Document:

Form of Registration Rights Agreement

 Exhibit 10.23 
 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of [            ], 2007, by and among Ascent Energy Inc., a Delaware corporation (the “Corporation”), and each of the parties listed on Annex A (as such
Annex A is updated and amended pursuant to Section 11(c) hereof, collectively, the “Stockholders”). 
 Section 1.
Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 “Agreement” shall have the meaning set forth in the preamble hereto. 
 “Common
Stock” shall mean shares of common stock, $0.001 par value per share, of the Company, and any shares into which such Common Stock shall have been changed or any shares resulting from any reclassification of such Common Stock. 
 “Corporation” shall have the meaning set forth in the preamble hereto. 
 “Demand Notice” shall have the meaning set forth in Section 2(a) hereof. 
 “Demand Registration” shall have the meaning set forth in Section 2(a) hereof. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the
rules and regulations of the SEC promulgated thereunder. 
 “Form S-1” shall mean the Corporation’s
registration statement on Form S-1 (Registration No. 333-135537) under the Securities Act first filed with the SEC on June 30, 2006, as amended. 
 “indemnified party” and “indemnifying party” shall have the respective meanings set forth in Section 7(c) hereof. 
 “JEFCO” means, collectively, Jefferies & Company, Inc., Jefferies Partners Opportunity Fund, L.L.C., Jefferies
Partners Opportunity Fund II, L.L.C., Jefferies Employee Opportunity Fund, L.L.C. and Chris Kanoff. 
 “Jefferies
Capital Partners” means, collectively, ING Furman Selz Investors III, L.P., ING Barings U.S. Leveraged Equity Plan and ING Barings Global Leveraged Equity Plan Ltd. 
 “Losses” shall have the meaning set forth in Section 7(a) hereof. 
 “Notice” shall have the meaning set forth in Section 2(a) hereof. 
 “Permitted Transferee” shall have the meaning set forth in Section 11(c) hereof. 
  

 “Person” shall mean any natural person, corporation, limited
partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, custodian,
trustee-executor, administrator, nominee or entity in a representative capacity and any government or agency or political subdivision thereof. 
 “Piggyback Notice” shall have the meaning set forth in Section 3(a) hereof. 
 “Piggyback Registration” shall have the meaning as set forth in Section 3(a) hereof. 
 “Proceeding” shall mean an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, a
prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including, without limitation, post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Initial Public Offering” shall mean the underwritten initial public offering by the Corporation of Common Stock pursuant to the Form S-1. 
 “Qualified Holders” shall mean JEFCO so long as it holds Registrable Securities. 
 “Recapitalization” shall mean the recapitalization of the Corporation effected in
connection with the Initial Public Offering and consisting of the following transactions: (i) the issuance of ______ shares of Common Stock in connection with a merger pursuant to which South Louisiana Property Holdings, Inc. became a wholly
owned subsidiary of the Corporation, (ii) the issuance of ________ shares of Common Stock in exchange for certain outstanding indebtedness under the Corporation’s 11  3/4% Senior Subordinated Notes due May 1, 2010 (or such later date as automatically extended in accordance with the terms thereof, but in no event later than May 1, 2015)
and (iii) the issuance of ________ shares of Common Stock in exchange for all outstanding shares of the Corporation’s 8% Series A preferred stock, $0.001 par value per share, including accrued but unpaid dividends thereon, all as further
described in the Form S-1. 
 “Registrable Securities” shall mean all shares of Common Stock initially
issued in the Recapitalization (including, without limitation, any Common Stock issued or distributed by way of dividend, stock split or other distribution in respect of such shares of Common Stock) and held by the Stockholders and, subject to the
next succeeding sentence and Section 11(c) hereof, any successor or assign of such shares. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i) they are sold pursuant to
an effective Registration Statement under the Securities Act, (ii) they are sold pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does 

  

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not receive “restricted securities” as defined in Rule 144, (iii) they cease to be outstanding, (iv) they have been sold in a private
transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities in accordance with this Agreement, (v) they become eligible for resale pursuant to Rule 144(k) (or any similar rule then
in effect under the Securities Act) or (vi) they become eligible for resale pursuant to Rule 144 (or any similar rule then in effect under the Securities Act) and the holder of such securities does not then beneficially own more than 1% of such
class of securities. No Registrable Securities may be registered under more than one Registration Statement at any one time. 
 “Registration Statement” shall mean any registration statement of the Corporation under the Securities Act which permits the public offering of any of the Registrable Securities pursuant to the provisions of this Agreement,
including, without limitation, the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such
registration statement. 
 “Rule 144” shall mean Rule 144 under the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC” shall
mean the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, and any successor statute thereto and the rules and regulations of the SEC promulgated thereunder. 
 “Stockholders” shall have the meaning set forth in the preamble hereto. 
 “underwritten registration or underwritten offering” shall mean a registration in which securities of the
Corporation are sold to an underwriter for reoffering to the public. 
 Section 2. Demand Registration. 
 (a) Requests for Registration. Subject to the limits set forth below, at any time after 185 days after the closing of the Initial Public Offering,
the Qualified Holders (or their Permitted Transferees) shall have the right by delivering a written notice to the Corporation (a “Demand Notice”) to require the Corporation to register, pursuant to the terms of this Agreement under
and in accordance with the provisions of the Securities Act, the number of Registrable Securities requested to be so registered pursuant to the terms of this Agreement provided that the sale of such Registrable Securities is reasonably expected to
result in aggregate gross cash proceeds in excess of $12,000,000 (a “Demand Registration”). Within twenty (20) days after receipt by the Corporation of a Demand Notice, the Corporation shall give written notice (the
“Notice”) of such Demand Notice to all other holders of Registrable Securities and shall, subject to the provisions of Section 2(b) hereof, include in such registration all Registrable Securities with respect to which the
Corporation received written requests for inclusion therein within twenty (20) days after such Notice is given by the Corporation to such holders. 
 Following receipt of a Demand Notice for a Demand Registration, the Corporation shall use its reasonable commercial efforts to file a Registration Statement as 

  

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promptly as practicable and shall use its reasonable commercial efforts to cause such Registration Statement to be declared effective under the Securities
Act as promptly as practicable after the filing thereof. 
 The Qualified Holders shall be entitled to two Demand Registrations;
provided, however, that there shall be no limit to the number of Demand Registrations by the Qualified Holders that constitute “shelf” registrations as contemplated by the next succeeding sentence and provided further that
Jefferies Capital Partners shall be entitled to one Demand Registration that constitutes a “shelf” registration as contemplated by the next succeeding sentence. After such time as the Corporation shall become eligible to use Form S-3 (or
comparable form) for the registration under the Securities Act of any of its securities, (A) the Qualified Holders shall be entitled to request that any Demand Registration for which such Stockholder is delivering a Demand Notice be a
“shelf” registration pursuant to Rule 415 under the Securities Act, and the Qualified Holders shall be entitled to an unlimited number of Demand Registrations that constitute “shelf” registrations, and (B) Jefferies Capital
Partners shall be entitled to one Demand Registration that constitutes a “shelf” registration pursuant to Rule 415 under the Securities Act by delivering a Demand Notice to the Corporation. Notwithstanding any other provisions of this
Section 2, in no event shall more than two Demand Registrations occur within any twelve-month period and in no event shall any Demand Registration occur within 120 days from the effective date of any Registration Statement, including any
Registration Statement filed pursuant to a prior Demand Notice. 
 No Demand Registration shall be deemed to have occurred for purposes of
this Section 2 if the Registration Statement relating thereto (i) does not become effective, (ii) is not maintained effective for the period required pursuant to this Section 2(a) or (iii) the offering of the Registrable
Securities pursuant to such Registration Statement is subject to a stop order, injunction or similar order or requirement of the SEC during such period. In the case of each of clauses (i), (ii) and (iii), such requesting holder of Registrable
Securities shall be entitled to an additional Demand Registration. 
 All requests made pursuant to this Section 2 will specify the
amount of Registrable Securities to be registered and the intended methods of disposition thereof. 
 The Corporation shall be required to
maintain the effectiveness of the Registration Statement (except in the case of a requested “shelf” registration) with respect to any Demand Registration for a period of at least 90 days after the effective date thereof or such shorter
period in which all Registrable Securities included in such Registration Statement have actually been sold; provided, however, that such period shall be extended for a period of time equal to the period the holder of Registrable
Securities refrains from selling any securities included in such registration at the request of (x) an underwriter or (y) the Corporation pursuant to the provisions of this Agreement. The Corporation shall be required to maintain the
effectiveness of a shelf Registration Statement with respect to any Demand Registration at all times after the effective date thereof until the earlier to occur of two years after the effective date thereof or the date on which all Registrable
Securities included in such Registration Statement have actually been sold; provided, however, that any Stockholder owning Common Stock that has been included on a shelf Registration Statement may request that such Common Stock be
removed from such Registration Statement, in which event the Corporation shall promptly either withdraw such 

  

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Registration Statement or file a post-effective amendment to such Registration Statement removing such Common Stock. 
 (b) Priority on Demand Registration. If any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in a firm
commitment underwritten offering, and the managing underwriter or underwriters advise the holders of such securities in writing that in its or their view the total number or dollar amount of Registrable Securities proposed to be sold in such
offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed to be included by other holders of securities entitled to include securities in such offering pursuant to incidental or
piggyback registration rights), then the number of Registrable Securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering shall be included in the following order: 
 (i) first, Registrable Securities requested to be included by the holders who delivered the Demand Notice; 
 (ii) second, Registrable Securities requested to be included by the holders who exercised piggyback rights in response to the Demand
Notice, pro rata based on the number of shares requested by such holders to be included; and 
 (iii) third, any other shares
of Common Stock, pro rata based on the number of shares requested to be included. 
 In connection with any Demand Registration to which the
provisions of this subsection (b) apply, no securities other than Registrable Securities shall be covered by such Demand Registration. 
 (c) Postponement of Demand Registration. The Corporation shall be entitled to postpone (but not more than twice in any twelve-month period), for a reasonable period of time not in excess of 90 days, the filing of a Registration
Statement if the Corporation delivers to the holders requesting registration a resolution of the board of directors of the Corporation that, in the good faith judgment of the board of directors of the Corporation, such registration and offering
would reasonably be expected to materially adversely affect any bona fide material financing of the Corporation or any material transaction under consideration by the Corporation or would require disclosure of information that has not been
disclosed to the public and is not otherwise required to be disclosed at that time, the premature disclosure of which would materially adversely affect the Corporation. Such board resolution shall contain a statement of the reasons for such
postponement and an approximation of the anticipated delay. The holders receiving such board resolution shall keep the information contained in such board resolution confidential on the same terms set forth in Section 5(p). If the Corporation
shall so postpone the filing of a Registration Statement, the holder who made the Demand Registration shall have the right to withdraw the request for registration by giving written notice to the Corporation within 20 days of the anticipated
termination date of the postponement period, as provided in the board resolution delivered to the holders, and in the event of such withdrawal, such request shall not be counted for purposes of the number of Demand Registrations to which such holder
is entitled pursuant to the terms of this Agreement. 
  

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 (d) Use, and Suspension of Use, of Shelf Registration Statement. If the Corporation has filed a
“shelf” Registration Statement and has included Registrable Securities therein, the Corporation shall be entitled to suspend (but not more than twice in any twelve month period), for a reasonable period of time not in excess of 180 days,
the offer or sale of Registrable Securities pursuant to such Registration Statement by any holder of Registrable Securities if (i) a “road show” is not then in progress with respect to a proposed offering of Registrable Securities by
such holder pursuant to such Registration Statement and such holder has not executed an underwriting agreement with respect to a pending sale of Registrable Securities pursuant to such Registration Statement and (ii) the Corporation delivers to
the holders of Registrable Securities included in such Registration Statement a resolution of the board of directors of the Corporation that, in the good faith judgment of the board of directors of the Corporation, such offer or sale would
reasonably be expected to materially adversely affect any bona fide material financing of the Corporation or any material transaction under consideration by the Corporation or would require disclosure of information that has not been disclosed to
the public and is not otherwise required to be disclosed at that time, the premature disclosure of which would materially adversely affect the Corporation. Such board resolution shall contain a statement of the reasons for such postponement and an
approximation of the anticipated delay. The holders receiving such board resolution shall keep the information contained in such certificate confidential on the same terms set forth in Section 5(p). 
 Section 3. Piggyback Registration. 
 (a) Right to Piggyback. If, at any time after the Initial Public Offering, the Corporation proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock by and for the account of the
Corporation (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto or (ii) filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), whether or not for
its own account, then, each such time, the Corporation shall give prompt written notice of such proposed filing at least twenty (20) days before the anticipated filing date (the “Piggyback Notice”) to all of the holders of
Registrable Securities. The Piggyback Notice shall offer such holders the opportunity to include in such registration statement the number of Registrable Securities as each such holder may request (a “Piggyback Registration”).
Subject to Section 3(b) hereof, the Corporation shall include in each such Piggyback Registration all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within twenty (20) days
after notice has been given to the applicable holder. The holders of Registrable Securities exercising their rights under this Section 3(a) shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration
at any time prior to the effective date of such Piggyback Registration. The Corporation shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (i) 90 days
after the effective date thereof and (ii) consummation of the distribution by the holders of the Registrable Securities included in such Registration Statement; provided, however, that any Stockholder owning Common Stock that has
been included on such shelf Registration Statement may request that such Common Stock be removed from such Registration Statement, in which event the Corporation shall promptly either withdraw such Registration Statement or file a post-effective
amendment to such Registration Statement removing such Common Stock. 
  

