, if the
Calculation Agent determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the provisions set forth in this
Section 3.02(f) will thereafter apply to all subsequent determinations of the interest rate on the 2031 Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the
interest rate on the 2031 Notes for each interest period during the Floating Rate Period will subsequently be an annual rate equal to the Benchmark Replacement plus 191 basis points. 

(iii) The Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of the 2031 Notes,
including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 3.02(f). Any determination, decision or election that may be made by the Calculation Agent under the terms of the 2031 Notes, including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or selection
(A) will be conclusive and binding on the Holders of the 2031 Notes and the Trustee absent manifest error, (B) if made by the Company as Calculation Agent, will be made in the Company’s sole discretion, (C) if made by a
Calculation Agent other than the Company, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects and (D) notwithstanding
anything to the contrary herein or in the Base Indenture, shall become effective without consent from the Holders of the 2031 Notes, the Trustee or any other party. If the Calculation Agent fails to make any determination, decision or election that
it is required to make under the terms of the 2031 Notes, then the Company will make such determination, decision or election on the same basis as described above. 

(iv) The Company (or its Calculation Agent) shall notify the Trustee in writing (i) upon the occurrence of the Benchmark Transition Event
or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the interest rate on the 2031 Notes after a Benchmark Transition Event. 

(v) The Trustee (including in its capacity as Paying Agent) shall have no (A) responsibility or liability for the (w) Three-Month
Term SOFR Conventions, (x) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark
Replacement or an Unadjusted Benchmark Replacement), (y) determination or calculation of a Benchmark Replacement, or (z) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case
under clauses (w) through (z) above shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (B) liability for any failure
or delay in performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as a result of the Company’s or Calculation Agent’s failure to select
a Benchmark Replacement or the Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation Agent regarding any Benchmark or Benchmark Replacement,
including, without limitation, in regards to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee shall not be responsible or liable for the actions or
omissions of the Calculation Agent, or any failure or delay in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the 

  
 12 

 
performance of the Calculation Agent. The Trustee shall be entitled to conclusively rely on any determination made, and any instruction, notice, Officers’ Certificate or other instruction or
information provided by the Calculation Agent without independent verification, investigation or inquiry of any kind. The Trustee shall not be obligated to enter into any amendment or supplement hereto that adversely impacts its rights, duties,
obligations, immunities or liabilities (including, without limitation, in connection with the adoption of any Benchmark Replacement Conforming Changes). 

(vi) If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term SOFR
Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the
Calculation Agent, then the relevant Three-Month Term SOFR Conventions will apply. 
 (g) Place of Payment of Principal and Interest.
So long as the 2031 Notes shall be issued in global form, the Company shall make, or cause the Paying Agent to make, all payments of principal and interest on the 2031 Notes by wire transfer in immediately available funds to the Depository or its
nominee, in accordance with applicable procedures of the Depository. If the 2031 Notes are not in global form, the Company, may, at its option, make, or cause the Paying Agent to make, payments of principal and interest on the 2031 Notes by check
mailed to the address of the person specified for payment in accordance with Section 3.02(e)(i) and (e)(ii) above. A global security with respect to the 2031 Notes shall be exchangeable for physical securities of such series only if: 

 

	 	•	 The Depository is at any time unwilling or unable or ineligible to continue as a depository or ceases to be a
clearing agency registered under the Exchange Act and a successor depository is not appointed by the Company within 90 days of the date the Company is so notified in writing; 

 

	 	•	 The Company executes and delivers to the Trustee a Company Order to the effect that such global securities
shall be so exchangeable (and the Trustee consents thereto); or 

  

	 	•	 An Event of Default has occurred and is continuing with respect to the global securities and a Holder requests
such exchange. 

 (h) Redemption. The 2031 Notes shall be redeemable, in each case, in whole or in part from time
to time, at the option of the Company prior to the Maturity Date beginning with the Interest Payment Date on December 1, 2026, and on any Interest Payment Date thereafter (each, a “Redemption Date”) subject to obtaining the
prior approval of the Federal Reserve to the extent such approval is required under the rules of the Federal Reserve (or, as and if applicable, the rules of any appropriate successor bank regulatory agency). The 2031 Notes may not otherwise be
redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the 2031 Notes before the Maturity Date in whole but not in part from time to time, subject to obtaining the prior approval of the Federal Reserve to the extent
such approval is then required under the rules of the Federal Reserve (or, as and if applicable, the rules of any appropriate successor bank regulatory agency), upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is
required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any such redemption will be at a Redemption Price equal to 100% of the
principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. The provisions of Article III of the Base Indenture shall apply to any redemption of the 2031 Notes
pursuant to this Article 3, provided that a notice of redemption shall be delivered to holders of the 2031 Notes (with a copy to the Trustee) not less than 30 nor more than 60 days prior to the Redemption

