Document:

Mutual Release & Settlement Agreement

 Exhibit 10.2 
 Confidential – Execution Version 
 For Settlement Purposes Only 
 MUTUAL RELEASE AND SETTLEMENT AGREEMENT 
 This Mutual Release and Settlement Agreement (“Agreement”) is entered into effective as of January 22, 2009 (the “Effective Date”) between Plaintiffs and Counterdefendants Televisa, S.A. de
C.V. and Grupo Televisa, S.A.B. (jointly, “Televisa”), on the one hand, and Defendant and Counterclaimant Univision Communications Inc. (“UCI”) and Counterclaimant Telefutura Network (jointly, “Univision”), on the other
hand. Televisa and Univision are collectively referred to as the “Parties.” 
 This Agreement is made with reference to the
following circumstances: 
 A. On May 9, 2005, Televisa, S.A. de C.V. filed its Complaint and Demand for Jury Trial in the United States
District Court, Central District Court, entitled Televisa, S.A. de C.V. v. Univision Communications Inc., Case No. CV 05-3444 ABC (MANx) (the “Action”). On June 16, 2005, Televisa, S.A. de C.V. filed its First Amended Complaint
and Demand for Jury Trial in the Action. 
 B. On August 15, 2005, UCI filed its Answer to Televisa’s First Amended Complaint, and
Univision filed its Counterclaims and Demand for Jury Trial in the Action. 
 C. On January 31, 2006, Televisa filed its Answer to
Univision’s Counterclaims in the Action. 
 D. On March 30, 2006, Televisa filed its Second Amended and Supplemental Complaint in
the Action. 
 E. On May 5, 2006, UCI filed its Answer to Televisa’s Second Amended and Supplemental Complaint, and Univision filed
its First Amended Counterclaims in the Action. 
 F. On June 22, 2006, Televisa filed its Answer to Univision’s First Amended
Counterclaims in the Action. 
 G. On July 19 2006, Televisa, S.A. de C.V. filed a Complaint for Declaratory Relief in the Superior
Court of the State of California, County of Los Angeles, entitled Televisa, S.A. de C.V. v. Univision Communications Inc., Case No. BC 355701 (“Televisa’s Internet Claim”), which is currently stayed. 

 H. On October 3, 2006, Univision filed its Second Amended Counterclaims in the Action. 

I. On October 27, 2006, Televisa filed its Answer to Univision’s Second Amended Counterclaims in the Action. 
 J. On February 1, 2008, the Court entered an Order Regarding Dismissal Without Prejudice of Certain Claims by Televisa and Univision, Docket
No. 305, in the Action (“First Dismissal of Claims Without Prejudice”). 
 K. On February 22, 2008, the Court entered an
Order for Stipulation Re Televisa’s Claim of Breach With Respect to Univision’s Agreement with RCN Television, S.A., Docket No. 370, in the Action (“RCN Order”). 
 L. On April 8, 2008, the Court entered an Order Re Second Stipulation Regarding Dismissal Without Prejudice of Certain Claims by Televisa and
Univision, Docket No. 450 (“Second Dismissal of Claims Without Prejudice”) (the “First Dismissal of Claims Without Prejudice” and “Second Dismissal of Claims Without Prejudice” collectively referred to herein as
“Claims Dismissed Without Prejudice”). 
 M. On April 22, 2008, the Court bifurcated the trial on Univision’s Tenth Claim
for Relief in its Second Amended Counterclaims (as set forth in Paragraphs 112 through 117 therein) filed in this Action (the claims and positions of each party herein referred to as the “Internet Issue”), and, on December 30, 2008,
ordered that the trial on the Internet Issue shall commence on March 3, 2009. 
 N. On December 22, 2008, the Parties executed the
Joint Stipulation of Facts, filed in this Action on January 2, 2009 (“Fact Stipulation”), which is attached hereto as Exhibit “A.” 
 The Parties desire now to address and resolve the foregoing; accordingly, upon execution of this Agreement and upon execution of a Third Amended and Restated Program License Agreement between the Parties (“Third
PLA”) and of an amendment to the agreement, dated as 

  

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of January 15, 2009, made by and between Grupo Televisa, S.A.B. and UCI, regarding the Soccer Games, as defined therein (“Amended Soccer
Agreement”), and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree as follows: 
 1. Payment 
 1.1. Univision shall pay Televisa the sum of US$3.5 million in
cash upon execution of the Agreement. 
 1.2. Univision shall withdraw its “under protest” designation for every
payment listed on Exhibits G, H, J through R, and U of the Fact Stipulation, to the extent the “under protest” designation was not already withdrawn, and shall withdraw any “under protest” designation or any condition on any
payment made to Televisa by Univision from the beginning of time to the Effective Date. 
 2. Dismissals With Prejudice

 2.1. Upon receipt of the payment set forth in Paragraph 1.1 above, Televisa shall dismiss all of its claims against
Univision in this Action with prejudice (including the Claims Dismissed Without Prejudice), except for Televisa’s Internet Claim and the Internet Issue. No dismissal with prejudice of any such claim shall in any way operate to apply to
future conduct of the Parties under the Third PLA, the Amended Soccer Agreement, and any other agreement between the Parties as set forth in Paragraph 6 below, or in any way affect Televisa’s defense to Univision’s Tenth Claim for Relief
in its Second Amended Counterclaims in this action. 
 2.2. Univision shall dismiss all of its counterclaims against Televisa
in this Action (including but not limited to the counterclaims described in Paragraphs 9 and 21 and Exhibits I and S of the Fact Stipulation) with prejudice (including the Claims Dismissed Without Prejudice), except for its counterclaim
asserting the Internet Issue. No dismissal with prejudice 

  

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of any such claim shall in any way operate to apply to future conduct of the Parties under the Third PLA, the Amended Soccer Agreement, and any other
agreement between the Parties as set forth in Paragraph 6 below, or in any way affect Univision’s defense to Televisa’s Internet Claim. 
 3. Releases 
 The Parties release each other as follows: 
 3.1. Televisa Release. Televisa unconditionally and irrevocably fully, finally and forever waives, release, remise, acquit and
discharge Univision and each of its directors, managing agents, agents, representatives, attorneys, heirs, assignors and assignees, bankers, accountants and all persons and entities acting or claiming by, through, under, or in concert with it or any
of them, from and against all claims, interests, demands, debts, obligations, damages, liabilities, breaches of duty, costs, expenses, causes of action, lawsuits, administrative claims, judgments or injunctions, all of any nature whatsoever, from
the beginning of time to the Effective Date, whether known or unknown, in law or in equity, contractual or tortious or statutory, suspected or unsuspected, and whether arising out of any act, breach of duty, omission or occurrence on the part of or
attributable to any of them, of any kind whatsoever, which were asserted in this Action or arising out of the Second Amended and Restated Program License Agreement, dated December 19, 2001 (“2001 PLA”) (“Televisa Release”),
except as set forth in Paragraph 8 below. The Televisa Release does not include Televisa’s Internet Claim, Televisa’s defenses to the Internet Issue, the Internet Issue, and the rights, obligations, and any claims under this Agreement, the
Third PLA, the Amended Soccer Agreement, and any other agreement between the Parties as set forth in Paragraph 6 below. 
  

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 3.2. Univision Release. Univision unconditionally and irrevocably fully, finally
and forever waives, release, remise, acquit and discharge Televisa and each of its directors, managing agents, agents, representatives, insurers, attorneys, heirs, assignors and assignees, bankers, accountants and all persons and entities acting or
claiming by, through, under, or in concert with it or any of them, from and against all claims, interests, demands, debts, obligations, damages, liabilities, breaches of duty, costs, expenses, causes of action, lawsuits, administrative claims,
judgments or injunctions, all of any nature whatsoever, from the beginning of time to the Effective Date, whether known or unknown, in law or in equity, contractual or tortious or statutory, suspected or unsuspected, and whether arising out of any
act, breach of duty, omission or occurrence on the part of or attributable to any of them, of any kind whatsoever, which were asserted in this Action or arising out of the 2001 PLA (“Univision Release”), except as set forth in Paragraph 8
below. The Univision Release does not include Televisa’s Internet Claim, the Internet Issue, and the rights, obligations, and any claims under this Agreement, the Third PLA, the Amended Soccer Agreement, and any other agreement between the
Parties as set forth in Paragraph 6 below. 
 4. Section 1542 Waiver 
 It is the intention of the Parties in entering into this Agreement that this Agreement shall be effective according to its terms and that the Televisa
Release and the Univision Release shall each be unconditionally and irrevocably effective as a waiver, release and discharge of, and bar to, all claims of any nature whatsoever encompassed within their respective scope. In furtherance of this
intention, the Parties acknowledge and agree that they have been advised of the existence of Civil Code section 1542 which provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
DEBTOR.” 
  

