Document:

EX-4.14 Trust Agreement of SBCF Capital Trust V

Exhibit 4.14

TRUST AGREEMENT

     This TRUST AGREEMENT, dated as of May 16, 2008 (this “Trust Agreement”), among Wilmington
Trust Company, a Delaware banking corporation, as trustee (the “Trustee”) and Seacoast Banking
Corporation of Florida, a Florida corporation, as depositor (the “Depositor”). The Trustee and the
Depositor hereby agree as follows:

     1.     The trust created hereby (the “Trust”) shall be known as “SBCF Capital
Trust V,” in which name the Trustee, or the Depositor to the extent provided herein, may
engage in the transactions contemplated hereby, make and execute contracts, and sue and
be sued.

     2.     The Depositor hereby assigns, transfers, conveys and sets over to the
Trustee the sum of $10. The Trustee hereby acknowledges receipt of such amount in trust
from the Depositor, which amount shall constitute the initial trust estate. The Trustee
hereby declares that it will hold the trust estate in trust for the Depositor. It is the
intention of the parties hereto that the Trust created hereby constitute a statutory trust under Chapter
38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq.
(the “Statutory Trust Act”), and that this document constitutes the governing instrument of
the Trust. The Trustee is hereby authorized and directed to execute and file a certificate of
trust in the form of exhibit A attached hereto with the Delaware Secretary of State in
accordance with the provisions of the Statutory Trust Act.

          (a)     Except as otherwise expressly required in Section 2 of this Trust
Agreement, the Trustee shall not have any duty or liability with respect to the
administration of the Trust, the investment of the Trust’s property or the payment of
dividends or other distributions of income or principal to the Trust’s beneficiaries, and no
implied obligations shall be inferred from this Trust Agreement on the part of the
Trustee. The Trustee is authorized and directed to execute on behalf of the Trust such
documents and take such other action as the Depositor specifically directs in written
instructions delivered to the Trustee, provided, however, the Trustee shall not be required
to take any action if the Trustee shall determine or shall be advised by counsel that such
action is likely to result in personal liability or is contrary to applicable law or any
agreement to which either Trustee is a party. The Trustee shall not be liable for the acts
or omissions of the Depositor or any other person who acts on behalf of the Trust nor
shall the Trustee be liable for any act or omission by the Trustee in good faith in
accordance with the directions of the Depositor.

          (b)     The Trustee accepts the trusts hereby created and agrees to perform
its duties hereunder with respect to the same but only upon the terms of this Trust
Agreement. The Trustee shall not be personally liable under any circumstances, except
for its own willful misconduct or gross negligence. In particular, but not by way of
limitation:

          (c)     The Trustee shall not be personally liable for any error of judgment
made in good faith by any officer or employee of the Trustee;

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          (d)     No provision of this Trust Agreement shall require the Trustee to
expend or risk its personal funds or otherwise incur any financial liability in the
performance of its rights or duties hereunder, if the Trustee shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to it;

          (e)     Under no circumstance shall the Trustee be personally liable for any representation, warranty, covenant or indebtedness of the Trust;

          (f)     The Trustee shall not be personally responsible for or in respect of
the genuineness, form or value of the Trust property, the validity or sufficiency of this
Trust Agreement or for the due execution hereof by the Depositor;

          (g)     In the event the Trustee is unsure as to the course of action to be
taken by it hereunder, the Trustee may request instructions from the Depositor and to the
extent the Trustee follows such instructions in good faith the Trustee shall not be liable to
any person. In the event that no instructions are provided within the time requested by
the Trustee, the Trustee shall have no duty or liability for its failure to take any action or
for any action it takes in good faith;

          (h)     All funds deposited with the Trustee hereunder may be held in a non-interest bearing
trust account and the Trustee shall not be liable for any interest thereon or for any loss as a
result of the investment thereof at the direction of the Depositor;

          (i)     To the extent that, at law or in equity, the Trustee has duties and liabilities
relating thereto to the Depositor or the Trust, the Depositor agrees that such duties and
liabilities are replaced by the terms of this Trust Agreement.

          (j)     The Trustee shall incur no liability to anyone in acting in good faith upon any
document believed by the Trustee to be genuine and believed by the Trustee to be signed by the
proper party or parties. The Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any entity as conclusive evidence that such resolution has
been duly adopted by such body and that the same is in full force and effect. As to any fact or
matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee
may for all purposes hereof rely on a certificate, signed by the Depositor, as to such fact or
matter, and such certificate shall constitute full protection to the Trustee for any action
taken or omitted to be taken by it in good faith in reliance thereon.

          (k)     In the exercise or administration of the trusts hereunder, the Trustee (i) may act
directly or, at the expense of the Trust, through agents or attorneys, and the Trustee shall not
be liable for the default or misconduct of such attorneys or agents if such agents and attorneys
shall have been selected by the Trustee in good faith, and (ii) may, at the expense of the
Trust, consult with counsel, accountants and other experts, and it shall not be liable for
anything done, suffered or omitted in good faith by it in accordance with the advice or opinion
of any such counsel, accountants or other experts.

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          (l)     Except as expressly provided in this Section 2, in accepting and performing the trusts
hereby created, the Trustee acts solely as Trustee hereunder and not in its individual capacity,
and all persons having any claim against the Trustee by reason of the transactions contemplated
by this Trust Agreement shall look only to the Trust’s property for payment or satisfaction
thereof.

     3.     The Depositor hereby agrees to (i) compensate the Trustee for its
services hereunder in an amount separately agreed to by the Depositor and the Trustee,
(ii) reimburse the Trustee for all reasonable expenses not otherwise reimbursed by the
Trust (including reasonable fees and expenses of counsel and other experts) and (iii)
indemnify, defend and hold harmless the Trustee and any of the officers, directors,
employees and agents of the Trustee (each an “Indemnified Person”) from and against
any and all losses, damages, liabilities, claims, actions, suits, costs, expenses,
disbursements (including reasonable fees and expenses of its counsel), taxes and penalties
of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such
Expenses arise out of or are imposed upon or asserted at any time against such
Indemnified Person with respect to the performance of this Trust Agreement, the
creation, operation or termination of the Trust or the transactions contemplated hereby;
provided, however, that the Depositor shall not be required to indemnify any Indemnified
Person for any Expenses which are a result of the willful misconduct or gross negligence
of such Indemnified Person. In the event of any claim, action or proceeding for which
indemnity will be sought pursuant to this Section, the Indemnified Party’s choice of legal
counsel shall be subject to the approval of the Depositor, which approval shall not be
unreasonably withheld. The obligations of the Depositor under this Section 3 shall
survive the termination of this Trust Agreement.

     4.     The number of trustees of the Trust initially shall be one and
thereafter the number of trustees of the Trust shall be such number as shall he fixed from
time to time by a written instrument signed by the Depositor, which may increase or
decrease the number of trustees of the Trust; provided, that to the extent required by the
Statutory Trust Act, one trustee of the Trust shall either be a natural person who is a
resident of the State of Delaware or if not a natural person, an entity that has its principal
place of business in the State of Delaware and otherwise meets the requirements of
applicable law. Subject to the foregoing, the Depositor is entitled to appoint or remove
without cause any trustee of the Trust at any time. The Trustee may resign upon thirty
days prior notice to the Depositor. If no successor has been appointed within such thirty
day period, the Trustee may, at the expense of the Trust, petition a court of competent
jurisdiction to appoint a successor trustee.

     5.     The Depositor, the Trustee and others will enter into an amended and restated Trust
Agreement satisfactory to each such party to provide for the contemplated operation of the Trust
created hereby and the issuance by the Trust of such Trust Capital Securities and Common
Securities as may be referred to therein. Prior to the execution and delivery of such amended and
restated Trust Agreement, the Trustee shall not have

3

 

any duty or obligation hereunder or with respect to the trust estate of the Trust, except as
otherwise contemplated by this Trust Agreement, required by applicable law or as may be
necessary to obtain prior to such execution and delivery any licenses, consents or approvals
required by applicable law or otherwise. Notwithstanding the foregoing, the Trustee may take
all actions deemed proper as are necessary to effect the transactions contemplated herein.

     6.     The Depositor, on behalf of the Trust, is hereby authorized, in its discretion, (i) to
file with the Commission and execute, in each case on behalf of the Trust, (a) the Registration
Statement on Form S-3 (the “1933 Act Registration Statement”), including any pre-effective or
post-effective amendments to the 1933 Act Registration Statement, relating to the registration
under the Securities Act of 1933, as amended, of the Trust Capital Securities, (b) a
Registration Statement on Form 8-A (the “1934 Act Registration Statement”) (including all
pre-effective and post-effective amendments thereto) relating to the registration of the Trust
Capital Securities under the Securities Exchange Act of 1934, as amended; and (c) any
preliminary prospectus or prospectus or supplement thereto related to the Trust Capital
Securities required to be filed pursuant to Rule 424 under the Securities Act of 1933, as
amended; (ii) to file with The Nasdaq Global Select Market or any other national stock exchange
(each, an “Exchange”) and execute on behalf of the Trust one or more listing
applications and all other applications, statements, certificates, agreements and other
instruments as shall be necessary or desirable to cause the Trust Capital Securities to be
listed on any of the Exchanges; (iii) to file and execute on behalf of the Trust such
applications, reports, surety bonds, irrevocable consents, appointments of attorney for service
of process and other papers and documents as shall be necessary or desirable to register the
Trust Capital Securities under the securities or blue sky laws of such jurisdictions as the
Depositor, on behalf of the Trust, may deem necessary or desirable; (iv) to execute and deliver
letters or documents to, or instruments for filing with, a depository relating to the Trust
Capital Securities; and (v) to negotiate and execute on behalf of the Trust one or more
underwriting agreements, in customary form, relating to the Trust Capital Securities.

     In the event that any filing referred to in this Section 6 is required by the rules and
regulations of the Securities and Exchange Commission (the “Commission”) or any state
securities or Blue Sky laws or by any depositary to be executed on behalf of the Trust by the
Trustee, the Trustee is hereby authorized and, to the extent so required, directed to join in
any such filing and to execute on behalf of the Trust any and all of the foregoing, it being
understood that the Trustee shall not be required to join in any such filing or execute on
behalf of the Trust any such document unless required by the rules and regulations of the
Commission and any state securities or Blue Sky laws or by any depositary.

     7.     Upon written instructions from the Depositor, the Trustee shall dissolve and terminate
the Trust and file in accordance with 12 Del.C. § 3810 a Certificate of Cancellation
with the Delaware Secretary of Sate.

4

 

     8.     This Trust Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof, and supersedes all prior agreements and understandings
between the parties.

     9.     This Trust Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.

     10.     This Trust Agreement may be executed in one or more
counterparts, each of which when so executed shall be an original and all of which when
taken together shall constitute but one and the same instrument.

[signature page follows]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to
be duly executed as of the day and year first above written.

	 	 	 	 	 
	 	SEACOAST BANKING CORPORATION OF FLORIDA, as Depositor

 	 
	 	By:  	/s/ Dennis S. Hudson, III
 	 
	 	 	Name:  	Dennis S. Hudson, III 	 
	 	 	Title: Chairman/CEO 	 
	 

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY, as Trustee

 	 
	 	By:  	/s/ Joshua C. Jones
 	 
	 	 	Name:  	Joshua C. Jones 	 
	 	 	Title: Authorized Signer 	 
	 

6

 

EXHIBIT A

CERTIFICATE OF TRUST

OF
 SBCF CAPITAL TRUST V

     THIS Certificate of Trust of SBCF Capital Trust V (the “Trust”) is being duly executed and
filed by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust
Act (12 Del. C. §3801 et seq.) (the “Act”).

     1.     Name. The name of the statutory trust formed hereby is SBCF Capital Trust V.

     2.     Delaware Trustee. The name and business address of the trustee of the Trust in the
State of Delaware are Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, DE 19890, Attention: Corporate Trust Administration.

     3.     Effective Date. This Certificate of Trust shall be effective upon filing.

     IN WITNESS WHEREOF, the undersigned has executed this Certificate in accordance with
Section 381l(a) of the Act.

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY, as trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

7EX-4.15 Form of Amended and Restated Trust Agreeme

Exhibit 4.15

 

 

 

AMENDED AND RESTATED

TRUST AGREEMENT

Among

SEACOAST BANKING CORPORATION OF FLORIDA

as Depositor,

 

WILMINGTON TRUST COMPANY

as Property Trustee,

 

WILMINGTON TRUST COMPANY,

as Delaware Trustee, and

 

____________________

 

and

 

____________________

as Administrators

 

Dated as of ____________________

____________________

 

SBCF CAPITAL TRUST [ ]

____________________

 

 

 

 

 

SBCF CAPITAL TRUST [ ]

Certain Sections of this Trust Agreement relating to Sections 310 through 318 of the Trust
Indenture Act of 1939:

	 	 	 	 	 	 	 	 	 	 	 
	Trust Indenture Act Section	 	Trust Agreement Section
	Section
	 	 	310	 	 	(a)(1)

	 	 	8.7	 
	 	 	 	 	 	 	(a)(2)

	 	 	8.7	 
	 	 	 	 	 	 	(a)(3)

	 	 	8.9	 
	 	 	 	 	 	 	(a)(4)

	 	 	2.7	(a)(ii) 
	 	 	 	 	 	 	(b)

	 	 	8.8, 10.10	(b)
	Section
	 	 	311	 	 	(a)

	 	 	8.13, 10.10	(b)
	 	 	 	 	 	 	(b)

	 	 	8.13, 10.10	(b)
	Section
	 	 	312	 	 	(a)

	 	 	10.10	(b)
	 	 	 	 	 	 	(b)

	 	 	10.10(b), 	(f)
	 	 	 	 	 	 	(c)

	 	 	5.7	 
	Section
	 	 	313	 	 	(a)

	 	 	8.15	(a)
	 	 	 	 	 	 	(a)(4)

	 	 	10.10	(c)
	 	 	 	 	 	 	(b)

	 	 	8.15(c), 10.10	(c)
	 	 	 	 	 	 	(c)

	 	 	10.8, 10.10	(c)
	 	 	 	 	 	 	(d)

	 	 	10.10	(c)
	Section
	 	 	314	 	 	(a)

	 	 	8.16, 10.10	(d)
	 	 	 	 	 	 	(b)

	 	Not Applicable

	 	 	 	 	 	 	(c)(1)

	 	 	8.17, 10.10(d), 	(e)
	 	 	 	 	 	 	(c)(2)

	 	 	8.17, 10.10(d), 	(e)
	 	 	 	 	 	 	(c)(3)

	 	 	8.17, 10.10(d), 	(e)
	 	 	 	 	 	 	(e)

	 	 	8.17, 10.10	(e)
	Section
	 	 	315	 	 	(a)

	 	 	8.1	(d)
	 	 	 	 	 	 	(b)

	 	 	8.2	 
	 	 	 	 	 	 	(c)

	 	 	8.1	(c)
	 	 	 	 	 	 	(d)

	 	 	8.1	(d)
	 	 	 	 	 	 	(e)

	 	Not Applicable

	Section
	 	 	316	 	 	(a)

	 	Not Applicable

	 	 	 	 	 	 	(a)(1)(A)

	 	Not Applicable

	 	 	 	 	 	 	(a)(1)(B)

	 	Not Applicable

	 	 	 	 	 	 	(a)(2)

	 	Not Applicable

	 	 	 	 	 	 	(b)

	 	 	5.13	 
	 	 	 	 	 	 	(c)

	 	 	6.7	 
	Section
	 	 	317	 	 	(a)(1)

	 	Not Applicable

	 	 	 	 	 	 	(a)(2)

	 	 	8.14	 
	 	 	 	 	 	 	(b)

	 	 	5.10	 
	Section
	 	 	318	 	 	(a)

	 	 	10.10	(a)

			
	Note:	 	This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Trust Agreement.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 	 	 
	ARTICLE I
	 	DEFINED TERMS	 	 	1	 
	 
	 	 	 	 	 	 
	SECTION 1.1.
	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	CONTINUATION OF THE ISSUER TRUST	 	 	9	 
	 
	 	 	 	 	 	 
	SECTION 2.1.
	 	Name	 	 	9	 
	SECTION 2.2.
	 	Office of the Delaware Trustee; Principal Place of Business	 	 	9	 
	SECTION 2.3.
	 	Initial Contribution of Trust Property; Organizational Expenses	 	 	9	 
	SECTION 2.4.
	 	Issuance of the Preferred Capital Securities	 	 	9	 
	SECTION 2.5.
	 	Issuance of the Common Securities; Subscription and Purchase of Junior	 	 	 	 
	 
	 	Subordinated Debentures	 	 	10	 
	SECTION 2.6.
	 	Authorization to Issue Additional Trust Securities; Authorization to	 	 	 	 
	 
	 	Subscribe and Purchase Additional Junior Subordinated Debentures	 	 	10	 
	SECTION 2.7.
	 	Declaration of Trust	 	 	10	 
	SECTION 2.8.
	 	Authorization to Enter into Certain Transactions	 	 	11	 
	SECTION 2.9.
	 	Assets of Trust	 	 	13	 
	SECTION 2.10.
	 	Title to Trust Property	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	PAYMENT ACCOUNT	 	 	13	 
	 
	 	 	 	 	 	 
	SECTION 3.1.
	 	Payment Account	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	DISTRIBUTIONS; REDEMPTION	 	 	14	 
	 
	 	 	 	 	 	 
	SECTION 4.1.
	 	Distributions	 	 	14	 
	SECTION 4.2.
	 	Redemption	 	 	14	 
	SECTION 4.3.
	 	Subordination of Common Securities	 	 	16	 
	SECTION 4.4.
	 	Payment Procedures	 	 	17	 
	SECTION 4.5.
	 	Tax Returns and Reports	 	 	17	 
	SECTION 4.6.
	 	Payment of Taxes, Duties, Etc. of the Issuer Trust	 	 	17	 
	SECTION 4.7.
	 	Payments under Indenture or Pursuant to Direct Actions	 	 	17	 
	SECTION 4.8.
	 	Liability of the Holder of Common Securities	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	TRUST SECURITIES CERTIFICATES	 	 	17	 
	 
	 	 	 	 	 	 
	SECTION 5.1.
	 	Initial Ownership	 	 	17	 
	SECTION 5.2.
	 	The Trust Securities Certificates	 	 	18	 
	SECTION 5.3.
	 	Execution and Delivery of Trust Securities Certificates	 	 	18	 
	SECTION 5.4.
	 	Global Preferred Capital Securities	 	 	18	 
	SECTION 5.5.
	 	Registration of Transfer and Exchange of Preferred Capital Securities	 	 	 	 
	 
	 	Certificates	 	 	19	 
	SECTION 5.6.
	 	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates	 	 	20	 
	SECTION 5.7.
	 	Persons Deemed Holders	 	 	20	 
	SECTION 5.8.
	 	Access to List of Holders' Names and Addresses	 	 	21	 

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 	 	 
	SECTION 5.9.
	 	Maintenance of Office or Agency	 	 	21	 
	SECTION 5.10.
	 	Appointment of Paying Agent	 	 	21	 
	SECTION 5.11.
	 	Ownership of Common Securities by Depositor	 	 	21	 
	SECTION 5.12.
	 	Notices to Clearing Agency	 	 	22	 
	SECTION 5.13.
	 	Rights of Holders	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	ACTS OF HOLDERS; MEETINGS; VOTING	 	 	23	 
	 
