Document:

Collateral Agreement

 Exhibit 4.5 
 Execution Copy 
  

 COLLATERAL AGREEMENT 
 among 
 MELLON FINANCIAL CORPORATION, 
 THE BANK OF
NEW YORK 
 as Collateral Agent, Custodial Agent, 
 Securities Intermediary and Securities Registrar 
 and 
 MELLON CAPITAL IV, 
 acting through
Manufacturers and Traders Trust Company, 
 as Property Trustee 
 Dated as of June 19, 2007 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	
	ARTICLE I
	
	Definitions
			
	Section 1.01	 	Definitions	  	1
	
	ARTICLE II
	
	Pledge
			
	Section 2.01	 	Pledge	  	7
	Section 2.02	 	Control	  	7
	Section 2.03	 	Termination	  	7
	
	ARTICLE III
	
	Control
			
	Section 3.01	 	Establishment of Collateral Account	  	7
	Section 3.02	 	Treatment as Financial Assets	  	8
	Section 3.03	 	Sole Control by Collateral Agent	  	8
	Section 3.04	 	Securities Intermediary’s Location	  	8
	Section 3.05	 	No Other Claims	  	9
	Section 3.06	 	Investment and Release	  	9
	Section 3.07	 	No Other Agreements	  	9
	Section 3.08	 	Powers Coupled with an Interest	  	9
	Section 3.09	 	Waiver of Lien; Waiver of Set-off	  	9
	
	ARTICLE IV
	
	Custody
			
	Section 4.01	 	Appointment	  	9
	Section 4.02	 	Custody	  	10
	Section 4.03	 	Termination of Custody Account	  	10
	Section 4.04	 	Waiver of Lien; Waiver of Set-off	  	10
	
	ARTICLE V
	
	Distributions on Collateral and Custody Notes
			
	Section 5.01	 	Interest on Notes	  	10
	Section 5.02	 	Payments Following Termination Event or Redemption Prior to Stock Purchase Date	  	10
	Section 5.03	 	Payments Prior to or on Stock Purchase Date	  	11
	Section 5.04	 	Payments to Property Trustee	  	12
	Section 5.05	 	Assets Not Properly Released	  	12

  

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 COLLATERAL AGREEMENT 

					
	
	ARTICLE VI
	
	 Initial Deposit; Exchange of Normal PCS and Qualifying Treasury Securities for
 Stripped PCS and Capital PCS; Reinvestment of Proceeds of Pledged Treasury Securities

			
	Section 6.01	  	Initial Deposit of Notes	  	12
	Section 6.02	  	Exchange of Normal PCS and Qualifying Treasury Securities for Stripped PCS and Capital PCS	  	13
	Section 6.03	  	Exchange of Stripped PCS and Capital PCS for Normal PCS and Qualifying Treasury Securities	  	13
	Section 6.04	  	Termination Event; Redemption Prior to Stock Purchase Date	  	14
	Section 6.05	  	Reinvestment of Proceeds of Pledged Treasury Securities	  	15
	Section 6.06	  	Application of Proceeds in Settlement of Stock Purchase Contracts	  	16
	
	ARTICLE VII
	
	Voting Rights — Notes
			
	Section 7.01	  	Voting Rights	  	16
	
	ARTICLE VIII
	
	Rights and Remedies
			
	Section 8.01	  	Rights and Remedies of the Collateral Agent	  	17
	Section 8.02	  	Remarketing; Contingent Exchange Elections by Holder of Normal PCS	  	18
	Section 8.03	  	Contingent Disposition Election by Holder of Capital PCS	  	19
	
	ARTICLE IX
	
	Representations and Warranties; Covenants
			
	Section 9.01	  	Representations and Warranties	  	20
	Section 9.02	  	Covenants	  	20
	
	ARTICLE X
	
	 The Collateral Agent, The Custodial Agent, The Securities Intermediary
 and The Securities Registrar

			
	Section 10.01	  	Appointment, Powers and Immunities	  	21
	Section 10.02	  	Instructions of the Company	  	22
	Section 10.03	  	Reliance by Collateral Agent, Custodial Agent, Securities Intermediary and Securities Registrar	  	22
	Section 10.04	  	Certain Rights	  	23
	Section 10.05	  	Merger, Conversion, Consolidation or Succession to Business	  	24
	Section 10.06	  	Rights in Other Capacities	  	24
	Section 10.07	  	Non-reliance on Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities Registrar	  	25

  

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 COLLATERAL AGREEMENT 

					
	Section 10.08	  	Compensation and Indemnity	  	25
	Section 10.09	  	Failure to Act	  	26
	Section 10.10	  	Resignation of Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities Registrar	  	27
	Section 10.11	  	Right to Appoint Agent or Advisor	  	28
	Section 10.12	  	Survival	  	28
	Section 10.13	  	Exculpation	  	28
	Section 10.14	  	Statements and Confirmations	  	28
	Section 10.15	  	Tax Allocations	  	28
	
	ARTICLE XI
	
	Amendment
			
	Section 11.01	  	Amendment	  	29
	Section 11.02	  	Execution of Amendments	  	29
	
	ARTICLE XII
	
	Miscellaneous
			
	Section 12.01	  	No Waiver	  	29
	Section 12.02	  	Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury	  	30
	Section 12.03	  	Notices	  	30
	Section 12.04	  	Successors and Assigns	  	30
	Section 12.05	  	Severability	  	30
	Section 12.06	  	Expenses, Etc.	  	31
	Section 12.07	  	Security Interest Absolute	  	31
	Section 12.08	  	Notice of Termination Event or Redemption Prior to Stock Purchase Date	  	32
	Section 12.09	  	Incorporation by Reference	  	32
	Section 12.10	  	No Recourse	  	32
			
	EXHIBITS	  		  	
		
	Exhibit A – Form of Normal PCS Certificate	  	
	Exhibit B – Form of Stripped PCS Certificate	  	
	Exhibit C – Form of Capital PCS Certificate	  	
			
	SCHEDULES	  		  	
		
	Schedule I – Reference Dealers	  	
	Schedule II – Contact Persons for Confirmation	  	

  

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 COLLATERAL AGREEMENT 

 This COLLATERAL AGREEMENT, dated as of June 19,
2007, among MELLON FINANCIAL CORPORATION, a Pennsylvania corporation (the “Company”), THE BANK OF NEW
YORK, a New York banking corporation, as collateral agent (in such capacity, the “Collateral Agent”), as Custodial Agent (in such capacity, the “Custodial Agent”), as securities
intermediary (as defined in Section 8-102(a)(14) of the UCC) with respect to the Collateral Account (in such capacity, the “Securities Intermediary”), and as securities registrar with respect to the Trust Preferred Securities
(in such capacity, the “Securities Registrar”), and MELLON CAPITAL IV, a Delaware statutory trust (the “Issuer Trust”), acting through MANUFACTURERS
AND TRADERS TRUST COMPANY, a New York banking corporation, not in its individual capacity but solely as Property Trustee on behalf of the Issuer Trust (in such capacity,
the “Property Trustee”). 
 RECITALS 
 The Company and the Issuer Trust (acting through the Property Trustee) are parties to the Stock Purchase Contract Agreement, dated as of the date hereof
(as modified and supplemented and in effect from time to time, the “Stock Purchase Contract Agreement”), pursuant to which the Company has agreed to issue stock purchase contracts, having a liquidation amount of $100,000 per
contract (each, a “Stock Purchase Contract”) to the Issuer Trust. 
 Each Stock Purchase Contract requires the Company to
issue and sell, and the Property Trustee (on behalf of the Issuer Trust) to purchase, on the Stock Purchase Date (as defined in the Stock Purchase Contract Agreement), for an amount equal to $100,000 (the “Purchase Price”), one
share of the Company’s Non-Cumulative Perpetual Preferred Stock, Series L, $100,000 liquidation preference per share (the “Preferred Stock”). 
 Pursuant to the Trust Agreement, the Stock Purchase Contract Agreement and the Stock Purchase Contracts, the Issuer Trust acting through the Property Trustee is required to execute and deliver this Agreement, to grant
the pledge provided herein of the Collateral to secure the Obligations (as defined herein) and to appoint the Custodial Agent to establish and maintain the Custody Account (as defined herein). 
 NOW, THEREFORE, THIS COLLATERAL AGREEMENT WITNESSETH:
For and in consideration of the agreements and obligations set forth herein and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company, the Collateral Agent, the Custodial Agent, the
Securities Intermediary, the Securities Registrar and the Issuer Trust mutually agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01
Definitions. 
 For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 (a) The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular,
and nouns and pronouns of the masculine gender include the feminine and neuter genders. 

 COLLATERAL AGREEMENT 

 (b) The words “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision and references to any Article, Section or other subdivision are references to an Article, Section or other subdivision
of this Agreement. 
 (c) The following terms that are defined in the UCC shall have the meanings set forth therein: “certificated
security,” “control,” “financial asset,” “financing statement,” “entitlement order,” “securities account,” “security entitlement” and
“funds-transfer system”. 
 (d) Capitalized terms used herein and not defined herein have the meanings assigned to them in
the Trust Agreement. 
 (e) The following terms have the meanings given to them in this Section 1.01(e): 
 “Agreement” means this Collateral Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Cash” means any coin or currency of the United States as at the time shall be legal tender for payment of public and private debts.

 “Collateral” means the collective reference to: 
 (1) the Collateral Account and all investment property and other financial assets from time to time credited to the Collateral Account and
all security entitlements with respect thereto, including, without limitation, (A) the Notes, other than any Notes that are Transferred to (x) the Custodial Agent in accordance with Section 6.02 upon the Exchange of Normal PCS and
Qualifying Treasury Securities for Stripped PCS and Capital PCS pursuant to Sections 5.13(a)(i), (b) and (c) of the Trust Agreement from time to time, (y) the Remarketing Agent or the Custody Account in accordance with
Section 8.02(b) upon a Successful Remarketing or (z) the property trustee of a new trust in the event the Company elects to remarket the Notes in the form of New Trust Preferred Securities pursuant to Section 5.2(d) of the Indenture
Supplement and (B) any Qualifying Treasury Securities and security entitlements thereto delivered from time to time upon the exchange of Normal PCS and Qualifying Treasury Securities for Stripped PCS and Capital PCS pursuant to Sections
5.13(a)(i), (b) and (c) of the Trust Agreement and in accordance with Section 6.02; 
 (2) all Qualifying
Treasury Securities and security entitlements thereto purchased by the Collateral Agent with the Proceeds of Qualifying Treasury Securities pursuant to Section 6.05; 
 (3) the Mellon Bank Deposit; 
 (4) all Proceeds of any of the foregoing (whether such Proceeds arise before or after the commencement of any proceeding under any applicable bankruptcy, insolvency or other similar law, by or against the Issuer
Trust, as pledgor or with respect to the pledgor); and 
  

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 COLLATERAL AGREEMENT 

 (5) all powers and rights now owned or hereafter acquired under or with respect to the
Collateral. 
 “Collateral Account” means the securities account of The Bank of New York, as Collateral Agent, maintained by
the Securities Intermediary and designated “The Bank of New York, as Collateral Agent of Mellon Financial Corporation, as pledgee of Mellon Capital IV, acting through Manufacturers and Traders Trust Company, as Property Trustee.”

 “Collateral Agent” means the Person named as the “Collateral Agent” in the first paragraph of this Agreement
until a successor Collateral Agent shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Collateral Agent” shall mean such Person or any subsequent successor who is appointed pursuant to this
Agreement. 
 “Company” means the Person named as the “Company” in the first paragraph of this Agreement until a
successor shall have become such pursuant to the applicable provisions of the Stock Purchase Contract Agreement, and thereafter “Company” shall mean such successor. 
 “Custodial Agent” means the Person named as the “Custodial Agent” in the first paragraph of this Agreement until a successor
Custodial Agent shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Custodial Agent” shall mean such Person or any subsequent successor who is appointed pursuant to this Agreement. 
 “Custody Account” means the securities account of The Bank of New York, as Custodial Agent, designated “The Bank of New York, as
Custodial Agent for Mellon Capital IV.” 
 “Custody Notes” has the meaning specified in Section 4.01. 

“Exchange” means an exchange of Normal PCS and Qualifying Treasury Securities for Stripped PCS and Capital PCS pursuant to
Section 5.13(b) of the Trust Agreement and Section 6.02 or an exchange of Stripped PCS and Capital PCS for Normal PCS and Qualifying Treasury Securities pursuant to Section 5.13(d) of the Trust Agreement and Section 6.03.

 “Final Dealer” has the meaning specified in Section 6.05(a). 
 “Indemnitees” has the meaning specified in Section 10.08(b). 
 “Issuer Trust” has the meaning specified in the first paragraph of this Agreement. 
 “Loss” (and collectively, “Losses”) has the meaning specified in Section 10.08(b). 
 “Market Disruption Event” means (i) a general moratorium on commercial banking activities in New York declared by the relevant
authorities or (ii) any material disruption of the U.S. government securities market or U.S. federal funds-transfer systems, written notification of which shall have been given to the Collateral Agent by any of the Administrative Trustees.

 “Mellon Bank” means Mellon Bank National Association, or its successor. 
 “Mellon Bank Deposit” has the meaning specified in the Stock Purchase Contract Agreement. 
  

