Document:

EX-4.2

 Exhibit 4.2 

Execution Version 
  

 
 VALLEY NATIONAL BANCORP, 

Company, 
 AND

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

Trustee 
 FIRST

 SUPPLEMENTAL 

INDENTURE 
 Dated as of

 June 5, 2020 

TO 
 INDENTURE 

Dated as of 

June 5, 2020 
 5.25%
FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE 2030 
  

 

  

							
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 SECTION 1.1
	 	 DEFINITIONS
	  	 	2	 
		
	 ARTICLE II GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	8	 
			
	 SECTION 2.1
	 	 DESIGNATION AND PRINCIPAL
AMOUNT
	  	 	8	 
			
	 SECTION 2.2
	 	 FORM AND DENOMINATION OF
NOTES
	  	 	9	 
			
	 SECTION 2.3
	 	 INITIAL LIMIT ON AMOUNT
OF SERIES
	  	 	9	 
			
	 SECTION 2.4
	 	 RANK; SUBORDINATION
	  	 	9	 
			
	 SECTION 2.5
	 	 FURTHER ISSUES WITHOUT HOLDERS’
CONSENT
	  	 	9	 
			
	 SECTION 2.6
	 	 FORM AND PAYMENT
	  	 	10	 
			
	 SECTION 2.7
	 	 INTEREST
	  	 	10	 
			
	 SECTION 2.8
	 	 NO SINKING FUND
	  	 	13	 
			
	 SECTION 2.9
	 	 NOTES NOT CONVERTIBLE OR
EXCHANGEABLE
	  	 	13	 
			
	 SECTION 2.10
	 	 GLOBAL SECURITIES
	  	 	14	 
			
	 SECTION 2.11
	 	 NO ADDITIONAL AMOUNTS
	  	 	14	 
		
	 ARTICLE III ORIGINAL ISSUE OF NOTES
	  	 	14	 
			
	 SECTION 3.1
	 	 ORIGINAL ISSUE OF NOTES
	  	 	14	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	14	 
			
	 SECTION 4.1
	 	 SATISFACTION AND DISCHARGE OF
INDENTURE
	  	 	14	 
		
	 ARTICLE V REMEDIES
	  	 	16	 
			
	 SECTION 5.1
	 	 EVENTS OF DEFAULT
	  	 	16	 
			
	 SECTION 5.2
	 	 ACCELERATION OF MATURITY; RESCISSION
AND ANNULMENT
	  	 	16	 
			
	 SECTION 5.3
	 	 COLLECTION OF INDEBTEDNESS AND
SUITS FOR ENFORCEMENT BY TRUSTEE
	  	 	17	 
			
	 SECTION 5.12
	 	 CONTROL BY HOLDERS
	  	 	18	 
		
	 ARTICLE VI DEFEASANCE
	  	 	18	 
			
	 SECTION 6.1
	 	 DEFEASANCE APPLICABLE TO
NOTES
	  	 	18	 
		
	 ARTICLE VII REDEMPTION
	  	 	19	 
			
	 SECTION 7.1
	 	 REDEMPTION
	  	 	19	 
			
	 SECTION 7.2
	 	 EFFECT OF NOTICE OF
REDEMPTION
	  	 	19	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	20	 
			
	 SECTION 8.1
	 	 RATIFICATION OF INDENTURE
	  	 	20	 
			
	 SECTION 8.2
	 	 CONFLICT WITH TRUST INDENTURE
ACT
	  	 	20	 
			
	 SECTION 8.3
	 	 EFFECT OF HEADINGS AND
TABLE OF CONTENTS
	  	 	20	 

							
	 SECTION 8.4
	 	 SUCCESSORS AND ASSIGNS
	  	 	20	 
			
	 SECTION 8.5
	 	 SEPARABILITY CLAUSE
	  	 	20	 
			
	 SECTION 8.6
	 	 BENEFITS OF INDENTURE
	  	 	20	 
			
	 SECTION 8.7
	 	 GOVERNING LAW
	  	 	21	 
			
	 SECTION 8.8
	 	 WAIVER OF JURY TRIAL
	  	 	21	 
			
	 SECTION 8.9
	 	 CONSENT TO JURISDICTION
	  	 	21	 
			
	 SECTION 8.10
	 	 COUNTERPARTS
	  	 	21	 
			
	 SECTION 8.11
	 	 TRUSTEE
	  	 	22	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	22	 
			
	 SECTION 9.1
	 	 SUPPLEMENTAL INDENTURES WITHOUT
CONSENT OF HOLDERS
	  	 	22	 
			
	 SECTION 9.2
	 	 SUPPLEMENTAL INDENTURE WITH CONSENT
OF HOLDERS
	  	 	23	 
			
	 SECTION 14.11
	 	 MODIFICATION OF SUBORDINATION
PROVISIONS
	  	 	24	 

  

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of June 5, 2020 (this “Supplemental
Indenture”), between Valley National Bancorp, a New Jersey corporation having an address at 1455 Valley Road, Wayne, NJ 07470 (hereinafter called the “Company,” which term shall include any successors pursuant to the terms
of this Supplemental Indenture), and The Bank of New York Mellon Trust Company, N.A., a national banking association having a corporate trust office at 500 Ross St., BNY Mellon Client Service Center, Pittsburgh, PA 15262-0001, as trustee
(hereinafter called the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company executed and delivered the Indenture (the “Base Indenture”), dated as of June 5, 2020, to the
Trustee, to provide for the issuance from time to time of the Company’s subordinated debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series; 

WHEREAS, no Securities have been issued under the Base Indenture as of the date hereof; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities under
the Base Indenture to be known as its “5.25% Fixed-to-Floating Rate Subordinated Notes due 2030” (the “Notes”), the form and the terms,
provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture (the Base Indenture, together with this Supplemental Indenture, referred to herein as this “Indenture”); 

WHEREAS, the Special Committee of the Board of Directors of the Company, pursuant to authority granted to it by the Board of Directors of the
Company on May 20, 2020 and resolutions duly adopted by the Special Committee on May 28, 2020, after consultation with, and advice from, the Company’s Chief Financial Officer, has duly authorized the issuance of the Notes and the
amendments to the Base Indenture with respect to the Notes provided for in this Supplemental Indenture, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such
issuance; 
 WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 2.1, Section 3.1 and
Section 9.1 of the Base Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental
Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its
terms, and to make each of the Notes, when executed by the Company and authenticated and delivered by the Trustee or an authentication agent, the valid obligations of the Company, have been performed, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects; 
 NOW THEREFORE, in consideration of the premises and the purchase and
acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base 

  
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Indenture, the forms and terms of the Notes, the Company covenants and agrees with the Trustee, for the equal and proportionate benefit of the Holders of the Notes, as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1    Definitions. 

For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(a)    all references in this instrument to designated “Articles,” “Sections” and other subdivisions
are to be designated Articles, Sections and other subdivisions of this instrument unless the context otherwise requires; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (b)    each term
defined in the Base Indenture has the same meaning when used in this Supplemental Indenture, except to the extent specifically defined herein, in which case the meaning ascribed to it in this Supplemental Indenture shall control; and 

(c)    Section 1.1 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the
following additional defined terms in their appropriate alphabetical positions: 
 “Administrative or Judicial Action” has
the meaning provided in the definition of “Tax Event.” 
 “Bank” means: 

(1)    any institution organized under the laws of the United States, any State of the United States, the District of
Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands which 
  

	 	(A)	 accepts deposits that the depositor has a legal right to withdraw on demand, and 

 

	 	(B)	 engages in the business of making commercial loans, or 

(2)     any trust company organized under any of the foregoing laws. 

“Benchmark” means, initially, Three-Month Term SOFR; provided that if the Calculation Agent determines on or prior to the
Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

  
 2 

 “Benchmark Replacement” means the Interpolated Benchmark with respect to
the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current
Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall
be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: 

(1)    Compounded SOFR; 

(2)    the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as
the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; 

(3)    the sum of: (a) the ISDA Fallback Rate, and (b) the Benchmark Replacement Adjustment; 

(4)    the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the
Benchmark Replacement Adjustment. 
 “Benchmark Replacement Adjustment” means the first alternative set forth in the order
below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: 
 (1)    the spread
adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement; 
 (2)    if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then
the ISDA Fallback Adjustment; and 
 (3)    the spread adjustment (which may be a positive or negative value or zero)
that has been selected by the Calculation Agent giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the
applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate securities at such time. 
 “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “interest period,” timing and frequency of determining
rates with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement
in a manner substantially consistent with market 

  
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practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice
for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 (1)    in the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant
Reference Time in respect of any determination; 
 (2)    in the case of clause (2) or (3) of the definition of
“Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to
provide the Benchmark; or 
 (3)    in the case of clause (4) of the definition of “Benchmark Transition
Event,” the date of the public statement or publication of information referenced therein. 
 For the avoidance of doubt, for purposes
of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark
would include SOFR). 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as,
but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date shall be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (1)    if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected
or recommended a forward-looking term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant
Governmental Body is not complete or (c) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

(2)    a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing
that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

 (3)    a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with 

  
 4 

 
similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

(4)    a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 
 “Business Day” means any day, other than a Saturday
or Sunday, that is neither a legal holiday nor a day on which the Trustee or banking institutions in the City of New York are authorized or required by law, regulation or executive order to close. 

“Calculation Agent” means the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may
include the Company or any of its Affiliates) to act in accordance with Section 2.7. The Company shall initially act as the Calculation Agent. 

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology
for this rate, and conventions for this rate being established by the Calculation Agent in accordance with: 

(1)    the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant
Governmental Body for determining compounded SOFR; provided that: 
 (2)    if, and to the extent that, the Calculation
Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration
to any industry-accepted market practice for U.S. dollar-denominated floating rate securities at such time. 
 For the avoidance of doubt,
the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the spread of 514 basis points per annum. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “DTC” means
The Depository Trust Company. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, and any
successors thereto. 
 “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of
New York at http://www.newyorkfed.org, or any successor source. 
 “Fixed Rate Interest Payment Date” has the
meaning provided in Section 2.7(a). 

  
 5 

 “Fixed Rate Period” has the meaning provided in
Section 2.7(a). 
 “Fixed Rate Regular Record Date” has the meaning provided in
Section 2.7(a). 
 “Floating Rate Interest Payment Date” has the meaning provided in
Section 2.7(b). 
 “Floating Rate Period” has the meaning provided in
Section 2.7(b). 
 “Floating Rate Regular Record Date” has the meaning provided in
Section 2.7(b). 
 “Interest Payment Date” has the meaning provided in
Section 2.7(b). 
 “interest period” means the period from and including the immediately
preceding Interest Payment Date in respect of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the Issue Date to, but excluding, the applicable Interest Payment Date or the
Maturity Date or date of earlier redemption, if applicable. 
 “Interpolated Benchmark” with respect to the Benchmark means
the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor, and (2) the Benchmark
for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor. 
 “ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest
rate derivatives published from time to time. 
 “ISDA Fallback Adjustment” means the spread adjustment (which may be a
positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Issue Date” means June 5, 2020. 

“Maturity Date” has the meaning provided in Section 2.2. 

“Principal Subsidiary Bank” means (i) any Subsidiary Bank the consolidated assets of which as set forth in the most
recent statement of condition of such Subsidiary Bank constitute 40% or more of the Company’s consolidated assets as determined from the most recent quarterly balance sheet of the Company or (ii) any Subsidiary Bank designated as a
Principal Subsidiary Bank by the Board of Directors, provided that if the Federal Reserve notifies the Company that 

  
 6 

 
any Subsidiary Bank that is a Principal Subsidiary Bank applying the tests in clause (i) or (ii) above does not qualify as a “major subsidiary depository institution” within the
requirements of the Federal Reserve’s risk-based capital guidelines or regulations applicable to bank holding companies, such Subsidiary Bank shall not be a Principal Subsidiary Bank from and after the time the Company receives from the Federal
Reserve such a notice 
 “Redemption Date” has the meaning provided in Section 2.8. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month Term SOFR,
the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark
Replacement Conforming Changes. 
 “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank
of New York, or a committee officially endorsed or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto. 