	 	 	 	 	 	 
	SECTION 6.1.
	 	Limitations on Holders’ Voting Rights	 	 	23	 
	SECTION 6.2.
	 	Notice of Meetings	 	 	24	 
	SECTION 6.3.
	 	Meetings of Holders	 	 	24	 
	SECTION 6.4.
	 	Voting Rights	 	 	25	 
	SECTION 6.5.
	 	Proxies, etc.	 	 	25	 
	SECTION 6.6.
	 	Holder Action by Written Consent	 	 	25	 
	SECTION 6.7.
	 	Record Date for Voting and Other Purposes	 	 	25	 
	SECTION 6.8.
	 	Acts of Holders	 	 	25	 
	SECTION 6.9.
	 	Inspection of Records	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	REPRESENTATIONS AND WARRANTIES	 	 	26	 
	 
	 	 	 	 	 	 
	SECTION 7.1.
	 	Representations and Warranties of the Property Trustee and the Delaware	 	 	 	 
	 
	 	Trustee	 	 	26	 
	SECTION 7.2.
	 	Representations and Warranties of Depositor	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE VIII
	 	THE ISSUER TRUSTEES; THE ADMINISTRATORS	 	 	28	 
	 
	 	 	 	 	 	 
	SECTION 8.1.
	 	Certain Duties and Responsibilities	 	 	28	 
	SECTION 8.2.
	 	Certain Notices	 	 	29	 
	SECTION 8.3.
	 	Certain Rights of Property Trustee	 	 	29	 
	SECTION 8.4.
	 	Not Responsible for Recitals or Issuance of Securities	 	 	30	 
	SECTION 8.5.
	 	May Hold Securities	 	 	30	 
	SECTION 8.6.
	 	Compensation; Indemnity; Fees	 	 	31	 
	SECTION 8.7.
	 	Corporate Property Trustee Required; Eligibility of Trustees and	 	 	 	 
	 
	 	Administrators	 	 	31	 
	SECTION 8.8.
	 	Conflicting Interests	 	 	32	 
	SECTION 8.9.
	 	Co-Trustees and Separate Trustee	 	 	32	 
	SECTION 8.10.
	 	Resignation and Removal; Appointment of Successor	 	 	33	 
	SECTION 8.11.
	 	Acceptance of Appointment by Successor	 	 	34	 
	SECTION 8.12.
	 	Merger, Conversion, Consolidation or Succession to Business	 	 	34	 
	SECTION 8.13.
	 	Preferential Collection of Claims Against Depositor or Issuer Trust	 	 	34	 
	SECTION 8.14.
	 	Trustee May File Proofs of Claim	 	 	35	 
	SECTION 8.15.
	 	Reports by Property Trustee	 	 	35	 

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 	 	 	 	 	 	 
	SECTION 8.16.
	 	Reports to the Property Trustee	 	 	35	 
	SECTION 8.17.
	 	Evidence of Compliance with Conditions Precedent	 	 	36	 
	SECTION 8.18.
	 	Number of Issuer Trustees	 	 	36	 
	SECTION 8.19.
	 	Delegation of Power	 	 	36	 
	SECTION 8.20.
	 	Appointment of Administrators	 	 	36	 
	 
	 	 	 	 	 	 
	ARTICLE IX
	 	DISSOLUTION, LIQUIDATION AND MERGER	 	 	37	 
	 
	 	 	 	 	 	 
	SECTION 9.1.
	 	Dissolution Upon Expiration Date	 	 	37	 
	SECTION 9.2.
	 	Early Dissolution	 	 	37	 
	SECTION 9.3.
	 	Termination	 	 	37	 
	SECTION 9.4.
	 	Liquidation	 	 	37	 
	SECTION 9.5.
	 	Mergers, Consolidations, Amalgamations or Replacements of the Issuer Trust	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE X
	 	MISCELLANEOUS PROVISIONS	 	 	39	 
	 
	 	 	 	 	 	 
	SECTION 10.1.
	 	Limitation of Rights of Holders	 	 	39	 
	SECTION 10.2.
	 	Amendment	 	 	39	 
	SECTION 10.3.
	 	Separability	 	 	40	 
	SECTION 10.4.
	 	Governing Law	 	 	40	 
	SECTION 10.5.
	 	Payments Due on Non-Business Day	 	 	41	 
	SECTION 10.6.
	 	Successors	 	 	41	 
	SECTION 10.7.
	 	Headings	 	 	41	 
	SECTION 10.8.
	 	Reports, Notices and Demands	 	 	42	 
	SECTION 10.9.
	 	Agreement Not to Petition	 	 	42	 
	SECTION 10.10.
	 	Trust Indenture Act; Conflict with Trust Indenture Act	 	 	42	 
	SECTION 10.11.
	 	Acceptance of Terms of Trust Agreement, Guarantee and Indenture	 	 	43	 
	SECTION 10.12.
	 	Force Majeure	 	 	43	 

EXHIBITS

Exhibit A — Certificate of Trust

Exhibit B — Form of Common Securities Certificate

Exhibit C — Form of Preferred Capital Securities Certificate

Exhibit D — Terms of Distribution

 

 

AMENDED AND RESTATED TRUST AGREEMENT

     THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of ___, is by and among (i)
Seacoast Banking Corporation of Florida, a Florida corporation (including any successors or
assigns, the “Depositor”), (ii) Wilmington Trust Company, a Delaware banking corporation,
as property trustee (in such capacity, the “Property Trustee” and, in its separate
corporate capacity and not in its capacity as Property Trustee or Delaware Trustee, the
“Bank”), (iii) Wilmington Trust Company, a Delaware banking corporation, as Delaware
trustee (in such capacity, the “Delaware Trustee”) (the Property Trustee and the Delaware
Trustee are referred to collectively herein as the “Issuer Trustees”), (iv) the
Administrators, as hereinafter defined, and (v) the several Holders, as hereinafter defined.

WITNESSETH

     WHEREAS, one or more depositors, including the Depositor and the Delaware Trustee have
heretofore duly declared and established a statutory trust pursuant to the Delaware Statutory Trust
Act by entering into a certain Trust Agreement, dated as of ___, as amended from time
to time (the “Original Trust Agreement”), and by the execution and filing by the Delaware
Trustee with the Secretary of State of the State of Delaware of the Certificate of Trust, filed on
___(the “Certificate of Trust”), attached as Exhibit A; and

     WHEREAS, the parties hereto desire to amend and restate the Original Trust Agreement in its
entirety as set forth herein to provide for, among other things, (i) the issuance of the Common
Securities by the Issuer Trust to the Depositor, (ii) the issuance and sale of the Preferred
Capital Securities by the Issuer Trust pursuant to the Underwriting Agreement, (iii) the
acquisition by the Issuer Trust from the Depositor of all of the right, title and interest in the
Junior Subordinated Debentures, and (iv) the appointment of the Property Trustee and the
Administrators.

     NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each party, intending to be legally bound, for the benefit of the other parties and
for the benefit of the Holders, hereby amends and restates the Original Trust Agreement in its
entirety and agrees, as follows:

ARTICLE I

DEFINED TERMS

     SECTION 1.1. Definitions.

     For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the
context otherwise requires:

     (1) The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular;

     (2) All other terms used herein that are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein;

     (3) The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”;

     (4) All accounting terms used but not defined herein have the meanings assigned to them in
accordance with United States generally accepted accounting principles as in effect at the time of
determination;

     (5) Unless the context otherwise requires, any reference to an “Article” or a “Section” refers
to an Article or a Section, as the case may be, of this Trust Agreement;

 

 

     (6) The words “herein,” “hereby,” “hereof” and “hereunder” and other words of similar import
refer to this Trust Agreement as a whole and not to any particular Article, Section or other
subdivision; and

     “Act” has the meaning specified in Section 6.8.

     “Additional Amounts” means, with respect to Trust Securities of a given Liquidation
Amount and/or a given period, the amount of any Additional Interest (as defined in the Indenture)
paid by the Depositor on a Like Amount of Junior Subordinated Debentures for such period.

     “Additional Sums” has the meaning specified in Section 10.6 of the Indenture.

     “Administrator” means each Person appointed in accordance with Section 8.20 solely in
such Person’s capacity as Administrator of the Issuer Trust and not in such Person’s individual
capacity, or any successor Administrator appointed as herein provided; with the initial
Administrators being ___, an individual, and ___, an individual.

     “Affiliate” means with respect to any specified Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, “control” means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

     “Applicable Procedures” mean, with respect to any transfer or transaction involving a
Global Preferred Capital Security or beneficial interest therein, the rules and procedures of the
Depositary for such Preferred Capital Security, in each case to the extent applicable to such
transaction and as in effect from time to time.

     “Bank” has the meaning specified in the preamble to this Trust Agreement.

     “Bankruptcy Event” means, with respect to any Person:

     (1) the entry of a decree or order by a court having jurisdiction in the premises judging such
Person a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjudication or composition of or in respect of such Person under any applicable
Federal or state bankruptcy, insolvency, reorganization or other similar law, or appointing a
receiver, conservator, liquidator, assignee, trustee, sequestrator (or other similar official) of
such Person or of any substantial part of its property or ordering the winding-up or liquidation of
its affairs, and the continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days; or

     (2) the institution by such Person of proceedings to be adjudicated a bankrupt or insolvent,
or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the
filing by it of a petition or answer or consent seeking reorganization or relief under any
applicable Federal or state bankruptcy, insolvency, reorganization or other similar law, or the
consent by it to the filing of any such petition or to the appointment of a receiver, conservator,
liquidator, assignee, trustee, sequestrator (or similar official) of such Person or of any
substantial part of its property or the making by it of an assignment for the benefit of creditors,
or the admission by it in writing of its inability to pay its debts generally as they become due
and its willingness to be adjudicated a bankrupt, or the taking of corporate action by such Person
in furtherance of any such action.

     “Bankruptcy Laws” has the meaning specified in Section 10.9.

     “Board of Directors” means the board of directors of the Depositor or a committee
designated by the board of directors of the Depositor.

     “Business Day” means a day other than (a) a Saturday or Sunday, (b) a day on which
banking institutions in the City of New York, New York or the City of Wilmington, Delaware are
authorized or required by law or
executive order to remain closed or (c) a day on which either the Property Trustee’s corporate
trust office or the Indenture Trustee’s corporate trust office is closed for business.

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     “Capital Treatment Event” means, in respect of the Issuer Trust, and in the event that
the Depositor is a bank holding company for purposes of the Bank Holding Company Act of 1956, as
amended, the receipt by the Property Trustee of an Opinion of Counsel, experienced in such matters
and who may be counsel to the Depositor, and determination by the Depositor that, as a result of
the occurrence of any amendment to, or change (including any announced prospective change) in, the
laws (or any rules or regulations thereunder) of the United States or any political subdivision
thereof or therein, or as a result of any official or administrative pronouncement or action
(including any action taken in connection with a regulatory examination or in connection with or as
a result of any change in regulatory policy) or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or such pronouncement, action or
decision is announced on or after the date of the issuance of the Preferred Capital Securities of
the Issuer Trust, there is more than an insubstantial risk that the Depositor will not be entitled
to treat an amount equal to the Liquidation Amount of such Preferred Capital Securities as “Tier 1
Capital” (or the then equivalent thereof) for purposes of the risk-based capital adequacy
guidelines of the Board of Governors of the Federal Reserve System, as then in effect and
applicable to the Depositor.

     “Cede” means Cede & Co., as the nominee of the Depositary.

     “Certificate of Trust” has the meaning specified in the preamble to this Trust
Agreement.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act. The Depositary shall be the initial Clearing Agency.

     “Clearing Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.

     “Closing” and “Closing Date” means the closing of the offering of Trust
Securities as contemplated herein, including any subsequent closings if the parties agree (i) to
close the sale of some, but not all of the Trust Securities offered at closing, (ii) to continue
the offering as to any unsold Trust Securities, if any, or (iii) to offer additional Trust
Securities thereafter.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Commission” means the United States Securities and Exchange Commission, or, if at any
time after the execution of this instrument such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body performing such duties at
such time.

     “Common Securities Certificate” means a certificate evidencing ownership of Common
Securities, substantially in the form attached as Exhibit B.

     “Common Securities Purchase Agreement” means the Common Securities Purchase Agreement,
dated of even date herewith, between the Issuer Trust and the Depositor, as the same may be amended
from time to time.

     “Common Security” means an undivided beneficial interest in the assets of the Issuer
Trust, having a Liquidation Amount of $___and integral multiples in excess thereof and
having the rights provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

     “Corporate Trust Office” means the principal office of the Property Trustee located in
the City of Wilmington, Delaware, which at the time of the execution of this Trust Agreement is
located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust
Administration.

     “Debenture Event of Default” means an “Event of Default” as defined in the Indenture.

3

 

     “Debenture Purchase Agreement” means the Junior Subordinated Debenture Purchase
Agreement, dated of even date herewith, between the Depositor and the Issuer Trust, as the same may
be amended from time to time.

     “Debenture Redemption Date” means, with respect to any Junior Subordinated Debentures
to be redeemed under the Indenture, the date fixed for redemption of such Junior Subordinated
Debentures under the Indenture.

     “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12
Del. C. § 3801, et seq., as it may be amended from time to time.

     “Delaware Trustee” means the corporation identified as the “Delaware Trustee” in the
preamble to this Trust Agreement solely in its capacity as Delaware Trustee of the Issuer Trust and
not in its individual capacity, or its successor in interest in such capacity, or any successor
trustee appointed as herein provided.

     “Depositary” means The Depository Trust Company or any successor thereto.

     “Depositor” has the meaning specified in the preamble to this Trust Agreement.

     “Direct Action” has the meaning specified in Section 5.13(c).

     “Distribution Date” has the meaning specified in Section 4.1(a).

     “Distributions” means amounts payable in respect of the Trust Securities as provided
in Section 4.1.

     “DTC” means The Depository Trust Company.

     “Early Termination Event” has the meaning specified in Section 9.2.

     “Event of Default” means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

     (1) the occurrence of a Debenture Event of Default; or

     (2) default by the Issuer Trust in the payment of any Distribution when it becomes due and
payable, and continuation of such default for a period of 30 days; or

     (3) default by the Issuer Trust in the payment of any Redemption Price of any Trust Security
when it becomes due and payable; or

     (4) default in the performance, or breach, in any material respect, of any covenant or
warranty of the Issuer Trustees in this Trust Agreement (other than a covenant or warranty a
default in the performance of which or the breach of which is dealt with in clause (2) or (3)
above) and continuation of such default or breach for a period of 60 days after there has been
given, by registered or certified mail, to the Issuer Trustees and the Depositor by the Holders of
at least 25% in aggregate Liquidation Amount of the Outstanding Preferred Capital Securities, a
written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or

     (5) the occurrence of any Bankruptcy Event with respect to the Property Trustee or all or
substantially all of its property if a successor Property Trustee has not been appointed within a
period of 90 days thereof.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any
successor statute thereto, as amended from time to time.

     “Expiration Date” has the meaning specified in Section 9.1.

4

 

     “Global Preferred Capital Securities Certificate” means a Preferred Capital Securities
Certificate evidencing ownership of Preferred Capital Securities, the ownership and transfers of
which shall be made through book entries by a Clearing Agency as described in Section 5.4.

     “Global Preferred Capital Security” means those Preferred Capital Securities evidenced
by the Global Preferred Capital Securities Certificate.

     “Guarantee” means the Guarantee Agreement executed and delivered by the Depositor and
the Guarantee Trustee, contemporaneously with the execution and delivery of this Trust Agreement,
for the benefit of the Holders of the Preferred Capital Securities, as amended from time to time.

     “Guarantee Trustee” means Wilmington Trust Company, solely in its capacity as the
trustee that holds the Guarantee for the benefit of the Holders and not in its individual capacity,
or its successor in interest in such capacity, or any successor trustee appointed as herein
provided.

     “Holder” means a Person in whose name a Trust Security or Trust Securities is
registered in the Securities Register; any such Person shall be a beneficial owner within the
meaning of the Delaware Statutory Trust Act.

     “Indemnified Person” has the meaning provided in Section 8.6.

     “Indenture” means the Junior Subordinated Indenture, dated as of ___, by
and between the Depositor and the Indenture Trustee (as amended or supplemented from time to time),
relating to the issuance of the Junior Subordinated Debentures.

     “Indenture Trustee” means Wilmington Trust Company, a Delaware banking corporation and
any successor.

     “Investment Company Act” means the Investment Company Act of 1940, as amended.

     “Investment Company Event” means the receipt by the Issuer Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of the occurrence of a change
in law or regulation or a written change (including any announced prospective change) in
interpretation or application of law or regulation by any legislative body, court, governmental
agency or regulatory authority, there is more than an insubstantial risk that the Issuer Trust is
or will be considered an “investment company” that is required to be registered under the
Investment Company Act, which change or prospective change becomes effective or would become
effective, as the case may be, on or after the date of the issuance of the Preferred Capital
Securities.

     “Issuer Trust” means the Delaware statutory trust known as “SBCF Capital Trust [ ]”
which was created on April ___, 2008 under the Delaware Statutory Trust Act pursuant to the
Original Trust Agreement and the filing of the Certificate of Trust, and continued pursuant to this
Trust Agreement.

     “Issuer Trustees” has the meaning specified in the preamble to this Trust Agreement.

     “Junior Subordinated Debentures” means the ___, issued pursuant to the
Indenture.

     “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse
ownership interest, hypothecation, assignment, security interest or preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever.

     “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust
Securities having a Liquidation Amount equal to that portion of the principal amount of Junior
Subordinated Debentures to be contemporaneously redeemed in accordance with the Indenture,
allocated to the Common Securities and to the Preferred Capital Securities pro rata based upon the
relative Liquidation Amounts of such classes and (b) with respect to a distribution of Junior
Subordinated Debentures to Holders of Trust Securities in connection with a dissolution or
liquidation of the Issuer Trust, Junior Subordinated Debentures having a principal amount equal to
the Liquidation Amount of the Trust Securities of the Holder to whom such Junior Subordinated
Debentures are distributed.

5

 

     “Liquidation Amount” means the stated amount of $  per Preferred Capital
Security and $1,000.00 per Common Security.

     “Liquidation Date” means the date of the dissolution, winding up or liquidation of the
Issuer Trust pursuant to Section 9.4.

     “Liquidation Distribution” has the meaning specified in Section 9.4(d).

     “Majority in Liquidation Amount of the Preferred Capital Securities” or “Majority
in Liquidation Amount of the Common Securities” means, except as provided by the Trust
Indenture Act, Preferred Capital Securities or Common Securities, as the case may be, representing
more than 50% of the aggregate Liquidation Amount of all then Outstanding Preferred Capital
Securities or Common Securities, as the case may be.

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board, Vice
Chairman of the Board, Chief Executive Officer, President or an Executive Vice President, a Senior
Vice President or Vice President, and by the Treasurer, an Assistant Treasurer, the Chief Financial
Officer, the Secretary or an Assistant Secretary, of the Depositor, and delivered to the party
provided herein. Any Officers’ Certificate delivered with respect to compliance with a condition
or covenant provided for in this Trust Agreement shall include:

     (1) a statement by each officer signing the Officers’ Certificate that such officer has read
the covenant or condition and the definitions relating thereto;

     (2) a brief statement of the nature and scope of the examination or investigation undertaken
by such officer in rendering the Officers’ Certificate;

     (3) a statement that such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

     (4) a statement as to whether, in the opinion of each such officer, such condition or covenant
has been complied with.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an
employee of the Depositor or any Affiliate of the Depositor.