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 COLLATERAL AGREEMENT 

 “Notes” means the Remarketable 6.044% Junior Subordinated Notes due 2043 of the Company
issued pursuant to the Indenture. 
 “Notice of Contingent Disposition Election” means a Notice of Contingent Disposition
Election substantially in the form set forth on the reverse side of the form of Capital PCS Certificate, a copy of which is attached hereto as Exhibit C. 
 “Notice of Contingent Exchange Election” means a Notice of Contingent Exchange Election substantially in the form set forth on the reverse side of the form of Normal PCS Certificate, a copy of which
is attached hereto as Exhibit A. 
 “Obligations” means all obligations and liabilities of the Issuer Trust and the Property
Trustee on behalf of the Issuer Trust under each Stock Purchase Contract, the Stock Purchase Contract Agreement and this Agreement or any other document made, delivered or given in connection herewith or therewith, in each case whether on account of
principal, interest (including, without limitation, interest accruing before and after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Property Trustee or the Issuer
Trust, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Company or the
Collateral Agent or the Securities Intermediary that are required to be paid by the Issuer Trust pursuant to the terms of any of the foregoing agreements). 
 “Permitted Investments” means any one of the following, in each case maturing on the Business Day following the date of acquisition: 
 (1) any evidence of indebtedness with an original maturity of 365 days or less issued, or directly and fully guaranteed or insured, by the
United States of America or any agency or instrumentality thereof (provided, however, that the full faith and credit of the United States of America is pledged in support of the timely payment thereof or such indebtedness constitutes a
general obligation of it); 
 (2) deposits, certificates of deposit or acceptances with an original maturity of 365 days or
less of any institution which is a member of the Federal Reserve System having combined capital and surplus and undivided profits of not less than $500 million at the time of deposit (and which may include the Collateral Agent); 
 (3) investments with an original maturity of 365 days or less of any Person that are fully and unconditionally guaranteed by a bank
referred to in clause (2); 
 (4) repurchase agreements and reverse repurchase agreements relating to marketable direct
obligations issued or unconditionally guaranteed by the United States of America or issued by any agency thereof and backed as to timely payment by the full faith and credit of the United States of America; 
 (5) investments in commercial paper, other than commercial paper issued by the Company or its Affiliates, of any corporation incorporated
under the laws of the United States of America or any State thereof, which commercial paper has a rating at the time of purchase at least equal to “A-1” by Standard & Poor’s Ratings Services (“S&P”) or at
least equal to “P-1” by Moody’s Investors Service, Inc. (“Moody’s”); and 
  

 4 
 COLLATERAL AGREEMENT 

 (6) investments in money market funds (including, but not limited to, money market funds
managed by the Collateral Agent or an Affiliate of the Collateral Agent) registered under the Investment Company Act of 1940, as amended, rated in the highest applicable rating category by S&P or Moody’s. 
 “Pledge” means the lien and security interest created by this Agreement. 
 “Pledged Notes” means each Note deposited with the Collateral Agent pursuant to Section 6.01 or delivered to the Collateral Agent
pursuant to Section 6.03, until such time as it is released from the Pledge and delivered to the Custodial Agent pursuant to Section 6.02 or to the Remarketing Agent or the Custody Account pursuant to Section 8.02(b). 
 “Pledged Treasury Securities” means Qualifying Treasury Securities from time to time credited to the Collateral Account pursuant to
Section 6.02 and not then released from the Pledge pursuant to Section 6.03, together with all Qualifying Treasury Securities purchased from time to time by the Collateral Agent with the Proceeds of maturing Pledged Treasury Securities
pursuant to Section 6.05. 
 “Preferred Stock” has the meaning specified in the Recitals of this Agreement. 

“Proceeds” has the meaning ascribed thereto in Section 9-102(a)(64) of the UCC and includes, without limitation, all interest,
dividends, Cash, instruments, securities, financial assets and other property received, receivable or otherwise distributed upon the sale (including, without limitation, the Remarketing), exchange, collection or disposition of any financial assets
from time to time held in the Collateral Account. 
 “Property Trustee” means the Person named as the “Property
Trustee” in the first paragraph of this Agreement until a successor Property Trustee shall have become such pursuant to the applicable provisions of the Trust Agreement, and thereafter “Property Trustee” shall mean such Person or any
subsequent successor who is appointed pursuant to the Trust Agreement. 
 “Purchase Price” has the meaning specified in the
Recitals of this Agreement. 
 “Recombination Notice and Request” means a Recombination Notice and Request substantially in
the form set forth on the reverse side of the forms of Stripped PCS Certificate and Capital PCS Certificate, copies of which are attached hereto as Exhibits B and C respectively. 
 “Reference Dealer” means each of the U.S. government securities dealers listed on Schedule I hereto (including any successor thereto)
and any other U.S. government securities dealers designated by the Collateral Agent (it being understood that the Collateral Agent may, but shall not be obligated, to designate any one or more such other U.S. government securities dealers);
provided, however, that if at any time fewer than three of the entities named on Schedule I are active U.S. government securities dealers and approved counterparties of The Bank of New York, any of the Administrative Trustees may designate an
additional U.S. government securities dealer as a Reference Dealer. 
 “Remarketing” has the meaning specified in the
Indenture. 
  

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 COLLATERAL AGREEMENT 

 “Roll Date” means, with respect to any Additional Distribution Date, the latest date
prior to such Additional Distribution Date that is a maturity date of Qualifying Treasury Securities held in the Collateral Account. 
 “Securities Intermediary” means the Person named as the “Securities Intermediary” in the first paragraph of this Agreement until a successor Securities Intermediary shall have become such pursuant to the
applicable provisions of this Agreement, and thereafter “Securities Intermediary” shall mean such Person or any subsequent successor who is appointed pursuant to this Agreement. 
 “Securities Registrar” means the Person named as the “Securities Registrar” in the first paragraph of this Agreement until a
successor Securities Registrar shall have been appointed by the Company pursuant to the applicable provisions of the Trust Agreement, and thereafter “Securities Registrar” shall mean such Person or any subsequent successor who is appointed
pursuant to the Trust Agreement by the Company. 
 “Stock Purchase Contract” has the meaning specified in the Recitals of
this Agreement. 
 “Stock Purchase Contract Agreement” has the meaning specified in the Recitals of this Agreement.

 “Stripping Notice and Request” means a Stripping Notice and Request substantially in the form set forth on the reverse
side of the form of Normal PCS Certificate, a copy of which is attached hereto as Exhibit A. 
 “Successful” has the meaning
specified in the Indenture. 
 “Termination Event” has the meaning specified in the Stock Purchase Contract Agreement.

 “Trade Date” means, with respect to each Roll Date, the Business Day immediately preceding such Roll Date. 
 “TRADES” means the Treasury/Reserve Automated Debt Entry System maintained by the Federal Reserve Bank of New York pursuant to the
TRADES Regulations. 
 “TRADES Regulations” means the regulations of the United States Department of the Treasury, published
at 31 C.F.R. Part 357, as amended from time to time. Unless otherwise defined herein, all terms defined in the TRADES Regulations are used herein as therein defined. 
 “Transfer” means (i) in the case of certificated securities in registered form, delivery as provided in Section 8-301(a) of the UCC, endorsed to the transferee or in blank by an effective
endorsement, (ii) in the case of Qualifying Treasury Securities, registration of the transferee as the owner of such Qualifying Treasury Securities on TRADES and (iii) in the case of security entitlements, including, without limitation,
security entitlements with respect to Qualifying Treasury Securities, a securities intermediary indicating by book entry that such security entitlement has been credited to the transferee’s securities account. 
  

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 COLLATERAL AGREEMENT 

 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the date
hereof, among the Company, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees (each as named therein), and the several Holders (as defined therein). 
 “UCC” means the Uniform Commercial Code as in effect in the State of New York from time to time. 
 “Value” means, with respect to any item of Collateral on any date, as to (1) Cash, the face amount thereof, (2) Notes, the
aggregate principal amount thereof, and (3) Qualifying Treasury Securities, the aggregate principal amount thereof. 
 ARTICLE II

 PLEDGE 
 Section
2.01 Pledge. 
 The Issuer Trust (acting through the Property Trustee) hereby pledges and grants to the Collateral Agent, as agent of
and for the benefit of the Company, a continuing first priority security interest in and to, and a lien upon and right of set-off against, all of the Issuer Trust’s right, title and interest in and to the Collateral to secure the prompt and
complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Obligations. The Collateral Agent shall have all of the rights, remedies and recourses with respect to the Collateral afforded a secured
party by the UCC, in addition to, and not in limitation of, the other rights, remedies and recourses afforded to the Collateral Agent by this Agreement. 
 Section 2.02 Control. 
 The Collateral Agent shall have control of the Collateral Account pursuant to the provisions of
Article III. 
 Section 2.03 Termination. 
 This Agreement and the Pledge created hereby shall terminate upon the satisfaction of the Obligations. Upon receipt by the Collateral Agent from the Company of notice of such termination, the Collateral Agent shall, except as otherwise
provided herein, Transfer and instruct the Securities Intermediary to Transfer the Collateral to or upon the order of the Property Trustee, free and clear of the Pledge created hereby. 
 ARTICLE III 
 CONTROL 
 Section 3.01 Establishment of Collateral Account. 
 The Securities Intermediary hereby confirms that: 
 (a) the Securities Intermediary has established the Collateral Account;

 (b) the Collateral Account is a securities account; 
  

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 COLLATERAL AGREEMENT 

 (c) subject to the terms of this Agreement, the Securities Intermediary shall identify in its records the
Collateral Agent as the entitlement holder entitled to exercise the rights that comprise any financial asset credited to the Collateral Account; 
 (d) all property delivered to the Securities Intermediary pursuant to this Agreement or the Stock Purchase Contract Agreement, including any Permitted Investments purchased by the Securities Intermediary from the Proceeds of any Collateral,
will be credited promptly to the Collateral Account; and 
 (e) all securities or other property underlying any financial assets credited to
the Collateral Account shall be (i) registered in the name of the Property Trustee and indorsed to the Securities Intermediary or in blank, (ii) registered in the name of the Securities Intermediary or the Collateral Agent, or
(iii) credited to another securities account maintained in the name of the Securities Intermediary. In no case will any financial asset credited to the Collateral Account be registered in the name of the Property Trustee or specially indorsed
to the Property Trustee unless such financial asset has been further indorsed to the Securities Intermediary or in blank. 
 Section 3.02 Treatment as
Financial Assets. 
 Each item of property (whether investment property, financial asset, security, instrument or Cash) credited to the
Collateral Account shall be treated as a financial asset. 
 Section 3.03 Sole Control by Collateral Agent. 
 Except as provided in Section 8.01, at all times prior to the termination of the Pledge, the Collateral Agent shall have sole control of the
Collateral Account, and the Securities Intermediary shall take instructions and directions with respect to the Collateral Account solely from the Collateral Agent. If at any time the Securities Intermediary shall receive an entitlement order issued
by the Collateral Agent and relating to the Collateral Account, the Securities Intermediary shall comply with such entitlement order without further consent by the Property Trustee or any other Person. Except as otherwise permitted under this
Agreement, until termination of the Pledge, the Securities Intermediary will not comply with any entitlement orders issued by the Property Trustee. 
 The Issuer Trust hereby irrevocably constitutes and appoints the Collateral Agent and the Company, with full power of substitution, as the Issuer Trust’s attorney-in-fact to take on behalf of, and in the name, place and stead of the
Issuer Trust and the Holders, any action necessary or desirable to perfect and to keep perfected the security interest in the Collateral referred to in Section 2.01. The grant of such power-of-attorney shall not be deemed to require of the
Collateral Agent any specific duties or obligations not otherwise expressly assumed by the Collateral Agent hereunder. Notwithstanding the foregoing, in no event shall the Collateral Agent or Securities Intermediary be responsible for the
preparation or filing of any financing or continuation statements or responsible for maintenance or perfection of any security interest hereunder. 
 Section
3.04 Securities Intermediary’s Location. 
 The Collateral Account, and the rights and obligations of the Securities Intermediary,
the Collateral Agent and the Property Trustee with respect thereto, shall be governed by the laws of the State of New York. Regardless of any provision in any other agreement, for purposes of the UCC, New York shall be deemed to be the Securities
Intermediary’s jurisdiction. 
  

 8 
 COLLATERAL AGREEMENT 

 Section 3.05 No Other Claims. 
 Except for the claims and interest of the Collateral Agent and of the Issuer Trust in the Collateral Account, the Securities Intermediary (without having conducted any investigation) does not know of any claim to, or
interest in, the Collateral Account or in any financial asset credited thereto. If any Person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the
Collateral Account or in any financial asset carried therein, the Securities Intermediary will promptly notify the Collateral Agent and the Property Trustee. 
 Section 3.06 Investment and Release. 
 All Proceeds of financial assets from time to time deposited in the Collateral Account
shall be invested and reinvested as provided in this Agreement. At no time prior to termination of the Pledge with respect to any particular property shall such property be released from the Collateral Account except in accordance with this
Agreement or upon written instructions of the Collateral Agent. 
 Section 3.07 No Other Agreements. 
 The Securities Intermediary has not entered into, and prior to the termination of the Pledge will not enter into, any agreement with any other Person
relating to the Collateral Account or any financial assets credited thereto, including, without limitation, any agreement to comply with entitlement orders of any Person other than the Collateral Agent. 
 Section 3.08 Powers Coupled with an Interest. 
 The
rights and powers granted in this Article III to the Collateral Agent have been granted in order to perfect its security interests in the Collateral Account, are powers coupled with an interest and will be affected neither by the bankruptcy of the
Property Trustee or the Issuer Trust nor by the lapse of time. The obligations of the Securities Intermediary under this Article III shall continue in effect until the termination of the Pledge with respect to any and all Collateral. 
 Section 3.09 Waiver of Lien; Waiver of Set-off. 
 The
Securities Intermediary waives any security interest, lien or right to make deductions or set-offs that it may now have or hereafter acquire in or with respect to the Collateral Account, any financial asset credited thereto or any security
entitlement in respect thereof. Neither the financial assets credited to the Collateral Account nor the security entitlements in respect thereof will be subject to deduction, set-off, banker’s lien or any other right in favor of any person
other than the Company. 
 ARTICLE IV 
 CUSTODY 
 Section 4.01 Appointment. 
 The Issuer Trust hereby appoints the Custodial Agent as Custodial Agent of the Issuer Trust to hold all of the Notes that are property of the Issuer
Trust, other than the Pledged Notes (collectively, the “Custody Notes”), for the benefit of the Issuer Trust and for the purposes set forth herein, and the Custodial Agent hereby accepts such appointment under the terms and
conditions set forth herein. 
  