“SOFR” means the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of
the Benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 
 “Subsidiary Bank”
means any Subsidiary which is a Bank. 
 “Tax Event” means the receipt by the Company of an opinion of independent tax
counsel to the effect that as a result of (a) an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or
taxing authorities; (b) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate
any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”); or (c) an amendment to or change in any official position with respect to, or any interpretation of, an
Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which
pronouncement, decision or challenge is announced on or after the original issue date of the Notes, there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or, within 90 days of the date of such opinion,
will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes. 
 “Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term
SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator). 

“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR
Administrator at the Reference Time for any interest period, 

  
 7 

 
as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be
rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. 

“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical,
administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of determining Three-Month Term SOFR
with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark
in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for
the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary). 
 “Tier
2 Capital Event” means the Company’s good faith determination that, as a result of (a) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or
instrumentality of the United States, including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the original issue date of the Notes;
(b) any proposed change in those laws, rules or regulations that is announced or becomes effective after the original issue date of the Notes; or (c) any official administrative decision or judicial decision or administrative action or
other official pronouncement interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the original issue date of the Notes, there is more than an insubstantial risk that the Company
will not be entitled to treat the Notes then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve (or, as and if applicable, the capital adequacy rules or
regulations of any successor appropriate federal banking agency) as then in effect and applicable to the Company, for so long as any Notes are outstanding. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

ARTICLE II 
 GENERAL TERMS AND
CONDITIONS OF THE NOTES 
 Section 2.1    Designation and Principal Amount. 

There is hereby authorized and established a series of Securities under this Indenture, designated as the “5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.” 

  
 8 

 Section 2.2    Form and Denomination of Notes. 

The definitive form of the Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the form
set forth in Exhibit A attached hereto, which is incorporated herein and made part hereof. The Notes shall bear interest and have such other terms as are stated in the form of definitive Notes or in this Indenture. The Stated Maturity
of the Notes shall be June 15, 2030 (the “Maturity Date”). The Notes shall be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

Section 2.3    Initial Limit on Amount of Series. 

The Notes shall initially be limited to U.S. $115,000,000 in aggregate principal amount, and may, upon the execution and delivery of this
Supplemental Indenture or from time to time thereafter, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the delivery of a Company Order.
Following the initial issuance of the Notes, the aggregate principal amount of Notes may be increased as provided in Section 2.5 hereof. 

Section 2.4    Rank; Subordination. 

The Notes are unsecured and shall rank subordinate and junior, to the extent and in the manner set forth in this Indenture, in right of payment
and upon liquidation of all the Company’s obligations to the holders of Senior Debt of the Company. The Notes shall rank equally among themselves and with all of the Company’s other subordinated unsecured indebtedness that, in the
instrument creating or evidencing the same or pursuant to which the same is outstanding, provides that such obligations are not superior in right of payment to the Notes or to other indebtedness that is pari passu with, or is not subordinate
to, the Notes. It is intended that the Notes be and are Tier 2 capital or the equivalent, for all regulatory purposes. 

Section 2.5    Further Issues Without Holders’ Consent. 

The Company may, without notice to or the consent of the Holders of the Notes, but in compliance with the terms of this Indenture and this
Supplemental Indenture, create and issue additional Notes having the same ranking, interest rate, maturity date and other terms as the Notes (other than the date of issuance, the issue price, the initial interest accrual date and the first Interest
Payment Date). Any such additional Notes shall rank equally and ratably with the Notes. Any such additional Notes, together with the Notes initially issued hereunder, shall constitute a single series of Securities for all purposes under this
Indenture. Notwithstanding anything to the contrary in the foregoing, no additional Notes may be issued unless (1) the additional Notes will be fungible with the Notes initially issued hereunder for United States securities law purposes, (2)
(a) the additional Notes are issued pursuant to a “qualified reopening” of the Notes initially issued hereunder for United States federal income tax purposes, or (b) the Notes initially issued hereunder were, and the additional Notes
are, issued without any original issue discount for United States federal income tax purposes and (3) the additional Notes have the same CUSIP number as the Notes initially issued hereunder. No additional Notes may be issued if any Event of
Default has occurred and is continuing with respect to the Notes. 

  
 9 

 Section 2.6    Form and Payment. 

Principal of, premium, if any, and interest on the Notes shall be payable in U.S. Dollars. Principal, premium, if any, and interest shall be
considered paid on the date due if the Paying Agent, if other than the Company or one of its Subsidiaries, holds as of 12:00 noon Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all such amounts then due. At the option of the Company, interest may be paid by mailing a check to the address of the Person entitled to such interest as such address shall appear in the Security Register. 

Section 2.7    Interest. 

(a)    The Notes shall bear interest at a fixed rate of 5.25% per annum from and including June 5, 2020 to, but
excluding, June 15, 2025 or any earlier Redemption Date (the “Fixed Rate Period”). Interest accrued on the Notes during the Fixed Rate Period shall be payable semiannually in arrears on June 15 and December 15 of each
year, commencing on December 15, 2020 (each such date, a “Fixed Rate Interest Payment Date”). The last Fixed Rate Interest Payment Date shall be June 15, 2025, unless the Notes are earlier redeemed. The interest payable on
each Fixed Rate Interest Payment Date during the Fixed Rate Period shall be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable
Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”), except that interest that is paid at Maturity shall be paid to the Person to whom the principal shall be payable. 

(b)    The Notes shall bear a floating interest rate from, and including June 15, 2025, to, but excluding, the
Maturity Date or earlier Redemption Date (the “Floating Rate Period”). The floating interest rate shall be reset quarterly, and the interest rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR
plus 514 basis points for each quarterly interest period during the Floating Rate Period. During the Floating Rate Period, interest on the Notes shall be payable quarterly in arrears on March 15, June 15, September 15 and
December 15 of each year, commencing on September 15, 2025 (each such date, a “Floating Rate Interest Payment Date” and, together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”). The
interest payable on each Floating Rate Interest Payment Date during the Floating Rate Period shall be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately
preceding the applicable Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”), except that interest that is paid at Maturity shall be paid to the Person to whom the principal shall be payable.
Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero. The Calculation Agent shall provide the Company and the
Trustee with the interest rate in effect on the Notes promptly after the Reference Time (or such other date of determination for the applicable Benchmark). 

(c)    The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period shall be
computed on the basis of a 360-day year consisting of twelve 30-day months to, but excluding, June 15, 2025, and, the amount of interest payable on any Floating
Rate Interest Payment Date during the Floating Rate Period shall be computed on the basis of a 360-day year on the basis of the actual number of days elapsed. The Company or the Calculation Agent, as
applicable, shall calculate the amount of interest payable on any Interest Payment Date 

  
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and the Trustee shall have no duty to confirm or verify any such calculation. In the event that any scheduled Interest Payment Date or the Maturity Date for the Notes falls on a day that is not a
Business Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on the Maturity Date shall be paid on the next succeeding day which is a Business Day (any payment made on such date shall be treated
as being made on the date that the payment was first due and no interest on such payment shall accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that any scheduled Floating Rate Interest Payment
Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date shall be accelerated to the immediately preceding Business Day, and, in each
such case, the amounts payable on such Business Day shall include interest accrued to, but excluding, such Business Day. Dollar amounts resulting from interest calculations shall be rounded to the nearest cent, with one half cent being rounded
upward. 
 (d)    The Company shall take such actions as are necessary to ensure that from the commencement of the
Floating Rate Period for so long as any of the Notes remain outstanding there shall at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR in respect of each Floating Rate Period and to determine and calculate any interest
in respect of any Benchmark Replacement. The calculation of Three-Month Term SOFR for each applicable Floating Rate Period by the Calculation Agent shall (in the absence of manifest error) be final and binding. The Calculation Agent’s
determination of any interest rate and its calculation of interest payments for any period shall be maintained on file at the Calculation Agent’s principal offices, shall be made available to any Holder of the Notes upon request and shall be
provided to the Trustee (for informational purposes only). The Trustee shall have no responsibility to determine whether any manifest error has occurred, may conclusively assume that no such manifest error exists and shall not be liable in so
assuming. The Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under this Indenture and hereunder. The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or
unwilling to act as Calculation Agent or is removed by the Company, the Company shall promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign its duties without a successor having been duly appointed; provided, that if
a successor Calculation Agent has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by the Calculation Agent, then the resigning Calculation Agent may petition, at
the expense of the Company, any court of competent jurisdiction for the appointment of a successor Calculation Agent with respect to such series. The Trustee shall have no duty to monitor compliance or see to the performance by the Calculation Agent
of any of its obligations in respect of the Notes or to perform such obligations, and shall not be under any duty to succeed to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement in the event
of the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance on the part of the Calculation Agent with respect to the Calculation Agent’s duties and
obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, or the Calculation Agent appointed by the Company is unable or unwilling to perform its duties hereunder, then the Company
shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent. 

  
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 (e)     

(1)    If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred on or prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement shall replace the then-current Benchmark for all purposes relating to the Notes during the Floating Rate
Period in respect of such determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent shall have the right to make Benchmark Replacement
Conforming Changes from time to time. 
 (2)    Notwithstanding anything set forth in
Section 2.7(b) above, if the Calculation Agent determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month
Term SOFR, then the provisions set forth in this Section 2.7(e) shall thereafter apply to all determinations of the interest rate on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred, the interest rate on the Notes for each interest period during the Floating Rate Period shall be an annual rate equal to the Benchmark Replacement plus 514 basis points. 

(3)    The Calculation Agent is expressly authorized to make the determinations, decisions and elections set forth in the
terms of the Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark, and in this Section 2.7(e). Any determination, decision or election that may be made by the Calculation Agent under the terms
of the Notes, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking
any action or selection (A) shall be conclusive and binding on the Holders of the Notes and the Trustee absent manifest error, (B) if made by the Company as Calculation Agent, shall be made in the Company’s sole discretion,
(C) if made by a Calculation Agent other than the Company, shall be made after consultation with the Company, and the Calculation Agent shall not make any such determination, decision or election to which the Company reasonably objects and
(D) notwithstanding anything to the contrary herein or in the Base Indenture, shall become effective without consent from the Holders of the Notes, the Trustee or any other party. If the Calculation Agent fails to make any determination,
decision or election that it is required to make under the terms of the Notes, then the Company shall make such determination, decision or election on the same basis as described above. 

(4)    The Company (or its Calculation Agent) shall notify the Trustee in writing (for informational purposes
only) (i) upon the occurrence of the Benchmark Transition Event and the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the interest rate on the Notes
after a Benchmark Transition Event. 
 (5)    The Trustee shall not be responsible or liable for the actions or
omissions of the Calculation Agent hereunder, or any failure or delay in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of the Calculation Agent. For
the avoidance of doubt (and without limitation of the 

  
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foregoing), the Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR Conventions, (B) selection of an
alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement),
(C) determination or calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through (D) above shall be
entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in performing its duties hereunder as a
result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as a result of the Company’s or Calculation Agent’s failure to select a Benchmark Replacement or the Calculation
Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to
Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. All notices received hereunder by the Trustee from the Calculation Agent and all notices received by the
Trustee from the Company pursuant to this Section 2.7(e) shall be for informational purposes only and shall not require the Trustee to take any action in respect thereof. The Trustee shall be entitled to conclusively rely
on any determination made, and any instruction, notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent verification, investigation or inquiry of any kind. The Trustee shall not be
obligated to enter into any amendment or supplement hereto that adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation, in connection with the adoption of any Benchmark Replacement Conforming
Changes). 
 (6)    If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent shall have the right
to establish the Three-Month Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term
SOFR Conventions determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions shall apply. 

Section 2.8    No Sinking Fund. 

No sinking fund shall be provided with respect to the Notes. In no event shall any Holder of the Notes have the right to require the Company to
call, redeem or repurchase the Notes, in whole or in part, and Article XII of the Base Indenture shall not be applicable to the Notes. Nothing in this Section 2.8 shall limit the ability of Holders of Notes to enforce their
rights to the payment of principal, premium, if any, and interest on the Notes at maturity as provided in the Notes and in the Base Indenture, including Section 5.8 of the Base Indenture. 

