Document:

MSwiftPersonalStatement_12114Exhibit101

EXHIBIT 10.1

CONTRACT OF EMPLOYMENT

PERSONAL STATEMENT OF TERMS AND CONDITIONS OF EMPLOYMENT 
OF DIRECTORS
		
	EMPLOYER: 
	McCormick (UK) Limited (“the Company”)

EMPLOYEE: Malcolm Swift    
DATE:     1 December 2014

This Personal Statement gives details of your employment and is correct at the date set out above. 
This Personal Statement and the enclosed General Statement of Terms and Conditions of Employment together constitute your Contract of Employment.
References in your Contract of Employment to the Company relate to the Company                        and all its associated companies or any of them as the case may require, as 'associated companies' is defined in the General Statement of Terms and Conditions of Employment.  References to the “Board” refer to the board of directors of the Company including any committee of the board duly appointed by it.

		
	1.
	Commencement of Employment

		
	1.1
	This Contract takes effect from: 1 April 2014

		
	1.2
	Your continuous employment (taking into account any service which counts with the Company or with a relevant previous employer) began on: 1st January 2005.

		
	2.
	Job role

		
	2.1
	Your role is President, EMEA and APZ on Grade 69.  

		
	2.2
	Your duties include all work normally covered by your job title and any specific duties in any job description which may be given to you from time to time.

		
	2.3
	During your employment the Board may require you to act as a director of the Company and carry out duties on behalf of any associated company including acting as an officer or consultant of any such associated company.

		
	2.4
	If you are required to act as a director of the Company or any associated company, whilst you hold such office you agree to:

		
	2.4.1
	comply with the articles of association (as amended from time to time) of the Company or any associated company of which you are a director;

		
	2.4.2
	abide by any statutory, fiduciary or common law duties owed to the Company or associated company of which you are a director;

		
	2.4.3
	not do anything that would cause you to be disqualified from acting as a director; and

		
	2.4.4
	do such things as are necessary to ensure compliance with any UK Corporate Governance Code.

		
	2.5
	During your employment unless prevented by incapacity you will devote the whole of your time, attention and abilities to the business of the Company and diligently exercise such powers and perform such duties as may from time to time be assigned to you and comply with all reasonable and lawful instructions. 

		
	2.6
	The Company has the right at any time and for any reason to vary, replace or extend your job description, the nature of your role and your duties and to change the person to whom you report.

		
	3.
	Location

		
	3.1
	Subject to the section in the General Statement on Mobility:

		
	3.1.1
	your role is based at McCormick UK - Haddenham or such other place within reasonable distance which the Company may reasonably require for the effective performance and exercise of your duties; and

		
	4.1.1
	your job may involve travelling for the performance and exercise of your duties both within the United Kingdom and abroad.  You are not currently required to work outside the UK for a continuous period of more than one month.

		
	3.2
	For further details refer to the section on Mobility in the General Statement.

		
	4.
	Pay

		
	4.1
	Your basic annual pay is £300,000      .   

		
	4.2
	You will be paid within 5 working days before the end of each month for that calendar month by credit transfer direct to your bank/building society.

		
	4.3
	For further details refer to the section in the General Statement on Tax, NIC and other deductions.

		
	5.
	Bonus or other incentive scheme

		
	5.1
	You may be eligible from time to time to participate in a bonus scheme operated by the Company for employees of your grade or job function, subject to the section headed "Bonus" in the General Statement and the rules of such a scheme as they apply from time to time.  

		
	5.2
	You may also be eligible from time to time to participate in long term incentive plans operated by the Company for employees of your grade or job function subject to the rules of such plans as may apply from time to time. 

		
	6.
	Hours

		
	6.1
	Normal office hours are 9.00 am to 5.00 pm Monday to Friday and normal weekly hours are 37.5 hours per week. You are normally entitled to a maximum of half an hour for lunch to be taken at a time convenient to your duties.

		
	6.2
	You are required to work such hours as are necessary for the proper performance of your role. You are not required, however, to work in excess of an average of 48 hours per week or any other statutory maximum which may be imposed. 