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 The parties knowingly, voluntarily, irrevocably, unconditionally, fully and forever, waive and release the provisions of
Section 1542, as well as any other statute, law, or rule of similar effect, and acknowledges and agrees that this waiver is an essential and material term of this Agreement, without which the Parties would not have agreed to this Agreement, the
Televisa Release and the Univision Release. 
 5. Known and Unknown Circumstances 
 The Parties acknowledge that they may hereafter discover facts, contracts, matters, events, circumstances or omissions different from, in addition to, or
unknown or unsuspected, to those which they now know or believe to be true at the time they entered into this Agreement, or the Televisa Release, or the Univision Release, and which if known by them at the time might have materially affected their
decision to enter into this Agreement, the Televisa Release, and the Univision Release. The Parties acknowledge and agree that by reason of this Agreement, the Televisa Release and the Univision Release, they are assuming the risk of such unknown
contracts, facts, matters, events, circumstances or omissions and unknown and unsuspected claims based thereon. The Parties further acknowledge and agree that this Agreement, the Televisa Release and the Univision Release shall nonetheless be and
remain fully effective, each according to its terms, regardless of what the Parties know or suspect or do not know or suspect to exist in or against their favor at the time of executing this Agreement. 
 6. Other Agreements 
 The
Dismissals, Televisa Release, and Univision Release of this Agreement are not intended to and do not affect the continued existence or terms of, or the rights and obligations of the parties under, any agreements between the Parties (or their
respective affiliates) other than the 2001 PLA, including but not limited to this Agreement, the Third PLA, the Amended Soccer Agreement, the Amended and Restated International Program Rights Agreement, dated 

  

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December 19, 2001, by and between UCI, Grupo Televisa, S.A., and Venevision International, Inc.; the Limited Liability Company Agreement of Spanish
Subscription Television LLC, dated as of April 28, 2003, between UCI and Televisa Pay-TV Venture, Inc., as amended; the Channel License Agreement, dated as of April 28, 2003, by and between Visat, S.A. de C.V. and Spanish Subscription
Television LLC; and the Participation Agreement, dated as of October 2, 1996, by and among UCI, A. Jerrold Perenchio, Grupo Televisa, S.A., Gustavo A. Cisneros, Ricardo J. Cisneros, and Corporacion Venezolana de Television (to the extent still
in effect). 
 7. Pending Internet Dispute 
 Contemporaneous herewith, the parties have entered into the Third PLA. That Agreement contains provisions pertaining to the rights of the parties with respect to the Internet Issue that are intended to maintain the
parties’ respective positions as they existed under the 2001 PLA. Nevertheless, for the avoidance of doubt, in trying the Internet Issue, the parties agree that, notwithstanding their having entered into the Third PLA, determination of the
Internet Issue shall continue to be controlled by the provisions of the 2001 PLA as they existed prior to execution of the Third PLA and accordingly the Third PLA shall be inadmissible in the trial of the Internet Issue and with respect to
Televisa’s Internet Claim. 
 8. Pending Movie Dispute 
 The Parties acknowledge that they have had a dispute as to Univision’s rights under the 2001 PLA to movies co-produced by Televisa or produced by
third parties to which Televisa obtained rights in the Territory prior to the date hereof and continues to have such rights (Univision’s Second Amended Counterclaims, Counts I & II as applicable). Consistent with Paragraph 2 herein, which
in any event controls, Univision will dismiss this claim, including any demand for damages, but has stated that it intends to seek a declaration that such co-produced and third-party produced movies are Programs within the meaning of the 2001 PLA.
Televisa disputes Univision’s position. The parties have agreed that Univision’s demand for such a declaration may only be submitted for determination pursuant to the provisions set forth in Paragraph 12 herein. The parties further agree
that Univision will not suffer (nor will it seek 

  

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recompense for) any damages related to Televisa’s failure to license to Univision such movies prior to a final determination as to Univision’s
rights with respect to such movies. Nothing in this paragraph shall affect or in any way limit the right and ability of the parties to seek a declaration as to any other issue that may arise as to their rights and obligations under the Third PLA,
the Amended Soccer Agreement, and any other agreement between the Parties as set forth in Paragraph 6 above. 
 9. Attorneys Fees and
Costs 
 Each Party shall bear its own attorneys fees and costs in the Action. 
 10. No Conflicting Interest 
 Each of the Parties unconditionally and irrevocably represents, warrants and covenants that: (a) it owns and controls the claims released by this Agreement, none of the claims released by this Agreement have been assigned to any other
person or entity, and no other person or entity has any interest in the claims released by this Agreement; and (b) should any other person or entity assert any interest with respect to any of the claims released by this Agreement, the Parties,
as applicable, shall defend, indemnify and hold harmless the other Party against such claim for all costs of defense, litigation, settlement and judgment, including but not limited to attorney’s fees, expert’s fees, consultant’s fees,
statutory costs, other costs, interest, settlement amounts, judgment amounts, bond amounts, appellate proceedings and all other like or related costs. 
 11. Integrated and Complete Agreement 
 Each of the Parties unconditionally and irrevocably
represents, warrants and covenants that: (a) in entering into and agreeing to be bound by this Agreement, it does not rely upon nor has it relied upon any assurance, representation, warranty, negotiation, understanding, promise, agreement,
statement or other conduct not expressly set forth in writing in this Agreement by or attributable to any of the Parties, including but not limited to, regarding the subject matter or effect of this Agreement; (b) this Agreement sets forth the
entirety of the Parties’ agreement regarding the subject matter and effect of this Agreement; (c) this Agreement supersedes and 

  

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replaces all prior assurances, representations, warranties, negotiations, understandings, promises, agreements, statements and other conduct regarding the
subject matter and effect of this Agreement; and (d) except as expressly set forth in writing in this Agreement, there are no assurances, representations, warranties, understandings, promises, agreements, statements or other conduct regarding
the subject matter and effect of this Agreement. 
 12. Governing Law, Jurisdiction, Venue and Enforcement 
 This Agreement is made and entered into in the State of California and shall in all respects be interpreted, enforced and governed pursuant to and under
the substantive laws of the State of California without reference to the principles of conflicts of law. Televisa and Univision agree that any claims related to or arising under this agreement may only be submitted for determination pursuant to
California Code of Civil Procedure § 638 by a private judge to be selected pursuant to the JAMS Comprehensive Arbitration Rules and Procedures (“JAMS Rules”) and the parties agree to cooperate together to obtain expedited resolution
of such proceeding and hereby waive any right of appeal of the determination by such private judge. 
 13. Benefited and Encompassed
Persons and Entities 
 This Agreement shall inure to the benefit and burden of each of the Parties and each and all of their
respective heirs, administrators, representatives, executors, successors, affiliates, predecessors in interest, successors in interest, assignees, lawyers, accountants, members, partners, directors, shareholders, employees, officers, investigators,
spouses, estate planning vehicles, trusts and any and all other persons and entities now, heretofore or hereafter having any involvement or interest whatsoever with respect to the subject matter of this Agreement and/or who has acted in any manner
on behalf or attributable to any of the Parties. 
  