Section 2.9    Notes Not Convertible or Exchangeable. 

The Notes shall not be convertible or exchangeable for other securities or property. 

  
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 Section 2.10    Global Securities. 

The Notes shall be issued as Registered Securities and in the form of one or more permanent global Securities, without coupons, registered in
the name of the Depositary or its nominee. The initial Depositary for the Notes shall be DTC. Except as otherwise provided in Section 3.5 of the Base Indenture, the global Securities described above may be transferred by the Depositary, in
whole but not in part, only to a nominee of the Depositary, or by a nominee of the Depositary to the Depositary, or to a successor Depositary or to a nominee of such successor Depositary. 

Owners of beneficial interests in such global Securities shall not be considered the Holders thereof for any purpose under this Indenture. The
rights of owners of beneficial interests in such global Securities shall be exercised only through the Depositary. 

Section 2.11    No Additional Amounts. 

In the event that any payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of
a change in law or otherwise), the Company shall not pay additional amounts with respect to such tax or assessment. 
 ARTICLE III 

ORIGINAL ISSUE OF NOTES 

Section 3.1    Original Issue of Notes. 

The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and
the Trustee shall, upon Company Order, authenticate and deliver such Notes as in such Company Order provided. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 
 With
respect to the Notes only, Section 4.1 of the Base Indenture is hereby replaced with the following: 

Section 4.1    Satisfaction and Discharge of Indenture. 

This Indenture, including the provisions of Article XIV of the Base Indenture as modified hereby (except as to any surviving rights of
registration of transfer or exchange of Notes expressly provided for in this Indenture), shall upon Company Request cease to be of further effect with respect to the Notes, and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to the Notes, when 

  
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 (a)    either: 

(1)     all Notes previously authenticated and delivered (other than (i) Notes which have been destroyed, lost, or
stolen and which have been replaced or paid as provided in Section 3.6 of the Base Indenture and (ii) Notes for whose payment money has previously been deposited in trust or segregated and held in trust by the Company and thereafter repaid
to the Company or discharged from such trust, as provided in Section 10.3 of the Base Indenture) have been delivered to the Trustee for cancellation; or 

(2)    all such Notes not previously delivered to the Trustee for cancellation 

 

	 	(A)	 have become due and payable, 

 

	 	(B)	 will become due and payable at their Stated Maturity within one year, 

 

	 	(C)	 are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, 

 and the Company, in the case of
(A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Notes not previously delivered to the Trustee for
cancellation (other than Notes which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.6 of the Base Indenture), for principal and any premium and interest to the date of such deposit (in the
case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(b)    the Company has paid or caused to be paid all other sums payable by the Company under this Supplemental Indenture;
and 
 (c)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for in this Supplemental Indenture relating to the satisfaction and discharge of this Supplemental Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Supplemental Indenture, the obligations of the Company to the Trustee under
Section 6.7 of the Base Indenture, the obligations (if any) of the Company to any Authenticating Agent under Section 6.14 of the Base Indenture and, if money shall have been deposited with the Trustee pursuant to subclause (2) of
Clause (a) of this Section, the obligations of the Trustee under Section 4.2 of the Base Indenture and the last paragraph of Section 10.3 of the Base Indenture shall survive. 

  
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 ARTICLE V 

REMEDIES 
 With respect to the
Notes only, the limitations set forth in Section 5.7 of the Base Indenture do not apply to a suit instituted by a holder of Notes for the enforcement of payment of the principal of or interest on the Notes on or after the Maturity Date. 

With respect to the Notes only, Sections 5.1, 5.2, 5.3 and 5.12 of the Base Indenture are hereby replaced with the following: 

Section 5.1    Events of Default. 

“Events of Default,” wherever used in this Indenture with respect to the Notes, means any one of the following events (whatever the
reason for such Event of Default, whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree, or order of any court or any order, rule, or regulation of any administrative or governmental
body): 
 (a)    a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the
Company or a Principal Subsidiary Bank in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of
the Company or a Principal Subsidiary Bank is appointed for the Company or for any substantial part of its property or for a Principal Subsidiary Bank, or a court or a bank regulatory authority having jurisdiction in the premises, shall appoint a
receiver or similar official, or order the winding-up or liquidation of the affairs of the Company or a Principal Subsidiary Bank, and such decree or order shall remain unstayed and in effect for a period of
60 consecutive days; or 
 (b)     the Company or a Principal Subsidiary Bank shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or the Company or a Principal Subsidiary Bank shall consent to the
appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or a Principal Subsidiary Bank or for any substantial part of its property, or shall make any general
assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate action in furtherance of any of the foregoing. 

Section 5.2    Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default under clause (a) or (b) of Section 5.1 hereof with respect to the Notes occurs and is
continuing, then the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes may declare the principal of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount shall become immediately due and payable. 

At any time after such a declaration has been made with respect to the Notes and before a judgment or decree for payment of the money due has
been obtained by the Trustee as provided in Article V of this Indenture, the Holders of a majority in principal amount of the Outstanding Notes, by written notice to the Company and the Trustee may waive all defaults with respect to

  
 16 

 
all affected series, and may rescind and annul such declaration and the consequences of the Event of Default if: 

(a)    the Company has paid or deposited with the Trustee a sum sufficient to pay (1) all overdue interest on all
Notes, (2) the principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration of acceleration and any interest on such Notes at the rate or rates prescribed herein and in the Notes, and (3) all
sums paid or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel; and 

(b)    all defaults and Events of Default with respect to the Notes, other than the
non-payment of the principal of the Notes which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Base Indenture. 

No such rescission shall affect any subsequent default or impair any consequent right. 

Except for an Event of Default specified in Section 5.1(a) or 5.1(b), no other default, or failure to
perform, or breach of any covenant or warranty of the Company, shall result in a right to accelerate the principal or interest due under the Securities then Outstanding. 

Section 5.3    Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(a)    default is made in the payment of any interest on any Note when such interest becomes due and payable and such
default continues for a period of 30 days, 
 (b)    default is made in the payment of the principal of (or premium, if
any, on) any Note at its Maturity and such default continues for a period of 30 days, or 
 (c)    default is made in
the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in the performance of which or breach of which is elsewhere in this Section specifically dealt with or which has
been expressly included in this Indenture solely for the benefit of a series of Securities other than such series), and such default or breach continues for a period of 30 days after there has been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of such series a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” under this Indenture, 
 the Company shall, upon demand of the Trustee, pay to it, for the benefit of
the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
premium and on any overdue interest, at the rate or rates prescribed in such Securities, and, in addition, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements, and advances of the Trustee, its agents, and counsel. 

  
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 If the Company fails to pay such amounts immediately upon such demand, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other
obligor upon such Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Notes, wherever situated. 

If an Event of Default with respect to the Notes occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of the Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy. 

Section 5.12    Control by Holders. 

The Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method, and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Notes, provided that: 

(a)    such direction shall not be in conflict with any rule of law or with this Indenture, 

(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,

 (c)    such direction is not unduly prejudicial to the rights of other Holders of the Notes (it being understood that
the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders); and 

(d)    the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. 

ARTICLE VI 
 DEFEASANCE 

Section 6.1    Defeasance Applicable to Notes. 

Pursuant to Section 3.1 of the Base Indenture, provision is hereby made for defeasance of the Notes under Section 13.1 of the Base
Indenture upon the terms and conditions contained in Article XIII of the Base Indenture. 

  
 18 

 ARTICLE VII 

REDEMPTION 

Section 7.1    Redemption. 

The Notes shall be redeemable, in each case, in whole at any time or in part from time to time, at the option of the Company beginning with the
Interest Payment Date on June 15, 2025, but not prior thereto (except upon the occurrence of certain events specified below), and on any Interest Payment Date thereafter (each, a “Redemption Date”), subject to obtaining the
prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve. The Notes may not otherwise be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the
Notes before the Maturity Date, in whole, but not in part, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, upon the occurrence of a Tier 2 Capital
Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any such redemption shall be at a
Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. The provisions of Article XI of the Base Indenture shall apply to any
redemption of the Notes pursuant to this Section 7.1. Any partial redemption of a global Security representing the Notes shall be made in accordance with DTC’s applicable procedures among all of the Holders of the
Notes. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed, and a replacement Note in principal amount
equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note. 

Section 7.2    Effect of Notice of Redemption. 

With respect to the Notes only, Section 11.6 of the Base Indenture is hereby revised to read as follows: 

Notice of redemption having been given in accordance with this Indenture, the Notes to be redeemed shall, on the Redemption Date, become due
and payable at the Redemption Price specified in the notice, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest; provided that any
redemption or notice of any redemption may, at the Company’s discretion, be subject to the satisfaction (or waiver by the Company in its sole discretion) of one or more conditions precedent, including, but not limited to, completion of an
equity offering, other offering, issuance of indebtedness, or other corporate transaction or event, and notice of any redemption in respect thereof may be given prior to the completion thereof and may be partial as a result of only some of the
conditions being satisfied. Any such conditions precedent shall be set forth in the notice of redemption, and such notice shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such
conditions shall be satisfied (or waived by the Company in its sole discretion), including to a date that is more than 60 days following the date of the initial notice of redemption, or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the Redemption Date, or by the Redemption Date so delayed. Upon surrender of any Note for redemption in accordance with a
notice of redemption, such Note shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date. 

  
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 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1    Ratification of Indenture. 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture
shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions of this Supplemental Indenture shall apply solely with respect to the Notes and shall govern in the event
of any difference with the Base Indenture. 
 Section 8.2    Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part
of and govern this Indenture, the latter provision shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed
to apply to this Indenture as so modified or to be excluded, as the case may be. 
 Section 8.3    Effect of
Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall
not affect the construction hereof. 
 Section 8.4    Successors and Assigns. 

All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether expressed or not.

 Section 8.5    Separability Clause. 

In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 8.6    Benefits of Indenture. 

Nothing in this Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the Holders of the Securities,
the parties hereto and their successors hereunder, any benefit of any legal or equitable right, remedy or claim under this Supplemental Indenture. 

  
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 Section 8.7    Governing Law. 

This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York (including
but not limited to N.Y. General Obligations Law Section 5-1401 and any successor statute thereto), without regard to the conflicts of law provisions thereof. 

Section 8.8    Waiver of Jury Trial. 

EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE SECURITIES, THE BASE INDENTURE OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. 
 Section 8.9    Consent to Jurisdiction. 

Each of the Company and the Trustee irrevocably consents and submits, for itself and in respect of any of its assets or property, to the
nonexclusive jurisdiction of any court of the State of New York or any United States court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United States of America, and of any appellate court in respect thereof in
any suit, action or proceeding that may be brought in connection with this Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. Each of the Company and the Trustee irrevocably waives, to the fullest extent
permitted by law, any objection to any such suit, action or proceeding that may be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an
inconvenient forum. Each of the Company and the Trustee agrees, to the fullest extent that it lawfully may do so, that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company and
the Trustee, respectively, and the Company waives, to the fullest extent permitted by law, any objection to the enforcement by any competent court in the Company’s jurisdiction of organization of judgments validly obtained in any such court in
New York on the basis of such suit, action or proceeding. 
 Section 8.10    Counterparts. 

This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but
one and the same instrument. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile, email or other electronic format
(i.e., “pdf,” “tif” or “jpg” or other electronically imaged signatures, including, without limitation, DocuSign or AdobeSign) shall constitute effective execution and delivery of this Supplemental Indenture as to
the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, email or other electronic format shall be deemed to be their original signatures for all
purposes. This Supplemental Indenture and any other document, certificate or opinion delivered in connection with this Supplemental Indenture or the issuance and delivery of Notes may be signed by or on behalf of the Company and the Trustee by
manual, facsimile or pdf , tif or jpg or other electronically imaged signature (including, without limitation, DocuSign or AdobeSign). 

  
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 Section 8.11    Trustee. 

