Document:

Deposit Agreement

 Exhibit 4.2 
  

 
  

DEPOSIT AGREEMENT 
 among 

Wells Fargo & Company, 

as the Company 
 Equiniti Trust
Company 
 as Depositary, 
 and

 THE HOLDERS FROM TIME TO TIME OF 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of February 1, 2021 

Relating to the Non-Cumulative Perpetual Class A 

Preferred Stock, Series CC, of the Company 
  

 
  

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	ARTICLE I	  

	
	DEFINED TERMS	  

			
	Section 1.1.	 	 Definitions.
	  	 	1	 
	
	ARTICLE II	  

	
	FORM OF RECEIPTS, DEPOSIT OF SERIES CC PREFERRED STOCK,
EXECUTION AND DELIVERY,
TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	

 

			
	Section 2.1.	 	Form and Transfer of Receipts.	  	 	3	 
			
	Section 2.2.	 	Deposit of Series CC Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.	  	 	4	 
			
	Section 2.3.	 	Registration of Transfer of Receipts.	  	 	5	 
			
	Section 2.4.	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series CC Preferred Stock.	  	 	5	 
			
	Section 2.5.	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.	  	 	6	 
			
	Section 2.6.	 	Lost Receipts, etc.	  	 	6	 
			
	Section 2.7.	 	Cancellation and Destruction of Surrendered Receipts.	  	 	7	 
			
	Section 2.8.	 	Redemption of Series CC Preferred Stock.	  	 	7	 
			
	Section 2.9.	 	Receipts Issuable in Global Registered Form.	  	 	8	 
	
	ARTICLE III	  

	
	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE
COMPANY	

 

			
	Section 3.1.	 	Filing Proofs, Certificates and Other Information.	  	 	9	 
			
	Section 3.2.	 	Payment of Taxes or Other Governmental Charges.	  	 	10	 
			
	Section 3.3.	 	Warranty as to Series CC Preferred Stock.	  	 	10	 
			
	Section 3.4.	 	Warranty as to Receipts.	  	 	10	 

  
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	ARTICLE IV	  

	
	THE DEPOSITED SECURITIES; NOTICES	  

			
	Section 4.1.	 	Cash Distributions.	  	 	10	 
			
	Section 4.2.	 	Distributions Other than Cash, Rights, Preferences or Privileges.	  	 	11	 
			
	Section 4.3.	 	Subscription Rights, Preferences or Privileges.	  	 	11	 
			
	Section 4.4.	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.	  	 	12	 
			
	Section 4.5.	 	Voting Rights.	  	 	13	 
			
	Section 4.6.	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	13	 
			
	Section 4.7.	 	Delivery of Reports.	  	 	14	 
			
	Section 4.8.	 	Lists of Receipt Holders.	  	 	14	 
	
	ARTICLE V	  

	
	THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE
REGISTRAR AND THE COMPANY	

 

			
	Section 5.1.	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.	  	 	14	 
			
	Section 5.2.	 	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.	  	 	15	 
			
	Section 5.3.	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company.	  	 	15	 
			
	Section 5.4.	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary.	  	 	17	 
			
	Section 5.5.	 	Corporate Notices and Reports.	  	 	17	 
			
	Section 5.6.	 	Indemnification by the Company.	  	 	18	 
			
	Section 5.7.	 	Fees, Charges and Expenses.	  	 	18	 
	
	ARTICLE VI	  

	
	AMENDMENT AND TERMINATION	  

			
	Section 6.1.	 	 Amendment.
	  	 	19	 

  
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	Section 6.2.	 	Termination.	  	 	19	 
	
	ARTICLE VII	  

	
	MISCELLANEOUS	  

			
	Section 7.1.	 	Counterparts.	  	 	19	 
			
	Section 7.2.	 	Exclusive Benefit of Parties.	  	 	20	 
			
	Section 7.3.	 	Invalidity of Provisions.	  	 	20	 
			
	Section 7.4.	 	Notices.	  	 	20	 
			
	Section 7.5.	 	Depositary’s Agents.	  	 	21	 
			
	Section 7.6.	 	Appointment of Registrar and Transfer Agent in Respect of the Receipts.	  	 	21	 
			
	Section 7.7.	 	Holders of Receipts Are Parties.	  	 	21	 
			
	Section 7.8.	 	Governing Law.	  	 	21	 
			
	Section 7.9.	 	Inspection of Deposit Agreement.	  	 	21	 
			
	Section 7.10.	 	Headings.	  	 	21	 
			
	Exhibit A	 	Form of Receipt	  	 	A-1	 
			
	Exhibit B	 	Certificate of Designation	  	 	B-1	 

  
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 DEPOSIT AGREEMENT dated as of February 1, 2021, among (i) Wells
Fargo & Company, a Delaware corporation, (ii) Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, as Depositary and (iii) 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 Non-Cumulative Perpetual Class A Preferred Stock, Series CC, of the Company with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares
representing a fractional interest in the Series CC Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; and 
 WHEREAS, the terms and conditions of
the Series CC Preferred Stock of the Company are substantially set forth in the Certificate of Designation attached hereto as Exhibit B; 

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

ARTICLE I 
 DEFINED
TERMS 
  

	 	Section 1.1.	 Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms (in the singular
and plural forms of such terms) used in this Deposit Agreement and the Receipts: 
 “Certificate of
Designation” shall mean the relevant Certificate of Designation filed with the Secretary of State of the State of Delaware establishing the Series CC Preferred Stock as a series of preferred stock of the Company. 

“Company” shall mean Wells Fargo & Company, a Delaware corporation, and its successors. 

“Deposit Agreement” shall mean this agreement, as the same may be amended, modified or supplemented from time
to time in accordance with the terms hereof. 
 “Depositary” shall mean Equiniti Trust Company, a limited
trust company organized under the laws of the State of New York, and any successor as Depositary hereunder. 

“Depositary Share Redemption Price” shall have the meaning set forth in Section 2.8. 

 “Depositary Shares” shall mean the depositary shares, each
representing a 1/1,000th fractional interest in a share of the Series CC Preferred Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Series CC Preferred Stock and held
under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the
Series CC Preferred Stock represented by such Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designation). 

“Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

“Depositary’s Office” shall mean the principal office of the Depositary at which at any particular time
its depositary receipt business in respect of matters governed by this Deposit Agreement shall be administered. 

“DTC” shall mean The Depository Trust Company. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1)    (A) the Global Receipt Depository which is the holder of such Global Registered
Receipt or Receipts notifies the Company that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act, and
(B) the Company has not appointed a qualified successor Global Receipt Depository within ninety (90) calendar days after the Company received such notice, or 

(2)    the Company in its sole discretion notifies the Depositary in writing that the
Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other
entity designated as Global Receipt Depository by the Company in or pursuant to this Deposit Agreement, which Person must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act.

 “Global Registered Receipts” shall mean a global registered Receipt, in definitive or book-entry form,
registered in the name of a nominee of DTC. 
 “Letter of Representations” shall mean any applicable
agreement among the Company, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented,
restated or otherwise modified from time to time and any successor agreement thereto. 
 “Preferred Stock Redemption
Price” shall have the meaning set forth in Section 2.8. 

  
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 “Receipt” shall mean a receipt issued hereunder to evidence
one or more Depositary Shares held of record by the record holder of such Depositary Shares, whether in definitive or temporary form, substantially in the form set forth as Exhibit A. 

“record holder” or “holder” as applied to a Receipt shall mean the person in whose name a
Receipt is registered on the books of the Depositary maintained by the Depositary for such purpose. 

“Registrar” shall mean the Depositary or such other bank or trust company which shall be appointed by the
Company to register ownership and transfers of Receipts as herein provided and if a Registrar shall be so appointed, references herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer as well to
the register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the Securities
Act of 1933, as amended. 
 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 “Series CC Preferred Stock” shall mean shares of the Company’s Non-Cumulative Perpetual Class A Preferred Stock, Series CC, no par value, with a liquidation preference amount of $25,000 per share, designated and described in the Certificate of Designation. 