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 14. Independent Counsel Advice and Authority 
 Each of the Parties unconditionally and irrevocably represents, warrants and covenants that: (a) it has fully consulted with independent counsel of
its choosing with respect to the meaning, impact and scope of each of the provisions of this Agreement and the benefits and consequences of entering into and being bound by this Agreement; (b) it has read, understands, accepts and agrees to
each of the provisions of this Agreement; (c) it voluntarily and without duress of any kind enters into this Agreement; (d) it has the capacity and authority to enter into and be bound by this Agreement; (e) by entering into and being
bound by this Agreement, it is not in breach or contravention of any other agreement or duty with, to or of any other person or entity; and (f) that each person signing this Agreement in a representative capacity is duly authorized to do so.

 15. No Amendment or Waiver Except In Writing 
 No supplement, modification or amendment of this Agreement shall be effective or binding unless executed in writing by the Parties. No waiver of any of the provisions of this Agreement shall be deemed to constitute a
waiver of any other provision, whether or not similar, nor shall any one waiver constitute a continuing waiver. No waiver shall be effective or binding unless executed in writing by the party making and burdened by such waiver. 
 16. Counterparts and Signatures 
 This Agreement may be executed in one or more duplicate original counterparts, each of which shall be deemed an original, but all of which shall together constitute but one and the same instrument. Signatures delivered by email or telecopy
shall have the same effect as the manual original signatures. 
 17. Interpretation 
 The wording of this Agreement is the result of the joint effort and agreement of the Parties, shall be construed as a whole according to its fair meaning,
and shall not be construed for or against any one of the Parties. As used in this Agreement, the terms “and” and “or” shall be deemed to include the term “and/or” and the singular or plural number shall be deemed to

  

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include the other whenever the context so indicates or requires, and masculine, feminine and neuter shall be deemed interchangeable and inclusive. The
headings of the paragraphs of this Agreement are for purposes of convenience only, and shall not affect or govern the interpretation of the provisions of this Agreement. Should any of the provisions of this Agreement be declared or be determined to
be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement; provided, however, that
(i) the result does not materially alter the overall scope and effect of this Agreement, and (ii) the result does not deprive any of the Parties of the benefit and consideration to it/him under this Agreement. 
 18. No Admissions or Ratifications 
 This Agreement effects the settlement of claims which are denied and contested, and nothing contained in this Agreement shall be construed as an admission by any of the Parties of any liability of any kind to the other, all of which are
denied, nor as an admission or ratification by any of the Parties that any past conduct or activities by the other Party that were the subject of the Action or of this Agreement were appropriate, proper, or acceptable. 
 19. Authority 
 Each of the
Parties unconditionally and irrevocably represents, warrants and covenants that it has the authority and power to enter into and be bound by this Agreement and that the person signing on its behalf is authorized to do so. 
 20. Further Assurances 
 The
Parties represent and warrant that they will take all steps reasonably necessary to effectuate, enforce and evidence the provisions of this Agreement. 
 21. Notice 
 Any Notice or other communication required or permitted to be given under this
Agreement shall be writing and shall be effective (i) when personally delivered during normal business hours to the addressee at the address designated for such delivery, (ii) on the date of 

  

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receipt specified in any return receipt if it shall have been deposited in the mails, certified or registered with return receipt requested and posted
thereon fully prepaid, (iii) on the second Business Day after dispatch by Federal Express, DHL, or other recognized international courier service, addressed to the addressee at such address, upon confirmation of delivery, or (iv) on the
next Business Day after it shall have been given by facsimile or email transmission with electronic answer back confirmation, whichever of the foregoing shall first occur. Except as hereafter may be noticed otherwise by any of the Parties or their
counsel, the addresses for any such notice or other communication shall be the addresses as set forth below: 
  

	 	(a)	Televisa: 

 Grupo Televisa, S.A.B.

 Attn.: Alfonso de Angoitia Joaquin Balcarcel 
 Avenida Vasco de Quiroga Num. 2000 
 Edificio A Piso 4 
 Colonia Zedec Santa Fe 
 01210 Mexico, D.F. 
 With a copy to: 
 Bingham McCutchen, LLP 
 Attn.: Marshall B. Grossman, Esq. 
 1620 26th Street, 4th Floor 
 Santa Monica, CA 90404 
 Wachtell Lipton Rosen & Katz 
 Attn: Herbert M. Wachtell, Esq. 
 51 W. 52nd Street 
 New York, NY 10019 
  

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	 	(b)	Univision: 

 5999 Center Drive 

Los Angeles, California 90045 
 Attn: Phyllis Verdugo 
 Tel: (310) 348-3677 
 With a copy to: 
 Keker & Van Nest LLP 
 Attn: John W. Keker, Esq. 
 710 Sansome Street 
 San Francisco, CA 94111-1704 
  

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 Confidential – Execution Version 
 For Settlement Purposes Only 
 The Parties accordingly expressly so agree and enter into
this Agreement as of the Effective Date. 
  

									
	Dated:	 	January 22, 2009	 		 	Televisa S.A. de C.V.
					
		 		 		 	By:	 	

		 		 		 	Its:	 	 
					
		 		 		 	By:	 	

		 		 		 	Its:	 	 
				
	Dated:	 	January 22, 2009	 		 	Grupo Televisa, S.A.B.
					
		 		 		 	By:	 	

		 		 		 	Its:	 	 
					
		 		 		 	By:	 	

		 		 		 	Its:	 	 
				
	Dated:	 	January 22, 2009	 		 	Univision Communications Inc. and Telefutura Network
					
		 		 		 	By:	 	

		 		 		 	Its:Form of Deposit Agreement

 Exhibit 4.10 
 THE PMI GROUP, INC. 
 [NAME OF DEPOSITARY] 
 and 
 THE HOLDERS FROM TIME TO TIME

 OF 
 THE
DEPOSITARY RECEIPTS DESCRIBED HEREIN 
  
  
 Deposit Agreement

  
  
 Dated as of                  ,
         

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	  
 ARTICLE I
  
 DEFINITIONS
  
 ARTICLE II
  
 FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION
 AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
  
	  	
	SECTION 2.01	  	BOOK-ENTRY FORM; FORM AND TRANSFER OF RECEIPTS.	  	3
	SECTION 2.02	  	DEPOSIT OF STOCK; EXECUTION AND DELIVERY OF RECEIPTS IN
RESPECT THEREOF. REDEMPTION OF STOCK	  	4
	SECTION 2.04	  	REGISTRATION OF TRANSFER OF RECEIPTS.	  	7
	SECTION 2.05	  	SPLIT-UPS AND COMBINATIONS OF RECEIPTS; SURRENDER OF
RECEIPTS AND WITHDRAWAL OF STOCK.	  	7
	SECTION 2.06	  	LIMITATIONS ON EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND
EXCHANGE OF RECEIPTS.	  	8
	SECTION 2.07	  	LOST RECEIPTS, ETC.	  	9
	SECTION 2.08	  	CANCELLATION AND DESTRUCTION OF SURRENDERED RECEIPTS.	  	9
	SECTION 2.09	  	INTERCHANGEABILITY OF BOOK-ENTRY RECEIPTS AND RECEIPTS IN
PHYSICAL, CERTIFICATED FORM.	  	9
	SECTION 2.10	  	STOCK PURCHASE PLANS.	  	10
	  
 ARTICLE III
  
 CERTAIN OBLIGATIONS OF
 THE HOLDERS OF RECEIPTS AND THE COMPANY
  
	  	
	SECTION 3.01	  	FILING PROOFS, CERTIFICATES AND OTHER INFORMATION.	  	10
	SECTION 3.02	  	PAYMENT OF TAXES OR OTHER GOVERNMENTAL CHARGES.	  	11
	SECTION 3.03	  	WARRANTY AS TO STOCK.	  	11
	SECTION 3.04	  	WARRANTY AS TO RECEIPTS.	  	11
	  
 ARTICLE IV
  
 THE DEPOSITED SECURITIES; NOTICES
  
	  	
	SECTION 4.01	  	CASH DISTRIBUTIONS.	  	11
	SECTION 4.02	  	DISTRIBUTIONS OTHER THAN CASH.	  	12
	SECTION 4.03	  	SUBSCRIPTION RIGHTS, PREFERENCES OR PRIVILEGES.	  	12
	SECTION 4.04	  	NOTICE OF DIVIDENDS, ETC.; FIXING OF RECORD DATE FOR
HOLDERS OF RECEIPTS.	  	13
	SECTION 4.05	  	VOTING RIGHTS.	  	14
	SECTION 4.06	  	CHANGES AFFECTING DEPOSITED SECURITIES AND RECLASSIFICATIONS, RECAPITALIZATIONS,
ETC.	  	14
	SECTION 4.07	  	INSPECTION OF REPORTS.	  	15