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 COLLATERAL AGREEMENT 

 Section 4.02 Custody. 
 The Custodial Agent will hold the Custody Notes in the Custody Account. For the avoidance of doubt, the Custodial Agent shall segregate on its books and records the assets of the Issuer Trust from assets held by the
Custodial Agent for other customers (including the Collateral) or for the Custodial Agent itself. The Custodial Agent shall only have the obligations expressly set forth herein and shall have no responsibility for monitoring compliance with the
Trust Agreement, the Stock Purchase Agreement or any other agreement in connection therewith. The Custodial Agent shall accept the Transfer of Notes from the Collateral Agent from time to time pursuant to Section 6.02, deliver Notes to the
Collateral Agent from time to time pursuant to Section 6.03 and deliver Notes to the Remarketing Agent on the Remarketing Settlement Date pursuant to Section 8.03. 
 Section 4.03 Termination of Custody Account. 
 Upon receipt by the Custodial Agent from the Company of
notice of termination of this Agreement pursuant to Section 2.03, the Custodial Agent shall deliver the Custody Notes to the Property Trustee. 
 Section 4.04 Waiver of Lien; Waiver of Set-off. 
 The Custodial Agent waives any security interest, lien or right to make
deductions or set-offs that it may now have or hereafter acquire in or with respect to the Custodial Agent, any financial asset credited thereto or any security entitlement in respect thereof. Neither the financial assets credited to the Custody
Account nor the security entitlements in respect thereof will be subject to deduction, set-off, banker’s lien or any other right in favor of any Person other than the Issuer Trust. 
 ARTICLE V 
 DISTRIBUTIONS ON
COLLATERAL AND CUSTODY NOTES 
 Section 5.01 Interest on Notes. 
 (a) The Collateral Agent shall transfer all interest received from time to time by the Collateral Agent on account of the Pledged Notes to the Paying
Agent. 
 (b) The Custodial Agent shall transfer all interest received from time to time by the Custodial Agent on account of the Custody
Notes to the Paying Agent. 
 Section 5.02 Payments Following Termination Event or Redemption Prior to Stock Purchase Date. 
 Following a Termination Event or the termination of the Stock Purchase Contracts upon redemption of all the Notes by the Company prior to the Stock
Purchase Date in accordance with the Indenture, written notice of which the Collateral Agent or the Custodial Agent, as the case may be, shall have received from the Company, the Property Trustee or any of the Administrative Trustees, 
  

 10 
 COLLATERAL AGREEMENT 

 (a) the Collateral Agent shall cause the Securities Intermediary to Transfer (i) the Pledged Notes
or the Mellon Bank Deposit, (ii) the Pledged Treasury Securities and (iii) any Permitted Investments, including in each case any and all payments of principal or interest it receives in respect thereof, to the Property Trustee or its
designee, free and clear of the Pledge created hereby; and 
 (b) the Custodial Agent shall Transfer the Custody Notes and any and all
payments of principal or interest it receives in respect thereof to the Property Trustee or its designee. 
 Section 5.03 Payments Prior to or on Stock
Purchase Date. 
 (a) Except as provided in Section 5.03(c) and Section 6.05, if the Collateral Agent or the Custodial Agent, as
the case may be, shall not have received from the Company, the Property Trustee or any of the Administrative Trustees notice of any Termination Event or notice of the termination of the Stock Purchase Contracts upon the redemption of all the Notes
by the Company prior to the Stock Purchase Date in accordance with the Indenture, all payments of principal received by the Collateral Agent or the Securities Intermediary in respect of (i) the Pledged Notes or the Mellon Bank Deposit and
(ii) the Pledged Treasury Securities shall be held until the Stock Purchase Date and an amount thereof equal to the Purchase Price under the Stock Purchase Contracts shall be transferred to the Company on the Stock Purchase Date as provided in
Section 2.2 of the Stock Purchase Contract Agreement in satisfaction of the Issuer Trust’s obligation to pay such Purchase Price. Any balance remaining in the Collateral Account shall be released from the Pledge and Transferred to the
Paying Agent, free and clear of the Pledge created thereby. The Company shall instruct the Collateral Agent in writing as to the Permitted Investments in which any payments received under this Section 5.03(a) (which, for purpose of
confirmation, includes the excess Proceeds received under Section 6.05(b)) shall be invested; provided, however, that if the Company fails to deliver such instructions by 10:30 A.M. (New York City time) on the day such payments are
received by the Collateral Agent, the Collateral Agent shall invest such payments in the Permitted Investments as described in clause (6) of the definition of Permitted Investments. The Collateral Agent shall have no liability in respect of
losses incurred as a result of the failure of the Company to provide timely written investment direction. The Collateral Agent may conclusively rely on any written direction and shall bear no liability for any loss or other damage based on acting or
omitting to act under this Section 5.03 (which, for purpose of confirmation, includes acting or omitting to act under Section 6.05(b) in respect of excess Proceeds referred to therein) pursuant to any direction of the Company or any
investment in Permitted Investments as described in clause (6) of the definition of Permitted Investments as provided herein and neither the Collateral Agent nor the Securities Intermediary shall in any way be liable for the selection of
Permitted Investments or by reason of any insufficiency in the Collateral Account resulting from any loss on any Permitted Investment included therein. 
 (b) All payments of principal received by the Custodial Agent in respect of the Custody Notes shall be transferred to the Paying Agent. 
 (c) All payments of principal received by the Collateral Agent or the Securities Intermediary in respect of (1) the Pledged Notes and (2) the Pledged Treasury Securities or security entitlements thereto,
that, in each case, have been released from the Pledge pursuant hereto (other than Pledged Notes that upon such release shall have become Custody Notes in accordance with Section 6.03) shall be transferred to or in accordance with the written
instructions of the Paying Agent. 
  

 11 
 COLLATERAL AGREEMENT 

 Section 5.04 Payments to Property Trustee. 
 The Securities Intermediary and the Custodial Agent shall use commercially reasonable efforts to deliver payments to the Paying Agent or the Property
Trustee as provided hereunder to the following account established by the Paying Agent or the Property Trustee, for credit to The Bank of New York, ABA#0210008, A/C#072645, for further credit to TAS#430845, Ref: Mellon Capital IV Property Account,
not later than 12:00 P.M. (New York City time) on the Business Day it receives such payment; provided, however, that if such payment is required to be made on a day that is not a Business Day or after 11:00 A.M. (New York City time) on a
Business Day, then it shall use commercially reasonable efforts to deliver such payment to the Paying Agent or the Property Trustee no later than 10:30 A.M. (New York City time) on the next succeeding Business Day. 
 Section 5.05 Assets Not Properly Released. 
 If the
Paying Agent or the Property Trustee shall receive any principal payments on account of financial assets credited to the Collateral Account and not released therefrom in accordance with this Agreement, the Paying Agent or the Property Trustee shall
hold the same as trustee of an express trust for the benefit of the Company and, upon receipt of an Officers’ Certificate of the Company so directing, promptly deliver the same to the Securities Intermediary for credit to the Collateral Account
or to the Company for application to the Obligations, and the Paying Agent or the Property Trustee shall acquire no right, title or interest in any such payments of principal amounts so received. Neither the Paying Agent nor the Property Trustee
shall have any liability under this Section 5.05 unless and until it has been notified in writing that such payment was delivered to it erroneously and nor shall it have any liability for any action taken, suffered or omitted to be taken prior
to its receipt of such notice. 
 ARTICLE VI 
 INITIAL DEPOSIT; EXCHANGE OF NORMAL PCS AND 
 QUALIFYING TREASURY SECURITIES FOR STRIPPED PCS AND CAPITAL PCS; REINVESTMENT
OF 
 PROCEEDS OF PLEDGED TREASURY SECURITIES

 Section 6.01 Initial Deposit of Notes. 
 (a) Prior to or concurrently with the execution and delivery of this Agreement, the Property Trustee shall Transfer to the Securities Intermediary, for credit to the Collateral Account, Notes having an aggregate principal amount of
$500,100,000. 
 (b) The Collateral Agent shall, at any time or from time to time, at the written request of the Company, cause any or all
securities or other property underlying any financial assets credited to the Collateral Account to be registered in the name of the Securities Intermediary, the Collateral Agent or their respective nominees; provided, however, that unless any
Event of Default (as defined in the Trust Agreement) shall have occurred and be continuing, and in respect of which the Collateral Agent shall have received written notice from the Property Trustee or the Administrative Trustees, the Collateral
Agent agrees not to cause any Notes to be so re-registered. 
  

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 COLLATERAL AGREEMENT 

 Section 6.02 Exchange of Normal PCS and Qualifying Treasury Securities for Stripped PCS and Capital PCS.

 (a) On each occasion on which a Holder of Normal PCS exercises its rights pursuant to Sections 5.13(a)(i), (b) and (c) of the
Trust Agreement to exchange Normal PCS and Qualifying Treasury Securities for Stripped PCS and Capital PCS by, during any Exchange Period: 
 (i) depositing with the Securities Intermediary, for credit to the Collateral Account the treasury security that is the Qualifying Treasury Security on the date of deposit, in the principal amount of $1,000 for each
Normal PCS being Exchanged; 
 (ii) Transferring the Normal PCS being Exchanged to the Securities Registrar; and 

(iii) delivering a duly executed and completed Stripping Notice and Request to the Securities Registrar and Collateral Agent
(x) stating that the Holder has deposited the appropriate Qualifying Treasury Securities with the Collateral Agent for deposit in the Collateral Account, (y) stating that the Holder is Transferring the related Normal PCS to the Securities
Registrar in connection with an Exchange of such Normal PCS and Qualifying Treasury Securities for a Like Amount of Stripped PCS and Capital PCS, and (z) requesting the delivery to the Holder of such Stripped PCS and Capital PCS, 
 the Collateral Agent shall, upon the deposit and Transfer pursuant to clauses (i) and (ii) and receipt of the notice and request referred to in clause (iii),
(w) be deemed to accept the Qualifying Treasury Securities deposited pursuant to clause (i) as Collateral subject to the Pledge, (x) release Pledged Notes of a Like Amount from the Pledge, (y) Transfer such Pledged Notes to the
Custodial Account free and clear of the Company’s security interest therein, and (z) confirm to the Property Trustee in writing that such release and Transfer has occurred. The Custodial Agent shall continue to hold such Notes as Custody
Notes pursuant to Article IV. 
 (b) The Securities Registrar, pursuant to the procedures provided for in Section 5.11 of the Trust
Agreement dealing with increasing and decreasing the number of Trust Preferred Securities evidenced by Book-Entry Trust Preferred Securities Certificates, shall cancel the number of Normal PCS Transferred pursuant to Section 6.02(a) and deliver
a Like Amount of Stripped PCS and Capital PCS to the Holder, all by making appropriate notations on the Book-Entry Trust Preferred Securities Certificates of the appropriate Series. 
 (c) The substitution of Qualifying Treasury Securities, or security entitlements thereto, for financial assets held in the Collateral Account pursuant to
this Section 6.02, shall not constitute a novation of the security interest created hereby. 
 Section 6.03 Exchange of Stripped PCS and Capital PCS
for Normal PCS and Qualifying Treasury Securities. 
 (a) On each occasion on which a Holder of Stripped PCS and Capital PCS exercises its
rights pursuant to Sections 5.13(d) of the Trust Agreement to exchange Stripped PCS and Capital PCS for Normal PCS and Qualifying Treasury Securities by, during any Exchange Period, Transferring the Stripped PCS and the Capital PCS being Exchanged
to the Securities Registrar and delivering a duly executed and completed Recombination Notice and Request to the Securities Registrar and Collateral Agent (x) stating that the Holder is Transferring the related Stripped PCS and Capital PCS to
the Securities Registrar in connection with the Exchange of such 

  

 13 
 COLLATERAL AGREEMENT 

 
Stripped PCS and Capital PCS for a Like Amount of each of Normal PCS and Pledged Treasury Securities, (y) requesting the Collateral Agent to release
from the Pledge and deliver to the Holder Pledged Treasury Securities in a principal amount equal to the Liquidation Amount of each of the Stripped PCS and Capital PCS being exchanged, and (z) requesting the Securities Registrar to deliver to
the Holder Normal PCS of a Like Amount, the Custodial Agent shall: 
 (i) Transfer a Like Amount of Notes from the Custody
Account to the Collateral Account in substitution for such Pledged Treasury Securities; 
 (ii) be deemed to accept the Notes
Transferred by the Custodial Agent pursuant to clause (i) as Collateral subject to the Pledge; and 
 (iii) release
Pledged Treasury Securities of a Like Amount from the Pledge and deliver such Qualifying Treasury Securities to the Holder free and clear of the Company’s security interest therein, and confirm in writing to the Property Trustee that such
release and Transfer has occurred; and 
 the Securities Registrar, pursuant to the procedures provided for in Section 5.11 of the Trust Agreement
dealing with increasing and decreasing the number of Trust Preferred Securities evidenced by Book-Entry Trust Preferred Securities Certificates, shall cancel the number of Stripped PCS and Capital PCS delivered pursuant to Section 6.03(a) and
deliver a Like Amount of Normal PCS to the Holder, all by making appropriate notations on the Book-Entry Trust Preferred Securities Certificates of the appropriate Series. 
 (b) The substitution of Notes for financial assets held in the Collateral Account pursuant to this Section 6.03, shall not constitute a novation of
the security interest created hereby. 
 Section 6.04 Termination Event; Redemption Prior to Stock Purchase Date. 
 (a) Upon receipt by the Collateral Agent of written notice from the Company, the Property Trustee or any of the Administrative Trustees of the Issuer
Trust that (x) a Termination Event has occurred or (y) the Stock Purchase Contracts have been terminated upon redemption of all the Notes prior to the Stock Purchase Date in accordance with the Indenture, the Collateral Agent shall release
all Collateral from the Pledge and shall promptly instruct the Securities Intermediary to Transfer: 
 (i) any Pledged Notes;

 (ii) any Proceeds of the Mellon Bank Deposit; and 
 (iii) any Pledged Treasury Securities, 
 to
the Property Trustee, free and clear of the Pledge created hereby. 
  