		
	7.
	Overtime

		
	7.1
	You are not entitled to be paid for overtime or for time in lieu of any overtime worked.

		
	8.
	Holidays

		
	8.1
	The Company's holiday year runs from 1 January to 31 December.

		
	8.2
	Your basic, full time equivalent, annual holiday (in addition to 8 normal public holidays) is 25 days. 

		
	8.3
	If you work part time your annual holiday will be pro rata to the hours that you work calculated in accordance with the section headed "Holiday" in the General Statement. 

		
	8.4
	For further details refer to the section headed "Holiday" in the General Statement.

		
	9.
	Sickness absence

Statutory Sick Pay (SSP)
		
	9.1
	SSP qualifying days: Monday to Friday.

Company Sick Pay (CSP)
		
	9.2
	No Company Sick Pay will be paid if you are absent from work as a result of sickness or injury during the probationary period. 

		
	9.3
	On completion of your probationary period your eligibility and entitlement to Company Sick Pay will be as set out in the Company's Sickness Absence Procedure, available on the Intranet.         

		
	10.
	Pensions and other benefits

		
	10.1
	Subject to Section 3 of the General Statement and the rules of the respective schemes and insurance policies you are eligible to participate in the following schemes operated by the Company:

		
	(i)
	McCormick (UK) Pension and Life Assurance Scheme (closed)

(ii)    Group Income Protection insurance;
(iii)    Private medical insurance.
		
	10.2
	Please refer to Section 3 of the General Statement for conditions of membership and details of eligibility criteria. 

		
	10.3
	Your entitlement to receive private medical insurance as applied to your previous management grade will be preserved whilst you remain employed in your current role and grade. 

		
	10.4
	There is a contracting out certificate in force in respect of your employment under the Pension Schemes Act 1993.

		
	11.
	Company Car  

		
	11.1
	Provided you hold a valid driving licence and continue to be employed in a role that either by virtue of its grade or duties makes you eligible for a car allowance. 

		
	11.2
	The Company will provide you with a car allowance of £1,208.33 per month or the equivalent of £14,500 per annum which will be payable together with and in the same manner as your salary.  The car allowance shall not be treated as part of your basic salary for any purpose and will not be pensionable.  

		
	12.
	EXECUTIVE BENEFIT ALLOWANCE

		
	12.1
	Following your appointment to the McCormick and Company, Inc. Management Committee and while you hold this office, you will be eligible to receive an Executive Benefit Allowance of £18,000 per annum. This will be paid monthly and will be payable together with and in the same manner as your salary. This allowance shall not be treated as part of your basic salary for any purpose and will not be pensionable. 

		
	13.
	Collective agreements

		
	13.1
	There are no collective agreements relating to your employment with the Company.

		
	14.
	Notice to Terminate employment

		
	14.1
	After completion of the probationary period the Company or you may terminate your employment by giving to the other 6 months' written notice or statutory notice, if greater, which is one week's notice for each complete year of service up to a maximum of 12 weeks.

		
	14.2
	Please refer to the section headed "Termination of Employment" in the General Statement for further information. In addition to the provisions set out in that section the Company may terminate your appointment if you:

		
	14.2.1
	are disqualified from acting as a director or resign as a director of the Company or any associated company without the prior written approval of the Board; 

		
	14.2.2
	commit any serious or repeated breach or non-observance of any of the provisions of this contract or refuse or neglect to comply with any reasonable and lawful directions of the Board;

		
	14.2.3
	in the reasonable opinion of the Board, are negligent and incompetent  in the performance of your duties;

		
	14.2.4
	are declared bankrupt or make any arrangements with or for the benefit of your creditors or have a county court administration order made against you; or

become of unsound mind or a patient under any statute relating to mental health.    
		
	15.
	Office of Director

		
	15.1
	Except with the prior approval of the Board, or as provided in the articles of association of the Company or associated company of which you are a director, you will not resign as a director of the Company or associated company.