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 (b) Priority on Piggyback Registrations. The Corporation shall use its reasonable commercial
efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit holders of Registrable Securities requested to be included in the registration for such offering to include all such Registrable Securities on
the same terms and conditions as any other shares of capital stock, if any, of the Corporation included therein. Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering have informed the Corporation
in writing that in its or their view the total number or dollar amount of Common Stock that the holders, the Corporation and any other Persons having rights to participate in such registration, intend to include in such offering is such as to
adversely affect the success of such offering, then the number of shares of Common Stock that in the opinion of such managing underwriter can be sold without adversely affecting such offering shall be included in the following order: 
 (i) first, the shares of Common Stock for the account of the Corporation; 
 (ii) second, the Registrable Securities requested to be included by the holders who exercised piggyback rights, pro rata based on the
number of shares requested by such holders to be included; and 
 (iii) third, shares of Common Stock for the account of any
other Persons, pro rata based on the number of shares requested by such Persons to be included. 
 Notwithstanding the foregoing, the
priority provisions of Section 2(b) shall apply in the case of any proposed registration that is a Demand Registration. 
 Section 4.
Restrictions on Public Sale by Holders of Registrable Securities. Each holder of Registrable Securities agrees, in connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to Section 2 or
Section 3 hereof (whether or not such holder elected to include Registrable Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an underwritten offering, not to
effect any public sale or distribution of any Common Stock (except as part of such underwritten offering), including a sale pursuant to Rule 144, or to give any Demand Notice during the period commencing on the date of the request (which shall be no
earlier than 14 days prior to the expected “pricing” of such offering) and continuing for not more than 90 days (or 180 days with respect to the Initial Public Offering) after the date of the Prospectus (or Prospectus supplement if the
offering is made pursuant to a “shelf” registration) pursuant to which such public offering shall be made or such shorter period as is required by the managing underwriter, provided, however, that the Corporation and all
officers and directors of the Corporation must be subject to the same restrictions. 
 Section 5. Registration Procedures. If and
whenever the Corporation is required to effect the registration of any Registrable Securities under the Securities Act as provided in Section 2 or Section 3 hereof, the Corporation shall effect such registration to permit the sale of such
Registrable Securities in accordance with the intended method or methods of disposition 

  

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thereof, and pursuant thereto the Corporation shall cooperate in the sale of the securities and shall, as expeditiously as possible: 
 (a) Prepare and file with the SEC a Registration Statement or Registration Statements on any form which shall be available for the sale of the
Registrable Securities by the holders thereof or the Corporation in accordance with the intended method or methods of distribution thereof, and use its commercially reasonable efforts to cause such Registration Statement to become effective and to
remain effective as provided herein; provided, however, that before filing a Registration Statement or Prospectus or any amendments or supplements thereto (including, without limitation, documents that would be incorporated or deemed
to be incorporated therein by reference), the Corporation shall furnish or otherwise make available to the holders of the Registrable Securities covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of
all such documents proposed to be filed, which documents shall be subject to the review and comments of such holders, counsel and managing underwriters. 
 (b) Prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided
herein and comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus
supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar
provisions then in force) under the Securities Act; provided, however, that any holder of Registrable Securities that has been included on a “shelf” registration statement may request that such holder’s Registrable
Securities be removed from such registration statement, in which event the Corporation shall promptly either withdraw such registration statement or file a post-effective amendment to such registration statement removing such Registrable Securities.

 (c) Notify each selling holder of Registrable Securities, its counsel and the managing underwriters, if any, promptly, and (if requested
by any such Person) confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has
become effective, (ii) of any notice from the SEC that there will be a review of a Registration Statement and promptly provide such holders, their counsel and the managing underwriters, if any, with a copy of any SEC comments received by the
Corporation in connection therewith, (iii) of any request by the SEC or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information,
(iv) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (v) if at any time the representations and warranties of the Corporation
contained in any agreement (including, without limitation, any underwriting agreement) contemplated by Section 5(o) below cease to be true and correct, (vi) of the receipt by the Corporation of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (vii) of the happening of any event that
makes any statement made in such 

  

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Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires the making of any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (d) Use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction. 
 (e) If requested by the managing underwriters, if any,
or any holder of Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such holders may
reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Corporation has received such
request. 
 (f) Furnish or make available to each selling holder of Registrable Securities, its counsel and each managing underwriter, if
any, without charge, at least five conformed copies of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but excluding schedules, all
documents incorporated or deemed to be incorporated therein by reference and all exhibits, unless requested by such holder, counsel or underwriter). 
 (g) Deliver to each selling holder of Registrable Securities, its counsel and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each
amendment or supplement thereto as such Persons may reasonably request in connection with the distribution of the Registrable Securities; and the Corporation, subject to the last paragraph of this Section 5, hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such
amendment or supplement thereto. 
 (h) Prior to any public offering of Registrable Securities, use its commercially reasonable efforts to
register or qualify or cooperate with the selling holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification)
of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests and to keep each such registration or qualification
(or exemption therefrom) effective during the period such 

  

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Registration Statement is required to be kept effective and to take any other action that may be necessary or advisable to enable such holders of Registrable
Securities to consummate the disposition of such Registrable Securities in such jurisdiction; provided, however, that the Corporation will not be required to (i) qualify generally to do business in any jurisdiction where it is not
then so qualified or (ii) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject. 
 (i) Cooperate with the selling holders of Registrable Securities and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing
Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the Registrable Securities represented by the certificates so delivered by such holder will be transferred in accordance
with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters, if any, or holders may request at least two (2) business days prior to any sale of
Registrable Securities in a firm commitment public offering, but in any other such sale, within ten (10) business days prior to having to issue the securities. 
 (j) Use its commercially reasonable efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities within the
United States, except as may be required solely as a consequence of the nature of such selling holder’s business, in which case the Corporation will cooperate in all reasonable respects with the filing of such Registration Statement and the
granting of such approvals, as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Securities. 
 (k) Upon the occurrence of any event contemplated by Section 5(c)(vii) above, prepare a supplement or post-effective amendment to the Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities
being sold thereunder, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. 
 (l) Prior to the effective date of the Registration Statement relating to the Registrable Securities, provide a
CUSIP number for the Registrable Securities. 
 (m) Provide and cause to be maintained a transfer agent and registrar for all Registrable
Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement. 
 (n) Use its commercially reasonable efforts to cause all shares of Registrable Securities covered by such Registration Statement to be authorized to be quoted on the Nasdaq Global Market or listed on a national securities exchange if shares
of the particular class of Registrable Securities are at that time quoted on the Nasdaq Global Market or listed on such exchange, as the case may be. 
  

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 (o) Enter into such agreements (including, without limitation, an underwriting agreement in form, scope
and substance as is customary in underwritten offerings) and take all such other actions reasonably requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the
managing underwriters, if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten
registration, (i) make such representations and warranties to the holders of such Registrable Securities and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings,
and, if true, confirm the same if and when requested, (ii) furnish to the selling holders of such Registrable Securities opinions of counsel and a negative assurance letter to the Corporation and updates thereof (which counsel, opinions and
letter (in form, scope and substance, in the case of such opinions and such letter) shall be reasonably satisfactory to the selling holders of such Registrable Securities, the managing underwriters, if any, and counsels to the selling holders of the
Registrable Securities), addressed to each selling holder of Registrable Securities and each of the underwriters, if any, covering the matters customarily covered in opinions and negative assurance letters requested in underwritten offerings and
such other matters as may be reasonably requested by such holders, counsel and underwriters, (iii) obtain “cold comfort” letters and updates thereof from the independent certified public accountants of the Corporation (and, if
necessary, any other independent certified public accountants of any subsidiary of the Corporation or of any business acquired by the Corporation for which financial statements and financial data are, or are required to be, included in the
Registration Statement) who have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable Securities (unless such accountants shall be prohibited from so addressing such letters by
applicable standards of the accounting profession) and each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten
offerings, which form and substance shall be reasonably satisfactory to the selling holders of the Registrable Securities, (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures
substantially to the effect set forth in Section 7 hereof with respect to all parties to be indemnified pursuant to said Section and (v) deliver such documents and certificates as may be reasonably requested by any holder of Registrable
Securities being sold, such holder’s counsel and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to Section 5(o)(i) above and to evidence compliance with the
conditions contained in the underwriting agreement or other agreement entered into by the Corporation. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required thereunder. 
 (p) Make available for inspection by the selling holders of Registrable Securities, any underwriter participating in any such disposition of Registrable
Securities, if any, and any attorneys or accountants retained by such selling holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties
of the Corporation and its subsidiaries, and cause the officers, directors and employees of the Corporation and its subsidiaries to supply all information in each case reasonably requested by any such holder, underwriter, attorney or accountant in
connection with such Registration Statement; provided, however, that any information that is not publicly available at the time of delivery of such information shall be kept confidential by such 

  

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Persons (other than disclosure by such Persons to such Persons’ respective affiliates) unless (i) disclosure of such information is required by
court or administrative order or other legal process, (ii) disclosure of such information is required by law, or (iii) such information becomes generally available to the public other than as a result of a disclosure or failure to
safeguard by such Person. In the case of a proposed disclosure pursuant to (i) or (ii) above, such Person shall be required to give the Corporation written notice of the proposed disclosure prior to such disclosure and, if requested by the
Corporation, assist the Corporation in seeking to prevent or limit the proposed disclosure. 
 (q) Comply with all applicable rules and
regulations of the SEC and make available to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, or any similar rule promulgated under the Securities Act, no later
than forty-five (45) days after the end of any twelve (12) month period (or ninety (90) days after the end of any twelve (12) month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in
which Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the
Corporation after the effective date of a Registration Statement, which statements shall cover one of said twelve (12) month periods. 
 (r) Cause its officers to support the marketing of the Registrable Securities covered by the Registration Statement (including, without limitation, participation in “road shows”). 
 The Corporation may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Corporation in writing
such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Corporation may, from time to time, reasonably request in writing. 
 Each holder of Registrable Securities agrees if such holder has Registrable Securities covered by such Registration Statement that, upon receipt of any
notice from the Corporation of the happening of any event of the kind described in Section 5(c)(iii), 5(c)(iv), 5(c)(v), 5(c)(vi) or 5(c)(vii) hereof, such holder will forthwith discontinue disposition of such Registrable Securities covered by
such Registration Statement or Prospectus until such holder is advised in writing by the Corporation that the disposition may be resumed and, if applicable, has received copies of the supplemented or amended Prospectus contemplated by
Section 5(k) hereof, together with any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided, however, that the Corporation shall extend the time periods
under Section 2 with respect to the length of time that the effectiveness of a Registration Statement must be maintained by the amount of time the holder is required to discontinue disposition of such securities. 
 Section 6. Registration Expenses. All reasonable fees and expenses incident to the performance of or compliance with this Agreement by the
Corporation (including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the National Association of Securities Dealers, Inc.
and the SEC, (B) of compliance with securities or Blue Sky laws, including, without 

  

 12 

 
limitation, any fees and disbursements of counsel for the underwriters in connection with Blue Sky qualifications of the Registrable Securities pursuant to
Section 5(h) and (C) of listing and registration with a national securities exchange or national market interdealer quotation system), (ii) printing expenses (including, without limitation, expenses of printing certificates for
Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the printing of Prospectuses is requested by the managing underwriters, if any, or by the holders of a majority of the
Registrable Securities included in any Registration Statement), (iii) messenger, telephone and delivery expenses of the Corporation, (iv) fees and disbursements of counsel for the Corporation, (v) expenses of the Corporation incurred
in connection with any road show, (vi) fees and disbursements of all independent certified public accountants referred to in Section 5(o)(iii) hereof (including, without limitation, the expenses of any “cold comfort” letters
required by this Agreement) and any other persons, including special experts retained by the Corporation, (vii) rating agency fees and (viii) fees and disbursements of one counsel for the holders of Registrable Securities whose shares are
included in a Registration Statement (which counsel shall be selected by the holders of a majority of the Registrable Securities included in such Registration Statement) shall be borne by the Corporation whether or not any Registration Statement is
filed or becomes effective. In addition, the Corporation shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit,
the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange on which similar securities issued by the Corporation are then listed and rating agency fees and the fees and expenses of any
Person, including special experts, retained by the Corporation. 
 The Corporation shall not be required to pay (i) fees and
disbursements of any counsel retained by any holder of Registrable Securities or by any underwriter (except as set forth in clauses 6(i)(B) and 6(viii)), (ii) any underwriter’s fees (including discounts, commissions or fees of
underwriters, selling brokers, dealer managers or similar securities industry professionals) relating to the distribution of the Registrable Securities (other than with respect to Registrable Securities sold by the Corporation) or (iii) any
other expenses of the holders of Registrable Securities not specifically required to be paid by the Corporation pursuant to the first paragraph of this Section 6. 
 Section 7. Indemnification. 
 (a) Indemnification by the Corporation. The Corporation shall,
without limitation as to time, indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, the affiliates, officers,
directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) and the officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees of each such controlling person (collectively, the “Stockholder Indemnified Persons”), from and
against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such party in connection with any
investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in 

  

 13 

 
settlement (collectively, “Losses”), as incurred, arising out of or based upon (i) any untrue statement (or alleged untrue statement)
of a material fact contained in any Prospectus, offering circular or other document (including, without limitation, any related Registration Statement, “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act),
“issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act, notification or the like) incident to any such registration, qualification, or compliance, (ii) any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or, with respect to any prospectus, necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading, or (iii) any violation by the Corporation of the Securities Act or state securities or Blue Sky laws or, in each case, any rule or regulation thereunder applicable to the Corporation and relating to action or inaction
required of the Corporation in connection with any such registration, qualification, or compliance, and will reimburse each such Stockholder Indemnified Person for any legal and any other expenses reasonably incurred in connection with investigating
and defending or settling any such claim, loss, damage, liability, or action, provided, however, that the Corporation will not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out
of or is based on any untrue statement or omission by such holder or underwriter, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, Prospectus,
offering circular, or other document in reliance upon and in conformity with written information furnished to the Corporation by such holder or underwriter specifically for use in connection with the preparation of such Registration Statement,
Prospectus, offering circular or other document. It is agreed that the indemnity agreement contained in this Section 7(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Corporation (which consent shall not be unreasonably withheld). The Company also agrees to indemnify any underwriter of Registrable Shares and each Person who controls (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) such underwriter, on substantially the same basis as that provided to the Stockholder Indemnified Persons in this Section 7(a). 
 (b) Indemnification by Holder of Registrable Securities. In connection with any Registration Statement in which a holder of Registrable Securities
is participating, such holder of Registrable Securities shall furnish to the Corporation in writing such information as the Corporation reasonably requests for use in connection with any Registration Statement or Prospectus and agrees to indemnify,
to the fullest extent permitted by law, severally and not jointly, the Corporation, its directors, officers, accountants, attorneys, agents and employees, each Person who controls the Corporation (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act), and the directors, officers, partners, members, managers, stockholders, accountants, attorneys, agents or employees of such controlling persons (collectively, the “Corporation
Indemnified Persons”), from and against all Losses arising out of or based upon (i) any untrue statement of a material fact contained in any such Registration Statement, Prospectus, offering circular or other document, or (ii) any
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or, with respect to any prospectus, necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, and will reimburse each such Corporation Indemnified Person for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or
action, in 