 14 
 COLLATERAL AGREEMENT 

 (b) If such Termination Event shall result from the Company’s becoming a debtor under the Bankruptcy
Code, and if the Collateral Agent shall for any reason fail promptly to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted Investments, the Mellon Bank Deposit and Proceeds of any of the foregoing, as
the case may be, as provided by this Section 6.04, the Property Trustee or any of the Administrative Trustees shall: 
 (i) use its best efforts to obtain an opinion of a nationally recognized law firm to the effect that, notwithstanding the Company being the debtor in such a bankruptcy case, the Collateral Agent will not be prohibited from releasing or
Transferring the Collateral as provided in this Section 6.04 and shall deliver or cause to be delivered such opinion to the Collateral Agent within ten calendar days after the occurrence of such Termination Event, and if (A) the Property
Trustee or any of the Administrative Trustees shall be unable to obtain such opinion within ten calendar days after the occurrence of such Termination Event or (B) the Collateral Agent shall continue, after delivery of such opinion, to refuse
to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted Investments, the Mellon Bank Deposit and Proceeds of any of the foregoing, as the case may be, as provided in this Section 6.04, then the
Property Trustee shall within 15 calendar days after the occurrence of such Termination Event commence an action or proceeding in the court having jurisdiction of the Company’s case under the Bankruptcy Code seeking an order requiring the
Collateral Agent to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted Investments, the Mellon Bank Deposit and Proceeds of any of the foregoing, or as the case may be, as provided by this
Section 6.04; or 
 (ii) commence an action or proceeding like that described in Section 6.04(b)(i) hereof within 10
calendar days after the occurrence of such Termination Event. 
 Section 6.05 Reinvestment of Proceeds of Pledged Treasury Securities. 
 (a) At or about 11:00 A.M., New York City time, on each Trade Date, the Collateral Agent shall select at least three Reference Dealers (including at least
three Reference Dealers named on Schedule I hereto or named by any of the Administrative Trustees as replacements therefor who are approved counterparties of The Bank of New York) and request each of them to provide a commitment (which may be oral
if promptly confirmed in writing by facsimile or e-mail), satisfactory in form to the Collateral Agent, to the effect that if selected as the Final Dealer, such Reference Dealer shall sell to the Collateral Agent, for delivery against payment on the
immediately succeeding Roll Date, an aggregate principal amount of the U.S. treasury security that is the Qualifying Treasury Security on such Roll Date equal to the aggregate principal amount of Qualifying Treasury Securities held in the Collateral
Account on such Trade Date. If the Collateral Agent shall have received at least two firm offers, it shall select the lowest offer and the Reference Dealer providing the lowest offer shall be the “Final Dealer”; provided,
however, that if two or more Reference Dealers have provided identical lowest offers, the Collateral Agent shall select any of these Reference Dealers as the Final Dealer in its absolute discretion. The Final Dealer shall be obligated to sell to
the Collateral Agent, for Cash on the Roll Date, the aggregate principal amount of the U.S. treasury security specified in such offer. If the Collateral Agent determines that (i) a Market Disruption Event has occurred or (ii) fewer than
two Reference Dealers have provided firm offers in a timely manner meeting the foregoing requirements, the steps contemplated above shall be taken on each succeeding Business Day on which the Collateral Agent determines that no Market Disruption
Event has occurred until at least two Reference Dealers have provided such offers, except that the Collateral Agent shall request offers from the Reference Dealers for same day settlement. The Collateral Agent shall use reasonable care in
administering the foregoing procedures and shall have no liability in connection therewith to the Issuer Trust, the Property Trustee, the Company or any other Person in the absence of gross negligence or willful misconduct. All determinations
regarding whether a Market Disruption Event has occurred shall be made by the Collateral Agent in its sole discretion. 
 (b) On each Roll
Date (or, if no Final Dealer shall have been selected on the Trade Date, on the date that the Final Dealer is selected), the Collateral Agent shall instruct the Securities Intermediary to apply the Proceeds of the U.S. treasury securities held in

  

 15 
 COLLATERAL AGREEMENT 

 
the Collateral Account to the purchase price of the Qualifying Treasury Securities, which shall be deposited in the Collateral Account, and to apply the
excess of such Proceeds over the purchase price of the Qualifying Treasury Securities to purchase Permitted Investments for deposit in the Collateral Account. 
 (c) On each Additional Distribution Date, if the Qualifying Treasury Securities shall have been purchased and deposited in the Collateral Account, the Collateral Agent shall liquidate the Permitted Investments in the
Collateral Account and direct the Securities Intermediary to pay the Proceeds to the Payment Account. 
 Section 6.06 Application of Proceeds in
Settlement of Stock Purchase Contracts. 
 (a) The Issuer Trust (acting through the Property Trustee) agrees to pay the purchase price
under the Stock Purchase Contracts on the Stock Purchase Date from the Proceeds of the Qualifying Treasury Securities held in the Collateral Account and the Mellon Bank Deposit (or in the circumstances set forth in the Stock Purchase Contract
Agreement, by assignment thereof). Without receiving any further instruction from the Property Trustee, the Collateral Agent shall, in settlement of such Stock Purchase Contracts on the Stock Purchase Date, (i) instruct the Securities
Intermediary to remit Proceeds of the Qualifying Treasury Securities to the Company and (ii) instruct Mellon Bank to pay the Proceeds of the Mellon Bank Deposit to the Company in an amount equal to the excess of the Purchase Price over the
amount of the Proceeds of the Qualifying Treasury Securities. 
 (b) In the event of a Failed Remarketing, the Collateral Agent, for the
benefit of the Company, will, at the written instruction of the Company, deliver or dispose of the Pledged Notes in accordance with the Company’s written instructions to satisfy in full, from any such disposition or retention, the obligations
of the Issuer Trust to pay the purchase price for the shares of Preferred Stock to be issued under the Stock Purchase Contracts to the extent not paid from the Proceeds of the Qualifying Treasury Securities held in the Collateral Account.

 (c) Thereafter, the Collateral Agent shall promptly remit the Proceeds of the Qualifying Treasury Securities held in the Collateral
Account in excess of the aggregate purchase price for the shares of Preferred Stock to be issued under such Stock Purchase Contracts to the Property Trustee or to the Paying Agent on behalf of the Property Trustee for deposit into the Payment
Account. 
 ARTICLE VII 
 VOTING RIGHTS –– NOTES 
 Section 7.01 Voting Rights. 
 The Property Trustee on behalf of the Issuer Trust may, subject to the Trust Agreement, exercise, or refrain from exercising, any and all voting and other
consensual rights pertaining to the Notes or any part thereof for any purpose not inconsistent with the terms of this Agreement and in accordance with the terms of the Stock Purchase Contract Agreement; provided, however, that the
Property Trustee shall not exercise or shall not refrain from exercising such right with respect to any Notes, if, in the reasonable judgment of the Property Trustee, such action would impair or otherwise have a material adverse effect on the value
of all or any of the Notes; and provided, further, that the Property Trustee shall give the Company, the Collateral Agent and the Custodial Agent, at least five Business Days’ prior written notice of the manner in which it intends
to exercise, or its reasons for refraining from exercising, 

  

 16 
 COLLATERAL AGREEMENT 

 
any such right. Upon receipt of any notices and other communications in respect of any Notes, including notice of any meeting at which holders of the Notes
are entitled to vote or solicitation of consents, waivers or proxies of holders of the Notes, the Collateral Agent and the Custodial Agent shall use reasonable efforts to send promptly to the Property Trustee such notice or communication, and as
soon as reasonably practicable after receipt of a written request therefor from the Property Trustee, execute and deliver to the Property Trustee such proxies and other instruments in respect of such Notes (in form and substance satisfactory to the
Collateral Agent or the Custodial Agent, as the case may be) as are prepared by the Company and delivered to the Property Trustee with respect to the Notes. 
 ARTICLE VIII 
 RIGHTS AND REMEDIES 
 Section 8.01 Rights and Remedies of the Collateral Agent. 
 (a) In addition to the rights and remedies specified in Section 6.04 or otherwise available at law or in equity, after an event of default under the Stock Purchase Contracts, the Collateral Agent shall have all of the rights and
remedies with respect to the Collateral of a secured party under the UCC (whether or not the UCC is in effect in the jurisdiction where the rights and remedies are asserted) and the TRADES Regulations and such additional rights and remedies to which
a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted. Without limiting the generality of the foregoing, such remedies may include, to the extent permitted by applicable law,
(1) retention of the Pledged Notes or the Pledged Treasury Securities in full satisfaction of the Issuer Trust’s or the Property Trustee’s obligations under the Stock Purchase Contracts and the Stock Purchase Contract Agreement or
(2) sale of the Pledged Notes or the Pledged Treasury Securities in one or more public or private sales as permitted by applicable law. 
 (b) Without limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, in the event the Collateral Agent is unable to make payments from amounts transferred or transferable to the Company on account of any
Pledged Notes, the Mellon Bank Deposit or any Pledged Treasury Securities as provided in Article V, in satisfaction of the Obligations of the Issuer Trust under the Stock Purchase Contracts, the inability to make such payments shall constitute an
event of default under the Stock Purchase Contracts and the Collateral Agent shall have and may exercise, with reference to such Pledged Notes, the Mellon Bank Deposit or such Pledged Treasury Securities any and all of the rights and remedies
available to a secured party under the UCC and the TRADES Regulations after default by a debtor, and as otherwise granted herein or under any other law. 
 (c) Without limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably authorized to receive and collect all payments of (i) the
principal amount of, and any interest on, the Pledged Notes and (ii) the principal amount of, and any interest on, the Pledged Treasury Securities, subject, in each case, to the provisions of Article V, and as otherwise granted herein.

 (d) The Property Trustee agrees that, from time to time, upon the written request of the Company or the Collateral Agent (acting upon the
request of the Company), the Property Trustee shall execute and deliver such further documents and do such other acts and things as the Company or the Collateral Agent (acting upon the request of the Company) may reasonably request in order to
maintain the Pledge, and the perfection and priority thereof, and to confirm the rights of the Collateral Agent hereunder; provided, however, that, in no event shall the Property Trustee be responsible for the preparation (other than
execution upon the request of the Company) 

  

 17 
 COLLATERAL AGREEMENT 

 
or filing of any financing or continuation statements. In the absence of bad faith, the Property Trustee shall have no liability to the Company or the
Collateral Agent (acting upon the request of the Company) for executing any documents or taking any such acts requested by the Company or the Collateral Agent (acting upon the request of the Company) hereunder. 
 Section 8.02 Remarketing; Contingent Exchange Elections by Holder of Normal PCS. 
 (a) In the event a Holder of Normal PCS exercises its rights pursuant to Sections 5.14(a)(i), (b) and (e) of the Trust Agreement to contingently exchange Normal PCS and Qualifying Treasury Securities for
Stripped PCS and Capital PCS in connection with any Remarketing by, 
 (i) during the period that commences with the
Collateral Agent’s and the Securities Registrar’s opening of normal business hours on the tenth Business Day immediately preceding the first day of a Remarketing Period and ending at 3:00 P.M., New York City time, on the second Business
Day immediately preceding the first day of such Remarketing Period, Transferring the Normal PCS that are the subject of such Contingent Exchange Election to the Securities Registrar, accompanied by a duly executed and completed Notice of Contingent
Exchange Election; and 
 (ii) not later than 3:00 P.M., New York City time, on the second Business Day immediately preceding
the first day of such Remarketing Period, depositing with the Collateral Agent the treasury security that is the Qualifying Treasury Security on the date of deposit, in the amount of $1,000 for each Normal PCS that is subject to the Contingent
Exchange Election, 
 the Collateral Agent shall, upon the Transfer and receipt of the duly executed and completed Notice of Contingent Exchange Election
pursuant to clause (i) and the deposit referred to in clause (ii), notify the Remarketing Agent not later than 11:00 A.M., New York City time, on the Business Day immediately preceding the first day of each Remarketing Period of the aggregate
principal amount of Pledged Notes with respect to which elections have been validly made pursuant to this Section 8.02(a). 
 (b) Upon
the receipt of notice from the Remarketing Agent that the Remarketing has been Successful, on the Remarketing Settlement Date, 
 (i) the Collateral Agent shall (A) instruct the Securities Intermediary to release from the Pledge and deliver to the Remarketing Agent the Pledged Notes for which no election has been validly made pursuant to Section 8.02(a),
free and clear of the Company’s security interest therein, against delivery by the Remarketing Agent of the Mellon Bank Deposit purchased with the net Proceeds of the sale of such Pledged Notes in the Remarketing for credit to the Collateral
Account, and (B) instruct the Securities Intermediary to release from the Pledge and Transfer to the Custody Account the Pledged Notes for which an election has been validly made pursuant to Section 8.02(a), free and clear of the
Company’s security interest therein, upon delivery by the Collateral Agent to the Securities Intermediary for deposit into the Collateral Account the Qualifying Treasury Securities to be deposited in connection with such elections, and confirm
to the Property Trustee in writing that such instructions have been delivered; 
 (ii) the Securities Intermediary shall
(A) release the Pledged Notes from the Pledge, Transfer such Pledged Notes, free and clear of the Pledge, (x) to the Remarketing Agent in the case of Pledged Notes for which no election has been validly made pursuant to
Section 8.02(a) and (y) to the Custody Account in the case of Pledged Notes for which an election has been validly 

  

 18 
 COLLATERAL AGREEMENT 

 
made pursuant to Section 8.02(a), (B) deposit in the Collateral Account as Pledged Treasury Securities the Qualifying Treasury Securities deposited
with the Collateral Agent pursuant to Section 8.02(a) and (C) confirm to the Property Trustee in writing that such release, Transfer and deposit have occurred; 
 (iii) the Custodial Agent shall hold such Notes delivered to it pursuant to clause (ii)(y) of this Section 8.02(b) in the Custody
Account; and 
 (iv) the Securities Registrar shall cancel the number of Normal PCS Transferred pursuant to
Section 8.02(a) and deliver a Like Amount of Capital PCS and Stripped PCS to the Holder in accordance with the procedures provided for in Section 5.14 of the Trust Agreement. 
 (c) Upon the receipt of notice from the Remarketing Agent that the Remarketing has not been Successful: 
 (i) as soon as reasonably practicable after the Remarketing, the Collateral Agent will deliver back to such Holder the Qualifying Treasury
Securities delivered by such Holder to the Collateral Agent pursuant to Section 8.02(a); and 
 (ii) the Securities
Registrar will disregard the delivery by such Holder of Normal PCS pursuant to Section 8.02(a), with the consequence that such Holder shall be deemed to continue to hold such Normal PCS. 
 (d) The substitution of Qualifying Treasury Securities, or security entitlements thereto, for financial assets held in the Collateral Account pursuant to
this Section 8.02, shall not constitute a novation of the security interest created hereby. 
 Section 8.03 Contingent Disposition Election by Holder
of Capital PCS. 
 (a) In the event a Holder of Capital PCS exercises its rights pursuant to Sections 5.14(a)(ii), (b), (f) and
(g) of the Trust Agreement to contingently dispose of Capital PCS in connection with any Remarketing by, during the period that commences with the Custodial Agent’s and Securities Registrar’s opening of normal business hours on the
tenth Business Day immediately preceding the first day of a Remarketing Period and ending at 3:00 P.M., New York City time, on the second Business Day immediately preceding the first day of such Remarketing Period, Transferring the Capital PCS that
are the subject of such Contingent Disposition Election to the Securities Registrar and delivering a duly completed Notice of Contingent Disposition Election to the Securities Registrar and Custodial Agent, the Custodial Agent shall, upon such
Transfer and receipt of such notice, notify the Remarketing Agent not later than 11:00 A.M., New York City time, on the Business Day immediately preceding the first day of each Remarketing Period of the aggregate principal amount of Custody Notes
with respect to which elections have been validly made pursuant to this Section 8.03(a). 
 (b) Upon receipt of notice from the
Remarketing Agent that the related Remarketing is Successful: 
 (i) the Securities Registrar shall cancel the number of
Capital PCS Transferred pursuant to Section 8.03(a) in accordance with the procedures provided for in Section 5.11 of the Trust Agreement; 
  

 19 
 COLLATERAL AGREEMENT 

 (ii) the Custodial Agent shall deliver Custody Notes in the aggregate principal amount
with respect to which elections have been validly made pursuant to Section 8.03(a) to the Remarketing Agent on the Remarketing Settlement Date; and 
 (iii) on or promptly after the Remarketing Settlement Date, the Custodial Agent shall pay to the Property Trustee the net Proceeds of the Custody Notes received from the Remarketing Agent. 
 (c) If the Custodial Agent is notified by the Property Trustee or the Remarketing Agent that the related Remarketing is not Successful, the Securities
Registrar shall disregard the delivery by such Holder of Capital PCS pursuant to Section 8.03(a), with the consequence that such Holder shall continue to hold such Capital PCS. 
 (d) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar, the Property Trustee, the Company or the
Remarketing Agent shall be obligated in any case to provide funds to make payment upon tender of Notes for Remarketing. 
 ARTICLE IX

 REPRESENTATIONS AND WARRANTIES; COVENANTS 
 Section 9.01 Representations and Warranties. 
 The
Property Trustee on behalf of the Issuer Trust hereby represents and warrants to the Collateral Agent that: 
 (a) the Property Trustee on
behalf of the Issuer Trust has the power to grant a security interest in and lien on the Collateral; and 
 (b) the Property Trustee on
behalf of the Issuer Trust is the sole beneficial owner of the Collateral and, in the case of Collateral delivered in physical form, is the sole holder of such Collateral and is the sole beneficial owner of, or has the right to Transfer, the
Collateral it Transfers to the Collateral Agent for credit to the Collateral Account, free and clear of any security interest, lien, encumbrance, call, liability to pay money or other restriction other than the security interest and lien granted
under Article II hereof. 
 Section 9.02 Covenants. 
 The Property Trustee on behalf of the Issuer Trust hereby covenants to the Collateral Agent that for so long as the Collateral remains subject to the Pledge: 
 (a) it will not create or purport to create or allow to subsist any mortgage, charge, lien, pledge or any other security interest whatsoever over the
Collateral or any part of it other than pursuant to this Agreement; and 
 (b) it will not sell or otherwise dispose (or attempt to dispose)
of the Collateral or any part of it except in accordance with the terms of this Agreement. 
  