ARTICLE II 
 FORM
OF RECEIPTS, DEPOSIT OF SERIES CC PREFERRED STOCK, 

EXECUTION AND DELIVERY, TRANSFER, 

SURRENDER AND REDEMPTION OF RECEIPTS 

 

	 	Section 2.1.	 Form and Transfer of Receipts. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A attached to this Deposit Agreement, in each case
with appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange or its successor. 

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 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 manual or facsimile signature of a duly authorized officer of the Depositary and countersigned 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 shall be in denominations of any number of whole Depositary Shares. All receipts shall be
dated the date of their issuance. 

  
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 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 all as may be required by the Depositary and approved by the Company 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 Series CC Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions
to which any particular Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly
endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be
registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the
person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
  

	 	Section 2.2.	 Deposit of Series CC Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

 Subject to the terms and conditions of this Deposit Agreement, the Company may from time to time
deposit shares of the Series CC Preferred Stock under this Deposit Agreement by delivering to the Depositary, including via electronic book-entry, such shares of the Series CC Preferred Stock to be deposited, properly endorsed or accompanied by a
duly executed instrument of transfer or endorsement, if applicable and required by the Depositary, 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 all other information required to be set forth, and together with a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such
order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Series CC Preferred Stock. 

Deposited Series CC Preferred Stock shall be held by the Depositary at the Depositary’s Office or at such other place or
places as the Depositary shall determine. The Depositary shall not lend any Series CC Preferred Stock deposited hereunder. 

Upon receipt by the Depositary of Series CC Preferred Stock deposited in accordance with the provisions of this Section,
together with the other documents required as above specified, and upon recordation of the Series CC Preferred Stock on the books of the Company (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary,
subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a
Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Series CC Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute
and deliver such Receipt or Receipts at the Depositary’s Office or 

  
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such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

 

	 	Section 2.3.	 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time
transfers of Receipts upon any surrender thereof by the holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, 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 person entitled thereto. 

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the
opening of business fifteen days next preceding any selection of Depositary Shares and Series CC Preferred Stock to be redeemed and ending at the close of business on the day that notice of redemption is provided, or (b) to transfer or exchange
for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.8. 
  

	 	Section 2.4.	 Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Series CC Preferred 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, and subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver
such new Receipt or Receipts to or upon the order of the holder of the Receipt or Receipts so surrendered. 
 Any holder of
a Receipt or Receipts may withdraw the number of whole shares of Series CC Preferred Stock 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. 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 Series CC Preferred 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 Series CC Preferred Stock will not thereafter be entitled to
deposit such Series CC Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in
excess of the number of Depositary Shares representing the number of whole shares of Series CC Preferred Stock to be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Series CC Preferred Stock and
such money and other property, if any, to be so withdrawn, deliver to such holder, or subject to Section 2.3 upon such holder’s order, a new Receipt evidencing such excess number of Depositary Shares. 

  
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 In no event will fractional shares of Series CC Preferred Stock (or any cash
payment in lieu thereof) be delivered by the Depositary. Delivery of the Series CC Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as
the Depositary may deem appropriate. 
 If the Series CC Preferred Stock and the money and other property, if any, 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 Series CC Preferred 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 Series CC Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument
of transfer in blank. 
 Delivery of the Series CC Preferred 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 2.5.	 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 expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

The deposit of Series CC Preferred Stock may be refused, the delivery of Receipts against Series CC Preferred Stock may be
suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed
or (ii) if any such action is deemed necessary or advisable 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 or governmental body or
commission or under any provision of this Deposit Agreement. 
  

	 	Section 2.6.	 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a
Receipt of like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence
satisfactory to 

  
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the Depositary 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 thereof furnishing of the
Depositary with reasonable indemnification satisfactory to the Depositary. 
  

	 	Section 2.7.	 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as
prohibited by applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
  

	 	Section 2.8.	 Redemption of Series CC Preferred Stock. 

Whenever the Company shall be permitted and shall elect to redeem shares of Series CC Preferred Stock in accordance with the
provisions of the Certificate of Designation (including on account of a Regulatory Capital Treatment Event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, as
sole holder of the Series CC Preferred Stock, not less than 40 days and not more than 70 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Series CC Preferred Stock and of the number of
such shares held by the Depositary to be so redeemed and the applicable Depositary Share Redemption Price, which notice shall be accompanied by a certificate from the Company stating that such redemption of Series CC Preferred Stock is in accordance
with the provisions of the Certificate of Designation. On the date of such redemption, provided that the Company shall then have paid or caused to be paid in full to the Depositary the redemption price per share of Series CC Preferred Stock to be
redeemed, plus an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption, in accordance with and as required by the provisions of the Certificate of Designation (the “Preferred Stock Redemption
Price”), the Depositary shall redeem the number of Depositary Shares representing such Series CC Preferred Stock. The Depositary shall provide notice of the Company’s redemption of Series CC Preferred Stock and the proposed
simultaneous redemption of the number of Depositary Shares representing the Series CC Preferred Stock to be redeemed pursuant to the applicable procedures of the Depositary, not less than 30 days and not more than 60 days prior to the date
fixed for redemption of such Series CC Preferred Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed at the addresses of such holders as they
appear on the records of the Depositary, but neither failure to duly give any such notice of redemption of Depositary Shares to one or more such holders nor any defect in any notice of redemption of Depositary Shares to one or more such holders
shall affect the sufficiency of the proceedings for redemption as to the other holders. Each such notice shall be prepared by the Company and 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; (iii) the Depositary Share Redemption Price (as defined below); and (iv) the place
or places where Receipts evidencing Depositary Shares are to be surrendered for payment of the Depositary Share Redemption Price (as defined below). In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to
be so redeemed shall be selected by the Depositary either pro rata (as nearly as may be) or in any other manner consistent with the rules and policies of the New York Stock Exchange determined by the Depositary in its sole discretion to be
fair 

  
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and equitable. In any case, the Depositary will redeem Depositary Shares only in increments of 1,000 Depositary Shares and multiples thereof. 

Notice having been provided by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have
failed to provide the funds necessary to redeem the Series CC Preferred Stock evidenced by the Depositary Shares called for redemption) (i) all shares of Series CC Preferred Stock called for redemption shall cease to be outstanding and any
rights with respect to such shares shall cease and terminate (except for the right to receive the Preferred Stock Redemption Price without interest), (ii) the Depositary Shares being redeemed from such proceeds shall cease to be outstanding and
all rights of the holders of Receipts evidencing such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate (except the right to receive the Depositary Share Redemption Price without interest), and (iii) upon
surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary
Shares shall be redeemed by the Depositary at a redemption price per Depositary Share (the “Depositary Share Redemption Price”) equal to 1/1,000th of the Preferred Stock Redemption Price per share of Series CC Preferred Stock so
redeemed plus all money and other property, if any, represented by such Depositary Shares. 
 If fewer than all of 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 redemption payment, a new Receipt evidencing the Depositary Shares
evidenced by such prior Receipt and not called for redemption. 
  

	 	Section 2.9.	 Receipts Issuable in Global Registered Form. 

If the Company shall determine in a written instruction delivered to the Depositary that the Receipts are to be issued in
whole or in part in the form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing such
Receipts, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, and (ii) shall be registered in the name
of the Global Receipt Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement
to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such
Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global
Receipt Depository for such Global Registered Receipt selected or approved by the Company or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt
shall not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository

  
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shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be
treated by the Company, the Depositary and any director, officer, employee or agent of the Company or the Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. 

Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt,
(1) the applicable Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in
accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Company and the Depositary shall
give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 

If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary
shall, upon receipt of a written order from the Company for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and deliver individual definitive registered Receipts,
in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt surrendered in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered
in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such
Receipts to the persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this
Deposit Agreement, should the Company determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations. 

