Document:

SeattleSoftwareDevelopers

 

 

 

SOFTWARE

DEVELOPMENT

AGREEMENT

 

 

 

PELICAN DELIVERS
iOS APPLICATION 

ENHANCEMENTS & WEB APPLICATION 

DEVELOPMENT

PHASE 1

 

 

4 102nd Ave NE Suite
300 Bellevue, WA 98004

(425) 256-2815

julian@seattlesoftwaredevelopers.com

www .seattlesoftwaredeveIopers.com

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STATEMENT OF WORK - APPENDIX A

 

This Statement of Work is issued to and made
part of that Software Development Agreement executed by and between Developer and Client on the Effective Date (the Agreement).
Any word or phrase not otherwise defined in this Appendix will have the meaning ascribed in the Agreement.

 

1. Project Overview

 

The purpose of this project is to develop additional
features for the Pelican Delivers software. This includes POS integration, Google Maps API, payment processing features, ID verification,
reporting, driver app improvement and workflow, and a front facing web application for customers to find, order, and receive products
via deliver or pickup.

 

2. Specifications

 

Number of applications included in Phase 1:1

 

Tech Stack: iOS (Objective - C or Swift), PhP, MySQL, AWS Hosting,
jQuery, and JavaScript

language: English

 

Design: Custom to client

 

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3. Delivery Schedule

 

Based on the current requirements and this
SOW, Seattle Software Developers estimates that this project will take around six [4] months of development, testing, and deployment.
This estimate may change depending on unforeseen circumstances or requirements. We estimate that the website (Customer Portal)
will take 3 months to complete because this will be the priority.

 

4. Fee Payment Schedule

 

Fees: The Fees for the Project shall be $279,000.00

 

Payment Schedule: Client shall pay Developer:

 

20% Deposit ($55,800.00) to be paid at the
start of the project. 20% ($55,800.00) to be paid upon completion of Milestone #1. 20% ($55,800.00) to be paid upon completion
of Milestone #2.

20% ($55,800.00) to be paid upon completion
of Milestone #3.

20% ($55,800.00) to be paid upon completion
of Milestone #4. 

*Milestone Delivery Schedule
for Phase 1

Milestone #1 –January 1st, 2019

Milestone #2- February 1st, 2019.

Milestone #3 – March 1st, 2019.

Milestone #4 – April 1st, 2019.

 

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5. Statement of Work

Website (Customer Portal)

 

Users will be able to go to the Pelican Delivers
front-end website and easily search, browse, and order cannabis. Before a user can gain access to the website, they must first
verify their birthday (users must be 21 and over to even view the website).

 

		·	Header

		o	There will be a header with a few basic informal menu items such
as Home, How It Works, Features, etc.

		o	To the very right there will be a Login/ Signup button and My Cart

		·	Login / Signup

		o	This will prompt the user to either Login or Signup for a new account

		o	Login will ask the user for their email ID and password

		§	If users have forgotten
their password, they can click the "Forgot Password” link which will provide them with a recovery email

		·	New users can select
Sign-up and go through the quick and easy sign-up process. The application will ask for the user's:

		§	Email

		§	Password / Confirm Password

		§	First Name

		§	Last Name

		§	Phone Number

		§	Birthday

		·	Profile

		o	After the user logs in they can view their profile which will allow
them to:

		§	Edit their profile information

		§	Add and verify their
ID

		§	Add delivery addresses

		§	Select current delivery
address

		o	Users shall also be able to add their payment information

		§	This is where the application
will use Daily Pay and link to the customers bank

		·	My Orders

		o	Users can view their open orders, processing orders, in progress
orders, and delivered

		§	Open order - Customer
has clicked checkout but has not paid, app is searching for drivers to fulfill the order.

 

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		§	Processing order - A
driver has accepted the delivery request and the dispensary has been alerted to prepare the products for pickup. Payment has been
successfully submitted by the customer.

		§	In progress order -The
driver has purchased the product from the vendor and is now on the way to delivering the product to the customer.

		§	Delivered order -The
driver has delivered the product to the customer and the customer has confirmed receipt of the order.

		o	Users can also access their history and re-order the same products
from a dispensary. This feature clears their current cart and populates it with the products from the previous order.

		·	Search

		o	The search bar will be powered by Google Maps

		o	Search results will vary depending on the user's current delivery
address in their profile or they can search another address in the search field

		o	Results can be viewed in either a "Map View" or a "List
View"

		o	The only dispensaries that will be displayed are ones that can delivery
to that address and are open. Closed stores will be displayed at the bottom of the screen and be grayed out

		o	Results will have the dispensaries logo, name, address, phone number,
and open hours

		·	Selecting Dispensary

		o	When users select a dispensary, they'll be able to search for products,
navigate through categories, view products details (farm, THC, CBD, etc.), and change the size of the item

		o	To order a user can hover over the item and click "Add to Cart"

		o	Once a product has been added to cart, the "My Cart" in
the header will update

		o	By going to "My Cart" users can check-out and pay

		·	Payment

		o	Users will pay by linking their bank accounts via Evergreen Gateway

		o	Account information will be stored and used for future orders

		o	Once payment is confirmed users may proceed to completing their order

		·	Age / ID Verification

		o	After payment is confirmed users must upload their government issued
ID and a selfie

		o	Trulioo will verify if the issued ID is valid and if the selfie matches
the ID

		o	Once verification is completed the user will be able to complete
the order

		·	Check out

		o	If customer ID has been verified and the customer's cart is confirmed,
the application will search for nearby drivers.

		§	If a driver is found,
the driver can either accept of decline the order

		·	Drivers will be notified
one at a time (queue system), with the river closest to the dispensary being notified first, then the next driver, etc.

		·	Each driver will have
a set amount of time (e.g. 10 seconds) to accept or reject the order, or the order will automatically be rejected by time and the
lack of response will be recorded for future reference/internal driver ranking in the future.

		§	If the driver accepts,
the dispensary will be notified of the order

		§	If the driver declines,
the application will look for another drive

 

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		o	If no drivers are found,
users will not be charged and will have the option to pick up the order in-store or browse for a new dispensary

		o	If an order is accepted the dispensary will begin preparing the product
for the driver to pick up

		o	Customers will receive updates on the status of their order via SMS,
email, or website

 

Dispensary
Portal

 

Before dispensaries can access their account,
they must provide the owners first and last n me, email, phone number, OBA, License Number, and upload
a picture of their license.
This process can be submitted manually or through an online form. Once Pelican verifies
all their information, Pelican administrators
can authorize the dispensaries account and the dispensary
will be given credentials
to access the dispensary portal. The application will have a database of business and license information provided by Pelican to
help automate the verification process, however Pelican administrators must still
manually authorize new dispensaries.

		·	POS System

		o	The application will
tie into the dispensaries POS system and pull the inventory, product details, price, and quantity

		o	The application will
pull data from the POS system once every 1-2 hours

		o	If a product is low,
it will not be displayed on the front-end website or mobile apps

		§	The low quantity can
be defined by the dispensary

		§	Ability for dispensary
owner to input Username and Password for PO system connection using the Greenbits login to authenticate and connect.

		·	Notifications

		o	The application will
notify dispensaries when an order comes through via

		§	Email

		§	Portal Notification

		§	New orders will be listed
at the top of the list

		·	Orders

		o	Dispensaries will be
able to view the status of an order. New orders will be at the top of the list. The order will either be for pickup or delivery.

		§	If the order is for pick
up the dispensary just needs to prepare the order and wait for the customer to arrive

		§	If the order is for delivery
the dispensary will prepare the order and view the driver associated to that order

		§	Once the driver comes
in to pay and pick-up the order the dispensaryill verify the driver by matching the order ID and having the driver release
funds for the purchase

		§	After funds have been
released the status of the order will be automatically updated and the dispensary the driver will begin delivering the product
to the customer

 

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		o	Dispensaries can run
basic reports on orders

		§	Products

		§	Dates

		§	Product / Product Details

		§	Quantity

		§	Product Size

		§	Delivery Address I City

		§	Revenue

		·	Products

		o	Products will be populated
by pulling inventory from POS system

		§	Script will run every
1-2 hours to update the inventory 

		o	Have the ability to associate
multiple images to products

 

Admin Portal

 

		·	Verifications

		o	Admins will manually
verify new dispensaries that sign-up by reviewing their uploaded documents

		§	Once verified they can
select "Approved" and that will grant the dispensary access to the portal

		·	If accepted, it will
send an automated email to the dispensary notifying them

		§	Admins can decline the
application.

		·	If declined it will send
an automated email to the dispensary notifying them

		o	Driver ID and License
verification

		§	Driver applications displayed
here with uploaded licenses

		·	Drivers will have to
fill out and upload a 1099 or w-9 tax document.

		·	Once all documents are
verified a green check mark next to "background check" will appear

		·	Reports

Reports will be very basic for
phase 1. Seattle Software Developers will try their best to complete the following features in Phase 1 but will not be
penalized if they are pushed to Phase 2.

		o	Dispensary orders by
history/volume over custom time periods

		o	Order Details broken
down by dispensary 

		o	Driver transaction history

		·	User management

		o	User creation/management
for dispensaries, drivers and customers, including viewing basic profile information and password resets.

		o	Ability to add funds
to driver, dispensaries and customers to their Pelican accounts.