  
 13 

 
Date. Any partial redemption will be made in accordance with The Depository Trust Company’s (“DTC”) applicable procedures among all of the Holders of the 2031 Notes. If any
2031 Note is to be redeemed in part only, the notice of redemption relating to such 2031 Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed, and a replacement 2031 Note in principal amount
equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original 2031 Note. Any notice of redemption may be conditional in the Company’s discretion on one or more conditions precedent,
and the Redemption Date may be delayed until such time as any or all of such conditions have been satisfied or revoked by the Company if it determines that such conditions will not be satisfied. 

(i) No Repayment or Sinking Fund. The 2031 Notes will not be subject to redemption or repayment at the option of any Holder at any time
prior to the Maturity Date. There shall be no sinking fund for the 2031 Notes. 
 (j) Notes Not Convertible or Exchangeable. The 2031
Notes will not be convertible into or exchangeable for equity securities, other securities, or assets or property of the Company or its subsidiaries. 

(k) Denomination. The 2031 Notes and any beneficial interest in the 2031 Notes shall be in minimum denominations of $1,000 and integral
multiples of $1,000 in excess thereof. 
 (l) Currency of the 2031 Notes. The 2031 Notes shall be denominated, and payment of
principal and interest of the 2031 Notes shall be payable in, the currency of the United States of America. 
 (m) No Additional
Amounts. In the event that any payment on the 2031 Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of a change in law or otherwise), the Company will not pay additional amounts with
respect to such tax or assessment. 
 (n) Acceleration. Neither the Trustee nor the Holders of the 2031 Notes shall have the right to
accelerate the maturity of the 2031 Notes unless there is an Event of Default specified under clause (e), (f) or (g) of Section 6.1 (as amended herein) of the Base Indenture. If an Event of Default specified in clause (e), (f) or
(g) of Section 6.1 (as amended herein) of the Base Indenture occurs, then the principal amount of all of the outstanding 2031 Notes, including any accrued and unpaid interest on the 2031 Notes and premium, if any, shall automatically
become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holders of the 2031 Notes in accordance with the provisions of Section 6.2 of the Base Indenture. 

(o) Registered Form. The 2031 Notes shall be issuable as registered global Securities, and the Depository for the 2031 Notes shall be
the DTC or any successor Depository appointed by the Company within 90 days of the termination of services of DTC (or any successor to DTC). Sections 2.11 and 2.13 of the Base Indenture shall apply to the 2031 Notes. 

(p) Events of Default. The Events of Default provided for in Section 6.1 of the Base Indenture shall apply to the 2031 Notes,
provided that: 
 (i) the text of clause (c) of Section 6.1 of the Base Indenture is deleted and replaced with the word
“Reserved”; 

  
 14 

 (ii) the text of clause (g) of Section 6.1 of the Base Indenture shall be
substituted with the following: 
 “(g) the appointment by a competent government agency having primary regulatory authority over any
Major Constituent Bank under any applicable federal or state banking, insolvency or similar law now or hereafter in effect of a Custodian of any such Major Constituent Bank or (ii) the entry of a decree or order in any case or proceeding under
any applicable federal or state banking, insolvency or other similar law now or hereafter in effect appointing any receiver of any Major Constituent Bank;” 

(iii) a new clause (h), reading in its entirety as follows, shall be inserted: 

“(h) any other Event of Default provided with respect to the Securities of that Series, which is specified in a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2(n).” 
 (q) Acceleration of
Maturity, Rescission and Annulment. Solely with respect to the 2031 Notes, the text of Section 6.2 of the Base Indenture shall be substituted with the following: 