  

 14 

 
each case to the extent, but only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, offering circular
or other document in reliance upon and in conformity with written information furnished to the Corporation by such holder specifically for use in connection with the preparation of such Registration Statement, Prospectus, offering circular or other
document; provided, however, that the obligations of such holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected
without the consent of such holder (which consent shall not be unreasonably withheld); and provided further, however, that the liability of each selling holder of Registrable Securities hereunder shall be limited to the net proceeds
received by such selling holder from the sale of Registrable Securities covered by such Registration Statement. Each such holder also agrees to indemnify any underwriter of Registrable Shares and each person who controls (within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriter, on substantially the same basis as that provided to the Corporation Indemnified Persons in this Section 7(b). 
 (c) Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnity hereunder (an “indemnified party”), such
indemnified party shall give prompt notice to the party from which such indemnity is sought (the “indemnifying party”) of any claim or of the commencement of any Proceeding with respect to which such indemnified party seeks
indemnification or contribution pursuant hereto; provided, however, that the delay or failure to so notify the indemnifying party shall not relieve the indemnifying party from any obligation or liability except to the extent that the
indemnifying party has been prejudiced by such delay or failure. The indemnifying party shall have the right, exercisable by giving written notice to an indemnified party promptly after the receipt of written notice from such indemnified party of
such claim or Proceeding, to, unless in the indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume, at the indemnifying party’s expense,
the defense of any such claim or Proceeding, with counsel reasonably satisfactory to such indemnified party; provided, however, that an indemnified party shall have the right to employ separate counsel in any such claim or Proceeding
and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the indemnifying party agrees to pay such fees and expenses, (ii) the indemnifying party
fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such indemnified party (in which case the indemnified party shall have
the right to employ counsel and to assume the defense of such claim or Proceeding), (iii) the indemnified party shall have reasonably concluded that there may be one or more legal or equitable defense available to such indemnified party which
are additional to or conflict with those available to the indemnifying party or (iv) the named parties to any such claim or Proceeding (including any impleaded parties) include both the indemnified party and the indemnifying party and
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them; provided further, however, that the indemnifying party shall not, in connection with any one such
claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys
(together with appropriate local counsel) at any time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether 

  

 15 

 
or not such defense is assumed by the indemnifying party, such indemnified party will not be subject to any liability for any settlement made without its
consent (but such consent will not be unreasonably withheld). The indemnifying party shall not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party, from all liability in respect of such claim or litigation for which such indemnified party would be entitled to indemnification
hereunder. 
 (d) Contribution. If the indemnification provided for in this Section 7 is unavailable to an indemnified party in
respect of any Losses (other than in accordance with its terms), then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such
Losses, in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted in such
Losses as well as any other relevant equitable considerations. The relative fault of such indemnifying party, on the one hand, and indemnified party, on the other hand, shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been taken by, or relates to information supplied by, such indemnifying party or indemnified party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 7(d), an indemnifying party that is a selling holder of Registrable Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds from the sale of the Registrable Securities sold by such indemnifying party exceeds the amount of any damages that such indemnifying party has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. The obligation of each selling holder of Registrable Securities to contribute pursuant to this Section 7(d) is several, and not joint, in proportion to the net proceeds of the offering received by such selling
holder in relation to the total net proceeds of the offering received by all of the selling holders. 
 (e) Notwithstanding the foregoing, to
the extent that the provisions on indemnification and contribution contained in any underwriting agreement entered into in connection with any underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control. 
 Section 8. Rule 144. After the Initial Public Offering, the Corporation shall file the
reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner, and will take such further action as any holder of Registrable Securities may reasonably 

  

 16 

 
request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act
within the limitations of the exemption provided by Rule 144. Upon the request of any holder of Registrable Securities, the Corporation shall deliver to such holder a written statement as to whether it has complied with such requirements.

 Section 9. Underwritten Registrations. If any Demand Registration is an underwritten offering, the holders requesting such
registration shall have the right to select the investment banker or investment bankers and managers to administer the offering, which banker or bankers and managers shall be reasonably satisfactory to the Corporation. The Corporation shall have the
right to select the investment banker or investment bankers and managers to administer any Piggyback Registration. 
 Section 10.
Limitation on Subsequent Registration Rights. From and after the date of this Agreement the Corporation shall not, without the prior written consent of the Qualified Holders, enter into any agreement with any holder or prospective holder of
any securities of the Corporation, giving such holder or prospective holder any registration rights the terms of which are equivalent to or more favorable than the registration rights granted to holders of Registrable Securities hereunder, or which
would reduce the amount of Registrable Securities the holders can include in any registration filed pursuant to Section 2 hereof, unless such rights are subordinate to those of the holders of Registrable Securities. 
 Section 11. Miscellaneous. 
 (a)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the
written consent of the Qualified Holders; provided, however, that in no event shall the obligations of any holder of Registrable Securities be materially increased or the rights of any Stockholder be adversely affected (without
similarly adversely affecting the rights of all Stockholders), except upon the written consent of such holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively
to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of
at least two-thirds of the Registrable Securities being sold by such holders pursuant to such Registration Statement. 
 (b) Notices.
All notices required to be given hereunder shall be in writing and shall be deemed to be duly given if personally delivered, telecopied and confirmed, or mailed by certified mail, return receipt requested, or overnight delivery service with proof of
receipt maintained, at the following address (or any other address that any such party may designate by written notice to the other parties): 
 (i) if to the Corporation, to the address of its principal executive offices; and 
  

 17 

 (ii) if to any Stockholder, at such Stockholder’s address as set forth in the
records of the Corporation. 
 Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if delivered by telecopy, be deemed
received on the first business day following confirmation; shall, if delivered by overnight delivery service, be deemed received the first business day after being sent; and shall, if delivered by certified mail, be deemed received upon the earlier
of actual receipt thereof or five business days after the date of deposit in the United States mail. 
 (c) Successors and Assigns;
Stockholder Status. A holder of Registrable Securities may transfer and assign such holder’s rights hereunder to a transferee or assignee at any time that such holder transfers or assigns Registrable Securities subject to this Agreement.
This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent holders of Registrable Securities acquired, directly or indirectly, from the Stockholders (each, a
“Permitted Transferee”); provided, however, that such Permitted Transferee shall not be entitled to such rights unless such Permitted Transferee shall have executed and delivered to the Corporation an Addendum
Agreement substantially in the form of Exhibit A hereto promptly following the acquisition of such Registrable Securities, in which event such Permitted Transferee shall be deemed a Stockholder for purposes of this Agreement and Annex A shall be
updated by the Corporation accordingly. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective Permitted Transferees any legal or equitable right,
remedy or claim under, in or in respect of this Agreement or any provision herein contained. 
 (d) Counterparts. This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (e) Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (f) Governing Law. The provisions of this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware
(without giving effect to the choice of law principles thereof). 
 (g) Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no
way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable. 
  

 18 

 (h) Entire Agreement. This Agreement is intended by the parties as a final expression of their
agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein, with respect to the registration rights granted by the Corporation with respect to Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect
to such subject matter, including without limitation that certain Registration Rights Agreement dated as of July 27, 2001, by and among the Corporation and the stockholders of the Corporation party thereto, as amended by that certain First
Amendment to Registration Rights Agreement dated as of August 22, 2002, which terminated upon the Corporation’s cancellation of all outstanding warrants to purchase Common Stock in connection with the Initial Public Offering and the
Recapitalization, and that certain Registration Rights Agreement dated as of January 14, 2000 by and among South Louisiana Property Holdings, Inc. (formerly known as Forman Petroleum Corporation) and the stockholders of such entity party
thereto, which terminated in connection with the merger described in clause (i) of the definition of “Recapitalization.” 
 (i) Securities Held by the Corporation or its Subsidiaries. Whenever the consent or approval of holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Corporation or its
subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required percentage. 
 (j) Termination. This Agreement shall terminate on the date when no Registrable Securities remain outstanding; provided, that Sections 6 and 7 shall survive any termination hereof. 
 (k) Specific Performance. The parties hereto recognize and agree that money damages may be insufficient to compensate the holders of any
Registrable Securities for breaches by the Corporation of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the event of any such breach. 
 (l) Consent to Jurisdiction. The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of Delaware and
the federal courts of the United States of America located in Delaware, and appropriate appellate courts therefrom, over any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby, and each party hereby
irrevocably agrees that all claims in respect of such dispute or proceeding may be heard and determined in such courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or
hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of
the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. This consent to jurisdiction is being given solely for purposes of this Agreement
and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become involved. 
  

 19 

 Each of the parties hereto hereby consents to process being served by any party to this Agreement in any
suit, action, or proceeding of the nature specified in the paragraph above by the mailing of a copy thereof in the manner specified by the provisions of subsection (b) of this Section 11. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT. 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed
as of the date first above written. 
  

			
	ASCENT ENERGY INC.
		
	 By:
	 	  
		
	 Name:
	 	  
		
	 Title:
	 	  

  

 Signature Page to Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed
as of the date first above written. 
  

			
	 STOCKHOLDERS:
  
 JEFFERIES & COMPANY, INC.

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

			
	 JEFFERIES PARTNERS OPPORTUNITY FUND, L.L.C.
  
 By: Jefferies & Company, Inc., as Manager

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

			
	 JEFFERIES PARTNERS OPPORTUNITY FUND II, L.L.C.
  
 By: Jefferies & Company, Inc., as Manager

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

			
	 JEFFERIES EMPLOYEE OPPORTUNITY FUND, L.L.C.
  
 By: Jefferies & Company, Inc., as Manager

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	
	
	  
	 Chris Kanoff

  

 Signature Page to Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed
as of the date first above written. 
  

			
	 STOCKHOLDERS:
  
 SHARED OPPORTUNITY FUND IIB, L.L.C.
  
 By:   TCW Asset Management Company, as its Investment Advisor

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

			
	 TCW SHARED OPPORTUNITY FUND III, L.P.
  
 By:   TCW Asset Management Company, as its Investment Advisor

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

 Signature Page to Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed
as of the date first above written. 
  

			
	 STOCKHOLDERS:
  
 ING FURMAN SELZ INVESTORS III L.P.
  
 By:   FS Private Investments III LLC, Manager

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

			
	 ING BARINGS U.S. LEVERAGED EQUITY PLAN LLC
  
 By:   FS Private Investments III LLC, Manager

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

			
	 ING BARINGS GLOBAL LEVERAGED EQUITY PLAN LTD.
  
 By:   FS Private Investments III LLC, Manager

		
	 By:
	 	  
	 Name:
	 	
	 Title:
	 	

  

 Signature Page to Registration Rights Agreement 

 Annex A 
 STOCKHOLDERS 
 Jefferies & Company, Inc. 
 Jefferies Partners Opportunity Fund, L.L.C. 
 Jefferies Partners Opportunity Fund II, L.L.C. 
 Jefferies Employee Opportunity Fund, L.L.C. 
 Chris Kanoff 
 Shared Opportunity Fund IIB, L.L.C. 
 TCW Shared Opportunity Fund III, L.P. 
 ING Furman Selz Investors III L.P. 
 ING Barings U.S. Leveraged Equity Plan LLC 
 ING Barings Global Leveraged Equity Plan LTD.

  

 Annex A - 1 

 EXHIBIT A 
 ADDENDUM AGREEMENT 
 This Addendum Agreement is made this
         day of                     ,
20        , by and between
                                        
                 (the “New Stockholder”) and Ascent Energy Inc. (the “Corporation”), pursuant to a Registration Rights Agreement dated as of
                    , 2007 (the “Agreement”) among the Corporation and the Stockholders. Capitalized terms used herein but not
otherwise defined herein shall have the meanings ascribed to them in the Agreement. 
 WITNESSETH: 
 WHEREAS, the Corporation has agreed to provide registration rights with respect to the Registrable Securities as set forth in the Agreement; 

WHEREAS, the New Stockholder has acquired Registrable Securities directly or indirectly from a Stockholder; and 
 WHEREAS, the Corporation and the Stockholders have required in the Agreement that all persons desiring registration rights must enter into an Addendum
Agreement binding the New Stockholder to the Agreement to the same extent as if it were an original party thereto; 
 NOW, THEREFORE, in
consideration of the mutual promises of the parties, the New Stockholder acknowledges that it has received and read the Agreement and that the New Stockholder shall be bound by, and shall have the benefit of, all of the terms and conditions set out
in the Agreement to the same extent as if it were a Stockholder originally party to the Agreement. 
  

	
	
	   
	 New Stockholder

  

	
	 Address:

	
	   
	
	   

  

 Annex A - 1 

 AGREED TO on behalf of the Corporation pursuant to Section 11(c) of the Agreement. 
  

			
	ASCENT ENERGY INC.
		