  

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	SECTION 4.08	  	LIST OF RECEIPT HOLDERS.	  	15
	  
 ARTICLE V
  
 THE DEPOSITARY, THE DEPOSITARY’S AGENTS,
 THE REGISTRAR AND THE COMPANY
  
	  	
	  	
	SECTION 5.01	  	MAINTENANCE OF OFFICES, AGENCIES AND TRANSFER BOOKS BY
THE DEPOSITARY; REGISTRAR.	  	15
	SECTION 5.02	  	PREVENTION OF OR DELAY IN PERFORMANCE BY THE DEPOSITARY,
THE DEPOSITARY’S AGENTS, THE REGISTRAR OR THE COMPANY.	  	16
	SECTION 5.03	  	OBLIGATIONS OF THE DEPOSITARY, THE DEPOSITARY’S AGENTS,
THE REGISTRAR AND THE COMPANY.	  	16
	SECTION 5.04	  	RESIGNATION AND REMOVAL OF THE DEPOSITARY: APPOINTMENT OF
SUCCESSOR DEPOSITARY.	  	17
	SECTION 5.05	  	CORPORATE NOTICES AND REPORTS.	  	18
	SECTION 5.06	  	INDEMNIFICATION BY THE COMPANY.	  	18
	SECTION 5.07	  	CHARGES AND EXPENSES.	  	19
	  
 ARTICLE VI
  
 AMENDMENT AND TERMINATION
  
	  	
	  	
	SECTION 6.01	  	AMENDMENT.	  	20
	SECTION 6.02	  	TERMINATION.	  	20
	  
 ARTICLE VII
  
 MISCELLANEOUS
  
	  	
	  	
	SECTION 7.01	  	COUNTERPARTS.	  	22
	SECTION 7.02	  	EXCLUSIVE BENEFIT OF PARTIES.	  	22
	SECTION 7.03	  	INVALIDITY OF PROVISIONS.	  	22
	SECTION 7.04	  	NOTICES.	  	22
	SECTION 7.05	  	DEPOSITARY’S AGENTS.	  	23
	SECTION 7.06	  	HOLDERS OF RECEIPTS ARE PARTIES.	  	23
	SECTION 7.07	  	GOVERNING LAW.	  	23
	SECTION 7.08	  	INSPECTION OF DEPOSIT AGREEMENT.	  	23
	SECTION 7.09	  	HEADINGS.	  	23
		
	 TESTIMONIUM
	  	
	 SIGNATURES
	  	
		
	 EXHIBIT A: Depositary Receipt
	  	

  

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 DEPOSIT AGREEMENT dated as of
                 ,          
 among 
 THE PMI GROUP, INC. 
 a Delaware corporation, 
 [NAME OF DEPOSITARY] 
 a                         , as Depositary, 
 AND THE HOLDERS FROM TIME TO TIME 
 OF THE
RECEIPTS DESCRIBED HEREIN 
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares
of Series      Preferred Stock, par value $0.01 per share, of The PMI Group, Inc. with the Depositary (as hereinafter defined) for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts
(as hereinafter defined) by the Depositary evidencing Depositary Shares in respect of the Stock (as hereinafter defined) so deposited; 
 NOW, THEREFORE, in consideration of the premises contained herein and such other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS

 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit
Agreement and the Receipts: 
 “Amendment” shall mean an amendment to the Restated Certificate of Incorporation, as amended, of the
Company filed with the Secretary of State of the State of Delaware establishing the Stock as a series of preferred stock of the Company. 
 “Company” shall mean The PMI Group, Inc., a Delaware corporation, and its successors. 
 “Deposit Agreement”
shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof. 
 “Depositary” shall mean             , a             , and any successor Depositary hereunder.

  

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 “Depositary Shares” shall mean the Depositary Shares, each representing a
one-            (1/    th) interest in a share of Stock and which shall be evidenced by Receipts. 
 “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.05. “Depositary’s Office”
shall mean the principal office of the Depositary at which at any particular time its depositary business shall be administered. 
 “Receipt” shall mean one of the depositary receipts, issued hereunder by the Depositary, each representing any number of whole Depositary Shares. The term “Receipt” shall be deemed to include the DTC Receipt (as defined
in Section 2.01 hereof). 
 “record holder” with respect to a Receipt shall mean the individual, entity or person in whose
name a Receipt is registered on the books of the Depositary or any register of any Registrar maintained for such purpose at a given time. 
 “Registrar” shall mean any bank or trust company which shall be appointed by the Depositary to register ownership and transfers of Receipts as herein provided and which may include the Depositary. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Stock” shall mean shares of the Company’s Series      Preferred Stock, par value $0.01 per share. 

 

 2 

 ARTICLE II 
 FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY, 
 TRANSFER, SURRENDER AND REDEMPTION OF
RECEIPTS 
 Section 2.01 Book-Entry Form; Form And Transfer Of Receipts. All of the Receipts shall initially be represented
by one or more global receipts (collectively, the “DTC Receipt”) deposited with The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. The Depositary, or such other entity as is
agreed to by DTC, may hold the DTC Receipt as custodian for DTC. So long as the Receipts are eligible for book-entry settlement with DTC, except as provided for in Section 2.09 hereof, no person acquiring Depositary Shares traded on any
securities exchange with book-entry settlement through DTC shall receive or be entitled to receive physical delivery of the Receipts evidencing such Depositary Shares. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the
transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC. 
 If DTC subsequently ceases to make its book-entry settlement system available for the Receipts, the Company may instruct the Depositary regarding making
other arrangements for book-entry settlement. In the event that the Receipts are not eligible for, or it is no longer necessary to have the Receipts available in, book-entry form, the Depositary shall provide written instructions to DTC to deliver
to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary to deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive receipts in physical form evidencing
such Depositary Shares. Such definitive Receipts shall be in the form annexed hereto as Exhibit A with appropriate insertions, modifications and omissions, as hereafter provided. 
 The beneficial owners of Depositary Shares shall, except as stated above with respect to Depositary Shares in book-entry form represented by the DTC
Receipt, be entitled to receive Receipts in physical, certificated form as herein provided. 
 The Receipts may be typewritten in the case of
the DTC Receipts and otherwise shall, upon notice by the Company to the Depositary as provided above, be definitive Receipts. Definitive Receipts shall be engraved or printed or lithographed on steel-engraved borders and shall be substantially in
the form annexed hereto as Exhibit A, with appropriate insertions, modifications and omissions, as hereinafter provided. The DTC Receipt shall bear such legend or legends as may be required by DTC in order for it to accept the Depositary Shares for
its book-entry settlement system. 
  

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 Receipts shall be executed by the Depositary by the manual signature of a duly authorized officer of the
Depositary; provided, that such signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by manual signature of a duly authorized officer of the
Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the
Receipts (other than the Depositary) shall have been appointed, by facsimile signature of a duly authorized officer of the Depositary and countersigned manually by a duly authorized officer of such Registrar. The Depositary shall record on its books
each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signatures of individuals who were at any time proper officers of the Depositary or the Registrar, as the case may be, shall constitute adequate
signatures hereunder, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the delivery of such Receipts or did not hold such offices on the date of delivery of such Receipts. 
 Receipts shall be in denominations of any number of whole Depositary Shares. 
 Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this
Deposit Agreement as may be required by the Depositary and approved by the Company or required to comply with any applicable law or regulation or with the rules and regulations of any securities exchange upon which the Stock, the Depositary Shares
or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 
 [Subject to any limitations set forth in a Receipt or in this Deposit Agreement,] Title to Depositary Shares evidenced by a Receipt which is properly
endorsed, or accompanied by a properly executed instrument of transfer, shall be transferable by delivery of such Receipt with the same effect as if such Receipt were a negotiable instrument; provided, however, that until transfer of a
Receipt shall be registered on the books of the Registrar, on behalf of the Depositary, as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the record holder as the absolute owner thereof for the
purpose of determining the person entitled to distributions of dividends or other distributions with respect to the Stock [, the exchange of Depositary Shares for Stock, the right to exchange Receipts pursuant to Section 2.09] or to any notice
provided for in this Deposit Agreement and for all other purposes. 
 The Depositary shall not lend any Stock deposited hereunder.