 20 
 COLLATERAL AGREEMENT 

 ARTICLE X 
 THE COLLATERAL AGENT, THE CUSTODIAL AGENT, THE SECURITIES INTERMEDIARY
AND THE SECURITIES REGISTRAR 
 It is hereby agreed as follows: 

Section 10.01 Appointment, Powers and Immunities. 
 The Collateral Agent and the Securities Intermediary shall act as agents for the Company hereunder with such powers as are specifically vested in the Collateral Agent or the Securities Intermediary, as the case may be, by the terms of this
Agreement and the Collateral Agent and the Securities Intermediary owe no duties, fiduciary or otherwise, to any other Person except as provided by applicable law. The Custodial Agent and the Securities Registrar shall act as agents for the Property
Trustee hereunder with such powers as are specifically vested in the Custodial Agent or the Securities Registrar, as the case may be, by the terms of this Agreement and, in the case of the Securities Registrar, the Trust Agreement and the Custodial
Agent and the Securities Registrar owe no duties, fiduciary or otherwise, to any other Person except as provided by applicable law. The Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar shall:

 (a) have no duties or responsibilities except those expressly set forth in this Agreement and no implied covenants or obligations shall be
inferred from this Agreement against the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar, nor shall the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar
be bound by the provisions of any agreement by any party hereto beyond the specific terms hereof; 
 (b) not be responsible for any recitals
contained in this Agreement, or in any certificate or other document referred to or provided for in, or received by it under, this Agreement, the Trust Preferred Securities or the Stock Purchase Contract Agreement, or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement (other than as against the Collateral Agent, the Custodial Agent or the Securities Registrar, as the case may be), the Trust Preferred Securities, any Collateral or the
Stock Purchase Contract Agreement or any other document referred to or provided for herein or therein or for any failure by the Company or any other Person (except the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar, as the case may be) to perform any of its obligations thereunder or hereunder or for the validity, perfection, enforceability, priority or, except as expressly required hereby, maintenance of any security interest created
hereunder; 
 (c) not be required to initiate or conduct any litigation or collection efforts or proceedings hereunder (except pursuant to
directions furnished under Section 10.02, subject to Section 10.08); 
 (d) not be responsible for the exercise of any of the
rights and remedies (at the direction of the Property Trustee or the Holders of the PCS, or otherwise) upon a default or event of default under the Indenture; 
 (e) not be responsible for any action taken, suffered or omitted to be taken by it hereunder or under any other document or instrument referred to or provided for herein or in connection herewith or therewith, except
for its own gross negligence or willful misconduct; and 
  

 21 
 COLLATERAL AGREEMENT 

 (f) not be required to advise any party as to selling or retaining, or taking or refraining from taking
any action with respect to, any securities or other property deposited hereunder. 
 Subject to the foregoing, during the term of this
Agreement, the Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities Registrar shall take all reasonable action in connection with the safekeeping and preservation of the Collateral and the Custody Notes hereunder as
determined by industry standards. 
 No provision of this Agreement shall require the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. In no event shall the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar be liable for any amount in excess of the Value of the Collateral and the Custody Notes. 
 Section 10.02
Instructions of the Company. 
 The Company shall have the right, by one or more written instruments executed and delivered to the
Collateral Agent, to direct the time, method and place of conducting any proceeding for the realization of any right or remedy available to the Collateral Agent, or of exercising any power conferred on the Collateral Agent, or to direct the taking
or refraining from taking of any action authorized by this Agreement; provided, however, that (i) such direction shall not conflict with the provisions of any law or of this Agreement or involve the Collateral Agent in personal
liability and (ii) the Collateral Agent shall be indemnified as provided herein. Nothing contained in this Section 10.02 shall impair the right of the Collateral Agent in its discretion to take any action or omit to take any action which
it deems proper and which is not inconsistent with such direction. None of the Collateral Agent, the Custodial Agent or the Securities Registrar has any obligation or responsibility for determining the necessity of filing or to file or monitor the
filing of UCC financing statements or other UCC statements. 
 Section 10.03 Reliance by Collateral Agent, Custodial Agent, Securities Intermediary and
Securities Registrar. 
 Each of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall
be entitled to rely conclusively upon any certification, order, judgment, opinion, notice or other written or telephonic communication (including, without limitation, any thereof by e-mail or similar electronic means, telecopy, telex or facsimile)
believed by it to be genuine and to have been signed or sent by or on behalf of the proper Person or Persons (without being required to determine the correctness of any fact stated therein). Each of the Collateral Agent, the Securities Intermediary,
the Custodial Agent and the Securities Registrar may consult with legal counsel or other experts of its selection and the advice, opinions and statements of such legal counsel and other experts and any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. As to any matters not expressly provided for by this Agreement, the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar shall in all cases be fully protected in acting, suffering, or in refraining from acting, hereunder in accordance with instructions given by the Company or the Property Trustee in
accordance with this Agreement. In the event any instructions are given (other than in writing at the time of the execution of the Agreement), whether in writing, by telecopier or otherwise, the Collateral Agent, the Securities Intermediary, the
Custodial Agent and the Securities Registrar are authorized to seek confirmation of such instructions by telephone call-back to the person or persons designated on Schedule II hereto, and the Collateral Agent, the Securities Intermediary, the
Custodial Agent and the 

  

 22 
 COLLATERAL AGREEMENT 

 
Securities Registrar may rely upon the confirmations of anyone purporting to be the Person or Persons so designated. The persons and telephone numbers for
call-backs may be changed only in writing actually received and acknowledged by the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar. 
 It is understood that the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar in any funds transfer may rely
solely upon any account numbers or similar identifying numbers provided by the Company or the Property Trustee to identify (i) the beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank. The Collateral Agent, the
Securities Intermediary, the Custodial Agent and the Securities Registrar may apply any of the deposited funds for any payment order it executes using any such identifying number, even where its use may result in a Person other than the beneficiary
being paid, or the transfer of funds to a bank other than the beneficiary’s bank, or an intermediary bank, designated by the Company or the Property Trustee; provided, however, that payment is made and confirmed to the account as
specified by the Company or the Property Trustee, as the case may be. 
 Section 10.04 Certain Rights. 
 (a) Whenever in the administration of the provisions of this Agreement the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of bad faith on the part of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, be deemed to be conclusively proved and established by a certificate signed by one of the
Company’s officers, and delivered to the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar and such certificate, in the absence of bad faith on the part of the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar, shall be full warrant to the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar for any action taken, suffered or omitted by any of them under
the provisions of this Agreement in reliance thereon. 
 (b) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper or
document. 
 (c) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be
responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God,
earthquakes, fires, floods, terrorism, wars, civil or military disturbances, sabotage, epidemics, riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communication services, accidents, labor disputes, acts of
civil or military authority and governmental action. 
 (d) The Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar may request that the Company and the Property Trustee each deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
Agreement, which Officers’ Certificate may be signed by any person 

  

 23 
 COLLATERAL AGREEMENT 

 
authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not
superseded. 
 (e) The permissive right of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar to take or refrain from taking any actions enumerated in this Agreement shall not be construed as a duty; 
 (f) None of the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be liable for any error of judgment made in good faith, unless it shall have been grossly negligent in ascertaining the pertinent facts. 

(g) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall have no liability whatsoever for the
action or inaction of any Clearing Agency or any book-entry system thereof. In no event shall any Clearing Agency or any book-entry system thereof be deemed an agent or subcustodian of the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar. Unless and until Definitive Trust Preferred Securities Certificates have been issued to Owners pursuant to Section 5.15 of the Trust Agreement, the Collateral Agent, the Securities Intermediary, the Custodial
Agent and the Securities Registrar shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including the receipt or transfer of any funds hereunder) as the Holder of the Trust Preferred Securities, shall have no
obligation to the Owners and the rights of the Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreement between such Owners and the Issuer Trust or the Clearing Agency Participants.
The provisions of Sections 5.6 and 5.11 of the Trust Agreement are hereby made applicable to the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar, mutatis mutandis, as if they were the Securities
Registrar as referred to therein. 
 (h) The Securities Registrar shall also have all of the rights, privileges, protections, immunities and
benefits given to the Securities Registrar under the Trust Agreement, including its right to be indemnified. In the event of any conflict between any of the provisions of the Trust Agreement and this Agreement with respect to any of such rights,
privileges, protections, immunities and benefits, the provisions of this Agreement shall govern and control and supersede such other provisions. 
 Section
10.05 Merger, Conversion, Consolidation or Succession to Business. 
 Any Person into which the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall be the successor of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar hereunder without the execution or filing of any paper with any party hereto or any further act on the
part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding. 
 Section 10.06 Rights in Other Capacities. 
 The Collateral Agent, the Securities Intermediary, the
Custodial Agent and the Securities Registrar and their Affiliates may (without having to account therefor to the Company) accept deposits from, lend money to, make their investments in and generally 

  

 24 
 COLLATERAL AGREEMENT 

 
engage in any kind of banking, trust or other business with the Issuer Trust, any other Person interested herein and any Holder of Trust Preferred Securities
(and any of their respective subsidiaries or Affiliates) as if it were not acting as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, as the case may be, and the Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and their Affiliates may accept fees and other consideration from the Issuer Trust, any other Person interested herein and any Holder of Trust Preferred Securities without having to account
for the same to the Company; provided, however, that each of the Securities Registrar, the Securities Intermediary, the Custodial Agent and the Collateral Agent covenants and agrees with the Company that it shall not accept, receive or permit
there to be created in favor of itself and shall take no affirmative action to permit there to be created in favor of any other Person, any security interest, lien or other encumbrance of any kind in or upon the Collateral other than the lien
created by the Pledge. 
 Section 10.07 Non-reliance on Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities Registrar.

 None of the Securities Registrar, the Securities Intermediary, the Custodial Agent or the Collateral Agent shall be required to keep itself
informed as to the performance or observance by the Issuer Trust or any Holder of Trust Preferred Securities of this Agreement, the Stock Purchase Contract Agreement, the Trust Preferred Securities or any other document referred to or provided for
herein or therein or in connection herewith or therewith or to inspect the properties or books of the Issuer Trust or any Holder of Trust Preferred Securities. None of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall have any duty or responsibility to provide the Company or the Property Trustee with any credit or other information concerning the affairs, financial condition or business of the Issuer Trust or the Company or any Holder
of Trust Preferred Securities (or any of their respective Affiliates) that may come into the possession of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar or any of their respective Affiliates.

 Section 10.08 Compensation and Indemnity. 
 The Company agrees to: 
 (a) pay the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar from time to time such compensation as shall be agreed in writing between the Company and the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, as the case may be, for all services rendered by
them hereunder; 
 (b) indemnify and hold harmless the Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities
Registrar and each of their respective directors, officers, agents and employees (collectively, the “Indemnitees”), from and against any and all claims, liabilities, losses, damages, fines, penalties and expenses (including
reasonable fees and expenses of counsel) and taxes (other than those based upon, determined by or measured by the income of the Collateral Agent, the Custodial Agent and the Securities Registrar) (collectively, “Losses” and
individually, a “Loss”) that may be imposed on, incurred by, or asserted against, the Indemnitees or any of them for or in respect of the Collateral Agent’s, the Securities Intermediary’s, the Custodial Agent’s and
the Securities Registrar’s (i) execution and delivery of this Agreement and (ii) following any instructions or other directions upon which either the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar is entitled to rely pursuant to the terms of this Agreement; and 
  

 25 
 COLLATERAL AGREEMENT 

 (c) in addition to and not in limitation of clause (b) immediately above, indemnify and hold the
Indemnitees and each of them harmless from and against any and all Losses that may be imposed on, incurred by or asserted against, the Indemnitees or any of them in connection with or arising out of the Collateral Agent’s, the Securities
Intermediary’s, the Custodial Agent’s or the Securities Registrar’s acceptance or performance of its powers and duties under this Agreement, provided, however, that any Indemnitee with respect to the specific Loss against which
indemnification is sought under this clause (c) has not acted with gross negligence or engaged in willful misconduct. 
 The provisions
of this Section 10.08 and Section 12.07 shall survive the resignation or removal of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar and the termination of this Agreement. 
 Section 10.09 Failure to Act. 
 In the event of
(i) uncertainty on the part of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar as to the application of any provision in this Agreement or any other agreement relating to the transaction
contemplated hereby or (ii) any ambiguity in the provisions of this Agreement or any dispute between or conflicting claims by or among the parties hereto or any other Person with respect to any funds or property deposited hereunder, such
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar in the case of (i) or each of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar in the case of (ii) shall
be entitled, at its sole option and after prompt written notice to the Company and the Issuer Trust, to refrain from taking any action in respect of such uncertainty or ambiguous provision or to refuse to comply with any and all claims, demands or
instructions with respect to such property or funds so long as such dispute or conflict shall continue, and the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall not be or become liable in any way
to any of the parties hereto for its so refraining or refusal to comply with such conflicting claims, demands or instructions. The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall be entitled to
refuse to act until either: 
 (a) such ambiguous provisions or conflicting or adverse claims or demands, as the case may be, shall have been
finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in a writing satisfactory to the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar; or 
 (b) the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall have received
security or an indemnity satisfactory to it sufficient to save it harmless from and against any and all loss, liability or reasonable out-of-pocket expense which it may incur by reason of its acting. 
 The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may in addition elect to commence an interpleader
action or seek other judicial relief or orders as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar may deem necessary. Notwithstanding anything contained herein to the contrary, none of the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be required to take any action that it reasonably believes to be contrary to law or to the terms of this Agreement, or which it reasonably believes
would subject it or any of its officers, employees or directors to liability. 
  