 

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Back-end Development

 

		·	Evergreen Gateway

		o	Customer payments go
into Evergreen Gateway

		o	Payments are distributed
from Evergreen Gateway via Daily Pay to drivers and dispensaries

		·	Daily Pay

		o	Customer orders the product
and pays Pelican through Evergreen Gateway.

		o	Payment is held in Pelican's
escrow account in Evergreen Gateway.

		o	Order goes into a pending
/ processing status.

		o	When the driver goes
to pick up the product, he/she brings up the order and hits "release funds" in the phone after verifying the order.

		o	The money goes to the
dispensaries Daily Pay account, and they can withdraw from the Evergreen Gateway accounts through the daily pay application / APL

		o	When the driver delivers
the order and customer acknowledges order received, then the driver and Pelican get paid.

		o	Stores and Drivers will
both have Daily Pay accounts tied to their bank accounts.

		o	Driver will scan the
customers ID using the Trulioo API right before they handle the delivery to the customer. After this last ID check, the transaction
will be completed.

		·	Trulioo

		o	Will be used to verify
government issued IDs 

		o	Compare and match users
ID with selfie's

		o	Make sure users are of
age

		·	Twilio

		o	Will be used for client
to customer communication during an order

		·	Payouts, Subscription
fees, flat fees, commissions fees

		§	Commission fees - 25%
commission on delivery orders. Admin will have the ability to change the % or fee based on dispensary

		§	Flat fees - $1 in store
pickup orders through the app or website

		§	Subscription Fee - $500
a month subscription per store

		·	Top sponsors will pay
$750 instead of $500

		§	Withdrawing Fee -
                                                                                                                                 $1 fee added to the existing daily pay fees

		§	Delivery fee - 20% of
delivery fee will go to Pelican. 80% will go to driver

		·	Integrating with Dispensaries
POS system

		o	Dispensaries menu should
be searchable for web.

		o	Spider / crawling SEO

		o	Only working on integrating
with Greenbits for phase 1

		·	State Module - Creating
state rules 

		o	Legal age to purchase

		o	State is recreational
or medical or both

		o	Purchase limits - how
much product can a customer purchase at a time

 

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		o	If Medical Marijuana
State - we will need an upload feature for customers to upload their medical marijuana recommendation (no medical orders will be
allowed in phase 1)

		·	Dispensary Sign Up

		o	When new retail shops
sign up, they will have a list of available zip codes

		o	Only one dispensary per
zip code will be allowed

		o	Once a zip code is claimed
it will not be available until that dispensary stops he monthly fee or gets removed from the system

 

Driver Companion App (iOS)

 

The driver companion app will be available
on the iOS platform for Phase 1 but will eventually be made available on Android. The companion app will allow drivers to signup,
become authenticate and authorized by Pelican, create/link their payment accounts, view orders, choose to confirm orders, navigate
to dispensaries/customers, and view order histories. Ability to "Start" and "End" shift. Makes driver active
or inactive.

 

		·	Login / Signup

		o	This will prompt the
driver to either Login or Signup for a new account 

		o	Login will ask the drivers
for their email ID and password

		§	If drivers have forgotten
their password, they can click the "Forgot Password" link which will provide them with a recovery email

		o	New drivers can select
Sign-up and go through the quick and easy sign-up process. The application will ask for the user's:

		§	Email

		§	Password / Confirm Password

		§	First Name

		§	Last Name

		§	Phone Number

		§	Birthday

		§	Driver's License

		§	Car License Plate #

		§	Car Make/Model and photo

		§	Driver Photo

		§	Upload car insurance
paperwork

		·	Profile

		o	After the driver logs
in they can view their profile which will allow them to:

		§	Edit their profile information

		§	Change Password

		§	Submit vehicle change
information

		§	Set Delivery Radius (open
orders within this radius will be shown to the driver)

		§	Drivers can also add
their bank account information and withdraw Daily Pay funds

 

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		·	Delivery Info

		o	Drivers can view Open
Orders within their radius and select them for deliver

		§	Time estimates will come
based on Google API

		§	Once a driver has selected
an Open Order and the customer has completed the purchase, the Order changes to Processing Order and allows the Driver to navigate
to the Dispensary.

		§	After arriving at the
dispensary, driver can press "Order Pickup", which signals the driver has purchased the product from the dispensary.

		§	Driver can then navigate
to the customer for product delivery, customer can view driver's eta based on their location and Google navigation results.

		§	If the driver has any
issues with product pickup or delivery, they can contact the customer via SMS (using Twilio API)

		§	Upon arrival at customer
location, driver must verify customer identity by taking a picture of/scanning the customer's ID. Once the customer's ID is verified
and the product is delivered, the customer must confirm receipt of the product for the order to be considered complete.

		·	Delivery History

		o	Drivers will be able
to view their previous deliveries

 

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7. Acknowledgement by Client

 

Client agrees to the terms of the Statement
of work Appendix A hereto attached and acknowledges receipt of a copy of this Agreement.

 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as
of the Effective Date.

 

 

	
        Acceptance by Developer

         

        SEATTLE SOFTWARE DEVELOPERS, Inc.

         

         

        By: /s/ Julian Valentine

        Julian Valentine, VP
	
        Acceptance by Client:

         

        PELICAN DELIVERS INC.

         

         

        By: /s/ Dave Comeau

        Dave Comeau, Shareholder

 

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SOFTWARE DEVELOPMENT AGREEMENT

 

THIS SOFTWARE DEVELOPMENT AGREEMENT
(Agreement ) is made December 3rd, 2018 (the Effective Date) by and between DOT COM LLC, OBA Seattle Software Developers, a
Delaware limited liability company (Developer ), and (Client) Pelican Delivers Inc. for the performance of software design
services and software development as detailed herein (Developer and Client are individually referred to herein as a Party,
and collectively as the Parties).

 

1. Term

 

Unless otherwise provided herein, this Agreement
will commence on the Effective Date and continue through the completion or termination of Developer's services and work product
as mutually agreed upon between the Parties (the Project).

 

2. Statement of Work

 

Developer will design, develop, and deliver,
satisfactory to Client, the "Pelican Delivers Application Phase 1" (collectively, the Subject Program), and all elated
Project services (collectively, the Services), Project work product (collectively, the Deliverables), and user manuals and other
written material that describe he functionality or assist in the use of the Subject Program (collectively, the Documentation),
pursuant to the Project specifications detailed in the SO (collectively, Specifications), as described in the enclosed statement
of work (the SOW; as provided in APPENDIX A hereto). The Parties may execute multiple SOWs should there be multiple or separate
Projects. In the event of any conflict or inconsistency between the terms of this Agreement and any SOW, the terms of this Agreement
will control.

 

3. Delivery Schedule; Acceptance; Change Orders

 

3.1 DELIVERY SCHEDULE; MILESTONES

Each SOW will include a delivery schedule for
Services and Deliverables (the Delivery Schedule) that will identify mutual agreed upon Project time deadlines concerning the performance
of Services, delivery of Deliverables, Client testing of the same (collectively, Milestones), as well as a final Subject Program
delivery date (Final Delivery Date).

 

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3.2 PROJECT DELIVERY AND INSTALLATION

As detailed in a SOW hereto, Developer will
provide certain Services, Deliverables and Documentation to Client upon a designated Milestone in accordance with such Milestone's
specific Specifications (collectively, Specific Specifications). Prior to completing a Milestone, Developer will: (a) inform Client
of the availability of each portion of a Deliverable otherwise required be delivered by such Milestone date for testing by Client
(he Acceptance Test Date); and (b) deliver to Client sue Deliverable (each a Milestone Deliverable) including the source code and
object code form compatible with the platform(s) described in the SOW for such Milestone Deliverable.

 

3.3 ACCEPTANCE AND BETA TESTS

Within the time periods designated in the SOW,
Client shall perform any tests or evaluation of the Subject Program (collectively, the Acceptance Tests) after the Acceptance Test
Date, to determine whether each Deliverable: (a) conforms to the SOW; and (b) performs repetitively on an appropriate variety of
data and platforms, without failure, as more fully described in the Specifications. Upon completion of II Deliverables, the Acceptance
Tests shall be performed on the Subject Program in its entirety in order to determine whether the Subject Program (i) meets the
Specifications and (ii) operates with internal consistency.

 

3.4 ACCEPTANCE OF MILESTONE DELIVERABLE; CHANGE REQUESTS

Client will notify Developer in writing of
any failure of a Milestone Deliverable to comply with the Specifications, or of any other objections, corrections, changes or amendments
required (a Change Request), within ten (10) days of such Milestone's Acceptance Test Date. Any Change Request shall be sufficient
to identify, with clarity, any objection, correction, change or amendment to such Milestone Deliverable. In the absence of a Change
Request from Client within the time periods detailed herein, the Milestone Deliverable will be deemed accepted by Client.

 

3.5 REJECTION OF MILESTONE DELIVERABLE

If any Milestone Deliverable does not satisfy
the Client's Acceptance Test and Client provides Developer a Change Request concerning the same, Developer will have twenty (20)
days from the receipt of such Change Request to correct the deficiencies, errors, corrections, modifications, bug-fixes or changes
to the Deliverables as identified in the Change Request. Upon Client's receipt of a Milestone Deliverable following Developer's
modification pursuant to Change Request (a Modified Deliverable), Client will have five (5) days to inspect, test and reevaluate
such Modified Deliverable to determine acceptance. If Client does not notify Developer of any further failures, objections, changes,
defects, or bugs in such Modified Deliverable, the Modified Deliverable will be deemed accepted by Client.