ARTICLE III 

CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE COMPANY 

 

	 	Section 3.1.	 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 execute such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold the delivery, or delay the registration of
transfer or redemption, of any Receipt or the withdrawal of the Series CC Preferred Stock represented by the Depositary Shares evidenced by any Receipt or the 

  
 9 

 
distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such
representations and warranties are made. 
  

	 	Section 3.2.	 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in
Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series CC Preferred Stock and 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 or other distributions may be withheld or any part of or all the Series CC Preferred 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 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 3.3.	 Warranty as to Series CC Preferred Stock. 

The Company hereby represents and warrants that the Series CC Preferred Stock, when issued, will be duly authorized, validly
issued, fully paid and nonassessable (subject to 12 U.S.C. § 55). Such representation and warranty shall survive the deposit of the Series CC Preferred Stock and the issuance of Receipts. 

 

	 	Section 3.4.	 Warranty as to Receipts. 

The Company hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the
Series CC Preferred Stock. Such representation and warranty shall survive the deposit of the Series CC Preferred Stock and the issuance of Receipts. 

ARTICLE IV 
 THE
DEPOSITED SECURITIES; NOTICES 
  

	 	Section 4.1.	 Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on Series CC Preferred Stock, the
Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution
in respect of the Series CC Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed 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. If the calculation of a cash distribution results in an amount that is a fraction of a
cent and that fraction is equal to or 

  
 10 

 
greater than $0.005, the Depositary shall round that amount up to the next highest whole cent and will request that Company pay the resulting additional amount to the Depositary for the relevant
dividend or other cash distribution. If the fractional amount is less than $0.005, the Depositary shall disregard that fractional amount and any balance thus not 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 sum received by the Depositary for distribution to record holders of Receipts then outstanding. Each holder of a Receipt shall provide the Depositary with its certified tax identification
number on a properly completed Form W-8 or W-9, as may be applicable. Each holder of a Receipt acknowledges that, in the event of
non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder. 

 

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

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon Series CC
Preferred Stock, the Depositary shall, at the direction of the Company, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property
received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Company 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 in accordance with the direction of the Company, 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 (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The
Company shall not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the holders of Receipts unless the Company shall have provided an opinion
of counsel stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions. 
  

	 	Section 4.3.	 Subscription Rights, Preferences or Privileges. 

If the Company shall at any time offer or cause to be offered to the persons in whose names Series CC Preferred 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 in such manner as the Company shall instruct the Depositary in writing, 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 Company; provided, however, that (i) if at the time of issue or offer of any such 

  
 11 

 
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 who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with
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 sale shall, subject to Sections 3.1 and 3.2, be distributed by the
Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Company shall notify the Depositary whether registration under the Securities Act of the securities to which any rights,
preferences or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the 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 securities unless and until such registration statement shall have become effective, or the Company shall have provided to the Depositary an opinion of counsel to the effect that the
offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act. 

The Company shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or
administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, and the 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 4.4.	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made,
or if rights, preferences or privileges shall at any time be offered, with respect to Series CC Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of Series CC Preferred Stock are entitled to vote or of
which holders of Series CC Preferred Stock are entitled to notice, or 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
date fixed by the Company with respect to, or otherwise in accordance with the terms of, the Series CC Preferred Stock, as identified in a written notice to the Depositary of such record date) for the determination of the holders of Receipts who
shall be entitled to receive such dividend, distribution, rights, preferences or 

  
 12 

 
privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any
other appropriate reasons. 
  

	 	Section 4.5.	 Voting Rights. 

Subject to the provisions of the Certificate of Designation, upon receipt of notice of any meeting at which the holders of
Series CC Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice prepared by the Company which shall contain (i) such information as is contained in such
notice of meeting and (ii) a statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series CC Preferred Stock represented by their
respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such instructions may
be given. Upon the written request of the holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum
number of whole shares of Series CC Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Company hereby agrees to take all reasonable action which may be
deemed necessary by the Depositary in order to enable the Depositary to vote such Series CC Preferred Stock or cause such Series CC Preferred Stock to be voted. In the absence of specific instructions from holders of Receipts, the Depositary will
abstain from voting (but shall appear) at any meeting with respect to the Series CC Preferred Stock (unless directed to the contrary by the record holders of all related Receipts) to the extent of the Depositary Shares (or portion thereof)
represented by the applicable Depositary Shares evidenced by such Receipt. 
  

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

 Upon any change in par or stated value, split-up, combination
or any other reclassification of the Series CC Preferred Stock subject to the provisions of the Certificate of Designation, or upon any recapitalization, reorganization, merger or consolidation affecting the Company or to which it is a party, the
Depositary may in its discretion with the approval of, and shall upon the instructions of, the Company, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Company in the
fraction of an interest represented by one Depositary Share in one share of Series CC Preferred Stock and in the ratio of the Depositary Share Redemption Price to the Preferred Stock Redemption Price, in each case as may be necessary fully to
reflect the effects of such change in par or stated value, split-up, combination or other reclassification of Series CC Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and
(ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series CC Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of
such Series CC Preferred 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 the surrender of all outstanding Receipts to be exchanged for new
Receipts 

  
 13 

 
specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such
change in par or stated value, split-up, combination or other reclassification of the Series CC Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts
to the Depositary with instructions to convert, exchange or surrender the Series CC Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares of Series CC Preferred Stock and other securities and
property and cash into which the Series CC Preferred Stock represented by such Receipts might have been converted or for which such Series CC Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such
transaction. 
  

	 	Section 4.7.	 Delivery of Reports. 

The Depositary shall furnish to holders of Receipts any reports and communications received from the Company which are
received by the Depositary and which the Company is required to furnish to the holders of the Series CC Preferred Stock. 
  

	 	Section 4.8.	 Lists of Receipt Holders. 

Promptly upon request from time to time by the Company, the Depositary shall furnish to it a list, as of the most recent
practicable date, of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. 
 ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY’S 

AGENTS, THE REGISTRAR AND THE COMPANY 

 

	 	Section 5.1.	 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
keep books at the Depositary’s Office for the registration and registration of transfer, surrender and exchange of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided that any
such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

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

  
 14 

 The Depositary may, with the approval of the Company, appoint a Registrar
for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series CC Preferred Stock represented by such Depositary Shares shall be listed on one or more national
stock exchanges, the Depositary will appoint a Registrar (acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so
permitted by the requirements of any 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, such Depositary Shares or such Series CC Preferred 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 Series CC Preferred Stock as may be required by law or applicable stock exchange regulation. 
  

	 	Section 5.2.	 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 Restated Certificate of Incorporation (including the Certificate of Designation), or by reason of any act of God or
war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from, or subjected to any penalty on account of, 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 liability to any holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 
  

	 	Section 5.3.	 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. Notwithstanding anything in this Deposit Agreement to the contrary, neither
the Depositary, nor the Depositary’s Agent nor any Registrar nor the Company shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost
profits). 
 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 Series CC Preferred Stock, the Depositary Shares or the Receipts 

  
 15 

 
which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be liable for any action or any
failure to act by it in reliance upon the advice of legal counsel or accountants, or information from any person presenting Series CC Preferred Stock for deposit, any holder of a Receipt or any other person believed by it in good faith to be
competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document
believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The Depositary will
indemnify the Company against any liability which may directly arise out of acts performed or omitted by the Depositary due to its gross negligence or willful misconduct, however, in no event shall the Depositary be liable for consequential, special
or indirect damages of any kind regardless of whether the Depositary is put on notice of the possibility of such damages. The Depositary shall not be liable for the acts or omissions due to the gross negligence or willful misconduct of any
Depositary’s Agent, so long as such Depositary’s Agent was appointed with due care. 
 The Depositary shall not be
responsible for any failure to carry out any instruction to vote any of the shares of Series CC Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action is
not taken in bad faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall
be read into this Deposit Agreement against the Depositary or any Registrar. 
 The Depositary, the Depositary’s
Agents, and any Registrar may own and deal in any class of securities of the Company and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates. 