     “Original Trust Agreement” has the meaning specified in the preamble to this Trust
Agreement.

     “Outstanding,” with respect to Trust Securities, means, as of the date of
determination, all Trust Securities theretofore executed and delivered under this Trust Agreement,
except:

     (1) Trust Securities theretofore canceled by the Property Trustee or delivered to the Property
Trustee for cancellation;

     (2) Trust Securities for whose payment or redemption cash in the necessary amount has been
theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such
Preferred Capital Securities, provided that if such Trust Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Trust Agreement; and

     (3) Trust Securities that have been paid or for which other Trust Securities have been
executed and delivered in exchange therefor or in lieu thereof pursuant to Sections 5.4, 5.5 and
5.6; provided, however, that in determining whether the Holders of the requisite Liquidation Amount
of the Outstanding Preferred Capital Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Preferred

6

 

Capital Securities owned by the Depositor, any Issuer Trustee, any Administrator or any
Affiliate of the Depositor, shall be disregarded and deemed not to be Outstanding, except that (a)
in determining whether any Issuer Trustee or any Administrator shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver, only Preferred
Capital Securities that such Issuer Trustee or such Administrator, as the case may be, knows to be
so owned shall be so disregarded and (b) the foregoing shall not apply at any time when all of the
Outstanding Preferred Capital Securities are owned by the Depositor, one or more of the Issuer
Trustees, one or more of the Administrators and/or any such Affiliate. Preferred Capital
Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Administrators the pledgee’s right so to act with
respect to such Preferred Capital Securities and that the pledgee is not the Depositor or any
Affiliate of the Depositor.

     “Owner” means each Person who is the beneficial owner of Global Preferred Capital
Securities as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant
is not the Owner, then as reflected in the records of a Person maintaining an account with such
Clearing Agency (directly or indirectly), in accordance with the rules of such Clearing Agency.

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section
5.10 and shall initially be the Property Trustee.

     “Payment Account” means a segregated non-interest-bearing corporate trust account
maintained with the Property Trustee in its trust department for the benefit of the Holders in
which all amounts paid in respect of the Junior Subordinated Debentures will be held and from which
the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance
with Sections 4.1, 4.2 and 9.4.

     “Person” means a legal person, including any individual, corporation, estate,
partnership, joint venture, association, joint stock company, company, limited liability company,
trust, unincorporated organization or government or any agency or political subdivision thereof, or
any other entity of whatever nature.

     “Preferred Capital Securities Certificate” means a certificate evidencing ownership of
Preferred Capital Securities, substantially in the form attached as Exhibit C.

     “Preferred Capital Security” means a preferred undivided beneficial interest in the
assets of the Issuer Trust, having a Liquidation Amount of $___or an integral multiple in
excess of such amount and having the rights provided therefor in this Trust Agreement, including
the right to receive Distributions and a Liquidation Distribution as provided herein.

     “Property Trustee” means the Person identified as the “Property Trustee” in the
preamble to this Trust Agreement solely in its capacity as Property Trustee of the Issuer Trust and
not in its individual capacity, or its successor in interest in such capacity, or any successor
property trustee appointed as herein provided.

     “Purchase Agreement” means, collectively, all purchase agreements executed by or on
behalf of the Depositor, the Issuer Trust, and the Owners.

     “Redemption Date” means, with respect to any Trust Security to be redeemed, the date
fixed for such redemption by or pursuant to this Trust Agreement; provided that each Debenture
Redemption Date and the stated maturity of the Junior Subordinated Debentures shall be a Redemption
Date for a Like Amount of Trust Securities, including but not limited to any date of redemption
pursuant to the occurrence of any Special Event.

     “Redemption Price” means a price equal to the Liquidation Amount, together with
accumulated Distributions to, but excluding, the date fixed for redemption.

     “Relevant Trustee” has the meaning specified in Section 8.10.

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     “Responsible Officer” when used with respect to the Property Trustee means any officer
assigned to the Corporate Trust Office, including any managing director, vice president, principal,
assistant vice president, assistant treasurer, assistant secretary or any other officer of the Property Trustee customarily
performing functions similar to those performed by any of the above designated officers and having
direct responsibility for the administration of the Indenture, and also, with respect to a
particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

     “Securities Act” means the Securities Act of 1933, as amended, and any successor
statute thereto, in each case as amended from time to time.

     “Senior Indebtedness” has the meaning specified in the Indenture.

     “Securities Register” and “Securities Registrar” have the respective meanings
specified in Section 5.5.

     “Special Event” means any Tax Event, Capital Treatment Event or Investment Company
Event.

     “Successor Preferred Capital Securities Certificate” of any particular Preferred
Capital Securities Certificate means every Preferred Capital Securities Certificate issued after,
and evidencing all or a portion of the same beneficial interest in the Issuer Trust as that
evidenced by, such particular Preferred Capital Securities Certificate; and, for the purposes of
this definition, any Preferred Capital Securities Certificate executed and delivered under Section
5.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Preferred Capital
Securities Certificate shall be deemed to evidence the same beneficial interest in the Issuer Trust
as the mutilated, destroyed, lost or stolen Preferred Capital Securities Certificate.

     “Successor Preferred Capital Securities” has the meaning specified in Section 9.5.

     “Tax Event” means the receipt by the Issuer Trust of an Opinion of Counsel experienced
in such matters to the effect that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of the United States or
any political subdivision or taxing authority thereof or therein, or as a result of any official or
administrative pronouncement or action or judicial decision interpreting or applying such laws or
regulations, which amendment or change is effective or which pronouncement, action or decision is
announced on or after the date of issuance of the Preferred Capital Securities (including, without
limitation, any of the foregoing arising with respect to, or resulting from, any proceeding or
other action commencing on or before such date), there is more than an insubstantial risk that (i)
the Issuer Trust is, or will be within 90 days of the delivery of such Opinion of Counsel, subject
to United States federal income tax with respect to income received or accrued on the Junior
Subordinated Debentures, (ii) interest payable by the Depositor on the Junior Subordinated
Debentures is not, or within 90 days of the delivery of such Opinion of Counsel will not be,
deductible by the Depositor, in whole or in part, for United States federal income tax purposes, or
(iii) the Issuer Trust is, or will be within 90 days of the delivery of such Opinion of Counsel,
subject to more than a de minimis amount of other taxes, duties or other governmental charges.

     “Time of Delivery” means any initial and subsequent Closing Date for the delivery of
the Preferred Capital Securities pursuant to an Underwriting Agreement.

     “Trust Agreement” means this Amended and Restated Trust Agreement, as the same may be
modified, amended or supplemented in accordance with the applicable provisions hereof, including
(i) all exhibits hereto, and (ii) for all purposes of this Amended and Restated Trust Agreement any
such modification, amendment or supplement, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this Amended and Restated Trust Agreement and any modification,
amendment or supplement, respectively.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 or any successor statute,
in each case as amended from time to time.

     “Trust Property” means (a) the Junior Subordinated Debentures, (b) any cash on deposit
in, or owing to, the Payment Account, (c) all proceeds and rights in respect of the foregoing and
(d) any other property and assets for the time being held or deemed to be held by the Property
Trustee pursuant to the trusts of this Trust Agreement.

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     “Trust Securities Certificate” means any one of the Common Securities Certificates or
the Preferred Capital Securities Certificates.

     “Trust Security” means any one of the Common Securities or the Preferred Capital
Securities.

     “Underwriting Agreement” means, collectively, all underwriting, purchase, agency or
similar agreements executed by or on behalf of, the Depositor, the Issuer Trust and the Owners with
an underwriter, purchaser, agent or similar party.

ARTICLE II

CONTINUATION OF THE ISSUER TRUST

     SECTION 2.1. Name.

     The Issuer Trust continued hereby shall be known as “SBCF Capital Trust [ ],” as
such name may be modified from time to time by the Administrators following written notice to the
Holders of Trust Securities and the Issuer Trustees, in which name the Administrators and the
Issuer Trustees may engage in the transactions contemplated hereby, make and execute contracts and
other instruments on behalf of the Issuer Trust and sue and be sued.

     SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business.

     The address of the Delaware Trustee in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, or such
other address in the State of Delaware as the Delaware Trustee may designate by written notice to
the Holders and the Depositor. The principal executive office of the Issuer Trust is in care of
Seacoast Banking Corporation of Florida, 815 Colorado Avenue, Stuart, Florida 34994,
Attention:___, as such address may be changed from time to time by the Administrators
following written notice to the Holders and the other Trustees.

     SECTION 2.3. Initial Contribution of Trust Property; Organizational Expenses.

     The Property Trustee acknowledges receipt in trust from the Depositor in connection with the
Original Trust Agreement of the sum of $10.00, which constitutes the initial Trust Property. The
Depositor shall pay all organizational expenses of the Issuer Trust as they arise or shall, upon
request of any Issuer Trustee, promptly reimburse such Issuer Trustee for any such expenses paid by
such Issuer Trustee. The Depositor shall make no claim upon the Trust Property for the payment of
such expenses.

     SECTION 2.4. Issuance of the Preferred Capital Securities.

     The Depositor, both on its own behalf and on behalf of the Issuer Trust pursuant to the
Original Trust Agreement, executed and delivered the Underwriting Agreement. Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrator, on behalf of the Issuer
Trust, shall execute in accordance with Section 5.3 and the Property Trustee shall authenticate in
accordance with Section 5.3 and deliver to the [underwriters named in the Underwriting Agreement]
[Clearing Agency or its custodian], a Global Preferred Capital Securities Certificate, registered
in the name of Cede & Co. and such other clearing agencies as the Depositor may designate, in an
aggregate amount of ___Preferred Capital Securities having an aggregate Liquidation Amount
of $___, against receipt of the aggregate purchase price in cash of such Preferred Capital
Securities of $___by the Property Trustee. Contemporaneously with any subsequent closing
pursuant to an Underwriting Agreement or a reopening of the offering of Preferred Capital
Securities hereunder, an Administrator on behalf of the Issuer Trust, shall execute in accordance
with Section 5.3 and the Property Trustee shall authenticate in accordance with Section 5.3 and
deliver to the [underwriters named in the Underwriting Agreement] [Clearing Agency or its
custodian], a Global Preferred Capital Securities Certificate, registered in the name of Cede & Co.
and such other clearing agencies as the Depositor may designate, having an aggregate Liquidation
Amount equal to the Aggregate Liquidation Amount of additional Preferred Capital Securities to be
sold at such time, against
receipt by the Property Trustee of the aggregate purchase price in cash equal to the
Liquidation Amount of such Preferred Capital Securities.

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     SECTION 2.5. Issuance of the Common Securities; Subscription and Purchase of Junior
Subordinated Debentures.

     Contemporaneously with the execution and delivery of this Trust Agreement, an Administrator,
on behalf of the Issuer Trust, shall execute in accordance with Section 5.3 and the Property
Trustee shall authenticate and shall deliver to the Depositor, Common Securities Certificates,
registered in the name of the Depositor, having an aggregate Liquidation Amount of $___
against receipt of the aggregate purchase price in cash of such Common Securities of $___by
the Property Trustee. Contemporaneously therewith, an Administrator, on behalf of the Issuer
Trust, shall subscribe for and purchase from the Depositor the Junior Subordinated Debentures,
registered in the name of Wilmington Trust Company, not in its individual capacity, but solely as
Property Trustee for the Issuer Trust, and having an aggregate principal amount equal to
$___, and, in satisfaction of the purchase price for such Junior Subordinated Debentures,
the Property Trustee, on behalf of the Issuer Trust, shall deliver to the Depositor the sum of
$___(being the sum of the amounts delivered to the Property Trustee pursuant to (i) the
second sentence of Section 2.4, and (ii) the first sentence of this Section 2.5) and receive on
behalf of the Issuer Trust the Junior Subordinated Debentures. Contemporaneously with any
subsequent closing pursuant to an Underwriting Agreement or a reopening of the offering of
Preferred Capital Securities hereunder, an Administrator, on behalf of the Issuer Trust, shall
execute in accordance with Section 5.3 and the Property Trustee shall authenticate and shall
deliver to the Depositor, Common Securities Certificates, registered in the name of the Depositor,
such issuance to be made against receipt by the Property Trustee of the aggregate purchase price in
cash of such Common Securities at their Liquidation Amount. Contemporaneously therewith, an
Administrator, on behalf of the Issuer Trust, shall subscribe for and purchase from the Depositor
the Junior Subordinated Debentures, registered in the name of Wilmington Trust Company, not in its
individual capacity, but solely as Property Trustee for the Issuer Trust, and having an aggregate
principal amount equal to the sum of the additional Preferred Capital Securities and Common
Securities, and, in satisfaction of the purchase price for such Junior Subordinated Debentures, the
Property Trustee, on behalf of the Issuer Trust, shall deliver to the Depositor cash equal to the
total Liquidation Amount of the new issuance of Preferred Capital Securities and Common Securities
(being the sum of the amounts delivered to the Property Trustee pursuant to (i) the third sentence
of Section 2.4, and (ii) the third sentence of this Section 2.5) and receive the Junior
Subordinated Debentures on behalf of the Issuer Trust.

     SECTION 2.6. Authorization to Issue Additional Trust Securities; Authorization to Subscribe
and Purchase Additional Junior Subordinated Debentures.

     During the period ending 90 days following the date of any offering documents for the offer
and sale of Preferred Capital Securities, the Administrators, acting unanimously on behalf of the
Issuer Trust, at their discretion, may cause the Issuer Trust to issue additional Preferred Capital
Securities and Common Securities on the same terms and in the manner and relative proportions set
forth in Sections 2.4 and 2.5; provided, however, that any such additional issuance of Trust
Securities shall occur contemporaneously with the issuance by the Depositor of additional Junior
Subordinated Debentures on the same terms and in the manner set forth in Section 2.5, which shall
be subscribed for and purchased by an Administrator on behalf of the Issuer Trust, having an
aggregate Liquidation Amount equal to the Aggregate Liquidation Amount of the additional Trust
Securities to be issued. The amount of any issuance of additional Trust Securities by the Issuer
Trust, or of additional Junior Subordinated Debentures by the Depositor, is unlimited.

     SECTION 2.7. Declaration of Trust.

     The exclusive purposes and functions of the Issuer Trust are to (a) issue and sell Trust
Securities and use the proceeds from such sale to acquire the Junior Subordinated Debentures, and
(b) engage in only those other activities necessary, convenient or incidental thereto. The
Depositor hereby appoints the Issuer Trustees as trustees of the Issuer Trust, to have all the
rights, powers and duties to the extent set forth herein, and the Issuer Trustees hereby accept
such appointment. The Property Trustee hereby declares that it will hold the Trust Property in
trust upon and subject to the conditions set forth herein for the benefit of the Issuer Trust and
the Holders. The Depositor hereby appoints the Administrators, with such Administrators having all
rights, powers and duties set forth herein with respect to accomplishing the purposes of the Issuer
Trust, and the Administrators hereby accept such

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appointment; provided, however, that it is the intent of the parties hereto that such
Administrators shall not be trustees or, to the fullest extent permitted by law, fiduciaries with
respect to the Issuer Trust and this Trust Agreement shall be construed in a manner consistent with
such intent. The Property Trustee shall have the right and power (but shall not be obligated) to
perform those duties assigned to the Administrators. The Delaware Trustee, in such capacity, shall
not be entitled to exercise any powers, nor shall the Delaware Trustee, in such capacity, have any
of the duties and responsibilities, of the Property Trustee or the Administrators set forth herein.
The Delaware Trustee, in such capacity, shall be one of the trustees of the Issuer Trust for the
sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory
Trust Act and for taking such actions as are required to be taken by a Delaware trustee under the
Delaware Statutory Trust Act.

     SECTION 2.8. Authorization to Enter into Certain Transactions.

     (a) The Issuer Trustees and the Administrators shall conduct the affairs of the Issuer Trust
in accordance with the terms of this Trust Agreement. Subject to the limitations set forth in
paragraph (b) of this Section and in accordance with the following provisions (i), (ii) and (iii),
the Issuer Trustees and the Administrators shall act as follows:

     (i) each Administrator, acting jointly or singly, shall:

     (A) comply with the Underwriting Agreement regarding the issuance and sale of
the Trust Securities;

     (B) assist in compliance with the Securities Act, applicable state securities
or blue sky laws, and the Trust Indenture Act;

     (C) assist in the listing of the Preferred Capital Securities upon such
securities exchange or exchanges, if any, as shall be determined by the Depositor,
with the registration of the Preferred Capital Securities under the Exchange Act, if
required or if requested by the Depositor, and the preparation and filing of all
periodic and other reports and other documents pursuant to the foregoing;

     (D) execute the Trust Securities on behalf of the Issuer Trust in accordance
with this Trust Agreement;

     (E) execute and deliver an application for a taxpayer identification number for
the Issuer Trust;

     (F) assist in the filing with the Commission, at such time as determined by the
Depositor, any registration statement, if any, under the Securities Act relating to
the Trust Securities, including any amendments thereto;

     (G) unless otherwise required by the Trust Indenture Act, execute on behalf of
the Issuer Trust any documents that the Administrators have the power to execute
pursuant to this Trust Agreement, including without limitation, the Debenture
Purchase Agreement and the Common Securities Purchase Agreement; and

     (H) take any action incidental to the foregoing as necessary or advisable to
give effect to the terms of this Trust Agreement.

     (ii) The Property Trustee shall have the power and authority to act on behalf of the
Issuer Trust with respect to the following matters:

     (A) the establishment of the Payment Account;

     (B) the receipt of the Junior Subordinated Debentures;

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     (C) the receipt and collection of interest, principal and any other payments
made in respect of the Junior Subordinated Debentures in the Payment Account;

     (D) the distribution of amounts owed to the Holders in respect of the Trust
Securities;

     (E) the exercise of all of the rights, powers and privileges of a holder of the
Junior Subordinated Debentures;

     (F) the sending of notices of default and other information regarding the Trust
Securities and the Junior Subordinated Debentures to the Holders thereof in
accordance with this Trust Agreement;

     (G) the distribution of the Trust Property in accordance with the terms of this
Trust Agreement;

     (H) to the extent provided in this Trust Agreement, the winding-up of the
affairs of and liquidation of the Issuer Trust and the preparation, execution and
filing of the certificate of cancellation with the Secretary of State of the State
of Delaware; and

     (I) after an Event of Default (other than under paragraph (2), (3), (4), or (5)
of the definition of such term if such Event of Default is by or with respect to the
Property Trustee), comply with the provisions of this Trust Agreement and take any
action to give effect to the terms of this Trust Agreement and protect and conserve
the Trust Property for the benefit of the Holders (without consideration of the
effect of any such action on any particular Holder);

provided, however, that nothing in this Section 2.8(a)(ii) shall require the Property Trustee to
take any action that is not otherwise required in this Trust Agreement.