“If an Event of Default specified in Sections 6.1(e), 6.1(f) or 6.1(g) occurs, the principal amount of all the 2031 Notes, together with
accrued and unpaid interest, if any, thereon, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. The Maturity Date of the 2031 Notes shall not otherwise be
accelerated as a result of an Event of Default. 
 At any time after the acceleration of the 2031 Notes and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding 2031 Notes, by written notice to the Company and the Trustee, may rescind and annul
such acceleration and its consequences if (a) the Company has paid or deposited with the Trustee a sum sufficient to pay (i) all overdue interest on the 2031 Notes, (ii) the principal of (and premium, if any, on) the 2031 Notes which
have become due otherwise than by such acceleration and, to the extent permitted by applicable law, interest thereon at the rate or rates prescribed therefor in the 2031 Notes, (iii) to the extent that payment of such interest is lawful,
interest upon overdue interest at the rate or rates prescribed therefor in the 2031 Notes, and (iv) all sums paid or advanced by the Trustee hereunder and the compensation, reasonable expenses, disbursements and advances of the Trustee, its
agents and counsel; and (b) all Events of Default with respect to the 2031 Notes, other than the non-payment of the principal of the Notes which has become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 6.13. 
 No such rescission shall affect any subsequent Default or impair any right
consequent thereon.” 
 (r) Collection of Indebtedness And Suits For Enforcement By Trustee. Solely with respect to the 2031
Notes, the first paragraph of Section 6.3 of the Base Indenture shall be substituted with the following: 
 “The
Company covenants that if: 
 (a) default is made in the payment of any interest on the 2031 Notes when such interest becomes due and payable
and such default continues for a period of 30 days, 

  
 15 

 (b) default is made in the payment of the principal of (or premium, if any, on) any 2031
Note at the Maturity Date, or 
 (c) the failure of the Company, subject to the provisions of Section 6.13 of the Base Indenture, to
perform any covenants or agreements contained in the Indenture, which failure shall not have been remedied, or without provision deemed to be adequate for the remedying thereof having been made, for a period of 90 days after written notice shall
have been given to the Company by the Trustee or shall have been given to the Company and the Trustee by Holders of 25% or more in aggregate principal amount of the 2031 Notes then outstanding, specifying such failure, requiring the Company to
remedy the same and stating that such notice is a notice of default under the Indenture, 
 the Company will, upon demand of the Trustee, pay
to the Trustee, for the benefit of the Holders of the 2031 Notes, the whole amount then due and payable on the 2031 Notes for principal, and any premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed in the 2031 Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.” 
 (s)
Ranking. The 2031 Notes shall rank junior to and shall be subordinated to all Senior Indebtedness of the Company, whether existing as of the date of this Fourth Supplemental Indenture, or hereafter issued or incurred, including all
indebtedness relating to money owed to general creditors and trade creditors. The 2031 Notes shall rank senior to the Company’s Floating Rate Junior Subordinated Debentures due 2033, 2035, 2036, 2037 and 2038, and rank equally with all of the
Company’s other unsecured, subordinated obligations from time to time outstanding, including the Company’s existing 5.00% Fixed-to-Floating Rate Subordinated
Notes due 2026, 5.50% Fixed-to-Floating Rate Subordinated Notes due 2031 and 4.50%
Fixed-to-Floating Rate Subordinated Notes due 2035. Subject to the terms of the Base Indenture, if the Trustee or any holder of any of the 2031 Notes receives any
payment or distribution of the Company’s assets in contravention of the subordination provisions applicable to the 2031 Notes before all Senior Indebtedness is paid in full in cash, property or securities, including by way of set-off or any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the 2031 Notes, then such payment
or distribution will be held in trust for the benefit of holders of Senior Indebtedness or their representatives to the extent necessary to make payment in full in cash or payment satisfactory to the holders of Senior Indebtedness of all unpaid
Senior Indebtedness. 
 (t) No Collateral. The 2031 Notes shall not be entitled to the benefit of any security interest in, or
collateralization by, any rights, property or interest of the Company. 
 (u) Additional Terms. Other terms applicable to the 2031
Notes are as otherwise provided for in the Base Indenture, as supplemented by this Fourth Supplemental Indenture. 

  
 16 

 ARTICLE IV 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 4.01. Legal Defeasance. Solely with respect to the 2031 Notes, the text of Section 8.3(c) of the Base Indenture shall
be substituted with the following: 
 “(c) the rights, powers, trust and immunities of the Trustee hereunder; provided that, the
following conditions shall have been satisfied: 
 i. the Company shall have deposited or caused to be irrevocably deposited (except as
provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities, cash in Dollars
and/or U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not
later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund
payments are due; 
 ii. such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 iii. no Default or Event of Default with respect to the
Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 120th day after such date; 

iv. the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (A) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

v. the Company shall have delivered to the Trustee an Officers’ Certificate to the effect that the Securities, if then listed on any
securities exchange, will be delisted as a result of such deposit; 
 vi. the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company; 
 vii. the defeasance shall not cause the Trustee to have a conflicting interest within the meaning of
the Trust Indenture Act (assuming all of the Securities are in default within the meaning of the Trust Indenture Act); 