 Section 2.02 Deposit Of Stock; Execution And Delivery Of Receipts In Respect Thereof. Subject to the terms and conditions of
this Deposit Agreement, the 

  

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Company [If shares of Stock may be deposited by holders thereof: or any holder of Stock] may from time to time deposit shares of Stock with the Depositary
under this Deposit Agreement by delivery to the Depositary of a certificate or certificates representing the Stock to be deposited. Such certificate or certificates representing the Stock shall be properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Company [If shares of Stock may be deposited by holders thereof: or such holder, as the case may be,] directing the Depositary to execute and deliver to, or upon the written order of, the person or persons named
in such order, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 
 All
Stock deposited by the Company [If shares of Stock may be deposited by holders thereof: or any holder of Stock, as the case may be,] with the Depositary shall be held by the Depositary at the Depositary’s Office or at such other place or places
as the Depositary shall determine. 
 Upon receipt by the Depositary of a certificate or certificates representing Stock deposited, with the
Depositary by the Company [If shares of Stock may be deposited by holders thereof: or any holder of Stock, as the case may be,] in accordance with the provisions of this Section, together with the other documents required as above specified, and
upon recordation of the Stock so deposited on the books of the Company in the name of the Depositary, the Depositary shall execute and deliver, to the person or persons named in the written order delivered to the Depositary, a Receipt or Receipts,
evidencing in the aggregate the number of Depositary Shares relating to the Stock so deposited. Such Receipt or Receipts shall be registered by the Depositary or the Registrar in such name or names as may be requested by the person or persons named
in the written order. The Depositary shall execute and deliver such Receipts at the Depositary’s Office or such other offices, if any, as such person may designate. Delivery at other offices shall be at the risk and expense of the person
requesting such delivery. The DTC Receipt shall provide that it shall evidence the aggregate amount of Depositary Shares from time to time indicated in the records of the Depositary and that the aggregate amount of Depositary Shares evidenced
thereby may from time to time be increased or decreased by making adjustments on such records of the Depositary. 
 Other than in the case of
splits, combinations or other reclassifications affecting the Stock, or in the case of dividends or other distributions of Stock, if any, there shall be deposited with the Depositary hereunder not more than
         shares of Stock. 
 Section 2.03 Redemption of Stock. Whenever the
Company shall elect to redeem shares of Stock in accordance with the provisions of the Amendment, it shall (unless otherwise agreed in writing with the Depositary) mail notice to the Depositary of 

  

 5 

 
such redemption, by first class mail, postage prepaid, not less than 40 nor more than 70 days prior to the date fixed for the redemption of Stock in
accordance with the provisions of the Amendment. On the date of such redemption, provided that the Company shall then have paid in full to the Depositary the redemption price required pursuant to the Amendment relating to the Stock to be redeemed,
the Depositary shall redeem the Depositary Shares relating to such Stock. The Depositary shall mail notice of such redemption, and the simultaneous redemption of the number of Depositary Shares relating to the Stock to be redeemed, by first-class
mail, postage prepaid, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts evidencing the Depositary Shares to
be so redeemed on the record date fixed pursuant to Section 4.04 hereof, at the addresses of such holders as they appear on the records of the Depositary; provided, however, that neither failure to mail any such notice to one or more
such holders nor any defect in any notice or in the mailing thereof to one or more such holders shall affect the validity of the proceedings for redemption of any Depositary Shares as to other holders. Each such notice of redemption shall state:
(i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed
and the method by which the Depositary Shares will be chosen for redemption; (iii) the redemption price (including cumulative dividends to the Redemption Date); (iv) the place or places where Receipts evidencing Depositary Shares are to be
surrendered for payment of the redemption price; (v) that dividends in respect of the Stock to be redeemed, which are represented by the Depositary Shares to be redeemed, will cease to accrue at the close of business on such Redemption Date and
(vi) if a date other than the Redemption Date, the date from and after which the Stock and Depositary Shares shall no longer be deemed to be outstanding. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary
Shares to be so redeemed shall be selected by lot or pro rata as may be determined by the Company. 
 Notice having been mailed by the
Depositary as aforesaid, from and after (a) the Redemption Date (unless the Company shall have failed to redeem the shares of Stock to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), or
(b) such earlier date (if applicable) upon which the Company deposits the Redemption Price with the paying agent for the holders of the Stock (regardless of whether such shares are actually surrendered for cancellation), all dividends in
respect of the shares of Stock so called for redemption shall cease to accrue, the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, all rights of the holders of Receipts evidencing such Depositary
Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate and, upon surrender in accordance with such notice of the Receipts evidencing any such Depositary Shares called for
redemption (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to 1/    th of the
redemption price per share paid in respect of the shares of Stock 

  

 6 

 
plus all money and other property, if any, underlying such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the
Redemption Date have accrued on the shares of Stock to be so redeemed and have not theretofore been paid. 
 If less than all the Depositary
Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary, together with the payment of the redemption price, a new Receipt evidencing such number of
Depositary Shares as were evidenced by such prior Receipt and not called for redemption; provided, however, that such replacement Receipt shall be issued only in denominations of whole Depositary Shares and cash will be payable in respect of
fractional interests. 
 Section 2.04 Registration Of Transfer Of Receipts. Subject to the terms and conditions of this Deposit
Agreement, the Registrar, on behalf of the Depositary, shall register on its books transfers of Receipts from time to time upon notice to the Registrar by the Depositary of the surrender of a Receipt for transfer by the holder in person or by duly
authorized attorney, which Receipt in each case must be properly endorsed or accompanied by a properly executed instrument of transfer. Upon surrender of a properly endorsed Receipt or Receipt accompanied by an instrument of transfer, the Depositary
shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the transferee named in the
endorsement or instrument of transfer. 
 Section 2.05 Split-Ups And Combinations Of Receipts; Surrender Of Receipts And Withdrawal
Of Stock. Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, the Depositary shall execute and
deliver a new Receipt or Receipts to the holder thereof or to such holder’s order in the denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. The Depositary shall give
prompt notice of such action and the certificate numbers to the Registrar for the purpose of recording such split-up or consolidation. 
 Unless the related Depositary Shares have previously been called for redemption, any holder of a Receipt or Receipts representing any number of whole shares of Stock (or such holder’s duly authorized attorney) may withdraw the number
of whole shares of Stock underlying such Depositary Shares and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may
designate for such withdrawals. If such holder’s Depositary Shares are being held by DTC or its nominee pursuant to Section 2.01, such holder shall request, in accordance with Section 2.09, withdrawal from the book-entry system of the
number of Depositary Shares specified in the preceding 

  

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sentence. Thereafter, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as
hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be entitled to
deposit such Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence in the aggregate a number of Depositary Shares in excess of
the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Stock and such money and other property, if any, to be so
withdrawn, deliver to such holder, or (subject to Sections 2.04 and 3.02) upon his order, a new Receipt evidencing such excess number of Depositary Shares. Delivery of the Stock and the money and other property being withdrawn may be made by the
delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 
 Stock delivered pursuant
to the preceding paragraph may be endorsed with or have incorporated in the text thereof such legend or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply
with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Stock may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular shares of Stock are subject. 
 If the Stock and the money and other property being withdrawn are to be
delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the
Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 
 Delivery of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the
Depositary’s Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated by such holder.

