Document:

MAGYAR BANK

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

FOR

JON ANSARI

 

THIS SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN FOR JON ANSARI (the “Plan”) is effective as of May 23, 2019, and is entered into by Magyar
Bank (the “Bank”) and Jon Ansari (“Executive”).

WHEREAS,
the purpose of the Plan is to provide additional retirement benefits to Executive, who, as a member of senior management, has contributed
significantly to the success of the Bank, and whose continued services are vital to the Bank’s continued growth and success;
and

WHEREAS, this Plan
is intended to be an unfunded, non-qualified deferred compensation plan that complies with Sections 451 and 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder and is also intended to be a “top
hat” pension plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

ARTICLE I

DEFINITIONS

 

When used herein, the following
words and phrases shall have the meanings below unless the context clearly indicates otherwise:

 

		1.1	“Accrued Benefit” means, as of any date, the liability that should be accrued by the
Bank under generally accepted accounting principles (“GAAP”) to reflect the Bank’s obligation to Executive under
the Plan.

 

		1.2	“Administrator” means the Bank and/or its Board of Directors, provided, however, the
Board of Directors can designate a committee of the Board of Directors (“Committee”) as the Administrator.

 

		1.3	“Bank” means Magyar Bank and any successor to its business and/or assets which assumes
and agrees to perform the duties and obligations under this Plan by operation of law or otherwise.

 

		1.4	“Beneficiary” means the person or persons (and, if applicable, their heirs) designated
by Executive as the beneficiary to whom the deceased Executive’s benefits are payable. The beneficiary designation shall
be made on the form attached hereto as Exhibit A (or a similar form acceptable to the Administrator) and filed with the Administrator.
If no Beneficiary is so designated, then Executive’s Spouse, if living, will be deemed the Beneficiary. If Executive’s
Spouse is not living at the time of Executive’s death or dies prior to payment of the Survivor’s Benefit, then the
Children of Executive will be deemed the Beneficiaries and will take on a per stirpes basis. If there are no living Children, then
Executive’s estate will be deemed the Beneficiary. For this purpose, the term “Children” means Executive’s
children, or the issue of any deceased Children, then living at the time payments are due the Children under this Plan. The term
“Children” shall include both natural and adopted children, as well as stepchildren. Also, for this purpose, the term
“Spouse” means the individual to whom Executive is legally married at the time of Executive’s death, provided,
however, that the term “Spouse” shall not refer to an individual to whom Executive is legally married at the time of
death if Executive and the individual have entered into a formal separation agreement (provided that the separation agreement does
not provide otherwise or state that the individual is entitled to a portion of the benefits hereunder) or initiated divorce proceedings.

 

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		1.5	“Benefit Eligibility Date” shall be the date on which Executive is entitled to commencement
of benefits under the Plan.

 

		(a)	In the event benefits become payable on account of Executive’s Separation from Service on
or after his Normal Retirement Age, the Benefit Eligibility Date shall be the first day of the second month following Executive’s
Separation from Service, subject to Section 1.5(f).

 

		(b)	In the event the Accrued Benefit becomes payable to Executive in the event of Executive’s
Separation from Service prior to his Normal Retirement Age, the Benefit Eligibility Date shall be the first day of the second month
following the attainment of his Normal Retirement Age, subject to Section 1.5(f).

 

		(c)	In the event the Survivor’s Benefit becomes payable under Section 2.3 of the Plan on account
of Executive’s death, the Benefit Eligibility Date shall be the first day of the second month following Executive’s
death.

 

		(d)	In the event a benefit becomes payable pursuant to Section 2.5 of the Plan on account of Executive’s
Separation from Service coincident with or within two (2) years following a Change in Control, the Benefit Eligibility Date shall
be the first day of the second month following Executive’s Separation from Service, subject to Section 1.5(f) below.

 

		(e)	In the event Executive suffers a Disability while employed by the Bank, the Benefit Eligibility
Date shall be the first day of the second month following the date Executive has been determined to have suffered a Disability
in accordance with Section 1.10 hereof.

 

		(f)	Notwithstanding anything in this Section 1.5 to the contrary, if Executive is a Specified Employee
of a publicly-traded company and the payment(s) are due to Executive’s Separation from Service (other than due to death or
Disability), then the Benefit Eligibility Date shall be the first day of the seventh month following Executive’s Separation
from Service (if later than the date otherwise specified as the Benefit Eligibility Date). The payments that otherwise would have
been received from the date of Separation from Service to the Specified Employee’s Benefit Eligibility Date shall be aggregated
and shall be paid on the same date as the initial payment (e.g., on the first day of the seventh month) and all remaining payments
shall be made as otherwise scheduled. For purposes of Section 409A of the Code, the payments due hereunder shall be deemed a single
payment.

 

		1.6	“Board of Directors” shall mean the Board of Directors of the Bank, unless the context
indicates otherwise.

 

		1.7	“Cause” shall mean, if Executive is subject to a written employment agreement (or other
similar written agreement) with the Bank or its holding company that provides a definition of “Cause,” then, for purposes
of this Plan, the term “Cause” shall have meaning set forth in such agreement. Otherwise, the term “Cause”
shall mean: (i) the conviction of the Executive of a felony or of any lesser criminal offense involving moral turpitude; (ii) the
willful commission by the Executive of a criminal or other act that, in the judgment of the Board of Directors will likely cause
substantial economic damage to the Company or the Bank or substantial injury to the business reputation of the Company or Bank;
(iii) the commission by the Executive of an act of fraud in the performance of his duties on behalf of the Company or Bank; (iv)
the continuing willful failure of the Executive to perform his duties to the Company or Bank (other than any such failure resulting
from the Executive’s incapacity due to Disability) after written notice thereof (specifying the particulars thereof in reasonable
detail) and a reasonable opportunity to be heard and cure such failure are given to the Executive; or (v) an order of a federal
or state regulatory agency or a court of competent jurisdiction requiring the termination of the Executive’s employment by
the Company. Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to the Executive
a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board of
Directors at a meeting of the Board of Directors called and held for the purpose (after reasonable notice to the Executive and
an opportunity for the Executive to be heard before the Board of Directors), finding that in the good faith opinion of the Board
of Directors the Executive was guilty of conduct described above and specifying the particulars thereof. Prior to holding a meeting
at which the Board of Directors is to make a final determination whether Cause exists, if the Board of Directors determines in
good faith at a meeting of the Board of Directors, by not less than a majority of its entire membership, that there is probable
cause for it to find that the Executive was guilty of conduct constituting Cause as described above, the Board of Directors may
suspend the Executive from his duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further
meeting at which the Executive shall be given the opportunity to be heard before the Board of Directors.

 

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		1.8	“Change in Control” shall mean (a) a change in the ownership of the Company or the
Bank, (b) a change in the effective control of the Company or the Bank, or (c) a change in the ownership of a substantial portion
of the assets of the Company or the Bank as defined in accordance with Section 409A of the Code.

(a)       A
change in the ownership occurs on the date that any one person, or more than one person acting as a group (as defined in Treasury
Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company or the Bank that, together with stock held by such
person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Bank.

(b)       A
change in the effective control of the Company or the Bank occurs on the date that either (i) any one person, or more than one
person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company or the Bank
possessing 30 percent or more of the total voting power of the stock of the Company or the Bank, or (ii) a majority of the members
of the Board of Directors of the Company is replaced during any 12-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Board of Directors prior to the date of the appointment or election, provided that
this subsection “(ii)” is inapplicable where a majority shareholder of the Company is another corporation.

(c)       A
change in a substantial portion of the Company’s or the Bank’s assets occurs on the date that any one person or more
than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company or the Bank
that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of (i) all of the
assets of the Company or the Bank, as applicable, or (ii) the value of the assets being disposed of, either of which is determined
without regard to any liabilities associated with such assets.

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(d)       For
all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Treasury
Regulation 1.409A-3(i)(5), except to the extent that such regulations are superseded by subsequent guidance.

(e)       Notwithstanding
anything herein to the contrary, the reorganization of the Bank as the wholly-owned subsidiary of a fully-converted stock holding
company in a second-step conversion shall not be deemed to be a Change in Control.

 

		1.9	“Company” means Magyar Bancorp, Inc., which owns the 100% of the shares of the Bank.

 

		1.10	“Disability” means, with respect to Executive, that Executive is determined to be totally
disabled by the Social Security Administration.

 

		1.11	“Executive” means Jon Ansari, who has been selected and approved by the Board of Directors
to participate in the Plan.

 

		1.12	“Normal Retirement Age” means age sixty-five (65).

 

		1.13	“Normal Retirement Benefit” means an annual amount of $78,681, payable in monthly installments.

 

		1.14	“Payout Period” means the time frame during which benefits payable under the Plan shall
be distributed. With respect to benefits payable following Separation from Service at or after attainment of Normal Retirement
Age the Payout Period shall be fifteen (15) years. In all other cases, the Payout Period shall be a single lump sum.

 

		1.15	“Separation from Service” means Executive’s death, retirement or other termination
of employment with the Bank within the meaning of Section 409A of the Code. No Separation from Service shall be deemed to occur
due to military leave, sick leave or other bona fide leave of absence if the period of the leave does not exceed six months or,
if longer, so long as Executive’s right to reemployment is provided by law or contract. If the leave exceeds six months and
Executive’s right to reemployment is not provided by law or by contract, then Executive shall have a Separation from Service
on the first date immediately following the six-month period.

 

Whether a Separation
from Service has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive reasonably
anticipated that no further services would be performed after a certain date or that the level of bona fide services Executive
would perform after that date (whether as an employee or as an independent contractor) would permanently decrease to less than
50% of the average level of bona fide services performed over the immediately preceding 36 months (or the lesser period
of time in which Executive performed services for the Bank). The determination of whether Executive has had a Separation from Service
shall be made by applying the presumptions set forth in the Treasury Regulations under Section 409A of the Code.

 

		1.16	“Specified Employee” means an individual who also satisfies the definition of “key
employee” as that term is defined in Section 416(i) of the Code (without regard to paragraph (5) thereof).

 

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		1.17	“Survivor’s Benefit” means the benefit payable to Executive’s Beneficiary
following his death in accordance with Section 2.3 of the Plan.

 

ARTICLE II

BENEFITS

 

	2.1  	Benefit on Separation from Service on or after Normal Retirement Age.

 

If Executive has a Separation from
Service after reaching his Normal Retirement Age, Executive shall be entitled to the Normal Retirement Benefit. The benefit under
this Section 2.1 shall commence on Executive’s Benefit Eligibility Date specified in Section 1.5(a) and shall be payable
in monthly installments over the Payout Period specified in Section 1.14(a) of the Plan.