  
 17 

 viii. such defeasance shall not result in the trust arising from such deposit constituting
an investment company within the meaning of the Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder; and 

vi. the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.” 
 Section 4.02.
Covenant Defeasance. Solely with respect to the 2031 Notes, the text of Section 8.4 of the Base Indenture shall be substituted with the following: 

“Unless this Section 8.4 is otherwise specified pursuant to Section 2.2(p) to be inapplicable to Securities of any Series, on
and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3,
4.4, 4.6, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2(p) (and the failure to comply
with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution
or an Officers’ Certificate delivered pursuant to Section 2.2(n) and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following
conditions shall have been satisfied: 
 (a) With reference to this Section 8.4, the Company has deposited or caused to be irrevocably
deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such
Securities, cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be
imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of
interest or principal and such sinking fund payments are due; 
 (b) Such deposit will not result in a breach or violation of, or constitute
a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
 (c) No
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 120th day after such date; 

(d) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not
recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such deposit and covenant defeasance had not occurred; 

  
 18 

 (e) The Company shall have delivered to the Trustee an Officers’ Certificate to the
effect that the Securities, if then listed on any securities exchange, will be delisted as a result of such deposit; 
 (f) The defeasance
shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all of the Securities are in default within the meaning of the Trust Indenture Act); 

(g) Such defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the
Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder; and 

(h) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.” 

Section 4.03. Repayment to Company. Solely with respect to the 2031 Notes, the text of Section 8.5 of the Base Indenture
shall be substituted with the following: 
 “Subject to applicable law, any money deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of and premium, if any, or interest on the 2031 Notes and remaining unclaimed for two years after such principal and premium, if any, or interest has become due and payable shall be
paid to the Company upon request by the Company or (if then held by the Company) shall be discharged from such trust, and the Holder of such 2031 Notes shall thereafter, as an unsecured general creditor, look only to the Company for payment of such
amounts without interest thereon, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Company may publish or
cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.” 

ARTICLE V 
 AMENDMENT, MODIFICATION
AND WAIVER 
 Section 5.01. Modification of Supplemental Indentures Without Consent of Holders. Solely with respect to the 2031
Notes, the text of Section 9.1 of the Base Indenture shall be substituted with the following: 
 “Without the consent of any
Holders, the Company, when authorized by a resolution of the Board of Directors of the Company, and the Trustee, at any time and from time to time, may amend the Indenture by entering into an indenture or indentures supplemental hereto, for any of
the following purposes: 

  
 19 

 (a) to evidence the succession of another Person to the Company and the assumption by any
such successor of the covenants of the Company in the Indenture and in the 2031 Notes; 
 (b) to add to the covenants of the Company for the
benefit of the Holders of the 2031 Notes or to surrender any right or power herein conferred upon the Company; 
 (c) to add any additional
Events of Default for the benefit of the Holders of the 2031 Notes; 
 (d) to add to or change any of the provisions of the Indenture to such
extent as shall be necessary to permit or facilitate the issuance of 2031 Notes in certificated form; 
 (e) to add to, change or eliminate
any of the provisions of the Indenture, provided that any such addition, change or elimination (A) shall neither (i) apply to any 2031 Note created prior to the execution of such supplemental indenture and entitled to the benefit of
such provision nor (ii) modify the rights of the Holder of any such 2031 Note with respect to such provision or (B) shall become effective only when there is no such 2031 Note outstanding; 

(f) to secure the 2031 Notes; 

(g) to establish the form or terms of 2031 Notes of any series as permitted by Sections 2.1 and 2.2 hereof; 

(h) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the 2031 Notes and to add to or
change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee, pursuant to the requirements of Section 7.8; 

(i) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under the Indenture, provided that such action pursuant to this Clause (i) shall not adversely affect the interests of the Holders of the Notes as
determined, in good faith, by the Company; or 
 (j) to provide for the issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this Indenture. 
 Subject to the provisions of Section 9.7 of the Base Indenture, the Trustee
is authorized to join with the Company in the execution of any such supplemental indenture, to make the further agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property or assets thereunder.” 
 Section 5.02. Limitations. Solely with respect to the 2031 Notes, the text of
Section 9.3 of the Base Indenture shall be substituted with the following: 
 “No supplemental indenture shall, without the consent
of the Holder of each outstanding 2031 Note affected thereby, 
 (a) change the Maturity Date of the principal of, or any installment of
principal of or interest on, any 2031 Note, or change the timing of an interest payment on any 2031 Note, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount
of the principal of 