 Section 2.06 Limitations On Execution And Delivery, Transfer, Surrender And Exchange Of Receipts. As a condition precedent to
the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it of a sum sufficient for the payment (or,
in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or 

  

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expenses payable by the holder of a Receipt pursuant to Section 5.07, may require the production of evidence satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with the rules and regulations of any governmental body, any stock exchange or any applicable self regulatory body, including without limitation, the Financial Industry Regulatory
Authority (“FINRA”) or such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement. 
 The [If shares of Stock may be deposited by holders thereof: deposit of Stock may be refused, the] delivery of Receipts against Stock deposited with the Depositary may be suspended, the registration of transfer of
Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed
necessary by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government, governmental body or commission, stock exchange or FINRA or under any provision
of this Deposit Agreement. 
 Section 2.07 Lost Receipts, Etc. If any mutilated Receipt is surrendered to the Depositary, the
Depositary shall execute and deliver in exchange therefor a new Receipt of like form and tenor in exchange and substitution for such mutilated Receipt. In case any Receipt shall be destroyed, lost or stolen, then, in the absence of notice to the
Depositary that such Receipt has been acquired by a bona fide purchaser, the Depositary shall execute and deliver a Receipt to the holder thereof of like form and tenor in exchange and substitution for such destroyed, lost or stolen Receipt, upon
(i) the filing by the holder thereof with the Depositary of evidence satisfactory to the Depositary and the Company of such destruction or loss or theft of such Receipt, of the authenticity thereof and of such holder’s ownership thereof
and (ii) the holder’s furnishing the Depositary with indemnification satisfactory to such Depositary and the Company. 
 Section 2.08 Cancellation And Destruction Of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be canceled by the Depositary. Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy all Receipts so canceled. Any Receipt evidenced in book-entry form shall be deemed canceled when the Depositary has caused the amount of Depositary Shares evidenced by the DTC Receipt to be reduced
in proportion to the number of Depositary Shares evidenced by the surrendered Receipt. 
 Section 2.09 Interchangeability Of
Book-Entry Receipts And Receipts In Physical, Certificated Form. Subject to the terms and conditions of this Deposit Agreement, upon receipt by the Depositary of written instructions from a DTC participant on behalf of any person having a
beneficial interest in Depositary Shares 

  

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evidenced by the DTC Receipt for the purpose of directing the Depositary to execute and deliver a Receipt in physical, certificated form evidencing such
Depositary Shares, the Depositary shall follow the procedures set forth in the FAST Agreement for the purpose of reducing the number of Depositary Shares evidenced by the DTC Receipt and, following such reduction, shall execute and deliver to or
upon the order of the person or persons named in such order a Receipt or Receipts registered in the name or names requested by such person and evidencing in the aggregate the number of Depositary Shares equal to the reduction in the number evidenced
by the DTC Receipt. The Depositary may require in such written instructions any certification or representations as it shall deem necessary to comply with applicable law. 
 Subject to the terms and conditions of this Deposit Agreement, upon receipt by the Depositary of a Receipt or Receipts in physical, certificated form, duly endorsed or accompanied by appropriate instruments of
transfer, in form satisfactory to the Depositary, including any required certifications, and together with written instructions directing the Depositary to adjust its records to reflect an increase in the aggregate amount of Depositary Shares
evidenced by the DTC Receipt (including, without limitation, information regarding the DTC participant account to be credited with such increase), and upon payment of the fees and expenses of the Depositary, the Depositary shall cancel such Receipt
or Receipts in physical, certificated form and shall follow the procedures set forth in the FAST Agreement for the purpose of reflecting such increase in the number of Depositary Shares evidenced by the DTC Receipt. 
 Section 2.10 Stock Purchase Plans. The Depositary shall take such action as shall be necessary or appropriate to permit the record holders of
the Depositary Shares to participate in any dividend reinvestment or other stock purchase plan sponsored by the Company that permits the participation by such holders on such terms and conditions as the Company may determine. 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF
THE HOLDERS 
 OF RECEIPTS AND THE COMPANY 
 Section 3.01 Filing Proofs, Certificates And Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to obtain
such guaranties of signature, to execute such certificates and to make such customary representations and warranties consistent with the terms of the Stock as the Depositary or the Company may deem necessary or proper. The Depositary or the Company
may withhold the delivery, or delay the registration of transfer, redemption or exchange, of any Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other
information is filed or such certificates are executed or such representations and warranties are made. 
  

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 Section 3.02 Payment Of Taxes Or Other Governmental Charges. Holders of Receipts shall be
obligated to make payments to the Depositary of certain charges and expenses as provided in Section 5.07, or provide evidence satisfactory to the Depositary that such charges and expenses have been paid. Registration of transfer of any Receipt
and delivery of all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or all
or any part of the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to
such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency. 
 Section 3.03 Warranty As To Stock. The Company hereby represents and warrants to the Depositary that the Stock, when issued, will be validly
issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 
 Section 3.04 Warranty As To Receipts. The Depositary hereby represents and warrants that the Receipts, when issued, will be legal, valid and binding obligations of the Depositary, enforceable against the Depositary in accordance
with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium and other laws affecting creditors’ rights generally and by general equity principles. Such representation and warranty shall
survive the deposit of the Stock and the issuance of the Receipts. 
 ARTICLE IV 
 THE DEPOSITED SECURITIES; NOTICES 
 Section 4.01 Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution with respect to the Stock, the Depositary shall, subject to Section 3.02, distribute to record holders of
Receipts on the record date fixed pursuant to Section 4.04 the pro rata portion, as nearly as practicable, of such dividend or distribution applicable to the number of Depositary Shares evidenced by the Receipts held by such holders;
provided, however, that in case the Company or the Depositary shall be required to withhold and shall withhold any monies from any cash 

  

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dividend or other cash distribution in respect of the Stock on account of taxes, the distribution in respect of Depositary Shares shall be reduced
accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any holder of Depositary Shares a fraction of one cent, and any balance not
so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding distribution to record holders of Receipts. 
 Section 4.02 Distributions Other Than Cash. Whenever the Depositary shall receive any property (including securities) for distribution in a
form other than cash with respect to the Stock, the Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 the pro rata portion, as nearly as practicable, of
such property (including securities) received by it applicable to the number of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such
distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of
taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such
distribution, including the sale of the property thus received, or any part thereof. The net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available for distribution, as the case may be, by the Depositary to
record holders of Receipts in accordance with the provisions of Section 4.01 for a distribution received in cash. The Depositary shall have the right, prior to making any distribution of such securities, to require the Company to provide an
opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be so registered. 
 Section 4.03 Subscription Rights, Preferences Or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books of the Company any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of
Receipts, pro rata in proportion to the Stock represented by such Receipt, in such manner as the Depositary may determine, either by the issue to such record holders of warrants representing such rights, preferences or privileges or by such other
method as may be approved by the Depositary in its discretion with the approval of the Company; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it
is not lawful or (after consultation with the Company) not feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of
Receipts 

  

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who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with the approval of the Company, in any case
where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences
or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sales shall be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by
Section 4.01 in the case of a distribution received in cash. The Depositary shall have the right, prior to making any distribution of such rights, preferences or privileges, to require the Company to provide an opinion of counsel stating that
such rights, preferences or privileges have been registered under the Securities Act or do not need to be so registered. 
 If registration
under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, the Company
agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to
it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the
Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any security unless and until such registration statement shall have become effective, or unless the offering and sale of such
securities to holders are exempt from registration under the Securities Act. 
 If any other action under the laws of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees with the Depositary that the Company will use its
reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or
privileges. 
 Section 4.04 Notice Of Dividends, Etc.; Fixing Of Record Date For Holders Of Receipts. (i) Whenever any cash
dividend or other cash distribution shall become payable or any distribution of property (including securities) other than cash shall be made, (ii) if rights, preferences or privileges shall at any time be offered with respect to Stock,
(iii) whenever the Depositary shall receive notice of (a) any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or (b) any election on the part of the Company to redeem any
shares of Stock, or (iv) whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall, in each such instance, fix a record date (which shall be the same date as the record 

  