 

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3.6 FAILURE OF DEVELOPER TO CORRECT DEFECTS

Should Developer reasonably fail to meet the
requirements of Section 3. or Section 3.5 of this Agreement such that a Milestone Deliverable or Modified Deliverable does not
satisfy Client's reasonable acceptance criteria within the time periods set forth in the same, Client will have the option of:
(a) repeating the procedures set forth in Section 3.4 or Section 3.5 Above; or (b) terminating this Agreement pursuant to Section
8 of this agreement.

 

3.7 FINAL DELIVERABLE AND SUBJECT PROGRAM TESTING

Notwithstanding anything contained herein,
upon completion of the Final Deliverable set out in the Specifications thereto, Client will perform Acceptance Test on the Subject
Program within fifteen (15) calendar days from the Acceptance Test Date in order to determine whether the Subject Program satisfies
the acceptance criteria and operates with internal consistency. If the completed Subject Program does not satisfy the Client's
Acceptance Tests and Client provides Developer a Change Request concerning the same, Developer will have fifteen (15) calendar
days from the receipt of such Change Request to correct the deficiencies errors, corrections, modifications, bug-fixes or changes.
Client shall then have ten (10) additional days to inspect, test and reevaluate the completed and modified Subject Program or Final
Deliverable. If the Subject Program or Final Deliverable still does not satisfy the Client's acceptance criteria and/or the Acceptance
Tests, Client shall have the option of either: (a) repeating the procedure set forth above; or (b) terminating this Agreement pursuant
to Section 12 of this Agreement . If the Client does not notify the Developer of any further failures, objections, changes, or
other defects, or bugs of or in the Subject Program via a Change Request, Client will be deemed to have accepted the Subject Program.

 

3.8 CLIENT ASSISTANCE

Client shall provide Developer assistance to
complete the Services, and produce the Deliverables, as reasonably requested, including but not limited to providing the necessary
information or documentation required from Developer for the development of the Subject Program. Client shall conduct all Acceptance
Tests in good faith and shall not delay any acceptance of any Service or Deliverable without reasonable justification. The evaluation
of any Service or Deliverable for any Acceptance Test will be based on material compliance with applicable Specifications and Client
shall not arbitrarily withhold acceptance of any Milestone Deliverable or Subject Program.

 

3.9 DEVELOPER DUTIES FOR ACCEPTANCE TESTS

Unless otherwise agreed by the Parties in writing,
regardless of the acceptance or rejection of any Milestone Deliverable, Developer shall continue to perform all Services and deliver
all Deliverables in accordance with the Delivery Schedule. Developer shall use its best efforts to make any necessary corrections,
modifications, bug-fixes, or other changes promptly to complete the Services and Deliverables by the Final Delivery Date.

 

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4.10 CLIENT TERMINATION SERVICES

If elected pursuant to the Agreement, Developer
will provide Client Termination Assistance Services at an hourly rate of $[125.00 per hour].

 

4. Change Orders

 

Sometimes during the term of this Agreement
change order may or may not be requested by Client. However, If Client requests that Developer provide any additional Services
or Deliverables or functionalities beyond those detail d in an applicable SOW, or requests a modification or change to any of the
Services or Deliverables if possible, client will:

 

		(A)	Submit to Developer, by means of a written order, all requestsr
additional services that alter, amend, enhance, add to, or delete any of the Services or Deliverables (a Change Order);

		(B)	Developer will evaluate each Change Order, and within five (5) days
of its receipt, will provide Client with (i) the change in Fee costs as a result of the Change Order, (ii) the impact, if any,
of the Change Order on an aspect of the Delivery Schedule including any Milestone Date, Acceptance Test Date, or the Final Delivery
Date, and (iii) the availability of Developer' resources to carry out the additional requested services detailed in the Change
Order;

		(C)	If Developer agrees to carry out the proposed Change Order, the Parties
will execute an amended SOW or Change Order reflecting the Service and Deliverable changes;

		(D)	Upon duly executing an amended SOW or executed Change Ord r, Developer
will begin performance in accordance with the same. Developer has no obligation to perform any additional services before receiving
the duly- executed amended SOW or executed Change Order, and Client has no obligation to pay Developer any Fees for services performed
pursuant to an amended SOW or Change Order before the same; and

		(E)	Once fully completed and executed, each amended SOW or Change Order
will be deemed to be incorporated into and be part of this Agreement and will constitute a formal amendment to this Agreement.

 

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5. Payment

 

5.1 FEES AND EXPENSES

Client will pay fees to Developer for Project
Services and Deliverables as Described in the SOW (the Fees). Developer will pay its own expenses for the Project (collectively,
the Expenses) unless stated otherwise in the SOW.

 

5.2 FEES AND EXPENSES

All Fees shall be due pursuant to the Fee payment
schedule provided in a SOW hereto (the Fee Payment Schedule). Client's failure to remit payment to Developer for Fees due and owning
will constitute a material breach of this Agreement.

 

5.3 BONUS

If Developer completes the Services, and delivers
the Deliverables, as reasonably accepted by Client, upon a date prior to the Final Delivery Date as specific in a SOW hereto, Client
will pay Developer a bonus Fee in the amount detailed in the applicable SOW (the Bonus).

 

5.4 PAYMENT

Client shall pay Fees, Expenses (if any), and any Bonus to Developer
via w re to Developer's bank account at:

 

Chase Bank

1955 156th Avenue NE Bellevue, Washington 98007

425-590-4010

 

Routing: 325070760

Account :676313880

 

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6. Intellectual Property

 

6.1 WORK MADE FOR HIRE AND ASSIGNMENT OF RIGHTS

Except as otherwise detailed in this
Agreement, the Parties acknowledge and agree that the Subject Program including without limitation the Deliverables and
Documentation (collectively, the Works) are "work made for hire" in accordance with the U.S. Copyright Act, 17 U.S.C.
§ 101 et seq. Accordingly, Client will be the copyright author and owner of all of the Works. To the extent
permissible, Developer hereby assigns and transfers to Client all copyright and other intellectual property ownership in the
Works. Developer agrees to assist Client, as well as execute any documents reasonably necessary, to perfect the assignment of
such rights to Client. Developer acknowledges and agrees that the payment of Fees and a Bonus (if any), as referenced in
Section 5 of this Agreement, shall be the full consideration to Developer for the assignment of rights herein. Upon payment
in full of all obligations hereunder, Developer unconditionally and irrevocably grants to Client all software, improvements,
code and other work produce produced by the Developer during the course of this agreement. The code shall be the sole and
exclusive property of the Client.

 

6.2 DEVELOPER'S INTELLECTUAL PROPERTY

Notwithstanding the provisions of Section
6.1 of this Agreement, the Par acknowledge and agree that: (a) Developer may use its proprietary information software
(collectively, Developer Technology) in providing Services, and Deliverables, to Client; and (b) Developer shall retain full
ownership over its Developer Technology. If Developer uses any of its Developer Technology in any of the Works, Client will:
(i) not acquire any proprietary or ownership rights to any of Developer Technology by virtue of this Agreement; and (ii)
agree not to market or use any Developer Technology as an independent "stand-alone" program without the prior
written consent of Developer.

 

6.3 LICENSE TO CLIENT'S INTELLECTUAL PROPERTY

To assist Developer to complete all Project-related
Services and deliverable Deliverables to Client in a complete and timely manner, Client shall provide Developer access and licensed
rights to the following as necessary to complete the Project: (a) text, software, graphics, photos, sounds, music, videos, designs,
compilations, magnetic translations, digital conversion interactive features and the like (collectively, the Content); (b) any
trademarks, service marks, trade dress and logos, whether owned or licensed by Client (collectively, the Marks); and (c) any know-how,
methodologies, equipment, or processes used by Client in its operations {collectively, the Procedures); and (d) Client's Confidential
Information (as defined below). As such, Client hereby grants Developer a royalty-free, worldwide, license to use its Content,
Marks, Procedures and Confidential Information in order to complete the Project. Client hereby acknowledge and agrees that Client
waives all moral rights to be identified as the author on any and all material or content identified under this subsection of this
Agreement.

 

    	 	17	 

    	 

    

 

6.4 CONFIDENTIALITY AND NON-DISCLOSURE

 

6.4.1 Confidential Information.
Each Party acknowledges and agrees that it will receive confidential information and trade secrets from the other Party in
otherwise carrying out the actions contemplated by this Agreement (collective, Confidential Information). Confidential
Information does not include information at: (a) is available to the public or that becomes available to the public through
no act or failure to act by the receiving Party (Receiving Party); (b) is known to the Receiving Party prior to the date of
disclosure by the disclosing Party (Disclosing Party), unless the Receiving Party agreed to keep such information in
confidence at the time of receipt of the information; (c) is properly obtained hereafter from a source that is not under an
obligation of confidentiality with respect to such information; or (d) is developed independently by the Receiving Party
without reference to or use of the Disclosing Party's Confidential Information.

 

6.4.2 Non-Disclosure. Neither Party
shall use or disclose Confidential Information of the other Party to any third party, without the written consent of the Disclosing
Party of such Confidential Information. Receiving Party agrees to undertake reasonable measures to maintain and preserve the Confidential
Information of the Disclosing Party in confidence, which measures shall be no less than the measures taken by the

 

Receiving Party to protect its own confidential
information and in no vent shall be less than reasonable care. Upon expiration or termination of this Agreement, Receiving Party
will immediately destroy or erase all copies of documents or materials containing any Confidential Information provided by Disclosing
Party and, upon the Disclosing Party's request, promptly confirm destruction of same by signing and returning to the Disclosing
Party a certificate of destruction reasonably satisfactory to the Disclosing Party.