  
 20 

 
any 2031 Note which would be due and payable upon an acceleration of the Maturity Date thereof pursuant to Section 6.2 hereof, or change any Place of Payment where, or the coin or currency
in which, any 2031 Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Maturity Date thereof (or, in the case of redemption, on or after the Redemption
Date) or modify the provisions of the Indenture with respect to the subordination of the 2031 Notes in a manner adverse to Holders; 
 (b)
reduce the percentage in principal amount of the outstanding 2031 Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of the Indenture or certain defaults hereunder and their consequences) provided for in the Indenture; or 
 (c) modify any of the provisions
of this Section or Section 6.13 of the Base Indenture, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding 2031
Note affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and clause (b) of
Section 6.13, or the deletion of this proviso, in accordance with the requirements of Sections 7.8 and Section 9.1(h). 
 A
supplemental indenture which changes or eliminates any covenant or other provision of the Indenture which has expressly been included solely for the benefit of the 2031 Notes, or which modifies the rights of the Holders of the 2031 Notes with
respect to such covenant or other provision, shall be deemed not to affect the rights under the Indenture of the Holders of Securities of any other series. 

It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such Act shall approve the substance thereof. 
 The Company may set a record date for purposes of determining the
identity of the Holders of each series of Securities entitled to give a written consent or waive compliance by the Company as authorized or permitted by this Section. Such record date shall not be more than 30 days prior to the first solicitation of
such consent or waiver or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation pursuant to Section 312 of the Trust Indenture Act. 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
Company shall mail a notice, setting forth in general terms the substance of such supplemental indenture, to the Holders of 2031 Notes at their addresses as the same shall then appear in the Register of the Company. Any failure of the Company to
mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

  
 21 

 ARTICLE VI 

SUPPLEMENTAL INDENTURES 

Section 6.01. Supplemental Indentures. The following paragraph shall be added to the end of Section 9.2 of the Base Indenture
and shall only apply to the 2031 Notes: 
 “Not in limitation of the foregoing, without the consent of any Holder of 2031 Notes, the
Company and the Trustee may amend or supplement the Indenture or the 2031 Notes to conform the terms of the Indenture and the 2031 Notes to the description of the 2031 Notes in the prospectus supplement dated November 17, 2021 relating to the
offering of the 2031 Notes, as certified by the Company to the Trustee in an Officers’ Certificate.” 
 ARTICLE VII 

MISCELLANEOUS 
 Section 7.01.
Trust Indenture Act. This Fourth Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any
provision of this Fourth Supplemental Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under such act to be a part of and govern this Fourth Supplemental Indenture, the latter provision shall
control. 
 Section 7.02. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS FOURTH SUPPLEMENTAL INDENTURE AND
THE 2031 NOTES. 
 Section 7.03. JURISDICTION. THE PARTIES HEREBY (I) IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, (II) WAIVE ANY OBJECTION TO LAYING OF VENUE IN ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS,
AND (III) WAIVE ANY OBJECTION THAT SUCH COURTS ARE AN INCONVENIENT FORUM OR DO NOT HAVE JURISDICTION OVER ANY PARTY 

Section 7.04. WAIVER OF TRIAL BY JURY. EACH OF THE PARTIES HERETO, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY
WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

Section 7.05. Duplicate Originals. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 
 Section 7.06. Severability; Entire
Agreement. In case any provision in this Fourth Supplemental Indenture or the 2031 Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. The Base Indenture and this Fourth Supplemental Indenture and the exhibits thereto and hereto set forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior agreements and
understandings, oral or written. 
 Section 7.07. Ratification. The Base Indenture, as supplemented and amended by this Fourth
Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Fourth Supplemental
Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Fourth Supplemental Indenture, and agrees to perform the
same upon the terms and conditions of the Base Indenture, as supplemented by this Fourth Supplemental Indenture. 

  
 22 

 Section 7.08. Effectiveness. The provisions of this Fourth Supplemental
Indenture shall become effective as of the date hereof. 
 Section 7.09. Successors. All agreements of the Company in this
Fourth Supplemental Indenture shall bind its successors. All agreements of the Trustee in this Fourth Supplemental Indenture shall bind its successors. 

Section 7.10. Rights of Trustee. Solely with respect to the 2031 Notes, the text of Section 7.2(m) of the Base Indenture
shall be substituted with the following: 
 “The Trustee shall not be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, any act or provision of any present or future law or regulation or governmental
authority; acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents;
labor disputes; and acts of civil or military authorities and governmental action; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.” 

Section 7.11. Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or interest on any
2031 Note, or for any claim based thereon or otherwise in respect thereof, shall be had against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Company or of any successor Person; it being expressly
understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Fourth Supplemental Indenture and the issue of the 2031 Notes. 