		
	15.2
	If during your employment you cease to be a director of the Company or associated company other than by reason of your death, resignation or disqualification (pursuant to the articles of association of the Company or associated company as may be the case, or by statute or court order) your employment will continue and the terms of your Personal Statement and General Statement (other than those relating to the holding of the office of director) shall continue unaffected and you will have no claims in respect of such cessation of office. 

		
	15.3
	On termination (howsoever arising) or, if earlier, at the start of a period of Garden Leave, you agree to resign immediately without compensation from any office that you hold in or on behalf of the Company or associated company and you irrevocably appoint the Company to be your attorney to execute any such instrument or document or perform any act on your behalf and generally to use your name for the purpose of giving the Company or its nominee the power to confirm your resignation from such office. 

		
	16.
	Post termination obligations

		
	16.1
	In this clause the following terms have the following meanings:

	
		
	“Critical Person”
	any person who was an employee, agent, director, consultant or independent contractor employed, appointed or engaged by the Company or any Relevant Group Company at any time within the Relevant Period who by reason of such employment, appointment or engagement and in particular his seniority and expertise or knowledge of the products, prices or trade secrets or confidential information of the Company or any Group Company or knowledge of or influence over the clients, customers or suppliers of the Company or any Group Company is likely to be able to assist or benefit a business in or proposing to be in competition with the Company or any Relevant Group Company;

	“Relevant Customer”
	any person, firm, company or organisation who or which at any time during the Relevant Period is or was:
(i)   negotiating with the Company or a Relevant Group Company for the sale or supply of Relevant Products or Services; or
(ii)   a client or customer of the Company or any Relevant Group Company for the sale or supply of Relevant Products or Services; or
(iii)   in the habit of dealing with the Company or any Relevant Group Company for the sale or supply of Relevant Products or Services
and in each case with whom or which you were directly or closely concerned or connected or of whose business and affairs with the Company or any Relevant Group Company you had personal knowledge during the Relevant Period in the course of your employment hereunder;

	“Relevant Group Company”
	any associated company (other than the Company) for which you  performed services or for which you have had operational/management responsibility or incurred detailed knowledge of the business and/or affairs at any time during the Relevant Period;

	“Relevant Period”
	the period of 12 months immediately before the termination of your employment for whatever reason or (where such provision is applied) the commencement of any period of Garden Leave as set out in the General Statement;

	“Relevant Products or Services”
	;

	"Relevant Supplier"
	any person, firm, company or organisation who or which at any time during the Relevant Period is or was:
(i)   negotiating with the Company or a Relevant Group Company for the sale or supply of Relevant Products or Services; or
(ii)   a supplier of the Company or any Relevant Group Company for the sale or supply of Relevant Products or Services; or
(iii)   in the habit of dealing with the Company or any Relevant Group Company for the sale or supply of Relevant Products or Services
and in each case with whom or which you were directly or closely concerned or connected or of whose business and affairs with the Company or any Relevant Group Company you had personal knowledge during the Relevant Period in the course of your employment;

		
	16.2
	You  will not without the prior written consent of the Company directly or indirectly and whether alone or in conjunction with or on behalf of any other person and whether as a principal, shareholder, director, employee, agent, consultant, partner or otherwise;

		
	16.2.1
	for a period of 12 months from the termination of your employment be employed, engaged, concerned or interested in or provide technical, commercial or professional advice to any other business which sells or supplies Relevant Products or Services in competition with the Company or any Relevant Group Company provided that this restriction does not apply to prevent you from: (i) undertaking duties or activities which are materially different from those undertaken by you during the Relevant Period in the performance of your duties hereunder; or (ii) holding shares or other securities in any company which is quoted, listed or otherwise dealt in on a recognised investment exchange or other securities market and which confer not more than four per cent. of the votes which could be cast at a general meeting of such company; or

		
	16.2.2
	for a period of 12 months from the termination of your employment so as to compete with the Company or any Relevant Group Company canvass, solicit or approach or cause to be canvassed, solicited or approached any Relevant Customer for the sale or supply of Relevant Products or Services or endeavour to do so; or