 

		2.2	Separation from Service Before Normal Retirement Age.

 

If Executive has a Separation from
Service (other than due to Cause or death or coincident or within two years following a Change in Control) prior to the attainment
of his Normal Retirement Age, Executive shall be entitled to the Accrued Benefit payable commencing on the Benefit Eligibility
Date specified in Section 1.5(b) of the Plan and payable in a single lump sum.

 

	2.3  	Survivor’s Benefit.

 

		(a)	If Executive dies while in the active service of the Bank and prior to attaining his Normal Retirement
Age, Executive’s Beneficiary shall be entitled to no benefit under this Plan, and in lieu thereof shall be entitled
to the payment of his entire benefit described in any endorsement split-dollar life insurance agreement between Executive and the
Bank and in effect at the time of his death (but not in excess of the net amount at risk, as defined under such split-dollar life
insurance agreement). If Executive is not a party to an endorsement split-dollar life insurance agreement at the time of his death,
the Bank shall pay Executive’s Beneficiary the Executive’s Accrued Benefit. In either scenario, the benefit shall be
payable in a single lump sum on the Benefit Eligibility Date specified in Section 1.5(c) of the Plan.

 

		(b)	If Executive dies following a Separation from Service or while in service after reaching his Normal
Retirement Age but prior to the commencement of benefit payments to Executive, Executive’s Beneficiary shall be entitled
to the present value of the benefit payments that would have been made to Executive payable in a single lump sum on the Benefit
Eligibility Date specified in Section 1.5(c) of the Plan.

 

		(c)	If Executive dies following a Separation of Service and after the commencement of benefit payments,
Executive’s Beneficiary shall be entitled to the present value of the remaining benefit payments that would have been made
to Executive payable in a single lump sum payment no later than the Benefit Eligibility Date specified in Section 1.5(c) of the
Plan. For purposes of this provision, the discount rate used for accounting purposes shall also be used as the discount rate to
determine the present value of any benefit.

 

 

		2.4	Termination for Cause. Notwithstanding any other provision of this Plan to the contrary,
if Executive is terminated for Cause prior to the attainment of his Normal Retirement Age, all benefits under this Plan shall be
forfeited by Executive and Executive’s participation in this Plan shall become null and void.

 

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		2.5	Benefit Payable on Separation from Service within Two Years Following a Change in Control.
In the event a Change in Control occurs and Executive has a Separation from Service coincident with or within two (2) years after
the Change in Control, the Bank shall pay to the Executive the benefit described in this Section 2.3 instead of any other benefit
under this Plan.

 

		(a)	Executive shall be entitled to the present value of the benefit that would otherwise be due under
Section 2.1 of the Plan payable commencing on the Benefit Eligibility Date specified in Section 1.5(d), in a lump sum.

 

		(b)	The calculation of the present value of the benefit shall be made by determining the present value
of the Normal Retirement Benefit as of Executive’s Normal Retirement Age and then discounting such amount to its present
value as of Executive’s date of Separation from Service. For purposes of this provision, the discount rate shall be the rate
as determined under Section 280G of the Code.

 

		(c)	If the Executive is receiving payments under Sections 2.1 and a Change in Control occurs, the Bank
shall pay the full amount of the remaining payments to the Executive in a lump sum payment no later than the date for the next
regularly scheduled payment.

 

		(d)	In the event of the occurrence of a Change in Control prior to the time that the Executive attains
Normal Retirement Age, the Bank shall establish an irrevocable grantor trust that satisfies the requirements of Revenue Procedures
92-64 and 92-65, into which the Bank shall contribute amounts equal to the present value of the future benefit obligation to Executive
plus an amount reasonably estimated to cover the trust expenses, to be held therein, subject to the claims of the Bank’s
creditors in the event of the Bank’s, or its successor’s, “insolvency.” as herein defined. Such amounts
shall be held by the grantor trust until paid to Executive (or his Beneficiary) in such manner and at such times as specified in
this Plan. The Bank shall appoint an independent third-party trustee to direct payments to Executive under the grantor trust and
the costs of the Trust administration shall be paid by the Bank’s successor. Once appointed, the trustee shall not be replaced
or removed by the successor to the Bank, unless such replacement or removal is agreed to by the Executive. Any excess remaining
in the trust after payment of the Executive’s benefit in its entirety shall be paid to the Bank’s successor. For these
purposes, the Bank, or its successor shall be deemed insolvent if (i) it is unable to pay its debts as they become due, (ii) or
the Bank, or its successor is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

 

		2.6	Benefit on Disability. If Executive suffers a Disability prior to his Normal Retirement
Age, Executive shall be entitled to receive his Accrued Benefit, commencing on the Benefit Eligibility Date set forth in Section
1.5(e) of the Plan, payable in a single lump sum.

 

ARTICLE III

BENEFICIARY DESIGNATION

 

Executive shall make an
initial designation of primary and secondary Beneficiaries upon initial participation in the Plan by completion of a Beneficiary
form substantially in the form provided by the Administrator, and shall have the right to change the designation, at any subsequent
time. Any Beneficiary designation shall become effective only when receipt thereof is acknowledged in writing by the Administrator.

 

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ARTICLE IV

EXECUTIVE’S RIGHT TO ASSETS,

ALIENABILITY AND ASSIGNMENT PROHIBITION

 

At no time shall Executive
be deemed to have any lien, right, title or interest in or to any specific investment or asset of the Bank. The rights of Executive,
any Beneficiary, or any other person claiming through Executive under this Plan, shall be solely those of an unsecured general
creditor of the Bank. Executive, the Beneficiary, or any other person claiming through Executive, shall only have the right to
receive from the Bank those payments so specified under this Plan. Neither Executive nor any Beneficiary under this Plan shall
have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance
any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments,
alimony or separate maintenance owed by Executive or his Beneficiary, nor be transferable by operation of law in the event of bankruptcy,
insolvency or otherwise.

 

ARTICLE V

ERISA PROVISIONS

 

		5.1	Named Fiduciary and Administrator. The Bank shall be the Named Fiduciary and Administrator
of this Plan. As Administrator, the Bank shall be responsible for the management, control and administration of the Plan as established
herein. The Administrator may delegate to others certain aspects of the management and operational responsibilities of the Plan,
including the employment of advisors and the delegation of ministerial duties to qualified individuals.

 

		5.2	Claims Procedure and Arbitration. In the event that benefits under this Plan is not paid
to Executive (or to his Beneficiary in the case of Executive’s death) and the claimant(s) feel he or they are entitled to
receive the benefits, then a written claim must be made to the Administrator within sixty (60) days from the date payments are
refused. The Administrator shall review the written claim and, if the claim is denied, in whole or in part, it shall provide in
writing, within thirty (30) days of receipt of such claim, its specific reasons for such denial, reference to the provisions of
this Plan upon which the denial is based, and any additional material or information necessary for such claimants to perfect the
claim. The written notice by the Administrator shall further indicate the additional steps which must be undertaken by claimants
if an additional review of the claim denial is desired.

 

If claimants desire a second review,
they shall notify the Administrator in writing within thirty (30) days of the first claim denial. Claimants may review this Plan
or any documents relating thereto and submit any issues and comments, in writing, they may feel appropriate. In its sole discretion,
the Administrator shall then review the second claim and provide a written decision within thirty (30) days of receipt of such
claim. This decision shall state the specific reasons for the decision and shall include reference to specific provisions of this
Plan upon which the decision is based.

 

No claimant shall
institute any action or proceeding in any state or federal court of law or equity or before any administrative tribunal or arbitrator
for a claim for benefits under the Plan until the claimant has first exhausted the provisions set forth in this Section 5.2.

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ARTICLE VI

MISCELLANEOUS

 

		6.1	No Effect on Employment Rights. Nothing contained herein will confer upon Executive the
right to be retained in the service of the Bank nor limit the right of the Bank to discharge or otherwise deal with Executive without
regard to the existence of the Plan.

 

		6.2	State Law. The Plan is established under, and will be construed according to, the laws of
the State of New Jersey, to the extent such laws are not preempted by ERISA and valid regulations published thereunder or any other
federal law.

 

		6.3	Severability and Interpretation of Provisions. The Bank shall have full power and authority
to interpret, construe and administer this Plan and the Bank’s interpretation and construction thereof and actions thereunder
shall be binding and conclusive on all persons for all purposes. No employee or representative of the Bank shall be liable to any
person for any actions taken or omitted in connection with the interpretation and administration of this Plan unless attributable
to his own willful misconduct or lack of good faith. In the event that any of the provisions of this Plan or portion hereof are
held to be inoperative or invalid by any court of competent jurisdiction, or in the event that any provision is found to violate
Code Section 409A and would subject Executive to additional taxes and interest on the amounts deferred hereunder, or in the
event that any legislation adopted by any governmental body having jurisdiction over the Bank would be retroactively applied to
invalidate this Plan or any provision hereof or cause the benefits under this Plan to be taxable, then: (1) insofar as is reasonable,
effect will be given to the intent manifested in the provisions held invalid or inoperative, and (2) the validity and enforceability
of the remaining provisions will not be affected thereby. In the event that the intent of any provision shall need to be construed
in a manner to avoid taxability, this construction shall be made by the Administrator in a manner that would manifest to the maximum
extent possible the original meaning of such provisions.

 

		6.4	Incapacity of Recipient. If a benefit is payable to a minor, to a person declared incompetent,
or to a person incapable of handling the disposition of his property, the Bank may pay such benefit to the guardian, legal representative
or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the benefit. The distribution shall completely discharge
the Bank for all liability with respect to the benefit.

 

		6.5	Unclaimed Benefit. Executive shall keep the Bank informed of his or her current address
and the current address of his Beneficiaries. If the location of Executive is not made known to the Bank, the Bank shall delay
payment of Executive’s benefit payment(s) until the location of Executive is made known to the Bank; however, the Bank shall
only be obligated to hold the benefit payment(s) for Executive until the expiration of three (3) years. Upon expiration of the
three (3) year period, the Bank may discharge its obligation by payment to Executive’s Beneficiary. If the location of Executive’s
Beneficiary is not known to the Bank, Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if
any, of any benefits provided for such Executive and/or Beneficiary under this Plan.

 

		6.6	Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, no
individual acting as an employee or agent of the Bank, or as a member of the Board of Directors shall be personally liable to Executive
or any other person for any claim, loss, liability or expense incurred in connection with the Plan.

 

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		6.7	Gender. Whenever in this Plan words are used in the masculine or neuter gender, they shall
be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply.

 

		6.8	Effect on Other Corporate Benefit Plans. Nothing contained in this Plan shall affect the
right of Executive to participate in or be covered by any qualified or nonqualified pension, profit sharing, group, bonus or other
supplemental compensation or fringe benefit agreement constituting a part of the Bank’s existing or future compensation structure.