 

6.4.3 Derivatives. All Confidential
Information, and any Derivatives thereof whether created by Client or Developer, remain the property of the Disclosing Party and
no license or other rights to any Confidential Information or Derivatives is granted or implied hereby. For purposes of this Agreement,
Derivatives shall mean: (a) for copyrightable or copyrighted material, any translation, abridgment, revision or other form in which
an existing work may be recast, transformed or adapted ;(b) for patentable or patented material, any improvement thereon; and (c)
for material which is protected by trade secret, any new material derived from such existing trade secret material, including new
material which may be protected under applicable copyright, patent, or trade secret law.

 

6.4.4 Notification of Suspected Disclosure.
The Receiving Party further agrees to immediately notify Disclosing Party of any actual or suspected misuse misappropriation, or
unauthorized disclosure of Confidential Information, which may come to Receiving Party's attention.

 

    	 	18	 

    	 

    

 

6.4.5 Injunctive Relief for Breach.
Because of the unique nature of the Confidential Information and other elements of the Parties business relationship, the Parties
acknowledge and agree that a breach of any of the provisions of Section 6 of this Agreement by Receiving Party will irreparably
harm the Disclosing Party. Accordingly, in the event of a breach or threatened breach of Section 6 of this Agreement, Disclosing
Party will be entitled to seek injunctive relief to enforce the terms of Section 6 of this Agreement without the necessity of posting
a bond or if a bond is required, at the minimum amount legally required.

 

7. Parties Relationship

 

7.1 INDEPENDENT CONTRACTOR

Developer is undertaking the services set forth
in this Agreement as an independent contractor, working at Developer's own hours and using Developer's own equipment and at Developer's
own chosen place of work, with discretion concerning the revision of Services and Deliverables within Client's general direction.
Nothing contained in this Agreement will be construed to constitute the Parties as partners, employees, agents or joint ventures
of each other. No Party will have the authority to bind the other Party in any respect.

 

7.2 NON-EXCLUSIVITY

Subject to the terms and conditions herein,
the Parties expressly acknowledge that this Agreement does not create an exclusive business relationship between the Parties. Subject
to the terms and conditions herein, Developer shall be entitled to offer and provide software design and development services to
third parties solicit other clients and otherwise advertise its services.

 

8. Taxes

Developer acknowledges and agrees that as an
independent contractor, developer is responsible for the payment of such taxes and withholding on its income and activities as
may be due under federal, state and local law and regulations. If appropriate, Developer will furnish Client with a Form 1099 or
equivalent for the payments made to Developer.

 

    	 	19	 

    	 

    

 

9. Warranties and Representations

 

9.1 CLIENT

Client represents, warrants and covenants that:
(a) Client is a duly organized, validly existing and in good standing (b) Client has the full right and legal author y to enter
into and fully perform its duties and obligations under this Agreement; (c) Client owns all right, title, and interest in, or otherwise
has full right and authority to permit Developer's use of Content, Marks, Procedures and Client's Confidential Information, as
detailed in this Agreement; (d) is solely responsible for compliance with all federal, ate, and local laws, rules, regulations,
executive orders, ordinances, standards, and best practices applicable to Client's business or industry; and (e) Client will comply
with all federal, state, and local laws, rules, regulations, executive orders, ordinances, standards, and best practices applicable
to Client's business or industry.

 

10. Indemnification

 

10 1 CLIENT

Client shall defend, indemnify and hold harmless Developer, its
member owners, officers, employees, independent contractors and agents, from and against all losses, claims, liabilities or damages
and any related costs and expenses, including attorneys' fees and costs arising out of, or in any way related to any claim or action
against Developer arising out of or in any way related to: (a) Client's breach of this Agreement; (b) a breach of any agreement
between Client and its clients or customer; (c) Client's gross negligence or willful misconduct; (d) Client's act or omission constituting
a violation of applicable federal, state, local law or regulation; or (e) any claim made against Client asserting a violation of
any third party right.

 

10.2 DEVELOPER

Developer shall defend, indemnify and hold harmless Client,
its members owners, officers, employees, independent contractors and agents, from and against all losses, claims, liabilities
or damages and any related costs and expenses, including attorneys' fees and costs arising out of, or in any way related to
any claim or action against Client arising out of or in any way related to: (a) Developer's material breach of his Agreement;
(b) Developer's gross negligence or willful misconduct; (c) De eloper's act or omission constituting a violation of
applicable federal, state, local law or regulation; or (d) any claim made against Client asserting a violation of any third
party intellectual property right pertaining to the Subject Program.

 

    	 	20	 

    	 

    

 

10.3 NON DISPARAGEMENT CLAUSE

The Client and the Designer both agree to never
to disparage or speak ill of the other party to anyone and or post negative or disparaging comments Online regarding any of the
Designer's products, services, affiliates, subsidiaries, officers, directors, employees or shareholders, and will take reasonable
steps to prevent and will not knowingly permit any of their respective employees or agents to, disparage or speak ill of such persons.
For purposes of this Section, "disparage" shall mean any negative statement whether written or oral, about Seattle Software
Developers, Inc., Dot Com LLC. and or any of its affiliates.

 

The Client and Designer both agree not to post
on defamatory websites or review websites any negative posts concerning each other, the names of our companies, and our employees.
Both the Client and the Designer both agree and acknowledge that this non-disparagement provision is a material term of this Agreement,
the absence of which would have resulted in the Company refusing to enter into this Agreement.

 

Subject to the terms, conditions, express representations
and warranties provided in this Agreement, Designer and Client both agree to indemnify, save and hold armless each other from any
and all damages, liabilities, costs, losses or expenses arising out of any finding of fact which is inconsistent with Designer's
representations and warranties made herein, except in the event any such claims, damages, liabilities, costs, losses or expenses
arise directly as a result of gross negligence or misconduct of Client.

 

11. Termination

 

11.1 TERMINATION WITHOUT CAUSE

Either Party may terminate this Agreement
at any time during the term of this Agreement for any reason upon two weeks written notice to the other Party. Upon
termination of this Agreement for any reason: (a) all provision of Service and Deliverables by Developer will immediately
cease; (b) Client will pay Fees or all Services and Deliverables provided by Developer to Client up to and including the ate
of termination; and (c) in compliance with Section 6.1 of this Agreement, Developer will transfer all Works to Client as of
the date of termination.

 

11.2 TERMINATION FOR CAUSE

This Agreement may be immediately terminated
by notice of the terminating Party upon: (a) the other Party's material breach of this Agreement and fails to cure such default
within ten (10) calendar days after receipt of a notice of default from the terminating Party; (b) if Client fails to pay to Developer
any undisputed Fees when du and fails to cure any such breach within ten (10) calendar days after receiving notice from Developer
of such failure; (c) misappropriation or unauthorized disclosure of Confidential Information by the Receiving Party; or (d) the
other Party engages in any act or omission that is determined to be illegal or in violation of any applicable law or regulation.

 

    	 	21	 

    	 

    

 

11.3 OBLIGATIONS UPON TERMINATION

If Client terminates this Agreement or any
SOW for any reason, Client will pay Developer any Fees due and payable on the effective date of such termination or expiration,
and Developer will refund to Client any non-accrued pre-paid Fees. In the event of a termination or expiration of this Agreement
or any SOW for any reason, developer will, as requested by and at additional cost to Client, provide up to three (3) months of
Fee billable assistance (collectively, the Termination Assistance Services) in transitioning from Developer to an alternative software
service provider including, without limitation, the following:

 

(a) knowledge transfer regarding the operation,
use, and support of the subject Program; return of all documentation containing Content, Marks, Procedures a d Confidential Information
in a format reasonably specified by Client and assistance with data migration to an alternative solution; and (c) any related additional
services as requested by Client. Developer shall provide Termination Assistance Services to Client in a manner that does not interfere
with, interrupt or degrade the Subject Program. The term of this Agreement or applicable SOW shall not be deemed to have expired
or terminated until the Termination Assistance Services are completed.

 

12. General

 

12.1 CHOICE OF LAW AND VENUE

This Agreement will be governed by the
laws of the State of Washington without regards for its conflict of laws principle. The Parties will conduct friendly
negotiations to resolve any dispute arising from this Agreement, including mediation if requested by either Party. Should
mediation fail, each party consents to the personal jurisdiction of the state and federal courts located in King County,
Washington. If there is a dispute between the Parties relating to this Agreement, the Party substantially prevailing will be
entitled to recover all costs and expenses of any subsequent proceeding (including trial, appellate, and arbitration
proceedings), including reasonable attorneys' fees and costs incurred therein.

 

    	 	22	 

    	 

    

 

12.2 NOTICE

A notice required or permitted under this
Agreement will be deemed given if in writing, and delivered by a Party in person, one (1) business day after being sent via overnight
carrier, or three (3) business days after being sent by certified mail return receipt requested to the address set forth below,
or such other address as may be supplied by either Party subsequently: 

 

	
        If to Developer:

         

        SEATTLE SOFTWARE

        DEVELOPERS, INC

         

        4-102ND AvenueNE, Suite 300 Bellevue,

        Washington 98004

         

        IF to attorney: Copy to: Perkins Coie

         

        1201 third avenue, Seattle, Washington

        98101 Attn: LUCAS S. MICHELS, ESQ.
	
        If to Client:

         

        Pelican Delivers Inc.