	 By:
	 	  
	
	  
	 Printed Name and Title

  

 Exhibit A - 2Exhibit 4.2

 Exhibit 4.2 
 Execution Version 
 CAPITAL ONE FINANCIAL CORPORATION 
 AND 
 THE BANK OF NEW YORK 
 as Trustee 
 THIRD SUPPLEMENTAL INDENTURE

 Dated as of February 5, 2007 
 to the 
 INDENTURE 
 Dated as of June 6, 2006 

 THIRD SUPPLEMENTAL INDENTURE, dated as of February 5, 2007 (the “Supplemental
Indenture”), between CAPITAL ONE FINANCIAL CORPORATION, a Delaware corporation (the “Company”) having its principal office at 1680 Capital One Drive, McLean, VA 22102, and THE BANK OF NEW YORK, a New York banking
corporation, as Trustee (the “Trustee”). 
 WITNESSETH: 
 WHEREAS, the Company and the Trustee have heretofore executed and delivered a certain Indenture, dated as of June 6, 2006, between the Company and
the Trustee (the “Indenture”), providing for the issuance from time to time of Securities; 
 WHEREAS, Section 9.1 of
the Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee without the consent of any Holder of any Securities to establish the form or terms of Securities of any series as permitted by Section 2.1
or 3.1 of the Indenture; 
 WHEREAS, pursuant to Sections 2.1 and 3.1 of the Indenture, the Company desires to provide for the
establishment of a new series of Securities under the Indenture, the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 
 WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental Indenture have been satisfied; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a
valid amendment of, and supplement to, the Indenture have been done. 
 NOW, THEREFORE, in consideration of the premises and the purchase of
the Securities of the series established by this Supplemental Indenture by the Holders thereof from time to time on or after the date hereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all such Holders, that the
Indenture is supplemented and amended, to the extent and for the purposes expressed herein, as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 For all
purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) references to any Article, Section or subdivision thereof are references to an Article, Section or other subdivision
of this Supplemental Indenture and (ii) capitalized terms not otherwise defined herein shall have the meanings set forth in the Indenture and the following terms used in this Supplemental Indenture have the following respective meanings:

  

 2 

 “APM Commencement Date” means, with respect to any Deferral Period, the earlier of
(i) the first Interest Payment Date following the commencement of such Deferral Period on which the Company pays any current interest on the CENts and (ii) the fifth anniversary of the commencement of such Deferral Period. 
 “APM Period” means, with respect to any Deferral Period, the period commencing on the APM Commencement Date and ending on the next
Interest Payment Date on which the Company has raised an amount of Eligible Proceeds at least equal to the aggregate amount of accrued and unpaid deferred interest, including Compounded Interest, on the CENts. 
 “Applicable Percentage” has the meaning set forth in the Replacement Capital Covenant. 
 “Bankruptcy Event” means any of the events set forth in Section 5.1(b), (c) or (d) of the Indenture. 
 “Business Day” is any day, other than (i) a Saturday, Sunday or other day on which banking institutions in The City of New York are
authorized or required by law or executive order to remain closed or (ii) on or after February 17, 2032, a day that is not a day on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 

“Calculation Agent” means JPMorgan Chase Bank, National Association, or any other firm appointed by the Company, acting as
calculation agent for the CENts. 
 “Capital Securities” has the meaning set forth in the Declaration of Trust. 

“Capital Treatment Event” means the reasonable determination by the Company that, as a result of any (i) amendment to, or change
in, the laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes effective after the initial issuance of the Capital Securities, (ii) proposed change in those laws or
regulations that is announced after the initial issuance of the Capital Securities, or (iii) official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying such laws or
regulations that is announced after the initial issuance of the Capital Securities, there is more than an insubstantial risk of impairment of the Company’s ability to treat the Capital Securities (or any substantial portion) as
“Tier 1 Capital” (or the equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable to the Company. 
 “CENts” has the meaning set forth in Section 2.1(a). 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company. 
 “Compounded Interest” means the interest, if any, that shall accrue on any interest on the CENts the payment of which has not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum
specified or determined as specified in the CENts. 
  

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 “Current Stock Market Price” of the Common Stock on any date shall mean (i) the
closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite
transactions by the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, as reported by the principal U.S. securities exchange on which the Common Stock is traded or quoted, (ii) if the Common Stock
is not listed on any U.S. securities exchange on the relevant date, the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization, or
(iii) if the Common Stock is not so quoted, the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by
the Company for this purpose. 
 “Declaration of Trust” has the meaning set forth in Section 2.1(a). 
 “Deferral Period” means each period beginning on an Interest Payment Date with respect to which the Company elects pursuant to
Section 2.1(g) to defer all or part of any interest payment and ending on the earlier of (i) the tenth anniversary of such Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid the deferred
amount, all deferred amounts with respect to any subsequent period and all other accrued interest on the CENts. 
 “Eligible
Proceeds” means, with respect to any Interest Payment Date, the net proceeds (after underwriters’ or placement agents’ fees, commissions or discounts and other expenses relating to the issuance or sale) the Company has received
during the six-month period, or monthly period, as applicable, prior to such Interest Payment Date from the issuance or sale of Qualifying Warrants up to the Share Cap or Qualifying Non-Cumulative Preferred Stock up to the Preferred Stock Issuance
Cap to Persons that are not Subsidiaries. 
 “Existing Parity Obligations” means (i) the Company’s 7.50% junior
subordinated debt securities due June 15, 2066 issued in connection with the June 2006 offering of 7.50% capital securities of Capital One Capital II and the Company’s guarantee of these capital securities; and (ii) the 7.686% junior
subordinated debt securities due August 1, 2066 issued in connection with the August 2006 offering of 7.686% capital securities of Capital One Capital III and the Company’s guarantee of these capital securities. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to time constituted or, if at any time after
the execution of this Indenture the Federal Reserve is not existing and performing the duties now assigned to it, the body performing such duties at such time. 
 “Final Repayment Date” has the meaning set forth in Section 2.1(d)(iii). 
 “Guarantee” has the meaning set forth in Section 2.1(a). 
 “Intent-Based Replacement
Disclosure” has the meaning set forth in the Replacement Capital Covenant. 
  

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 “Interest Payment Date” means a Monthly Interest Payment Date or a Semi-Annual Interest
Payment Date, as the case may be. 
 “Interest Period” means the period from and including any Interest Payment Date (or, in
the case of the first Interest Payment Date, February 5, 2007) to but excluding the next Interest Payment Date. 
 “Investment
Company Event” means the receipt by the Company and the Trust of an opinion of counsel experienced in matters relating to investment companies to the effect that, as a result of any change in law or regulation or change in interpretation or
application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is more than an insubstantial risk that the Trust is or will be considered an investment company that is required to be registered
under the Investment Company Act of 1940, which change becomes effective on or after the original issuance of the Capital Securities. 
 “Make-Whole Redemption Price” means the sum of the present values of the remaining scheduled payments of principal discounted from February 17, 2032 and interest thereon that would have been payable to and including
February 17, 2032 (not including any portion of such payments of interest accrued as of the Redemption Date), discounted from February 17, 2032 to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at a discount rate equal to the Treasury Rate plus a spread of (i) 0.375% in the case of a redemption pursuant to Section 2.1(l)(ii) or 0.500% in the case of a redemption pursuant to Section 2.1(l)(i) or (iii).

 “Market Disruption Event” means the occurrence or existence of any of the following events or sets of circumstances:

 (a) trading in securities generally on the New York Stock Exchange or any other national securities exchange or over-the-counter market on
which the Common Stock and/or Qualifying Non-Cumulative Preferred Stock is then listed or traded shall have been suspended or its settlement generally shall have been materially disrupted; 
 (b) the Company would be required to obtain the consent or approval of its shareholders or a regulatory body (including, without limitation, any
securities exchange) or governmental authority to issue Qualifying Warrants or Qualifying Non-Cumulative Preferred Stock pursuant to Section 2.1(i) or to issue Qualifying Capital Securities pursuant to Section 2.1(d), as the case may be,
and the Company fails to obtain such consent or approval notwithstanding its commercially reasonable efforts to obtain such consent or approval (including, without limitation, failing to obtain approval for such issuance if required from the Federal
Reserve after having given notice to the Federal Reserve as required under Section 2.1(i)); 
 (c) an event occurs and is continuing as
a result of which the offering document for the offer and sale of Qualifying Warrants or Qualifying Non-Cumulative Preferred Stock or Qualifying Capital Securities, as the case may be, would, in the Company’s reasonable judgment, contain an
untrue statement of a material fact or omit to state a material fact required to be stated in such offering document or necessary to make the statements in such offering 

  

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document not misleading and either (i) the disclosure of such event, in the Company’s reasonable judgment, would have a material adverse effect on
its business or (ii) the disclosure relates to a previously undisclosed development or proposed or pending material business transaction, and the Company has a bona fide business need for keeping the same confidential or the disclosure
of which would impede the Company’s ability to consummate such transaction; provided that one or more events described in this clause (c) shall not constitute a Market Disruption Event (A) with respect to more than 90 days
in any 180-day period within any APM Period with respect to the Company’s obligations pursuant to Section 2.1(i) or (B) with respect to more than six Monthly Interest Payment Dates (whether or not consecutive) in connection with the
Company’s obligations pursuant to Section 2.1(d); 
 (d) a material disruption or banking moratorium occurs or has been declared in
commercial banking or securities settlement or clearance services in the United States; or 
 (e) the Company reasonably believes that the
offering document for the offer and the sale of Common Stock or Qualifying Non-Cumulative Preferred Stock or Qualifying Capital Securities, as the case may be, would not be in compliance with a rule or regulation of the Commission (for reasons other
than those referred to in clause (b) or (c) above) and the Company is unable to comply with such rule or regulation or such compliance is impracticable; provided that one or more events described in this clause (e) shall not
constitute a Market Disruption Event (A) with respect to more than 90 days in any 180-day period (or after the Scheduled Maturity Date, six consecutive Monthly Interest Payment Dates) in any APM Period with respect to the Company’s
obligations pursuant to Section 2.1(i) or (B) with respect to more than six Monthly Interest Payment Dates (whether or not consecutive) in connection with the Company’s obligations pursuant to Section 2.1(d). 
 “Monthly Interest Payment Date” has the meaning set forth in Section 2.1(e). 
 “One-month LIBOR” means, with respect to any Interest Period beginning on or after February 17, 2032, the rate (expressed as a
percentage per annum) for deposits in U.S. dollars for a one-month period commencing on the first day of that monthly interest period that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the LIBOR determination date for
that Interest Period. If such rate does not appear on Moneyline Telerate Page 3750, one-month LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for a one-month period commencing on the first day of that
Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market selected by the Calculation Agent (after consultation with the
Company), at approximately 11:00 a.m., London time on the LIBOR determination date for that Interest Period. The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least
two such quotations are provided, one-month LIBOR with respect to that Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of such quotations. If fewer than two quotations are provided,
one-month LIBOR with respect to that Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of the rates quoted by three major banks in New York City selected by the Calculation Agent, at
approximately 11:00 a.m., New York City time, on the first day of that Interest Period for loans in U.S. dollars to leading European banks for a one-month 

  

 6 

 
period commencing on the first day of that Interest Period and in a principal amount of not less than $1,000,000. However, if fewer than three banks selected
by the Calculation Agent to provide quotations are quoting as described above, one-month LIBOR for that Interest Period will be the same as one-month LIBOR as determined for the previous Interest Period or, in the case of the Interest Period
commencing on February 17, 2032, 5.32%. The establishment of one-month LIBOR for each Interest Period commencing on or after the Scheduled Maturity Date by the Calculation Agent shall (in the absence of manifest error) be final and binding. For
purposes of this definition , “London banking day” means any day on which commercial banks are open for general business (including dealings in deposits in U.S. dollars) in London, England; “LIBOR determination
date” means the second London banking day immediately preceding the first day of the relevant Interest Period; “MoneyLine Telerate Page” means the display on Moneyline Telerate, Inc., or any successor service, on Telerate
Page 3750 or any replacement page or pages on that service; and “Telerate Page 3750”‘ means the display designated on page 3750 on MoneyLine Telerate Page (or such other page as may replace the 3750 page on the
service or such other service as may be nominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits). 
 “Other Replacement Capital Covenant” has the meaning set forth in the Replacement Capital Covenant. 
 “Parity Securities” means the Existing Parity Obligations and debt securities issued by the Company after the date hereof that have the
same rank upon liquidation of the Company as the CENts. 
 “Preferred Stock Issuance Cap” has the meaning set forth in
Section 2.1(i)(1). 
 “Qualifying Capital Securities” has the meaning set forth in the Replacement Capital Covenant.