 

		6.9	Inurement. This Plan shall be binding upon and shall inure to the benefit of the Bank, its
successors and assigns, and Executive, his successors, heirs, executors, administrators, and Beneficiaries.

 

		6.10	Acceleration of Payments. Except as specifically permitted
under this Section 6.10 or in other sections of this Plan, no acceleration of the time or schedule of any payment may be made under
this Plan. Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance with the provisions
of Treasury Regulation Section 1.409A-3(j)(4) and any subsequent guidance issued by the United States Treasury Department. Accordingly,
payments may be accelerated, in accordance with requirements and conditions of the Treasury Regulations (or subsequent guidance)
in the following circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics agreements
with the Federal Government; (iii) in compliance with ethics laws or conflicts of interest laws; (iv) in limited cash-outs (but
not in excess of the limit under Code Section 402(g)(1)(B)); (v) in the case of certain distributions to avoid a non-allocation
year under Code Section 409(p); (vi) to apply certain offsets in satisfaction of a debt of Executive to the Bank; (vii) in satisfaction
of certain bona fide disputes between Executive and the Bank; or (viii) for any other purpose set forth in the Treasury
Regulations and subsequent guidance.

 

		6.11	Headings. Headings and sub-headings in this Plan are inserted for reference and convenience
only and shall not be deemed a part of this Plan.

 

		6.12	12 U.S.C. §1828(k). Any payments made to Executive pursuant to this Plan or otherwise
are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k) or any regulations promulgated thereunder.

 

		6.13	Payment of Employment and Code Section 409A Taxes. Any distribution under this Plan shall
be reduced by the amount of any taxes required to be withheld from the distribution. This Plan shall permit the acceleration of
the time or schedule of a payment to pay employment-related taxes as permitted under Treasury Regulation Section 1.409A-3(j) or
to pay any taxes that may become due at any time that the arrangement fails to meet the requirements of Code Section 409A and the
regulations and other guidance promulgated thereunder. In the latter case, such payments shall not exceed the amount required to
be included in income as the result of the failure to comply with the requirements of Code Section 409A.

 

		6.14	Successors to the Bank. The Bank will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Bank to assume
expressly and agree to perform the duties and obligations under this Plan in the same manner and to the same extent as the Bank
would be required to perform it if no such succession had taken place.

 

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		6.15	Legal Fees. In the event Executive retains legal counsel to enforce any of the terms of
the Plan, the Bank will pay the reasonable legal fees and related expenses reasonably incurred by him, but only if Executive prevails
in an action seeking legal and/or equitable relief against the Bank.

 

ARTICLE VII

AMENDMENT/TERMINATION

 

		7.1	This Plan may be amended or modified at any time, in whole or part, with the mutual written consent
of Executive and the Bank. Notwithstanding anything to the contrary herein, the Plan may be amended without Executive’s consent
to the extent necessary to comply with existing tax laws or changes to existing tax laws or to amend or terminate the Plan in accordance
with Section 7.2 below.

 

		7.2	Termination of Plan.

 

		(a)	Partial Termination. The Board of Directors, at its discretion, may partially terminate
the Plan by freezing future accruals if, in its sole judgment, the tax, accounting, or other effects of the continuance of the
Plan, or potential payments thereunder, would not be in the best interests of the Bank.

 

		(b)	Complete Termination. Subject to the requirements of Code Section 409A, in the event of
complete termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to Executive his benefits as if Executive
had terminated employment as of the effective date of the complete termination. A complete termination of the Plan shall occur
only under the following circumstances and conditions:

 

		(i)	The Board of Directors may terminate the Plan within 12 months of a corporate dissolution taxed
under Code Section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the benefit
is included in Executive’s (or his Beneficiary’s) gross income (and paid to Executive or his Beneficiary) in the latest
of (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial
risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable.

 

		(ii)	The Board of Directors may terminate the Plan by Board of Directors action taken within the 30
days preceding or 12 months following a Change in Control, provided that the Plan shall only be treated as terminated if all substantially
similar arrangements sponsored by the Bank are terminated so that Executive and all participants under substantially similar arrangements
are required to receive all amounts payable under the terminated arrangements within 12 months of the date of the termination of
the arrangements.

 

		(iii)	The Board of Directors may terminate the Plan at any time provided that (i) the termination does
not occur proximate to a downturn in the financial health of the Bank, (ii) all arrangements sponsored by the Bank that would be
aggregated with this Plan under Treasury Regulations Section 1.409A-1(c) if Executive was also covered by any of those other arrangements
are also terminated; (iii) no payments other than payments that would be payable under the terms of the arrangements if the termination
had not occurred are made within 12 months of the termination of the arrangement (e.g., Executive’s benefit); (iv) all payments
are made within 24 months of the termination of the arrangements; and (v) the Bank does not adopt a new arrangement that would
be aggregated with any terminated arrangement under Treasury Regulations Section 1.409A-1(c) if Executive participated in both
arrangements, at any time within three years following the date of termination of the arrangement.

 

    10 

     

    

ARTICLE VIII

EXECUTION

 

		8.1	This Plan sets forth the entire understanding of the Bank and Executive with respect to the transactions
contemplated hereby, and any previous agreements or understandings between them regarding the subject matter hereof are merged
into and superseded by this Plan.

 

		8.2	This Plan shall be executed in duplicate, each copy of which, when so executed and delivered, shall
be an original, but both copies shall together constitute one and the same instrument.

 

    11 

     

    

IN WITNESS WHEREOF, the
Bank has caused this Plan to be executed, effective as of the day and date first above written.

 

 

	ATTEST:	 	MAGYAR BANK
	 	 	 	 
	/s/ Jon Ansari	 	By:	/s/ Thomas Lankey
	JON ANSARI	 	 	 
	 	 	Title:	Chairman of the Board
	5/23/2019	 	 	 
	Date	 	Date:	5/23/2019

 

  

    12Exhibit 4.1

   

TRISTATE
CAPITAL HOLDINGS, INC.

6.375%
FIXED-TO-FLOATING RATE SERIES B NON-CUMULATIVE PERPETUAL PREFERRED STOCK

DEPOSIT
AGREEMENT

among
TRISTATE CAPITAL HOLDINGS, INC.,

COMPUTERSHARE
INC.,

and

COMPUTERSHARE
TRUST COMPANY, N.A.,

and

THE HOLDERS
FROM TIME TO TIME OF

THE
DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

Dated
as of May 29, 2019

    	 

    	 

    

TABLE
OF CONTENTS

	 	 	Page
	 	 	 
	ARTICLE I. DEFINED TERMS	1
	 	 
	Section 1.1	Definitions	1
	 	 	 
	ARTICLE II. APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	3
	 	 
	Section 2.1	Appointment of Depository	3
	Section 2.2	Book-Entry System; Form and Transfer of Receipts	3
	Section 2.3	Deposit of Stock; Execution and Delivery of Receipts	5
	Section 2.4	Registration of Transfer of Receipts	6
	Section 2.5	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	6
	Section 2.6	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	7
	Section 2.7	Lost Receipts, etc	8
	Section 2.8	Cancellation and Destruction of Surrendered Receipts	8
	Section 2.9	Redemption of Stock	8
	 	 	 
	ARTICLE III. CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	10
	 	 
	Section 3.1	Filing Proofs; Certificates and Other Information	10
	Section 3.2	Payment of Taxes or Other Governmental Charges	10
	Section 3.3	Warranty as to Stock	11
	Section 3.4	Warranty as to Receipts	11
	 	 	 
	ARTICLE IV. THE DEPOSITED SECURITIES; NOTICES	11
	 	 
	Section 4.1	Cash Distributions	11
	Section 4.2	Distributions Other than Cash, Rights, Preferences or Privileges	12
	Section 4.3	Subscription Rights, Preferences or Privileges	12
	Section 4.4	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	13
	Section 4.5	Voting Rights	14
	Section 4.6	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc	14
	Section 4.7	Delivery of Reports	15
	Section 4.8	Lists of Receipt Holders	15

    	i

    	 

    

			
	ARTICLE V. THE DEPOSITORY, THE DEPOSITORY’S  AGENTS, THE REGISTRAR AND THE CORPORATION	15
	 	 
	Section 5.1	Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents	15
	Section 5.2	Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar or the Corporation	16
	Section 5.3	Obligations of the Depository, the Depository’s Agents, the Registrar and the Corporation	16
	Section 5.4	Resignation and Removal of the Depository; Appointment of Successor Depository	20
	Section 5.5	Corporate Notices and Reports	21
	Section 5.6	Indemnification by the Corporation	21
	Section 5.7	Fees, Charges and Expenses	22
	Section 5.8	Tax Compliance	22
	 	 	 
	ARTICLE VI. AMENDMENT AND TERMINATION	23
	 	 
	Section 6.1	Amendment	23
	Section 6.2	Termination	23
	 	 	 
	ARTICLE VII. MISCELLANEOUS	24
	 	 
	Section 7.1	Counterparts	24
	Section 7.2	Exclusive Benefit of Parties	24
	Section 7.3	Invalidity of Provisions	24
	Section 7.4	Notices	24
	Section 7.5	Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent	25
	Section 7.6	Holders of Receipts Are Parties	25
	Section 7.7	Governing Law	26
	Section 7.8	Headings	26
	Section 7.9	Force Majeure	26
	Section 7.10	Confidentiality	26
	 	 	 
	EXHIBIT A  [FORM OF FACE OF RECEIPT]	A-1

    	ii

    	 

    

THIS
DEPOSIT AGREEMENT dated as of May 29, 2019, among (i) TRISTATE CAPITAL HOLDINGS, INC., a Pennsylvania corporation and its
successors (the “Corporation”), (ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and
COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered trust company and the wholly-owned subsidiary of Computershare (the “Trust
Company”), and (iii) the Holders (as defined herein) from time to time of the Receipts (as defined herein) described in
this Agreement.

RECITALS

WHEREAS,
the parties desire to provide, as set forth in this Agreement, for the deposit of shares of the Corporation’s 6.375% Fixed-to-Floating
Rate Series B Non-Cumulative Perpetual Preferred Stock, no par value, with a liquidation preference of $1,000 per share, from
time to time with the Depository for the purposes set forth in this Agreement and for the issuance hereunder of Receipts evidencing
Depositary Shares (as defined herein) in respect of the Stock (as defined herein) so deposited; and

WHEREAS,
the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Agreement;

NOW,
THEREFORE, in consideration of the foregoing premises, the parties hereto agree as follows:

ARTICLE
I.

DEFINED TERMS

Section
1.1          Definitions.

The following
definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Agreement:

“Agreement”
shall mean this Agreement, as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

“Articles”
shall mean the Articles of Amendment filed with the Secretary of the Commonwealth of the Commonwealth of Pennsylvania establishing
the Stock as a series of preferred stock of the Corporation.