The Trustee shall not be responsible for and makes no representation as to the validity, sufficiency or adequacy of this Supplemental Indenture
or the Notes, and the recitals contained in this Supplemental Indenture and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent
assumes no responsibility for their correctness. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 With respect to the Notes only, Sections 9.1, 9.2 and 14.11 of the Base Indenture are hereby replaced with the following: 

Section 9.1    Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holder of the Notes, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time
to time, may enter into one or more supplemental indentures, in form satisfactory to the Trustee, for any of the following purposes: 

(a)    to evidence the succession of another Person to the Company as obligor under this Indenture; 

(b)    to evidence and provide for the acceptance or appointment of a successor Trustee with respect to the Notes or
facilitate the administration of the trusts under this Indenture by more than one Trustee; 
 (c)    to add to the
covenants for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company in this Indenture, provided that such action shall not adversely affect the interests of the Holders of the Notes in any material
respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 
 (d)    to add or
eliminate additional Events of Default; 
 (e)    to cure any ambiguity, defect or inconsistency in this Indenture,
provided that such action shall not adversely affect the interests of the Holders of the Notes in any material respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 

(f)    to conform the text of this Indenture or the Notes to any provision of the “Description of Notes” in the
prospectus supplement applicable to the Notes at the time of the initial sale thereof; 
 (g)    to secure the Notes or
add obligors or collateral; 

  
 22 

 (h)    to establish the form of any Securities and to provide for the
issuance of any series of Securities under the Base Indenture and to set forth the terms thereof; 
 (i)    to provide
for additional Notes; 
 (j)    to provide for the issuance of Notes in uncertificated form in addition to or in place
of certificated Notes; 
 (k)    to add to, change, or eliminate any of the provisions of this Indenture in respect of
one or more series of Securities, provided that any such addition, change, or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of a supplemental indenture making such addition, change or
elimination and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; 

(l)    to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes;
provided, however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation of applicable securities law and (b) such amendment does not materially and adversely affect the rights of
Holders to transfer Notes; 
 (m)    to make any change that does not adversely affect the rights of any Holder of Notes
in any material respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 

(n)    to qualify or maintain qualification of this Indenture under the Trust Indenture Act; or 

(o)    to comply with the rules and regulations of any securities exchange or automated quotation system on which the
Notes may be listed or traded. 
 Section 9.2    Supplemental Indenture With Consent of
Holders. 
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes and other Securities
of each series affected by such supplemental indenture, by Act of such Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into a supplemental indenture or indentures for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture as applicable to the Notes; provided, however, that no such supplemental indenture entered into pursuant to this
Section 9.2 shall, without the consent of the Holder of each Outstanding Security affected by such supplemental indenture: 

(a)    change the Stated Maturity or due date of the principal of or interest payable on the Notes or change any Place of
Payment where or the currency in which such principal or interest is payable; 
 (b)    reduce the principal amount of
or the rate or amount of interest on the Notes; 

  
 23 

 (c)    impair the right to institute suit for the enforcement of any
payment on with respect to the Notes; 
 (d)    reduce the percentage in principal amount of the Outstanding Notes, the
consent of the Holders of which is required (1) to modify or amend this Indenture, or (2) to waive compliance with the provisions of or defaults under this Indenture and their consequences provided for in this Indenture; 

(e)    modify any of the provisions of this Section, Section 5.13 of the Base Indenture, or Section 10.8 of the
Base Indenture, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each affected Outstanding Note, provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of
Section 6.11(b) of the Base Indenture and Section 9.1(b) hereof; 
 (f)    modify any of
the provisions of this Indenture with respect to the subordination of any Note or of any series of Securities issued under the Base Indenture in a manner adverse to the Holders or adverse to the capital treatment of the Notes, except to clarify
ambiguities or to meet regulatory requirements for the Notes to qualify as Tier 2 capital or the equivalent for bank regulatory purposes; or 

(g)    modify or affect in any manner adverse to the Holders of the Notes the terms and conditions of the obligation of
the Company in respect of the due and punctual payment of the principal of or premium or interest on the Notes. 

Section 14.11    Modification of Subordination Provisions. 

Anything in Article IX of the Base Indenture or elsewhere contained in this Indenture to the contrary notwithstanding, no modification or
amendment of this Indenture that adversely affects the superior position of any holder of Senior Debt shall be effective against any such holder of Senior Debt unless such holder of Senior Debt has consented to such modification or amendment. 

[Signature page follows on next page] 

  
 24 

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

			
	VALLEY NATIONAL BANCORP
		
	By:	 	 /s/ Michael Hagedorn

	Name:	 	Michael Hagedorn
	Title:	 	Senior Executive Vice President and Chief Financial Officer

  
 [Signature page to
First Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Mitchell L. Brumwell

	Name:	 	Mitchell L. Brumwell
	Title:	 	Vice President

  
 [Signature page to
First Supplemental Indenture] 

 Exhibit A 

FORM OF NOTE 

 FORM OF 

VALLEY NATIONAL BANCORP 

5.25% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE
JUNE 15, 2030 
  

			
	 No. [●]

$[●]
	  	 CUSIP No. [●]

 
 ISIN No. [●]

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR ITS NOMINEE. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN
LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO VALLEY NATIONAL BANCORP (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS NOT A DEPOSIT AND IT IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
(“FDIC”) OR ANY OTHER GOVERNMENT AGENCY. 
 THIS SECURITY IS SUBORDINATED, AS TO PRINCIPAL, INTEREST AND PREMIUM, AND
ADDITIONAL AMOUNTS, IF ANY, TO ALL “SENIOR DEBT” OF THE COMPANY, INCLUDING ALL OBLIGATIONS TO THE COMPANY’S DEPOSITORS AND GENERAL CREDITORS OR TRADE CREDITORS. THIS SECURITY IS NOT SECURED BY ANY ASSETS OF THE COMPANY OR BY THE
ASSETS OF ANY OF ITS SUBSIDIARIES OR AFFILIATES, IS NOT GUARANTEED BY ANY OF COMPANY’S SUBSIDIARIES OR AFFILIATES. 

 THIS SECURITY IS ISSUABLE IN DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN
EXCESS THEREOF. AS PROVIDED IN THE INDENTURE AND SUBJECT TO CERTAIN LIMITATIONS THEREIN SET FORTH, SECURITIES OF THIS SERIES ARE EXCHANGEABLE FOR A LIKE AGGREGATE PRINCIPAL AMOUNT OF SECURITIES OF SUCH SERIES OF A DIFFERENT AUTHORIZED DENOMINATION,
AS REQUESTED BY THE HOLDER SURRENDERING THE SAME. 
 Valley National Bancorp, a New Jersey corporation, and any successor thereto, as
provided below (the “Company”), for value received, hereby promises to pay to [●], or registered assigns, the principal sum of [●]
($[●]) on June 15, 2030 (the “Stated Maturity Date”), unless redeemed prior to such date. This Security will bear interest at a fixed rate of 5.25% per annum from and including
June 5, 2020, to, but excluding, June 15, 2025 (the “Fixed Rate Period”), unless redeemed prior to such date. Interest accrued on this Security during the Fixed Rate Period will be payable semi-annually in arrears on
June 15 and December 15 of each year (each such date, a “Fixed Rate Interest Payment Date”), with the first such Fixed Rate Interest Payment Date being December 15, 2020, and the last such Fixed Rate Interest Payment
Date being June 15, 2025, unless redeemed prior to such date. This Security will bear interest at a floating per annum interest rate from and including June 15, 2025, to, but excluding, the Stated Maturity Date or any earlier redemption
date (the “Redemption Date”) (such period, the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Interest Period will be equal to the then-current
Benchmark plus 514 basis points. During the Floating Rate Period, interest on this Security will be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year (each such date, a “Floating
Rate Interest Payment Date”, and together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”), with the first such Floating Rate Interest Payment Date being September 15, 2025, and the last such
Floating Rate Interest Payment Date being the Stated Maturity Date, unless redeemed prior to such date. Notwithstanding the foregoing, if the Benchmark is less than zero, the Benchmark shall be deemed to be zero. The interest so payable, and
punctually paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the fifteenth day (whether or not a Business Day) prior to such Interest Payment Date; provided, however, that interest payable at Maturity shall be paid to the Person to whom principal shall be payable.

 The interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months to, but excluding, June 15, 2025. The interest payable on any Floating Rate Interest Payment Date during the Floating Rate
Period will be computed on the basis of a 360-day year and the number of days actually elapsed. If a Fixed Rate Interest Payment Date or the Stated Maturity Date for this Security falls on a day that is not a
Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the Stated Maturity Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as being made
on the date that the payment was first due and the Holder of this Security will not be entitled to any further interest or other payment. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate
Interest Payment Date will be postponed to the next succeeding Business Day, unless such day falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date will be accelerated to the immediately preceding
Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to, but excluding, such Business Day. 

  
 2 

 No sinking fund will be provided with respect to this Security. In no event shall any Holder
of this Security have the right to require the Company to call, redeem or repurchase this Security, in whole or in part prior to maturity. Nothing in this paragraph, however, shall limit the ability of the Holder of this Security to enforce its
rights to the payment of principal and premium, if any, and interest on the Security at maturity as provided herein. 
 Payment of the
principal of and interest on this Security will be made at the Corporate Trust Office of the Trustee, or such other office or agency designated by the Company for that purpose, in U.S. Dollars; provided that, at the option of the Company,
interest on this Security may be paid by mailing a check to the address of the Person entitled to such interest as such address shall appear in the Security Register. 

Under certain conditions, the Company may, without notice to or the consent of the Holder of this Security, create and issue additional notes
having the same ranking, interest rate, maturity date and other terms as this Security (other than the date of issuance, the issue price, the initial interest accrual date and the first Interest Payment Date), provided that no such additional
notes may be issued unless (1) the additional notes are fungible with this Security for United States securities law purposes, (2) (a) the additional notes are issued pursuant to a “qualified reopening” of this Security for United
States federal income tax purposes, or (b) this Security was, and the additional notes are, issued without any original issue discount for United States federal income tax purposes and (3) the additional notes have the same CUSIP number as
this Security. No additional notes may be issued if any Event of Default has occurred and is continuing with respect to this Security. Such additional notes shall be consolidated and form a single series with this Security for all purposes under the
Indenture. 
 Any “depository institution,” as defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds
this Security (or beneficial interest therein) shall be deemed to have agreed by acquiring this Security (or such beneficial interest) to waive any rights to offset all or any portion of the indebtedness represented by this Security (or such
beneficial interest) against any indebtedness or other obligations of such institution to the Company. 
 Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee by manual or pdf or other electronically imaged (including
without limitation DocuSign and AdobeSign) signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by manual,
facsimile or pdf or other electronically imaged signature. 
  

			
	VALLEY NATIONAL BANCORP
		
	By:	 	
                     
                                         
  

	Name:	 	
	Title:	 	

 Dated:
                     
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

 Dated:
                     

  
 [Signature Page to
Global Note] 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (the “Securities”), issued and to be issued in
one or more series under a Indenture, dated as of June 5, 2020 (the “Base Indenture”), as supplemented by that First Supplemental Indenture, dated as of June 5, 2020 (the “First Supplemental Indenture,”
and together with the Base Indenture, the “Indenture”, which term shall have the meaning assigned to it in the Base Indenture), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and to which Indenture reference is hereby made for a statement of the terms upon which the Securities of this series designated on the face hereof are,
and are to be, authenticated and delivered. By the terms of the Indenture, the Securities are issuable in series that may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture. 

The indebtedness evidenced by this Security is subordinate and junior in right of payment to all Senior Debt to the extent provided in the
Indenture, and each Holder of this Security, by such Holder’s acceptance of this Security, covenants and agrees to the subordination provided in the Indenture and shall be bound by the provisions of the Indenture. Senior Debt shall continue to
be Senior Debt and entitled to the benefits of these subordination provisions irrespective of any amendment, modification, or waiver of any term of the Senior Debt or extension or renewal of the Senior Debt. 

Each Holder hereof, by his, her or its acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein
and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such Holder upon said provisions. 

The Indenture contains provisions for defeasance of this Security upon compliance with certain conditions set forth in the Indenture. 