 “Qualifying Non-Cumulative Preferred Stock” means non-cumulative perpetual preferred stock of the Company that
(i) ranks pari passu with or junior to all of our other outstanding preferred stock and (ii) contains no remedies other than Permitted Remedies and either is (a) subject to Intent-Based Replacement Disclosure and has a
provision that prohibits the Company from making any Distributions thereon upon the Company’s failure to satisfy one or more financial tests set forth therein or (b) is subject to a replacement capital covenant substantially similar to the
Replacement Capital Covenant or an Other Qualifying Replacement Capital Covenant. 
 “Qualifying Warrants” means net share
settled warrants to purchase Common Stock that (i) have an exercise price per share greater than the Current Stock Market Price as of the date of issuance thereof and (ii) the Company is not entitled to redeem for cash and the holders of
which are not entitled to require the Company to repurchase for cash in any circumstances. 
 “Rating Agency Event” means a
change in the methodology employed by any nationally recognized statistical rating organization within the meaning of Rule 15c3-1 under the Exchange Act that, as of January 29, 2007, publishes a rating for the Company (a “Rating
Agency”) in assigning equity credit to securities such as the CENts, as such methodology is in effect as of 

  

 7 

 
January 29, 2007 (the “Current Criteria”), which change results in a lower equity credit being assigned by such Rating Agency to the
CENts as of the date of such change than the equity credit that would have been assigned to the CENts as of the date of such change by such Rating Agency pursuant to its Current Criteria. 
 “Repayment Date” means the Scheduled Maturity Date and each Monthly Interest Payment Date thereafter until the Company shall have repaid
or redeemed, all of the CENts. 
 “Replacement Capital Covenant” means the Replacement Capital Covenant, dated as of
February 5, 2007, of the Company, as the same may be amended or supplemented from time to time in accordance with Section 2.1(m) and the provisions thereof. 
 “Scheduled Maturity Date” has the meaning set forth in Section 2.1(d). 
 “Semi-Annual Interest Payment Date” has the meaning set forth in Section 2.1(e). 
 “Share
Cap” has the meaning set forth in Section 2.1(i)(2). 
 “Tax Event” has the meaning set forth in the
Declaration of Trust. 
 “Treasury Dealer” means The Bank of New York (or its successor) or, if The Bank of New York (or its
successor) refuses to act as Treasury Dealer for the purpose of determining the Make-Whole Redemption Price or ceases to be a primary U.S. Government securities dealer, another nationally recognized investment banking firm that is a primary U.S.
Government securities dealer specified by the Company for these purposes. 
 “Treasury Price” means the bid-side price for
the Treasury Security as of the third trading day preceding the Redemption Date, as set forth in the daily statistical release (or any successor release) published by the Federal Reserve Bank of New York on that trading day and designated
“Composite 3:30 p.m. Quotations for U.S. Government Securities,” except that: (i) if that release (or any successor release) is not published or does not contain that price information on that trading day; or (ii) if the
Treasury Dealer determines that the price information is not reasonably reflective of the actual bid-side price of the Treasury Security prevailing at 3:30 p.m., New York City time, on that trading day, then Treasury Price will instead mean the
bid-side price for the treasury security at or around 3:30 p.m., New York City time, on that trading day (expressed on a next trading day settlement basis) as determined by the Treasury Dealer through such alternative means as the Treasury
Dealer considers to be appropriate under the circumstances. 
 “Treasury Rate” means the semi-annual equivalent yield to
maturity of the Treasury Security that corresponds to the Treasury Price (calculated in accordance with standard market practice and computed as of the second trading day preceding the Redemption Date). 
 “Treasury Security” means the United States Treasury security that the Treasury Dealer determines would be appropriate to use, at the
time of determination and in accordance with standard market practice, in pricing the CENts being redeemed in a tender offer based on a spread to United States Treasury yields. 
 “Trust” has the meaning set forth in Section 2.1(a). 
  

 8 

 “Warrant Issuance Cap” has the meaning set forth in Section 2.1(i)(1). 

ARTICLE II 
 TERMS OF SERIES OF
SECURITIES 
 2.1. Pursuant to Sections 2.1 and 3.1 of the Indenture, there is hereby established a series of Securities, the
terms of which shall be as follows: 
 (a) Designation. The Securities of this series shall be known and designated as the “6.745%
Capital Efficient Notes due 2082” of the Company (the “CENts”). The CENts initially shall be issued to Capital One Capital IV, a Delaware statutory trust (the “Trust”). The Declaration of Trust for the Trust
shall be the Amended and Restated Declaration of Trust, dated as of February 5, 2007 (the “Declaration of Trust”), among the Company, as Sponsor, The Bank of New York (Delaware), as Delaware Trustee, The Bank of New York, as
Institutional Trustee (the “Institutional Trustee”), and certain employees of the Company as Administrative Trustees (the “Administrative Trustees”). The guarantee with respect to the Capital Securities will be
issued pursuant to the Guarantee Agreement, dated as of February 5, 2007 (the “Guarantee”), between the Company and The Bank of New York, as Guarantee Trustee. 
 (b) Aggregate Principal Amount. The maximum aggregate principal amount of the CENts which may be authenticated and delivered under the Indenture
and this Supplemental Indenture is $600,010,000 (except for CENts authenticated and delivered upon registration of transfer of, or exchange for, or in lieu of, other CENts pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 of the Indenture).

 (c) Denominations. The CENts will be issued only in fully registered form, and the authorized denominations of the CENts shall be
$1,000 principal amount and any integral multiple thereof. 
 (d) Scheduled Maturity Date.
(i) The principal amount of, and all accrued and unpaid interest on, the CENts shall be payable in full on February 17, 2037, or if such day is not a Business Day, the following Business Day (the “Scheduled Maturity
Date”); provided that in the event the Company has delivered an Officers’ Certificate to the Trustee pursuant to clause (vii) of this Section 2.1(d) in connection with the Scheduled Maturity Date, (A) the
principal amount of CENts payable on the Scheduled Maturity Date, if any, shall be the principal amount set forth in the notice of repayment accompanying such Officers’ Certificate, (B) such principal amount of CENts shall be repaid on the
Scheduled Maturity Date pursuant to Article III, and (C) subject to clause (ii) of this Section 2.1(d), the remaining CENts shall remain outstanding and shall be payable on the immediately succeeding Monthly Interest Payment Date
or such earlier date on which they are redeemed pursuant to Section 2.1(l) or shall become due and payable pursuant to Section 5.2 of the Indenture (as amended and restated by this Supplemental Indenture). The entire principal amount of
the CENts outstanding shall be due and payable on the Scheduled Maturity Date in the event the Company does not deliver an Officers’ Certificate to the Trustee on or prior to the 10th Business Day immediately preceding the Scheduled Maturity Date. 
  

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 (ii) In the event the Company has delivered an Officers’
Certificate to the Trustee pursuant to clause (vii) of this Section 2.1(d) in connection with any Monthly Interest Payment Date, the principal amount of CENts payable on such Monthly Interest Payment Date shall be the principal amount set
forth in the notice of repayment, if any, accompanying such Officers’ Certificate, such CENts shall be repaid on such Monthly Interest Payment Date pursuant to Article III, and the remaining CENts shall remain outstanding and shall be
payable on the immediately succeeding Monthly Interest Payment Date or such earlier date on which they are redeemed pursuant to Section 2.1(l) or shall become due and payable pursuant to Section 5.2 of the Indenture (as amended and
restated by this Supplemental Indenture). The entire principal amount of the CENts outstanding shall be due and payable on any Monthly Interest Payment Date in the event the Company does not deliver an Officers’ Certificate to the Trustee
pursuant to clause (vii) of this Section 2.1(d) on or prior to the 10th Business Day immediately
preceding such Monthly Interest Payment Date. 
 (iii) The principal of, and all accrued and unpaid interest on, all outstanding CENts
shall be due and payable on February 5, 2082, or if such day is not a Business Day, the following Business Day (the “Final Repayment Date”). 
 (iv) The obligation of the Company to repay the CENts pursuant to this Section 2.1(d) on any date prior to the Final Repayment Date shall be subject to (A) its obligations under Section 14.2 of the
Indenture to the holders of Senior Indebtedness and (B) its obligations under Section 2.1(h) with respect to the payment of deferred interest on the CENts. 
 (v) Until the CENts are paid in full, the Replacement Capital Covenant is no longer in effect, or the CENts become due and payable pursuant to Section 5.2 of the Indenture, the Company shall use
“commercially reasonable efforts” (as defined in clause (vi) below), subject to a Market Disruption Event: 
 (A) to sell sufficient Qualifying Capital Securities during a six-month period ending on the date, not more than 15 and not less than 10 Business Days prior to the Scheduled Maturity Date, on which the Company delivers the notice
required by Section 3.1 to permit repayment of the CENts in full on the Scheduled Maturity Date, and 
 (B) if the
Company is unable for any reason to sell sufficient Qualifying Capital Securities to permit payment in full on the Scheduled Maturity Date or any subsequent Monthly Interest Payment Date, during a 30-day period ending on the date, not more than 15
and not less than 10 Business Days prior to each Monthly Interest Payment Date, on which the Company delivers the notice required by Section 3.1, to sell sufficient Qualifying Capital Securities to permit repayment of the CENts in full on
such date pursuant to clause (ii) of this Section 2.1(d); and 
 the Company shall repay a principal amount of the CENts equal to the net proceeds
of the sale of such Qualifying Capital Securities, as provided in clause (viii) of this Section 2.1(d). 
  

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 (vi) For purposes of this Section 2.1(d), “commercially reasonable efforts” to sell
Qualifying Capital Securities means commercially reasonable efforts to complete the offer and sale of Qualifying Capital Securities to Persons other than Subsidiaries in public offerings or private placements. The Company shall not be considered to
have made commercially reasonable efforts to effect a sale of Qualifying Capital Securities if it determines not to pursue or complete such sale due to pricing, coupon, dividend rate or dilution considerations. 
 (vii) The Company shall, if it has not sold sufficient Qualifying Capital Securities to repay the outstanding principal amount of the CENts on any
Repayment Date, deliver an Officers’ Certificate to the Trustee (which the Trustee will promptly forward upon receipt to the Administrative Trustees, who shall forward such certificate to each holder of record of Capital Securities) no more
than 15 and no less than 10 Business Days in advance of such Repayment Date stating the amount of such net proceeds, if any, raised pursuant to clause (v) above in connection with such Repayment Date. The Company shall be excused from its
obligation to use commercially reasonable efforts to sell Qualifying Capital Securities pursuant to clause (v) above if such Officers’ Certificate further certifies that: (A) a Market Disruption Event was existing during the six-month
period preceding the date on which such Officers’ Certificate is delivered to the Trustee, or, in the case of any Repayment Date after the Scheduled Maturity Date, the monthly period preceding the date of such Officers’ Certificate; and
(B) either (1) the Market Disruption Event continued for the entire six month period or monthly period, as the case may be, or (2) the Market Disruption Event continued for only part of the relevant period, but the Company was unable
after commercially reasonable efforts to sell sufficient Qualifying Capital Securities during the rest of that period to permit repayment of the CENts in full. Each Officers’ Certificate delivered pursuant to this clause (vii), unless no
principal amount of CENts is to be repaid on the applicable Repayment Date, shall be accompanied by a notice of repayment pursuant to Section 3.1 setting forth the principal amount of the CENts to be repaid on such Repayment Date, which amount
shall be determined after giving effect to clause (viii) of this Section 2.1(d). 
 (viii) Payments on the CENts on any Repayment
Date will be applied, first, to deferred interest to the extent of Eligible Proceeds raised pursuant to Section 2.1(i), second, to current interest to the extent not paid from other sources, and third, to the principal of
the CENts; provided that if the Company is obligated to sell Qualifying Capital Securities and repay principal of or interest on any outstanding Parity Securities in addition to the CENts, then on any date and for any period the amount of net
proceeds received by the Company from those sales and available for such payments shall be applied first to Parity Securities having an earlier scheduled maturity date than the CENts and then to the CENts and those other Parity Securities having the
same scheduled maturity date as the CENts pro rata in accordance with their respective outstanding principal amounts and none of such net proceeds shall be applied to any other Parity Securities having a later scheduled maturity date until
the principal of and all accrued and unpaid interest on the CENts has been paid in full. Notwithstanding the foregoing, if the net proceeds of sales of Qualifying Capital Securities during the relevant six-month or monthly period is less than
$5,000,000, the Company will not be required to repay any CENts on the relevant Repayment Date, but shall repay the CENts as provided in this clause (viii) on the next Repayment Date as of which the Company has received at least $5,000,000 of
net proceeds from the sale of Qualifying Capital Securities. 
  

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 (e) Rate of Interest. Section 3.10(a) of the Indenture shall not apply to the CENts. Solely
for purposes of the CENts, Section 3.10(b) of the Indenture shall allow for computation of interest on the basis of either a 360-day year comprised of twelve 30-day months or a 360-day year and the actual number of days elapsed, as specified in
the CENts. The CENts shall bear interest (i) from and including February 5, 2007 to but excluding February 17, 2032, at the rate of 6.745% per annum, (ii) thereafter, to and excluding the Scheduled Maturity Date, at an
annual rate equal to One-month LIBOR plus 1.17%, and (iii) thereafter, at an annual rate equal to One-month LIBOR plus 2.17%. Subject to Sections 2.1(g) and (h), interest on the CENts shall be payable (i) semi-annually in arrears on
February 17 and August 17 of each year, commencing on August 17, 2007, until February 17, 2032 (each such date, a “Semi-Annual Interest Payment Date”) and (ii) thereafter, on the 17th day of each month.
In the event any Interest Payment Date on or before February 17, 2032 is not a Business Day, that Interest Payment Date shall be postponed to the following Business Day and no interest will accrue as a result of such postponement. In the event
that any Interest Payment Date after February 17, 2032 would otherwise fall on a day that is not a Business Day, that Interest Payment Date will be postponed to the next day that is a Business Day; provided that if the postponement would
cause the day to fall in the next calendar month, the Interest Payment Date will instead be brought forward to the immediately preceding Business Day (each such date, a “Monthly Interest Payment Date”), in arrears, commencing on
March 17, 2032. Any installment of interest (or portion thereof) deferred in accordance with Section 2.1(g) or otherwise unpaid shall bear interest, to the extent permitted by law, at the rate of interest then in effect on the CENts, from
the relevant Interest Payment Date, compounded on each subsequent Interest Payment Date, until paid or cancelled in accordance with Section 2.1(h). From and including February 5, 2007 to but excluding February 17, 2032, the amount of
interest payable on this Security shall be computed on the basis of a 360-day year comprised of twelve 30-day months; thereafter, the amount of interest payable on this Security shall be computed on the basis of a 360-day year and the actual number
of days elapsed. 
 (f) To Whom Interest is Payable. Interest shall be payable to the Person in whose name the CENts are registered at
the close of business on the Regular Record Date next preceding the Interest Payment Date, except that (i) interest payable on the CENts pursuant to any repayment in accordance with Article III and (ii) interest payable on the Final
Repayment Date of the CENts shall be paid to the Person to whom principal is paid. 
 (g) Option to Defer Interest Payments.
Article XIII of the Indenture shall not apply to the CENts, which shall be governed by the following provisions. 
 (i) The Company shall
have the right, at any time and from time to time prior to the Final Repayment Date to defer the payment of interest on the CENts for one or more consecutive Interest Periods that do not exceed 10 years; provided that no Deferral Period
shall extend beyond the Final Repayment Date or the earlier repayment or redemption in full of the CENts; provided, further, that if the Company has given notice of its election to defer interest payments but the Deferral Period has not yet
commenced or a Deferral Period is continuing or the Company is in default regarding its payment of any obligation under the Guarantee, the Company shall not, and shall not permit any Subsidiary, subject to the exceptions specified in clause
(ii) of this Section 2.1(g), to: (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock, (b) make any payment of
principal of, or interest or premium, if any, on, or repay, 