		
	16.2.3
	for a period of 12 months from the termination of your employment so as to compete with the Company or any Relevant Group Company deal or contract with any Relevant Customer in relation to the sale or supply of any Relevant Products or Services, or endeavour to do so; or

		
	16.2.4
	for a period of 12 months from the termination of your employment be employed, engaged, concerned or interested in any Relevant Supplier and do or attempt to do anything which causes or would cause or is intended to cause the Relevant Supplier to cease, alter or materially reduce its supply, or otherwise change the terms on which it supplies, any Relevant Products or Services to the Company or any Relevant Group Company; or

		
	16.2.5
	for a period of 12 months from the termination of your employment solicit, induce or entice away or cause to be solicited, induced or enticed away from the Company or any Relevant Group Company or, in connection with any business in or proposing to be in competition with the Company or any Relevant Group Company, employ, engage or appoint or in any way cause to be employed, engaged or appointed a Critical Person whether or not such person would commit any breach of his or his contract of employment or engagement by leaving the service of the Company or any Relevant Group Company; or

		
	16.2.6
	use in connection with any business any name which includes the name of the Company or any Group Company or any colourable imitation of it.

		
	16.3
	Whilst the restrictions in this clause 16 are regarded by the parties as fair and reasonable, it is hereby declared that each of the restrictions in this clause 16 is intended to be separate and severable.  If any restriction is held to be unreasonably wide but would be valid if part of the wording (including in particular but without limitation the defined expressions referred to) were deleted, such restriction will apply with so much of the wording deleted as may be necessary to make it valid. 

		
	16.4
	The parties agree that where the duration of any of the restrictions in the sub-clauses above is for 6 months or more, the period of the restriction will be reduced by one day for every day during which at the Company’s direction you have been placed on Garden Leave pursuant to the General Statement.

		
	16.5
	If you breach any of the provisions in this clause the Company will be entitled by written notice to you to extend the period during which the provisions of this clause apply by an equivalent period to that during which the breach or breaches have continued, such additional period to commence on the date on which the said period would have otherwise expired.  You hereby agree that if the Company so extends the period of any such restriction, this will not prejudice the right of the Company to apply to the Courts for injunctive relief in order to compel you to comply with the provisions of this clause and/or damages and/or an account of profits, as the case may be.

		
	16.6
	For the purposes of this clause you and the Company have entered into this Contract as agent for and trustee of all Relevant Group Companies.

		
	16.7
	If you apply for or are offered a new employment, appointment or engagement, before entering into any related contract you will bring the terms of this clause to the attention of a third party proposing directly or indirectly to employ, appoint or engage you and likewise the Company shall be entitled to do the same. 

		
	17.
	Employee Warranties

		
	17.1
	You confirm and warrant that:

		
	17.1.7
	by entering into this agreement or performing any of your obligations under it you will not be in breach of any court order, or any implied or express term of any contract or other obligation binding on you;

		
	17.1.8
	you are entitled to work in the United Kingdom without any additional approvals and will notify the Company immediately if you cease to be so entitled or if your right to work in the United Kingdom should be affected in any way, during your employment; 

		
	17.1.9
	you are not subject to any restriction which prevents you from holding office as a director; and

		
	17.1.10
	all representations and statements made by you relating to your qualifications, work related experience, previous employment history and otherwise to your suitability for employment with the Company prior to the commencement of employment or during any application for employment or promotion are correct and true. 

CONTRACT OF EMPLOYMENT 
ACCEPTANCE FORM
I confirm that I have received a copy of my Contract of Employment (comprising a Personal Statement and a General Statement of Terms and Conditions of Employment) which constitute written particulars for the purposes of the Employment Rights Act 1996 (as amended from time to time).
I acknowledge that my Personal Statement as agreed by me and the General Statement of Terms and Conditions of Employment constitute my entire Contract of Employment. I further agree that any contract or correspondence prior to today's date between myself and the Company relating to my employment (apart from my offer letter to the extent that any conditions set out in it continue to apply or remain to be satisfied) ceases to have effect from the date of my signature below. I confirm that there are no other representations on which I have relied in accepting the terms and conditions in this Contract of Employment.
I consent to the deductions from pay referred to in Section 1 of the General Statement.
I consent to The Company processing my personal and sensitive data for the purposes set out in Section 19 of the General Statement.