If certain Events of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. Any Event of Default with respect to this Security may be waived by the Holder hereof, as and if provided in the Indenture. 

The Company may, at its option, redeem the Securities of this series, in whole at any time or in part from time to time, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption (the “Redemption Date”), on any Interest Payment Date on or after June 15, 2025.
The Company may also, at its option, redeem the Securities of this series before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event or if the Company is required to register
as an investment company pursuant to the Investment Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to, but
excluding, the Redemption Date fixed by the Company. 

  
 R - 1 

 Notwithstanding any of the foregoing, to the extent then required under or pursuant to
applicable regulations of the Federal Reserve, this Security may not be repaid prior to the Stated Maturity Date without the prior written consent of the Federal Reserve. In the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. The provisions of Article XI of the Base Indenture and Article VII of the First Supplemental
Indenture shall apply to the redemption of any Securities of this series by the Company. 
 In the event that any payment on the Securities
of this series is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, premium (if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Base Indenture for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 Nothing in this Security, express or
implied, shall give to any person, other than the Holders of the Securities of this series, the parties hereto and their permitted successors hereunder, any benefit of any legal or equitable right, remedy or claim hereunder. 

All notices under this Security shall be in writing and, in the case of the Company, addressed to the Company at 1455 Valley Road, Wayne, NJ
07470, Attention: General Counsel, or, in the case of the Trustee, addressed to the Trustee at 500 Ross Street, 12th Floor, Pittsburgh, PA 15262 Attn: Corporate Trust or to such other address of the Trustee as the Trustee may notify the Holders of
the Securities of this series. All notices to the Holder of this Security will be given to the Holder at its address as it appears in the Security Register. 

  
 R - 2 

 All covenants and agreements by the Company in this Security and the Indenture shall bind
the Company’s successors and assigns, including successors by operation of law resulting from a merger or consolidation of the Company, or successors resulting from the transfer of the Company’s assets and liabilities substantially or
entirely, to another entity (“Successors”). Any Successor shall expressly assume in writing all the Company’s obligations hereunder prior to becoming a Successor, and upon becoming a Successor, shall perform all the
Company’s obligations hereunder and make all payments due hereunder. 
 In case any provision in this Security shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY, THE INDENTURE, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

This Security shall be governed by and construed in accordance with the laws of the State of New York (including but not limited to N.Y.
General Obligations Law Section 5-1401 and any successor statute thereto), without regard to the conflicts of law provisions thereof. 

  
 R - 3 

 [FORM OF TRANSFER NOTICE] 

To assign this Security, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert Assignee’s legal name)

 (Insert assignee’s Soc. Sec. or tax I.D. no.) 

(Print or type assignee’s name, address and zip code) 

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

			
	 Your signature:
	  	  

		  	 (Sign exactly as your name appears on| the face of this Security)

 Signature Guarantee*: 
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee).EX-10.1

 Exhibit 10.1 

CITRIX SYSTEMS, INC. 

SECOND AMENDED AND RESTATED 

2014 EQUITY INCENTIVE PLAN 
 SECTION 1.
GENERAL PURPOSE OF THE PLAN; DEFINITIONS 
 The name of the plan is the Citrix Systems, Inc. Second Amended and Restated 2014 Equity
Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers, employees, Non-Employee Directors and Consultants of Citrix Systems, Inc. (the
“Company”) and its Affiliates upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business to acquire a proprietary interest in the Company. It is anticipated that providing such
persons with a direct stake in the Company’s welfare will assure a closer identification of their interests with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf and strengthening their
desire to remain with the Company. Awards outstanding immediately prior to the adoption of the second amended and restated version of the Plan will remain subject in all respects to the terms and conditions set forth in the Company’s Amended
and Restated 2014 Equity Incentive Plan, and such Awards will not be amended or modified in any way by the amendments made in the second amended and restated version of the Plan. 

The following terms shall be defined as set forth below: 

“Acquisition” shall mean (i) consummation of a merger or consolidation of the Company with or into another person;
(ii) the sale, transfer, or other disposition of all or substantially all of the Company’s assets to one or more other persons in a single transaction or series of related transactions, unless, in the case of foregoing clauses (i) and
(ii), securities possessing more than 50% of the total combined voting power of the survivor’s or acquirer’s outstanding securities (or the securities of any parent thereof) are held by a person or persons who held securities possessing
more than 50% of the total combined voting power of the Company’s outstanding securities immediately prior to that transaction; (iii) any person or group of persons (within the meaning of Section 13(d)(3) of the Exchange Act) directly
or indirectly acquires, including but not limited to by means of a merger or consolidation, beneficial ownership (determined pursuant to Securities and Exchange Commission Rule 13d-3 promulgated under the
Exchange Act) of securities possessing more than 30% of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s stockholders that the Board does not
recommend such stockholders accept, other than (a) the Company or an Affiliate, (b) an employee benefit plan of the Company or any of its Affiliates, (c) a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or any of its Affiliates, or (d) an underwriter temporarily holding securities pursuant to an offering of such securities; (iv) persons who, as of the Effective Date, constitute the Board (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of
the Company subsequent to the Effective Date shall be considered an Incumbent Director if such person’s election was approved by or such 

  
 1 

 
person was nominated for election by either (A) a vote of at least a majority of the Incumbent Directors or (B) a vote of at least a majority of the Incumbent Directors who are members
of a nominating committee comprised, in the majority, of Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of
members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or
solicitation, shall not be considered an Incumbent Director; (v) any other acquisition of the business of the Company in which a majority of the Board votes in favor of a decision that an Acquisition has occurred within the meaning of the Plan;
or (vi) the approval by the Company’s stockholders of any plan or proposal for the liquidation or dissolution of the Company. 

“Acquisition Price” means the value as determined by the Committee of the consideration payable, or otherwise to be received
by stockholders, per share of Stock pursuant to an Acquisition. 
 “Act” means the U.S. Securities Act of 1933, as amended,
and the rules and regulations thereunder. 
 “Affiliate” means any corporation, partnership, limited liability company,
limited liability partnership, business trust or other entity controlling, controlled by or under common control with the Company. 

“Award” or “Awards,” except where referring to a particular category of grant under the Plan, shall include
Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards, Cash-Based Awards, Performance Share Awards and
Dividend Equivalent Rights. 
 “Award Agreement” means a written or electronic document setting forth the terms and
provisions applicable to an Award granted under the Plan. Each Award Agreement is subject to the terms and conditions of the Plan. 

“Board” means the Board of Directors of the Company. 

“Cash-Based Award” means an Award entitling the recipient to receive a cash-denominated payment. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and
interpretations. 
 “Committee” means the Compensation Committee of the Board. For any period during which no such
committee is in existence, “Committee” shall mean the Board and all authority and responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the Board. 

“Consultant” means any natural person that provides bona fide services to the Company or an Affiliate, and such services are
not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities. 

  
 2 

 “Dividend Equivalent Right” means an Award entitling the Participant to
receive credits based on cash dividends that would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the Participant. 

“Effective Date” means the date on which the Plan is most recently approved by stockholders as set forth in Section 21.

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 “Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by
the Committee. Unless otherwise determined by the Committee, the Fair Market Value of the Stock on any given date shall be the last sale price for the Stock as reported on the Nasdaq Global Select Market or another national securities exchange for
that date or if no closing price is reported for that date, the closing price on the next preceding date for which a closing price was reported. 

“Incentive Stock Option” means any Stock Option designated and qualified as an “incentive stock option” as defined
in Section 422 of the Code. 
 “Non-Employee Director” means a member of the
Board who is not also an employee of the Company or any Affiliate. 
 “Non-Qualified Stock
Option” means any Stock Option that is not an Incentive Stock Option. 
 “Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5. 
 “Participant” means
any holder of an outstanding Award under the Plan. 
 “Performance-Based Award” means any Restricted Stock Award,
Restricted Stock Units, Performance Share Award or Cash-Based Award that is intended to vest based on Performance Criteria. 

“Performance Criteria” means the criteria that the Committee selects for
purposes of establishing the Performance Goal or Performance Goals for a Participant for a Performance Cycle. The Performance Criteria (which shall be applicable to the organizational level specified by the Committee, including, but not limited to
the following organizational levels, the Company or a unit, division, group, or Affiliate of the Company) that will be used to establish Performance Goals are limited to the following Performance Criteria: (a) operating margin, gross margin or
profit margin, (b) earnings per share or pro forma earnings per share, (c) revenue or bookings, (d) expenses or operating expenses, (e) net income or operating income, (f) earnings before interest and taxes, and earnings
before interest, taxes, depreciation and amortization, (g) stock 

  
 3 

 
price increase, (h) market share, (i) return on assets, capital, equity or sales, (j) performance relative to peers, (k) divisional or operating segment financial and
operating performance, (l) total return on shares of common stock, on an absolute basis or relative to increase in an appropriate stock index selected by the Committee, (m) customer satisfaction indicators, (n) cash flow, (o) pre-tax profit, (p) growth or growth rate with respect to any of the foregoing measures (whether or not compounded), (q) attainment of strategic and operational objectives, (r) cost targets,
reductions and savings, productivity and efficiency (s) new product invention, development or innovation, (t) intellectual property (e.g., patents), (u) mergers and acquisitions or divestitures, (v) financings, or (w) any
combination of the foregoing, any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group. The Committee may appropriately adjust any evaluation performance under a
Performance Criterion to exclude any of the following events that occurs during a performance period: (i) asset write-downs or impairments, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax law,
accounting principles or other such laws or provisions affecting reporting results, (iv) accruals for reorganizations and restructuring programs, (v) any extraordinary non-recurring items, including
those described in the Financial Accounting Standards Board’s authoritative guidance and/or in management’s discussion and analysis of financial condition and results of operations appearing the Company’s annual report to stockholders
for the applicable year, and (vi) any other extraordinary items adjusted from the Company U.S. GAAP results. 
 “Performance
Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Criteria will be measured for the purpose of determining a
Participant’s right to and the payment of a Restricted Stock Award, Restricted Stock Units, Performance Share Award or Cash-Based Award, the vesting and/or payment of which is subject to the attainment of one or more Performance Goals. Each
such period shall not be less than 12 months. 
 “Performance Goals” means, for a Performance Cycle, the specific goals
established in writing by the Committee for a Performance Cycle based upon the Performance Criteria. 
 “Performance Share
Award” means an Award entitling the Participant to acquire shares of Stock upon the attainment of specified Performance Goals. 

“Restricted Stock Award” means an Award of shares of Stock subject to such restrictions and conditions as the Committee may
determine at the time of grant. 
 “Restricted Stock Units” means an Award of stock units to a Participant. 

“Section 409A” means Section 409A of the Code and the regulations and other guidance promulgated
thereunder. 
 “Stock” means the Common Stock, par value $0.001 per share, of the Company, subject to adjustments pursuant
to Section 3. 
 “Stock Appreciation Right” means an Award entitling the Participant to receive shares of Stock having
a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation Right shall
have been exercised. 

  
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 “Ten Percent Owner” means an employee who owns or is deemed to own (by
reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation. 

“Unrestricted Stock Award” means an Award of shares of Stock free of any restrictions. 

 

	SECTION 2.	 ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT PARTICIPANTS AND DETERMINE AWARDS

 (a)    Administration of Plan. The Plan shall be administered by the Committee. 

(b)    Powers of Committee. The Committee shall have the power and authority to grant Awards consistent with the
terms of the Plan, including the power and authority: 
 (i)    to select the individuals to whom Awards may from time to
time be granted; 
 (ii)    to determine the time or times of grant, and the extent, if any, of Incentive Stock Options,
Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, Performance Share Awards and Dividend Equivalent Rights,
or any combination of the foregoing, granted to any one or more Participants; 
 (iii)    to determine the number of
shares of Stock to be covered by any Award; 
 (iv)    to determine and modify from time to time the terms and
conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and Participants, and to approve the forms of Award Agreements; 

(v)    to accelerate at any time the exercisability, vesting or the lapse or achievement of any condition of all or any
portion of any Award; 
 (vi)    subject to the provisions of Section 5(b), to extend at any time the period in
which Stock Options may be exercised; and 
 (vii)    except as otherwise provided in Section 18 of the Plan, at
any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including
related written instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 

All decisions and interpretations of the Committee shall be binding on all persons, including the Company and the Participants. 