“Computershare”
shall have the meaning set forth in the Preamble of this Agreement.

“Corporation”
shall have the meaning set forth in the Preamble of this Agreement.

“Depository”
shall mean, collectively, Computershare and the Trust Company, and any successor as depository hereunder.

“Depositary
Shares” shall mean the depositary shares, each representing 1/40th of a share of the Stock and evidenced by a Receipt.

    	1

    	 

    

“Depository’s
Agent” shall mean an agent appointed by the Depository pursuant to Section 5.1 hereof.

“Depository’s
Office” shall mean the designated office of the Depository, at which at any particular time its depositary receipt business
shall be administered.

“person”
shall mean any natural person, partnership, joint venture, firm, corporation, limited liability company, limited liability partnership,
unincorporated association, trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing.

“Receipt”
shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether
in definitive or temporary form, and evidencing the number of Depositary Shares held of record by the Record Holder of those Depositary
Shares and shall include the DTC Receipt, as defined in Section 2.2 hereof, where appropriate.

“Record
Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on
the books of the Depository maintained for such purpose.

“Redemption
Date” shall have the meaning set forth in Section 2.9 of this Agreement.

“Registrar”
shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the Corporation to register
ownership and transfers of Receipts as herein provided, and, if a successor Registrar shall be so appointed, references herein
to “the books” of or maintained by the Registrar shall be deemed, as applicable, to refer as well to the register
maintained by such successor Registrar for such purpose.

“Securities
Act” shall mean the Securities Act of 1933, as amended.

“Signature
Guarantee” shall have the meaning set forth in Section 2.4 of this Agreement

“Stock”
shall mean the shares of the Corporation’s 6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock,
no par value, with a liquidation preference of $1,000 per share, designated in the Articles.

“Trust
Company” shall have the meaning set forth in the Preamble of this Agreement.

“Transfer
Agent” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the Corporation
to transfer the Receipts and the deposited Stock.

    	2

    	 

    

ARTICLE
II.

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER
AND REDEMPTION OF RECEIPTS

Section
2.1          Appointment of Depository.

The Corporation
hereby appoints Computershare and Trust Company, together, as depository for the Stock, and each of Computershare and Trust Company
hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in
this Agreement.

Section
2.2          Book-Entry System; Form and Transfer of Receipts.

The Corporation
and the Depository shall make application to The Depository Trust Company (“DTC”) for acceptance of all of the Receipts
for its book-entry settlement system. The Corporation hereby appoints the Depository acting through any authorized officer thereof
as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments
or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts
are eligible for book- entry settlement with DTC, unless otherwise required by law, all Depositary Shares with book-entry settlement
through DTC shall be represented by one or more receipts (the “DTC Receipt”), which shall be deposited with DTC (or
its designee) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be
Cede & Co.). The Depository or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership
of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records
maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt shall
bear such legend or legends as may be required by DTC in order for it to accept the Depositary Shares for its book-entry settlement
system.

If DTC
subsequently ceases to make its book-entry settlement system available for the Receipts, the Corporation may instruct the Depository
regarding making other arrangements for book-entry settlement. If the Receipts are not eligible for book-entry form, the Depository
shall provide written instructions to DTC to deliver the DTC Receipt to the Depository for cancellation and the Corporation shall
instruct the Depository to deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive
Receipts in physical form evidencing such Depositary Shares.

Beneficial
owners of Depositary Shares through DTC will not be entitled to receive Receipts in physical, certificated form or have Depositary
Shares registered in their name, except as described below.

    	3

    	 

    

The DTC
Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling
or unable to continue to make its book-entry settlement available for the Receipts and a successor to DTC is not appointed by
the Corporation within 90 days of the date the Corporation is so informed in writing, (ii) DTC notifies the Corporation at any
time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed within
90 days of the date the Corporation is so informed in writing, or (iii) the Corporation in its sole discretion notifies the Depository
in writing that the DTC Receipt shall be exchangeable for definitive Receipts. If beneficial owners of interests in Depositary
Shares are entitled to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii)
or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which
such beneficial interests may be so exchanged, upon receipt by the Depository of the DTC Receipt for cancellation and any other
necessary documentation, the Depository is hereby directed to and shall execute and deliver to the beneficial owners of the Depositary
Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares and to make
appropriate entries in the register with respect thereto. Notwithstanding any other provision herein to the contrary delivery
of Shares and other property in connection with the withdrawal or redemption of Depositary Shares evidenced by a DTC Receipt will
be made through DTC and in accordance with its procedures, unless the holder of the relevant DTC Receipt otherwise requests and
such request is reasonably acceptable to the Depository and the Corporation.

Receipts
shall be in denominations of any number of whole Depositary Shares. The Corporation shall deliver to the Depository from time
to time such quantities of Receipts as the Depository may request to enable the Depository to perform its obligations under this
Agreement.

The DTC
Receipt and definitive Receipts, if any, shall be substantially in the form set forth in Exhibit A annexed to this Agreement
and incorporated herein by reference, with appropriate insertions, modifications and omissions, as hereinafter provided and shall
be engraved or otherwise prepared so as to comply with applicable rules of any securities exchange on which the Depositary Shares
are then listed. In the case of any of the events described above resulting in the issuance of definitive Receipts in exchange
for the DTC Receipt, the Depository, pending preparation of definitive Receipts and upon the written order of the Corporation,
delivered in compliance with Section 2.3 hereof, shall execute and deliver temporary Receipts which may be printed, lithographed
or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by
their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depository will cause definitive Receipts
to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable
by the Holder for definitive Receipts upon surrender of the temporary Receipts at an office described in the first paragraph of
Section 2.3 hereof, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depository
shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented
by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any
charge therefor to the Holder or the Depository. Until so exchanged, the temporary Receipts shall in all respects be entitled
to the same benefits under this Agreement as definitive Receipts.

Receipts
shall be executed by the Depository by the manual or facsimile signature of a duly authorized officer of the Depository; provided
that, if a Registrar for the Receipts (other than the Trust Company) shall have been appointed, such Receipts shall also be countersigned
by manual or facsimile signature of a duly authorized officer of such Registrar. No Receipt shall be entitled to any benefits
under this Agreement or be valid or obligatory for any purpose unless it shall have been executed as described in the preceding
sentence. The Registrar shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing
the manual or facsimile signature of a duly authorized signatory of the Depository who was at any time a proper and duly authorized
signatory of the Depository shall bind the Depository, notwithstanding that such signatory ceased to hold such office prior to
the delivery of such Receipts or did not hold such office on the date of issuance of such receipts.

    	4

    	 

    

Receipts
may be endorsed with, or have incorporated in the text thereof, such legends or recitals or changes not inconsistent with the
provisions of this Agreement all as may be reasonably required by the Corporation or required to comply with any applicable law
or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Stock, the Depositary
Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipts are subject.

Title
to Depositary Shares evidenced by a Receipt which is properly endorsed, or accompanied by a duly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, that until transfer
of any particular Receipt shall be registered on the books of the Registrar as provided in Section 2.4 hereof, the Depository
may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for
the purpose of determining the person entitled to distributions of dividends or other distributions or payments, to exercise any
redemption or voting rights or to receive any notice provided for in this Agreement and for all other purposes.

Section
2.3          Deposit of Stock; Execution and Delivery of Receipts.

Subject
to the terms and conditions of this Agreement, the Corporation may from time to time deposit shares of Stock under this Agreement
by delivery to the Depository, including via electronic book-entry, for such shares of Stock to be deposited (or in such other
manner as may be agreed to by the Corporation and the Depository), properly endorsed or accompanied, if required by the Depository,
by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depository, together with (i) all such certifications
as may be required by the Depository in accordance with the provisions of this Agreement, including the resolutions of the Board
of Directors of the Corporation or a committee of the Board of Directors, as certified by the Secretary or any Assistant Secretary
of the Corporation on the date thereof as being complete, accurate and in effect, relating to the issuance and sale of the Stock,
(ii) an opinion of counsel to the Corporation addressed to the Depository containing opinions, or a letter of counsel to the Corporation
authorizing reliance on such counsel’s opinions delivered to the underwriters named therein, relating to, (A) the existence
and good standing of the Corporation, (B) the due authorization of the Depositary Shares and the status of the Depositary Shares
as validly issued, fully paid and non-assessable, and (C) the effectiveness of any registration statement under the Securities
Act relating to the Depositary Shares or whether exemption from such registration is applicable, and (iii) a written order of
the Corporation, directing the Depository to execute and deliver to, or upon the written order of, the person or persons stated
in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. Shares of deposited
Stock shall be held by the Depository in an account to be established by the Depository at the Depository’s Office, or at
such other place or places as the Depository shall determine. As Registrar and Transfer Agent for the deposited Stock, the Trust
Company will reflect changes in the number of shares of deposited Stock held by it by notation, book-entry or other appropriate
method.

    	5

    	 

    

Upon receipt
by the Depository of shares of Stock deposited in accordance with the provisions of this Section 2.3 hereof, together with the
other documents required as above specified, and upon registering the Stock on the books of the Corporation (or its duly appointed
Transfer Agent) in the name of the Depository or its nominee, the Depository, subject to the terms and conditions of this Agreement,
shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depository
referred to in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of Depositary
Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons.
The Depository shall execute and deliver such Receipt or Receipts at the Depository’s Office or such other offices, if any,
as the Depository may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery.

Section
2.4          Registration of Transfer of Receipts.

Subject
to the terms and conditions of this Agreement, the Trust Company, as Registrar and Transfer Agent for the Receipts, shall register
on its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by a duly authorized
attorney, properly endorsed or accompanied by a duly executed instrument of transfer, including a guarantee of the signature thereon
from an eligible guarantor institution participating in a signature guarantee program pursuant to Rule 17Ad-15 under the Securities
Exchange Act of 1934 (the “Signature Guarantee”), and any other evidence of authority as may be reasonably required
by the Trust Company (or successor Registrar or Transfer Agent). Thereupon, the Depository shall execute a new Receipt or Receipts
evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver
such new Receipt or Receipts to or upon the order of the person entitled thereto.

Section
2.5          Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.

Upon surrender
of a Receipt or Receipts at the Depository’s Office or at such other offices as the Depository may designate for the purpose
of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Agreement,
the Depository shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the
aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or
Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered.