     (iii) The Administrators shall comply with the listing requirements of the Preferred
Capital Securities upon such securities exchange or exchanges, if any, as shall be
determined by the Depositor, the registration of the Preferred Capital Securities under the
Exchange Act, if required or if requested by the Depositor, and the preparation and filing
of all periodic and other reports and other documents pursuant to the foregoing.

     (b) So long as this Trust Agreement remains in effect, the Issuer Trust (or the Issuer
Trustees or Administrators acting on behalf of the Issuer Trust) shall not undertake any business,
activity or transaction except as expressly provided herein or contemplated hereby. In particular,
neither the Issuer Trustees nor the Administrators shall (i) acquire any investments or engage in
any activities not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange,
mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein,
including to Holders, except as expressly provided herein, (iii) ensure that neither the Depositor nor the Holders will instruct them to take any action that would cause
the Issuer Trust to become taxable other than as a grantor trust for United States Federal income
tax purposes, (iv) incur any indebtedness for borrowed money or issue any other debt, or (v) take
or consent to any action that would result in the placement of a Lien on any of the Trust Property,
except as expressly provided herein. The Property Trustee shall defend, to the fullest extent permitted by law, and at the expense of the Depositor, all claims and demands of
all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of
the Issuer Trust or the Holders in their capacity as Holders.

     (c) In connection with the issue and sale of the Preferred Capital Securities, the Depositor
shall have the right and responsibility to assist the Issuer Trust with respect to, or effect on
behalf of the Issuer Trust, the following (and any actions taken by the Depositor in furtherance of
the following prior to the date of this Trust Agreement are hereby ratified and confirmed in all
respects):

     (i) the preparation, execution and filing with the Commission of a registration
statement on the appropriate form under the Securities Act or the preparation of offering
documents in reliance on one or more exemptions from registration under the Securities Act
with respect to the Preferred Capital Securities;

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     (ii) the determination of the states in which to take appropriate action to qualify or
register for sale or necessary to obtain any exemption from such qualification or
registration of all or part of the Preferred Capital Securities and the determination of any
and all such acts, other than actions that must be taken by or on behalf of the Issuer
Trust, and the advice to the Issuer Trustees of actions they must take on behalf of the
Issuer Trust, and the preparation for execution and filing of any documents to be executed
and filed by the Issuer Trust or on behalf of the Issuer Trust, as the Depositor deems
necessary or advisable in order to comply with the applicable laws of any such States in
connection with the offer and sale of the Preferred Capital Securities;

     (iii) the negotiation of the terms of, and the execution and delivery of, the
Underwriting Agreement providing for the sale of the Preferred Capital Securities; and

     (iv) the taking of any other actions necessary or desirable to carry out any of the
foregoing activities.

     (d) Notwithstanding anything herein to the contrary, the Administrators are authorized and directed to conduct the affairs of the Issuer Trust and to operate the
Issuer Trust so that the Issuer Trust will not be deemed to be an “investment company” required to
be registered under the Investment Company Act, and will not be taxable other than as a grantor
trust for United States Federal income tax purposes and so that the Junior Subordinated Debentures
will be treated as indebtedness of the Depositor for United States Federal income tax purposes. In
this connection, the Property Trustee and the Holders of Common Securities are authorized to take
any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement,
that the Property Trustee and Holders of Common Securities determine in their discretion to be
necessary or desirable for such purposes, as long as such action does not adversely affect in any
material respect the interests of the Holders of the Outstanding Preferred Capital Securities. In
no event shall the Administrators or the Issuer Trustees be liable to the Issuer Trust or the
Holders for any failure to comply with this Section that results from a change in law or
regulations or in the interpretation thereof.

     SECTION 2.9. Assets of Trust.

     The assets of the Issuer Trust shall consist solely of the Trust Property.

     SECTION 2.10. Title to Trust Property.

     Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its
capacity as such) and shall be held and administered by the Property Trustee for the benefit of the
Issuer Trust and the Holders in accordance with this Trust Agreement.

ARTICLE III

PAYMENT ACCOUNT

     SECTION 3.1. Payment Account.

     (a) At or prior to the Closing Date, the Property Trustee shall establish the Payment Account.
The Property Trustee and its agents shall have exclusive control and sole right of withdrawal with
respect to the Payment Account for the purpose of making deposits in and withdrawals from the
Payment Account in accordance with this Trust Agreement. All monies and other property deposited
or held from time to time in the Payment Account shall be held by the Property Trustee in the
Payment Account for the exclusive benefit of the Holders and for distribution as herein provided,
including (and subject to) any priority of payments provided for herein.

     (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all
payments of principal of or interest on, and any other payments or proceeds with respect to, the
Junior Subordinated Debentures. Amounts held in the Payment Account shall not be invested by the
Property Trustee pending distribution thereof.

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ARTICLE IV

DISTRIBUTIONS; REDEMPTION

     SECTION 4.1. Distributions.

     (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and
Distributions (including of Additional Amounts) will be made on the Trust Securities at the rate
and on the dates that payments of interest (including of Additional Interest, as defined in the
Indenture) are made on the Junior Subordinated Debentures. Accordingly:

     (i) Distributions on the Trust Securities shall be cumulative and will accumulate
whether or not there are funds of the Issuer Trust available for the payment of
Distributions. Distributions shall accumulate from the date of issue of the Trust
Securities, and, except in the event (and to the extent) that the Depositor exercises its
right to defer the payment of interest on the Junior Subordinated Debentures pursuant to the
Indenture, shall be payable [quarterly in arrears on the ___day of ___, ___,
___, and ___of each year, commencing on ___.] If any date on which a
Distribution is otherwise payable on the Trust Securities is not a Business Day, then the
payment of such Distribution shall be made on the next succeeding day that is a Business Day
(without any additional Distributions or other payment in respect of any such delay), except
that, if such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same force and effect
as if made on the date on which such payment was originally payable (each date on which
distributions are payable in accordance with this Section 4.I(a), a “Distribution
Date”).

     (ii) The Trust Securities shall be entitled to Distributions payable at a fixed rate or
floating rate determined and payable as set forth in Exhibit D hereto. The amount
of Distributions payable for any period shall include any Additional Amounts in respect of
such period.

     (iii) [So long as no Debenture Event of Default has occurred and is continuing, the
Depositor has the right under the Indenture to defer the payment of interest on the Junior
Subordinated Debentures at any time and from time to time for a period not exceeding 20
consecutive quarterly periods (an “Extension Period”), provided that no Extension
Period may extend beyond [Date 30 years after first Distribution Date], or end on a date
that is not a scheduled interest payment date. As a consequence of any such deferral,
quarterly Distributions on the Trust Securities by the Issuer Trust will also be deferred
and the amount of Distributions to which Holders of the Trust Securities are entitled will
accumulate additional Distributions thereon at the rate set forth in Exhibit D
hereto to the extent permitted by applicable law, from the relevant payment date for such
Distributions, computed in the same manner as set forth for Distributions in subsection
4.1(a)(ii) immediately above. The term “Distributions” as used in Section 4.1 shall include
any such additional Distributions provided pursuant to this Section 4.1(a)(iii).]

     (iv) Distributions on the Trust Securities shall be made by the Property Trustee from
the Payment Account and shall be payable on each Distribution Date only to the extent that
the Issuer Trust has funds then on hand and available in the Payment Account for the payment
of such Distributions.

     (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable
to the Holders thereof as they appear on the Securities Register for the Trust Securities at the
close of business on the relevant record date, which shall be at the close of business on the
fifteenth day of the month in which the relevant Distribution Date occurs (or if such date is not a
Business Day, the immediately preceding Business Day).

     SECTION 4.2. Redemption.

     (a) On each Debenture Redemption Date and on the stated maturity of the Junior Subordinated
Debentures, the Issuer Trust will be required to redeem a Like Amount of Trust Securities at the
Redemption Price.

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     (b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date to each Holder
of Trust Securities to be redeemed, at such Holder’s address appearing in the Securities Register.
All notices of redemption shall state:

     (i) the Redemption Date;

     (ii) the Redemption Price, or if the Redemption Price cannot be calculated prior to the
time the notice is required to be sent, the estimate of the Redemption Price provided
pursuant to the Indenture together with a statement that it is an estimate and that the
actual Redemption Price will be calculated on the third Business Day prior to the Redemption
Date (and if an estimate is provided, a further notice shall be sent of the actual
Redemption Price on the date, or as soon as practicable thereafter, that notice of such
actual Redemption Price is received pursuant to the Indenture);

     (iii) the CUSIP number or CUSIP numbers of the Preferred Capital Securities affected;

     (iv) if less than all the Outstanding Trust Securities are to be redeemed, the
identification and the total Liquidation Amount of the particular Trust Securities to be
redeemed;

     (v) that on the Redemption Date, the Redemption Price will become due and payable upon
each such Trust Security to be redeemed and that Distributions thereon will cease to
accumulate on and after said date, except as provided in Section 4.2(d) below; and

     (vi) the place or places where Trust Securities are to be surrendered for the payment
of the Redemption Price.

     The Issuer Trust in issuing the Trust Securities may use “CUSIP” or “private placement”
numbers (if then generally in use), and, if so, the Property Trustee shall indicate the “CUSIP” or
“private placement” numbers of the Trust Securities in notices of redemption and related materials
as a convenience to Holders; provided, that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Trust Securities or as
contained in any notice of redemption and related material.

     (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption
Price with the applicable proceeds from the contemporaneous redemption of Junior Subordinated
Debentures. Redemptions of the Trust Securities shall be made and the Redemption Price shall be
payable on each Redemption Date only to the extent that the Issuer Trust has funds then on hand and
available in the Payment Account for the payment of such Redemption Price.

     (d) If the Issuer Trust gives a notice of redemption in respect of any Preferred Capital
Securities, then, by 12:00 noon, Eastern Time, on the Redemption Date, subject to Section 4.2(c),
the Property Trustee will, with respect to Preferred Capital Securities held in global form,
irrevocably deposit with the Clearing Agency for such Preferred Capital Securities, to the extent
available therefor, funds sufficient to pay the applicable Redemption Price and will give such
Clearing Agency irrevocable instructions and authority to pay the Redemption Price to the Holders
of the Preferred Capital Securities. With respect to Preferred Capital Securities that are not
held in global form, if any, the Property Trustee, subject to Section 4.2(c), will irrevocably
deposit with the Paying Agent, to the extent available therefor, funds sufficient to pay the
applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority
to pay the Redemption Price to the Holders of the Preferred Capital Securities upon surrender of
their Preferred Capital Securities Certificates. Notwithstanding the foregoing, Distributions
payable on or prior to the Redemption Date for any Trust Securities called for redemption shall be
payable to the Holders of such Trust Securities as they appear on the Securities Register for the
Trust Securities on the relevant record dates for the related Distribution Dates. If notice of
redemption shall have been given and funds deposited as required, then, upon the date of such
deposit, all rights of Holders holding Trust Securities so called for redemption will cease, except
the right of such Holders to receive the Redemption Price and any Distribution payable in respect
of the Trust Securities on or prior to the Redemption Date, but without interest, and such Trust
Securities will cease to be Outstanding. In the event that any date on which any applicable
Redemption Price is payable is not a Business Day, then payment of the applicable Redemption Price
payable on such date will be made on the next succeeding

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day that is a Business Day (and without any interest or other payment in respect of any such
delay), except that, if such Business Day falls in the next calendar year, such payment will be
made on the immediately preceding Business Day, in each case, with the same force and effect as if
made on such date. In the event that payment of the Redemption Price in respect of any Trust
Securities called for redemption is improperly withheld or refused and not paid either by the
Issuer Trust or by the Depositor pursuant to the Guarantee, Distributions on such Trust Securities
will continue to accumulate, as set forth in Section 4.1 and in accordance with the continued
accrual of interest on the Junior Subordinated Debentures, from the Redemption Date originally
established by the Issuer Trust for such Trust Securities to the date such applicable Redemption
Price is actually paid, in which case the actual payment date will be the date fixed for redemption
for purposes of calculating the applicable Redemption Price.

     (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Amount of such Trust Securities to be
redeemed shall be allocated pro rata to the Common Securities and the Preferred Capital Securities
based on the relative aggregate Liquidation Amounts of such classes. The particular Preferred
Capital Securities to be redeemed shall be selected on a pro rata basis based on their respective
Liquidation Amounts not more than 60 days prior to the Redemption Date by the Property Trustee from
the Outstanding Preferred Capital Securities not previously called for redemption, or if the
Preferred Capital Securities are then held in the form of a Global Preferred Security in accordance
with the customary procedures for the Clearing Agency. The Property Trustee shall promptly notify
the Securities Registrar in writing of the aggregate Liquidation Amount of Preferred Capital
Securities to be redeemed and the particular Preferred Capital Securities selected for redemption.
For all purposes of this Trust Agreement, unless the context otherwise requires, all provisions
relating to the redemption of Preferred Capital Securities shall relate, in the case of any
Preferred Capital Securities redeemed, to the portion of the aggregate Liquidation Amount of
Preferred Capital Securities that has been or is to be redeemed.

     SECTION 4.3. Subordination of Common Securities.

     (a) Payment of Distributions (including Additional Amounts, if applicable) on, the Redemption
Price of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable,
shall be made, as set forth in Section 4.2(e), pro rata among the Common Securities and the
Preferred Capital Securities based on the Liquidation Amount of such Trust Securities; provided,
however, that if on any Distribution Date or Redemption Date any Event of Default resulting from a
Debenture Event of Default in Sections 5.1(1) or 5.1(2) of the Indenture shall have occurred and be
continuing, no payment of any Distribution (including any Additional Amounts) on, Redemption Price
of, or Liquidation Distribution in respect of, any Common Security, and no other payment on account
of the redemption, liquidation or other acquisition of Common Securities, shall be made, unless
payment in full in cash of all accumulated and unpaid Distributions (including any Additional
Amounts) on all Outstanding Preferred Capital Securities for all Distribution periods terminating
on or prior thereto, or, in the case of payment of the Redemption Price, the full amount of such
Redemption Price on all Outstanding Preferred Capital Securities then called for redemption, or in
the case of payment of the Liquidation Distribution, the full amount of such Liquidation
Distribution on all Outstanding Preferred Capital Securities, shall have been made or provided for,
and all funds immediately available to the Property Trustee shall first be applied to the payment
in full in cash of all Distributions (including any Additional Amounts) on, or the Redemption Price
of, or Liquidation Distribution in respect of, Preferred Capital Securities then due and payable.
The existence of an Event of Default does not entitle the Holders of Preferred Capital Securities
to accelerate the maturity thereof.

     (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event
of Default, the Holder of the Common Securities shall be deemed to have waived any right to act
with respect to any such Event of Default under this Trust Agreement until the effects of all such
Events of Default with respect to the Preferred Capital Securities have been cured, waived or
otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to
the Preferred Capital Securities have been so cured, waived or otherwise eliminated, to the fullest
extent permitted by applicable law, the Property Trustee shall act solely on behalf of the Holders
of the Preferred Capital Securities and not on behalf of the Holder of the Common Securities, and
only the Holders of the Preferred Capital Securities will have the right to direct the Property
Trustee to act on their behalf.

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     SECTION 4.4. Payment Procedures.

     Payments of Distributions (including any Additional Amounts) in respect of the Preferred
Capital Securities shall be made by check mailed to the address of the Person entitled thereto as
such address shall appear on the Securities Register or, if the Preferred Capital Securities are
held by a Clearing Agency, such Distributions shall be made to the Clearing Agency in immediately
available funds, which will credit the relevant accounts on the applicable Distribution Dates.
Payments in respect of the Common Securities shall be made in such manner as shall be mutually
agreed between the Property Trustee and the Holder of the Common Securities.

     SECTION 4.5. Tax Returns and Reports.

     The Administrators shall prepare (or cause to be prepared), at the Depositor’s expense, and
file all United States federal, state and local tax and information returns and reports required to
be filed by or in respect of the Issuer Trust. In this regard, the Administrators shall (a)
prepare and file (or cause to be prepared and filed) all Internal Revenue Service forms required to
be filed in respect of the Issuer Trust in each taxable year of the Issuer Trust and (b) prepare
and furnish (or cause to be prepared and furnished) to each Holder all Internal Revenue Service
forms required to be provided by the Issuer Trust. The Administrators shall provide the Depositor
and the Property Trustee with a copy of all such returns and reports promptly after such filing or
furnishing. The Issuer Trustees shall comply with United States Federal withholding and backup
withholding tax laws and information reporting requirements with respect to any payments to Holders
under the Trust Securities.

     On or before December 15 of each year during which any Preferred Capital Securities are
Outstanding, the Administrators shall furnish to the Paying Agent such information as may be
reasonably requested by the Property Trustee in order that the Property Trustee may prepare the
information which it is required to report for such year on Internal Revenue Service Forms 1096 and
1099 pursuant to Section 6049 of the Code. Such information shall include the amount of original
issue discount includable in income for each Outstanding Preferred Capital Security during such
year, if any.

     SECTION 4.6. Payment of Taxes, Duties, Etc. of the Issuer Trust.

     Upon receipt under the Junior Subordinated Debentures of Additional Sums, the Property Trustee
shall promptly pay any taxes, duties or governmental charges of whatsoever nature (other than
withholding taxes) imposed on the Issuer Trust by the United States or any other taxing authority
out of the proceeds of the Additional Sums.

     SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions.

     Any amount payable hereunder to any Holder of Preferred Capital Securities shall be reduced by
the amount of any corresponding payment such Holder (or Owner) has directly received pursuant to
Section 5.8 of the Indenture or Section 5.13 of this Trust Agreement.

     SECTION 4.8. Liability of the Holder of Common Securities.

     The Holder of Common Securities shall be liable for the debts and obligations of the Issuer
Trust as set forth in Section 6.6 of the Indenture regarding allocation of expenses.

ARTICLE V

TRUST SECURITIES CERTIFICATES

     SECTION 5.1. Initial Ownership.

     Upon the creation of the Issuer Trust and the contribution by the Depositor pursuant to
Section 2.3 and until the issuance of the Trust Securities, and at any time during which no Trust
Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Issuer Trust.

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     SECTION 5.2. The Trust Securities Certificates.

     (a) The Trust Securities Certificates shall be issued in fully registered form. The Trust
Securities Certificates shall be executed on behalf of the Issuer Trust by manual or facsimile
signature of at least one Administrator. Trust Securities Certificates bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Issuer Trust, shall be validly issued and entitled to
the benefits of this Trust Agreement, notwithstanding that such individuals or any of them shall
have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did
not hold such offices at the date of delivery of such Trust Securities Certificates. A transferee
of a Trust Securities Certificate shall become a Holder, and shall be entitled to the rights and
subject to the obligations of a Holder hereunder, upon due registration of such Trust Securities
Certificate in such transferee’s name pursuant to Section 5.5.

     (b) Upon their original issuance, Preferred Capital Securities Certificates shall be issued in
the form of one or more Global Preferred Capital Securities Certificates, registered in the name of
Cede as the Depositary’s nominee and deposited with or on behalf of Depositary for credit by
Depositary to the respective accounts of the Owners thereof (or such other accounts as they may
direct). Except as set forth herein, record ownership of the Global Preferred Capital Securities
may be transferred, in whole or in part, only to another nominee of Depositary or to a successor of
the Depository or its nominee.

     (c) A Common Securities Certificate representing the Common Securities shall be issued to the
Depositor in the form of a definitive Common Securities Certificate.