  
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 (c)    Delegation of Authority to Grant Awards. Subject to
applicable law, the Committee, in its discretion, may delegate to the Chief Executive Officer, Chief Financial Officer, or Chief People Officer of the Company all or part of the Committee’s authority and duties with respect to the granting of
Awards to individuals who are not subject to the reporting and other provisions of Section 16 of the Exchange Act. Any such delegation by the Committee shall include a limitation as to the amount of Awards that may be granted during the period
of the delegation and shall contain guidelines as to the determination of the exercise price and the vesting criteria. The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of
the Committee’s delegate or delegates that were consistent with the terms of the Plan. 
 (d)    Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in the event
employment or service terminates. 
 (e)    Indemnification. Neither the Board nor the Committee, nor any member
of either or any delegate thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegate thereof) shall
be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent
permitted by law and/or under the Company’s articles or bylaws or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the
Company. 
 (f)    Non-US Award Recipients. Notwithstanding any provision
of the Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Affiliates operate or have employees or other individuals eligible for Awards, the Committee, in its sole discretion, shall have the power
and authority to: (i) determine which Affiliates shall be covered by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award
granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary
or advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) hereof; and
(v) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing,
the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law.

 (g)    Prohibition on Dividends Payable on Awards Prior to Vesting. No dividends shall be paid with respect to
any Award prior to the vesting thereof. Dividends or Dividend Equivalents may accrue with respect to Awards that are unvested, but shall not be paid before the vesting of such Award. 

  
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 SECTION 3. STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION 

(a)    Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan
shall be the sum of (i) 51,300,000 shares, plus (ii) the shares of Stock underlying any awards granted under the 2005 Plan that are forfeited, canceled or otherwise terminated (other than by exercise) after the date of the Company’s 2014
annual stockholder meeting, subject to adjustment as provided in this Section 3. For purposes of this limitation, the shares of Stock underlying any Awards that are forfeited, canceled or otherwise terminated (other than by exercise) under this
Plan, shall be added back to the shares of Stock available for issuance under the Plan. Notwithstanding the foregoing, the following shares shall not be added to the shares authorized for grant under the Plan: (i) shares tendered or held back
upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding, and (ii) shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation
Right upon exercise thereof. In the event the Company repurchases shares of Stock on the open market, such shares shall not be added to the shares of Stock available for issuance under the Plan. Subject to such overall limitations, shares of Stock
may be issued up to such maximum number pursuant to any type or types of Award; provided, however, that Stock Options or Stock Appreciation Rights with respect to no more than 2,000,000 shares of Stock may be granted to any one individual
Participant during any one calendar year period, and no more than 51,300,000 shares of the Stock may be issued in the form of Incentive Stock Options. The shares available for issuance under the Plan may be authorized but unissued shares of Stock or
shares of Stock reacquired by the Company. 
 (b)    Effect of Awards. With respect to Awards granted prior to
June 4, 2019, (i) the grant of any full value Award (i.e., an Award other than an Option or a Stock Appreciation Right) shall be deemed, for purposes of determining the number of shares of Stock available for issuance under Section 3(a),
as an Award of 2.75 shares of Stock for each such share of Stock actually subject to the Award, and (ii) the grant of an Option or a Stock Appreciation Right shall be deemed, for purposes of determining the number of shares of Stock available
for issuance under Section 3(a), as an Award for one share of Stock for each such share of Stock actually subject to the Award. With respect to Awards granted on or after June 4, 2019, the grant of any Award shall be deemed, for purposes
of determining the number of shares of Stock available for issuance under Section 3(a), as an Award for one share of Stock for each such share of Stock actually subject to the Award. Any forfeitures, cancellations or other terminations (other
than by exercise) of any full value Award (i.e., an Award other than an Option or a Stock Appreciation Right) that was granted prior to June 4, 2019 shall be returned to the reserved pool of shares of Stock under the Plan as 2.75 shares of
Stock for each such share of Stock actually subject to the Award that is returned to the reserved pool, and any forfeitures, cancellations or other terminations (other than by exercise) of any other type of Award (including any full value Awards
granted on or after June 4, 2019) shall be returned to the reserved pool of shares of Stock under the Plan as one share of Stock for each such share of Stock actually subject to the Award that is returned to the reserve pool. 

  
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 (c)    Changes in Stock. Subject to Section 3(d) hereof, if,
as a result of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding shares of Stock are increased or decreased or are
exchanged for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are
distributed with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged
for securities of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate or proportionate adjustment in (i) the maximum number of shares reserved for issuance under the Plan, including
the maximum number of shares that may be issued in the form of Incentive Stock Options, (ii) the number of Stock Options or Stock Appreciation Rights that can be granted to any one individual Participant and the maximum number of shares that
may be granted under a Performance-Based Award, (iii) the number and kind of shares or other securities subject to any then outstanding Awards under the Plan, (iv) the repurchase price, if any, per share subject to each outstanding
Restricted Stock Award, and (v) the exercise price for each share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by
the number of Stock Options and Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation Rights remain exercisable. The Committee shall also make equitable or proportionate adjustments in the number of shares subject to
outstanding Awards and the exercise price and the terms of outstanding Awards to take into consideration cash dividends paid other than in the ordinary course or any other extraordinary corporate event. The adjustment by the Committee shall be
final, binding and conclusive. No fractional shares of Stock shall be issued under the Plan resulting from any such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional shares. 

(d)    Mergers and Other Transactions. 

(i)    In the case of and subject to the consummation of an Acquisition, the parties thereto may cause the assumption or
continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards on an equitable basis with new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares
and, if appropriate, the per share exercise prices, as such parties shall agree, the Fair Market Value of which (as determined by the Committee in its sole discretion) shall not materially differ from the Fair Market Value of the shares of Stock
subject to such Awards immediately preceding the Acquisition. To the extent the parties to such Acquisition do not provide for the assumption, continuation or substitution of Awards, as of the effective time of the Acquisition, the Plan and all
outstanding Awards granted shall terminate, and, except as the Committee may otherwise specify with respect to particular Awards in the relevant Award Agreement, all Options and Stock Appreciation Rights that are not exercisable immediately prior to
the effective time of the Acquisition shall become fully exercisable as of the effective time of the Acquisition, all other Awards with time-based vesting, conditions or restrictions shall become fully vested and nonforfeitable as of the effective
time of the Acquisition and all Awards with conditions and restrictions relating to the attainment of performance goals will be deemed achieved at one hundred percent (100%) of target levels and become fully vested and nonforfeitable as of the
effective time of the Acquisition. 

  
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 (ii)    In addition to or in lieu of the foregoing, with respect to
outstanding Options and Stock Appreciation Rights, the Committee may, on the same basis or on different bases as the Committee shall specify, upon written notice to the affected Participants, provide that one or more Options and Stock Appreciation
Rights then outstanding must be exercised, in whole or in part, within a specified number of days of the date of such notice, at the end of which period such Options and Stock Appreciation Rights shall terminate, or provide that one or more Options
and Stock Appreciation Rights then outstanding, in whole or in part, shall be terminated in exchange for a cash payment equal to the excess of the fair market value (as determined by the Committee in its sole discretion) for the shares subject to
such Options and Stock Appreciation Rights over the exercise price thereof. 
 (iii)    Notwithstanding anything to the
contrary herein, the Committee may, in its sole discretion, provide that all Options and Stock Appreciation Rights that are not exercisable immediately prior to the effective time of an Acquisition shall become fully exercisable as of the effective
time of the Acquisition, all other Awards with time-based vesting, conditions or restrictions shall become fully vested and nonforfeitable as of the effective time of an Acquisition and all Awards with conditions and restrictions relating to the
attainment of performance goals will be deemed achieved at one hundred percent (100%) of target levels and become fully vested and nonforfeitable as of the effective time of an Acquisition. In such cases, such Awards shall become exercisable in full
prior to the consummation of the Acquisition at such time and on such conditions as the Committee determines, and if such Awards are not exercised prior to the consummation of the Acquisition, they shall terminate at such time as determined by the
Committee. 
 (iv)    Notwithstanding anything to the contrary herein, in the event of an involuntary termination of
services of a Participant for any reason other than death, disability or Cause within six months following the consummation of an Acquisition, any Awards of the Participant assumed or substituted in an Acquisition which are subject to vesting
conditions, the lapse or achievement of any conditions and/or a right of repurchase in favor of the Company or a successor entity, shall accelerate in full, and any Awards accelerated in such manner with conditions and restrictions relating to the
attainment of performance goals will be deemed achieved at one hundred percent (100%) of target levels. All such accelerated Awards of the Participant shall be exercisable for a period of one year following termination, but in no event after the
expiration date of such Award. As used in this subsection (d)(iv) only, “Cause” shall mean the commission of any act of fraud, embezzlement or dishonesty by the Participant, any unauthorized use or disclosure by such person of
confidential information or trade secrets of the Company, or any other intentional misconduct by such person adversely affecting the business or affairs of the Company in a material manner. 

(v)    In the event of an Acquisition while a Participant is a Non-Employee
Director, any and all Awards shall become vested in full prior to the consummation of the Acquisition at such time and on such conditions as the Committee determines. 

(e)    Substitute Awards. The Committee may grant Awards under the Plan in substitution for stock and stock based
awards held by employees, directors or Consultants of another corporation in connection with the merger or consolidation of the employing corporation with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property

  
 9 

 
or stock of the employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. Any
substitute Awards granted under the Plan shall not count against the share limitation set forth in Section 3(a). 

(f)    No Reload Grants. Awards shall not be granted under the Plan in consideration for, and shall not be
conditioned upon, delivery of Stock to the Company in payment of the exercise price and/or tax withholding obligation under any Award. 
 SECTION 4.
ELIGIBILITY 
 Participants under the Plan will be such full or part-time officers and other employees,
Non-Employee Directors and Consultants of the Company and its Affiliates as are selected from time to time by the Committee in its sole discretion. 

SECTION 5. STOCK OPTIONS 
 The Committee
may grant Stock Options under the Plan. Any Stock Option granted under the Plan shall be in such form as the Committee may from time to time approve. 

Stock Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock
Options. Incentive Stock Options may be granted only to employees of the Company or any Affiliate that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as
an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option. 
 Stock Options granted
pursuant to this Section 5 shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable. If the Committee so
determines, Stock Options may be granted in lieu of cash compensation at the Participant’s election, subject to such terms and conditions as the Committee may establish. 

(a)    Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to
this Section 5 shall be determined by the Committee at the time of grant but shall not be less than 100 percent of the Fair Market Value on the date of grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner,
the option price of such Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the grant date. 

(b)    Option Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be
exercisable more than five years after the date the Stock Option is granted. 
 (c)    Exercisability; Rights of a
Stockholder. Stock Options shall become exercisable at such time or times, whether or not in installments, as shall be determined by the Committee at or after the grant date. The Committee may at any time accelerate the exercisability of all or
any portion of any Stock Option. A Participant shall have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. 

  
 10 

 (d)    Method of Exercise. Stock Options may be exercised in
whole or in part, by giving written or electronic notice of exercise to the Company or its agent, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more of the following methods to the extent
provided in the Option Award Agreement: 
 (i)    In cash, by certified or bank check or other instrument acceptable to
the Committee; 
 (ii)    Through the delivery (or attestation to the ownership) of shares of Stock that are not then
subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market Value on the exercise date; 

(iii)    By the Participant delivering to the Company or its agent a properly executed exercise notice together with
irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the Participant chooses to pay the purchase price as so provided, the
Participant and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Committee or its delegates shall prescribe as a condition of such payment procedure; or 

(iv)    With respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement
pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price. 