 26 
 COLLATERAL AGREEMENT 

 Section 10.10 Resignation of Collateral Agent, the Securities Intermediary, the Custodial Agent and Securities
Registrar. 
 Subject to the appointment and acceptance of a successor Collateral Agent, Securities Intermediary, Custodial Agent and
Securities Registrar as provided below: 
 (i) the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar may resign at any time by giving notice thereof to the Company and the Property Trustee; 
 (ii) the
Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar may be removed at any time by the Company; and 
 (iii) if the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar fails to perform any of its material obligations hereunder in any material respect for a period of not less
than 20 days after receiving written notice of such failure by the Property Trustee or the Administrative Trustees and such failure shall be continuing, the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar may be removed by the Property Trustee or the Administrative Trustees; 
 provided, however, that any Person at any time acting as
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar may not resign or be removed in any one of those capacities without the consent of each party to this Collateral Agreement unless it resigns or is removed in all such
capacities in which it is then acting. The Property Trustee or the Administrative Trustees shall promptly notify the Company of any removal of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar
pursuant to clause (iii) of this Section 10.10. Upon any such resignation or removal, the Company shall have the right to appoint a successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case
may be, which shall not be an Affiliate of the Issuer Trust. If no successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar shall have been so appointed and shall have accepted such appointment within 30 days
after the retiring Collateral Agent’s, Securities Intermediary’s, Custodial Agent’s or Securities Registrar’s giving of notice of resignation or the Company’s or the Property Trustee’s giving notice of such removal,
then the retiring or removed Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar may petition any court of competent jurisdiction, at the expense of the Company, for the appointment of a successor Collateral Agent,
Securities Intermediary, Custodial Agent or Securities Registrar. The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall each be a bank or a national banking association which has an office (or an
agency office) in New York City with a combined capital and surplus of at least $50,000,000. Upon the acceptance of any appointment as Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar hereunder by a successor
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, such successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, and the retiring Collateral Agent, Securities Intermediary,
Custodial Agent or Securities Registrar, as the case may be, shall take all appropriate action, subject to payment of any amounts then due and payable to it hereunder, to transfer any money and property held by it hereunder (including the
Collateral) to such successor. The retiring Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar shall, upon such succession, be discharged from its duties and obligations as Collateral Agent, Securities Intermediary,
Custodial Agent or Securities Registrar hereunder. After any 

  

 27 
 COLLATERAL AGREEMENT 

 
retiring Collateral Agent’s, Securities Intermediary’s, Custodial Agent’s or Securities Registrar’s resignation or removal hereunder as
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, the provisions of this Article X shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar. Any resignation or removal of the Collateral Agent, Custodial Agent or Securities Registrar hereunder, at a time when such Person is acting as the Collateral Agent,
Securities Intermediary, Custodial Agent or Securities Registrar, shall be deemed for all purposes of this Agreement as the simultaneous resignation or removal of the Collateral Agent, Securities Registrar or Custodial Agent, as the case may be.

 Section 10.11 Right to Appoint Agent or Advisor. 
 The Collateral Agent shall have the right to appoint agents or advisors in connection with any of its duties hereunder, and the Collateral Agent shall not be liable for any action taken, suffered or omitted by, or in
reliance upon the advice of, such agents or advisors selected in good faith. The appointment of agents (which, for the purpose of this sentence, excludes legal counsel) pursuant to this Section 10.11 shall be subject to prior written consent of
the Company, which consent shall not be unreasonably withheld. 
 Section 10.12 Survival. 
 The provisions of this Article X and Section 12.06 shall survive termination of this Agreement and the resignation or removal of the Collateral
Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar. 
 Section 10.13 Exculpation. 
 Anything contained in this Agreement to the contrary notwithstanding, in no event shall the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar or their officers, directors, employees or agents be liable under this Agreement for indirect, special, punitive, or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits,
whether or not the likelihood of such loss or damage was known to the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, or any of them and regardless of the form of action. 
 Section 10.14 Statements and Confirmations. 
 The
Securities Intermediary will, as soon as reasonably practicable after receipt of same, send copies of all statements, confirmations and other correspondence concerning the Collateral Account and any financial assets credited thereto simultaneously
to each of the Property Trustee and the Collateral Agent at their addresses for notices under this Agreement. The Custodial Agent will, as soon as reasonably practicable after receipt of same, send copies of all statements, confirmations and other
correspondence concerning the Custody Account and any financial assets credited thereto to the Property Trustee at its address for notices under this Agreement. 
 Section 10.15 Tax Allocations. 
 The Administrative Trustees shall report all items of income, gain, expense and loss
recognized in the Collateral Account and the Custody Account, to the extent such reporting is required by law, to the Internal Revenue Service authorities in the manner required by law. None of the Securities Intermediary, the Collateral Agent, the
Custodial Agent, the Securities Registrar or the Property Trustee shall have any tax reporting duties hereunder. 
  

 28 
 COLLATERAL AGREEMENT 

 ARTICLE XI 
 AMENDMENT 
 Section 11.01 Amendment. 
 The Company, when duly authorized by resolution of its Board of Directors, the Collateral Agent, the Securities Intermediary, the Custodial Agent, the
Securities Registrar and the Property Trustee on behalf of the Issuer Trust, at any time and from time to time, may amend this Agreement by a written instrument, in form satisfactory to the Company, the Collateral Agent, the Securities Intermediary,
the Custodial Agent, the Securities Registrar and the Property Trustee, as provided under Section 6.1(c) of the Trust Agreement. Notwithstanding the foregoing, any amendment to the forms of PCS certificates attached as exhibits hereto shall be
effective upon written notice thereof from the Company without the consent of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar setting forth the revised form or forms and confirming that such revised
form or forms have been duly adopted in accordance with the Trust Agreement; provided, however, that no such amendment that adversely affects the rights, duties or immunities of the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar shall be effective against such adversely affected party without its consent. 
 Section 11.02 Execution of
Amendments. 
 In executing any amendment permitted by this Article XI, the Collateral Agent, the Securities Intermediary, the Custodial
Agent, the Securities Registrar and the Property Trustee shall be entitled to receive and (subject to Section 8.3 of the Trust Agreement with respect to the Property Trustee) shall be fully authorized and protected in relying upon, an Opinion
of Counsel and an Officers’ Certificate of the Company to the effect that all of the requirements of Section 6.1(c) of the Trust Agreement in respect of such amendment have been met and/or satisfied. The Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and the Property Trustee may, but shall not be obligated to, enter into any such amendment which affects their own respective rights, duties or immunities under this Agreement or otherwise.

 ARTICLE XII 
 MISCELLANEOUS 
 Section 12.01 No Waiver. 
 No failure on the part of the Company, the Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar or any of their respective agents to exercise, and no course of dealing with
respect to, and no delay in exercising, any right, power or remedy hereunder shall operate a waiver thereof; nor shall any single or partial exercise by the Company, the Securities Intermediary, the Collateral Agent, the Custodial Agent, the
Securities Registrar or any of their respective agents of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not
exclusive of any remedies provided by law. 
  

 29 
 COLLATERAL AGREEMENT 

 Section 12.02 Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to the conflict of law principles
thereof. The Company, the Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Issuer Trust hereby submit to the nonexclusive jurisdiction of the United States District Court for the Southern
District of New York and the courts of the State of New York (in each case sitting in New York County) for the purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. The Company, the
Collateral Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Issuer Trust irrevocably waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter have to the laying
of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES
IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 12.03 Notices. 
 All notices, requests, consents and other communications provided for herein
(including, without limitation, any modifications of, or waivers or consents under, this Agreement) shall be given or made in writing (including, without limitation, by telecopy) delivered to the intended recipient at the “Address for
Notices” specified below its name on the signature pages hereof or, as to any party, at such other address as shall be designated by such party in a notice to the other parties. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when personally delivered or, in the case of a mailed or telecopied notice, upon receipt, in each case given or addressed as aforesaid. 
 Section 12.04 Successors and Assigns. 
 This Agreement
shall be binding upon and inure to the benefit of the respective successors of the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary, the Securities Registrar and the Issuer Trust. 
 Nothing in this Agreement, express or implied, shall give any Person, other than the parties hereto and their permitted successors, any benefit or any
legal or equitable right, remedy or claim under this Agreement. 
 Section 12.05 Severability. 
 If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions
hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to give effect to the intentions of the parties hereto as nearly as may be possible and (ii) the invalidity or unenforceability of any
provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
  

 30 
 COLLATERAL AGREEMENT 

 Section 12.06 Expenses, Etc. 
 The Company agrees to reimburse the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar for: 
 (a) all reasonable costs and expenses of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable fees and expenses of counsel
to the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar), in connection with (i) the negotiation, preparation, execution and delivery or performance of this Agreement and (ii) any
modification, supplement or waiver of any of the terms of this Agreement; 
 (b) all reasonable costs and expenses of the Collateral Agent,
the Securities Intermediary, the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable fees and expenses of counsel) in connection with (i) any enforcement or proceedings resulting or incurred in
connection with causing the Issuer Trust or the Property Trustee to satisfy its obligations under the Stock Purchase Contracts or the Stock Purchase Contract Agreement and (ii) the enforcement of this Section 12.06; 
 (c) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of this
Agreement or any other document referred to herein and all costs, expenses, taxes, assessments and, subject to Section 10.01(b) and the last sentence of Section 10.01, other charges incurred in connection with any filing, registration,
recording or perfection of any security interest contemplated hereby; 
 (d) all reasonable fees and expenses of any agent or advisor
appointed by the Collateral Agent and (except in the case of legal counsel) consented to by the Company under Section 10.11; and 
 (e)
any other out-of-pocket costs and expenses reasonably incurred by the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar in connection with the performance of their duties hereunder. 
 Section 12.07 Security Interest Absolute. 
 All rights
of the Collateral Agent and security interests hereunder, and all obligations of the Issuer Trust from time to time hereunder, shall be absolute and unconditional irrespective of: 
 (a) any lack of validity or enforceability of any provision of the Stock Purchase Contracts or any other agreement or instrument relating thereto;

 (b) any change in the time, manner or place of payment of, or any other term of, or any increase in the amount of, all or any of the
Obligations under the Stock Purchase Contracts, or any other amendment or waiver of any term of, or any consent to any departure from any requirement of, the Stock Purchase Contract Agreement or any Stock Purchase Contract or any other agreement or
instrument relating thereto; or 
 (c) any other circumstance which might otherwise constitute a defense available to, or discharge of, a
borrower, a guarantor or a pledgor. 
  

 31 
 COLLATERAL AGREEMENT 

 Section 12.08 Notice of Termination Event or Redemption Prior to Stock Purchase Date. 
 Upon the occurrence of a Termination Event or the termination of the Stock Purchase Contracts upon the redemption of all the Notes by the Company prior to
the Stock Purchase Date in accordance with the Indenture, the Company shall deliver written notice to the Property Trustee, the Collateral Agent, the Custodial Agent and the Securities Registrar. Upon the written request of the Collateral Agent or
the Securities Registrar, the Company shall inform such party whether or not a Termination Event or the termination of the Stock Purchase Contracts upon the redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance
with the Indenture, as applicable, has occurred. 
 Section 12.09 Incorporation by Reference. 
 In connection with its execution and performance hereunder the Property Trustee is entitled to all rights, privileges, protections, immunities, benefits
and indemnities provided to it under the Trust Agreement. 
 Section 12.10 No Recourse. 
 It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Manufacturers and Traders Trust
Company, not individually or personally but solely as Property Trustee of the Issuer Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, warranties, covenants, undertakings and
agreements herein made on the part of the Issuer Trust is made and intended not as personal representations, warranties, covenants, undertakings and agreements by Manufacturers and Traders Trust Company but is made and intended for the purpose of
binding only the Issuer Trust, (c) nothing herein contained shall be construed as creating any liability on the part of Manufacturers and Traders Trust Company, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Manufacturers and Traders Trust Company be
personally liable for the payment of any indebtedness or expenses of the Issuer Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer Trust under this Agreement or any
other related documents. 
 * * * * 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 32 
 COLLATERAL AGREEMENT 

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

									
	MELLON FINANCIAL CORPORATION	 		 	MELLON CAPITAL IV
					
	By:	 	/s/ Michael A. Bryson	 		 	By:	 	 Manufacturers and Traders Trust Company,
 not in its
individual capacity but solely as
 Property Trustee

		 	Name: Michael A. Bryson	 		 		 	
		 	Title: Chief Financial Officer	 		 		 	

													
							
		 		 		 		 		 	By:	 	/s/ Robert D. Brown
		 		 		 		 		 		 	Name: Robert D. Brown
		 		 		 		 		 		 	Title: Vice President

  

									
	Address for Notices:	 		 	Address for Notices:
			
	 Mellon Financial Corporation
 One Mellon
Center
 500 Grant Street
 Pittsburgh, Pennsylvania
15258
 Attention: Secretary
 Facsimile:
(412) 234-1813
	 		 	 Manufacturers and Traders Trust Company,
 as Property Trustee of
 Mellon Capital IV
 25 South Charles Street-16th Floor
 Mail Code: MD2-CS58
 Baltimore, MD 21201
 Facsimile: (410) 244-4236

  

											
	 THE BANK OF NEW YORK,
 as Collateral Agent, Securities Intermediary,
 Custodial Agent and Securities
Registrar
	 		 	
					
	By:	 	/s/ Mary LaGumina	 		 		 	
		 	Name:	 	Mary LaGumina	 		 		 	
		 	Title:	 	Vice President	 		 		 	

 Address for Notices: 
 The Bank of New York 
 101 Barclay Street, 8W 
 New
York, New York 10286 
 Attention: Corporate Trust Division — Corporate Finance Unit 
 Facsimile: (212) 815-5704 
  

 COLLATERAL AGREEMENT 

 Exhibit A 
 FORM OF NORMAL PCS CERTIFICATE 
 {For inclusion in Global Certificates only – THIS CERTIFICATE
IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE FOR
CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.} 
  

			
	No. _________	  	Number of Normal PCS: ________
		  	CUSIP No. 58551T AA5

 MELLON CAPITAL IV 
 NORMAL PCS 
 This Normal PCS
Certificate certifies that {                    } is the registered Holder of the number of Normal PCS set forth above {for inclusion in Global
Certificates only - or such other number of Normal PCS reflected in the Schedule of Increases and Decreases in the Global Certificate attached hereto}. Each Normal PCS represents a beneficial interest in Mellon Capital IV
(the “Issuer Trust”), having a Liquidation Amount of $1,000. The Normal PCS are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly
endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Normal PCS are set forth in,
and this certificate and the Normal PCS represented hereby are issued and shall in all respects be subject to the terms and provisions of the Amended and Restated Trust Agreement of the Issuer Trust, dated as of June 19, 2007, as the same may
be amended and restated from time to time (the “Trust Agreement”), including the designation of the terms of the Normal PCS as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement entered into by the
Depositor and Manufacturers and Traders Trust Company, as Guarantee Trustee, dated as of June 19, 2007 (the “Guarantee Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the meaning set
forth therein. 
  