     SECTION 5.3. Execution and Delivery of Trust Securities Certificates.

     At the Time of Delivery, an Administrator shall execute, on behalf of the Trust, Trust
Securities Certificates, in an aggregate Liquidation Amount as provided in Sections 2.4, 2.5 and
2.6, and deliver such Trust Securities Certificates to the Property Trustee for authentication.
Upon such delivery, the Property Trustee shall authenticate such Trust Securities Certificates and
deliver such Trust Securities Certificates in authorized denominations upon the written order of
the Trust, executed by an Administrator thereof, without further corporate action by the Depositor.

     SECTION 5.4. Global Preferred Capital Securities.

     (a) The Global Preferred Capital Security issued under this Trust Agreement shall be
registered in the name of Cede & Co., as the nominee of the Clearing Agency and delivered to such
custodian therefor, or, in the name of and delivered to such other Clearing Agencies as the
Depositor may direct, and such Global Preferred Capital Security shall constitute a single
Preferred Capital Security for all purposes of this Trust Agreement.

     (b) Notwithstanding any other provision in this Trust Agreement, the Global Preferred Capital
Security may not be exchanged in whole or in part for registered Preferred Capital Securities, and
no transfer of the Global Preferred Capital Security in whole or in part may be registered, in the
name of any Person other than the Clearing Agency for such Global Preferred Capital Security, Cede
& Co., or other nominee thereof or of other Clearing Agencies unless: (i) such Clearing Agency
advises the Depositor and the Property Trustee in writing that such Clearing Agency is no longer
willing or able to properly discharge its responsibilities as the Clearing Agency with respect to
such Global Preferred Capital Security, and the Depositor is unable to locate a qualified successor
within 90 days, (ii) at any time the Depositary ceases to be a Clearing Agency registered as such
under the Exchange Act, or (iii) the Depositor on behalf of the Issuer Trust at its option advises
the Depositary in writing that it elects to terminate the book-entry system through the Clearing
Agency.

     (c) If the Global Preferred Capital Security is to be exchanged or canceled in whole, it shall
be surrendered by or on behalf of the Clearing Agency or its nominee to the Securities Registrar
for exchange or cancellation as provided in this Article V. If the Global Preferred Capital
Security is to be exchanged or canceled in part, or if another Preferred Capital Security is to be
exchanged in whole or in part for a beneficial interest in the Global Preferred Capital Security,
then either: (i) such Global Preferred Capital Security shall be so surrendered for

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exchange or cancellation as provided in this Article V, or (ii) the Liquidation Amount thereof
shall be reduced or increased by an amount equal to the portion thereof to be so exchanged or
canceled or equal to the Liquidation Amount of such other Preferred Capital Security to be so
exchanged for a beneficial interest therein, as the case may be, by means of an appropriate
adjustment made on the records of the Securities Registrar, whereupon the Property Trustee, in
accordance with the Applicable Procedures, shall instruct the Clearing Agency or its authorized
representative to make a corresponding adjustment to its records. Upon any such surrender or
adjustment of the Global Preferred Capital Security by the Clearing Agency, accompanied by
registration instructions, the Property Trustee shall, subject to Section 5.4(b) and as otherwise
provided in this Article V, authenticate and deliver any Preferred Capital Securities as instructed
by the Administrators, issuable in exchange for such Global Preferred Capital Security (or any
portion thereof) in accordance with the instructions of the Clearing Agency. The Property Trustee
shall not be liable for any delay in delivery of such instructions and may conclusively rely on,
and shall be fully protected in relying on, such instructions.

     (d) Every Preferred Capital Security authenticated and delivered upon registration of,
transfer of, or in exchange for or in lieu of, the Global Preferred Capital Security or any portion
thereof, whether pursuant to this Article V or Article IV or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Preferred Capital Security, unless such Global
Preferred Capital Security is registered in the name of a Person other than the Clearing Agency for
such Global Preferred Capital Security or a nominee thereof.

     (e) The Clearing Agency or its nominee, as the registered owner of the Global Preferred
Capital Security, shall be considered the Holder of the Preferred Capital Securities represented by
the Global Preferred Capital Security for all purposes under this Trust Agreement and the Preferred
Capital Securities, and Owners of beneficial interests in the Global Preferred Capital Security
shall hold such interests pursuant to the Applicable Procedures and, except as otherwise provided
herein, shall not be entitled to have any of the individual Preferred Capital Securities
represented by the Global Preferred Capital Security registered in their names, shall not receive
nor be entitled to receive physical delivery of any such Preferred Capital Securities in definitive
form and shall not be considered the Holders thereof under this Trust Agreement. Accordingly, any
such Owner’s beneficial interest in the Global Preferred Capital Security shall be shown only on,
and the transfer of such interest shall be effected only through, records maintained by the
Clearing Agency or its nominee. Neither the Property Trustee nor the Securities Registrar shall
have any liability in respect of any transfers effected by the Clearing Agency.

     (f) The rights of Owners of beneficial interests in the Global Preferred Capital Security
shall be exercised only through the Clearing Agency and shall be limited to those established by
law and agreements between such Owners and the Clearing Agency.

     SECTION 5.5. Registration of Transfer and Exchange of Preferred Capital Securities
Certificates.

     (a) The Property Trustee shall keep or cause to be kept at its Corporate Trust Office a
register or registers (the “Securities Register”) for the purpose of registering Preferred
Capital Securities Certificates and Common Securities Certificates and transfers and exchanges of
Preferred Capital Securities Certificates and Common Securities Certificates and acting as the
registrar and transfer agent with respect to the Preferred Capital Securities and Common Securities
Certificates (the “Securities Registrar”), subject to such reasonable regulations as it may
prescribe, and shall provide for the registration of Preferred Capital Securities Certificates and
Common Securities Certificates (subject to Section 5.11 in the case of Common Securities
Certificates) in the Securities Register. The Property Trustee is hereby appointed Securities
Registrar.

     Upon surrender for registration of transfer of any Preferred Capital Securities Certificate at
the offices or agencies of the Property Trustee designated for that purpose, the Administrators
shall execute, and the Property Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Preferred Capital Securities Certificates of
the same series of any authorized denominations of like tenor and aggregate principal amount and
bearing such restrictive legends as may be required by this Trust Agreement.

     At the option of the Holder, Preferred Capital Securities Certificates may be exchanged for
other Preferred Capital Securities Certificates of any authorized denominations, of like tenor and
aggregate Liquidation Amount and bearing such restrictive legends as may be required by this Trust
Agreement upon surrender of the Preferred Capital Securities Certificates to be exchanged at such
office or agency of the Property Trustee. Whenever any securities
are so surrendered for exchange, the Administrators shall execute and the Property Trustee
shall authenticate and deliver the Preferred Capital Securities Certificates that the Holder making
the exchange is entitled to receive.

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     All Preferred Capital Securities issued upon any transfer or exchange of Preferred Capital
Securities shall be the valid obligations of the Issuer Trust, evidencing the same obligations, and
entitled to the same benefits under this Trust Agreement, as the Preferred Capital Securities
surrendered upon such transfer or exchange.

     Every Preferred Capital Securities Certificate presented or surrendered for transfer or
exchange shall (if so required by the Property Trustee) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Property Trustee and the Securities
Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in
writing.

     No service charge shall be made to a Holder for any transfer or exchange of Preferred Capital
Securities Certificates, but the Property Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any transfer or
exchange of Preferred Capital Securities Certificates.

     Neither the Issuer Trust nor the Property Trustee shall be required, pursuant to the
provisions of this Section: (i) to issue, register the transfer of, or exchange any Preferred
Capital Securities Certificates during a period beginning at the opening of 15 Business Days before
the day of selection for redemption of Preferred Capital Securities pursuant to Article IV and
ending at the close of business on the day of mailing of the notice of redemption, or (ii) to
register the transfer of or exchange any Preferred Capital Security so selected for redemption in
whole or in part, except, in the case of any such Preferred Capital Security to be redeemed in
part, any portion thereof not to be redeemed.

     (b) Certain Transfers and Exchanges. Notwithstanding any other provision of this
Trust Agreement, transfers and exchanges of Preferred Capital Securities and beneficial interests
in a Global Preferred Capital Security shall be made only in accordance with this Section 5.

     (c) Exchanges Between Global Preferred Capital Security and Non-Global Preferred Capital
Security. A beneficial interest in the Global Preferred Capital Security may be exchanged for
a Preferred Capital Security that is not a Global Preferred Capital Security only as provided in
Section 5.4.

     SECTION 5.6. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.

     If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities
Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to
the Securities Registrar and the Administrators such security, indemnity and/or other assurance as
may be required by them, in their discretion, to save each of them harmless, then in the absence of
notice that such Trust Securities Certificate shall have been acquired by a bona fide purchaser,
the Administrators, or any one of them, on behalf of the Issuer Trust shall execute and make
available for delivery, and the Property Trustee shall authenticate, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities
Certificate of like class, tenor and denomination. In connection with the issuance of any new
Trust Securities Certificate under this Section, the Administrators or the Securities Registrar may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Trust Securities Certificate issued pursuant to
this Section 5.6 shall constitute conclusive evidence of an undivided beneficial interest in the
assets of the Issuer Trust corresponding to that evidenced by the lost, stolen or destroyed Trust
Securities Certificate, as if originally issued, whether or not the lost, stolen or destroyed Trust
Securities Certificate shall be found at any time.

     SECTION 5.7. Persons Deemed Holders.

     The Issuer Trustees and the Securities Registrar shall treat the Person in whose name any
Trust Securities are issued as the sole owner of such Trust Securities for the purpose of receiving
Distributions and for all other
purposes whatsoever, and none of the Issuer Trustees, the Administrators or the Securities
Registrar shall be bound by any notice to the contrary.

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     SECTION 5.8. Access to List of Holders’ Names and Addresses.

     Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, the
Property Trustee, or the Administrators accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

     SECTION 5.9. Maintenance of Office or Agency.

     The Property Trustee shall designate, with the consent of the Administrators, which consent
shall not be unreasonably withheld, an office or offices or agency or agencies where Preferred
Capital Securities Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Issuer Trustees in respect of the Trust Securities
Certificates may be served. The Property Trustee initially designates its Corporate Trust Office
as its corporate trust office for such purposes. The Property Trustee shall give prompt written
notice to the Depositor, the Administrators and to the Holders of any change in the location of the
Securities Register or any such office or agency.

     SECTION 5.10. Appointment of Paying Agent.

     The Paying Agent shall make Distributions to Holders from the Payment Account and shall report
the amounts of such Distributions to the Property Trustee and the Administrators. Any Paying Agent
shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of
making the Distributions referred to above. The Property Trustee may revoke such power and remove
any Paying Agent in its sole discretion. The Paying Agent shall initially be the Property Trustee.
Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon 30 days’
written notice to the Administrators and the Property Trustee. In the event that the Property
Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its
authority to act be revoked, the Property Trustee shall appoint a successor (which shall be a bank
or trust company) that is reasonably acceptable to the Administrators to act as Paying Agent. Such
successor Paying Agent or any additional Paying Agent appointed by the Administrators shall execute
and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional
Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent
or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in
trust for the benefit of the Holders entitled thereto until such sums shall be paid to such
Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon
removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the
Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to the Bank also
in its role as Paying Agent, for so long as the Bank shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this Trust Agreement
to the Paying Agent shall include any co-paying agent chosen by the Property Trustee, unless the
context requires otherwise.

     SECTION 5.11. Ownership of Common Securities by Depositor.

     At Time of Delivery, the Depositor shall acquire and retain beneficial and record ownership of
the Common Securities. Neither the Depositor nor any successor Holder of the Common Securities may
transfer less than all the Common Securities, and the Depositor or any such successor Holder may
transfer the Common Securities only (i) in connection with a consolidation or merger of the
Depositor into another Person or any conveyance, transfer or lease by the Depositor of its
properties and assets substantially as an entirety to any Person, pursuant to Section 8.1 of the
Indenture, or (ii) to an Affiliate of the Depositor in compliance with applicable law (including
the Securities Act and applicable state securities and blue sky laws); provided that any such
transfer shall be subject to the condition that the transferor shall have obtained (A) either a
ruling from the Internal Revenue Service or an unqualified written Opinion of Counsel by a firm
experienced in such matters addressed to the Issuer Trust and delivered to the Issuer Trustees to
the effect that such transfer will not (1) cause the Issuer Trust to be treated as issuing a class
of interests in the Issuer Trust differing from the class of interests represented by the Common
Securities originally issued to the Depositor, (2) result in the Issuer Trust acquiring or
disposing of, or being deemed to have acquired or disposed of, an asset, or (3) result in or cause
the Issuer Trust to be treated as

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anything other than a grantor trust for United States Federal income tax purposes and (B) an
unqualified written Opinion of Counsel by a firm experienced in such matters addressed to the
Issuer Trust and delivered to the Issuer Trustees to the effect that such transfer will not cause
the Issuer Trust to be an “investment company” or controlled by an “investment company” that is
required to be registered under the Investment Company Act. To the fullest extent permitted by
law, any attempted transfer of the Common Securities, other than as set forth in the immediately
preceding sentence, shall be void. The Administrators shall cause each Common Securities
Certificate issued to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT.”

     SECTION 5.12. Notices to Clearing Agency.

     To the extent that a notice or other communication to the Holders is required under this Trust
Agreement, with respect to Preferred Capital Securities represented by Global Preferred Capital
Securities Certificates, the Administrators and the Issuer Trustees shall give all such notices and
communications specified herein to be given to the Clearing Agency, and shall have no obligations
to give such notice or other communication to the Owners.

     SECTION 5.13. Rights of Holders.

     (a) The legal title to the Trust Property is vested exclusively in the Property Trustee (in
its capacity as such) in accordance with Section 2.10, and the Holders shall not have any right or
title therein other than the undivided beneficial ownership interest in the assets of the Issuer
Trust conferred by their Trust Securities and they shall have no right to call for any partition or
division of property, profits or rights of the Issuer Trust, except as described below. The Trust
Securities shall be personal property giving only the rights specifically set forth therein and in
this Trust Agreement. The Trust Securities shall have no preemptive or similar rights, and when
issued and delivered to Holders against payment of the purchase price therefor, as provided herein,
will be fully paid and nonassessable by the Issuer Trust. Except as otherwise provided in Section
4.8, the Holders of the Trust Securities, in their capacities as such, shall be entitled to the
same limitation of personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Laws of the State of Delaware.

     (b) For so long as any Preferred Capital Securities remain Outstanding, if, upon a Debenture
Event of Default, the Indenture Trustee fails or the holders of not less than 25% in principal
amount of the outstanding Junior Subordinated Debentures fail to declare the principal of all of
the Junior Subordinated Debentures to be immediately due and payable, the Holders of at least 25%
in Liquidation Amount of the Preferred Capital Securities then Outstanding shall have such right to
make such declaration by a notice in writing to the Property Trustee, the Depositor and the
Indenture Trustee.

     At any time after such a declaration of acceleration with respect to the Junior Subordinated
Debentures has been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as provided in the Indenture, the Holders of a Majority in
Liquidation Amount of the Preferred Capital Securities, by written notice to the Property Trustee,
the Depositor and the Indenture Trustee, may rescind and annul such declaration and its
consequences if:

     (i) the Depositor has paid or deposited with the Indenture Trustee a sum sufficient to
pay

     (A) all overdue installments of interest on all of the Junior Subordinated
Debentures,

     (B) any accrued Additional Interest on all of the Junior Subordinated
Debentures,

     (C) the principal of (and premium, if any, on) any Junior Subordinated
Debentures which have become due otherwise than by such declaration of acceleration
and interest and any Additional Interest thereon at the rate borne by the Junior
Subordinated Debentures, and

     (D) all sums paid or advanced by the Indenture Trustee under the Indenture and
the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and the Property Trustee, their agents and counsel; and

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     (ii) all Events of Default with respect to the Junior Subordinated Debentures, other
than the non-payment of the principal of the Junior Subordinated Debentures that has become
due solely by such acceleration, have been cured or waived as provided in Section 5.13 of
the Indenture.

     If the Property Trustee fails to annul any such declaration and waive such default, the
Holders of at least a Majority in Liquidation Amount of the Preferred Capital Securities shall also
have the right to rescind and annul such declaration and its consequences by written notice to the
Depositor, the Property Trustee and the Indenture Trustee, subject to the satisfaction of the
conditions set forth in clauses (i) and (ii) of this Section 5.13(b).

     The Holders of at least a Majority in Liquidation Amount of the Preferred Capital Securities
may, on behalf of the Holders of all the Preferred Capital Securities, waive any past default under
the Indenture, except a default in the payment of principal or interest (unless such default has
been cured and a sum sufficient to pay all matured installments of interest and principal due
otherwise than by acceleration has been deposited with the Indenture Trustee) or a default in
respect of a covenant or provision which under the Indenture cannot be modified or amended without
the consent of the holder of each outstanding Junior Subordinated Debenture. No such rescission
shall affect any subsequent default or impair any right consequent thereon.

     Upon receipt by the Property Trustee of written notice declaring such an acceleration, or
rescission and annulment thereof, by Holders of the Preferred Capital Securities, all or part of
which is represented by the Global Preferred Capital Securities Certificate, a record date shall be
established for determining Holders of Outstanding Preferred Capital Securities entitled to join in
such notice, which record date shall be at the close of business on the day the Property Trustee
receives such notice. The Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders
after such record date; provided that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the requisite percentage
having joined in such notice prior to the day which is 90 days after such record date, such notice
of declaration of acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no further effect.
Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after
expiration of such 90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a written notice which
has been canceled pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this Section 5.13(b).

     (c) For so long as any Preferred Capital Securities remain Outstanding, to the fullest extent
permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a
Debenture Event of Default specified in Section 5.1(1) or 5.1(2) of the Indenture, any Holder of
Preferred Capital Securities shall have the right to institute a proceeding directly against the
Depositor, pursuant to Section 5.8 of the Indenture, for enforcement of payment to such Holder of
the principal amount of or interest on Junior Subordinated Debentures having an aggregate principal
amount equal to the aggregate Liquidation Amount of the Preferred Capital Securities of such Holder
(a “Direct Action”). Except as set forth in Sections 5.13(b) and 5.13(c), the Holders of
Preferred Capital Securities shall have no right to exercise directly any right or remedy available
to the holders of, or in respect of, the Junior Subordinated Debentures.

ARTICLE VI

ACTS OF HOLDERS; MEETINGS; VOTING

     SECTION 6.1. Limitations on Holders’ Voting Rights.

     (a) Except as provided in this Trust Agreement and in the Indenture and as otherwise required
by law, no Holder of Preferred Capital Securities shall have any right to vote or in any manner
otherwise control the administration, operation and management of the Issuer Trust or the
obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of
the Trust Securities Certificates be construed so as to constitute the Holders from time to time as
members of an association.