Signed .../s/ Malcolm Swift....................
Date ......January 27, 2015.................
Name ......Malcolm Swift....................... 

	
		
	MSwift Personal Statement 26.09.14_Final
	1EX-4.2

 Exhibit 4.2 

SVB FINANCIAL GROUP 

Officers’ Certificate 

January 29, 2015 
 Reference
is made to the Indenture dated as of September 20, 2010 (the “Base Indenture,” and together with this Officers’ Certificate, the “Indenture”) by and between SVB Financial Group (the
“Company”) and U.S. Bank National Association, as trustee (the “Trustee”). The Trustee is the trustee for any and all securities issued under the Indenture. Pursuant to Section 1.02, Section 2.01 and
Section 3.01 of the Base Indenture, the undersigned officers do hereby certify, in connection with the issuance and authentication of $350,000,000 aggregate principal amount of 3.50% Senior Notes due 2025 (the “Notes”), that
the terms of the Notes are as follows: 
 Capitalized terms used but not otherwise defined herein shall have the meanings specified in the
Base Indenture. 
  

			
	 Notes
	  	 
		
	Title:	  	3.50% Senior Notes due 2025.
		
	Issuer:	  	SVB Financial Group.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	U.S. Bank National Association.
		
	Aggregate Principal Amount at Maturity:	  	$350,000,000.
		
	Issue Price:	  	99.916%, plus accrued and unpaid interest, if any, from January 29, 2015.
		
	Maturity Date:	  	January 29, 2025.
		
	Interest:	  	3.50% per annum.
		
	Date from which Interest will Accrue:	  	January 29, 2015.
		
	Regular Record Dates:	  	January 15 and July 15.
		
	Interest Payment Dates:	  	January 29 and July 29 of each year, commencing on July 29, 2015.

			
	Place of Payment:	  	The contiguous United States.
		
	Redemption:	  	The Company may at its option redeem the Notes in whole or in part, at any time or from time to time prior to their maturity upon the terms and conditions set forth in the form of Note attached hereto as Exhibit A and as
set forth in the Base Indenture.
		
	Sinking Fund:	  	None.
		
	Conversion:	  	None.
		
	Covenants:	  	The Company shall comply with the limitation on liens covenant set forth in Section 7 of the form of Note attached hereto as Exhibit A and with all of the covenants set forth in the Base Indenture.
		
	Defeasance:	  	Sections 13.02 and 13.03 of the Base Indenture shall be applicable to the Notes.
		
	Events of Default:	  	The Events of Default applicable to the Notes are as set forth in Section 5.01 of the Base Indenture.
		
	Denominations:	  	$2,000 and integral multiples of $1,000 thereafter.
		
	Global Security:	  	The Notes shall be issued in the form of one or more Global Securities in the form attached hereto as Exhibit A.
		
	Security:	  	None.
		
	Guarantees:	  	None.
		
	Miscellaneous:	  	The terms of the Notes shall include such other terms as are set forth in the form of Note attached hereto as Exhibit A and in the Base Indenture.

 Subject to the representations, warranties and covenants described in the Indenture, as amended or
supplemented from time to time, the Company shall be entitled, subject to authorization by the Board of Directors of the Company and an Officers’ Certificate, to increase the aggregate principal amount of the notes outstanding by creating and
issuing additional notes from time to time under each series of notes issued hereby. Any such additional notes of a series shall have identical terms as the notes issued on the issue date, other than with respect to the date of issuance, the issue
price and interest accrued prior to the issue date of the additional notes (together the “Additional Notes”). Any Additional Notes shall be issued in accordance with Section 3.01 of the Base Indenture and shall have the same
CUSIP number as the Notes. No such Additional Notes shall be 

  
 -2- 

 
issued unless they will be fungible with the Notes for U.S. federal income tax purposes. The Notes and any Additional Notes shall rank equally and ratably and shall be treated as a single class
for all purposes under the Indenture. No Additional Notes shall be issued if any Event of Default has occurred and is continuing with respect to the Notes. 