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

In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction,
request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or
established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Company, refrain from taking any action and shall be fully protected and shall not be liable in
any way to the Company, any holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the Company which eliminates

  
 16 

 
such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. The Depositary shall not be liable
to the Company, any holder of Receipts, or any action taken by it in accordance with the written instruction of the Company or the holders of Receipts. 
  

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

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so 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 hereunder and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after
the delivery of the notice of resignation 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. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for
the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, 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 promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in
the Series CC Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts and such records, books and other information in its possession
relating thereto. Any successor Depositary shall promptly mail notice of its appointment to the record holders of Receipts. 

Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of such
Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in the name of
the successor Depositary. 
  

	 	Section 5.5.	 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 addresses recorded in the Depositary’s books, copies of all notices and reports (including without 

  
 17 

 
limitation financial statements) required by law, by the rules of any national securities exchange upon which the Series CC Preferred Stock, the Depositary Shares or the Receipts are listed or by
the Company’s Restated Certificate of Incorporation, as amended (including the Certificate of Designation), to be furnished to the record holders of Receipts. 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. In addition, the Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested
by the Company. Unless otherwise required by law, the requirements set forth in this Section 5.5 may be satisfied by publicly filing or furnishing such information with or to the U.S. Securities and Exchange Commission. 

 

	 	Section 5.6.	 Indemnification by the Company. 

Notwithstanding Section 5.3 to the contrary, the Company shall indemnify the Depositary, any Depositary’s Agent and
any Registrar (including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself)
which may arise out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any
transactions or documents contemplated hereby, except for any liability arising out of gross negligence or willful misconduct on the respective parts of any such person or persons. The obligations of the Company set forth in this Section 5.6
shall survive any succession of any Depositary, Registrar or Depositary’s Agent. 
  

	 	Section 5.7.	 Fees, Charges and Expenses. 

The Company agrees promptly to pay the Depositary the compensation to be agreed upon with the Company for all services
rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred
by the Depositary without gross negligence or willful misconduct on its part (or on the part of any Depositary’s Agent) in connection with the services rendered by it (or such Depositary’s Agent) hereunder. The Company shall pay all
charges of the Depositary in connection with the initial deposit of the Series CC Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of the Series CC Preferred Stock by owners of Depositary Shares, and any
redemption or exchange of the Series CC Preferred Stock at the option of the Company. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer
and other taxes and governmental charges shall be at the expense of holders of Depositary Shares evidenced by Receipts. If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which the Company is not otherwise
liable hereunder, such holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to
incur at the request of such holder of Receipts. The Depositary shall present its statement for charges and expenses to the Company at such intervals as the Company and the Depositary may agree. 

  
 18 

 ARTICLE VI 

AMENDMENT AND TERMINATION 

 

	 	Section 6.1.	 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 (or, in the case of such amendments relating to or affecting rights to receive dividends or distributions or voting or redemption rights, two-thirds of the holders) 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 2.5 and 2.6 and Article III, of any owner of
Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the Series CC Preferred 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, or applicable stock exchange. 
  

	 	Section 6.2.	 Termination. 

This Deposit Agreement may be terminated by the Company or the Depositary only if (i) all outstanding Depositary Shares
have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Series CC Preferred 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 4.1 or 4.2, as applicable. 

Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit
Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 
 ARTICLE
VII 
 MISCELLANEOUS 
  

	 	Section 7.1.	 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. Delivery of an executed counterpart of a signature page to
this Deposit Agreement by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

  
 19 

	 	Section 7.2.	 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 7.3.	 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 disturbed thereby. 

 

	 	Section 7.4.	 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 by telegram, facsimile transmission or electronic mail confirmed by letter, addressed to the Company at 

Wells Fargo & Company 

Attention: Treasury Global Funding 

MAC N9310-060 

550 South 4th Street 

Minneapolis, MN 55415 
 or at any
other addresses 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 facsimile transmission confirmed by letter, addressed to the Depositary at the
Depositary’s Office at 
 Equiniti Trust Company 

1110 Centre Pointe Curve, Suite 101 

Mendota Heights, MN 55120-4100 

Attention: Relationship Manager 

Facsimile No.: 651-450-4078 

or at any other address 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 facsimile transmission 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 timely 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. 

  
 20 

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

 

	 	Section 7.5.	 Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents 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 7.6.	 Appointment of Registrar and Transfer Agent in Respect of the Receipts. 

The Company hereby appoints the Depositary as Registrar and Transfer Agent in respect of the Receipts and the Depositary
hereby accepts such appointments. 
  

	 	Section 7.7.	 Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms
and conditions hereof and of the Receipts by acceptance of delivery thereof. 
  

	 	Section 7.8.	 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 Minnesota. 
  

	 	Section 7.9.	 Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and, to the extent determined by the Depositary, with the
Depositary’s Agents, and shall be open to inspection during business hours at the Depositary’s Office and the respective offices of such Depositary’s Agents, if any, by any holder of a Receipt. 

 

	 	Section 7.10.	 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. 

  
 21 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Deposit 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. 

 

			
	WELLS FARGO & COMPANY
		
	By:	 	/s/ Bryant Owens
		 	Name: Bryant Owens
		 	Title:   Senior Vice President and             Assistant Treasurer

  

			
	EQUINITI TRUST COMPANY
		
	By:	 	/s/ Rebecca Paulson
		 	Name: Rebecca Paulson
		 	Title:   Senior Vice President

  
 22 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 

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

			
	REGISTERED NO. [___]	 	CUSIP 95002Y202

 DEPOSITARY SHARES 

[__________] 
 DEPOSITARY RECEIPT
FOR DEPOSITARY SHARES EACH 
 REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF NON-CUMULATIVE 

PERPETUAL CLASS A PREFERRED STOCK, SERIES CC 

OF 
 Wells Fargo &
Company 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

SEE REVERSE FOR CERTAIN DEFINITIONS 

Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, as Depositary (the
“Depositary”), hereby certifies that Cede & Co. is the registered owner of [__________] DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing a 1/1,000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series CC, no par value, with a liquidation preference amount of $25,000 per share (the “Series CC Preferred Stock”), of Wells Fargo &
Company, a Delaware corporation (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of February 1, 2021 (the “Deposit Agreement”), among the
Company, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This
Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the 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 the manual signature of a duly authorized officer thereof. 

  
 A-1 

 This Depositary Receipt is transferable in New York, New York and Mendota
Heights, Minnesota. 
  

			
		
	Dated:	 	 
	
	Equiniti Trust Company, Depositary

  

			
	By:	 	 
		 	Authorized Officer

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

WELLS FARGO & COMPANY 

WELLS FARGO & COMPANY WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT
AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATION ESTABLISHING THE NON-CUMULATIVE PERPETUAL CLASS A PREFERRED STOCK, SERIES CC, OF WELLS FARGO & COMPANY ANY SUCH REQUEST IS TO BE
ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 
  

 

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

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though
they were written out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	Abbreviation	  	Equivalent Phrase	  	Abbreviation	  	Equivalent Phrase
	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	Abbreviation	  	Equivalent Word	  	Abbreviation	  	Equivalent Word	  	Abbreviation	  	Equivalent Word
	ADM	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PAR	  	Paragraph
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	PL	  	Public Law
	ART	  	Article	  	FDN	  	Foundation	  	TR	  	(As) trustee(s), for, of
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	U	  	Under
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UA	  	Under agreement
	DEC	  	Declaration	  	MIN	  	Minor(s)	  	UW	  	Under will of, Of will of, Under last will & testament
	EST	  	Estate, of Estate of	  	 	  	 	  	 	  	 

  
 A-3 

 For value received, _______________________ hereby sell(s), assign(s) and transfer(s) unto

  
  

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint
__________________________________________________ Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 

 

			
	Dated: _____________________________	  	
		
		  	 NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every
particular, without alteration or enlargement or any change whatsoever.