 A-1 
 COLLATERAL AGREEMENT 

 Section 5.13(b) of the Trust Agreement provides for the procedures pursuant to which Holders of
Normal PCS may exchange Normal PCS and Qualifying Treasury Securities for Stripped PCS and Capital PCS and Section 5.14(d) of the Trust Agreement provides for the procedures pursuant to which Holders of Normal PCS may elect to exchange Normal
PCS and Qualifying Treasury Securities for Stripped PCS and Capital PCS in the event a Remarketing is Successful. The forms of Stripping Notice and Request and Notice of Contingent Exchange Election required to be delivered in connection therewith
are printed on the reverse hereof. 
 A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection at the
offices of the Property Trustee. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the
benefits thereof. 
 IN WITNESS WHEREOF, the Issuer Trust acting through one of its Administrative Trustees has executed this Normal PCS
Certificate. 
  

			
	MELLON CAPITAL IV, acting through one of its Administrative Trustees
		
	 By:
	 	  
		 	Name:

 Date: 
  

 A-2 
 COLLATERAL AGREEMENT 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	TEN COM:	  	as tenants in common
		
	UNIF GIFT MIN ACT:	  	______________ Custodian _____________ (cust)(minor) Under Uniform Gifts to Minors Act of ---------------------------------------
		
	TENANT:	  	as tenants by the entireties
		
	JT TEN:	  	as joint tenants with right of survivorship and not as tenants in common

 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 (Please insert Social Security or Taxpayer I.D. 
 or other Identifying Number of
Assignee) 
 (Please print or type name and address including Postal Zip Code of Assignee) 
 the within Normal PCS Certificates and all rights thereunder, hereby irrevocably constituting and appointing attorney __________________, to transfer said Normal PCS
Certificates on the books of Mellon Capital IV, with full power of substitution in the premises. 
  

									
		 		 	  
	Dated:	 		 	Signature
			
		 		 	 NOTICE: The signature to this assignment must
 correspond with the name as it appears upon the
 face of the within Normal PCS Certificates in every
 particular, without alteration or enlargement or any
 change
whatsoever.

					
	Signature Guarantee:	 	  	 		 		 	
		 		 		 		 	

  

 A-3 
 COLLATERAL AGREEMENT 

 FORM OF STRIPPING NOTICE AND REQUEST 
 The Bank of New York, 
     as Collateral Agent and Securities Registrar 
 101 Barclay Street, 8W 
 New York, New York 10286 
 Attention: Corporate Trust Division — Corporate Finance Unit 
  

	 	Re:	Normal PCS of Mellon Capital IV 

 The undersigned Holder
hereby notifies you pursuant to Section 5.13(b) of the Amended and Restated Trust Agreement, dated as of June 19, 2007, of Mellon Capital IV (the “Trust Agreement”), among Mellon Financial Corporation, as Depositor,
Manufacturers and Traders Trust Company, as Property Trustee, M & T Trust Company of Delaware, as Delaware Trustee, the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and
Section 6.02 of the Collateral Agreement, that the Holder: 
 (i) is depositing the appropriate Qualifying Treasury
Securities with The Bank of New York, as Collateral Agent, for deposit in the Collateral Account, 
 (ii) is transferring the
related Normal PCS to the Securities Registrar in connection with an Exchange of such Normal PCS and Qualifying Treasury Securities for a Like Amount of Stripped PCS and Capital PCS, and 
 (iii) hereby requests the delivery to the Holder of such Stripped PCS and Capital PCS. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The undersigned Holder has paid all
applicable fees and expenses relating to such Exchange. 
  

									
	Date:	 		 	
					
		 		 		 	Signature Guarantee:	 	  
	Please print name and address of Registered Holder:	 		 		 	
			
	Name	 		 	Social Security or other Taxpayer Identification Number, if any
				
	Address	 		 		 	

  

 A-4 
 COLLATERAL AGREEMENT 

 FORM OF NOTICE OF CONTINGENT EXCHANGE ELECTION 
 The Bank of New York, 
     as Collateral Agent and
Securities Registrar 
 101 Barclay Street, 8W 
 New York, New
York 10286 
 Attention: Corporate Trust Division — Corporate Finance Unit 
  

	 	Re:	Normal PCS of Mellon Capital IV 

 The undersigned Holder
hereby notifies you pursuant to Section 5.14(d) of the Amended and Restated Trust Agreement, dated as of June 19, 2007, of Mellon Capital IV (the “Trust Agreement”), among Mellon Financial Corporation, as Depositor, Manufacturers
and Traders Trust Company, as Property Trustee, M & T Trust Company of Delaware, as Delaware Trustee, the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and Section 8.02 of the
Collateral Agreement, that the Holder: 
 (i) is depositing the appropriate Qualifying Treasury Securities with The Bank of
New York, as Collateral Agent, for deposit in the Collateral Account, 
 (ii) is transferring the related Normal PCS to the
Securities Registrar in connection with a Contingent Exchange Election of such Normal PCS and Qualifying Treasury Securities for a Like Amount of Stripped PCS and Capital PCS, and 
 (iii) hereby requests the delivery to the Holder of such Stripped PCS and Capital PCS if the upcoming Remarketing is Successful, it being
understood that if such Remarketing is not Successful, this Notice shall be disregarded and the Collateral Agent shall return such Qualifying Treasury Securities to the Holder promptly after the Remarketing. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The undersigned Holder has paid all
applicable fees and expenses relating to such Contingent Exchange Election. 
  

									
	Date:	 		 	
					
		 		 		 	Signature Guarantee:	 	  
	Please print name and address of Registered Holder:	 		 		 	
			
	Name	 		 	Social Security or other Taxpayer Identification Number, if any
				
	Address	 		 		 	

  

 A-5 
 COLLATERAL AGREEMENT 

 {TO BE ATTACHED TO GLOBAL CERTIFICATES} 
 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE 
 The following increases or
decreases in this Global Certificate have been made: 
  

							
	 Amount of increase in
 Number of Normal PCS
 evidenced by this
 Global Certificate
	  	 Amount of decrease in
 Number of Normal PCS
 evidenced by this Global
 Certificate
	  	 Number of Normal PCS
 evidenced by this Global
 Certificate
following such
 decrease or increase
	  	 Signature of authorized
 signatory of Securities
 Registrar

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 A-6 
 COLLATERAL AGREEMENT 

 Exhibit B 
 FORM OF STRIPPED PCS CERTIFICATE 
 {For inclusion in Global Certificates only – THIS CERTIFICATE
IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE FOR
CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.} 
  

			
	No. _________	  	 Number of Stripped PCS: ________
 CUSIP No. 58551T AC1

 MELLON CAPITAL IV 
 STRIPPED PCS 
 This Stripped
PCS Certificate certifies that {                    } is the registered Holder of the number of Stripped PCS set forth above {for inclusion in
Global Certificates only - or such other number of Stripped PCS reflected in the Schedule of Increases and Decreases in the Global Certificate attached hereto}. Each Stripped PCS represents a beneficial interest in Mellon Capital IV
(the “Issuer Trust”), having a Liquidation Amount of $1,000. The Stripped PCS are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly
endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Stripped PCS are set forth in,
and this certificate and the Stripped PCS represented hereby are issued and shall in all respects be subject to the terms and provisions of the Amended and Restated Trust Agreement of the Issuer Trust, dated as of June 19, 2007, as the same may
be amended and restated from time to time (the “Trust Agreement”), including the designation of the terms of the Stripped PCS as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement entered into by
the Depositor and Manufacturers and Traders Trust Company, as Guarantee Trustee, dated as of June 19, 2007 (the “Guarantee Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the meaning
set forth therein. 
  

 B-1 
 COLLATERAL AGREEMENT 

 Section 5.13(d) of the Trust Agreement provides for the procedures pursuant to which Holders of
Capital PCS and Stripped PCS may exchange them for Normal PCS and Qualifying Treasury Securities. The form of Recombination Notice required to be delivered in connection therewith is printed on the reverse hereof. 
 A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection at the offices of the Property Trustee. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereof. 
 IN WITNESS WHEREOF, the Issuer Trust acting through one of its Administrative Trustees has executed this Stripped PCS Certificate. 
  

			
	 MELLON CAPITAL IV, acting through one of
 its
Administrative Trustees

		
	 By:
	 	  
		 	 Name:

 Date: 
  

 B-2 
 COLLATERAL AGREEMENT 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	TEN COM:	  	as tenants in common
		
	UNIF GIFT MIN ACT:	  	______________ Custodian _____________ (cust)(minor) Under Uniform Gifts to Minors Act of ---------------------------------------
		
	TENANT:	  	as tenants by the entireties
		
	JT TEN:	  	as joint tenants with right of survivorship and not as tenants in common

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 (Please insert Social Security or Taxpayer I.D. 
 or other Identifying Number of Assignee) 
 (Please print or type name and address including Postal Zip Code of Assignee) 

the within Stripped PCS Certificates and all rights thereunder, hereby irrevocably constituting and appointing attorney __________________, to transfer said Stripped
PCS Certificates on the books of Mellon Capital IV, with full power of substitution in the premises. 
  

									
		 		 	  
	Dated:	 		 	Signature
			
		 		 	 NOTICE: The signature to this assignment must
 correspond with the name as it appears upon the
 face of the within Stripped PCS Certificates in every
 particular, without alteration or enlargement or any
 change
whatsoever.

					
	Signature Guarantee:	 	  	 		 		 	

  

 B-3 
 COLLATERAL AGREEMENT 

 FORM OF RECOMBINATION NOTICE AND REQUEST 
 The Bank of New York, 
     as Collateral Agent and Securities Registrar 
 101 Barclay Street, 8W 
 New York, New York 10286 
 Attention: Corporate Trust Division — Corporate Finance Unit 
  

	Re:	Stripped PCS and Capital PCS of Mellon Capital IV 

 The
undersigned Holder hereby notifies you pursuant to Section 5.13(d) of the Amended and Restated Trust Agreement, dated as of June 19, 2007, of Mellon Capital IV (the “Trust Agreement”), among Mellon Financial Corporation,
as Depositor, Manufacturers and Traders Trust Company, as Property Trustee, M & T Trust Company of Delaware, as Delaware Trustee, the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and
Section 6.03 of the Collateral Agreement, that the Holder: 
 (i) is transferring $_____________ Liquidation Amount of
Stripped PCS and Capital PCS in connection with an Exchange of such Stripped PCS and Capital PCS for a Like Amount of Normal PCS and Qualifying Treasury Securities, 
 (ii) hereby requests the Collateral Agent to release from the Pledge and deliver to the Holder Pledged Treasury Securities in a principal
amount equal to such Liquidation Amount, and 
 (iii) hereby requests the delivery to the Holder of such Normal PCS of a Like
Amount. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The undersigned
Holder has paid all applicable fees and expenses relating to such Exchange. 
  

									
	Date:	 		 	
					
		 		 		 	Signature Guarantee:	 	  
	Please print name and address of Registered Holder:	 		 		 	
			
	Name	 		 	Social Security or other Taxpayer Identification Number, if any
				
	Address	 		 		 	

  

 B-4 
 COLLATERAL AGREEMENT 

 {TO BE ATTACHED TO GLOBAL CERTIFICATES} 
 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE 
 The following increases or
decreases in this Global Certificate have been made: 
  

							
	 Amount of increase in
 Number of Stripped PCS
 evidenced by this
 Global Certificate
	  	 Amount of decrease
 in Number of Stripped PCS
evidenced by this Global
 Certificate
	  	 Number of Stripped PCS
 evidenced by this Global
 Certificate
following such
 decrease or increase
	  	 Signature of authorized
 signatory of Securities
 Registrar

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 B-5 
 COLLATERAL AGREEMENT 

 Exhibit C 
 FORM OF CAPITAL PCS CERTIFICATE 
 {For inclusion in Global Certificates only – THIS CERTIFICATE
IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) OR ITS NOMINEE. THIS CERTIFICATE IS EXCHANGEABLE FOR
CERTIFICATES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS CERTIFICATE (OTHER THAN A TRANSFER OF THIS CERTIFICATE AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.} 
  

			
	No. _________	  	 Number of Capital PCS: ________
 CUSIP No. 58551T AB3

 MELLON CAPITAL IV 
 CAPITAL PCS 
 This Capital PCS
Certificate certifies that {                    } is the registered Holder of the number of Capital PCS set forth above {for inclusion in Global
Certificates only - or such other number of Capital PCS reflected in the Schedule of Increases and Decreases in the Global Certificate attached hereto}. Each Capital PCS represents a beneficial interest in Mellon Capital IV
(the “Issuer Trust”), having a Liquidation Amount of $1,000. The Capital PCS are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly
endorsed and in proper form for transfer as provided in Section 5.4 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Capital PCS are set forth in,
and this certificate and the Capital PCS represented hereby are issued and shall in all respects be subject to the terms and provisions of the Amended and Restated Trust Agreement of the Issuer Trust, dated as of June 19, 2007, as the same may
be amended and restated from time to time (the “Trust Agreement”), including the designation of the terms of the Capital PCS as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement entered into by the
Depositor and Manufacturers and Traders Trust Company, as Guarantee Trustee, dated as of June 19, 2007 (the “Guarantee Agreement”). All capitalized terms used herein that are defined in the Trust Agreement have the meaning set
forth therein. 
  