         

        Dave Comeau

         

        5452 Pineridge Drive

        Bremerton, WA 983

        360-731-6611

 

12.3 SEVERABILITY

If any provision of this Agreement is held
by a court of law to be illegal, invalid or unenforceable: (a) that provision shall be deemed amended to achieve s nearly as possible
the same economic and/or protective effect as the original provision; and (b) the legality, validity and enforceability of the
remaining provisions of this Agreement shall not be affected or impaired thereby.

 

12.4 WAIVER

No delay or omission by either Party hereto
to exercise any right or pow r occurring upon any noncompliance or default by the other Party with respect to a y of the terms
of this Agreement shall impair any such right or power or be construed to be a waiver thereof. A waiver by either of the Parties
hereto of any of the covenants, conditions, or agreements to be performed by the other shall not be construed to be a waiver of
any succeeding breach thereof or of any covenant, condition, or agreement herein contained. Unless stated otherwise, all remedies
provided for in is Agreement will be cumulative and in addition to and not in lieu of any other remedies available to either Party
at law, in equity, or otherwise.

 

12.5 ASSIGNMENT

This Agreement will be binding on and inure
to the benefit of the Parties their respective successors, assigns, heirs and personal representatives. Unless as provided herein,
neither Party may assign, delegate, assign, nor subcontract their obligations and duties hereunder without the prior written consent
of the non-assigning Party. Notwithstanding the foregoing, Developer may assign it rights and benefits under this Agreement, and
delegate the performance of its obligations and duties hereunder, to any corporation or unincorporated business that is the successor
to the business of Developer, without Client express or implied authorization.

 

    	 	23	 

    	 

    

 

12.6 OTHER DEFINITIONAL TERMS, TERMS OF CONSTRUCTION

The words hereof, herein and hereunder
and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement. The words include, includes and including shall be deemed to be followed by the phrase without
limitation. Unless the context in which used herein otherwise clearly requires, or has the inclusive meaning represented by
the phrase and/or. All incorporations by reference of covenants, terms, definitions or other provisions from other agreements
are incorporated into this Agreement as if such provisions were fully set forth herein, and include all necessary definitions
and related provisions from such other agreements. All covenants, terms, definition and other provisions from other
agreements incorporated into this Agreement by reference will survive termination of this Agreement. References to statutes,
regulations or laws, include any amendments, modifications or replacements of such statutes, regulations, or laws.

 

12.7 COUNTERPARTS

This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and t e same instrument. Counterparts may
be delivered via facsimile, e-mail (including pdf) or other transmission method, and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

12.8 ENTIRE AGREEMENT AND UNDERSTANDING

This Agreement and Appendices hereto are the
complete and exclusive statement of agreement of the Parties as to matters covered by it. This Agreement and its Appendices replaces
and supersedes all prior written or oral agreement or statements by and among the Parties with respect to the matters covered by
it. This Agreement may not be modified or amended except in writing signed by a duly authorized representative of each Party.

 

    	 	24	 

    	 

    

 

13. Acknowledgement by
Client

 

Client agrees to the terms of this Agreement and Appendices hereto
an acknowledges receipt of a copy of this Agreement.

 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as
of the Effective Date

 

 

	
        Acceptance by Developer

         

         

        By: /s/ Julian Valentine

        Julian Valentine, VP
	
        Acceptance by Client:

         

         

        By: /s/ Dave Comeau

        Dave Comeau, Shareholder

 

    	 	25Exhibit

Exhibit 4.1

DEPOSIT AGREEMENT

Dated
   
February 11, 2020

AGNC INVESTMENT CORP.,
ISSUER

-and-

COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A.   
AS DEPOSITARY, REGISTRAR AND TRANSFER AGENT

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED  
6.125% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK

 
	
			
	 
	 
	 

TABLE OF CONTENTS

    
	
				
	 
	 
	Page
	

	ARTICLE 1
	DEFINITIONS
	1
	

	ARTICLE 2
	FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	4
	

	SECTION 2.01
	Form and Transferability of Receipts
	4
	

	SECTION 2.02
	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	6
	

	SECTION 2.03
	Optional Redemption of Preferred Stock for Cash
	8
	

	SECTION 2.04
	Registration of Transfers of Receipts
	10
	

	SECTION 2.05
	Combinations and Split-ups of Receipts
	11
	

	SECTION 2.06
	Surrender of Receipts and Withdrawal of Preferred Stock
	11
	

	SECTION 2.07
	Limitations on Execution and Delivery, Transfer, Split-up
	12
	

	SECTION 2.08
	Lost Receipts, etc.
	13
	

	SECTION 2.09
	Cancellation and Destruction of Surrendered Receipts
	13
	

	SECTION 2.10
	No Pre-Release
	13
	

	ARTICLE 3
	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	13
	

	SECTION 3.01
	Filing Proofs, Certificates and Other Information
	13
	

	SECTION 3.02
	Payment of Fees and Expenses
	14
	

	SECTION 3.03
	Representations and Warranties as to Preferred Stock
	14
	

	SECTION 3.04
	Representation and Warranty as to Receipts and Depositary Shares
	14
	

	SECTION 3.05
	Taxes
	14
	

	ARTICLE 4
	THE PREFERRED STOCK; NOTICES
	15
	

	SECTION 4.01
	Cash Distributions
	15
	

	SECTION 4.02
	Distributions Other Than Cash
	16
	

	SECTION 4.03
	Subscription Rights, Preferences or Privileges
	16
	

	SECTION 4.04
	Notice of Dividends; Fixing of Record Date for Holders of Receipts
	17
	

	SECTION 4.05
	Voting Rights
	18
	

	
			
	 
	 
	 

TABLE OF CONTENTS
(continued)

	
				
	SECTION 4.06
	Changes Affecting Preferred Stock and Reorganization Events
	18
	

	SECTION 4.07
	Inspection of Reports
	19
	

	SECTION 4.08
	Lists of Receipt Holders
	19
	

	SECTION 4.09
	Withholding
	19
	

	ARTICLE 5
	THE DEPOSITARY AND THE COMPANY
	20
	

	SECTION 5.01
	Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar
	20
	

	SECTION 5.02
	Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company
	21
	

	SECTION 5.03
	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company    
	21
	

	SECTION 5.04
	Resignation and Removal of the Depositary; Appointment of Successor Depositary
	25
	

	SECTION 5.05
	Notices, Reports and Documents
	26
	

	SECTION 5.06
	Indemnification by the Company
	26
	

	SECTION 5.07
	Fees, Charges and Expenses
	27
	

	ARTICLE 6
	AMENDMENT AND TERMINATION    
	27
	

	SECTION 6.01
	Amendment
	27
	

	SECTION 6.02
	Termination
	28
	

	ARTICLE 7
	MISCELLANEOUS
	28
	

	SECTION 7.01
	Counterparts
	28
	

	SECTION 7.02
	Exclusive Benefits of Parties
	29
	

	SECTION 7.03
	Invalidity of Provisions
	29
	

	SECTION 7.04
	Notices
	29
	

	SECTION 7.05
	Depositary's Agents
	31
	

	SECTION 7.06
	Holders of Receipts Are Parties
	31
	

	SECTION 7.07
	Governing Law
	31
	

	SECTION 7.08
	Inspection of Deposit Agreement and Certificate of Designations
	31
	

	SECTION 7.09
	Headings
	31
	

	SECTION 7.10
	Confidentiality
	31
	

	SECTION 7.11
	Further Assurances
	32
	

	EXHIBIT A
	Form of Face of Receipt; Form of Reverse of Receipt
	 

	EXHIBIT B
	Certificate of Designations
	 

	
			
	 
	 
	 

DEPOSIT AGREEMENT
DEPOSIT AGREEMENT, dated February 11, 2020 among AGNC INVESTMENT CORP., a Delaware corporation, COMPUTERSHARE INC., a Delaware Corporation (“Computershare”), and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust Company”), jointly as Depositary (as hereinafter defined), and all holders from time to time of Receipts (as hereinafter defined) issued hereunder.
WITNESSETH:
WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares;
WHEREAS, if certificated, the Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and
WHEREAS, the terms and conditions of the Preferred Stock is substantially set forth in the Certificate of Designations attached hereto as Exhibit B.
NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among the parties hereto as follows:
ARTICLE 1 
DEFINITIONS
The following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts:
“Certificate of Designations” shall mean the certificate that amends the Amended and Restated Certificate of Incorporation of the Company, as amended to date, adopted by the Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges of the Preferred Stock, as filed with the Secretary of State of the State of Delaware on February 10, 2020 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time.

	
			
	 
	1
	 

“Certificate of Incorporation” shall mean the Amended and Restated Certificate of Incorporation of the Company, as amended to date, dated April 26, 2018, including any certificates of designation, and as restated or amended from time to time.
“Company” shall mean AGNC Investment Corp., a Delaware corporation, and its successors.
“Deposit Agreement” shall mean this agreement, as the same may be amended, modified or supplemented from time to time.
“Depositary” shall mean Computershare and the Trust Company, acting jointly, and any successor as Depositary hereunder. The Depositary, along with its affiliates, shall maintain combined capital and surplus of at least $50,000,000, and so shall any successor depositary hereunder.
“Depositary Office” shall mean the principal office of the Depositary at which at any particular time its business in respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at 150 Royall Street, Canton, Massachusetts 02021.
“Depositary Share” shall mean the security representing a 1/1,000th fractional interest in a share of Preferred Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued hereunder.  Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock represented by such Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designations).
“Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in Section 7.05.
“Dividend Payment Date” shall have the meaning set forth in the Certificate of Designations.
“Dividend Record Date” shall have the meaning set forth in the Certificate of Designations.
“DTC” means The Depository Trust Company.
“DTC Participant” means any financial institution (or any nominee of such institution) having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC.