    	6

    	 

    

Any Holder
of a Receipt or Receipts may withdraw the number of whole shares of Stock and all money represented thereby by surrendering such
Receipt or Depositary Shares represented by the Receipts at the Depository’s Office or at such other offices as the Depository
may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Stock (or money, if
any, represented thereby) which has previously been called for redemption. If such holder’s Depositary Shares are being
held by DTC or its nominee, DTC shall be deemed the holder hereunder for all purposes. It shall be the duty of the DTC participant
or the beneficial owner to request DTC to withdraw from the book-entry system the number of Depositary Shares specified above.
Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided in Section
5.7 and payment of all taxes and governmental charges in connection with such surrender and withdrawal of Stock, and subject to
the terms and conditions of this Agreement, the Depository shall deliver to such Holder, or to the person or persons designated
by such Holder as hereinafter provided, the number of whole shares of Stock and all money represented by the Receipt or Receipts,
or Depositary Shares represented by such Receipt or Receipts, so surrendered for withdrawal, but Holders of such whole shares
of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares
therefor. If a Receipt delivered by the Holder to the Depository in connection with such withdrawal shall evidence a number of
Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be withdrawn,
the Depository shall at the same time, in addition to such number of whole shares of Stock and such money to be so withdrawn,
deliver to such Holder, or subject to Section 2.4 hereof upon his order, a new Receipt evidencing such excess number of Depositary
Shares; provided, that the Depository shall not issue any Receipt evidencing a fractional Depositary Share.

Delivery
of the Stock and money being withdrawn may be made by the delivery of such certificates, documents of title and other instruments
as the Depository may deem appropriate (or in such other manner as may be agreed to by the Corporation and the Depository), which,
if required by the Depository, shall be properly endorsed or accompanied by proper instruments of transfer including, but not
limited to, a Signature Guarantee.

If the
Stock and the money being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt
or Receipts being surrendered for withdrawal of such Stock, such Holder shall execute and deliver to the Depository a written
order so directing the Depository, and the Depository may require that the Receipt or Receipts surrendered by such Holder for
withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a duly executed instrument of transfer in blank.

Delivery
of the Stock and the money represented by Receipts surrendered for withdrawal shall be made by the Depository at the Depository’s
Office, except that, at the written request, sole risk and expense of the Holder surrendering such Receipt or Receipts and for
the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

Section
2.6          Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

As a condition
precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt,
the Depository, any of the Depository’s Agents or the Corporation may require payment to it of a sum sufficient for the
payment (or, in the event that the Depository or the Corporation shall have made such payment, the reimbursement to it) of any
charges or expenses payable by the Holder of a Receipt pursuant to Section 3.2 and Section 5.7 hereof, may require the production
of evidence satisfactory to it as to the identity and genuineness of any signature, including a Signature Guarantee, and may also
require compliance with such regulations, if any, as the Depository or the Corporation may establish consistent with the provisions
of this Agreement and applicable law and as may be required by any securities exchange on which the Stock, the Depositary Shares
or the Receipts may be listed.

    	7

    	 

    

The deposit
of the Stock may be refused, the delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts
may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any
period when the register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable
by the Depository, any of the Depository’s Agents or the Corporation at any time or from time to time because of any requirement
of law or of any government or governmental body or commission or under any provision of this Agreement.

Section
2.7          Lost Receipts, etc.

If any
Receipt is lost, stolen, mutilated or destroyed, absent notice to the Corporation or the Depository that such certificates have
been acquired by a protected purchaser, the Corporation may, upon receipt by the Depository of an open penalty surety bond satisfactory
to it and holding it and the Corporation harmless, cause to be issued, in a form mutually agreed to by the Depository and the
Corporation, a new Receipt of like denomination, tenor and date as the Receipt so lost, stolen, mutilated or destroyed, and countersigned
by the Depository. Any such new Receipt shall constitute a substitute contractual obligation of the Corporation, whether or not
the allegedly lost, stolen, mutilated or destroyed Receipt shall be at any time enforceable by anyone. The Depository may, at
its option, countersign replacement Receipts for mutilated certificates upon presentation thereof without such indemnity.

Section
2.8          Cancellation and Destruction of Surrendered Receipts.

All Receipts
surrendered to the Depository or any Depository’s Agent shall be cancelled by the Depository.

Except
as prohibited by applicable law or regulation, the Depository is authorized and directed to destroy all Receipts so cancelled.

Section
2.9          Redemption of Stock.

Whenever
the Corporation shall be permitted and shall elect to redeem shares of Stock in accordance with the terms of the Articles, it
shall (unless otherwise agreed to in writing with the Depository) give or cause to be given to the Depository, not less than 35
days and not more than 60 days prior to the Redemption Date (as defined below), written notice of the date of such proposed redemption
of Stock and of the number of such shares held by the Depository to be so redeemed and the applicable redemption price, which
notice shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in accordance with
the provisions of the Articles. On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid
in full to Computershare the redemption price of the Stock to be redeemed in accordance with the provisions of the Articles, the
Depository shall redeem the number of Depositary Shares representing such Stock. The Depository shall provide notice of the Corporation’s
redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed
by reasonably acceptable transmission method, as determined by the Depository, not less than 30 days and not more than 60 days
prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”), to the Record
Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they appear on
the records of the Depository; but neither failure to provide any notice of redemption of Depositary Shares to one or more Holders
nor any defect in any notice of redemption of Depositary Shares to one or more Holders shall affect the sufficiency of the proceedings
for redemption as to the other Holders. Each notice shall be prepared by the Corporation and shall state: (i) the Redemption Date;
(ii) the redemption price; (iii) if fewer than all Depositary Shares are to be redeemed, the number of Depositary Shares to be
redeemed; and (iv) the manner in which holders of the Depositary Shares called for redemption may obtain payment of the redemption
price in respect to those Depositary Shares. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary
Shares to be so redeemed shall be selected in accordance with the Articles.

    	8

    	 

    

Notice
having been provided by the Depository as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed
to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on
the shares of Stock so called for Redemption shall cease to accumulate from and after such date, (ii) the Depositary Shares being
redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing
such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease
and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary
Shares called for redemption (properly endorsed or assigned for transfer, if the Depository or applicable law shall so require),
such Depositary Shares shall be redeemed by Computershare at a redemption price per Depositary Share equal to 1/40th of the redemption
price per share of Stock so redeemed plus all money represented by such Depositary Shares, including, if required by the provisions
of the Articles, all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on
the shares of Stock to be so redeemed and have not theretofore been paid.

If fewer
than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depository will deliver to the Holder
of such Receipt upon its surrender to the Depository, together with payment of the redemption price for any and all other amounts
payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by
such prior Receipt and not called for redemption; provided, however, that the Depository shall not issue any Receipt evidencing
a fractional Depositary Share and cash will be payable in respect of fractional interests.

Computershare
shall, to the extent permitted by law, release or repay to the Corporation any funds deposited by or for the account of the Corporation
for the purpose of redeeming any Depositary Shares that remain unclaimed at the end of two years from the applicable Redemption
Date, without further action necessary on the part of the Corporation.

    	9

    	 

    

All funds
received by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of services
(the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts
to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this Agreement, Computershare
may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii)
commercial paper obligations rated A-1 or P-1 or better by Standard & Poor’s Corporation (“S&P”) or
Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with Rule
2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short-term certificates of deposit, bank repurchase
agreements or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating
above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT
Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for
any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this paragraph,
including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from
time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare shall
not be obligated to pay such interest, dividends or earnings to the Corporation, any holder or any other party.

ARTICLE
III.

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

Section
3.1          Filing Proofs; Certificates and Other Information.

Any Holder
of a Receipt may be required from time to time to file proof of residence, or other matters or other information, to execute certificates
and to make such representations and warranties as the Depository or the Corporation may reasonably deem necessary or proper.
The Depository or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt
or the withdrawal of the Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend
or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such
certificates are executed or such representations and warranties are made.

Section
3.2          Payment of Taxes or Other Governmental Charges.

Holders
of Receipts shall be obligated to make payments to the Depository of certain charges and expenses, as provided in Section 5.7
hereof. Registration of transfer of any Receipt or any withdrawal of Stock and all money represented by the Depositary Shares
evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions
may be withheld or any part of or all the Stock represented by the Depositary Shares evidenced by such Receipt and not theretofore
sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such
sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment
of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency.

    	10

    	 

    

Section
3.3          Warranty as to Stock.

The Corporation
hereby represents and warrants that the Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable.
Such representation and warranty shall survive the deposit of the Stock and the issuance of the related Receipts.

Section
3.4          Warranty as to Receipts.

The Corporation
hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Depositary Shares,
and each Depositary Share will represent one 1/40th interest in a share of deposited Stock. Such representation and warranty shall
survive the deposit of the Stock and the issuance of the Receipts.

ARTICLE
IV.

THE DEPOSITED SECURITIES; NOTICES

Section
4.1          Cash Distributions.

Whenever
Computershare, as distribution agent, shall receive any cash dividend or other cash distribution on the Stock, Computershare shall,
subject to Section 3.1 and Section 3.2 hereof, distribute to Record Holders of Receipts on the record date fixed pursuant to Section
4.4 hereof such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers
of Depositary Shares evidenced by the Receipts held by such Holders; provided, that in case the Corporation or Computershare shall
be required to withhold, and shall withhold, from any cash dividend or other cash distribution in respect of the Stock an amount
on account of taxes, or as otherwise required by law, regulation or court process, the amount made available for distribution
or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash
dividend or other cash distribution to be paid to any Record Holder on the aggregate number of Depositary Shares held by such
Record Holder results in an amount that is a fraction of a cent and that fraction of a cent is equal to or greater than $0.005,
the amount Computershare shall distribute to such Record Holder shall be rounded up to the next highest whole cent; otherwise,
such fractional amount shall be disregarded by the Depository and shall be added to and be treated as part of the next succeeding
distribution.

Each Holder
of a Receipt shall provide Computershare with its certified tax identification number on a properly completed Form W-8 or W-9,
as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence,
the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distributions
to be made hereunder.

    	11

    	 

    

Section
4.2          Distributions Other than Cash, Rights, Preferences or Privileges.

Whenever
Computershare shall receive any distribution other than cash, rights, preferences or privileges upon the Stock, Computershare
shall, subject to Section 3.1 and Section 3.2 hereof, distribute to Record Holders of Receipts on the record date fixed pursuant
to Section 4.4 hereof such amounts of the securities or property received by it as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that Computershare
may deem equitable and practicable for accomplishing such distribution. If in the opinion of Computershare such distribution cannot
be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation
or Computershare withhold an amount on account of taxes or governmental charges) Computershare deems, after consultation with
the Corporation, such distribution not to be feasible, Computershare may, with the approval of the Corporation, adopt such method
as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private
sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds
of any such sale shall, subject to Section 3.1 and Section 3.2 hereof, be distributed or made available for distribution, as the
case may be, by Computershare to Record Holders of Receipts as provided by Section 4.1 hereof in the case of a distribution received
in cash. The Corporation shall not make any distribution of securities to Computershare, and Computershare shall not make any
distribution of such securities to the Holders of Receipts, unless the Corporation shall have provided an opinion of counsel stating
that such securities or property have been registered under the Securities Act or do not need to be registered in connection with
such distributions.