  

 12 

 
repurchase or redeem any of the Company’s Parity Securities or any of the Company’s debt securities that rank junior to the CENts, or (c) make
any guarantee payments with respect to any guarantee by the Company of the debt securities of any Subsidiary if such guarantee ranks equally with or junior in interest to the CENts. The Company shall provide notice to the Federal Reserve upon the
commencement of any Deferral Period. 
 (ii) Notwithstanding the restrictions listed in clause (i) of this Section 2.1(g), during
any Deferral Period, the Company may: 
 (A) make dividends or distributions on any class of the Company’s capital stock
payable in the same class of the Company’s capital stock; 
 (B) make payments under the Guarantee; 
 (C) make any declaration of a dividend in connection with the implementation of a shareholders’ rights plan or the redemption or
repurchase of any rights under any such plan; 
 (D) purchase the Company’s Common Stock related to (x) the issuance
of common stock or rights under any of the Company’s benefit plans for its directors, officers or employees; (y) the issuance of Common Stock or rights under a dividend reinvestment or stock purchase plan; (z) the issuance of common
stock, or securities convertible into common stock, as consideration in an acquisition transaction entered into prior to beginning of the applicable Deferral Period; 
 (E) make payments of current interest in respect of Parity Securities that are made pro rata in respect of the amounts due on such
Parity Securities and the CENts and make payments of deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities; provided that such payments are
made in accordance with Section 2.1(i) to the extent it applies; or 
 (F) make payments of principal in respect of
Parity Securities having an earlier scheduled maturity date than the CENts, as required under a provision of such Parity Securities that is substantially the same as Section 2.1(d), and make payments in respect of Parity Securities having the
same scheduled maturity date as the CENts, as required by such a provision, and that are made on a pro rata basis among one or more series of Parity Securities having such a provision and the CENts. 
 (iii) At the end of any Deferral Period the Company shall pay all deferred interest on the CENts (together with Compounded Interest thereon, if any, at
the rate specified for the CENts) to the extent permitted by applicable law, to the Persons in whose names that Securities are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of
such Deferral Period. 
 (iv) Subject to Section 2.1(r) and the exceptions set forth in clause (ii) of this Section 2.1(g), in
the case of any Deferral Period that does not terminate on or prior to the first 

  

 13 

 
anniversary of the commencement of such Deferral Period, the Company shall not redeem or repurchase any of its Parity Securities or any of the Company’s
debt securities that rank junior to the CENts, until the first anniversary of the termination of such Deferral Period. 
 (v) A Deferral
Period shall terminate upon the payment on any Interest Payment Date (or any other date in accordance with Section 2.1(r)) of all deferred interest and any Compounded Interest then due, and the Company may elect to begin a new Deferral Period,
subject to the above requirements. 
 (vi) The Company may elect to pay interest on any Interest Payment Date during any Deferral Period to
the extent permitted by Section 2.1(h). 
 (vii) The Company shall give written notice of its election to begin or extend any Deferral
Period (i) if the Institutional Trustee is not the sole holder or a holder of the CENts, to the Holders of the CENts at least one Business Day prior to the Regular Record Date for the next succeeding Interest Payment Date or (ii) if the
Institutional Trustee is the sole holder of the CENts, at least one Business Day prior to the earlier of (a) the next Distribution Date or (b) the date the Administrative Trustees are required to give notice to any securities exchange or
other applicable self-regulatory organization or to holders of such Capital Securities of the record date for such Distribution Date or of such Distribution Date, but in any event not more than 15 Business Days prior to such Distribution Date.
The Administrative Trustees shall promptly give notice, in the name and at the expense of the Company, of the Company’s election to begin or extend any such Deferral Period to the holders of the outstanding Capital Securities. 
 (h) Payment of Deferred Interest. The Company will not pay deferred interest on the CENts (and Compounded Interest thereon) prior to the Final
Repayment Date on any Interest Payment Date during any Deferral Period from any source other than Eligible Proceeds. Notwithstanding the foregoing, (i) the Company may pay current interest at all times from any available funds; (ii) the
Company may pay deferred interest from any available funds at any time an Event of Default has occurred and is continuing; or (iii) if the Federal Reserve disapproves of the Company’s sale of Qualifying Warrants or Qualifying
Non-Cumulative Preferred Stock, the Company may pay deferred interest from any source and if the Federal Reserve disapproves of the use of proceeds of the Company’s sale of Qualifying Warrants or Qualifying Non-Cumulative Preferred Stock to pay
deferred interest, the Company may use the proceeds for other purposes and continue to defer interest on the CENts. To the extent that the Company applies proceeds from the sale of Qualifying Warrants and Qualifying Non-Cumulative Preferred Stock to
pay interest, such proceeds shall be allocated first to deferred payments of interest (including Compounded Interest thereon) in chronological order based on the date each payment was first deferred; provided that no such proceeds will be
applied to deferred interest payments (including Compounded Interest thereon) attributable to the first five years of any Deferral Period to the extent such proceeds exceed the amounts described in clauses (1) and (2) of
Section 2.1(i) until all other deferred interest payments (and Compounded Interest thereon) with respect to such Deferral Period have been paid in full. The payment of interest from any other source shall be applied to current or deferred
interest (to the extent the use of such proceeds for the payment of deferred interest is permitted under this Section 2.1(h)) as directed by the Company and notified to the Institutional Trustee prior to the applicable Interest Payment Date. To
the extent any payment allocable to any installment of interest (including Compounded 

  

 14 

 
Interest thereon) is insufficient to pay such installment in full, such payment shall be applied pro rata to the outstanding CENts. If the Company has
outstanding Parity Securities under which it is obligated to sell Qualifying Warrants or Qualifying Non-Cumulative Preferred Stock and apply the net proceeds to the payment of deferred interest or distributions, then on any date and for any period
the amount of net proceeds received by the Company from those sales and available for payment of the deferred interest and distributions shall be applied to the CENts and those Parity Securities on a pro rata basis up to the warrant issuance
cap, the share caps or the preferred stock issuance caps for each series of Parity Securities (or comparable provisions in the instruments governing those Parity Securities), in proportion to the total amounts that are due on the CENts and such
Parity Securities, or on such other basis as the Federal Reserve may approve. The Company may make such pro rata payments on such Parity Securities so long as it shall have paid or deposited with the Paying Agents (or if the Company is acting
as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 10.3 of the Indenture) the pro rata amount of deferred interest payable on the CENts. 
 (i) Alternative Payment Mechanism. The Company shall provide notice to the Federal Reserve at least 10 Business Days prior to the
commencement of any APM Period. Immediately following any APM Commencement Date and until the termination of the related Deferral Period, the Company shall, except to the extent that the Federal Reserve shall have disapproved, shall issue Qualifying
Warrants and/or Qualifying Non-Cumulative Preferred Stock until the Company has raised an amount of Eligible Proceeds at least equal to the aggregate and unpaid amount of deferred interest on the CENts (including Compounded Interest thereon) and
applied such Eligible Proceeds on the next Interest Payment Date to the payment of deferred interest (including Compounded Interest thereon) in accordance with Section 2.1(h); provided that: 
 (1) the foregoing obligations shall not apply to the extent that (i) the gross proceeds of any issuance of Qualifying Warrants
applied during any Deferral Period to pay interest on the CENts pursuant to this Section 2.1(i), together with the gross proceeds of all prior issuances of Qualifying Warrants applied to deferred interest attributable to the first five years of
such Deferral Period (including Compounded Interest thereon), would exceed an amount equal to 2% of the product of the average of the Current Stock Market Prices of the Common Stock on the 10 consecutive trading days ending on the fourth
trading day immediately preceding the date of issuance multiplied by the total number of issued and outstanding shares of Common Stock as of the date of the Company’s most recent publicly available consolidated financial statements (the
“Warrant Issuance Cap”) or (ii) the net proceeds of any issuance of Qualifying Non-Cumulative Preferred Stock applied during any Deferral Period to pay interest on the CENts pursuant to this Section 2.1(i), together with
the net proceeds of all prior issuances of Qualifying Non-Cumulative Preferred Stock so applied during any prior Deferral Period, would exceed 25% of the principal amount of the CENts initially issued under the Indenture (the “Preferred
Stock Issuance Cap”); provided that the Warrant Issuance Cap will cease to apply after the ninth anniversary of the commencement of any Deferral Period, at which point the Company must pay any deferred interest, to the extent not
disapproved of by the Federal Reserve after notice, regardless of the time at which it was deferred, pursuant to this Section 2.1(i), subject to any Market Disruption Event; and provided, further, that if the Warrant Issuance Cap
is reached during a Deferral Period 

  

 15 

 
and the Company subsequently repays all deferred interest, the Warrant Issuance Cap will cease to apply at the termination of such Deferral Period and will
not apply again unless and until the Company starts a new Deferral Period; 
 (2) notwithstanding the provisions of clause
(1) of this Section 2.1(i), the Company shall not issue Qualifying Warrants pursuant to this Section 2.1(i) for the purpose of paying deferred interest on the CENts (including Compounded Interest thereon) to the extent that the total
number of shares of Common Stock underlying such Qualifying Warrants, together with all Qualifying Warrants previously issued pursuant to this Section 2.1(i) exceeds 50 million shares (the “Share Cap”); provided
that, if the number of issued and outstanding shares of Common Stock is changed into a different number of shares or a different class by reason of any stock split, reverse stock split, stock dividend, reclassification, recapitalization,
split-up, combination, exchange of shares or other similar transaction, then the Share Cap shall be correspondingly adjusted in a manner reasonably determined by the Company. The Company shall use its commercially reasonable efforts to
(x) increase the Share Cap from time to time to a number of shares of Common Stock that the Company determines would enable it to issue sufficient Qualifying Warrants to satisfy its obligations under this Section 2.1(i); and
(y) subject to the Share Cap, set the terms of the Qualifying Warrants so as to raise sufficient Eligible Proceeds from their issuance to pay all unpaid deferred interest on the CENts (and Compounded Interest thereon) in accordance with this
Section 2.1(i); 
 (3) the foregoing obligations shall not apply in respect of any Interest Payment Date if the Company
shall have provided to the Trustee (and to the Institutional Trustee of the Trust to the extent it is the Holder of the CENts) no more than 15 and no less than 10 Business Days prior to such Interest Payment Date an Officers’ Certificate
stating that (i) a Market Disruption Event was existing after the immediately preceding Interest Payment Date and (ii) either (A) the Market Disruption Event continued for the entire period from the Business Day immediately following
the preceding Interest Payment Date to the Business Day immediately preceding the date on which such Officers’ Certificate is provided or (B) the Market Disruption Event continued for only part of such period but the Company was unable
after commercially reasonable efforts to raise sufficient Eligible Proceeds during the rest of that period to pay all accrued and unpaid interest due on the Interest Payment Date with respect to which such Officers’ Certificate is being
delivered; and 
 (4) to the extent that the Company has raised some but not all Eligible Proceeds necessary to pay all
deferred interest (including Compounded Interest thereon) on any Interest Payment Date pursuant to this Section 2.1(i) and subject to the Share Cap, Warrant Issuance Cap and the Preferred Stock Issuance Cap, such Eligible Proceeds shall be
applied in accordance with Section 2.1(h). 
 For the avoidance of doubt, once the Company reaches the Warrant Issuance Cap for a Deferral Period, the
Company shall not be required to issue more Qualifying Warrants with respect to deferred interest attributable to the first five years of any Deferral Period (including Compounded Interest thereon) pursuant to this Section 2.1(i) even if the
amount referred to in clause (1)(i) of this Section 2.1(i) subsequently increases because of a subsequent increase in the 

  

 16 

 
sale price of Common Stock or the number of outstanding shares of Common Stock. The Company shall not be excused from its obligations under this
Section 2.1(i) if it determines not to pursue or complete the sale of Qualifying Warrants or Qualifying Non-Cumulative Preferred Stock due to pricing, dividend rate or dilution considerations. 
 (j) Events of Default. Solely for purposes of the CENts, Section 5.1(a) of the Indenture shall be replaced by the following: 
 “(a) default in the payment of interest, including Compounded Interest, in full on any CENts for a period of 30 days after the conclusion of a
10-year period following the commencement of any Deferral Period;”. 
 For the avoidance of doubt, and without prejudice to any other remedies that may
be available to the Trustee, the Holders of the CENts or the holders of the Capital Securities under the Indenture, no breach by the Company of any other covenant or obligation under the Indenture or the terms of the CENts shall be an Event of
Default with respect to the CENts. 
 (k) Acceleration of Maturity. Solely for purposes of the CENts, Section 5.2 of the
Indenture shall be replaced by the following: 
 “If an Event of Default under Section 5.1(a) with respect to CENts at the time
Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the CENts then Outstanding may declare the principal amount of, and accrued interest (including Compounded
Interest) on, all the CENts to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), provided that, in the case of the Securities of a series issued to a Trust, if, upon an Event of
Default, the Trustee or the Holders of not less than 25% in principal amount of the CENts then Outstanding fail to declare the principal amount of all the CENts to be immediately due and payable, the holders of at least 25% in aggregate liquidation
amount of the Capital Securities then outstanding shall have such right by a notice in writing to the Company and the Trustee; and upon any such declaration such principal amount (or specified portion thereof) of and the accrued interest (including
any Compounded Interest) on all the CENts shall become immediately due and payable. Payment of principal and interest (including any Compounded Interest) on such CENts shall remain subordinated to the extent provided in Article XIV
notwithstanding that such amount shall become immediately due and payable as herein provided. If an Event of Default specified in Section 5.1(b), (c) or (d) occurs, the principal amount of all the CENts shall automatically, and
without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
 At any time after
such a declaration of acceleration with respect to the CENts has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal
amount of the CENts of that series then Outstanding, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 
  