	
			
	 
	2
	 

“DTC Receipt” has the meaning set forth in Section 2.01.
“person” shall mean any natural person, partnership, joint venture, firm, corporation, limited liability company, limited liability partnership, unincorporated association, trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing.
“Preferred Stock” shall mean shares of the Company’s 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (liquidation preference $25,000 per share), $0.01 par value per share, heretofore validly issued, fully paid and nonassessable.
“Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary form, if certificated, substantially in the form set forth as Exhibit A hereto.
“record date” shall mean the date fixed pursuant to Section 4.04.
“record holder” or “holder” as applied to a Receipt shall mean the individual, entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose.
“redemption date” has the meaning set forth under Section 2.03.
“redemption price” has the meaning set forth under Section 2.03.
“Registrar” shall mean the Trust Company or any bank or trust company appointed to register ownership and transfers of Receipts and the deposited Preferred Stock, as herein provided.
“Reorganization Event” shall mean:
(1) any consolidation or merger of the Company with or into another person (other than a merger or consolidation in which the Company is the continuing corporation and in which the shares of common stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities other property of the Company or another corporation);
(2) any sale, transfer, lease or conveyance to another person of all or substantially all the property and assets of the Company; or
(3) any statutory exchange of securities of the Company with another person (other than in connection with a merger or acquisition) or any binding share exchange which reclassifies or changes its outstanding common stock.

	
			
	 
	3
	 

“Securities Act” shall mean the Securities Act of 1933, as amended.
“Transfer Agent” shall mean the Trust Company or any bank or trust company appointed to transfer the Receipts and the deposited Preferred Stock, as herein provided.
ARTICLE 2  
FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
SECTION 2.01    Form and Transferability of Receipts.
Definitive Receipts shall be printed and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in each case, with appropriate insertions, modifications and omissions, as hereinafter provided.  Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and in each case with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of such Receipts.  If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay.  After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company's expense and without any charge therefor.  Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts.
Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary; provided, that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual or facsimile signature of a duly authorized signatory of the Registrar.  No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence.  The Depositary shall record on its books each Receipt executed as provided above and delivered as hereinafter provided.  Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was 

	
			
	 
	4
	 

at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.
Receipts shall be in denominations of any number of whole Depositary Shares.  All Receipts shall be dated the date of their issuance.
Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any applicable law or regulation or with the rules and regulations of any securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject, in each case, as directed by the Company.
Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed, or accompanied by a properly executed instrument of transfer, or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock, to exercise any redemption or voting rights or to receive any notice provided for in this Deposit Agreement and for all other purposes.
Notwithstanding the foregoing, upon request by the Company, the Depositary and the Company will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system.  In connection with any such request, the Company hereby appoints the Depositary acting through any authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility.  So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded on the Nasdaq Global Select Market with book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.).  The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC.  Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership 

	
			
	 
	5
	 

shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC.
If issued, the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing, (iii) the Company executes and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable or (iv) the Preferred Stock has been delisted from the Nasdaq Global Select Market and a DTC Participant has made a request to DTC on behalf of a beneficial owner, following the administrative procedures in place at such time with DTC (which procedures the Company shall be obligated to follow only in accordance with the terms of Section 1 of the Certificate of Designations), to exchange an interest in the Depositary Shares for a definitive Receipt evidencing such Depositary Shares being exchanged. If the beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii), (iii) or (iv) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares.  The DTC Receipt shall be in such form and shall bear such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system.  Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the relevant Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company.
SECTION 2.02    Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.
Concurrently with the execution of this Deposit Agreement, the Company is delivering to the Depositary evidence of 23,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form 

	
			
	 
	6
	 

satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock registered in such names specified in such written order.  The Depositary acknowledges receipt of the aforementioned 23,000 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary at the Depositary Office or at such other office as the Depositary shall determine.  The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and the Trust Company hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other appropriate method.
If required by the Depositary, Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders of the Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the prompt transfer to the Depositary or its nominee of any dividend or right to subscribe for additional Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.
Upon receipt by the Depositary of a certificate or certificates for or other evidence of any such Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons.  The Depositary shall execute and deliver such Receipt or Receipts at the Depositary Office, except that, at the request, risk and expense of any person requesting such delivery, such delivery may be made at such other place as may be designated by such person.  Other than in the case of splits, combinations or other reclassifications affecting the Preferred Stock, or in the case of dividends or other distributions of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Certificate of Designations, as such may be amended.  To the extent that the Company issues shares of Preferred Stock in excess of the amount set forth in the Certificate of 

	
			
	 
	7
	 

Designations as of the date hereof (which shares have been validly authorized by the Company), the Company shall notify the Depositary of such issuance in writing.
The Depositary shall be permitted to rely on applicable opinions of counsel delivered to the underwriters pursuant to each of Sections 5(c) and 5(l)(iii) of the underwriting agreement, dated February 4, 2020 among the Company and the representatives of the underwriters named therein relating to the sale of the Depositary Shares to the public (the “Underwriting Agreement”).
The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement.
SECTION 2.03    Optional Redemption of Preferred Stock for Cash.
Whenever the Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Certificate of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 35 nor more than 60 days’ prior written notice of the date fixed for redemption of such Preferred Stock (the “redemption date”) and of the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption price (the “redemption price”), as set forth in the Certificate of Designations.  The Depositary shall, in accordance with Section 7.04, deliver notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 and not more than 60 days prior to the redemption date, to the holders of record on the record date fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to deliver any such notice to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption, except as to the holder to whom notice was not given or defective.
The Company shall prepare and provide the Depositary with such notice, and each such notice shall state:  (i) the redemption date; (ii) the redemption price; (iii) the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the place or places where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and (vi) that on the redemption date dividends in respect of the Preferred Stock represented by the Depositary Shares to be redeemed will cease to accrue.

	
			
	 
	8
	 

In the event that notice of redemption has been made as described in the immediately preceding paragraphs and the Company shall then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate.  Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed at a cash redemption price of $25.00 per Depositary Share plus any accrued dividends thereon from the last Dividend Payment Date to, but excluding, the redemption date.  The foregoing shall be further subject to the terms and conditions of the Certificate of Designations.  In the event of any conflict between the provisions of the Deposit Agreement and the provisions of the Certificate of Designations, the provisions of the Certificate of Designations will govern and the Company will instruct the Depositary, as applicable, in writing accordingly of such governing terms; provided, however, that under no circumstances will the Certificate of Designations be deemed to change or modify any of the rights, duties or immunities of the Depositary contained herein.
If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption.
If less than all of the Preferred Stock is redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary will select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary may determine to be fair and equitable.
All funds received by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of Services (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company.  Until paid pursuant to this Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations 

	
			
	 
	9
	 

of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor's Corporation (“S&P”) or Moody's Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, as amended, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.).  Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this paragraph resulting solely from a default by any bank, financial institution or other third party.  Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments.  Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.
SECTION 2.04    Registration of Transfers of Receipts.
The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Receipts and the Trust Company hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative properly endorsed or accompanied by a properly executed instrument of transfer or endorsement and appropriate evidence of authority which shall include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by the applicable party of any transfer taxes as may be required by law.  Upon such surrender, the Trust Company shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.
SECTION 2.05    Combinations and Split-ups of Receipts.
Upon surrender of a Receipt or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

	
			
	 
	10
	 

SECTION 2.06    Surrender of Receipts and Withdrawal of Preferred Stock.
Any holder of a Receipt or Receipts may withdraw any number of whole shares of deposited Preferred Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the Depositary or at such other office as the Depositary may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby), which has previously been called for redemption.  Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.07 and payment of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock, and subject to the terms and conditions of this Deposit Agreement, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor.  If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of deposited Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or upon such holder’s order (subject to Section 2.04), a new Receipt or Receipts evidencing such excess number of Depositary Shares.  Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer.
If the deposited Preferred Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement in blank.
The Depositary shall deliver the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for withdrawal at 

	
			
	 
	11
	 

the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated by such holder.
SECTION 2.07    Limitations on Execution and Delivery, Transfer, Split-up.  Combination, Surrender and Exchange of Receipts.
As a condition precedent to the execution and delivery, registration, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or registration fee with respect thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature) including, as noted in Section 2.04 above, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Depositary; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement and/or applicable law, as may be required by any securities exchange on which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed.
The deposit of Preferred Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any other provision of this Deposit Agreement.
SECTION 2.08    Lost Receipts, etc.
In case any Receipt shall be mutilated and surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt; provided, that the holder thereof shall have (i) filed with the Depositary (a) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser and (b) an indemnity bond, (ii) satisfied any other reasonable 

	
			
	 
	12
	 

requirements imposed by the Depositary and (iii) complied with such other reasonable regulations and paid such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code as in effect in the State of New York.
SECTION 2.09    Cancellation and Destruction of Surrendered Receipts.
All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary.  Except as prohibited by applicable law or regulation, the Depositary is authorized, but not required, to destroy such Receipts so cancelled.
SECTION 2.10    No Pre-Release
The Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and cancellation of such Receipts or other similar method used with respect to Receipts held by DTC.  The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred Stock evidenced by such Receipts.  At no time will any Receipts be outstanding if such Receipts do not represent Preferred Stock deposited with the Depositary.