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date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts who shall be entitled hereunder to receive a
distribution in respect of such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who should be entitled to receive
notice of such meeting or for any other appropriate reasons. 
 Section 4.05 Voting Rights. Upon receipt of notice of any meeting
at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice which shall contain (i) such information as is contained in such notice of meeting and
(ii) a statement that the holders may, subject to any applicable restrictions, authorize the Depositary to exercise the voting rights pertaining to the amount of Stock underlying their respective Depositary Shares (including authority to give a
discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such authorization may be given. The Depositary shall endeavor, insofar as practicable, to vote or cause to be voted, in accordance with the
authorization referred to above, the votes relating to the shares of Stock (or portion thereof) underlying the Depositary Shares evidenced by all Receipts as to which such authorization has been received. The Company hereby agrees to take all such
action as it deems necessary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of authorization from the holder of a Receipt, the Depositary will abstain from voting (but, at its discretion, not
from appearing at any meeting with respect to such Stock unless directed to the contrary by the holders of all the Receipts) to the extent of the Stock (or portion thereof) underlying the Depositary Shares evidenced by such Receipt. 
 Section 4.06 Changes Affecting Deposited Securities And Reclassifications, Recapitalizations, Etc. Upon any change in par or stated value,
split-up, combination or any other reclassification of the Stock, or upon any recapitalization, reorganization, merger, amalgamation or consolidation to which the Company is a party or sale of all or substantially all of the Company’s assets,
the Depositary may with the approval of, and shall upon the instructions of, the Company, and (in either case) in such manner as to retain as nearly as possible the percentage ownership interest in Stock of holders of the Receipts immediately prior
to such event, (i) make such adjustments in (a) the fraction of an interest in one share of Stock underlying one Depositary Share and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of
Stock, in each case as it may deem necessary to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of Stock, or of such recapitalization, reorganization, merger, amalgamation or consolidation
or sale, and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion of or in respect of the
Stock. In any such case the Depositary may in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing
such new deposited securities. 
  

 14 

 Anything to the contrary herein or in the Receipt notwithstanding, holders of Receipts shall have the
right from and after the effective date or any such change in par or stated value, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization, merger, amalgamation, consolidation or sale, to the extent
that holders of Stock had the right, prior to or on the applicable effective date, to convert, exchange or surrender shares of Stock into or for other stock, securities, property or cash, to surrender such Receipts to the Depositary with
instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Stock represented by such Receipts
has been converted or for which such Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 
 Section 4.07 Inspection Of Reports. The Depositary shall make available for inspection by holders of Receipts at the Depositary’s Office, and at such other places as it may from time to time deem advisable, any reports and
communications received from the Company which are received by the Depositary as the holder of Stock. 
 Section 4.08 List Of Receipt
Holders. Promptly, upon request by the Company, the Depositary shall furnish to it a list, as of a specified date, of the names and addresses of all persons in whose names Receipts are registered on the books of the Depositary, and the amount of
Stock represented thereby. 
 ARTICLE V 
 THE DEPOSITARY, THE DEPOSITARY’S AGENTS, 
 THE REGISTRAR AND THE COMPANY 
 Section 5.01 Maintenance Of Offices, Agencies And Transfer Books By The Depositary; Registrar. Upon execution of this Deposit Agreement, the
Depositary shall maintain, at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any,
facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall, with the approval of the Company, appoint a Registrar for registration of such Receipts or Depositary Shares in accordance with any requirements of any applicable stock exchange in which the
Receipts or the Depositary 

  

 15 

 
Shares may be listed. Such Registrar (which may be the Depositary if so permitted by the requirements of such exchange) may be removed and a substitute
Registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, the Depositary Shares or the Stock are listed on one or more other stock exchanges, the Depositary will, at the request of the Company,
arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable stock exchange regulation. 
 The Registrar shall maintain books at the Depositary’s Office for the registration and registration of transfer of Receipts or at such other place
as shall be approved by the Company and of which the holders of Receipts shall have reasonable notice, which books at all reasonable times shall be open for inspection by the record holders of Receipts. 
 The Depositary may cause the Registrar to close the books with respect to the Receipts, at any time or from time to time, when the register of
stockholders of the Company is closed with respect to the Stock or when such action is deemed necessary or advisable by the Depositary, any Depositary’s Agent or the Company because of any requirement of law or of any government, governmental
body or commission, stock exchange or any applicable self-regulatory body, including, without limitation, FINRA. 
 Section 5.02
Prevention Of Or Delay In Performance By The Depositary, The Depositary’s Agents, The Registrar Or The Company. Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall incur any liability to any holder
of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the
Registrar, by reason of any provision, present or future, of the Company’s Certificate of Incorporation, as amended (including the Amendment), or by reason of any act of God or war, the Depositary, the Depositary’s Agent, the Registrar or
the Company shall be prevented or forbidden from doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Company
incur any liability or be subject to any obligation (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement provide shall or may be done or performed,
or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement, except in the event of the gross negligence or willful misconduct of the party charged with such exercise or failure to
exercise. 
 Section 5.03 Obligations Of The Depositary, The Depositary’s Agents, The Registrar And The Company. Neither the
Depositary nor any Depositary’s Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than for its gross negligence or willful misconduct.

  

 16 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be under
any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity to such party against
all expense and liability be furnished as often as required. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor
the Company shall be liable to any party hereto for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit or any holder of a Receipt.
The Depositary, any Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or
presented by the party or parties specified in this Agreement. 
 The Depositary shall not be responsible for any failure to carry out any
authorization to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as such action or inaction is in good faith and does not result from the gross negligence or willful misconduct of the Depositary. The
Depositary undertakes and shall cause any Registrar to undertake, to perform such duties and only such duties as are specifically set forth in this Agreement using its reasonable best efforts and in good faith. The parties hereto acknowledge that no
implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar or against the Company with respect to the Depositary and any Registrar. The Depositary will indemnify the Company against any
liability which may arise out of acts performed or omitted by the Depositary or any Depositary’s Agent due to its or their gross negligence or bad faith. The Depositary, any Depositary’s Agent, any Registrar and the Company may own and
deal in any class of securities of the Company and its affiliates and in Receipts subject to the provisions of applicable law. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates.

 Section 5.04 Resignation And Removal Of The Depositary: Appointment Of Successor Depositary. The Depositary may at any time
resign as Depositary hereunder by notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. The Depositary
may at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

In case the Depositary acting hereunder shall at any time resign or be removed, the Company shall, within 60 days after the delivery of the notice of
resignation 

  

 17 

 
or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of
America and having a combined capital and surplus of at least $50,000,000. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder and agreeing to become
a party to this Agreement, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under
this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder,
shall duly assign, transfer and deliver all right, title and interest in the Stock and any monies or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any
successor Depositary shall promptly mail notice of its appointment to the record holders of Receipts. 
 Any corporation or other entity into
or with which the Depositary may be merged, consolidated or converted, or to which the Depositary may sell all or substantially all its assets, shall be the successor of such Depositary without the execution or filing of any document or any further
act. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in the name of the successor Depositary. 
 Section 5.05 Corporate Notices And Reports. The Company agrees that it will deliver to the Depositary and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the
address furnished to it pursuant to Section 4.08, all notices and reports (including without limitation financial statements) required by law, the rules of any national securities exchange upon which the Stock, the Depositary Shares or the
Receipts are listed or by the Company’s Certificate of Incorporation, as amended (including the Amendment), to be furnished by the Company to holders of Stock. Such transmission will be at the Company’s expense and the Company will provide
the Depositary with such number of copies of such documents as the Depositary may reasonably request. 
 Section 5.06 Indemnification
By The Company. The Company shall indemnify the Depositary, any Depositary’s Agent and any Registrar against, and hold each of them harmless from, any loss, liability or expense (including the reasonable costs and expenses of defending
itself) which may arise out of (i) acts performed or omitted in connection with this Agreement and the Receipts (a) by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent), except for any
liability arising out of gross negligence or willful misconduct on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts or the Stock
pursuant to the provisions hereof. The obligations of the Company set forth in this Section 5.06 shall survive any succession of any Depositary, Registrar or Depositary’s Agent. 
  