 17 

 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay:

 (A) all overdue installments of interest (including any Compounded Interest) on all the CENts, 
 (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate borne by the CENts, and 
 (C) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to the CENts, other than the non-payment of the principal of the CENts which has become due solely by such acceleration, have been cured or waived as provided in Section 5.6; provided that,
if the Holders of at least a majority in principal amount of the Outstanding CENts fails to rescind and annul such declaration and its consequences, the holders of a majority in aggregate liquidation amount of the Capital Securities then outstanding
shall have such right by written notice to the Company and the Trustee, subject to the satisfaction of the conditions set forth in Clauses (1) and (2) above of this Section 5.2. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon.” 
 (l) Redemption. The CENts shall be redeemable in accordance with Article 11 of the Indenture, provided that: 
 (i) Solely for purposes of the CENts, Section 11.8(c) of the Indenture shall be replaced by the following: 
 “(c) then, notwithstanding Section 11.2(a) but subject to Section 11.2(b) and Section 11.1, the Company shall have the right upon not
less than 30 days nor more than 60 days notice to the Holders of Securities of the series issued to such Capital One Trust, or to its Institutional Trustee, to redeem such Securities, in whole but not in part, for cash within 90 days
following the occurrence of such Tax Event at a Redemption Price equal to, (1) 100% of the principal amount of the Securities then Outstanding or (2) in the case of any redemption prior to February 17, 2032, if greater, the Make-Whole
Redemption Price, in each case, plus accrued and unpaid interest to the Redemption Date, provided that if at the time of the occurrence of such Tax Event there is available to the Company or the Trust the opportunity to eliminate, within such
90-day period, the Tax Event by taking some ministerial action (“Ministerial Action”), such as filing a form or making an election, or pursuing some other similar reasonable 

  

 18 

 
measure which has no adverse effect on the Company, the Trust or the holders of the Trust Securities of the Trust, the Company or the Trust shall pursue such
Ministerial Action in lieu of redemption, and, provided, further, that the Company shall have no right to redeem such Securities while the Company or such Capital One Trust is pursuing any Ministerial Action pursuant to its obligations under
the Declaration of Trust.” 
 (ii) The CENts are redeemable (a) in whole or in part at the option of the Company at any time after
the Original Issue Date at a Redemption Price equal to (1) 100% of the principal amount of such CENts plus accrued and unpaid interest to the Redemption Date or (2) in the case of any such redemption prior to February 17, 2032, if
greater, the Make-Whole Redemption Price, (b) pursuant to Section 11.8 of the Indenture, as herein restated, (c) pursuant to clause (iii) of this Section 2.1(l), or (d) upon the occurrence and during the continuation of
a Capital Treatment Event or Investment Company Event, at any time within 90 days following the occurrence of such Capital Treatment Event or Investment Company Event, in each case in whole but not in part at a Redemption Price equal to 100% of
the principal amount of the CENts plus accrued and unpaid interest to the Redemption Date. 
 (iii) The CENts are redeemable in whole but not
in part, for cash within 90 days following the occurrence of a Rating Agency Event at a Redemption Price equal to, (1) 100% of the principal amount of the CENts then outstanding or (2) in the case of any redemption prior to
February 17, 2032, if greater, the Make-Whole Redemption Price, in each case, plus accrued and unpaid interest to the Redemption Date. 
 (m) Replacement Capital Covenant. The Company shall not amend the Replacement Capital Covenant to impose additional restrictions on the type or amount of Qualifying Capital Securities for purposes of determining the extent to which
repayment, redemption or repurchase of the CENts or Capital Securities is permitted, except with the consent of the holders of a majority by liquidation amount of the Capital Securities or, if the CENts have been distributed to the holders of
Capital Securities, a majority by principal amount of the CENts. 
 (n) Limitation on Claims in the Event of Bankruptcy, Insolvency or
Receivership. Each Holder, by such Holder’s acceptance of the CENts, agrees that if a Bankruptcy Event shall occur prior to the redemption or repayment of such CENts, such Holder shall have no claim for, and thus no right to receive, any
interest deferred pursuant to Section 2.1(g) (including Compounded Interest thereon) that has not been paid pursuant to Section 2.1(h) to the extent the amount of such interest exceeds the sum of (i) the earliest two years of
accumulated and unpaid interest (including Compounded Interest thereon) on such Holder’s CENts and (ii) an amount equal to the excess, if any, of the Preferred Stock Issuance Cap over the aggregate amount of net proceeds from the sale of
Qualifying Non-Cumulative Preferred Stock that the Company has applied to pay such interest pursuant to Section 2.1(i); provided that the Holders of CENts will be deemed to agree that the amount they receive in respect of the excess, if
any, of the remaining claim over the amount set forth in clause (i) will not exceed the amount they would have received had such claim ranked pari passu with the claims of the holders, if any, of Qualifying Non-Cumulative Preferred
Stock. 
  

 19 

 (o) Sinking Fund. The CENts shall not be subject to any sinking fund or analogous provisions.

 (p) Forms. The CENts shall be substantially in the form of Annex A attached hereto, with such modifications thereto as may be
approved by the authorized officer executing the same. 
 (q) Subordination. The subordination provisions of Article XIV of the
Indenture shall apply; provided that for the purpose of the CENts (but not for the purposes of any other Securities unless specifically set forth in the terms of such Securities), the definition of “Senior Indebtedness” in the
Indenture is hereby amended in its entirety to read as follows: 
 “Senior Indebtedness” means, with respect to the Company:
(1) the principal, premium, if any, and interest in respect of (a) indebtedness for money borrowed and (b) indebtedness evidenced by securities, notes, debentures, bonds or other similar instruments issued by the Company, including
the Company’s junior subordinated debentures or guarantees issued in connection with any future traditional trust preferred securities, each of which will rank senior to the CENts; (2) all of the Company’s capital lease obligations;
(3) all of the Company’s obligations issued or assumed as the deferred purchase price of property, all of our conditional sale obligations and all of the Company’s obligations under any title retention agreement, but excluding trade
accounts payable and other accrued liabilities arising in the ordinary course of business; (4) all of the Company’s obligations, contingent or otherwise, in respect of any letters of credit, bankers’ acceptances, security purchase
facilities, repurchase agreements or similar credit transactions; (5) all of the Company’s obligations in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency
future or option contracts, hedging arrangements and other similar agreements; (6) all obligations of the type referred to in clauses (1) through (5) above of other persons for the payment of which we are responsible or liable as
obligor, guarantor or otherwise; and (7) all obligations of the type referred to in clauses (1) through (6) above of other persons secured by any lien on any of the Company’s property or assets, whether or not such obligation is
assumed by the Company; except that Senior Indebtedness will not include: (A) except as provided in clause (C), any indebtedness issued after the date hereof under the Indenture; (B) the Guarantee; (C) any indebtedness or guarantee
that is by its terms subordinated to, or ranks pari passu with, the CENts and the issuance of which, in the case of this clause (C) only, (x) has received the concurrence or approval of the staff of the Federal Reserve Bank of
Richmond or the staff of the Federal Reserve or (y) does not at the time of issuance prevent the CENts from qualifying for Tier 1 capital 

  

 20 

 
treatment (irrespective of any limits on the amount of the Company’s Tier 1 capital) under the applicable capital adequacy guidelines, regulations,
policies or published interpretations of the Federal Reserve; and (D) (x) the Company’s 7.50% junior subordinated debt securities due June 15, 2066 issued in connection with the June 2006 offering of 7.50% capital securities of
Capital One Capital II and the Company’s guarantee of these capital securities; and (y) the 7.686% junior subordinated debt securities due August 1, 2066 issued in connection with the August 2006 offering of 7.686% capital
securities of Capital One Capital III and the Company’s guarantee of these capital securities. 
 (r) Business Combinations. If
the Company engages in any transaction that is subject to Section 8.1 of the Indenture, where immediately after the consummation of such transaction more than 50% of the voting stock of the Person formed by such transaction, or the Person that
is the surviving entity of such transaction, or the Person to whom such properties and assets are conveyed, transferred or leased in such transaction, is owned by the shareholders of the other party to such transaction, then neither clause (iv)
of Section 2.1(g) nor Section 2.1(h) shall apply to any Deferral Period that is terminated on the next Interest Payment Date following the date of consummation of such transaction (or if later, at any time within 90 days following the date
of such consummation). 
 (s) Defeasance. Sections 4.2 through 4.7 of the Indenture shall not apply to the CENts. 
 ARTICLE III 
 REPAYMENT OF THE
DEBENTURES 
 3.1. Repayment. The Company shall, not less than 15 nor more than 10 Business Days prior to each
Repayment Date (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of the principal amount of CENts to be repaid on such date pursuant to Section 2.1(d). 
 3.2. Selection of Securities to be Repaid. If less than all the CENts are to be repaid on any Repayment Date (unless such repayment affects
only a single Junior Subordinated Debt Security), the particular CENts to be repaid shall be selected not more than 60 days prior to such Repayment Date by the Trustee, from the Outstanding CENts not previously repaid or called for redemption,
by lot or such other method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any CENts, provided that the portion of the principal amount of any
CENts not repaid shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such CENts. 
 The Trustee shall promptly notify the Company in writing of the CENts selected for partial repayment and the principal amount thereof to be repaid. For all purposes hereof, unless the context otherwise requires, all provisions relating to
the repayment of CENts shall relate, in 

  

 21 

 
the case of any CENts repaid or to be repaid only in part, to the portion of the principal amount of such CENts which has been or is to be repaid. If the
Company shall so direct, CENts registered in the name of the Company, any Affiliate or any Subsidiary thereof shall not be included in the CENts selected for repayment. 
 3.3. Notice of Repayment. Notice of repayment shall be given by first-class mail, postage prepaid, mailed not later than the 15th day, and not earlier than the 10th day, prior to the Repayment
Date, to each Holder of Securities to be repaid, at the address of such Holder as it appears in the Securities Register. 
 Each notice of
repayment shall identify the CENts to be repaid (including CUSIP number, if a CUSIP number has been assigned to the CENts) and shall state: 
 (a) the Repayment Date; 
 (b) if less than all Outstanding CENts are to be repaid, the identification (and, in the case of partial
repayment, the respective principal amounts) of the particular CENts to be redeemed; 
 (d) that on the Repayment Date, the principal amount
of the CENts to be repaid will become due and payable upon each such CENts or portion thereof, and that interest thereon, if any, shall cease to accrue on and after said date; and 
 (e) the place or places where such CENts are to be surrendered for payment of the principal amount thereof. 
 Notice of repayment shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and
shall be irrevocable. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, a failure to give such notice by mail or any defect in the
notice to the Holder of any CENts designated for repayment as a whole or in part shall not affect the validity of the proceedings for the repayment of any other CENts. 
 3.4. Deposit of Repayment Amount. Prior to 10:00 a.m. New York City time on the Repayment Date specified in the notice of repayment given as provided in Section 3.3, the Company will deposit
with the Trustee or with one or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 10.3 of the Indenture) an amount of money sufficient to pay the
principal amount of, and any accrued interest (including Compounded Interest) on, all the CENts which are to be repaid on that date. 
 3.5. Payment of CENts Subject to Repayment. If any notice of repayment has been given as provided in Section 3.3, the CENts or portion of the CENts with respect to which such notice has been given shall become due and
payable on the date and at the place or places stated in such notice. On presentation and surrender of such CENts at a place of payment in said notice specified, the said securities or the specified portions thereof shall be paid by the Company at
their principal amount, together with accrued interest (including any Compounded Interest) to 

  

 22 

 
the Repayment Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Repayment Date will be payable to the
Holders of such CENts, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7 of the Indenture. 
 Upon presentation of any CENts repaid in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery to the
Holder thereof, at the expense of the Company, new CENts or CENts, of authorized denominations, in aggregate principal amount equal to the portion of the CENts not repaid and so presented and having the same original issue date, Stated Maturity and
terms. If a Global Security is so surrendered, such new Security will also be a new Global Security. 
 If any CENts called for repayment
shall not be so paid upon surrender thereof, the principal of such CENts shall, until paid, bear interest from the Repayment Date at the rate prescribed therefore in the CENts. 
 ARTICLE IV 
 MISCELLANEOUS 
 4.1. If any provision of this Supplemental Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317,
inclusive, of the Trust Indenture Act of 1939 through operation of Section 318(c) thereof, such imposed duties shall control. 
 4.2.
The Article headings herein are for convenience only and shall not affect the construction hereof. 
 4.3. All covenants and
agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 4.4.
In case any provision of this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 4.5. Nothing in this Supplemental Indenture is intended to or shall provide any rights to any parties other than those expressly contemplated by
this Supplemental Indenture. 
 4.6. THIS SUPPLEMENTAL INDENTURE AND THE CENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 4.7. The Trustee makes no representations as to the validity or sufficiency of this Supplemental
Indenture. The recitals and statements herein are deemed to be those of the Company and not of the Trustee. 
 * * * * 
  