Section 7.12. Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the Company and the
Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture, the 2031 Notes, or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Company. 
 Section 7.13. USA PATRIOT Act. The
parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and
record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this agreement agree that they shall provide the Trustee with such information as it may request in order to satisfy
the requirements of the USA PATRIOT Act. 
 [Remainder of page intentionally left blank.] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	RENASANT CORPORATION
		
	By:	 	 /s/ C. Mitchell Waycaster

	Name:	 	C. Mitchell Waycaster
	Title:	 	President and Principal Executive Officer

 [Signature Page to Fourth Supplemental Indenture] 

  
 24 

 
			
	 Wilmington Trust, National Association,

as Trustee

		
	By:	 	 /s/ Michael H. Wass

	Name:	 	Michael H. Wass
	Title:	 	Vice President

 [Signature Page to Fourth Supplemental Indenture] 

  
 25 

 EXHIBIT A 

FORM OF NOTE 
 See
attached. 

  
 A-26 

 THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT
DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION, AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO THE
SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN). 
 GLOBAL NOTE 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF
THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
 UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE
DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO.,
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

 RENASANT CORPORATION 

3.00% Fixed-to-Floating Rate Subordinated Notes due 2031 

 

			
	No. 1	  	CUSIP: 75970E AE7
		  	ISIN: US75970EAE77
	$200,000,000	  	

 Renasant Corporation, a Mississippi corporation (hereinafter called the “Company,” which term
includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of $200,000,000 (or such other amount as set forth in
the Schedule of Increases or Decreases in Global Note attached hereto) on December 1, 2031 (such date is hereinafter referred to as the “Stated Maturity Date”), unless redeemed prior to such date, and to pay interest thereon
(i) from, and including, November 23, 2021, to, but excluding, December 1, 2026, unless redeemed prior to such date, at a rate of 3.00% per annum, semi-annually in arrears on June 1 and December 1 of each year, commencing
June 1, 2022 (each such date, a “Fixed Rate Interest Payment Date,” with the period from, and including, November 23, 2021 to, but excluding, the first Fixed Rate Interest Payment Date and each successive period from, and
including, a Fixed Rate Interest Payment Date to, but excluding, the next Fixed Rate Interest Payment Date being a “Fixed Rate Period”) and (ii) from, and including, December 1, 2026 to, but excluding, the Stated
Maturity Date, unless redeemed subsequent to December 1, 2026 but prior to the Stated Maturity Date, at a rate equal to Three-Month Term SOFR, reset quarterly, plus 191 basis points (1.91%), or such other rate as determined pursuant to the
Fourth Supplemental Indenture, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each, a “Floating Rate Interest Payment Date,” and together with the Fixed Rate Interest
Payment Dates, the “Interest Payment Dates,” with the period from, and including, December 1, 2026 to, but excluding, the first Floating Rate Interest Payment Date and each successive period from, and including a Floating Rate
Interest Payment Date to, but excluding, the next Floating Rate Interest Payment Date being a “Floating Rate Period”), commencing on March 1, 2027 through the Stated Maturity Date or earlier redemption date. The amount of
interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months
up to, but excluding December 1, 2026, and, the amount of interest payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year and
the number of days actually elapsed. In the event that any scheduled Interest Payment Date or the Stated Maturity Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date or of
principal and interest payable on the Stated Maturity Date will be paid on the next succeeding day which is a Business Day (any payment made on such date will be treated as being made on the date that the payment was first due and no interest on
such payment will accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding
Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will include interest
accrued to but excluding such Business Day. All percentages used in or resulting from any calculation of Three-Month Term SOFR (or, if different, the then-current Benchmark) shall be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with 0.000005% rounded up to 0.00001%. 

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the 15th day of the month (whether or not a Business Day)
immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such relevant record date and may either be paid to the person in whose name this
Note is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to Holders of the Notes not less than 10 days prior to such special record
date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. 
 Payment of the principal of (and premium, if any) and interest on this Note will be made at the office or agency of the
Company maintained for that purpose, which shall initially be the Corporate Trust Office of the Trustee, in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of this page intentionally left blank. Signature page follows.] 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by its duly authorized officer. 
  