ARTICLE 3 
CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
SECTION 3.01    Filing Proofs, Certificates and Other Information.
Any person presenting Preferred Stock for deposit or any holder of a Receipt may be required from time to time to file with the Depositary such proof of residence, guarantee of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company may reasonably require by written request to the Depositary. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the Depositary Shares evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed, or such certificates are executed.
SECTION 3.02    Payment of Fees and Expenses.
Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses and taxes or other governmental charges to the extent provided in Section 5.07, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental charges have been paid.  Until such payment is made, transfer of any Receipt or any 

	
			
	 
	13
	 

withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld, and any part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior to such sale).  Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency.
SECTION 3.03    Representations and Warranties as to Preferred Stock.
In the case of the initial deposit of the Preferred Stock hereunder, the Company represents and warrants that such Preferred Stock and, if certificated, each certificate therefor are duly authorized, validly issued, fully paid and nonassessable.  Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts.
SECTION 3.04    Representation and Warranty as to Receipts and Depositary Shares.
The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid 1/1,000th fractional interest in a share of deposited Preferred Stock represented by such Depositary Share.  Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares.
SECTION 3.05    Taxes.
The Company will pay any and all stock transfer, documentary, stamp and similar taxes that may be payable in respect of any issuance or delivery of Depositary Shares or shares of Preferred Stock or other securities issued on account of Depositary Shares or, if certificated, certificates representing such shares or securities.  The Company will not, however, be required to pay any such tax that may be payable in respect of any transfer involved in the issuance or delivery of shares of Preferred Stock, Depositary Shares or other securities in a name other than that in which the Depositary Shares with respect to which such shares or other securities are issued or delivered were registered, or in respect of any payment to any person other than a payment to the registered holder thereof, and will not be required to make any such issuance, delivery or payment unless and until the person otherwise entitled to such issuance, delivery or payment has paid to the Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid or is not payable.

	
			
	 
	14
	 

ARTICLE 4 
THE PREFERRED STOCK; NOTICES
SECTION 4.01    Cash Distributions.
Whenever Computershare shall receive any cash dividend or other cash distribution on the deposited Preferred Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, Computershare shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or Computershare shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly.  Computershare, however, shall distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing to any holder of Receipts a fraction of one cent.  Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to registered holders entitled thereto and any balance not so distributable shall be held by Computershare (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding distribution to record holders of such Receipts.  Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W8ECI or another applicable Form W-8) or Form W-9 (which form shall set forth such holder’s certified taxpayer identification number if requested on such form), as may be applicable.  Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distribution to be made hereunder.
SECTION 4.02    Distributions Other Than Cash.
Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution.  The Depositary shall not make any distribution of securities or property to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities or property have 

	
			
	 
	15
	 

been registered under the Securities Act or do not need to be registered in connection with such distributions.
SECTION 4.03    Subscription Rights, Preferences or Privileges.
If the Company shall at any time offer or cause to be offered to the persons in whose names deposited Preferred Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so directed by the Company and provided with an opinion of counsel that if Depositary undertakes such actions it will not be deemed an “issuer” under the Securities Act or an “investment company” under the Investment Company Act of 1940, as amended, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as it may deem proper.  The net proceeds of any such sale shall, subject to Sections 3.01 and 3.02, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash.  The Depositary shall not make any distribution of such rights, preferences or privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered.
If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly notify the Depositary of such requirement, that it will promptly file a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its commercially reasonable efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges.  In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such a registration statement shall have become 

	
			
	 
	16
	 

effective or unless the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act and the Company shall have provided to the Depositary an opinion of counsel to such effect.
If any other action under the law of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such requirement and to use its commercially reasonable efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges.
The Depositary will not be deemed to have any knowledge of any item for which it is supposed to receive notification under any section of this Deposit Agreement unless and until it has received such notification.
SECTION 4.04    Notice of Dividends; Fixing of Record Date for Holders of Receipts.
Whenever any cash dividend or other cash distribution shall become payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Preferred Stock) (the “record date”) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or whose Depositary Shares are to be so redeemed.
SECTION 4.05    Voting Rights.
Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, deliver, in accordance with Section 7.04, to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred Stock represented by 

	
			
	 
	17
	 

their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given.  Upon the written request of a holder of a Receipt on such record date, the Depositary shall insofar as practicable vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request.  To the extent any such instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests.  Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share is entitled to 1/1,000th of a vote.  The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted.  In the absence of specific instructions from the holder of a Receipt, the Depositary will vote all Depositary Shares held by it in proportion with any instructions received.  The Depositary shall not exercise any discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt.
SECTION 4.06    Changes Affecting Preferred Stock and Reorganization Events.
Upon any change in liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock, any Reorganization Event or any exchange of the Preferred Stock for cash, securities or other property, the Depositary shall, upon the written instructions of the Company setting forth any of the following adjustments, (i) reflect such adjustments in the Depositary’s books and records in (a) the fraction of an interest in one share of Preferred Stock represented by one Depositary Share and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of Preferred Stock, as may be required by or as is consistent with the provisions of the Certificate of Designations to fully reflect the effects of such change in liquidation preference, par or stated value, split-up, combination or other reclassification of Preferred Stock, of such Reorganization Event or of such exchange and (ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in respect of such Preferred Stock.  In any such case the Depositary may, upon the receipt of written request of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property.

	
			
	 
	18
	 

SECTION 4.07    Inspection of Reports.
The Depositary shall make available for inspection by holders of Receipts at the Depositary Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications received from the Company that are both received by the Depositary as the holder of deposited Preferred Stock and made generally available to the holders of the Preferred Stock.  In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in Section 5.05.
SECTION 4.08    Lists of Receipt Holders.
Promptly upon request from time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar.
SECTION 4.09    Withholding.
Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in property is subject to any tax or other governmental charge which the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private sale, all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to the number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not all holders of Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such sale in such a manner so as to avoid affecting the rights of any other holders of Receipts to receive such distribution in property.
ARTICLE 5 
THE DEPOSITARY AND THE COMPANY
SECTION 5.01    Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar.
The Depositary shall maintain at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and 

	
			
	 
	19
	 

deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for the delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit Agreement.
The Registrar shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times during normal business hours shall be open for inspection by the record holders of Receipts as provided by applicable law.  The Company may cause the Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.
If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on the Nasdaq Global Select Market or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with the requirements of such exchange.  Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the request or with the written approval of the Company.  If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company, arrange such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations.
SECTION 5.02    Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.
None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or, in the case of the Company, the Depositary, the Depositary’s Agent, the Transfer Agent or the Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Transfer Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, 

	
			
	 
	20
	 

or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement.
SECTION 5.03    Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company.
The Company does not assume any obligation and shall not be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement.  Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent or Registrar assumes any obligation and shall not be subject to any liability under this Deposit Agreement to holders of Receipts, the Company or any other person other than for its bad faith, gross negligence or willful misconduct. Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special, indirect, incidental, consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person alleged to be liable has knowledge of the possibility of such damages.  Notwithstanding anything contained herein to the contrary, the Depositary’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Depositary as fees and charges, but not including reimbursable expenses.
None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required.
None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any holder of a Receipt.  The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.
In the event the Depositary shall receive conflicting claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall 

	
			
	 
	21
	 

be entitled to act on such claims, requests or instructions received from the Company, and shall incur no liability and shall be entitled to the full indemnification set forth in Section 5.06 in connection with any action so taken.
The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct of the Depositary.  The Depositary undertakes, and any Registrar or Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depositary or any Registrar or Transfer Agent.
The Depositary, its parent, affiliate, or subsidiaries, any Depositary’s Agent, and any Registrar or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the Depositary’s Agent hereunder.  The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates or act in any other capacity for the Company or its affiliates.
It is intended that neither the Depositary, nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary.
Neither the Depositary (or its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement.
The Company agrees that it will register the deposited Preferred Stock and the Depositary Shares in accordance with the applicable securities laws.

	
			
	 
	22
	 

In the event the Depositary, the Depositary’s Agent or any Registrar or Transfer Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall promptly notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall be fully protected and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct, unless and until (i) the rights of all parties have been fully and finally adjudicated by a court of appropriate jurisdiction or (ii) the Depositary, the Depositary’s Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s Agent, Transfer Agent or Registrar.
Whenever in the performance of its duties under this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the President, any Vice President, the Treasurer, any Assistant Treasurer, Head of Corporate Finance, the Secretary or Assistant Secretary of the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such certificate.  The Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall not be liable for or by reason of any of the statements of fact or recitals contained in this Deposit Agreement or in the Receipts (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Company only.
The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Preferred Stock or Depositary Shares.
Notwithstanding anything herein to the contrary, no amendment to the Certificate of Designations shall affect the rights, duties, obligations or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder.