Each such officer certifies that he has read and understands the provisions of the Indenture and the definitions relating thereto. The
statements made in this Officers’ Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Company. In such officers’ opinion, each officer has made such examination or
investigation as is necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance and authentication of the Notes have been complied with. In such
officers’ opinion, such covenants and conditions have been complied with. 
 A certified copy of the Board Resolution pursuant to which
the terms of the Notes were established is attached hereto as Exhibit B. 

  
 -3- 

 IN WITNESS WHEREOF the undersigned officers of the Company have duly executed this Officers’
Certificate as of the date first written above. 
  

			
	SVB FINANCIAL GROUP
		
	By:	 	 /s/ Greg W. Becker

		 	Name: Greg W. Becker
		 	Title: President and Chief Executive Officer
		
	By:	 	 /s/ Michael R. Descheneaux

		 	Name: Michael R. Descheneaux
		 	Title: Chief Financial Officer

  
 [Signature Page to
Officers’ Certificate Pursuant to Indenture §§ 1.02, 2.01 & 3.01] 

 EXHIBIT A 

FORM OF 3.50% SENIOR NOTE DUE 2025 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE. 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 SVB FINANCIAL GROUP 

3.50% Senior Note due 2025 
  

			
	No.             		CUSIP No.: 78486QAD3
			ISIN No.: US78486QAD34
			$                              

 SVB FINANCIAL GROUP, a Delaware corporation (the “Company”), for value received promises to
pay to                     [include “CEDE & CO.” for Global Note] or registered assigns the principal sum of
                    DOLLARS on January 29, 2025. 

Interest Payment Dates: January 29 and July 29 (each, an “Interest Payment Date”), commencing on July 29,
2015. 
 Interest Record Dates: January 15 and July 15 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

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

			
	SVB FINANCIAL GROUP
		
	By:	 	  

		 	Name: Greg W. Becker
		 	Title: President and Chief Executive Officer

  

			
	Attest:	 	  

		 	Name: Annie Loo
		 	Title: Assistant Secretary

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

							
	Dated:                     ,         						
			
					U.S. BANK NATIONAL ASSOCIATION,
					as Trustee
				
					By:		  

							Authorized Signatory

 (REVERSE OF NOTE) 

SVB FINANCIAL GROUP 

3.50% Senior Note due 2025 

1. Interest. SVB Financial Group (the “Company”) promises to pay interest on the principal amount of this Note at the
rate per annum set forth above. Interest payments on the Notes will be the amount of interest accrued from and including January 29, 2015, or the most recent Interest Payment Date on which interest has been paid to, but excluding, the Interest
Payment Date or the date of Maturity, as the case may be. The Company will pay interest semi-annually in arrears on each Interest Payment Date, commencing July 29, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Company shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes, and at the same rate on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful from the dates such amounts are due until
such amounts are paid or made available for payment, and such interest shall be payable on demand. 
 2. Paying Agent. Initially,
U.S. Bank National Association (the “Trustee”) will act as paying agent. The Company may change any paying agent without notice to the Holders. 

3. Indenture; Defined Terms. This Note is one of the 3.50% Senior Notes due 2025 (the “Notes”) issued under an
indenture dated September 20, 2010 (the “Base Indenture”) by and between the Company and the Trustee, and established pursuant to an Officers’ Certificate dated January 29, 2015, issued pursuant to Section 1.02,
Section 2.01 and Section 3.01 thereof (together, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in effect on the date on which the Base Indenture
was qualified under the TIA; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.
Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the TIA for a statement of them. To the extent the terms of the Indenture and this Note are
inconsistent, the terms of the Indenture shall govern. 
 4. Denominations; Transfer; Exchange. The Notes are in registered form,
without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Company may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Company need not issue, register the transfer of or exchange
any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Company register the transfer or exchange of any Note selected for redemption in whole or in part. 