Payment instruments will be received subject to collection. The transfer to the Participant on the records of the Company or of the transfer agent of the
shares of Stock to be purchased pursuant to the exercise of a Stock Option will be contingent upon receipt from the Participant (or a purchaser acting in his stead in accordance with the provisions of the Stock Option) by the Company of the full
purchase price for such shares and the fulfillment of any other requirements contained in the Option Award Agreement or applicable provisions of laws (including the satisfaction of any withholding taxes that the Company is obligated to withhold with
respect to the Participant). In the event a Participant chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Participant upon the exercise of the Stock
Option shall be net of the number of attested shares. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the exercise of Stock Options, such as a system using an internet website or
interactive voice response, then the paperless exercise of Stock Options may be permitted through the use of such an automated system. 

(e)    Auto Exercise at Expiration. The Company may provide in an Award Agreement that to the extent the Option
remains unexercised, it will be exercised automatically by “net exercise” pursuant to Section 5(d)(iv) of the Plan immediately prior to the end of the Option Term. 

  
 11 

 (f)    Annual Limit on Incentive Stock Options. To the extent
required for “incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock with respect to which Incentive Stock Options granted under
this Plan and any other plan of the Company or its parent and subsidiary corporations become exercisable for the first time by a Participant during any calendar year shall not exceed $100,000. To the extent that any Stock Option exceeds this limit,
it shall constitute a Non-Qualified Stock Option. 
 SECTION 6. STOCK APPRECIATION RIGHTS 

(a)    Exercise Price of Stock Appreciation Rights. The exercise price of a Stock Appreciation Right shall not be
less than 100 percent of the Fair Market Value of the Stock on the date of grant. 
 (b)    Grant and Exercise
of Stock Appreciation Rights. Stock Appreciation Rights may be granted by the Committee independently of any Stock Option granted pursuant to Section 5 of the Plan. 

(c)    Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms
and conditions as shall be determined from time to time by the Committee. The term of a Stock Appreciation Right may not exceed five years. 
 SECTION 7.
RESTRICTED STOCK AWARDS 
 (a)    Nature of Restricted Stock Awards. The Committee shall determine the
restrictions and conditions applicable to each Restricted Stock Award at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of
pre-established performance goals and objectives. The terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards
and Participants. 
 (b)    Rights as a Stockholder. Upon the grant of the Restricted Stock Award and payment of
any applicable purchase price, a Participant shall have the rights of a stockholder with respect to the voting of the Restricted Stock and receipt of dividends; provided that, to the extent permitted by applicable law, any dividends paid by the
Company shall accrue and be paid to the Participant only upon the vesting of the Restricted Stock. Unless the Committee shall otherwise determine, (i) uncertificated Restricted Stock shall be accompanied by a notation on the records of the
Company or the transfer agent to the effect that they are subject to forfeiture until such Restricted Stock are vested as provided in Section 7(d) below, and (ii) certificated Restricted Stock shall remain in the possession of the Company
until such Restricted Stock is vested as provided in Section 7(d) below, and the Participant shall be required, as a condition of the grant, to deliver to the Company such instruments of transfer as the Committee may prescribe. 

(c)    Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or
disposed of except as specifically provided herein or in the Restricted Stock Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject to Section 18 below, in writing after the Award is
issued, if a Participant’s employment (or other service relationship) with the Company and its Affiliates terminates for any reason, any Restricted Stock that has not vested at the time of termination

  
 12 

 
shall automatically and without any requirement of notice to such Participant from or other action by or on behalf of, the Company be deemed to have been reacquired by the Company at its original
purchase price (if any) from such Participant or such Participant’s legal representative simultaneously with such termination of employment (or other service relationship), and thereafter shall cease to represent any ownership of the Company by
the Participant or rights of the Participant as a stockholder. Following such deemed reacquisition of unvested Restricted Stock that are represented by physical certificates, a Participant shall surrender such certificates to the Company upon
request without consideration. 
 (d)    Vesting of Restricted Stock. The Committee at the time of grant shall
specify the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted
Stock and the Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment of such pre-established performance goals, objectives and other conditions,
the shares on which all restrictions have lapsed shall no longer be Restricted Stock and shall be deemed “vested.” Except as may otherwise be provided by the Committee either in the Award Agreement or, subject to Section 18 below, in
writing after the Award is issued, a Participant’s rights in any shares of Restricted Stock that have not vested shall automatically terminate upon the Participant’s termination of employment (or other service relationship) with the
Company and its Affiliates and such shares shall be subject to the provisions of Section 7(c) above. 
 SECTION 8. RESTRICTED STOCK UNITS 

(a)    Nature of Restricted Stock Units. The Committee shall determine the restrictions and conditions applicable to
each Restricted Stock Unit at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The
terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and Participants. At the end of the deferral period, the Restricted Stock Units, to the extent
vested, shall be settled in the form of shares of Stock. To the extent that an award of Restricted Stock Units is subject to Section 409A, it may contain such additional terms and conditions as the Committee shall determine in its sole
discretion in order for such Award to comply with the requirements of Section 409A. 
 (b)    Election to
Receive Restricted Stock Units in Lieu of Compensation. The Committee may, in its sole discretion, permit a Participant to elect to receive a portion of future cash compensation otherwise due to such Participant in the form of an award of
Restricted Stock Units. Any such election shall be made in writing and shall be delivered to the Company no later than the date specified by the Committee and in accordance with Section 409A and such other rules and procedures established by
the Committee. Any such future cash compensation that the Participant elects to defer shall be converted to a fixed number of Restricted Stock Units based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid
to the Participant if such payment had not been deferred as provided herein. The Committee shall have the sole right to determine whether and under what circumstances to permit such elections and to impose such limitations and other terms and
conditions thereon as the Committee deems appropriate. Any Restricted Stock Units that are elected to be received in lieu of cash compensation shall be fully vested, unless otherwise provided in the Award Agreement. 

  
 13 

 (c)    Rights as a Stockholder. A Participant shall have the
rights as a stockholder only as to shares of Stock acquired by the Participant upon settlement of Restricted Stock Units; provided, however, that the Participant may be credited with Dividend Equivalent Rights with respect to the shares of Stock
underlying his Restricted Stock Units, subject to such terms and conditions as the Committee may determine. Dividend Equivalent Rights may not be settled until the Restricted Stock Units vest. 

(d)    Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject
to Section 18 below, in writing after the Award is issued, a Participant’s right in all Restricted Stock Units that have not vested shall automatically terminate upon the Participant’s termination of employment (or cessation of
service relationship) with the Company and its Affiliates for any reason. 
 SECTION 9. UNRESTRICTED STOCK AWARDS 

Grant or Sale of Unrestricted Stock. The Committee may, in its sole discretion, grant (or sell at par value or such higher purchase
price determined by the Committee) an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such Participant. 

SECTION 10. CASH-BASED AWARDS  

(a)    Grant of Cash-Based Awards. The Committee may, in its sole discretion, grant Cash-Based Awards to any
Participant in such number or amount and upon such terms, and subject to such conditions, as the Committee shall determine at the time of grant. The Committee shall determine the maximum duration of the Cash-Based Award, the amount of cash to which
the Cash-Based Award pertains, the conditions upon which the Cash-Based Award shall become vested or payable, and such other provisions as the Committee shall determine. Each Cash-Based Award shall specify a cash-denominated payment amount, formula
or payment ranges as determined by the Committee. Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and may be made in cash or in shares of Stock, as the Committee determines. 

SECTION 11. PERFORMANCE SHARE AWARDS 

(a)    Nature of Performance Share Awards. The Committee may, in its sole discretion, grant Performance Share Awards
independent of, or in connection with, the granting of any other Award under the Plan. The Committee shall determine whether and to whom Performance Share Awards shall be granted, the Performance Goals, the periods during which performance is to be
measured, which may not be less than one year except in the case of an Acquisition, and such other limitations and conditions as the Committee shall determine. 

(b)    Rights as a Stockholder. A Participant receiving a Performance Share Award shall have the rights of a
stockholder only as to shares actually received by the Participant under the Plan and not with respect to shares subject to the Award but not actually received by the Participant. A Participant shall be entitled to receive shares of Stock under a
Performance Share Award only upon satisfaction of all conditions specified in the Performance Share Award Agreement (or in a performance plan adopted by the Committee). 

  
 14 

 (c)    Termination. Except as may otherwise be provided by the
Committee either in the Award agreement or, subject to Section 18 below, in writing after the Award is issued, a Participant’s rights in all Performance Share Awards shall automatically terminate upon the Participant’s termination of
employment (or cessation of service relationship) with the Company and its Affiliates for any reason. 
 SECTION 12. PERFORMANCE-BASED AWARDS 

 (a)    Performance-Based Awards. Any employee or other Consultant providing services to the Company and who is
selected by the Committee may be granted one or more Performance-Based Awards in the form of a Restricted Stock Award, Restricted Stock Units, Performance Share Awards or Cash-Based Award payable upon the attainment of Performance Goals that are
established by the Committee and relate to one or more of the Performance Criteria, in each case on a specified date or dates or over any period or periods determined by the Committee. The Committee shall define in an objective fashion the manner of
calculating the Performance Criteria it selects to use for any Performance Cycle. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the
performance of a division, business unit, or an individual. Each Performance-Based Award shall comply with the provisions set forth below. 

(b)    Grant of Performance-Based Awards. With respect to each Performance-Based Award, the Committee shall select
the Performance Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-Based
Award will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets. The Performance Criteria established by the Committee may be (but need not be) different for
each Performance Cycle and different Performance Goals may be applicable to each Performance-Based Award. 

(c)    Payment of Performance-Based Awards. Following the completion of a Performance Cycle, the Committee shall
meet to review and certify in writing whether, and to what extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to also calculate and certify in writing the amount of the Performance-Based Awards earned for the
Performance Cycle. The Committee shall then determine the actual size of each Performance-Based Award, and, in doing so, may reduce or eliminate the amount of the Performance-Based Award if, in its sole judgment, such reduction or elimination is
appropriate. 
 (d)    Maximum Award Payable. The maximum Performance-Based Award payable to any one individual
under the Plan for a Performance Cycle is 2,000,000 shares of Stock (subject to adjustment as provided in Section 3(c) hereof) or $25 million in the case of a Performance-Based Award that is a Cash-Based Award. 

  
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 SECTION 13. DIVIDEND EQUIVALENT RIGHTS 

(a)    Dividend Equivalent Rights. A Dividend Equivalent Right may be granted hereunder to any Participant as a
component of an award of Restricted Stock Units, Restricted Stock Award or Performance Share Award or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement. Dividend equivalents
credited to the holder of a Dividend Equivalent Right may be deemed to be reinvested in additional shares of Stock, which may thereafter accrue additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment
or such other price as may then apply under a dividend reinvestment plan sponsored by the Company, if any. Dividend Equivalent Rights may be settled in cash or shares of Stock or a combination thereof, in a single installment or installments. A
Dividend Equivalent Right granted as a component of an Award with vesting shall provide that such Dividend Equivalent Right shall be settled only upon settlement or payment of, or lapse of restrictions on, such other Award, and that such Dividend
Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other Award. 

(b)    Interest Equivalents. Any Award under this Plan that is settled in whole or in part in cash on a deferred
basis may provide in the grant for interest equivalents to be credited with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon such terms and conditions as may be specified by the grant. 

(c)    Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject
to Section 18 below, in writing after the Award is issued, a Participant’s rights in all Dividend Equivalent Rights or interest equivalents granted as a component of an Award that has not vested shall automatically terminate upon the
Participant’s termination of employment (or cessation of service relationship) with the Company and its Affiliates for any reason. 
 SECTION 14.
TRANSFERABILITY OF AWARDS 
 (a)    Transferability. Except as provided in Section 14(b) below, during
a Participant’s lifetime, his or her Awards shall be exercisable only by the Participant, or by the Participant’s legal representative or guardian in the event of the Participant’s incapacity. No Awards shall be sold, assigned,
transferred or otherwise encumbered or disposed of by a Participant other than by will or by the laws of descent and distribution or pursuant to a domestic relations order. No Awards shall be subject, in whole or in part, to attachment, execution,
or levy of any kind, and any purported transfer in violation hereof shall be null and void. 
 (b)    Committee
Action. Notwithstanding Section 14(a), the Committee, in its discretion, may provide either in the Award Agreement regarding a given Award or by subsequent written approval that the Participant (who is an employee or director) may transfer
his or her Non-Qualified Options to his or her immediate family members, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that
the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award. In no event may an Award be transferred by a Participant for value. 