 23 

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

			
	CAPITAL ONE FINANCIAL CORPORATION
		
	By:	 	 /s/ Stephen Linehan

	Name:	 	Stephen Linehan
	Title:	 	Executive Vice President and Treasurer
	
	THE BANK OF NEW YORK,
	as Trustee
		
	By:	 	 /s/ Van K. Brown

	Name:	 	 Van K. Brown

	Title:	 	 Vice President

 Annex A – Form of CENts 
  

 A-1 

 [IF THE SECURITY IS TO BE A GLOBAL SECURITY, INSERT - This Security is a Global Security within the
meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee of a Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or its nominee
only in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security 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.] 
 [IF THE SECURITY IS TO BE A GLOBAL SECURITY HELD BY
DTC, INSERT- Unless this Security is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any Security
issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.] 
 CAPITAL
ONE FINANCIAL CORPORATION 
 6.745% Capital Efficient Note due 2082 
 No. 
 $ 
 CAPITAL ONE FINANCIAL CORPORATION, a corporation organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay The Bank of New York, as Institutional Trustee of Capital One Capital IV, or registered assigns, the principal sum of dollars ($ ) on February 5, 2082, or if such day is not a
Business Day (as hereinafter defined), the following Business Day (the “Final Repayment Date”); provided that the principal amount of, and all accrued and unpaid interest on, this Security shall be payable in full on
February 17, 2037, or if such day is not a Business Day, the following Business Day (the “Scheduled Maturity Date”) or any subsequent Interest Payment Date (as hereinafter defined) to the extent set forth in the Supplemental
Indenture hereinafter referred to. The Company further promises to pay interest on said principal sum from February 5, 2007 or from the most recent Interest Payment Date for which interest has been paid or duly provided for. This Security shall
bear interest (i) from and including February 5, 2007 to but excluding February 17, 2032, at the rate of 6.745% per annum, (ii) thereafter, to and excluding the Scheduled Maturity Date, at an annual rate equal to One-month
LIBOR (as defined in the Supplemental Indenture) plus 1.17%, and (iii) thereafter, at an annual rate equal to One-month LIBOR plus 2.17%, until the principal thereof is paid or duly provided for or made available payment. Interest on the
Security shall be payable (subject to deferral as set forth herein) (i) semi-annually in arrears on February 17 and August 17 of each year, commencing on August 17, 2007, to and including February 17, 2032, and
(ii) thereafter, on the 17th day of each month, or if such day is not a Business Day, the following Business Day and no interest will 

  

 A-2 

 
accrue as a result of such postponement (each such day referred to in clause (i) or (ii), an “Interest Payment Date”). In the event any
Interest Payment Date on or before February 17, 2032 is not a Business Day, that Interest Payment Date will be postponed to the next day that is a Business Day and no interest will accrue as a result of such postponement. In the event that any
Interest Payment Date after February 17, 2032 would otherwise fall on a day that is not a Business Day, that Interest Payment Date will be postponed to the next day that is a Business Day; provided that if the postponement would cause
the day to fall in the next calendar month, the Interest Payment Date will instead be brought forward to the immediately preceding Business Day. 
 From and including February 5, 2007 to but excluding February 17, 2032, the amount of interest payable on this Security shall be computed on the basis of a 360-day year comprised of twelve 30-day months; thereafter, the amount of
interest payable on this Security shall be computed on the basis of a 360-day year and the actual number of days elapsed. A “Business Day” shall mean any day other than (i) a Saturday or Sunday or other day on which banking
institutions in The City of New York are authorized or required by law or executive order to remain closed or (ii) on or after February 17, 2032, a day on which dealings in deposits in U.S. dollars are transacted in the London interbank
market. Each interest installment payable hereunder, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest installment, which shall be (i) the Business Day next preceding such Interest Payment Date if this Security is issued in the form of a Global Security, or
(ii) the fifteenth day (whether or not a Business Day) preceding such Interest Payment Date if this Security is not issued in the form of a Global Security. Any such interest installment not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or self regulatory organization, all
as more fully provided in said Indenture. 
 The Company shall have the right, at any time and from time to time prior to the Final Repayment
Date to defer the payment of interest on this Security for one or more consecutive Interest Periods that do not exceed 10 years; provided, that no Deferral Period (as hereinafter defined) shall extend beyond the Final Repayment Date or the
earlier repayment or redemption in full of the Security; provided, further, that during any such Deferral Period (and with respect to the ability of the Company to redeem or repurchase any of the Company’s Parity Securities or securities
that rank junior in interest to this Security, except as provided below with respect to certain transactions, in the case of any Deferral Period that does not terminate on or prior to the first anniversary of the commencement of such Deferral
Period, until the first anniversary of the termination of such Deferral Period), if the Company has given notice of its election to defer interest payments but the Deferral Period has not yet commenced or a Deferral Period is continuing or the
Company is in default regarding its payment of any obligation under its 

  

 A-3 

 
guarantee regarding the Trust (the “Guarantee”), the Company shall not, and shall not permit any Subsidiary, subject to certain covenants set forth
in the Indenture, to: (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock, (ii) make any payment of principal of or
interest or premium, if any, on or repay, repurchase or redeem any of the Company’s Parity Securities (as defined in the Supplemental Indenture) or any of the Company’s debt securities that rank junior to the Security, or (iii) make
any guarantee payments with respect to any guarantee by the Company of the debt securities of any Subsidiary if such guarantee ranks equally with or junior in interest to the Security. Notwithstanding the foregoing restrictions, during any Deferral
Period, the Company may (a) make dividends or distributions on any class of the Company’s capital stock payable in the same class of the Company’s capital stock; (b) make payments under the Guarantee; (c) make any
declaration of a dividend in connection with the implementation of a shareholders’ rights plan or the redemption or repurchase of any rights under any such plan; (d) purchase the Company’s common stock related to (A) the issuance
of common stock or rights under any of the Company’s benefit plans for its directors, officers or employees; (B) the issuance of common stock of the Company or rights under a dividend reinvestment or stock purchase plan; (C) the
issuance of common stock, or securities convertible into common stock, as consideration in an acquisition transaction entered into prior to beginning of the applicable Deferral Period; (e) make payments of current interest in respect of Parity
Securities that are made pro rata in respect of the amounts due on such Parity Securities and this Security and make payments of deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the
instrument governing such Parity Securities; provided that such payments are made in accordance with Section 2.1(i) of the Supplemental Indenture to the extent it applies; or (f) make payments of principal in respect of Parity
Securities having an earlier maturity date than, or the same scheduled maturity date as, the Security, as required under a provision of such Parity Securities that is substantially the same as the provision described in Section 2.1(d) of the
Supplemental Indenture, and that are made on a pro rata basis among one or more series of Parity Securities having such a provision and this Security. 
 Each period beginning on the Interest Payment Date with respect to which the Company elects to defer all or part of any interest payment and ending on the earlier of (i) the Interest Payment Date falling on or
about the tenth anniversary of such Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid the deferred amount, all deferred amounts with respect to any subsequent period and all other accrued interest on
this Security is referred to as a “Deferral Period”. Subject to Section 2.1(r) of the Supplemental Indenture in connection with a Business Combination (as defined therein), at the end of any such Deferral Period, the Company
shall pay all interest then accrued and unpaid on this Security (together with Compounded Interest thereon, if any, to the extent permitted by applicable law) to the Person in whose name this Security is registered at the close of business on the
Regular Record Date with respect to the Interest Payment Date at the end of such Deferral Period. Upon termination of any Deferral Period and upon the payment of all accrued and unpaid interest and any Compounded Interest then due, the Company may
elect to begin a new Deferral Period, subject to the above requirements. The Company may elect to pay current interest on any Interest Payment Date during any Deferral Period to the extent permitted, and shall pay deferred interest (including
Compounded Interest thereon) to the extent required, by the Supplemental Indenture. 
  

 A-4 

 The Company shall give written notice of its election to begin or extend any Deferral Period (i) if
the Institutional Trustee is not the sole holder or a holder of the Securities, to the Holders of the Securities at least one Business Day prior to the Regular Record Date for the next succeeding Interest Payment Date or, (ii) if the
Institutional Trustee is the sole holder of the Securities, at least one Business Day prior to the earlier of (a) the next Distribution Date or (b) the date the Administrative Trustees are required to give notice to any securities exchange
or other applicable self-regulatory organization or to holders of such Capital Securities of the record date for such Distribution Date or of such Distribution Date, but in any event not more than 15 Business Days prior to such Distribution Date.

 Payment of principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in the United States, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, that at the option of the Company payment of interest
may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available funds at such place and to such account as may be
designated in writing at least 15 days before the relevant Interest Payment Date by the Person entitled thereto as specified in the Securities Register. 
 The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, and this Security is issued
subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such
actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance hereof, waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 A-5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  

			
	CAPITAL ONE FINANCIAL CORPORATION
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

	
	Attest:
	
	  
 

 Dated: 
 This is one
of the Securities referred to in the mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK
     as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated: 

 REVERSE OF SECURITY 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
June 6, 2006 (herein called the “Indenture”, and such supplemental indenture dated as of February 5, 2007, herein called the “Supplemental Indenture”), between the Company and The Bank of New York, as
Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount of $600,010,000. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Indenture, as supplemented by the Supplemental Indenture. 
 All terms used in this Security that are defined in the Supplemental Indenture, in the Indenture or in the Amended and Restated Declaration of Trust,
dated as of February 5, 2007 (the “Declaration of Trust”), for Capital One Capital IV, among the Company, as Sponsor, The Bank of New York, as institutional trustee (the “Institutional Trustee”) and certain employees
of the Company as administrative trustees (the “Administrative Trustees”), shall have the meanings assigned to them in the Supplemental Indenture, the Indenture or the Declaration of Trust, as the case may be. 
 The Company may, at its option, and subject to the terms and conditions of the Supplemental Indenture and Article XI of the Indenture, redeem this
Security in whole or in part at any time at a price equal to the greater of (1) 100% of the principal amount of this Security; or (2) in the case of a redemption prior to February 17, 2032, if greater, the sum of the present values of
the remaining scheduled payments of principal discounted from February 17, 2032 and interest thereon that would have been payable to and including February 17, 2032 (not including any portion of such payments of interest accrued as of the
Redemption Date), discounted from February 17, 2032 to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus a spread of 0.375%, in each case
plus accrued and unpaid interest. 
 Upon the occurrence and during the continuation of a Tax Event, Rating Agency Event, Capital Treatment
Event or Investment Company Event in respect of the Trust, the Company may, at its option, at any time within 90 days of the occurrence of such Tax Event, Ratings Agency Event, Capital Treatment Event or Investment Company Event, redeem this
Security, in whole but not in part, subject to Section 11.8 of the Indenture, the other provisions of Article XI of the Indenture and Section 2.1(l) of the Supplemental Indenture. For a Capital Treatment Event or Investment Company Event,
the redemption price shall be equal to 100% of the principal amount thereof plus accrued and unpaid interest. For a Tax Event or Rating Agency Event, the redemption price shall be equal to the greater of (1) 100% of the principal amount of this
Security (plus accrued and unpaid interest through the Redemption Date); or (2) in the case of a redemption prior to February 17, 2032, if greater, the sum of the present values of the remaining scheduled payments of principal discounted
from February 17, 2032 and interest thereon that would have been payable to and including February 17, 2032 (not including any 

 
portion of such payments of interest accrued as of the Redemption Date), discounted from February 17, 2032 to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus a spread of 0.500%, in each case plus accrued and unpaid interest to the Redemption Date. 
 In the event of redemption or repayment of this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will
be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for satisfaction and discharge
of the entire indebtedness of this Security upon compliance by the Company with certain conditions set forth in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of
the Holders of the Securities, with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of each series to be affected by such supplemental indenture. The Indenture also contains
provisions permitting Holders of a majority in aggregate principal amount of the securities of each series issued under the Indenture at the time Outstanding, on behalf of the Holders of all securities of such series, to waive compliance by the
Company with certain provisions of the Indenture and any past defaults in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a
default in the payment of the principal of or premium, if any, or interest on any of the securities of such series. Any such consent or waiver by the registered Holders of this Security (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, if an Event of Default arising from a default in
the payment of interest (including Compounded Interest), in full for a period of 30 days after the conclusion of a 10-year period following the commencement of any Deferral Period with respect to the Securities at the time Outstanding occurs and is
continuing, then and in each such case that the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities may declare the principal amount, and accrued interest (including Compounded Interest), of all the
Securities of this series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), provided that if, upon such an Event of Default, the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities fail to declare the principal amount of all the Securities to be immediately due and payable, the holders of at least 25% in aggregate liquidation amount of the Capital Securities then outstanding shall
have such right by a notice in writing to the Company and the Trustee; and upon any such declaration such principal amount (or specified portion thereof) of and the accrued interest (including any Compounded Interest) on all the Securities shall
become immediately due and payable; provided that the payment of principal and interest (including any Compounded Interest) on such Securities shall remain subordinated to the extent provided in Article XIV of the Indenture. 

 Each Holder, by such Holder’s acceptance hereof, agrees that if a Bankruptcy Event shall occur prior
to the redemption or repayment of this Security, such Holder shall have no claim for, and thus no right to receive, any interest deferred pursuant to the Supplemental Indenture (including Compounded Interest thereon) that has not been paid out of
the proceeds of the issuance of Qualifying Warrants or Qualifying Non-Cumulative Preferred Stock in accordance with the Supplemental Indenture to the extent the amount of such interest exceeds the sum of (i) the earliest two years of
accumulated and unpaid interest (including Compounded Interest thereon) on this Security and (ii) an amount equal to the pro rata share with respect to this Security of the excess, if any, of the Preferred Stock Issuance Cap over the
aggregate amount of net proceeds from the sale of Qualifying Non-Cumulative Preferred Stock that the Company has applied to pay deferred interest on the Securities of this Series pursuant to Section 2.1(i) of the Supplemental Indenture;
provided that the Holder of this Security, by its acceptance hereof, is deemed to have agreed that the amount such Holder shall receive in respect of the excess, if any, of the remaining claim over the amount set forth in clause (i) will
not exceed the amount they would have received had such claim ranked pari passu with the interests of the holders, if any, of Qualifying Non-Cumulative Preferred Stock. 
 No reference herein to the Indenture or the Supplemental Indenture and no provision of this Security or of the Indenture or the Supplemental Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, places and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Indenture duly endorsed by, or accompanied by written instrument of transfer in form
satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company,
the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary. 
 No recourse shall be had for the payment of the principal of or the interest on this
Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or of any predecessor
or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the
issuance hereof, expressly waived and released. 

 The Securities are issuable only in registered form without coupons in denominations of $1,000 and any
integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for like aggregate principal amount of Securities of a different authorized denomination, as requested by the
Holder surrendering the same. 
 The Company and, by its acceptance of this Security or a beneficial interest therein, the Holder of, and any
Person that acquires beneficial interest in, this Security agree that for United States federal, state and local tax purposes it is intended that this Security constitute indebtedness. 
 THE INDENTURE, THE SUPPLEMENTAL INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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