 SIGNATURE GUARANTEED 
 NOTICE:
The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-4 

 EXHIBIT B 

[Certificate of Designation attached] 

  
 B-1 

 WELLS FARGO & COMPANY 

 
  

CERTIFICATE OF DESIGNATION 

Pursuant to Section 151(g) of the 

General Corporation Law 
 of the
State of Delaware 
  
  

NON-CUMULATIVE PERPETUAL CLASS A PREFERRED STOCK, SERIES CC 

(Without Par Value) 
  

 
 WELLS
FARGO & COMPANY, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES that, pursuant to authority conferred upon the Board of Directors of the Corporation (the
“Board of Directors”) by the provisions of the Restated Certificate of Incorporation of the Corporation, as amended, which authorize the issuance of not more than 20,000,000 shares of Preferred Stock, without par value, and pursuant
to authority conferred upon Securities Committee I of the Board of Directors (the “Committee”) in accordance with Section 141(c) of the General Corporation Law of the State of Delaware (the “General Corporation
Law”), the following resolutions were duly adopted by the Committee pursuant to the unanimous written consent of the Committee duly adopted on January 27, 2021, in accordance with Section 141(f) of the General Corporation Law:

 RESOLVED, that pursuant to the authority vested in the Committee and in accordance with the resolutions of the
Board of Directors dated October 25, 2016, the provisions of the Restated Certificate of Incorporation, the By-laws of the Corporation, and applicable law, a series of Preferred Stock, no par value, of
the Corporation be and hereby is created, and that the designation and number of shares of such series, and the voting and other powers, designations, preferences and relative, participating, optional or other rights, and the qualifications,
limitations and restrictions thereof, of the shares of such series, are as follows: 
 RIGHTS AND PREFERENCES 

Section 1.    Designation. The shares of such series of Preferred Stock shall be
designated Non-Cumulative Perpetual Class A Preferred Stock, Series CC, with no par value and a liquidation preference amount of $25,000 per share (the “Series CC Preferred
Stock”). Each share of Series CC Preferred Stock shall be identical in all respects to every other share of Series CC Preferred Stock except with respect to the date from which dividends may accrue. Series CC Preferred Stock
will rank equally with Parity Stock with respect to the payment of dividends and distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation and will rank senior to
Junior Stock with respect to the payment of dividends and/or the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation. 

Section 2.    Number of Shares. The number of authorized shares of Series CC
Preferred Stock shall be 46,000. Such number may from time to time be increased (but not in 

 
excess of the total number of authorized shares of Preferred Stock) or decreased (but not below the number of shares of Series CC Preferred Stock then outstanding) by further resolution duly
adopted by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation and by the filing of a certificate pursuant to the provisions of the General Corporation Law stating that such
increase or decrease, as the case may be, has been so authorized. The Corporation shall have the authority to issue fractional shares of Series CC Preferred Stock. 

Section 3.    Definitions. As used herein with respect to Series CC Preferred
Stock: 
 “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
banking institutions are authorized or required by law or regulation to close in New York, New York. 
 “Certificate of
Designation” means this Certificate of Designation relating to the Series CC Preferred Stock, as it may be amended from time to time. 

“Common Stock” means the common stock of the Corporation, par value $12⁄3 per share, as the same exists at the date of this Certificate of Designation or as such stock may be constituted from time to time. 

“Depositary Company” has the meaning set forth in Section 6(d) hereof. 

“Dividend Payment Date” has the meaning set forth in Section 4(a) hereof. 

“Dividend Period” has the meaning set forth in Section 4(a) hereof. 

“DTC” means The Depository Trust Company, together with its successors and assigns. 

“Junior Stock” means the Common Stock and any other class or series of stock of the Corporation now existing or hereafter
authorized over which the Series CC Preferred Stock has preference or priority in the payment of dividends or in the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
Corporation. 
 “Liquidation Preference” has the meaning set forth in Section 5(a) hereof. 

“Nonpayment Event” shall have the meaning set forth in Section 7(b). 

“Parity Stock” means any other class or series of stock of the Corporation now existing or hereafter authorized that ranks on
par with the Series CC Preferred Stock in the payment of dividends (whether such dividends are cumulative or non-cumulative) or in the distribution of assets in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation. 

  
 2 

 “Preference Stock” means any and all series of preference stock, having no
par value, of the Corporation. 
 “Preferred Stock” means any and all series of preferred stock, having no par value, of
the Corporation, including the Series CC Preferred Stock. 
 “Preferred Stock Directors” shall have the meaning set
forth in Section 7(b). 
 “Regulatory Capital Treatment Event” means the Corporation’s reasonable determination
that as a result of any (i) amendment to, clarification of, or change (including any announced prospective change) in, the laws or regulations of the United States or any political subdivision of or in the United States that is enacted or
becomes effective on or after January 25, 2021; (ii) proposed change in those laws or regulations that is announced or becomes effective on or after January 25, 2021; or (iii) official administrative decision or judicial decision
or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced on or after January 25, 2021, there is more than an insubstantial risk that the Corporation will not be entitled to
treat the full liquidation preference amount of all shares of Series CC Preferred Stock then outstanding as Tier 1 capital (or its equivalent) for purposes of the capital adequacy guidelines or regulations of the appropriate federal
banking agency, as then in effect and applicable, for as long as any share of Series CC Preferred Stock is outstanding. 

“Series CC Preferred Stock” has the meaning set forth in Section 1 hereof. 

“Voting Parity Stock” means any Parity Stock having similar voting rights as the Series CC Preferred Stock. 

Section 4.    Dividends. 

(a)    Rate. Dividends on the Series CC Preferred Stock will not be mandatory. Holders of
Series CC Preferred Stock shall be entitled to receive, when, as and if declared by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation, but only out of assets legally
available therefor, non-cumulative cash dividends on the liquidation preference amount of $25,000 per share of the Series CC Preferred Stock, payable quarterly in arrears on the 15th day of March, June,
September and December of each year (commencing on March 15, 2021); provided, however, if any such day is not a Business Day, then payment of any dividend otherwise payable on that date will be made on the next
succeeding day that is a Business Day, without any interest or other payment in respect of such delay (each such day on which dividends are payable a “Dividend Payment Date”). A “Dividend Period” means the
period from, and including, a Dividend Payment Date to, but excluding, the next succeeding Dividend Payment Date, except for the initial Dividend Period, which will be the period from, and including, February 1, 2021 to, but excluding,
March 15, 2021. Dividends on each share of Series CC Preferred Stock will accrue at a rate per annum equal to 4.375%. The record date for payment of dividends on the Series CC Preferred Stock shall be the last Business Day of
the calendar month immediately preceding the month during which the Dividend Payment Date falls or such other date as determined by the Corporation’s 

  
 3 

 
Board of Directors. The amount of dividends payable shall be computed on the basis of a 360-day year of twelve
30-day months. Dollar amounts resulting from that calculation will be rounded to the nearest cent, with one-half cent being rounded upward. 

(b)    Non-Cumulative Dividends. Dividends on shares of
Series CC Preferred Stock shall be non-cumulative. To the extent that any dividends payable on the shares of Series CC Preferred Stock on any Dividend Payment Date are not declared prior to such
Dividend Payment Date, then such dividends shall not cumulate and shall cease to accrue and be payable, and the Corporation shall have no obligation to pay, and the holders of Series CC Preferred Stock shall have no right to receive, dividends
accrued for such Dividend Period on the Dividend Payment Date for such Dividend Period or at any time in the future or interest with respect to such dividends, whether or not dividends are declared for any subsequent Dividend Period with respect to
Series CC Preferred Stock or any other series of authorized Preferred Stock, Preference Stock, or Common Stock of the Corporation. 