Section
4.3          Subscription Rights, Preferences or Privileges.

If the
Corporation shall at any time offer or cause to be offered to the persons in whose names the deposited Stock is recorded on the
books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences
or privileges of any other nature, such rights, preferences or privileges shall in each such instance be communicated to the Depository
and thereafter made available by the Depository to the Record Holders of Receipts in such manner as the Depository (in consultation
with the Corporation) may determine, either by the issue to such Record Holders of warrants representing such rights, preferences
or privileges or by such other method as may be approved by the Depository in its discretion with the approval of the Corporation;
provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depository or the
Corporation determines that it is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences
or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed
by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then Computershare, in its discretion
(with approval of the Corporation, in any case where the Depository has determined that it is not feasible to make such rights,
preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such
transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as
it may deem proper. The net proceeds of any such sale shall, subject to Section 3.1 and Section 3.2 hereof, be distributed by
Computershare to the Record Holders of Receipts entitled thereto as provided by Section 4.1 hereof in the case of a distribution
received in cash.

    	12

    	 

    

The Corporation
shall promptly notify the Depository whether registration under the Securities Act of the securities to which any rights, preferences
or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences
or privileges relate, and the Corporation agrees with the Depository that it will file promptly a registration statement pursuant
to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take
all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of
such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event
shall the Depository make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase
any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided
to the Depository an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt
from registration under the provisions of the Securities Act.

The Corporation
shall promptly notify the Depository whether any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders
of Receipts, and the Corporation agrees with the Depository that the Corporation will use its reasonable best efforts to take
such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences
or privileges to enable such Holders to exercise such rights, preferences or privileges.

Section
4.4          Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.

Whenever
any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to the Stock, or whenever the Depository shall receive notice
of (A) any meeting at which holders of the Stock are entitled to vote or of which holders of the Stock are entitled to notice
or (B) any election on the part of the Corporation to redeem any such Stock, or whenever the Depository and the Corporation shall
decide it is appropriate, the Depository shall in each such instance fix a record date (which shall be the same date as the record
date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Stock) for the determination of
the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the
net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall
be entitled to notice of such meeting, or for whose Depositary Shares are to be so redeemed or for any other appropriate reasons.

    	13

    	 

    

Section
4.5          Voting Rights.

Subject
to the provisions of the Articles, upon receipt of notice of any meeting at which the holders of the Stock are entitled to vote,
the Depository shall, as soon as practicable thereafter, provide to the Record Holders of Receipts, determined on the record date
as set forth in Section 4.4 hereof, a notice prepared by the Corporation which shall contain (i) such information as is contained
in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depository
as to the exercise of the voting rights pertaining to the amount of Stock represented by their respective Depositary Shares (including
an express indication that instructions may be given to the Depository to give a discretionary proxy to a person designated by
the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the
Holders of Receipts on the relevant record date, the Depository shall endeavor insofar as practicable to vote or cause to be voted,
in accordance with the instructions set forth in such requests, the maximum number of whole shares of Stock represented by the
Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby
agrees to take all reasonable action which may be deemed necessary by the Depository in order to enable the Depository to vote
such Stock or cause such Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depository will
not vote (but at its discretion, may appear at any meeting with respect to such Stock unless directed otherwise by the Holders
of all the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by the Receipts of such Holders.

Section
4.6          Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

Upon any
change in par or stated value, split-up, combination or any other reclassification of the Stock, subject to the provisions of
the Articles, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is
a party, the Depository may in its discretion with the approval of, and shall upon the instructions of, the Corporation, and (in
either case) in such manner as the Depository may deem equitable, (i) make such adjustments as are certified by the Corporation
in the fraction of an interest represented by one Depositary Share in one share of Stock and in the ratio of the redemption price
per Depositary Share to the redemption price per share of Stock, in each case as may be necessary fully to reflect the effects
of such change in par or stated value, split-up, combination or other reclassification of the Stock, or of such recapitalization,
reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depository in exchange for
or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or
in respect of such Stock. In any such case the Corporation may in its discretion direct the Depository to execute and deliver
additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing
such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from
and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the
Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depository with
instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and
amount of shares and other securities and property and cash into which the Stock represented by such Receipts might have been
converted or for which such Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction.

    	14

    	 

    

The Corporation
shall cause reflective provisions to be included in the charter of the resulting or surviving entity (if other than the Corporation)
for the protection of such rights as may be applicable upon exchange of the deposited Stock for securities or property or cash
of the surviving entity in connection with the transactions set forth above. The Corporation shall cause any such surviving entity
(if other than the Corporation) expressly to assume the obligations of the Corporation hereunder.

Section
4.7          Delivery of Reports.

The Depository
shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the Depository,
as the holder of the Stock, and which the Corporation is required to furnish to the holders of the Stock.

Section
4.8          Lists of Receipt Holders.

Reasonably
promptly upon request from time to time by the Corporation, at the sole expense of the Corporation, the Depository shall furnish
to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered
Holders of Receipts.

ARTICLE
V.

THE DEPOSITORY, THE DEPOSITORY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

Section
5.1          Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents.

Upon execution
of this Agreement, the Depository shall maintain at the Depository’s Office, facilities for the execution and delivery,
registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depository’s Agents,
if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the
provisions of this Agreement; provided that, to the extent provisions of this Agreement regarding transfer or registration functions
performed by the Depository conflict with the terms of any transfer agency agreement between the Corporation and the Depository,
the terms of such transfer agency agreement shall control.

The Registrar
shall keep books at the Depository’s Office for the registration and transfer of Receipts. Upon direction by the Corporation
and with reasonable notice to the Registrar, the Depository shall open its books for inspection by the Record Holders of Receipts
as directed by the Corporation; provided, that any Holder shall be granted such right by the Corporation only after certifying
that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary
Shares evidenced by the Receipts.

The Registrar
may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder.

If the
Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one
or more national securities exchanges, the Depository will appoint a registrar (acceptable to the Corporation) for registration
of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such registrar (which may be the Trust
Company if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depository
upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Stock are listed on one or more
other securities exchanges, the Registrar will, at the request of the Corporation, arrange such facilities for the delivery, registration,
registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Stock as may be required by law or applicable
securities exchange regulation.

    	15

    	 

    

The Depository
may from time to time appoint Depository’s Agents to act in any respect for the Depository for the purposes of this Agreement
and may from time to time appoint additional Depository’s Agents and vary or terminate the appointment of such Depository’s
Agents, provided that the Depository will notify the Corporation of any such appointment or variation or termination of such appointment.

Section
5.2          Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the Registrar, the Transfer Agent
or the Corporation.

None of
the Depository, any Depository’s Agent, any Registrar, any Transfer Agent or the Corporation shall incur any liability to
any Holder of a Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States
of America or of any other governmental authority or, in the case of the Depository, the Depository’s Agent or the Registrar
or the Transfer Agent, by reason of any provision, present or future, of the Corporation’s Articles of Incorporation (including
the Articles) or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depository,
the Depository’s Agent, the Registrar, the Transfer Agent or the Corporation shall be prevented, delayed or forbidden from,
or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Agreement provide shall
be done or performed. Nor shall the Depository, any Depository’s Agent, any Registrar, any Transfer Agent or the Corporation
incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance
of any act or thing which the terms of this Agreement shall provide shall or may be done or performed, or (ii) by reason of any
exercise of, or failure to exercise, any discretion provided for in this Agreement except, in case of any such exercise or failure
to exercise discretion not caused as aforesaid, if caused by the gross negligence, willful misconduct or bad faith (each as determined
by a final judgment of a court of competent jurisdiction) of the party charged with such exercise or failure to exercise, or as
otherwise explicitly set forth in this Agreement.

Section
5.3          Obligations of the Depository, the Depository’s Agents, the Registrar, the Transfer Agent and the Corporation.

Whenever
in the performance of its duties under this Agreement the Depository shall deem it necessary or desirable that any fact or matter
be proved or established by the Corporation prior to taking or suffering any action hereunder, such fact or matter (unless other
evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement
signed by the Chairman of the Board, the President, Chief Executive Officer, Chief Financial Officer, or any Executive Vice President
of the Corporation and delivered to the Depository. The Depository may rely upon, and be held harmless for such reliance, upon
such statement for any action taken or suffered by it pursuant to the provisions of this Agreement and shall not be held liable
in connection with any delay in receiving such statement.

    	16

    	 

    

The Depository,
any Depository’s Agent and any Registrar or Transfer Agent shall not be obligated to expend or risk its own funds or to
take any action that it believes would expose or subject it to expense or liability or to a risk of incurring expense or liability,
unless it has been furnished with assurances of repayment or indemnity satisfactory to it.

The Depository
shall not be accountable or under any duty or responsibility for the use by the Corporation of any Receipts authenticated by the
Depository and delivered by it to the Corporation pursuant to this Agreement or for the application by the Corporation of the
proceeds of the issue and sale, or exercise, of the Receipts.

The Depository
shall not have any duty or responsibility in the case of the receipt of any written demand from any Holder with respect to any
action or default by the Corporation, including, without limiting the generality of the foregoing, any duty or responsibility
to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Corporation.

None of
the Depository, any Depository’s Agent, any Registrar, any Transfer Agent or the Corporation shall be liable for any action
or any failure to act by it in reliance upon the written advice of legal counsel (including legal counsel for the Corporation)
or accountants, or information from any person presenting Stock for deposit, any Holder of a Receipt or any other person. Such
advice shall be full and complete authorization, protection to, and indemnification by the Corporation of, the Depository, the
Depository’s Agent, any Registrar, any Transfer Agent and subcontractors as to any action taken or omitted by it in accordance
with such advice, believed (in the absence of gross negligence, willful misconduct or bad faith, each as determined by a final
judgment of a court of competent jurisdiction) by such parties to be genuine and to have been signed or presented by the proper
party or parties.

The Depository
shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or
effect of any such vote made, as long as any such action or inaction does not result from fraud, gross negligence, willful misconduct
or bad faith (each as determined by a final judgment of a court of competent jurisdiction). The Depository undertakes, and any
Registrar and any Transfer Agent shall be required to undertake, to perform such duties and only such duties as are expressly
set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depository
or any Registrar or Transfer Agent. The Depository shall act hereunder solely as agent for the Corporation and shall not assume
any obligations or relationship of agency or trust with any of the Holders.

The Depository
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorney or agents, and the Depository shall not be answerable or accountable for any act, default, neglect or misconduct
of any such attorney or agents or for any loss to the Corporation resulting from any such act, default, neglect or misconduct,
absent gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction)
in the selection and continued employment thereof.