			
	RENASANT CORPORATION
		
	By:	 	          

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Date of authentication:
                         
  

			
	WILMINGTON TRUST, NATIONAL
	ASSOCIATION, as Trustee
		
	By:	 	              

		 	 Authorized Signatory

 REVERSE OF NOTE 

RENASANT CORPORATION 

3.00% Fixed-to-Floating Rate Subordinated Notes due 2031 

This Note is one of a duly authorized issue of Securities of the Company of a series designated as the “3.00% Fixed-to-Floating Rate Subordinated Notes due 2031” (herein called the “Notes”) initially issued in an aggregate principal amount of $200,000,000 on
November 23, 2021. Such series of Notes has been established pursuant to, and is one of an indefinite number of series of subordinated debt securities of the Company issued or issuable under and pursuant to the Indenture, dated as of
August 22, 2016 (the “Base Indenture”), between the Company and Wilmington Trust, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee), as supplemented and
amended by the First Supplemental Indenture between the Company and the Trustee, dated as of August 22, 2016 (the “First Supplemental Indenture,”), the Second Supplemental Indenture between the Company and the Trustee, dated as
of August 22, 2016 (the “Second Supplemental Indenture”), the Third Supplemental Indenture between the Company and the Trustee, dated as of September 3, 2020 (the “Third Supplemental Indenture,”), and the
Fourth Supplemental Indenture between the Company and the Trustee, dated as of November 23, 2021 (the “Fourth Supplemental Indenture,” and the Base Indenture as supplemented and amended by the First Supplemental Indenture, the
Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental Indenture, the “Indenture”), to which Indenture and any other indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Persons in whose names Notes are registered from time to time and of the terms upon which the Notes are, and are to be, authenticated
and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and those
set forth in this Note. To the extent that the terms, conditions and provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note shall govern to the extent
that such terms, conditions and other provisions of this Note are not inconsistent with the terms, conditions and provisions made part of the Indenture by reference to the Trust Indenture Act. 

All capitalized terms used in this Note and not defined herein that are defined in the Indenture shall have the meanings assigned to them in
the Indenture. To the extent that any capitalized term used in this Note and defined herein is also defined in the Indenture but conflicts with the definition provided in the Indenture, the definition of the capitalized term in this Note shall
control. 
 The indebtedness of the Company evidenced by the Notes, including the principal thereof, premium, if any, Additional Amounts, if
any, and interest thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date hereof or hereafter
incurred, and on the terms and subject to the terms and conditions set forth in the Indenture, and shall rank pari passu in right of payment with all other Securities and with all other unsecured subordinated indebtedness of the Company and
not by its terms subordinate and subject in right of payment to 

 
the prior payment in full of debentures, notes, bonds or other evidences of indebtedness of types that include the Notes. Each Holder of this Note, by the acceptance hereof, (a) agrees to
and shall be bound by such provisions of the Indenture, (b) authorizes and directs the Trustee on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided, and (c) appoints the
Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions. 

The Indenture contains provisions for defeasance at any time of certain restrictive covenants and Events of Default with respect to this Note,
in each case upon compliance with certain conditions set forth in the Indenture. If certain Events of Default with respect to the Notes shall occur and be continuing, the principal of the Notes shall be immediately accelerated in the manner and with
the effect provided in the Indenture. 
 The Notes are intended to be treated as Tier 2 capital (or its then-equivalent if the Company were
subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or, as and if applicable, the capital adequacy rules or regulations of any appropriate successor federal
banking agency) (the “Federal Reserve Board”) as then in effect and applicable to the Company. If an Event of Default with respect to Notes shall occur and be continuing, the principal and interest owed on the Notes shall only
become due and payable in accordance with the terms and conditions set forth in Article VI of the Base Indenture and Section 3.02(n) and (p) of the Fourth Supplemental Indenture. Accordingly, the Holder of this Note has no right to
accelerate the maturity of this Note in the event that the Company fails to pay interest on any of the Notes, or fails to perform any other obligations under the Notes or in the Indenture that are applicable to the Notes. 

The Company may, at its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the
Notes to be redeemed, plus accrued and unpaid interest (the “Redemption Price”) to but excluding, the date of redemption (the “Redemption Date”), on any Interest Payment Date on or after December 1, 2026. The
Company may also, at its option, redeem the Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event or if the Company is required to register as an investment company
pursuant to the Investment Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to the Redemption Price to, but excluding, the Redemption Date fixed by the Company. No redemption of the Notes by the Company prior
to the Stated Maturity Date shall be made without the prior approval of the Federal Reserve Board if such prior approval is or will be required at the scheduled Redemption Date. The provisions of Article III of the Base Indenture and
Section 3.02(h) of the Fourth Supplemental Indenture shall apply to the redemption of any Notes by the Company. 
 In the event that
any payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of a change in law or otherwise), the Company will not pay Additional Amounts with respect to such tax or assessment. 