 C-1 
 COLLATERAL AGREEMENT 

 Section 5.13(d) of the Trust Agreement provides for the procedures pursuant to which Holders of
Capital PCS and Stripped PCS may exchange them for Normal PCS and Qualifying Treasury Securities and Section 5.14(f) of the Trust Agreement provides for the procedures pursuant to which Holders of Capital PCS may elect to dispose of Capital PCS
in the event a Remarketing is Successful. The forms of Recombination Notice and Request and Notice of Contingent Disposition Election required to be delivered in connection therewith are printed on the reverse hereof. 
 A copy of each of the Trust Agreement and the Guarantee Agreement is available for inspection at the offices of the Property Trustee. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereof. 
 IN WITNESS WHEREOF, the Issuer Trust acting through one of its Administrative Trustees has executed this Capital PCS Certificate. 
  

			
	MELLON CAPITAL IV, acting through one of its Administrative Trustees
		
	By:	 	  
		 	Name:

 Date: 
  

 C-2 
 COLLATERAL AGREEMENT 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	TEN COM:	  	as tenants in common
		
	UNIF GIFT MIN ACT:	  	______________ Custodian _____________ (cust)(minor) Under Uniform Gifts to Minors Act of ---------------------------------------
		
	TENANT:	  	as tenants by the entireties
		
	JT TEN:	  	as joint tenants with right of survivorship and not as tenants in common

 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 (Please insert Social Security or Taxpayer I.D. 
 or other Identifying Number of
Assignee) 
 (Please print or type name and address including Postal Zip Code of Assignee) 
 the within Capital PCS Certificates and all rights thereunder, hereby irrevocably constituting and appointing attorney __________________, to transfer said Capital PCS
Certificates on the books of Mellon Capital IV, with full power of substitution in the premises. 
  

									
		 		 	  
	Dated:	 		 	Signature
			
		 		 	 NOTICE: The signature to this assignment must
 correspond with the name as it appears upon the
 face of the within Capital PCS Certificates in every
 particular, without alteration or enlargement or any
 change
whatsoever.

  

 C-3 
 COLLATERAL AGREEMENT 

 FORM OF RECOMBINATION NOTICE AND REQUEST 
 The Bank of New York, 
     as Collateral Agent and Securities Registrar 
 101 Barclay Street, 8W 
 New York, New York 10286 
 Attention: Corporate Trust Division — Corporate Finance Unit 
  

	Re:	Stripped PCS and Capital PCS Mellon Capital IV 

 The
undersigned Holder hereby notifies you pursuant to Section 5.13(d) of the Amended and Restated Trust Agreement, dated as of June 19, 2007, of Mellon Capital IV (the “Trust Agreement”), among Mellon Financial Corporation, as
Depositor, Manufacturers and Traders Trust Company, as Property Trustee, M & T Trust Company of Delaware, as Delaware Trustee, the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and
Section 6.03(a) of the Collateral Agreement that the Holder: 
 (i) is transferring $_____________ Liquidation Amount of
Stripped PCS and Capital PCS in connection with an Exchange of such Stripped PCS and Capital PCS for a Like Amount of Normal PCS and Qualifying Treasury Securities, 
 (ii) hereby requests the Collateral Agent to release from the Pledge and deliver to the Holder Pledged Treasury Securities in a principal
amount equal to such Liquidation Amount, and 
 (iii) hereby requests the delivery to the Holder of such Normal PCS of a Like
Amount. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The undersigned
Holder has paid all applicable fees and expenses relating to such Exchange. 
  

									
	Date:	 		 	
					
		 		 		 	Signature Guarantee:	 	  
	Please print name and address of Registered Holder:	 		 		 	
			
	Name	 		 	Social Security or other Taxpayer Identification Number, if any
				
	Address	 		 		 	

  

 C-4 
 COLLATERAL AGREEMENT 

 FORM OF NOTICE OF CONTINGENT DISPOSITION ELECTION 
 The Bank of New York, 
     as Collateral Agent and
Securities Registrar 
 101 Barclay Street, 8W 
 New York, New
York 10286 
 Attention: Corporate Trust Division — Corporate Finance Unit 
  

	Re:	Normal PCS of Mellon Capital IV 

 The undersigned Holder
hereby notifies you pursuant to Section 5.14(f) of the Amended and Restated Trust Agreement, dated as of June 19, 2007, of Mellon Capital IV (the “Trust Agreement”), among Mellon Financial Corporation, as Depositor, Manufacturers
and Traders Trust Company, as Property Trustee, M & T Trust Company of Delaware, as Delaware Trustee, the Administrative Trustees (as named therein) and the several Holders of the Trust Securities, and Section 8.03 of the
Collateral Agreement, that the Holder: 
 (i) is transferring _________ Capital PCS to the Securities Registrar, and

 (ii) hereby requests the payment to the Holder, if the upcoming Remarketing is Successful, of an amount in cash for each
such Capital PCS equal to the proceeds of the sale of $1,000 principal amount of Notes, it being understood that if such Remarketing is not Successful, this Notice shall be disregarded. 
 All capitalized terms used herein that are defined in the Trust Agreement have the meaning set forth therein. The undersigned Holder has paid all
applicable fees and expenses relating to such Contingent Exchange Election. 
  

									
	Date:	 		 	
					
		 		 		 	Signature Guarantee:	 	  
	Please print name and address of Registered Holder:	 		 		 	
			
	Name	 		 	Social Security or other Taxpayer Identification Number, if any
				
	Address	 		 		 	

  

 C-5 
 COLLATERAL AGREEMENT 

 {TO BE ATTACHED TO GLOBAL CERTIFICATES} 
 SCHEDULE OF INCREASES AND DECREASES IN GLOBAL CERTIFICATE 
 The following increases or
decreases in this Global Certificate have been made: 
  

							
	 Amount of increase in
 Number of Capital PCS
 evidenced by this
 Global Certificate
	  	 Amount of decrease in
 Number of Capital PCS
 evidenced by
this Global
 Certificate
	  	 Number of Capital PCS
 evidenced by this Global
 Certificate
following such
 decrease or increase
	  	 Signature of authorized
 signatory of Securities
 Registrar

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

 C-6 
 COLLATERAL AGREEMENT 

 Schedule I 
 Reference Dealers 
 All Primary Dealers 
  

 COLLATERAL AGREEMENT 

 Schedule II 
 Contact Persons for Confirmation 
  

			
	 Name
	  	Phone Number
	 M&T Corporate Trust Services
	  	(302) 255-4966
	 Leo Au, Treasurer of Company
	  	(412) 234-5000

  

 COLLATERAL AGREEMENTRegistrant's 2006 Stock Plan Form of Agreement

 Exhibit 10.1 
 AUTODESK, INC. 
 STOCK OPTION AGREEMENT1 
 Autodesk, Inc., a Delaware corporation (the “Company”), has granted to the optionee (the “Optionee”), named on the Notice of Grant of Stock Options (the “Notice of Grant”) which is attached hereto an option to
purchase that number of shares of Common Stock (the “Shares”) set forth on the Notice of Grant at the price set forth on the Notice of Grant and in all respects subject to the terms, definitions and provisions of the Company’s stock
option plan stated in the Notice of Grant (as applicable, the “Plan”), which is incorporated herein by reference. The terms defined in the Plan shall have the same defined meanings in this Option Agreement. 
 1. Nature of Option. If designated in the Notice of Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock
Option as defined in Section 422 of the Code. Otherwise, this Option is a nonstatutory stock option and will not qualify as an Incentive Stock Option. 
 2. Exercise of Option. This Option shall be exercisable during its term in accordance with the provisions in Section 9 of the Plan as follows: 
 (i) Right to Exercise. 
 (a) Subject
to subsections 2(i)(b) and (c) and Section 4 below, this Option shall vest and become exercisable over the period and at the rate set forth on the Notice of Grant. 
 (b) This Option may not be exercised for a fraction of a share. 
 (c) In the event of Optionee’s death, disability or other termination of employment or other service relationship, the exercisability of the Option is governed by Sections 4, 5, and 6 below. 
 (ii) Method of Exercise. This Option shall be exercisable by written or electronic notice (as determined by the Administrator), which shall state
the election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the holders’ investment intent with respect to such shares of Common Stock as may
be required by the Company pursuant to the provisions of the Plan. Such notice shall be properly completed and delivered in such manner as the Administrator may determine (including electronically). Payment of the exercise price may only be made in
such manner as described in Section 3 below, and if appropriate, shall accompany the written notice. This Option shall be deemed to be exercised upon receipt by the Company (or its designated representative) of the exercise notice and
completion of payment of the exercise price. 
 No Shares will be issued pursuant to the exercise of an Option unless such issuance and such
exercise shall comply with all relevant provisions of law and the requirements of any stock exchange upon which the Shares may be listed. 

	 1
	 As amended by the Compensation and Human Resources Committee of the Board of Directors on June 14,
2007 

 3. Method of Payment. Payment of the exercise price shall be by (i) cash, (ii) check,
(iii) surrender of other shares of Common Stock of the Company, which either have been vested and owned by the Optionee for more than six months on the date of surrender or were not acquired, directly or indirectly, from the Company, and in
either case have a fair market value on the date of surrender equal to the exercise price of the Shares as to which the Option is being exercised or (iv) delivery of a properly executed exercise notice together with irrevocable instructions to
an agent of the Company to sell the Shares and promptly deliver to the Company that portion of the sale proceeds required to pay the exercise price (and any applicable withholding taxes). 
 4. Termination of Status as an Employee. If Optionee ceases to serve as an Employee, he or she may, but only within six (6) months after the
date of such cessation (but in no event later than the expiration date of the Option as set forth in the Notice of Grant), exercise this Option to the extent that he or she was entitled to exercise it at the date of such cessation. To the extent
that he or she was not entitled to exercise this Option as the date of such cessation, or if he or she does not exercise this Option within the time specified herein, the Option shall terminate. 
 5. Disability of Optionee. Notwithstanding the provisions of Section 4 above, if Optionee ceases to serve as an Employee as a result of his
or her total and permanent disability (as defined in Section 22(e)(3) of the Code), he or she may, but only within twelve (12) months from the date of such cessation (but in no event later than the expiration date of the Option as set
forth in the Notice of Grant), exercise his or her Option to the extent he or she was entitled to exercise it at the date of such cessation. To the extent that he or she was not entitled to exercise this Option at the date of cessation, or if he or
she does not exercise such Option within the time specified herein, the Option shall terminate. 
 6. Death of Optionee. In the event
of the death of Optionee during the term of this Option and while an Employee, the Option shall become fully exercisable, including as to Shares for which it would not otherwise by exercisable and may be exercised, at any time within twelve
(12) months following the date of death (but in no event later than the expiration date of the Option as set forth in the Notice of Grant), by Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or
inheritance. To the extent the Option is not exercised within the time specified herein, the Option shall terminate. 
 7.
Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by the Optionee. The terms of this
Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 
 8. Term of Option. This
Option may be exercised only within the term set out on the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option. 
 9. Tax Consequences. Some of the U.S. federal tax consequences relating to this Option, as of the date of this Option, are set forth below. THIS
SUMMARY RELATES TO U.S. TAX CONSEQUENCES ONLY AND IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
 (i) Exercising the Option. 
 (a) Nonstatutory
Stock Option. The Optionee may incur regular federal income tax liability upon exercise of a NSO. The Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair
Market Value of the Exercised 

  

 -2- 

 
Shares on the date of exercise over their aggregate Exercise Price; provided, however, that if Exercised Shares are sold on the date of exercise, then, for
those Exercised Shares that have been sold, the Optionee will be treated as having compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the sale price of the Exercised Shares over their aggregate Exercise Price.
If the Optionee is an Employee or a former Employee, the Company will be required to withhold from his or her compensation or collect from Optionee and pay to the applicable taxing authorities an amount in cash equal to a percentage of this
compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. 
 (b) Incentive Stock Option. If this Option qualifies as an ISO, the Optionee will have no regular federal income tax liability upon its exercise,
although the excess, if any, of the Fair Market Value of the Exercised Shares on the date of exercise over their aggregate Exercise Price will be treated as an adjustment to alternative minimum taxable income for federal tax purposes and may subject
the Optionee to alternative minimum tax in the year of exercise. In the event that the Optionee ceases to be an Employee but remains a Service Provider, any Incentive Stock Option of the Optionee that remains unexercised shall cease to qualify as an
Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option on the date three (3) months and one (1) day following such change of status. 
 (ii) Disposition of Shares. 
 (a) NSO. If
the Optionee holds NSO Shares for at least one year, any gain realized on disposition of the Shares will be treated as long-term capital gain for federal income tax purposes. 
 (b) ISO. If the Optionee holds ISO Shares for at least one year after exercise and two years after the grant date, any gain realized on disposition of
the Shares will be treated as long-term capital gain for federal income tax purposes. If the Optionee disposes of ISO Shares within one year after exercise or two years after the grant date, any gain realized on such disposition will be treated as
compensation income (taxable at ordinary income rates) to the extent of the excess, if any, of the lesser of (A) the difference between the Fair Market Value of the Shares acquired on the date of exercise and the aggregate Exercise Price, or
(B) the difference between the sale price of such Shares and the aggregate Exercise Price. Any additional gain will be taxed as capital gain, short-term or long-term depending on the period that the ISO Shares were held. 
 (iii) Notice of Disqualifying Disposition of ISO Shares. If the Optionee sells or otherwise disposes of any of the Shares acquired pursuant to an ISO on
or before the later of (i) two years after the grant date, or (ii) one year after the exercise date, the Optionee shall immediately notify the Company in writing of such disposition. The Optionee agrees that he or she may be subject to
income tax withholding by the Company on the compensation income recognized from such early disposition of ISO Shares by payment in cash or out of the current earnings paid to the Optionee. 
 (iv) Withholding Taxes. Optionee agrees to comply with all requirements of the Company (or the Parent or Subsidiary employing or retaining
Optionee) in order to satisfy all Federal, state, and local income and employment tax withholding requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse to
deliver Shares if such withholding amounts are not delivered at the time of exercise. 
 (v) Notice of Disqualifying Disposition of
Incentive Stock Option Shares. If the Option granted to Optionee herein is an Incentive Stock Option, and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the Incentive Stock Option on or before the later of
(1) the date two years after its date of grant (as provided in the Notice of Grant), or (2) the date one year after the date of exercise, 

  

 -3- 

 
the Optionee shall immediately notify the Company in writing of such disposition. Optionee agrees that Optionee may be subject to income tax withholding by
the Company on the compensation income recognized by the Optionee. 
 10. Entire Agreement; Governing Law. The Plan, this Option
Agreement and the Notice of Grant constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject
matter hereof, and may not modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This Option Agreement is governed by California law except for that body of law pertaining to conflict of
laws. 
 11. No Guarantee of Employment. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING SERVICE AS AN EMPLOYEE AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED SERVICE ENGAGEMENT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH
OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S SERVICE RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE. 
  

 -4-

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