    	17

    	 

    

From time
to time, the Corporation may provide the Depository with instructions concerning the services performed by the Depository hereunder.
In addition, at any time the Depository may apply to any officer of the Corporation for instructions. The Depository may rely
on and shall be held harmless and protected and shall incur no liability for or in respect of any action taken, suffered or omitted
to be taken by it in reliance upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission, telegram
or other document, or any security delivered to it, and believed by it to be genuine and to have been made or signed by the proper
party or parties, or upon any written or oral instructions or statements from the Corporation with respect to any matter relating
to its acting as Depository hereunder. The Depository shall not be held to have notice of any change of authority of any person,
until receipt of written notice thereof from the Corporation.

The Depository,
its parent, affiliates or subsidiaries, the Depository’s Agents, the Registrar, the Transfer Agent and each of their equity
holders, directors, officers or employees may own, buy, sell and deal in any class of securities of the Corporation and its affiliates
and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Corporation or its affiliates
may be interested or contract with or lend money to any such person or otherwise act as fully or as freely as if it were not the
Depository, the parent, affiliate or subsidiary or the Depository’s Agent or the Registrar or the Transfer Agent hereunder.
The Depository may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates.
Nothing herein shall preclude the Depository from acting in any other capacity for the Corporation or for any other legal entity.

It is
intended that none of the Depository, any Depository’s Agent or the Registrar or the Transfer Agent, acting as the Depository’s
Agent or Registrar or Transfer Agent, as the case may be, shall be deemed to be an “issuer” of the securities under
the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depository,
any Depository’s Agent and the Registrar and Transfer Agent are acting only in a ministerial capacity as Depository or Registrar
or Transfer Agent, as applicable, for the Stock; provided, that the Depositary agrees to comply with all information reporting
and withholding requirements applicable to it under law or this Agreement in its capacity as Depository.

None of
the Depository (or its officers, directors, employees or agents), any Depository’s Agent or the Registrar or the Transfer
Agent makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the
Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its counter-signatures
thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein and
the Depository shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or
in the Receipts (except its countersignature hereof and thereof) or be required to verify the same, and all such statements and
recitals are and shall be deemed to have been made by the Corporation only; provided, that the Depositary is responsible for any
and all of its representations in this Agreement.

    	18

    	 

    

The Depository
shall have no responsibility for any breach by the Corporation of any covenant or condition contained in this Agreement or in
any Receipt; nor shall it be responsible to make any calculations or adjustments (or confirm or verify the accuracy or correctness
of any such calculations or adjustments) required under any provisions of the Receipts or this Agreement; nor shall it be responsible
for the manner, method or amount of any such calculations or adjustments or the ascertaining of the existence of facts that would
require any such calculations or adjustments; nor shall it by any act hereunder be deemed to make any representation or warranty
as to the authorization or reservation of any shares of Stock to be issued pursuant to this Agreement or any Receipt or as to
whether any shares of Stock will when issued be valid and fully paid and nonassessable.

The Depository
assumes no responsibility for the correctness of the description that appears in the Receipts.

Notwithstanding
any other provision herein or in the Receipts, the Depository makes no warranties or representations as to the validity or genuineness
of any Stock at any time deposited with the Depository hereunder or of the Depositary Shares, as to the validity or sufficiency
of this Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts
in and to the Depositary Shares. The Depository shall not be accountable for the use or application by the Corporation of the
Depositary Shares or the Receipts or the proceeds thereof.

The Depository
may rely on and be fully authorized and protected in acting or failing to act upon (i) any guaranty of signature by an “eligible
guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable
“signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (ii)
any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered,
changed, amended or repealed.

Notwithstanding
anything to the contrary herein, no party to this Agreement shall be liable for any incidental, indirect, punitive, special or
consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, arising under any
provision of this Agreement or out of any act or failure to act even if apprised of the possibility of such damages.

Notwithstanding
anything contained herein to the contrary, the Depository’s, any Depository’s Agent’s, Registrar’s or
Transfer Agent’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection
with this Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, or in
tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to the Depository as fees
and charges, but not including reimbursable expenses, during the 12 months immediately preceding the event for which recovery
from the Depository is being sought.

The Depository
shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of this
Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other
monies held by it, except as required by law. The Depository shall not be responsible for advancing funds on behalf of the Corporation
and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

    	19

    	 

    

In the
event the Depository, any Depository’s Agent, any Registrar or Transfer Agent believes any ambiguity or uncertainty exists
hereunder or in any notice, instruction, direction, request or other communication, paper or document received by it hereunder,
or in the administration of any of the provisions of this Agreement, the Depository, any Depository’s Agent, any Registrar
or Transfer Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering
to take any action hereunder, the Depository, any Depository’s Agent, any Registrar or Transfer Agent may, in its sole discretion
upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in
any way to the Corporation, any Holders of Receipts or any other person for refraining from taking such action, unless the Depository
receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the
satisfaction of the Depository, Depository’s Agent, Registrar or Transfer Agent or which proves or establishes the applicable
matter to the satisfaction of the Depository, Depository’s Agent, Registrar or Transfer Agent.

The Depository
undertakes not to issue any Receipt other than to evidence the Depositary Shares representing interests in the shares of Stock
that have been delivered to and are then on deposit with the Depository. The Depository also undertakes not to sell, except as
provided herein, pledge or lend Depositary Shares or any shares of deposited Stock by it as Depository.

The Depository
shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation.
The obligations of the Corporation and the rights of the Depository set forth in this Section 5.3 shall survive the termination
of this Agreement, the resignation, removal of the Depository, and any succession of any Depository, Registrar or Depository’s
Agent.

Section
5.4          Resignation and Removal of the Depository; Appointment of Successor Depository.

The Depository
may at any time resign as Depository hereunder by delivering notice (pursuant to the notice provisions contained in Section 7.4)
of its election to do so to the Corporation upon 30 days’ notice of such resignation. The Depository may at any time be
removed by the Corporation by 30 days’ written notice of such removal delivered to the Depository.

In case
at any time the Depository acting hereunder shall resign or be removed, the Corporation shall, within 30 days after the delivery
of the notice of resignation or removal, as the case may be, appoint a successor Depository, which shall be authorized under applicable
laws to exercise the powers of a transfer agent and subject to supervision or examination by federal or state authorities having
its principal office in the United States of America and (together with its affiliates) having a combined capital and surplus
of at least $50,000,000. If no successor Depository shall have been so appointed and have accepted appointment within 30 days
after delivery of such notice, a Holder may petition any court of competent jurisdiction for the appointment of a successor Depository.

    	20

    	 

    

Every
successor Depository shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its
appointment hereunder, and thereupon such successor Depository, without any further act or deed, shall become fully vested with
all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depository under this Agreement,
and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer
and deliver all right, title and interest in the Stock and any moneys held hereunder to such successor, and shall deliver to such
successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession
relating thereto. Any successor Depository shall promptly provide notice of its appointment to the Record Holders of Receipts.

Any entity
into or with which the Depository may be merged, consolidated or converted, or any person to which all or a substantial part of
the assets of the Depository may be transferred or which succeeds to the shareholder services business of the Depository shall
be the successor of the Depository without the execution or filing of any document or any further act, and notice thereof shall
not be required hereunder. Such successor Depository may authenticate the Receipts in the name of the predecessor Depository or
its own name as successor Depository.

Section
5.5          Corporate Notices and Reports.

The Corporation
agrees that it will deliver to the Depository, and the Depository will, as soon as practicable, after receipt thereof, transmit
to the Record Holders of Receipts, in each case at the addresses recorded in the Depository’s books, copies of all notices
and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange
upon which the Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Articles of Incorporation
(including the Articles), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s
expense and the Corporation will provide the Depository with such number of copies of such documents as the Depository may request.
In addition, the Depository will transmit to the Record Holders of Receipts at the Corporation’s expense, including applicable
fees, such other documents as may be requested by the Corporation.

Section
5.6          Indemnification by the Corporation.

The Corporation
shall indemnify the Depository, any Depository’s Agent and any Registrar or Transfer Agent (including each of their officers,
directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense
(including the reasonable costs and expenses of defending itself) may be paid, incurred or suffered by or to which it may become
subject, arising from or out of, directly or indirectly, any claims or liability resulting from acts performed, suffered or omitted
to be taken in connection with this Agreement and the Receipts by the Depository, any Registrar or Transfer Agent or any of their
respective agents (including any Depository’s Agent) and any transactions or documents contemplated hereby, except for any
liability arising out of gross negligence, willful misconduct or bad faith (each as determined by a final judgment of a court
of competent jurisdiction) on the respective parts of any such person or persons. The costs and expenses incurred by the Depository
in enforcing this right of indemnification shall be paid by the Corporation. The obligations of the Corporation and the rights
of the Depository set forth in this Section 5.6 shall survive the termination of this Agreement and any succession of any Depository,
Registrar or Depository’s Agent.

    	21

    	 

    

Section
5.7          Fees, Charges and Expenses.

The Corporation
agrees promptly to pay the Depository the compensation to be agreed upon with the Corporation for all services rendered by the
Depository hereunder and to reimburse the Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees
and expenses) incurred by the Depository without gross negligence, willful misconduct or bad faith (each as determined by a final
judgment of a court of competent jurisdiction) on its part (or on the part of any agent or Depository’s Agent) in connection
with the services rendered by it (or such agent or Depository’s Agent) hereunder. The Corporation shall pay all charges
of the Depository in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares and any
redemption or exchange of the Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and
governmental charges arising solely from the existence of the depository arrangements. All other transfer and other taxes and
governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder
of Receipts, the Depository incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder
will be liable for such charges and expenses; provided, that the Depository may, at its sole option, request that the Corporation
direct a Holder of a Receipt to prepay the Depository any charge or expense the Depository has been asked to incur at the request
of such Holder of Receipts. The Depository shall present its statement for charges and expenses to the Corporation at such intervals
as the Corporation and the Depository may agree. The Depository shall not register any transfer or issue or deliver any Receipt(s)
or Depositary Shares unless or until the persons requesting the registration or issuance shall have paid to the Depository for
the account of the Corporation the amount of such tax, if any, or shall have established to the reasonable satisfaction of the
Corporation and the Depository that such tax, if any, has been paid.

Section
5.8          Tax Compliance.

Computershare
and, where applicable, the Trust Company, on its own behalf and on behalf of the Corporation, will comply with all applicable
certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable
tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or
(ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary
Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely
payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent.

    	22

    	 

    

The Depository
shall comply with any written instructions received from the Corporation with respect to the application of such requirements
to particular payments or Holders, and may for purposes of this Agreement rely on any such instructions in accordance with the
provisions of Section 5.3 hereof. The Depository shall have no duties, responsibilities or obligations to take any action under
this paragraph without clear and precise instructions from the Corporation.

The Depository
shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on
reasonable request to the Corporation or to its authorized representatives.