(c)    Priority of Dividends. So long as any shares of Series CC Preferred Stock remain
outstanding, 
 (1) no dividend shall be declared and paid or set aside for payment and no distribution shall be declared
and made or set aside for payment on any Common Stock, and no shares of Common Stock shall be repurchased, redeemed or otherwise acquired for consideration by the Corporation, directly or indirectly, nor shall any monies be paid to or made available
for a sinking fund for the redemption of any such Common Stock by the Corporation (other than (i) a dividend payable in Common Stock or (ii) the acquisition of shares of Common Stock in exchange for, or through application of proceeds of
the sale of, shares of Common Stock); 
 (2) no dividend shall be declared and paid or set aside for payment and no
distribution shall be declared and made or set aside for payment on any Junior Stock other than Common Stock, and no shares of Junior Stock other than Common Stock shall be repurchased, redeemed or otherwise acquired for consideration by the
Corporation, directly or indirectly, nor shall any monies be paid to or made available for a sinking fund for the redemption of any such Junior Stock other than Common Stock by the Corporation (other than (i) a dividend payable solely in shares
of Junior Stock, (ii) any dividend in connection with the implementation of a stockholder rights plan, or the redemption or repurchase of any rights under any such plan, (iii) any dividend in the form of stock, warrants, options or other
rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock, (iv) as a result of a
reclassification of Junior Stock other than Common Stock for or into other Junior Stock, (v) the exchange or conversion of one share of Junior Stock other than Common Stock for or into another share of Junior Stock, (vi) through the use of
proceeds of a substantially contemporaneous sale of other shares of Junior Stock, (vii) any purchase, redemption or other acquisition of Junior Stock other than Common Stock pursuant to any of the Corporation’s or any of its
subsidiaries’ employee, consultant or director incentive or benefit plans or arrangements (including any employment, severance or consulting arrangements) adopted before or after January 25, 2021, (viii) any purchase of fractional
interests in shares of Junior Stock other than Common Stock pursuant to the conversion or exchange provisions of such Junior Stock other than Common Stock or the securities being converted or exchanged, (ix) the

  
 4 

 
purchase of Junior Stock other than Common Stock by Wells Fargo Securities, LLC, or any other affiliate of the Corporation, in connection with the distribution thereof or (x) the purchase of
Junior Stock other than Common Stock by Wells Fargo Securities, LLC, or any other affiliate of the Corporation, in connection with market-making or other secondary market activities in the ordinary course of business); and 

(3) no shares of Parity Stock will be repurchased, redeemed or otherwise acquired for consideration by the Corporation
otherwise than pursuant to pro rata offers to purchase all, or a pro rata portion, of the Series CC Preferred Stock and such Parity Stock during a Dividend Period (other than (i) as a result of a reclassification of Parity
Stock for or into other Parity Stock or Junior Stock, (ii) the exchange or conversion of one share of Parity Stock for or into another share of Parity Stock or Junior Stock, (iii) through the use of proceeds of a substantially
contemporaneous sale of other shares of Parity Stock or Junior Stock, (iv) any purchase, redemption or other acquisition of Parity Stock pursuant to any of the Corporation’s or any of its subsidiaries’ employee, consultant or director
incentive or benefit plans or arrangements (including any employment, severance or consulting arrangements) adopted before or after January 25, 2021, (v) any purchase of fractional interests in shares of Parity Stock pursuant to the conversion
or exchange provisions of such Parity Stock or the securities being converted or exchanged, (vi) the purchase of Parity Stock by Wells Fargo Securities, LLC, or any other affiliate of the Corporation, in connection with the distribution thereof
or (vii) the purchase of Parity Stock by Wells Fargo Securities, LLC, or any other affiliate of the Corporation, in connection with market-making or other secondary market activities in the ordinary course of business), 

unless, in each case, the full dividends for the then-current Dividend Period on all outstanding shares of the Series CC Preferred Stock
have been declared and paid or declared and a sum sufficient for the payment of those dividends has been set aside. 

Subject to the succeeding sentence, for so long as any shares of Series CC Preferred Stock remain outstanding, no
dividends shall be declared, paid, or set aside for payment on any Parity Stock for any period unless full dividends on all outstanding shares of Series CC Preferred Stock for the then-current Dividend Period have been paid in full or declared
and a sum sufficient for the payment thereof set aside. To the extent the Corporation declares dividends on the Series CC Preferred Stock and on any Parity Stock but cannot make full payment of those declared dividends, the Corporation will
allocate the dividend payments on a proportional basis among the holders of shares of Series CC Preferred Stock and the holders of any Parity Stock then outstanding where the terms of such Parity Stock provide similar dividend rights. 

Subject to the foregoing, and not otherwise, such dividends (payable in cash, stock or otherwise) as may be determined by the
Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation may be declared and paid on the Common Stock and any other stock that is Parity Stock or Junior Stock, from time to time out of any
assets legally available for such payment, and the shares of Series CC Preferred Stock shall not be entitled to participate in any such dividends. 

  
 5 

 Section 5.    Liquidation Rights. 

(a)    Liquidation. In the event of any voluntary or involuntary liquidation, dissolution or winding up
of the affairs of the Corporation, holders of Series CC Preferred Stock shall be entitled to receive in full out of assets available for distribution to its stockholders before any distribution or payment out of the assets of the Corporation
may be made to or set aside for the holders of the Common Stock or any other Junior Stock, and subject to the rights of the holders of Parity Stock or any stock of the Corporation ranking senior to the Series CC Preferred Stock as to such
distribution, a liquidating distribution in the amount of $25,000 per share, plus an amount equal to any dividends which have been declared but not yet paid, without accumulation of any undeclared dividends, to the date of liquidation (the
“Liquidation Preference”). The holders of Series CC Preferred Stock shall not be entitled to any further payments in the event of any such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
Corporation other than what is expressly provided for in this Section 5. 
 (b)    Partial
Payment. If the assets of the Corporation are not sufficient to pay in full the Liquidation Preference to all holders of Series CC Preferred Stock and all holders of any Parity Stock, the amounts paid to the holders of Series CC
Preferred Stock and to the holders of all Parity Stock shall be pro rata in accordance with the respective aggregate liquidation preference of Series CC Preferred Stock and all such Parity Stock. 

(c)    Residual Distributions. If the Liquidation Preference has been paid in full to all holders of
Series CC Preferred Stock and all other amounts payable upon liquidation, dissolution or winding up of the Corporation have been paid in full to all holders of any Parity Stock, the holders of Common Stock and any other Junior Stock shall be
entitled to receive all remaining assets of the Corporation according to their respective rights and preferences. 

(d)    Merger, Consolidation and Sale of Assets Not Liquidation. For purposes of this Section 5,
the sale, conveyance, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the property and assets of the Corporation shall not be deemed a voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Corporation, nor shall the merger, consolidation or any other business combination transaction of the Corporation into or with any other corporation or person or the merger, consolidation or any other
business combination transaction of any other corporation or person into or with the Corporation be deemed to be a voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation. 

Section 6.    Redemption. 

(a)    Optional Redemption. The Corporation, at the option of its Board of Directors or any duly
authorized committee of the Board of Directors of the Corporation, may redeem, subject to the prior approval of the Federal Reserve Board, out of funds legally available therefor, in whole or in part, the shares of Series CC Preferred Stock at
the time outstanding, at any time on any Dividend Payment Date on or after March 15, 2026, upon notice given as provided in Section 6(b) below. The redemption price for shares of Series CC Preferred Stock

  
 6 

 
shall be $25,000 per share plus an amount equal to any dividends that have been declared but not paid up to the redemption date without accumulation of any undeclared dividends. 