 5. Amendment; Supplement; Waiver. Subject to certain exceptions, the Notes and the
provisions of the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in
aggregate principal amount of each series of Outstanding Securities affected by such amendment, supplement or waiver. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any other change that does not adversely affect the rights of any
Holder of a Note. 
 6. Redemption. The Notes are redeemable at the option of the Company, in whole or in part at any time, upon not
less than 30 days nor more than 60 days prior notice to Holders, at a redemption price calculated by the Company equal to the greater of: 

(i) 100.00% of the principal amount of the Notes to be redeemed; or 

(ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (not including
any portion of such payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (set forth below) plus 30 basis
points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. Notwithstanding the foregoing, interest on Notes that are due and payable on an Interest Payment Date falling after the relevant Regular Record
Date and on or prior to such Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Regular Record Date according to the terms of the Notes and the Indenture. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of the Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (x) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (y) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations,
the average of all such quotations, or (z) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Quotation Agent” means J.P. Morgan Securities LLC or its successor. 

“Reference Treasury Dealer” means (x) J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated and their respective successors; provided, however, that if one or more of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute
thereof another Primary Treasury Dealer, and (y) one or more other Primary Treasury Dealers selected by the Company. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case a
percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to
the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 The Company shall provide written notice to the Trustee of the redemption at least two Business Days prior to the date such notice is
delivered to the Holders. The Company will send notice of redemption to DTC. 
 If fewer than all the Notes are redeemed, the Trustee will
select the particular Notes to be redeemed on a pro-rata basis, by lot or by such other method that the Trustee deems fair and appropriate (and in the case of the Global Securities, in accordance with the applicable procedures of DTC). 

7. Liens. The Company will not, and it will not permit any Subsidiary to, pledge, mortgage or hypothecate or permit to exist any
pledge, mortgage or hypothecation or other lien upon any Voting Shares of any Principal Subsidiary Bank to secure any indebtedness for borrowed money without making effective provisions whereby the Notes then outstanding, and, at the Company’s
option, any other senior indebtedness ranking equally with the Notes, shall be equally and ratably secured with any and all such indebtedness. 

Notwithstanding the foregoing, this restriction shall not prohibit the mortgage, pledge, or hypothecation of, or the establishment of a lien
on, any such Voting Shares: 
 (i) to secure indebtedness of the Company or a Subsidiary as part of the purchase price of such Voting
Shares, or incurred prior to, at the time of or within 120 days after acquisition thereof for the purpose of financing all or any part of the purchase price thereof; 

(ii) by the acquisition by the Company or any Subsidiary of any Voting Shares subject to mortgages, pledges, hypothecations or other liens
existing thereon at the time of acquisition (whether or not the obligations secured thereby are assumed by the Company or such Subsidiary); 

(iii) by the assumption by the Company or a Subsidiary of obligations secured by mortgages on, pledges or hypothecations of, or other liens
on, any such Voting Shares, existing at the time of the acquisition by the Company or such Subsidiary of such Voting Shares; 
 (iv) by the
extension, renewal or refunding (or successive extensions, renewals or refundings), in whole or in part, of any mortgage, pledge, hypothecation or other lien referred to in the foregoing clauses (i), (ii), and (iii); provided, however, that the
principal amount of any and all other obligations and indebtedness secured thereby shall not exceed the principal amount so secured at the time of each extension, renewal or refunding, and that such extension, renewal or refunding shall be limited
to all or a part of the Voting Shares that were subject to the mortgage, pledge, hypothecation or other lien so extended, renewed or refunded; or 

(v) by liens to secure loans or other extensions of credit by a subsidiary bank subject to Section 23A of the Federal Reserve Act or any
successor or similar federal law or regulations promulgated thereunder; 

 and provided, further, that notwithstanding the foregoing, the Company may incur or permit to be incurred or to
exist upon such Voting Shares: (x) liens for taxes, assessments or other governmental charges or levies which are not yet due or are payable without penalty or of which the amount, applicability or validity is being contested by the Company or
a Subsidiary in good faith by appropriate proceedings and the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto (segregated to the extent required by generally accepted accounting principles); or
(y) the lien of any judgment, if such judgment shall not have remained undischarged, or unstayed on appeal or otherwise, for more than 90 days. 