(c)    Family Member. For purposes of Section 14(b), “family member” shall mean a Participant’s
child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-

  
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law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other
than a tenant of the Participant), a trust in which these persons (or the Participant) have more than 50 percent of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any
other entity in which these persons (or the Participant) own more than 50 percent of the voting interests. 
 SECTION 15. TAX WITHHOLDING 

(a)    Payment by Participant. Upon the occurrence of any applicable taxable event related to an Award, the
Participant shall pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company or an Affiliate with respect to such income.
The Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. The Company’s obligation to deliver evidence of book entry (or stock
certificates) to any Participant is subject to and conditioned on tax withholding obligations being satisfied by the Participant. 

(b)    Withholding in Stock. Subject to approval by the Committee, any required tax withholding obligation may be
satisfied, in whole or in part, by the Company withholding from shares of Stock to be issued pursuant to any Award a number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding
amount due. 
 SECTION 16. SECTION 409A AWARDS 

To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
(a “409A Award”), the Award shall be subject to such additional rules and requirements as specified by the Committee from time to time in order to comply with Section 409A. In this regard, if any amount under a 409A Award is
payable upon a “separation from service” (within the meaning of Section 409A) to a Participant who is then considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior
to the date that is the earlier of (i) six months and one day after the Participant’s separation from service, or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being
subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. Further, the settlement of any such Award may not be accelerated except to the extent permitted by Section 409A. All Awards are intended to be exempt
from Section 409A to the greatest extent possible or otherwise comply with Section 409A. The terms of the Awards granted under this Plan shall be interpreted in accordance with such intent. 

SECTION 17. TERMINATION OF EMPLOYMENT, TRANSFER, LEAVE OF ABSENCE, ETC. 

(a)    Effect of Termination of Employment, Etc. Unless the Committee, in its sole discretion shall at any time
determine otherwise with respect to any Award, if the Participant’s employment or other association with the Company and its Affiliates ends for any reason, including because of the Participant’s employer ceasing to be an Affiliate,
(i) any outstanding 

  
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Option or Stock Appreciation Right of the Participant shall cease to be exercisable in any respect not later than six months following that event and, for the period it remains exercisable
following that event, shall be exercisable only to the extent exercisable at the date of that event, and (ii) any other outstanding Award of the Participant shall be forfeited or otherwise subject to return to or repurchase by the Company on
the terms specified in the applicable Award Agreement. 
 (b)    Effect of Leaves and Transfers. For purposes of
the Plan, the following events shall not be deemed a termination of employment: 
 (i)    a transfer to the employment of
the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another; or 
 (ii)    an
approved leave of absence for any purpose approved by the Company or an Affiliate or any leave of absence during which the Participant’s right of employment is guaranteed by statute or contract; provided, however, that unless the Committee (and
any delegate thereof) provides otherwise, vesting of awards granted hereunder will be suspended one hundred eighty (180) days after the commencement of an unpaid leave of absence, unless such suspension is not permitted by applicable law. 

SECTION 18. AMENDMENTS AND TERMINATION 

The Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the holder’s consent. Except as provided in Section 3(c) or 3(d), without prior
stockholder approval, in no event may the Committee exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation Rights or effect repricing through cancellation and
re-grants at an exercise price that is less than the original exercise price of such Stock Option Stock Appreciation Right or cancellation of Stock Options or Stock Appreciation Rights in exchange for cash. To
the extent required under the rules of any securities exchange or market system on which the Stock is listed or to the extent determined by the Committee to be required by the Code to ensure that Incentive Stock Options granted under the Plan are
qualified under Section 422 of the Code, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at a meeting of stockholders. Nothing in this Section 18 shall limit the Committee’s authority to take
any action permitted pursuant to Section 3(c) or 3(d). 
 SECTION 19. STATUS OF PLAN 

With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a
Participant, a Participant shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the Committee may
authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements is consistent with the
foregoing sentence. 

  
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 SECTION 20. GENERAL PROVISIONS 

(a)    No Distribution. The Committee may require each person acquiring Stock pursuant to an Award to represent to
and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. 

(b)    Acceptance of Award Agreements. Each Participant is deemed to have accepted his or her Award Agreement six
months from the date of grant unless he or she has accepted the Award Agreement pursuant to such procedures as required by the Company. 

(c)    Delivery of Stock Certificates. Stock certificates to Participants under this Plan shall be deemed delivered
for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the Participant, at the Participant’s last known address on file with the Company.
Uncertificated Stock shall be deemed delivered for all purposes when the Company or a Stock transfer agent of the Company shall have given to the Participant by electronic mail (with proof of receipt) or by United States mail, addressed to the
Participant, at the Participant’s last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records). Notwithstanding anything herein to the
contrary, the Company shall not be required to issue or deliver any certificates evidencing shares of Stock pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel (to the extent the Committee
deems such advice necessary or advisable), that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the
shares of Stock are listed, quoted or traded. All Stock certificates delivered pursuant to the Plan shall be subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state or
foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is listed, quoted or traded. The Committee may place legends on any Stock certificate to reference restrictions applicable to the Stock. In addition to the
terms and conditions provided herein, the Committee may require that an individual make such reasonable covenants, agreements, and representations as the Committee, in its discretion, deems necessary or advisable in order to comply with any such
laws, regulations, or requirements. The Committee shall have the right to require any individual to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be
imposed in the discretion of the Committee. 
 (d)    Stockholder Rights. Until Stock is deemed delivered in
accordance with Section 20(c), no right to vote or receive dividends or any other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award, notwithstanding the exercise of a Stock Option or any
other action by the Participant with respect to an Award. 
 (e)    Other Compensation Arrangements; No Employment
Rights. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable or applicable only in specific cases. The
adoption of this Plan and the grant of Awards do not confer upon any employee any right to continued employment with the Company or any Affiliate. 

  
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 (f)    Trading Policy Restrictions. Option exercises and other
Awards under the Plan shall be subject to the Company’s insider trading policies and procedures, as in effect from time to time. 

(g)    Clawback/Recovery. All Awards granted under the Plan will be subject to recoupment in accordance with the
Company’s Executive Compensation Recovery Policy adopted on December 14, 2016, as may be amended from time to time, and any other clawback policy that the Company is required to adopt pursuant to the listing standards of any national
securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Committee may impose such
other clawback, recovery or recoupment provisions in an Award Agreement as the Committee determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Stock or other cash or
property in appropriate circumstances. 
 SECTION 21. EFFECTIVE DATE OF PLAN 

This Plan shall become effective upon stockholder approval in accordance with applicable state law, the Company’s bylaws and certificate
of incorporation (each as amended or restated from time to time), and applicable stock exchange rules. No grants of Awards may be made hereunder after the tenth anniversary of the Effective Date, and no grants of Incentive Stock Options may be made
hereunder after the tenth anniversary of the date the Plan is approved by the Board. Awards granted pursuant to this Plan during its unexpired term shall not expire solely by reason of the termination of this Plan. 

SECTION 22. GOVERNING LAW 
 This Plan and
all Awards and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 

SECTION 23. ARBITRATION AND CLASS ACTION WAIVER 

Any dispute or claim relating to or arising out of this Plan, any Award and/or any actions taken thereunder, to the fullest extent permitted by
law, shall be fully and finally resolved by confidential, binding arbitration by a single, neutral arbitrator agreed upon by the Participant and the Company. The arbitration shall be held in the county where the Company has an office at which
the applicable Participant provides services (for remote Participants, the nearest county where the Company has an office) or any other locale to which the parties jointly agree. If the parties cannot agree upon an arbitrator, the arbitrator shall
be a JAMS neutral selected in accordance with the then-current Employment Arbitration Rules & Procedures of JAMS (which are available at www.jamsadr.com), and the arbitration shall be conducted in accordance with those rules and procedures.
The parties each waive their respective rights to have any such disputes/claims tried by a judge or a jury. The arbitrator shall permit adequate discovery and shall be empowered to award all remedies otherwise available in a court of competent

  
 20 

 
jurisdiction, and any judgment rendered by the arbitrator may be entered by any court of competent jurisdiction. The arbitrator shall issue a written award setting forth the essential findings
and conclusions on which the award is based. Other than an amount equal to the fee for filing such an action in the local state court, which amount the Participant shall pay toward the costs of the arbitration, the Company shall bear the costs of
the arbitration, including the JAMS administrative fees and the arbitrator’s fees. Each party shall otherwise bear its own respective attorneys’ fees and costs of the arbitration, except to the extent otherwise provided by law and awarded
by the arbitrator. The Participant and the Company agree that each may bring claims against the other only in an individual capacity, and not as a plaintiff or class member in any purported class action or other representative proceeding. 

SECTION 24. AWARDS TO NON-EMPLOYEE DIRECTORS. 

(a)    Maximum Awards to Non-Employee Directors. Notwithstanding anything to
the contrary in the Plan, the value of all equity-based Awards granted under this Plan to any Non-Employee Director in any calendar year shall not exceed $795,000 (excluding any Awards granted to any non-employee director in connection with his or her initial election to the Board). For purposes of this limitation, the value of any equity-based Award shall be the grant date fair value, as determined in
accordance with ASC 718 or any successor provision but excluding the impact of estimated forfeitures related to service-based vesting provisions. 

(b)    Awards Available for Non-Employee Directors. Non-Employee Directors shall be eligible to receive an annual equity-based Award under this Plan. Such annual equity-based Award shall be made on the first business day of the month following the Company’s
annual meeting of stockholders and shall generally vest in full on the earlier of (i) the first anniversary of the date of grant or (ii) the day immediately prior to the Company’s next regular annual meeting of stockholders, subject
to such director’s continued business relationship or other association with the Company through such vesting date (each vesting date, the “Current Annual Vesting Date”); provided that upon the termination of the Non-Employee Director’s business relationship or other association with the Company, a pro rata portion of the Award, equal to the pro rata portion of the period during which the
Non-Employee Director had a continuous business relationship or other association with the Company, shall immediately vest, unless the Board determines otherwise. Newly appointed
Non-Employee Directors are also entitled to receive an Award under this Plan upon his or her initial election to the Board of Directors, which shall generally vest in full on the next applicable Current Annual
Vesting Date (the period from the grant date to the Current Annual Vesting Date, the “Vesting Period”), subject to the Non-Employee Director’s continuous business relationship or other
association with the Company through the Vesting Period; provided that upon the termination of the Non-Employee Director’s business relationship or other association with the Company, a pro rata portion
of an Award, equal to the pro rata portion of the Vesting Period during which the Non-Employee Director had a continuous business relationship or other association with the Company, shall immediately vest,
unless the Board determines otherwise. The terms set forth in this Section 24(b) are subject to change from time to time as determined by the Committee. 

(c)    Mergers and Other Transactions. As set forth in Section 3(d)(v), in the event of an Acquisition while a
Participant is a Non-Employee Director, the vesting of any and all Awards shall be accelerated in full prior to the consummation of the Acquisition at such time and

  
 21 

 
on such conditions as the Committee determines, and if any Options or Stock Appreciation Rights are not exercised prior to the consummation of the Acquisition, they shall terminate at such time
as determined by the Committee. 
 (d)    Maximum Cash Compensation to
Non-Employee Directors. Notwithstanding anything to the contrary in this Plan, the value of all cash compensation, not including the value of any Awards granted under this Plan, paid by the Company to any Non-Employee Director, in his or her capacity as such, in any calendar year shall not exceed $500,000. 
 DATE ORIGINALLY
APPROVED BY BOARD OF DIRECTORS: February 12, 2014 
 DATE ORIGINALLY APPROVED BY STOCKHOLDERS: May 22, 2014 

DATE MOST RECENTLY APPROVED BY BOARD OF DIRECTORS: April 6, 2020 

DATE MOST RECENTLY APPROVED BY STOCKHOLDERS: June 3, 2020 

  
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