Notwithstanding the foregoing, within 90 days of the Corporation’s good faith determination that a Regulatory Capital Treatment Event has
occurred, the Corporation, at the option of its Board of Directors or any duly authorized committee of the Board of Directors of the Corporation, may, subject to the approval of the appropriate federal banking agency, redeem out of funds legally
available therefor, in whole, but not in part, the shares of Series CC Preferred Stock at the time outstanding, prior to March 15, 2026, upon notice given as provided in Section 6(b) below. The redemption price for shares of
Series CC Preferred Stock shall be $25,000 per share plus an amount equal to any dividends that have been declared but not paid, without accumulation of any undeclared dividends. 

(b)    Notice of Redemption. Notice of every redemption of shares of Series CC Preferred Stock
shall be provided to a Depositary Company (as defined below), as sole holder of the Series CC Preferred Stock, pursuant to the applicable procedures of such Depositary Company. Such notice shall be provided at least 40 days and not more than
70 days before the date fixed for redemption. Any notice given as provided in this Section 6(b) shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure to duly give such notice,
or any defect in such notice, to any holder of shares of Series CC Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series CC Preferred Stock. Each notice
shall state (i) the redemption date; (ii) the number of shares of Series CC Preferred Stock to be redeemed and, if fewer than all the shares held by such holder are to be redeemed, if applicable, the number of such shares to be
redeemed from such holder; (iii) the redemption price; (iv) the place or places where the certificates for those shares are to be surrendered for payment of the redemption price; and (v) that dividends on the shares to be redeemed
will cease to accrue on the redemption date. Notwithstanding the foregoing, if the Series CC Preferred Stock is held in book-entry form through DTC, the Corporation may give such notice in any manner permitted by DTC. 

(c)    Partial Redemption. In case of any redemption of only part of the shares of Series CC
Preferred Stock at the time outstanding, the shares of Series CC Preferred Stock to be redeemed shall be selected either pro rata from the holders of record of Series CC Preferred Stock in proportion to the number of Series CC
Preferred Stock held by such holders or in such other manner consistent with the rules and policies of the New York Stock Exchange as the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the
Corporation may determine to be fair and equitable. Subject to the provisions of this Section 6, the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors shall have full power and authority to
prescribe the terms and conditions upon which shares of Series CC Preferred Stock shall be redeemed from time to time. 

(d)    Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the
redemption date specified in the notice all funds necessary for the redemption have been irrevocably set aside by the Corporation, separate and apart from its other assets, in trust for the pro rata benefit of the holders of the shares called
for redemption, so as to be and 

  
 7 

 
continue to be available therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors of the Corporation or any duly authorized committee of the Board
of Directors (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any certificate for any share so called for redemption has not been
surrendered for cancellation, on and after the redemption date all shares so called for redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue after such redemption date, and all rights with respect
to such shares shall forthwith on such redemption date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption from the Depositary Company at any time after the redemption date from the
funds so deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any
such interest. Any funds so deposited and unclaimed at the end of two years from the redemption date shall, to the extent permitted by law, be released or repaid to the Corporation, after which time the holders of the shares so called for redemption
shall look only to the Corporation for payment of the redemption price of such shares. 
 Section 7.    Voting
Rights. 
 (a)    General. The holders of Series CC Preferred Stock shall not be entitled to vote
on any matter except as set forth in paragraph 7(b) below or as required by applicable law. 

(b)    Right To Elect Two Directors Upon Nonpayment Events. Whenever dividends payable on any shares of
Series CC Preferred Stock or any class or series of Voting Parity Stock have not been declared and paid in an aggregate amount equal to, as to any class or series, at least six quarterly Dividend Periods or their equivalent, whether or not for
consecutive Dividend Periods (a “Nonpayment Event”), the holders of the outstanding Series CC Preferred Stock, voting together as a class with holders of Voting Parity Stock whose voting rights are exercisable, will be entitled
to vote for the election of two additional directors of the Corporation’s Board of Directors at the Corporation’s next annual meeting of stockholders and at each subsequent annual meeting of stockholders (the “Preferred Stock
Directors”) by a plurality of the votes cast; provided that the Board of Directors shall at no time include more than two Preferred Stock Directors (including, for purposes of this limitation, all directors that the holders of any
series of Voting Parity Stock are entitled to elect pursuant to like voting rights). Upon the vesting of such right of such holders, the maximum authorized number of members of the Board of Directors shall automatically be increased by two and the
two vacancies so created shall be filled by vote of the holders of the outstanding Series CC Preferred Stock (together with the holders of shares of any one or more other series of Voting Parity Stock). At elections for such directors, each
holder of the Series CC Preferred Stock shall be entitled to 25 votes for each share held (the holders of shares of any other series of Voting Parity Stock being entitled to such number of votes, if any, for each share of such stock as may be
granted to them). The right of the holders of the Series CC Preferred Stock (voting together as a class with the holders of shares of any one or more other series of Voting Parity Stock) to elect Preferred Stock Directors shall continue until
such time as the Corporation has paid in full dividends for the equivalent of at least four quarterly Dividend Periods or their equivalent, at which time such right with respect to the Series CC Preferred Stock shall terminate, except as
provided by law, and subject to 

  
 8 

 
revesting in the event of each and every subsequent default of the character described in this Section 7(b). 

Upon any termination of the right of the holders of all shares of Series CC Preferred Stock and Voting Parity Stock to vote for Preferred
Stock Directors, the term of office of all Preferred Stock Directors then in office elected by only those holders voting as a class shall terminate immediately. Any Preferred Stock Director may be removed at any time without cause by the holders of
a majority of the outstanding shares of Series CC Preferred Stock and Voting Parity Stock, when they have the voting rights described above (voting together as a class). In case any vacancy shall occur among the Preferred Stock Directors, a
successor may be elected by a plurality of the votes cast by the holders of Series CC Preferred Stock and Voting Parity Stock having the voting rights described above, voting together as a class, unless the vacancy has already been filled. The
Preferred Stock Directors shall each be entitled to one vote per director on any matter that shall come before the Board of Directors for a vote. Whenever the term of office of the directors elected by such holders voting as a class shall end and
the special voting powers vested in such holders as provided in this Section 7(b) shall have expired, the number of directors shall be such number as may be provided for in the By-Laws irrespective of any
increase made pursuant to this Section 7(b). 
 (c)    Other Voting Rights. In addition to any other
vote required by law or the Restated Certificate of Incorporation, so long as any shares of the Series CC Preferred Stock remain outstanding, the vote or consent of the holders of the outstanding shares of Series CC Preferred Stock and
outstanding shares of all other series of Voting Parity Stock entitled to vote on the matter, by a vote of at least 66 2/3% in voting power of all such outstanding Series CC Preferred Stock and such Voting Parity Stock, voting together as a
class, given in person or by proxy, either in writing without a meeting or at any meeting called for the purpose, shall be necessary to permit, effect or validate any one or more of the following actions, whether or not such approval is required by
Delaware law: (i) the issuance of any class or series of Preferred Stock or Preference Stock ranking senior to the Series CC Preferred Stock in the payment of dividends or the distribution of assets in the event of the Corporation’s
voluntary or involuntary liquidation, dissolution or winding up; (ii) any amendment, alteration or repeal of any provision of the Restated Certificate of Incorporation, including the Certificate of Designation, or the By-laws that would adversely affect the rights, preferences, privileges or voting powers of the Series CC Preferred Stock; (iii) any amendment or alteration of the Restated Certificate of Incorporation,
including the Certificate of Designation, or By-laws to authorize, create, or increase the authorized amount of, any shares of, or any securities convertible into shares of, any class or series of the
Corporation’s capital stock ranking senior to the Series CC Preferred Stock with respect to either the payment of dividends or in the distribution of assets in the event of the Corporation’s voluntary or involuntary liquidation,
dissolution or winding up; or (iv) any consummation of a reclassification involving the Series CC Preferred Stock or a merger or consolidation with another corporation or other entity, except holders of the Series CC Preferred Stock
will have no right to vote under this Section 7(c)(iv) if in each case (a) the shares of Series CC Preferred Stock remain outstanding or, in the case of any such merger or consolidation with respect to which the Corporation is not the
surviving or resulting entity, are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (b) such shares of Series CC Preferred Stock remaining outstanding or such preference