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     (b) So long as any Junior Subordinated Debentures are held by the Property Trustee on behalf
of the Issuer Trust, the Property Trustee shall not (i) direct the time, method and place of
conducting any proceeding for
any remedy available to the Indenture Trustee, or execute any trust or power conferred on the
Property Trustee with respect to such Junior Subordinated Debentures, (ii) waive any past default
that may be waived under Section 5.13 of the Indenture, (iii) exercise any right to rescind or
annul a declaration that the principal of all the Junior Subordinated Debentures shall be due and
payable or (iv) consent to any amendment, modification or termination of the Indenture or the
Junior Subordinated Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of at least a Majority in Liquidation Amount of the
Preferred Capital Securities, provided, however, that where a consent under the Indenture would
require the consent of each holder of Junior Subordinated Debentures affected thereby, no such
consent shall be given by the Property Trustee without the prior written consent of each Holder of
Preferred Capital Securities. The Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of Preferred Capital Securities, except by a
subsequent vote of the Holders of Preferred Capital Securities. The Property Trustee shall notify
all Holders of the Preferred Capital Securities of any notice of default received with respect to
the Junior Subordinated Debentures. In addition to obtaining the foregoing approvals of the
Holders of the Preferred Capital Securities, prior to taking any of the foregoing actions,
the-Property Trustee shall, at the expense of the Depositor, obtain an Opinion of Counsel
experienced in such matters to the effect that such action will not cause the Issuer Trust to be
taxable other than as a grantor trust for United States Federal income tax purposes.

     (c) If any proposed amendment to the Trust Agreement provides for, or the Issuer Trust
otherwise proposes to effect, (i) any action that would adversely affect in any material respect
the interests, powers, preferences or special rights of the Preferred Capital Securities, whether
by way of amendment to the Trust Agreement or otherwise, or (ii) the dissolution, winding-up or
termination of the Issuer Trust, other than pursuant to the terms of this Trust Agreement, then the
Holders of Outstanding Trust Securities as a class will be entitled to vote on such amendment or
proposal and such amendment or proposal shall not be effective except with the approval of the
Holders of at least a Majority in Liquidation Amount of the Preferred Capital Securities.
Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement
may be made if, as a result of such amendment, it would cause the Issuer Trust to be taxable other
than as a grantor trust for United States Federal income tax purposes.

     SECTION 6.2. Notice of Meetings.

     Notice of all meetings of the Holders, stating the time, place and purpose of the meeting,
shall be given by the Property Trustee pursuant to Section 10.8 to each Holder of record, at his
registered address, at least 15 days and not more than 90 days before the meeting. At any such
meeting, any business properly before the meeting may be so considered whether or not stated in the
notice of the meeting. Any adjourned meeting may be held as adjourned without further notice.

     SECTION 6.3. Meetings of Holders.

     No annual meeting of Holders is required to be held. The Property Trustee, however, shall
call a meeting of Holders to vote on any matter upon the written request of the Holders of record
of 25% of the aggregate Liquidation Amount of the Preferred Capital Securities and the
Administrators or the Property Trustee may, at any time in their discretion, call a meeting of
Holders of Preferred Capital Securities to vote on any matters as to which Holders are entitled to
vote.

     Holders of at least a Majority in Liquidation Amount of the Preferred Capital Securities,
present in person or represented by proxy, shall constitute a quorum at any meeting of Holders of
the Preferred Capital Securities.

     If a quorum is present at a meeting, an affirmative vote by the Holders of record present, in
person or by proxy, holding Preferred Capital Securities representing at least a Majority in
Liquidation Amount of the Preferred Capital Securities held by the Holders present, either in
person or by proxy, at such meeting shall constitute the action of the Holders of Preferred Capital
Securities, unless this Trust Agreement requires a greater number of affirmative votes.

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     SECTION 6.4. Voting Rights.

     Holders shall be entitled to one vote for each $___of Liquidation Amount represented
by their Outstanding Trust Securities in respect of any matter as to which such Holders are
entitled to vote.

     SECTION 6.5. Proxies, etc.

     At any meeting of Holders, any Holder entitled to vote at such meeting may vote by proxy,
provided that no proxy shall be voted at any meeting unless it shall have been placed on file with
the Property Trustee, or with such other officer or agent of the Issuer Trust as the Property
Trustee may direct, for verification prior to the time at which such vote shall be taken. Pursuant
to a resolution of the Property Trustee, proxies may be solicited in the name of the Property
Trustee or one or more officers of the Property Trustee. Only Holders of record shall be entitled
to vote. When Trust Securities are held jointly by several persons, any one of them may vote at
any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them
shall be present at such meeting in person or by proxy, and such joint owners or their proxies so
present disagree as to any vote to be cast, such vote shall not be received in respect of such
Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed
valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall
rest on the challenger. No proxy shall be valid more than three years after its date of execution.

     SECTION 6.6. Holder Action by Written Consent.

     Any action that may be taken by Holders at a meeting may be taken without a meeting and
without prior notice if Holders holding at least a Majority in Liquidation Amount of all Trust
Securities entitled to vote in respect of such action (or such larger proportion thereof as shall
be required by any other provision of this Trust Agreement) shall consent to the action in writing.

     SECTION 6.7. Record Date for Voting and Other Purposes.

     For the purposes of determining the Holders who are entitled to notice of and to vote at any
meeting or by written consent, or to participate in any distribution on the Trust Securities in
respect of which a record date is not otherwise provided for in this Trust Agreement, or for the
purpose of any other action, the Administrators or Property Trustee may from time to time fix a
date, not more than 90 days prior to the date of any meeting of Holders or the payment of a
distribution or other action, as the case may be, as a record date for the determination of the
identity of the Holders of record for such purposes.

     SECTION 6.8. Acts of Holders.

     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Trust Agreement to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by an agent duly appointed in writing; and, except as otherwise expressly provided
herein, such action shall become effective when such instrument or instruments are delivered to the
Property Trustee. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as an “Act” of the Holders signing such
instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Trust Agreement and (subject to Section
8.1) conclusive in favor of the Issuer Trustees, if made in the manner provided in this Section.

     The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which any Issuer Trustee or Administrator receiving the same
deems sufficient.

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     The ownership of Trust Securities shall be proved by the Securities Register.

     Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Trust Security shall bind every future Holder of the same Trust Security and the
Holder of every Trust Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Issuer Trustees, the Administrators or the Issuer Trust in reliance thereon, whether or not
notation of such action is made upon such Trust Security.

     Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Trust Security may do so with regard to all or any part of the Liquidation
Amount of such Trust Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such Liquidation Amount.

     If any dispute shall arise among the Holders, the Administrators or the Issuer Trustees with
respect to the authenticity, validity or binding nature of any request, demand, authorization,
direction, consent, waiver or other Act of such Holder or Issuer Trustee under this Article VI,
then the determination of such matter by the Property Trustee shall be conclusive with respect to
such matter.

     SECTION 6.9. Inspection of Records.

     Upon reasonable notice to the Administrators and the Property Trustee, the records of the
Issuer Trust shall be open to inspection by Holders during normal business hours for any purpose
reasonably related to such Holder’s interest as a Holder.

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

     SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee.

     The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself,
hereby represents and warrants for the benefit of the Depositor and the Holders that:

     (a) The Property Trustee is a banking corporation with trust powers, duly organized, validly
existing and in good standing under the laws of the State of Delaware with the trust powers and
authority to execute and deliver, and to carry out and perform its obligations under the terms of
this Trust Agreement.

     (b) The execution, delivery and performance by the Property Trustee of this Trust Agreement
have been duly authorized by all necessary corporate action on the part of the Property Trustee;
and this Trust Agreement has been duly executed and delivered by the Property Trustee, and
constitutes a legal, valid and binding obligation of the Property Trustee, enforceable against it
in accordance with its terms, subject to applicable bankruptcy, reorganization, receivership,
conservatorship, moratorium, insolvency, and other similar laws affecting creditors’ rights
generally and to general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity or at law).

     (c) The execution, delivery and performance of this Trust Agreement by the Property Trustee do
not conflict with or constitute a breach of the certificate of incorporation or by-laws of the
Property Trustee.

     (d) At Time of Delivery, the Property Trustee has not knowingly created any Liens on the Trust
Securities.

     (e) No consent, approval or authorization of, or registration with or notice to, any state or
federal banking authority is required for the execution, delivery or performance by the Property
Trustee, of this Trust Agreement.

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     (f) The Delaware Trustee is duly organized, validly existing and in good standing under the
laws of the State of Delaware, with the trust powers and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Trust Agreement.

     (g) The execution, delivery and performance by the Delaware Trustee of this Trust Agreement
have been duly authorized by all necessary corporate action on the part of the Delaware Trustee;
and this Trust Agreement has been duly executed and delivered by the Delaware Trustee, and
constitutes a legal, valid and binding obligation of the Delaware Trustee, enforceable against it
in accordance with its terms, subject to applicable bankruptcy, reorganization, receivership,
conservatorship, moratorium, insolvency, and other similar laws affecting creditors’ right
generally and to general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity or at law).

     (h) The execution, delivery and performance of this Trust Agreement by the Delaware Trustee do
not conflict with or constitute a breach of the certificate of incorporation or by-laws of the
Delaware Trustee.

     (i) No consent, approval or authorization of, or registration with or notice to any state or
Federal banking authority is required for the execution, delivery or performance by the Delaware
Trustee, of this Trust Agreement.

     (j) The Delaware Trustee is an entity that has its principal place of business in the State of
Delaware.

     SECTION 7.2. Representations and Warranties of Depositor.

     The Depositor hereby represents and warrants for the benefit of the Holders that:

     (a) The Trust Securities Certificates issued at Time of Delivery on behalf of the Issuer Trust
have been duly authorized and will have been duly and validly executed, and, subject to payment
therefor, issued and delivered by the Issuer Trustees pursuant to the terms and provisions of, and
in accordance with the requirements of, this Trust Agreement, and the Holders will be, as of each
such date, entitled to the benefits of this Trust Agreement; and

     (b) There are no taxes, fees or other governmental charges payable by the Issuer Trust (or the
Issuer Trustees on behalf of the Issuer Trust) under the laws of the State of Delaware or any
political subdivision thereof in connection with the execution, delivery and performance by either
the Property Trustee or the Delaware Trustee, as the case may be, of this Trust Agreement.

ARTICLE VIII

THE ISSUER TRUSTEES; THE ADMINISTRATORS

     SECTION 8.1. Certain Duties and Responsibilities.

     (a) The duties and responsibilities of the Issuer Trustees and the Administrators shall be as
provided by this Trust Agreement and, in the case of the Property Trustee, by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Trust Agreement shall require the Issuer
Trustees or the Administrators to expend or risk their own funds or otherwise incur any financial
liability in the performance of any of their duties hereunder, or in the exercise of any of their
rights or powers, if they shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or
not herein expressly so provided, every provision of this Trust Agreement relating to the conduct
or affecting the liability of or affording protection to the Issuer Trustees or the Administrators
shall be subject to the provisions of this Section. Nothing in this Trust Agreement shall be
construed to release an Administrator or an Issuer Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct. To the extent that, at
law or in equity, an Issuer Trustee or Administrator has duties and liabilities relating to the
Issuer Trust or to the Holders, such Issuer Trustee or Administrator shall not be liable to the
Issuer Trust or to any Holder for such Issuer Trustee’s or Administrator’s good faith reliance on
the provisions of this Trust Agreement. The provisions of this Trust
Agreement, to the extent that they restrict the duties and liabilities of the Issuer Trustees
and Administrators otherwise existing at law or in equity, are agreed by the Depositor and the
Holders to replace such other duties and liabilities of the Issuer Trustees and Administrators.

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     (b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust Property and only to the
extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the
Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each
Holder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and
proceeds from the Trust Property to the extent legally available for distribution to it as herein
provided and that neither the Issuer Trustees nor the Administrators are personally liable to it
for any amount distributable in respect of any Trust Security or for any other liability in respect
of any Trust Security. This Section 8.1(b) does not limit the liability of the Issuer Trustees
expressly set forth elsewhere in this Trust Agreement or, in the case of the Property Trustee, in
the Trust Indenture Act.

     (c) The Property Trustee, before the occurrence of any Event of Default and after the curing
of all Events of Default that may have occurred, shall undertake to perform only such duties as are
specifically set forth in this Trust Agreement (including pursuant to Section 10.10), and no
implied covenants shall be read into this Trust Agreement against the Property Trustee. If an
Event of Default has occurred (that has not been cured or waived pursuant to Section 5.13 of the
Indenture), the Property Trustee shall enforce this Trust Agreement for the benefit of the Holders
and shall exercise such of the rights and powers vested in it by this Trust Agreement, and use the
same degree of care and skill in its exercise thereof, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs.

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

     (i) prior to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

     (A) the duties and obligations of the Property Trustee shall be determined
solely by the express provisions of this Trust Agreement (including pursuant to
Section 10.10), and the Property Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Trust Agreement (including pursuant to Section 10.10); and

     (B) in the absence of bad faith on the part of the Property Trustee, the
Property Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Property Trustee and conforming to the requirements of this Trust
Agreement; but in the case of any such certificates or opinions that by any
provision hereof or of the Trust Indenture Act are specifically required to be
furnished to the Property Trustee, the Property Trustee shall be under a duty to
examine the same to determine whether or not they conform to the requirements of
this Trust Agreement;

     (ii) the Property Trustee shall not be liable for any error of judgment made in good
faith by an authorized officer of the Property Trustee, unless it shall be proved that the
Property Trustee was negligent in ascertaining the pertinent facts;

     (iii) the Property Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
at least a Majority in Liquidation Amount of the Preferred Capital Securities relating to
the time, method and place of conducting any proceeding for any remedy available to the
Property Trustee, or exercising any trust or power conferred upon the Property Trustee under
this Trust Agreement;

     (iv) the Property Trustee’s sole duty with respect to the custody, safe keeping and
physical preservation of the Junior Subordinated Debentures and the Payment Account shall be
to deal with such property in a similar manner as the Property Trustee deals with similar
property for its own account, subject
to the protections and limitations on liability afforded to the Property Trustee under
this Trust Agreement and the Trust Indenture Act;

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     (v) the Property Trustee shall not be liable for any interest on any money received by
it except as it may otherwise agree with the Depositor; and money held by the Property
Trustee need not be segregated from other funds held by it except in relation to the Payment
Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent
otherwise required by law;

     (vi) the Property Trustee shall not be responsible for monitoring the compliance by the
Administrators or the Depositor with their respective duties under this Trust Agreement, nor
shall the Property Trustee be liable for the default or misconduct of any other Issuer
Trustee, the Administrators or the Depositor; and

     (vii) no provision of this Trust Agreement shall require the Property Trustee to expend
or risk its own funds or otherwise incur personal financial liability in the performance of
any of its duties or in the exercise of any of its rights or powers, if the Property Trustee
shall have reasonable grounds for believing that the repayment of such funds or liability is
not reasonably assured to it under the terms of this Trust Agreement or adequate indemnity
against such risk or liability is not reasonably assured to it.

     (e) The Administrators shall not be responsible for monitoring the compliance by the Issuer
Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall any
Administrator be liable for the default or misconduct of any other Administrator, the Issuer
Trustees or the Depositor.

     SECTION 8.2. Certain Notices.

     (a) Within thirty Business Days after the occurrence of any Event of Default actually known to
a Responsible Officer of the Property Trustee, the Property Trustee shall transmit, in the manner
and to the extent provided in Section 10.8, notice of such Event of Default to the Holders and the
Administrators, unless such Event of Default shall have been cured or waived.

     (b) Within five Business Days after the receipt of notice of the Depositor’s exercise of its
right to defer the payment of interest on the Junior Subordinated Debentures pursuant to the
Indenture, the Property Trustee shall transmit, in the manner and to the extent provided in Section
10.8, notice of such exercise to the Holders and the Administrators, unless such exercise shall
have been revoked.

     SECTION 8.3. Certain Rights of Property Trustee.

     Subject to the provisions of Section 8.1:

     (a) the Property Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written
representation of a Holder or transferee, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond,
debenture, note, other evidence of indebtedness or other paper or document (including e-mail,
facsimile or other electronic transmission) believed by it to be genuine and to have been signed or
presented by the proper party or parties (without being required to determine the correctness of
any fact stated therein);

     (b) any direction or act of the Depositor contemplated by this Trust Agreement shall be
sufficiently evidenced by an Officers’ Certificate;

     (c) the Property Trustee shall have no duty to see to any recording, filing or registration of
any instrument (including any financing or continuation statement or any filing under tax or
securities laws) or any re-recording, refiling or re-registration thereof;

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     (d) the Property Trustee may consult with counsel of its own choosing (which counsel may be
counsel to the Depositor or any of its Affiliates, and may include any of its employees) and the
advice of such counsel shall be full and complete authorization and protection in respect of any
action taken suffered or omitted by it hereunder in good faith and in reliance thereon and in
accordance with such advice; the Property Trustee shall have the right at any time to seek
instructions concerning the administration of this Trust Agreement from any court of competent
jurisdiction;

     (e) the Property Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Trust Agreement at the request or direction of any of the Holders pursuant to
this Trust Agreement, unless such Holders shall have offered to the Property Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction; provided that nothing contained in this Section
8.3(e) shall be taken to relieve the Property Trustee, upon the occurrence of an Event of Default,
of its obligation to exercise the rights and powers vested in it by this Trust Agreement;

     (f) the Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other
paper or document, unless requested in writing to do so by one or more Holders, but the Property
Trustee may make such further inquiry or investigation into such facts or matters as it may see
fit;

     (g) the Property Trustee may execute any of the trusts or powers hereunder or perform any of
its duties hereunder either directly or by or through its agents or attorneys, provided that the
Property Trustee shall not be responsible for any misconduct or negligence on the part of any agent
or attorney appointed with due care by it hereunder;

     (h) whenever in the administration of this Trust Agreement the Property Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right or taking any other
action hereunder, the Property Trustee (i) may request instructions from the Holders (which
instructions may only be given by the Holders of the same proportion in Liquidation Amount of the
Trust Securities as would be entitled to direct the Property Trustee under the terms of the Trust
Securities in respect of such remedy, right or action), (ii) may refrain from enforcing such remedy
or right or taking such other action until such instructions are received, and (iii) shall be fully
protected in acting in accordance with such instructions; and

     (i) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall
not be under any obligation to take any action that is discretionary under the provisions of this
Trust Agreement.

     No provision of this Trust Agreement shall be deemed to impose any duty or obligation on any
Issuer Trustee or Administrator to perform any act or acts or exercise any right, power, duty or
obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in
which the Property Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to any Issuer Trustee or Administrator shall be construed
to be a duty.

     SECTION 8.4. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Trust Securities Certificates shall be taken as the
statements of the Issuer Trust, and neither the Issuer Trustees nor the Administrators assume any
responsibility for their correctness. The Issuer Trustees and the Administrators shall not be
accountable for the use or application by the Depositor of the proceeds of the Junior Subordinated
Debentures.

     SECTION 8.5. May Hold Securities.

     The Depositor, the Administrators, any Issuer Trustee or any other agent of any Issuer Trustee
or the Issuer Trust, in its individual or any other capacity, may become the owner or pledgee of
Trust Securities and, subject to Sections 5.5(c), 8.8 and 8.13 and except as provided in the
definition of the term “Outstanding” in Article I, may
otherwise deal with the Issuer Trust with the same rights it would have if it were not the
Depositor, an Administrator, Issuer Trustee or such other agent.

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     SECTION 8.6. Compensation; Indemnity; Fees.