In case the Company or any Subsidiary shall propose to pledge, mortgage or hypothecate any Voting Shares at any time owned by it to secure any
indebtedness, other than as permitted by subdivisions (i) to (v), inclusive, of this Section, the Company will prior thereto give written notice thereof to the Trustee, and will prior to or simultaneously with such pledge, mortgage or
hypothecation, by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure all the Notes equally and ratably with such indebtedness, by pledge, mortgage or hypothecation of such Voting Shares. Such supplemental
indenture shall contain provisions concerning the possession, control, release and substitution of mortgaged and pledged property and securities and other appropriate matters which are required or permitted by the TIA (as in effect at the date of
execution of such supplemental indenture) to be included in a secured indenture qualified under the TIA, and may also contain such additional and mandatory provisions permitted by the TIA as may be necessary to, or as the Trustee may reasonably
request to further secure, such pledge, mortgage or hypothecation. 
 “Subsidiary” is defined as any corporation, a majority of
the outstanding Voting Shares of which are owned, directly or indirectly, by the Company or one or more of its subsidiaries, or by the Company and one or more of its other subsidiaries. 

“Principal Subsidiary Bank” is defined as Silicon Valley Bank or any other U.S. subsidiary bank of the Company, the consolidated
assets of which constitute 20% or more of the Company’s consolidated assets or any other subsidiary bank of the Company designated as a Principal Subsidiary Bank pursuant to a board resolution and set forth in an Officers’ Certificate
delivered to the Trustee. 
 “Voting Shares” are defined as outstanding shares of capital stock of any class having voting power
under ordinary circumstances to elect at least a majority of the board of directors. 
 8. Defaults and Remedies. If an Event of
Default (other than certain bankruptcy Events of Default with respect to the Company) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may, by written notice, require the Company to repay immediately the
entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Company occurs and is continuing, then the entire principal amount of the
Outstanding Notes will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture.
The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal
amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events of Default if it determines that withholding notice is
in their interest. 

 9. Defeasance and Discharge. Pursuant to Section 13.02 of the Base Indenture, the
Company shall be deemed to have been discharged from its obligations with respect to the Notes on and after the date the conditions set forth in Section 13.04 of the Base Indenture are satisfied. 

Pursuant to Section 13.03 of the Base Indenture, the Company shall be released from certain obligations and the occurrence of certain
Events of Default shall be deemed not to be or result in an Event of Default on and after the date the conditions set forth in Section 13.04 of the Base Indenture are satisfied. 

10. Authentication. This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

11. Abbreviations and Defined Terms. Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

12. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification
numbers printed hereon. 
 13. Governing Law. The laws of the State of New York shall govern the Indenture and this Note thereof.

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

					
			  
		
			(Print or type assignee’s name, address and zip code)		
			
			  
		
			(Insert assignee’s soc. sec. or tax I.D. No.)		

 and irrevocably appoint
                            agent to transfer this Note on the books of the Company. The agent may substitute
another to act for him. 
  

									
	Date:		                                      
      				Your Signature:		  

 

	
	Sign exactly as your name appears on the other side of this Note.

  

							
							  

							Signature
				
	Signature Guarantee:						
				
	  
						  

	Signature must be guaranteed						Signature

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

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	 Amount of

decrease
 in
principal
 amount
 of
this Global
 Note
	  	 Amount of

increase
 in
principal
 amount
 of
this Global
 Note
	  	 Principal

amount of
 this
Global
 Note

following such
 decrease
(or
 increase)
	  	 Signature of

authorized
 officer
of
 Trustee

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT B 

Certified copy of Board resolution

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