 The Notes are not entitled to the benefit of any sinking fund. The Notes are not convertible
into or exchangeable for any other securities or property of the Company or any Subsidiary of the Company. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of
at least a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding, on behalf of the Holders
of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes,
the Holders of not less than 25% in principal amount of the Notes at the time outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default and offered the Trustee indemnity satisfactory to
it, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any
premium and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Register described in Section 2.7 of the Base Indenture, upon surrender of this Note for registration of transfer at the office or
agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in minimum denominations of $1,000 and any integral multiples of $1,000 in
excess thereof. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

 The Company and the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Note is a global note, represented by one or more permanent global certificates registered in the name of the nominee of The
Depository Trust Company (each a “Global Note” and collectively, the “Global Notes”). Accordingly, unless and until it is exchanged for individual certificates, this Note may not be transferred except as a whole by
The Depository Trust Company (the “Depositary”) to a nominee of such Depositary or by a nominee of such Depositary or by the Depositary or any nominee to a successor Depositary or any nominee of such successor. Ownership of
beneficial interests in this Note will be shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable Depositary or its nominee (with respect to interest of persons that have accounts with the
Depositary (“Participants”)) and the records of Participants (with respect to interests of persons other than Participants). Beneficial interests in Notes owned by persons that hold through Participants will be evidenced only by,
and transfers of such beneficial interests with such Participants will be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests in this Note will not be entitled to have any
individual certificates and will not be considered the owners or Holders thereof under the Indenture. 
 Except in the limited
circumstances set forth in the Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be entitled to receive Notes in the form of individual Securities and will not be considered Holders of Notes. None of the
Company, the Trustee, the Registrar, the Paying Agent or any of their respective agents will be liable for any delay by the Depositary, its nominee or any direct or indirect Participant in identifying the beneficial owners of the related Notes. The
Company, the Trustee, the Registrar, the Paying Agent and each of their respective agents may conclusively rely on, and will be protected in relying on, instructions from the Depositary or its nominee for all purposes, including with respect to the
registration and delivery, and the respective principal amounts, of the Notes to be issued. 
 Except as provided in
Section 2.14 of the Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes in the form of individual Securities, and no Global Note will be exchangeable except for another Global Note of
like denomination and tenor to be registered in the name of the Depositary or its nominee. Accordingly, each person owning a beneficial interest in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant,
on the procedures of the Participant through which such person owns its interest, to exercise any rights of a Holder under the Notes. 

The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of those securities in definitive
form. Accordingly, the ability to transfer interests in the Notes represented by a Global Note to those persons may be limited. In addition, because the Depositary can act only on behalf of its Participants, who in turn act on behalf of persons who
hold interests through Participants, the ability of a person having 

 
an interest in Notes represented by a Global Note to pledge or transfer such interest to persons or entities that do not participate in the Depositary’s system, or otherwise to take actions
in respect of such interest, may be affected by the lack of a physical definitive security in respect of such interest. None of the Company, the Trustee, the Paying Agent and the Registrar will have any responsibility or liability for any aspect of
the records relating to or payments made on account of Notes by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to the Notes. 

The Trustee will act as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 1100
North Market Street, Wilmington, Delaware 19890. The Company may at any time rescind the designation of a Paying Agent, appoint a successor Paying Agent, or approve a change in the office through which any Paying Agent acts. 

Notices to the Holders of registered Notes in the form of individual Securities will be given to such Holders at their respective addresses in
the Register, or in the case of Global Notes, electronic delivery in accordance with DTC’s applicable procedures. The Indenture contains provisions setting forth certain conditions to the institution of proceedings by the Holders of Notes with
respect to the Indenture or for any remedy under the Indenture. 
 THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF NEW YORK. 

 ASSIGNMENT FORM 

To assign the within Note, fill in the form below: I or we assign and transfer the within Note to: 

 

	
	  

	 (Insert assignee’s legal name)

	
	  

	 (Insert assignee’s social security or tax I.D. number)

	
	  

	 (Print or type assignee’s name, address and zip code)

 and irrevocably appoint the Trustee as agent to transfer this Note on the books of Renasant Corporation. The agent may
substitute another to act for it. 
 Your Signature: 

(Sign exactly as your name appears on the other side of this Security) 

Your Name: 
 Date: 

Signature Guarantee: 
 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $200,000,000. The following increases or decreases in the principal amount of this Global
Note have been made: 
  

									
	 Date
	  	 Amount of

decrease in
 principal
amount
 of this

Global Note
	  	 Amount of

increase in
 principal
amount
 of this

Global Note
	  	 Principal

amount
 of this

Global Note
 following
such
 decrease
 or
increase
	  	 Signature of

authorized
 signatory
of
 Trustee

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