ARTICLE
VI.

AMENDMENT AND TERMINATION

Section
6.1          Amendment.

The form
of the Receipts and any provisions of this Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depository without the consent of Holders of Receipts in any respect which they may deem necessary or desirable;
provided, that no such amendment (other than a change in fees) which shall materially and adversely alter the rights of the Holders
of Receipts shall be effective unless such amendment shall have been approved by the Holders of Receipts evidencing at least a
majority of the Depositary Shares then outstanding. Every Holder of an outstanding receipt at the time any such amendment becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this
Agreement.

Notwithstanding
the foregoing, in no event shall the Corporation be required to execute any amendment which may impair the right, subject to the
provisions of Section 2.6 and Section 2.7 and ARTICLE III, of any owner of Depositary Shares to surrender any Receipt evidencing
such Depositary Shares to the Depository with instructions to deliver to the Holder the Stock and all money represented thereby,
except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency
or commission, or applicable securities exchange. As a condition precedent to the Depository’s execution of any amendment,
the Corporation shall deliver to the Depository a certificate from a duly authorized officer of the Corporation that states that
the proposed amendment is in compliance with the terms of this Section 6.1, provided that, if, under the foregoing paragraph,
such amendment would require approval of at least a majority of Holders of Receipts to be effective, such Holders shall be deemed
to have consented and agreed to such amendment for purposes of the statement in such certificate that such amendment is in compliance
with the terms of this ARTICLE VI.

Section
6.2          Termination.

Without
limiting the provisions contained in Section 5.4, this Agreement may be terminated by the Corporation or the Depository only if
(i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.9 hereof, or (ii) there shall
have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the
Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant
to Section 4.1 or Section 4.2 hereof, as applicable.

    	23

    	 

    

Upon the
termination of this Agreement, the Corporation shall be discharged from all obligations under this Agreement except for its obligations
to the Depository, any Depository’s Agent and any Registrar under Section 5.3, Section 5.6 and Section 5.7.

ARTICLE
VII.

MISCELLANEOUS

Section
7.1          Counterparts.

This Agreement
may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and
the same instrument. A signature to this Agreement transmitted by facsimile electronically shall have the same effect as an original
signature.

Section
7.2          Exclusive Benefit of Parties.

This Agreement
is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give
any legal or equitable right, remedy or claim to any other person whatsoever.

Section
7.3          Invalidity of Provisions.

In case
any one or more of the provisions contained in this Agreement or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no
way be affected, prejudiced or disturbed thereby.

Section
7.4          Notices.

Any and
all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail, or by facsimile transmission or electronic mail, confirmed by letter, addressed
to the Corporation at:

TriState Capital Holdings,
Inc.

One Oxford Centre

301 Grant Street

Suite 2700

Pittsburgh, Pennsylvania 15219

Attn: Chief Financial Officer

or at any other addresses
of which the Corporation shall have notified the Depository in writing.

    	24

    	 

    

Any and
all notices to be given to the Depository hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Depository
at the Depository’s Office at

Computershare Trust Company,
N.A.

Computershare Inc.

250 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile: 781-575-4210

or at any other address of
which the Depository shall have notified the Corporation in writing.

The Depository
shall give any and all notices directed to be given by the Corporation to any Record Holder of a Receipt in writing, which notices
shall be deemed to have been duly given if personally delivered or sent by mail or electronic transmission or confirmed by letter,
addressed to such Record Holder at the address of such Record Holder as it appears on the books of the Depository. Any written
notices given to any record holder of a DTC Receipt shall be deemed to have been duly given if transmitted through the facilities
of DTC in accordance with DTC’s procedures.

Delivery
of a notice sent by mail or by electronic transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post
office letter box. The Depository or the Corporation may, however, act upon any facsimile transmission received by it from the
other, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

Section
7.5          Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent.

Unless
otherwise set forth on a certificate duly executed by an authorized officer of the Corporation, the Corporation hereby appoints
the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect
of the Stock deposited with the Depository hereunder and the Receipts, and the Trust Company and Computershare hereby accept their
respective appointments. With respect to the appointments of the Trust Company as Registrar and Transfer Agent and Computershare
as dividend disbursing agent and redemption agent in respect of the Stock and the Receipts, each of the Corporation, the Trust
Company and Computershare, in their respective capacities under such appointments, shall be entitled to the same rights, indemnities,
immunities and benefits as the Corporation and Depository hereunder, respectively, as if explicitly named in each such provision.

Section
7.6          Holders of Receipts Are Parties.

The Holders
of Receipts from time to time shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof
and of the Receipts. The provisions of this Agreement are intended to benefit only the parties hereto and their respective permitted
successors and assigns, and no rights shall be granted to any other person by virtue of this Agreement.

    	25

    	 

    

Section
7.7          Governing Law.

This Agreement
and the Receipts of each Stock and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by,
and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles.

The parties
hereunder hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The parties hereunder hereby
waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons
to be served upon either party may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 7.4 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon such party in any action, proceeding or claim

Section
7.8          Headings.

The headings
of articles and sections in this Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted
for convenience only and are not to be regarded as a part of this Agreement or the Receipts or to have any bearing upon the meaning
or interpretation of any provision contained herein or in the Receipts.

Section
7.9          Force Majeure.

Notwithstanding
anything to the contrary contained herein, the Depository will not be liable for any delays or failures in performance resulting
from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns
or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, labor difficulties, war, or civil unrest.

Section
7.10          Confidentiality.

The Depository
and the Corporation agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the
carrying out of this Agreement, including the fees for services contemplated hereunder, shall remain confidential, and shall not
be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas
from state or federal government authorities (e.g., in divorce and criminal actions).

[Signature
page follows.]

    	26

    	 

    

IN WITNESS
WHEREOF, the Corporation, Computershare and the Trust Company have duly executed this Agreement as of the day and year first above
set forth.

	 	 	 	 
	 	TRISTATE CAPITAL HOLDINGS, INC.
	 	 	 	 
	 	By:  	/s/ James F. Getz

	                        
	 	 	Name: James F. Getz
	 	 	Title: Chairman, President and Chief Executive Officer

 

[SIGNATURE
PAGE TO DEPOSIT AGREEMENT]

    	 

    	 

    

				
	 	COMPUTERSHARE INC. and COMPUTERSHARE

TRUST COMPANY, N.A. (on behalf of both entities)
	 	 	 	 
	 	By: 	/s/ Rachel Fisher	                                         
	 	 	Name: Rachel Fisher
	 	 	Title: Contract Negotiation Specialist

 

[SIGNATURE
PAGE TO DEPOSIT AGREEMENT]

    	 

    	 

    

EXHIBIT
A

[FORM OF FACE OF RECEIPT]

THE DEPOSITARY SHARES REPRESENTED
BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.

[To be included in any
DTC Receipt or other global Receipt: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS RECEIPT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER
AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES
WITH THE FOREGOING RESTRICTIONS.]

Number DR-___                              ____________
Depositary Shares

                                                                            (CUSIP:
89678F 506) 

 

DEPOSITARY
RECEIPT FOR DEPOSITARY SHARES,

EACH REPRESENTING ONE 1/40TH OF ONE SHARE OF

6.375% FIXED-TO-FLOATING RATE SERIES B NON-CUMULATIVE PERPETUAL PREFERRED STOCK, OF TRISTATE CAPITAL HOLDINGS, INC.

Incorporated
under the laws of the Commonwealth of Pennsylvania

(See reverse for certain definitions.)

Computershare
Inc., a Delaware corporation, and Computershare Trust Company, N.A., a federally chartered trust company, acting jointly as Depository
(the “Depository”), hereby certifies that CEDE & CO. is the registered owner of (           ) DEPOSITARY SHARES
(“Depositary Shares”), each Depositary Share representing one 1/40th of a share of 6.375% Fixed-to-Floating Rate Series
B Non-Cumulative Perpetual Preferred Stock, liquidation preference $1,000 per share, no par value (the “Stock”), of
TRISTATE CAPITAL HOLDINGS, INC., a Pennsylvania corporation (the “Corporation”), on deposit with the Depository, subject
to the terms and entitled to the benefits of the Deposit Agreement dated as of May 29, 2019 (the “Deposit Agreement”),
among the Corporation, Computershare Inc., Computershare Trust Company, N.A. and the Holders from time to time of the Depositary
Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and
conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any
benefits under the Deposit Agreement unless it shall have been executed by the Depository by the manual or facsimile signature
of a duly authorized officer and countersigned and registered by the Transfer Agent and Registrar.

    	A-1

    	 

    

	Dated:	Computershare
                                         Inc. and Computershare Trust Company, N.A., as Depository
	 	 
	 	By: ______________________________

        Authorized Officer

Countersigned
and Registered:

Computershare Trust Company, N.A.,

Transfer Agent and Registrar 

By: _____________________________

       Authorized
Signatory 

    	A-2

    	 

    

[FORM
OF REVERSE OF RECEIPT] TRISTATE CAPITAL HOLDINGS, INC.

UPON REQUEST,
TRISTATE CAPITAL HOLDINGS, INC. WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE
DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT OF THE 6.375% FIXED-TO-FLOATING RATE SERIES B NONCUMULATIVE
PERPETUAL PREFERRED STOCK, OF TRISTATE CAPITAL HOLDINGS, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE SECRETARY OF THE CORPORATION
OR THE DEPOSITORY NAMED ON THE FACE OF THIS RECEIPT.

The Corporation
will furnish without charge to each holder of a depositary receipt who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications,
limitations or restrictions of such preferences or rights. Such request may be made to the Corporation or to the Registrar.

KEEP THIS CERTIFICATE IN A
SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE
OF A REPLACEMENT CERTIFICATE.

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

	TEN
    COM – as tenants in common	UNIF
    GIFT M	IN
    ACT -
	Custodian
	TEN
    ENT – as tenants by the entireties	__________

    (Cust)	Custodian	___________

    (Minor)
	JT
    TEN – as joint tenants with right of survivorship and not as tenants in common	Under
    Uniform Gifts to Minors
	Act          _______________________

                             (State)
	

    Additional abbreviations may also be used though not in the above list.

For value
received,_______________________ hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

	 

 

_________________________________________________________________

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

_________________________________________________________________________________

_________________________________________________________________________________

______________ Depositary
Shares represented by the within Certificate, and do(es) hereby irrevocably constitute and appoint _____________ as Attorney to
transfer the Depositary Shares on the books of the within named Depository with full power of substitution in the premises.

Dated:____________________________

 

		NOTICE:	THE
                                         SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF
                                         THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
                                         WHATEVER.

    	 

    	 

    

	SIGNATURE(S)
    GUARANTEED:	_________________________________

    THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
    AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES
    EXCHANGE ACT OF 1934.

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