	
			
	 
	23
	 

The Depositary, Transfer Agent and any Registrar hereunder:
(i)    shall have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may subsequently be agreed to in writing by the parties;
(ii)    shall have no obligation to make payment hereunder unless the Company shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto;
(iii)    shall not be obligated to take any legal or other action hereunder; if, however, the Depositary determines to take any legal or other action hereunder, and, where the taking of such action might in the Depositary’s judgment subject or expose it to any expense or liability, the Depositary shall not be required to act unless it shall have been furnished with an indemnity satisfactory to it;
(iv)    may rely on and shall be authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for determining the accuracy thereof;
(v)    may rely on and shall be authorized and protected in acting or failing to act upon the written, telephonic, electronic and oral instructions, with respect to any matter relating to the Depositary’s actions as depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of officers of the Company;
(vi)    may consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel;
(vii)    shall not be called upon at any time to advise any person with respect to the Depositary Shares or Receipts;
(viii)    shall not be liable or responsible for any recital or statement contained in any documents relating hereto or the Depositary Shares or Receipts; and
(ix)    shall not be liable in any respect on account of the identity, authority or rights of the parties (other than with respect to the Depositary) executing or delivering or purporting to 

	
			
	 
	24
	 

execute or deliver this Deposit Agreement or any documents or papers deposited or called for under this Deposit Agreement.
The obligations of the Company and the rights of the Depositary set forth in this Section 5.03 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement.
SECTION 5.04    Resignation and Removal of the Depositary; Appointment of Successor Depositary.
The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.
The Depositary may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.  Upon any such removal or appointment, the Company shall send notice thereof by first-class mail, postage prepaid, to the holders of Receipts.
In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be an entity having its principal office in the United States of America and having a combined capital and surplus (together with its affiliates) of at least $50,000,000.  If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent jurisdiction to appoint a successor depositary.  Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts.
Any corporation or other entity into or with which the Depositary may be merged, consolidated or converted, or any corporation or other entity to which all or a substantial part of 

	
			
	 
	25
	 

the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of any document or any further act.  Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary.
The provisions of this Section 5.04 as they apply to the Depositary apply to the Registrar and Transfer Agent, as if specifically enumerated herein.
SECTION 5.05    Notices, Reports and Documents.
The Company agrees that it will deliver to the Depositary, and the Depositary, if requested in writing by the Company, will promptly after receipt of such notice, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and reports generally made available by the Company to holders of the Preferred Stock and not otherwise made publicly available.  Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request.  In addition, the Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the Company.
SECTION 5.06    Indemnification by the Company.
The Company shall indemnify the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar against, and hold each of them harmless from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself) which may arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the Depositary, any Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except for any liability arising out of bad faith, gross negligence or willful misconduct on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts or shares of Preferred Stock pursuant to the provisions hereof.  The obligations of the Company and the rights of the Depositary set forth in this Section 5 and in particular Sections 5.03 and 5.06, shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement.  In no event shall the Depositary have any right of set off or counterclaim against the Depositary Shares or the Preferred Stock.
SECTION 5.07    Fees, Charges and Expenses.
No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as provided in this Section 5.07. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit 

	
			
	 
	26
	 

Agreement.  The Company shall also pay all fees and reasonable expenses of the Depositary in connection with the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals of the Preferred Stock by holders of Receipts.  All other fees and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar or Transfer Agent (including, in each case, fees and expenses of counsel) incurred in the preparation, delivery, amendment, administration and execution of this Deposit Agreement and incident to the performance of their respective obligations hereunder will be paid by the Company as previously agreed between the Depositary and the Company.  The Depositary (and if applicable, the Transfer Agent and Registrar) shall present its statement for fees and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree.
ARTICLE 6 
AMENDMENT AND TERMINATION
SECTION 6.01    Amendment.
The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate of Incorporation shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing at least two-thirds of the Depositary Shares then outstanding.  In no event shall any amendment impair the right, subject to the provisions of Sections 2.06 and 2.07 and Article 3, of any holder of any Receipts evidencing such Depositary Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law.  Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. As a condition precedent to the Depositary’s execution of any amendment, the Company shall deliver to the Depositary a certificate from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 6.01.
SECTION 6.02    Termination.

	
			
	 
	27
	 

This Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the Depositary if the holders of Receipts evidencing a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property held by the Depositary in respect of such Receipt.  This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed in accordance with the provisions hereof or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts entitled thereto.
Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Sections 5.03, 5.06, 5.07, 7.07 and 7.10.
ARTICLE 7 
MISCELLANEOUS
SECTION 7.01    Counterparts.
This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement.
SECTION 7.02    Exclusive Benefits of Parties.
This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.
SECTION 7.03    Invalidity of Provisions.
In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, 

	
			
	 
	28
	 

prejudiced or disturbed thereby; provided, however, that if such provision affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately.
SECTION 7.04    Notices.
Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, recognized next-day courier service or by facsimile transmission confirmed by letter, addressed to the Company at:
AGNC Investment Corp.
2 Bethesda Metro Center
12th Floor
Bethesda, Maryland 20814
Attention: General Counsel
Fax:  301-968-9301

with a copy to :

Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036
Attention: David J. Goldschmidt, Esq.
Fax: 917-777-3574

or at any other address of which the Company shall have notified the Depositary in writing.
Any notices to be given to the Depositary, Transfer Agent or Registrar hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, recognized next-day courier service or facsimile confirmed by letter, addressed to the Depositary:
Computershare Trust Company, N.A.   
c/o Computershare Inc.    
150 Royall Street     
Canton, Massachusetts 02021    
Attention: General Counsel Facsimile: 781-575-4210

	
			
	 
	29
	 

Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, recognized next-day courier service or telecopier confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary; provided that any record holder may direct the Depositary to deliver notices to such record holder at an alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed with the Depositary and that is reasonably acceptable to the Depositary.
Delivery of a notice sent by mail shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees prepaid.  The Depositary or the Company may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as aforesaid.
SECTION 7.05    Depositary’s Agents.
The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents.  The Depositary will notify the Company of any such action.
SECTION 7.06    Holders of Receipts Are Parties.
The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof to the same extent as though such person executed this Deposit Agreement.
SECTION 7.07    Governing Law.
This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the law of the State of New York applicable to agreements made and to be performed in said State, without regard to conflicts of laws principles thereof (other than Section 5-1401 of the New York General Obligations Law).
SECTION 7.08    Inspection of Deposit Agreement and Certificate of Designations.

	
			
	 
	30
	 

Copies of this Deposit Agreement and the Certificate of Designations shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Depositary Office by any holder of any Receipt.
SECTION 7.09    Headings.
The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.
SECTION 7.10    Confidentiality.
The Depositary and the Company agree that all books, records, information and data pertaining to the business of the other party, including, inter alia, personal, non-public holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal process.
SECTION 7.11    Further Assurances.
From time-to-time and after the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Agreement.

	
			
	 
	31
	 

IN WITNESS WHEREOF, AGNC Investment Corp., Computershare Inc., and Computershare Trust Company, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof.
	
			
	 
	AGNC INVESTMENT CORP.
	 

	By:
	/s/ Bernice E. Bell
	 

	 
	Name: Bernice E. Bell
	 

	 
	Title: Senior Vice President and Chief Financial Officer
	 

	 
	 
	 

	 
	 
	 

	 
	COMPUTERSHARE INC. and COMPUTERSHARE TRUST COMPANY, N.A., as Depositary, Registrar and Transfer Agent
	 

	By:
	/s/ Michael Lang
	 

	 
	Authorized Signatory
	 

	 
	Name: Michael J. Lang
	 

	 
	Title: Senior Vice President
	 

	 
	 
	 

	
			
	 
	32
	 

Exhibit A
FORM OF FACE OF RECEIPT
IF GLOBAL RECEIPT IS ISSUED:  UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.
IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

	
			
	 
	 
	 

Certificate Number_______                    Number of Depositary Shares ______
CUSIP NO.: 00123Q 872

RECEIPT FOR DEPOSITARY SHARES,
Each Representing 1/1,000th of a Share of
6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
(par value $0.01 per share)   
(liquidation preference $25.00 per depositary share)
of
AGNC INVESTMENT CORP.
Computershare  Inc. and Computershare Trust Company, N.A., acting jointly as Depositary (the “Depositary”), hereby certifies that _____________________________________________________ is the registered owner of __________________ Depositary Shares (“Depositary Shares”), each Depositary Share representing 1/1,000th of one share of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable  Preferred Stock, $0.01 par value per share and liquidation preference of $25,000 per share (the “Stock”), of AGNC Investment Corp., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated, February 11, 2020 (the “Deposit Agreement”), among the Company, the Depositary and the holders from time to time of Receipts for Depositary Shares.  By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement.  This Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a Registrar in respect of the Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar.

Dated:

	
		
	[Countersigned:]
	Computershare Inc. and
Computershare Trust Company, N.A., as Depositary

	

By:
	

By:  

	 
	Authorized Signatory

	
			
	 
	 
	 

[FORM OF REVERSE OF RECEIPT]
The following abbreviations when used in the instructions on the face of this receipt shall be construed as though they were written out in full according to applicable laws or regulations.

	
		
	TEN COM  -  as tenant in common
	UNIF GIFT MIN ACT -  
Custodian 

	 
	(Cust)   (Minor)

	TEN ENT  -  as tenants by the entireties
	Under Uniform Gifts to Minors Act

	JT TEN  -  as joint tenants with right of survivorship and not as tenants in common
	    
(State)

Additional abbreviations may also be used though not in the above list.
ASSIGNMENT
For value received, ________________________ hereby sell(s), assign(s) and transfer(s) unto
PLEASE INSERT SOCIAL SECURITY OR    
OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE
   
    
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS    
INCLUDING POSTAL ZIP CODE OF ASSIGNEE
    
___________________________ Depositary Shares represented by the within Receipt, and do hereby irrevocably constitute and appoint
___________________________ Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.

	
			
	Dated
	 
	 

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

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

	
			
	 
	 
	 

Exhibit B
Certificate of Designations

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