     The Depositor agrees:

     (a) to pay to the Issuer Trustees from time to time reasonable compensation for all services
rendered by them hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

     (b) to reimburse the Issuer Trustees upon request for all reasonable expenses, disbursements
and advances incurred or made by the Issuer Trustees in accordance with any provision of this Trust
Agreement (including the reasonable compensation, expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to their
negligence or willful misconduct; and

     (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each
Issuer Trustee, (ii) each Administrator, (iii) any Affiliate of any Issuer Trustee, (iv) any
officer, director, shareholder, employee, representative or agent of any Issuer Trustee, and (v)
any employee or agent of the Issuer Trust, (referred to herein as an “Indemnified Person”)
from and against any loss, damage, liability, tax, penalty, expense or claim of any kind or nature
whatsoever incurred by such Indemnified Person arising out of or in connection with the creation,
operation or dissolution of the Issuer Trust or any act or omission performed or omitted by such
Indemnified Person in good faith on behalf of the Issuer Trust and in a manner such Indemnified
Person reasonably believed to be within the scope of authority conferred on such Indemnified Person
by this Trust Agreement, except that no Indemnified Person shall be entitled to be indemnified in
respect of any loss, damage or claim incurred by such Indemnified Person by reason of negligence or
willful misconduct with respect to such acts or omissions.

     The provisions of this Section 8.6 shall survive the termination of this Trust Agreement and
the resignation or removal of the Indemnified Persons.

     The obligation of the Depositor under this Section 8.6 to compensate, reimburse and indemnify
the Issuer Trustees shall be secured by a Lien upon all Trust Property (except funds held in trust
for the benefit of Holders of particular Trust Securities), but only to the extent of the interest
of the Holder of the Common Securities therein.

     Notwithstanding any duty otherwise existing at law or in equity, (i) the Depositor, any
Administrator and any Issuer Trustee may engage in or possess an interest in other business
ventures of any nature or description, independently or with others, similar or dissimilar to the
business of the Issuer Trust, and the Issuer Trust and the Holders of Trust Securities shall have
no rights by virtue of this Trust Agreement in and to such independent ventures or the income or
profits derived therefrom, and the pursuit of any such venture, even if competitive with the
business of the Issuer Trust, shall not be deemed wrongful or improper, (ii) neither the Depositor,
any Administrator, nor any Issuer Trustee shall be obligated to present any particular investment
or other opportunity to the Issuer Trust even if such opportunity is of a character that, if
presented to the Issuer Trust, could be taken by the Issuer Trust, and the Depositor, any
Administrator or any Issuer Trustee shall have the right to take for its own account (individually
or as a partner or fiduciary) or to recommend to others any such particular investment or other
opportunity, and (iii) any Issuer Trustee may engage or be interested in any financial or other
transaction with the Depositor or any Affiliate of the Depositor, or may act as depository for,
trustee or agent for, or act on any committee or body of holders of, securities or other
obligations of the Depositor or its Affiliates.

     SECTION 8.7. Corporate Property Trustee Required; Eligibility of Trustees and Administrators.

     (a) There shall at all times be a Property Trustee hereunder with respect to the Trust
Securities. The Property Trustee shall be a Person that is a national or state chartered bank and
eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus
of at least $50,000,000. If any such Person publishes reports of condition at least annually,
pursuant to law or to the requirements of its supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Person shall be

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deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Property Trustee with respect to the Trust Securities
shall cease to be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article VIII. At the
time of appointment, the Property Trustee must have securities rated in one of the three highest
rating categories by a nationally recognized statistical rating organization.

     (b) There shall at all times be one or more Administrators hereunder. Each Administrator
shall be either a natural person who is at least 21 years of age or a legal entity that shall act
through one or more persons authorized to bind that entity. An employee, officer or Affiliate of
the Depositor may serve as an Administrator.

     (c) There shall at all times be a Delaware Trustee. The Delaware Trustee shall either be (i)
a natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a
legal entity with its principal place of business in the State of Delaware and that otherwise meets
the requirements of applicable Delaware law that shall act through one or more persons authorized
to bind such entity.

     SECTION 8.8. Conflicting Interests.

     (a) If the Property Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to
the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act
and this Trust Agreement.

     (b) The Guarantee and the Indenture shall be deemed to be sufficiently described in this Trust
Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.

     SECTION 8.9. Co-Trustees and Separate Trustee.

     Unless an Event of Default shall have occurred and be continuing, at any time or times, for
the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in
which any part of the Trust Property may at the time be located, the Property Trustee shall have
power to appoint, and upon the written request of the Property Trustee, the Depositor and the
Administrators shall for such purpose join with the Property Trustee in the execution, delivery,
and performance of all instruments and agreements necessary or proper to appoint, one or more
Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property
Trustee, of all or any part of such Trust Property, or to the extent required by law to act as
separate trustee of any such property, in either case with such powers as may be provided in the
instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any
property, title, right or power deemed necessary or desirable, subject to the other provisions of
this Section. Any co-trustee or separate trustee appointed pursuant to this Section shall either
be (i) a natural person who is at least 21 years of age and a resident of the United States or (ii)
a legal entity with its principal place of business in the United States that shall act through one
or more persons authorized to bind such entity.

     Should any written instrument from the Depositor be required by any co-trustee or separate
trustee so appointed for more fully confirming to such co-trustee or separate trustee such
property, title, right, or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Depositor.

     Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent
only, be appointed subject to the following terms, namely:

     (a) The Trust Securities shall be executed by one or more Administrators, and the Trust
Securities shall be authenticated and delivered by the Property Trustee and all rights, powers,
duties, and obligations hereunder in respect of the custody of securities, cash and other personal
property held by, or required to be deposited or pledged with, the Property Trustee specified
hereunder, shall be exercised, solely by the Property Trustee and not by such co-trustee or
separate trustee.

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     (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property
Trustee in respect of any property covered by such appointment shall be conferred or imposed upon
and exercised or
performed by the Property Trustee and such co-trustee or separate trustee jointly, as shall be
provided in the instrument appointing such co-trustee or separate trustee, except to the extent
that under any law of any jurisdiction in which any particular act is to be performed, the Property
Trustee shall be incompetent or unqualified to perform such act, in which event such rights,
powers, duties and obligations shall be exercised and performed by such co-trustee or separate
trustee.

     (c) The Property Trustee at any time, by an instrument in writing executed by it, with the
written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or
separate trustee appointed under this Section, and, in case a Debenture Event of Default has
occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or
remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the
written request of the Property Trustee, the Depositor shall join with the Property Trustee in the
execution, delivery and performance of all instruments and agreements necessary or proper to
effectuate such resignation or removal. A successor to any co-trustee or separate trustee so
resigned or removed may be appointed in the manner provided in this Section 8.9.

     (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any
act or omission of the Property Trustee or any other trustee hereunder.

     (e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate
trustee.

     (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee.

     SECTION 8.10. Resignation and Removal; Appointment of Successor.

     No resignation or removal of any Issuer Trustee (the “Relevant Trustee”) and no
appointment of a successor trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor trustee in accordance with the applicable requirements
of Section 8.11.

     Subject to the immediately preceding paragraph, a Relevant Trustee may resign at any time by
giving written notice thereof to the Holders. The Holder of the Common Securities shall appoint a
successor by requesting from at least three Persons meeting the eligibility requirements such
Persons’ expenses and charges to serve as the successor trustee on a form provided by the
Administrators, and selecting the Person who agrees to the lowest expenses and charges. If the
instrument of acceptance by the successor trustee required by Section 8.11 shall not have been
delivered to the Relevant Trustee within 30 days after the giving of such notice of resignation,
the Relevant Trustee may petition, at the expense of the Issuer Trust, any court of the State of
Delaware for the appointment of a successor Relevant Trustee.

     The Property Trustee or the Delaware Trustee may be removed at any time (i) for cause
(including upon the occurrence of an Event of Default described in subparagraph (5) of the
definition thereof with respect to the Relevant Trustee) by the Holder of the Common Securities, or
(ii) if a Debenture Event of Default shall have occurred and be continuing at any time, by Act of
the Holders of at least a Majority in Liquidation Amount of the Preferred Capital Securities,
delivered to the Relevant Trustee (in its individual capacity and on behalf of the Issuer Trust).

     If a Relevant Trustee shall be removed or become incapable of acting as Issuer Trustee, or if
any vacancy shall occur in the office of any Issuer Trustee for any cause, the Holder of the Common
Securities shall promptly appoint a successor Relevant Trustee or Trustees, and such successor
Issuer Trustee shall comply with the applicable requirements of Section 8.11, provided, however, if
a Debenture Event of Default shall have occurred and be continuing at such time, the Holders of the
Preferred Capital Securities, by Act of the Holders of record of not less than 25% in aggregate
Liquidation Amount of the Preferred Capital Securities then Outstanding delivered to such Relevant
Trustee, shall appoint such successor trustee. If no successor trustee shall have been so
appointed by the Holder of the Common Securities or the Holders of the Preferred Capital
Securities, as applicable, or shall not have accepted appointment in the manner required by Section
8.11 hereof, any Holder, on behalf of himself and all others
similarly situated, or any other Issuer Trustee, may petition any court in the State of
Delaware for the appointment of a successor trustee.

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     The Property Trustee shall give notice of each resignation and each removal of a Relevant
Trustee and each appointment of a successor trustee to all Holders in the manner provided in
Section 10.8 and shall give notice to the Depositor and to the Administrators. Each notice shall
include the name of the Relevant Trustee and the address of its Corporate Trust Office if it is the
Property Trustee.

     Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any
Delaware Trustee who is a natural person dies or becomes, in the opinion of the Holder of the
Common Securities, incompetent or incapacitated, the vacancy created by such death, incompetence or
incapacity may be filled by the Property Trustee following the procedures regarding expenses and
charges set forth above (with the successor in each case being a Person who satisfies the
eligibility requirements for the Delaware Trustee, as the case may be, set forth in Section 8.7).

     SECTION 8.11. Acceptance of Appointment by Successor.

     In case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant
Trustee and each such successor Relevant Trustee (if requested by the Depositor) with respect to
the Trust Securities shall execute, acknowledge and deliver an amendment hereto wherein each
successor Relevant Trustee shall accept such appointment and which (a) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Relevant Trustee all the rights, powers, trusts and duties of the retiring Relevant
Trustee with respect to the Trust Securities and the Issuer Trust, and (b) shall add to or change
any of the provisions of this Trust Agreement as shall be necessary to provide for or facilitate
the administration of the Issuer Trust by more than one Relevant Trustee, it being understood that
nothing herein or in such amendment shall constitute such Relevant Trustee a co-trustee, and upon
the execution and delivery of such amendment, the resignation or removal of the retiring Relevant
Trustee shall become effective to the extent provided therein and each such successor Relevant
Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Relevant Trustee; but, on request of the Issuer Trust or
any successor Relevant Trustee such retiring Relevant Trustee shall duly assign, transfer and
deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held
by such retiring Relevant Trustee hereunder with respect to the Trust Securities and the Issuer
Trust.

     Upon request of any such successor Relevant Trustee, the Issuer Trust shall execute any and
all instruments for more fully and certainly vesting in and confirming to such successor Relevant
Trustee all such rights, powers and trusts referred to in the preceding paragraph.

     No successor Relevant Trustee shall accept its appointment unless at the time of such
acceptance such successor Relevant Trustee shall be qualified and eligible under this Article VIII.

     SECTION 8.12. Merger, Conversion, Consolidation or Succession to Business.

     Any Person into which the Property Trustee or the Delaware Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which such Relevant Trustee shall be a party, or any Person succeeding to all or
substantially all the corporate trust business of such Relevant Trustee, shall be the successor of
such Relevant Trustee hereunder, provided that such Person shall be otherwise qualified and
eligible under this Article VIII, without the execution or filing of any paper or any further act
on the part of any of the parties hereto.

     SECTION 8.13. Preferential Collection of Claims Against Depositor or Issuer Trust.

     If and when the Property Trustee shall be or become a creditor of the Depositor (or any other
obligor upon the Trust Securities), the Property Trustee shall be subject to the provisions of the
Trust Indenture Act regarding the collection of claims against the Depositor (or any such other
obligor) only if this Trust Agreement is subject to the Trust Indenture Act.

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     SECTION 8.14. Trustee May File Proofs of Claim.

     In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other similar judicial proceeding relative to the Issuer Trust or any
other obligor upon the Trust Securities or the property of the Issuer Trust or of such other
obligor, the Property Trustee (irrespective of whether any Distributions on the Trust Securities
shall then be due and payable and irrespective of whether the Property Trustee shall have made any
demand on the Issuer Trust for the payment of any past due Distributions) shall be entitled and
empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of any Distributions owing and unpaid in
respect of the Trust Securities and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Property Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Property Trustee any
amount due it for the reasonable compensation, expenses, disbursements and advances of the Property
Trustee, its agents and counsel, and any other amounts due the Property Trustee.

     Nothing contained herein shall be deemed to authorize the Property Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to
authorize the Property Trustee to vote in respect of the claim of any Holder in any such
proceeding.

     SECTION 8.15. Reports by Property Trustee.

     (a) Not later than January 31 of each year commencing with January 31, 20___the Property
Trustee shall transmit to all Holders in accordance with Section 10.8, and to the Depositor, a
brief report dated as of the immediately preceding December 31 with respect to:

     (i) its eligibility under Section 8.7 or, in lieu thereof, if to the best of its
knowledge it has continued to be eligible under said Section, a written statement to such
effect; and

     (ii) any change in the property and funds in its possession as Property Trustee since
the date of its last report and any action taken by the Property Trustee in the performance
of its duties hereunder which it has not previously reported and which in its opinion
materially affects the Trust Securities.

     (b) In addition the Property Trustee shall transmit to Holders such reports concerning the
Property Trustee and its actions under this Trust Agreement as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto.

     (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Property Trustee with the Depositor.

     SECTION 8.16. Reports to the Property Trustee.

     The Depositor and the Administrators on behalf of the Issuer Trust shall provide to the
Property Trustee such documents, reports and information as required or specified by Section 314 of
the Trust Indenture Act (if any and to the extent applicable) and the compliance certificate
required or specified by Section 314(a) of the Trust Indenture Act in the form, in the manner and
at the times set forth in Section 314 of the Trust Indenture Act. The Depositor and the
Administrators shall annually file with the Property Trustee a certificate specifying whether such
Person is in compliance with all the terms and covenants applicable to such Person hereunder.

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     SECTION 8.17. Evidence of Compliance with Conditions Precedent.

     Each of the Depositor and the Administrators on behalf of the Issuer Trust shall provide to
the Property Trustee such evidence of compliance with any conditions precedent, if any, provided
for in this Trust Agreement that relate to any of the matters set forth in Section 314(c) of the
Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to
Section 314(c)(1) of the Trust Indenture Act shall be given in the form of an Officers’
Certificate.

     SECTION 8.18. Number of Issuer Trustees.

     (a) The number of Issuer Trustees shall be two; provided, however, the Property Trustee and
the Delaware Trustee may be the same Person, in which case, the number of Issuer Trustees may be
one.

     (b) If an Issuer Trustee ceases to hold office for any reason, a vacancy shall occur. The
vacancy shall be filled with an Issuer Trustee appointed in accordance with Section 8.10.

     (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to
perform the duties of an Issuer Trustee shall not operate to dissolve, terminate or annul the
Issuer Trust or terminate this Trust Agreement.

     SECTION 8.19. Delegation of Power.

     (a) Any Administrator may, by power of attorney consistent with applicable law, delegate to
any other natural person over the age of 21 his or her power for the purpose of executing any
documents contemplated in Section 2.8(a) or making any governmental filing; and

     (b) The Administrators shall have power to delegate from time to time to such of their number
the doing of such things and the execution of such instruments either in the name of the Issuer
Trust or the names of the Administrators or otherwise as the Administrators may deem expedient, to
the extent such delegation is not prohibited by applicable law or contrary to the provisions of
this Trust Agreement.

     SECTION 8.20. Appointment of Administrators.

     (a) The Administrators shall be appointed by the Holder of the Common Securities and may be
removed by the Holder of the Common Securities or may resign at any time. Upon any resignation or
removal, the Holder of the Common Securities shall appoint a successor Administrator. Each
Administrator shall execute this Trust Agreement thereby agreeing to comply with, and be legally
bound by, all of the terms, conditions and provisions of this Trust Agreement. If at any time
there is no Administrator, the Property Trustee or any Holder who has been a Holder of Trust
Securities for at least six months may petition any court of competent jurisdiction for the
appointment of one or more Administrators.

     (b) Whenever a vacancy in the number of Administrators shall occur, until such vacancy is
filled by the appointment of an Administrator in accordance with this Section 8.20, the
Administrators in office, regardless of their number (and notwithstanding any other provision of
this Agreement), shall have all the powers granted to the Administrators and shall discharge all
the duties imposed upon the Administrators by this Trust Agreement.

     (c) Notwithstanding the foregoing, or any other provision of this Trust Agreement, in the
event any Administrator who is a natural person dies or becomes, in the opinion of the Holder of
the Common Securities, incompetent, or incapacitated, the vacancy created by such death,
incompetence or incapacity may be filled by the Holder of the Common Securities (with the successor
being a Person who satisfies the eligibility requirement for Administrators, as the case may be,
set forth in Section 8.7).

     Except as otherwise provided in this Trust Agreement, or by applicable law, any one
Administrator may execute any document or otherwise take any action that the Administrators are
authorized to take under this Trust Agreement.

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ARTICLE IX

DISSOLUTION, LIQUIDATION AND MERGER

     SECTION 9.1. Dissolution Upon Expiration Date.

     Unless earlier dissolved, the Issuer Trust shall automatically dissolve on [Date 45 years from
first distribution date, 20___] (the “Expiration Date”), and thereafter the Trust
Property shall be distributed in accordance with Section 9.4.

     SECTION 9.2. Early Dissolution.

     The first to occur of any of the following events is an “Early Termination Even,” upon
the occurrence of which the Issuer Trust shall dissolve:

     (a) the occurrence of the appointment of a receiver or other similar official in any
liquidation, insolvency or similar proceeding with respect to the Depositor or all or substantially
all of its property, or entry by a court or other governmental agency of a decree or order and such
decree or order shall remain unstayed and undischarged for a period of 60 days, unless the
Depositor shall transfer the Common Securities as provided by Section 5.11, in which case this
provision shall refer instead to any such successor Holder of the Common Securities;

     (b) the written direction to the Property Trustee from the Holder of the Common Securities at
any time to dissolve the Issuer Trust and, after paying or making reasonable provision to pay all
charges and obligations of the Issuer Trust in accordance with Section 3808(e) of the Delaware
Statutory Trust Act, to distribute the Junior Subordinated Debentures to Holders in exchange for
the Trust Securities (which direction, subject to Section 9.4(a), is optional and wholly within the
discretion of the Holder of the Common Securities);

     (c) the repayment of all of the Preferred Capital Securities in connection with the repayment
at maturity or redemption of all the Junior Subordinated Debentures, including, without limitation,
a redemption of the Junior Subordinated Debentures upon a Special Event; and

     (d) the entry of an order for dissolution of the Issuer Trust by a court of competent
jurisdiction.

     SECTION 9.3. Termination.

     As soon as is practicable after the occurrence of an event referred to in Section 9.1 or 9.2,
and upon the completion of the winding-up and liquidation of the Issuer Trust, the Administrators
and the Issuer Trustees (each of whom is hereby authorized to take such action) shall file a
certificate of cancellation with the Secretary of State of the State of Delaware terminating the
Issuer Trust and, upon such filing, the respective obligations and responsibilities of the Issuer
Trustees, the Administrators and the Issuer Trust created and continued hereby shall terminate.