 18 

 Section 5.07 Charges And Expenses. The Company shall pay all charges of the Depositary in
connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, and redemption of the Stock at the option of the Company. All other transfer and other taxes and governmental charges shall be at the expense of
holders of Depositary Shares. The Depositary may refuse to effect any transfer of a Receipt or any withdrawal of Stock evidenced thereby until all such taxes and charges with respect to such Receipt or Stock are paid by the holder thereof. If, at
the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses. 
 All other charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar (including, in each case, reasonable fees
and expenses of counsel) incident to the performance of their respective obligations hereunder will be payable by the Company only after prior consultation and agreement between the Depositary and the Company and consent by the Company to the
incurrence of such expenses, which consent shall not be unreasonably withheld. The Depositary shall present any statement for charges and expenses to the Company promptly, unless the Company shall agree otherwise. 
  

 19 

 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 Section 6.01 Amendment. The form of the Receipts and any
provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment
which shall materially and adversely alter the rights of the holders of Receipts shall be effective unless such amendment shall have been approved by the holders of at least a majority of the Depositary Shares then outstanding. Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right, subject to the provisions of Sections 2.05 and 2.06 hereof, of any owner of any Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the
Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, FINRA or any applicable stock
exchange. 
 Section 6.02 Termination. This Agreement may be terminated by the Company or the Depositary only if (i) all
outstanding Depositary Shares shall have been redeemed pursuant to Section 2.03, (ii) all the Stock has been withdrawn pursuant to Section 2.05, or (iii) there shall have been made a final distribution in respect of the Stock in
connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Depositary Shares pursuant to Section 4.01 or 4.02, as applicable. 
 Whenever the Deposit Agreement has been terminated pursuant to (iii) above, the Depositary will mail notice of such termination to the record
holders of all Depositary Shares then outstanding at least 30 days prior to the date fixed in that notice for termination of the Deposit Agreement. If any Depositary Shares remain outstanding after the date of termination, the Depositary thereafter
will discontinue the transfer of Depositary Shares, will suspend the distribution of dividends to the owners thereof, and will not give any further notices (other than notice of such termination) or perform any further acts under this Deposit
Agreement, except that the Depositary will continue (i) to collect dividends on the Stock and any other distributions with respect thereto, (ii) to deliver or cause to be delivered shares of Stock, together with such dividends and
distributions, or principal and interest, and the net proceeds of any sales of rights, preferences, privileges or other property (other than real property) in exchange for Depositary Shares surrendered. At any time after the expiration of three
years from the date of termination, the Depositary may sell the Stock then held by it at a public or 

  

 20 

 
private sale, at such place or places and upon such terms as it deems proper and may thereafter hold the net proceeds of such sale, without liability for
interest, for the pro rata benefit of the owners of the Depositary Shares which have not theretofore been surrendered. Subject to applicable escheat laws, any monies set aside by the Company in respect of any payment with respect to the Stock
represented by the Depositary Shares, or dividends thereon, and unclaimed at the end of three years form the date upon which such payment is due and payable shall revert to the general funds of the Company, after which reversion the holders of such
Depositary Shares shall look only to the general funds of the Company for payment thereof. 
 Upon the termination of this Deposit Agreement,
the parties hereto shall be discharged from all obligations under this Deposit Agreement except for their respective obligations under Sections 5.03, 5.06 and 5.07. 
  

 21 

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Counterparts. This Deposit Agreement may be executed in any
number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same
instrument. 
 Section 7.02 Exclusive Benefit Of Parties. This Deposit Agreement is for the exclusive benefit of the parties
hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.03 Invalidity of provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or modified thereby. 
 Section 7.04 Notices. Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail
or telegram, telecopy or telex confirmed by letter, addressed to the Company at 3003 Oak Road, Walnut Creek, California 94597: telecopy:             , Attention: Andrew D. Cameron, or at
any other address and to the attention of any other person of which the Company shall have notified the Depositary in writing. 
 Any and all
notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or by telegram, telecopy or telex confirmed by letter, addressed to the
Depositary at the Depositary’s Office, at
                                        ,
telephone (        )         -            , telecopy
(        )         -            ,
Attention:                                       
  , or at any other address and to the attention of any other person of which the Depositary shall have notified the Company in writing. 
 Any and all notices to be given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or by telegram,
telecopy or telex confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary, or if such holder shall have filed with the Depositary a written request that notices intended
for such holder be mailed to some other address, at the address designated in such request. 
  

 22 

 Delivery of a notice sent by mail or by telegram, telecopy or telex shall be deemed to be effected at the
time when a duly addressed letter containing the same (or a confirmation thereof in the case of a telegram or telex message) is deposited, postage prepaid, in a post office letter box. The Depositary or the Company may, however, act upon any
telegram or telecopy message received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or telecopy message shall not subsequently be confirmed by letter or as aforesaid. 
 Section 7.05 Depositary’s Agents. The Depositary may from time to time appoint any Depositary’s Agent to act in any respect for the
Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Company of any such
action. 
 Section 7.06 Holders Of Receipts Are Parties. By acceptance of delivery of the Receipts, any holder of such Receipt
from time to time shall be deemed to have agreed to become a party to this Deposit Agreement and to be bound by all of the terms and conditions hereof and of the Receipts to the same extent as though such person executed this Agreement. 

Section 7.07 Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND
THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAW PROVISIONS). 
 Section 7.08 Inspection Of Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at
the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
 Section 7.09 Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of
this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  

 23 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Agreement as of the day and
year first above set forth, and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 
  

			
	THE PMI GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 [NAME OF DEPOSITARY],
 as
Depositary

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 24 

 EXHIBIT A 
 FORM OF RECEIPT CERTIFICATE FOR              DEPOSITARY SHARES 
  

					
	TRANSFERABLE	  		 	CUSIP                      DEPOSITARY
	RECEIPT	  		 	
	This Certificate is	  		 	SEE REVERSE FOR
	transferable in	  		 	CERTAIN DEFINITIONS

                     ,
                     
 DEPOSITARY RECEIPT FOR
DEPOSITARY SHARES, EACH DEPOSITARY SHARE REPRESENTING A              INTEREST IN ONE SHARE OF SERIES      PREFERRED STOCK 
 THE PMI GROUP, INC. 
 A Delaware Corporation

 [NAME OF DEPOSITARY], as Depositary (the “Depositary”), hereby certifies that 
 is the registered owner of
                                        
DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing a              interest in one share of Series      Preferred Stock,
par value $0.01 per share, (the “Stock”), of The PMI Group, Inc., a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of
                         ,              (the
“Deposit Agreement”), between the Corporation and the Depositary. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or be entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a duly authorized officer or, if executed in
facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by a duly authorized officer thereof. 
 Dated:
                         ,             

  

			
	 [NAME OF DEPOSITARY],
 Depositary

		
	By:	 	  

		 	Authorized Officer
	
	[REGISTRAR], Registrar
		
	By:	 	  

		 	Authorized Officer

  

 25 

 THE PMI GROUP, INC. 
 THE PMI GROUP, INC. WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO SO REQUESTS A COPY OR SUMMARY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE PORTIONS OF THE CERTIFICATE OF INCORPORATION ESTABLISHING THE DESIGNATIONS,
RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS APPLICABLE TO SHARES OF EACH CLASS AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES (AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE
SERIES) WHICH THE CORPORATION IS AUTHORIZED TO ISSUE, INCLUDING THE SERIES      PREFERRED STOCK. ANY SUCH REQUEST SHOULD BE ADDRESSED TO THE PMI GROUP, INC., 3003 OAK ROAD, WALNUT CREEK, CALIFORNIA 94597, ATTENTION:
Secretary. 
 ABBREVIATIONS 
 The
following abbreviations, when used in the inscription on the face of this Depositary Receipt, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM - as tenants in common 
 TEN ENT - as tenants by the entireties

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

									
	UNIF GIFT MIN ACT -	 	  
	 	Custodian	 	                  
	  	
	            (Cust)	 	(Minor)	 		 		  	

 under Uniform Gifts to 
 Minors Act                      
                         (State)

 UNIF GIFT MIN ACT -              Custodian (until age
            ) 
             (Cust) 
              under Uniform Transfers 
 (Minor) to Minors Act
                         
                                         
    (State) 
 Additional abbreviations may also be 
 used though not in the above list. 
  

 26

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