     SECTION 9.4. Liquidation.

     (a) If an Early Termination Event specified in clause (a), (b) or (d) of Section 9.2 occurs or
upon the Expiration Date, the Issuer Trust shall be wound-up and liquidated by the Property Trustee
as expeditiously as the Property Trustee determines to be possible by distributing, after paying or
making reasonable provision to pay all claims and obligations of the Issuer Trust in accordance
with Section 3808(e) of the Delaware Statutory Trust Act, to each Holder a Like Amount of Junior
Subordinated Debentures, subject to Section 9.4(d). Notice of liquidation shall be given by the
Property Trustee by first-class mail, postage prepaid, mailed not later than 15 nor more than 45
days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address
appearing in the Securities Register. All notices of liquidation shall:

     (i) state the Liquidation Date;

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     (ii) state that, from and after the Liquidation Date, the Trust Securities will no
longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for
exchange will be deemed to represent a Like Amount of Junior Subordinated Debentures; and

     (iii) provide such information with respect to the mechanics by which Holders may
exchange Trust Securities Certificates for Junior Subordinated Debentures, or if Section
9.4(d) applies receive a Liquidation Distribution, as the Administrators or the Property
Trustee shall deem appropriate.

     (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the
Issuer Trust and distribution of the Junior Subordinated Debentures to Holders, the Property
Trustee shall establish a record date for such distribution (which shall be not more than 30 days
prior to the Liquidation Date) and, either itself acting as exchange agent or through the
appointment of a separate exchange agent, shall establish such procedures as it shall deem
appropriate to effect the distribution of Junior Subordinated Debentures in exchange for the
Outstanding Trust Securities Certificates.

     (c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust
Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency for the Preferred
Capital Securities or its nominee, as the registered Holder of the Global Preferred Capital
Securities Certificates, shall receive a registered global certificate or certificates representing
the Junior Subordinated Debentures to be delivered upon such distribution with respect to Preferred
Capital Securities held by the Clearing Agency or its nominee, and (iii) any Trust Securities
Certificates not held by the Clearing Agency for the Preferred Capital Securities or its nominee as
specified in clause (ii) above will be deemed to represent Junior Subordinated Debentures having a
principal amount equal to the stated Liquidation Amount of the Trust Securities represented thereby
and bearing accrued and unpaid interest in an amount equal to the accumulated and unpaid
Distributions on such Trust Securities until such certificates are presented to the Securities
Registrar for transfer or reissuance.

     (d) If, notwithstanding the other provisions of this Section 9.4, whether because of an order
for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the
Junior Subordinated Debentures is not practical, or if any Early Termination Event specified in
clause (c) of Section 9.2 occurs, the Issuer Trust shall be dissolved, and the Trust Property shall
be liquidated, by the Property Trustee in such manner as the Property Trustee determines. In such
event, on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out
of the assets of the Issuer Trust available for distribution to Holders, after paying or making
reasonable provision to pay all claims and obligations of the Issuer Trust in accordance with
Section 3808(e) of the Delaware Statutory Trust Act, an amount equal to the aggregate of
Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date
of payment (such amount being the “Liquidation Distribution”). If, upon any such
dissolution, the Liquidation Distribution can be paid only in part because the Issuer Trust has
insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject
to the next succeeding sentence, the amounts payable by the Issuer Trust on the Trust Securities
shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common
Securities will be entitled to receive Liquidation Distributions upon any such dissolution, pro
rata (determined as aforesaid) with Holders of Preferred Capital Securities, except that, if a
Debenture Event of Default in Sections 5.1(1) or 5.1(2) of the Indenture has occurred and is
continuing, the Preferred Capital Securities shall have a priority over the Common Securities as
provided in Section 4.3.

     SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of the Issuer Trust.

     The Issuer Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an entirety to, any entity,
except pursuant to this Section 9.5 or Section 9.4. At the request of the Holder of the Common
Securities, and with the consent of the Holders of at least a Majority in Liquidation Amount of the
Preferred Capital Securities, but without the consent of the Issuer Trustees, the Issuer Trust may
merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its
properties and assets substantially as an entirety to a trust organized as such under the laws of
any state; provided that (i) such successor entity either (a) expressly assumes all of the
obligations of the Issuer Trust with respect to the Preferred Capital Securities or (b) substitutes
for the Preferred Capital Securities other securities having substantially the same terms as the
Preferred Capital Securities (the “Successor Preferred Capital Securities”) so long as the
Successor Preferred Capital Securities have the same priority as the Preferred Capital Securities
with

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respect to distributions and payments upon liquidation, redemption and otherwise, (ii) a
trustee of such successor entity possessing the same powers and duties as the Property Trustee is
appointed to hold the Junior Subordinated Debentures, (iii) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not cause the Preferred Capital
Securities (including any Successor Preferred Capital Securities) to be downgraded by any
nationally recognized statistical rating organization, if such Preferred Capital Securities have
been rated by such nationally recognized statistical rating organization, (iv) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect
the rights, preferences and privileges of the holders of the Preferred Capital Securities
(including any Successor Preferred Capital Securities) in any material respect, (v) such successor
entity has a purpose substantially identical to that of the Issuer Trust, (vi) prior to such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Issuer Trust
has received an Opinion of Counsel from a firm experienced in such matters to the effect that (a)
such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights preferences and privileges of the holders of the Preferred Capital
Securities (including any Successor Preferred Capital Securities) in any material respect, and (b)
following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease,
neither the Issuer Trust nor such successor entity will be required to register as an “investment
company” under the Investment Company Act and (vii) the Depositor or any permitted transferee to
whom it has transferred the Common Securities hereunder owns all of the common securities of such
successor entity and guarantees the obligations of such successor entity under the Preferred
Capital Securities or Successor Preferred Capital Securities at least to the extent provided by the
Guarantee. Notwithstanding the foregoing, the Issuer Trust shall not, except with the consent of
Holders of 100% in Liquidation Amount of the Preferred Capital Securities, consolidate, amalgamate,
merge with or into, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to, any other entity or permit any other entity to consolidate,
amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger,
replacement, conveyance, transfer or lease would cause the Issuer Trust or the successor entity to
be taxable other than as a grantor trust for United States Federal income tax purposes.

ARTICLE X

MISCELLANEOUS PROVISIONS

     SECTION 10.1. Limitation of Rights of Holders.

     Except as set forth in Section 9.2, the bankruptcy, dissolution, termination, death or
incapacity of any Person having an interest, beneficial or otherwise, in Trust Securities shall not
operate to terminate this Trust Agreement, nor dissolve the Trust, nor entitle the legal or
personal representatives or heirs of such Person or any Holder for such Person, to claim an
accounting, take any action or bring any proceeding in any court for a partition or winding-up of
the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities
of the parties hereto or any of them. Any merger or similar agreement shall be executed by the
Administrators on behalf of the Issuer Trust.

     SECTION 10.2. Amendment.

     (a) This Trust Agreement may be amended from time to time by the Holder of the Common
Securities, without the consent of any Holder of the Preferred Capital Securities, the
Administrators or the Issuer Trustees (i) to cure any ambiguity, correct or supplement any
provision herein which may be inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Trust Agreement, provided,
however, such amendment shall not adversely affect in any material respect the interests of any
Holder or (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such extent
as shall be necessary to ensure that the Issuer Trust will not be taxable other than as a grantor
trust for United States Federal income tax purposes at any time that any Trust Securities are
Outstanding or to ensure that the Issuer Trust will not be required to register as an investment
company under the Investment Company Act.

     (b) Except as provided in Section 10.2(c) hereof, any provision of this Trust Agreement may be
amended by the Holder of the Common Securities with (i) the consent of Holders of at least a
Majority in Liquidation Amount of the Preferred Capital Securities and (ii) receipt by the Issuer
Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power
granted to the Issuer Trustees in accordance
with such amendment will not affect the Issuer Trust’s being taxable as a grantor trust for
United States Federal income tax purposes or the Issuer Trust’s exemption from status of an
“investment company” under the Investment Company Act.

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     (c) In addition to and notwithstanding any other provision in this Trust Agreement, without
the consent of each affected Holder, this Trust Agreement may not be amended to (i) change the
amount or timing of any Distribution on the Trust Securities or otherwise adversely affect the
amount of any Distribution required to be made in respect of the Trust Securities as of a specified
date or (ii) restrict the right of a Holder to institute suit for the enforcement of any such
payment on or after such date.

     (d) Notwithstanding any other provisions of this Trust Agreement, neither the Depositor nor a Holder shall instruct an Issuer Trustee to
enter into or consent to any amendment to this Trust Agreement which would cause the Issuer Trust
to fail or cease to qualify for the exemption from status as an “investment company” under the
Investment Company Act or be taxable other than as a grantor trust for United States Federal income
tax purposes.

     (e) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of
the Depositor and the Administrators, this Trust Agreement may not be amended in a manner that
imposes any additional obligation on the Depositor or the Administrators.

     (f) In the event that any amendment to this Trust Agreement is made, the Administrators or the
Property Trustee shall promptly provide to the Depositor a copy of such amendment.

     (g) No amendment to this Trust Agreement may be adopted that adversely affects the Property
Trustee’s or the Delaware Trustee’s rights, duties or immunities under this Trust Agreement, except
with the consent of such Property Trustee or Delaware Trustee. The Property Trustee shall be
entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment
to this Trust Agreement is in compliance with this Trust Agreement.

     (h) Any amendments to this Trust Agreement made pursuant to Section 10.2(a) shall become
effective when notice of such amendment is given to the Holders of the Trust Securities.

     SECTION 10.3. Separability.

     In case any provision in this Trust Agreement or in the Trust Securities Certificates shall be
determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

     SECTION 10.4. Governing Law.

     THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE ISSUER TRUST,
THE DEPOSITOR, THE ISSUER TRUSTEES AND THE ADMINISTRATORS SHALL BE GOVERNED BY AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY
SUCH LAWS WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS OF THE STATE OF DELAWARE OR ANY
OTHER JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN
THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT THERE SHALL NOT BE APPLICABLE TO THE HOLDERS, THE
ISSUER TRUST, THE DEPOSITOR, THE ISSUER TRUSTEES, THE ADMINISTRATORS OR THIS TRUST AGREEMENT ANY
PROVISION OF THE LAWS (STATUTORY OR COMMON) OF THE STATE OF DELAWARE PERTAINING TO TRUSTS OTHER
THAN THE DELAWARE STATUTORY TRUST ACT THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH THE
TERMS HEREOF (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR
SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES,
OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER
GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF

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REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR
EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F)
RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS
OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF HOLDING OR INVESTING TRUST
ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON
THE ACTS OR POWERS OF TRUSTEES THAT ARE INCONSISTENT WITH THE LIMITATIONS OR LIABILITIES OR
AUTHORITIES AND POWERS OF THE ISSUER TRUSTEES OR THE ADMINISTRATOR AS SET FORTH OR REFERENCED IN
THIS TRUST AGREEMENT. SECTION 3540 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE ISSUER
TRUST.

     SECTION 10.5. Payments Due on Non-Business Day.

     If the date fixed for any payment on any Trust Security shall be a day that is not a Business
Day, then such payment need not be made on such date but may be made on the next succeeding day
that is a Business Day except that, if such Business Day is in the next succeeding calendar year,
such payment shall be made on the immediately preceding Business Day, in each case, with the same
force and effect as though made on the date fixed for such payment, and no Distributions or
interest shall accumulate on such unpaid amount for the period after such date.

     SECTION 10.6. Successors.

     This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to
the Depositor, the Issuer Trust, the Administrators and any Issuer Trustee, including any successor
by operation of law. Except in connection with a consolidation, merger or sale involving the
Depositor that is permitted under Article VIII of the Indenture and pursuant to which the assignee
agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not assign
its obligations hereunder.

     SECTION 10.7. Headings.

     The Article and Section headings are for convenience only and shall not affect the
construction of this Trust Agreement.

     SECTION 10.8. Reports, Notices and Demands.

     Any report, notice, demand or other communication that by any provision of this Trust
Agreement is required or permitted to be given or served to or upon any Holder or the Depositor may
be given or served in writing by deposit thereof, first class postage prepaid, in the United States
mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Holder
of Preferred Capital Securities, to such Holder as such Holder’s name and address may appear on the
Securities Register; and (b) in the case of the Holder of Common Securities or the Depositor, to
Seacoast Banking Corporation of Florida, Attention: ___, facsimile
no.: (___) ___-___or to such other address as may be specified in a written notice by
the Depositor to the Property Trustee. Such notice, demand or other communication to or upon a
Holder shall be deemed to have been sufficiently given or made, for all purposes, upon hand
delivery, mailing or transmission. Such notice, demand or other communication to or upon the
Depositor shall be deemed to have been sufficiently given or made only upon actual receipt of the
writing by the Depositor.

     Any notice, demand or other communication which by any provision of this Trust Agreement is
required or permitted to be given or served to or upon the Issuer Trust, the Property Trustee, the
Delaware Trustee, the Administrators, or the Issuer Trust shall be given in writing addressed
(until another address is published by the Issuer Trust) as follows: (a) with respect to the
Property Trustee to Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware
19890-0001, Attention: Corporate Trust Administration; (b) with respect to the Delaware Trustee to
1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Administration; and (c) with respect to the Administrators, to them at the address above for
notices to the Depositor, marked “Attention: SBCF Capital Trust [ ] Administrators.” Such
notice, demand or other communication to or
upon the Issuer Trust or the Property Trustee shall be deemed to have been sufficiently given
or made only upon actual receipt of the writing by the Issuer Trust, the Property Trustee, or such
Administrator.

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     SECTION 10.9. Agreement Not to Petition.

     Each of the Issuer Trustees, the Administrators and the Depositor agree for the benefit of the
Holders that, until at least one year and one day after the Issuer Trust has been terminated in
accordance with Article IX, they shall not file, or join in the filing of, a petition against the
Issuer Trust under any bankruptcy, insolvency, reorganization or other similar law (including,
without limitation, the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or
otherwise join in the commencement of any proceeding against the Issuer Trust under any Bankruptcy
Law. In the event the Depositor takes action in violation of this Section 10.9, the Property
Trustee agrees, for the benefit of Holders, that at the expense of the Depositor, it shall file an
answer with the bankruptcy court or other court or otherwise properly contest the filing of such
petition by the Depositor against the Issuer Trust or the commencement of such action and raise the
defense that the Depositor has agreed in writing not to take such action and should be estopped and
precluded therefrom and such other defenses, if any, as counsel for the Issuer Trustee or the
Issuer Trust may assert. If any Issuer Trustee or Administrator takes action in violation of this
Section 10.9, the Depositor agrees, for the benefit of the Holders, that at the expense of the
Depositor, it shall file an answer with the bankruptcy court or otherwise properly contest the
filing of such petition by such Person against the Depositor or the commencement of such action and
raise the defense that such Person has agreed in writing not to take such action and should be
estopped and precluded therefrom and such other defenses, if any, as counsel for the Issuer Trustee
or the Issuer Trust may assert. The provisions of this Section 10.9 shall survive the termination
of this Trust Agreement.

     SECTION 10.10. Trust Indenture Act; Conflict with Trust Indenture Act.

     (a) Trust Indenture Act; Application. (i) This Trust Agreement is subject to the provisions
of the Trust Indenture Act that are required to be a part of this Trust Agreement and shall, to the
extent applicable, be governed by such provisions; (ii) if and to the extent that any provision of
this Trust Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control; (iii) for purposes of
this Trust Agreement, the Property Trustee, to the extent permitted by applicable law and/or the
rules and regulations of the Commission, shall be the only Issuer Trustee which is a trustee for
the purposes of the Trust Indenture Act; and (iv) the application of the Trust Indenture Act to
this Trust Agreement shall not affect the nature of the Preferred Capital Securities and the Common
Securities as equity securities representing undivided beneficial interests in the assets of the
Issuer Trust.

     (b) Lists of Holders of Preferred Capital Securities. (i) Each of the Depositor and the
Administrators on behalf of the Trust shall provide the Property Trustee with such information as
is required under Section 312(a) of the Trust Indenture Act at the times and in the manner provided
in Section 312(a) and (ii) the Property Trustee shall comply with its obligations under Sections
310(b), 311 and 312(b) of the Trust Indenture Act.

     (c) Reports by the Property Trustee. Within 60 days after January 31 of each year commencing
January 31, 20___, the Property Trustee shall provide to the Holders of the Trust Securities such
reports as are required by Section 313 of the Trust Indenture Act, if any, in the form, in the
manner and at the times provided by Section 313 of the Trust Indenture Act. The Property Trustee
shall also comply with the requirements of Section 313(d) of the Trust Indenture Act.

     (d) Periodic Reports to Property Trustee. Each of the Depositor and the Administrators on
behalf of the Issuer Trust shall provide to the Property Trustee, the Commission and the Holders of
the Trust Securities, as applicable, such documents, reports and information as may be required by
Section 315(a)(1)-(3) (if any) of the Trust Indenture Act and the compliance certificates required
by Section 314(a)(4) and (c) of the Trust Indenture Act (provided that any certificate to be
provided pursuant to Section 314(a)(4) of the Trust Indenture Act shall be provided within 120 days
of the end of each fiscal year of the Issuer Trust).

     (e) Evidence of Compliance with Conditions Precedent. Each of the Depositor and the
Administrators on behalf of the Issuer Trust shall provide to the Property Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Trust Agreement which relate
to any of the matters set forth in
Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given
pursuant to Section 314(c) shall comply with Section 314(e) of the Trust Indenture Act.

42

 

     (f) Disclosure Information. The disclosure of information as to the names and addresses of
the Holders of Trust Securities in accordance with Section 312 of the Trust Indenture Act,
regardless of the source from which such information was derived, shall not be deemed to be a
violation of any existing law or any law hereafter enacted which does not specifically refer to
Section 312 of the Trust Indenture Act, nor shall the Property Trustee be held accountable by
reason of mailing any material pursuant to a request made under Section 312(b) of the Trust
Indenture Act.

     SECTION 10.11. Acceptance of Terms of Trust Agreement, Guarantee and Indenture.

     THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A
HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL
CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST
IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT, THE GUARANTEE THE
INDENTURE, AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE
INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE ISSUER TRUST, SUCH HOLDER AND SUCH OTHERS THAT
THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS
BETWEEN THE ISSUER TRUST AND SUCH HOLDER AND SUCH OTHERS.

     SECTION 10.12. Force Majeure

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

* * * *

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

[Signatures on Next Page]

43

 

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed,
all as of the day and year first above written.

	 	 	 	 	 
	 	SEACOAST BANKING CORPORATION OF FLORIDA, as Depositor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

as Property Trustee, and not in its individual

capacity

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

as Delaware Trustee, and not in its individual

capacity

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

44

 

EXHIBIT A

CERTIFICATE OF TRUST

OF

SBCF CAPITAL TRUST [ ]

A-1

 

EXHIBIT B

FORM OF COMMON SECURITIES CERTIFICATE

B-1

 

EXHIBIT C

FORM OF PREFERRED CAPITAL SECURITIES CERTIFICATE

C-1

 

EXHIBIT D

TERMS OF DISTRIBUTION

D-1

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