  
 9 

 
securities, as the case may be, have such rights, preferences, privileges and voting powers, taken as a whole, as are not materially less favorable to the holders thereof than the rights,
preferences, privileges and voting powers of the Series CC Preferred Stock, taken as a whole; provided, however, that any authorization, creation or increase in the authorized amount of or issuance of the Series CC Preferred Stock
or any Parity Stock or Junior Stock or any securities convertible into any class or series of Parity Stock (whether dividends payable in respect of such Parity Stock are cumulative or non-cumulative) or Junior
Stock will be deemed not to adversely affect the rights, preferences, privileges or voting powers of the Series CC Preferred Stock, and holders of the Series CC Preferred Stock shall have no right to vote thereon. 

If any amendment, alteration, repeal, reclassification, merger or consolidation specified in this Section 7(c) would adversely affect one
or more but not all series of voting Preferred Stock (including the Series CC Preferred Stock), then only those series affected by and entitled to vote on the matter shall vote on the matter together as a class (in lieu of all other series of
Preferred Stock). 
 Each holder of the Series CC Preferred Stock will have 25 votes per share on any matter on which holders of the
Series CC Preferred Stock are entitled to vote, whether separately or together with any other series of stock of the Corporation (the holders of any shares of any other series of stock being entitled to such number of votes, if any, for each
share of stock as may be granted to them), pursuant to Delaware law or otherwise, including by written consent. 

(d)    Changes after Provision for Redemption. No vote or consent of the holders of Series CC Preferred
Stock shall be required pursuant to Section 7(b) or (c) above if, at or prior to the time when any such vote or consent would otherwise be required pursuant to such Section, all outstanding Series CC Preferred Stock shall have been
redeemed, or notice of redemption has been given and sufficient funds shall have been irrevocably deposited in trust to effect such redemption. 

(e)     Procedures for Voting and Consents. The rules and procedures for calling and conducting any meeting
of the holders of Series CC Preferred Stock (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or
matter with regard to such a meeting or such consents shall be governed by any rules the Board of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Restated Certificate of
Incorporation, the By-laws, applicable law and any national securities exchange or other trading facility in which the Series CC Preferred Stock is listed or traded at the time. 

Section 8.    Preemption and Conversion. The holders of Series CC Preferred Stock
shall not have any rights of preemption or rights to convert such Series CC Preferred Stock into shares of any other class of capital stock of the Corporation. 

Section 9.    Reacquired Shares. Shares of Series CC Preferred Stock which have been
issued and redeemed or otherwise purchased or acquired by the Corporation shall be restored to the status of authorized but unissued shares of Preferred Stock without designation as to series. 

  
 10 

 Section 10.    No Sinking Fund. Shares
of Series CC Preferred Stock are not subject to the operation of a sinking fund. 

Section 11.    Additional Classes or Series of Stock. Notwithstanding anything set forth
in the Restated Certificate of Incorporation or this Certificate of Designation to the contrary, the Board of Directors of the Corporation, or any authorized committee of the Board of Directors of the Corporation, (i) without the vote of the
holders of the Series CC Preferred Stock, may authorize and issue additional shares of Junior Stock and Parity Stock and (ii) with the requisite vote of the holders of the Series CC Preferred Stock and Parity Stock entitled to vote
thereon, may authorize and issue any additional class or series of Preferred Stock or Preference Stock senior to the Series CC Preferred Stock as to the payment of dividends and/or the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation. 
 [Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF,
WELLS FARGO & COMPANY has caused this Certificate of Designation to be signed by Bryant Owens, its Senior Vice President and Assistant
Treasurer, and John J. Muller, its Assistant Secretary, this 28th day of January, 2021. 
  

			
	 WELLS FARGO &
COMPANY

		
	 By:
	 	 /s/ Bryant Owens

		 	Bryant Owens, Senior Vice President and Assistant Treasurer

  

	
	/s/ John J. Muller
	John J. Muller, Assistant Secretary

 [Signature Page to Series CC Certificate of Designation]Exhibit 10.1

  

FORM OF

Fifth Supplement to Amended
and Restated Note Purchase Agreement

 

New Mountain Finance Corporation

 

Dated as of

January
29, 2021

 

To the Purchasers named in

Schedule A hereto

 

Ladies and Gentlemen:

 

This Fifth Supplement
to Amended and Restated Note Purchase Agreement (the “Supplement”) is between New Mountain Finance Corporation,
a Delaware corporation (the “Company”), and the institutional investors named on Schedule A attached hereto
(the “Purchasers”).

 

Reference is hereby
made to that certain Amended and Restated Note Purchase Agreement dated September 30, 2016 (the “Note Purchase Agreement”)
among the Company, the First Closing Purchasers listed on Schedule B-1 thereto and the Second Closing Purchasers listed
on Schedule B-2 thereto. Except as otherwise provided in sections 4 and 6 below with respect to replacements of “Second
Closing Notes,” “Second Closing,” “Second Closing Purchaser,” and “Effective Date” all
capitalized terms not otherwise defined herein shall have the same meaning as specified in the Note Purchase Agreement. Reference
is further made to Section 4.14 of the Note Purchase Agreement which requires that, prior to the delivery of any Additional
Notes, the Company and each Additional Purchaser shall execute and deliver a Supplement. The Series 2021A Notes (as defined
below) constitute Additional Notes under the Note Purchase Agreement.

 

The Company hereby
agrees with the Purchasers as follows:

 

1. The Company
has authorized the issue and sale of $200,000,000 aggregate principal amount of its 3.875% Series 2021A Senior Notes due
January 29, 2026 (the “Series 2021A Notes”). The Series 2021A Notes, together with the
Series 2016 Notes issued pursuant to the Note Purchase Agreement, the Series 2017A Notes issued pursuant to that
certain First Supplement to Amended and Restated Note Purchase Agreement dated as of June 30, 2017, the Series 2018A
Notes issued pursuant to that certain Second Supplement to Amended and Restated Note Purchase Agreement dated as of
January 30, 2018, the Series 2018B Notes issued pursuant to that certain Third Supplement to Amended and Restated
Note Purchase Agreement dated as of July 5, 2018, the Series 2019A Notes issued pursuant to that certain Fourth
Supplement to Amended and Restated Note Purchase Agreement dated as of April 30, 2019 and each series of Additional Notes
which may from time to time hereafter be issued pursuant to the provisions of Section 2.2 of the Note Purchase
Agreement, are collectively referred to as the “Notes” (such term shall also include any such notes issued
in substitution therefor pursuant to Section 13 of the Note Purchase Agreement). The Series 2021A Notes shall be
substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may be approved by the
Purchasers and the Company.

 

     

     

    

 

2. Subject to the
terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and
warranties hereinafter set forth, the Company agrees to issue and sell to each Purchaser, and each Purchaser agrees to
purchase from the Company, Series 2021A Notes in the principal amount set forth opposite such Purchaser’s name on
Schedule A hereto at a price of 100% of the principal amount thereof on the Closing Date.

 

3. The sale and
purchase of the Series 2021A Notes to be purchased by each Purchaser shall occur at the offices of Chapman and
Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 9:00 a.m. Chicago time, at a closing (the “Closing”)
on January 29, 2021 (the “Closing Date”). At the Closing, the Company will deliver to each Purchaser the
Series 2021A Notes to be purchased by such Purchaser in the form of a single Series 2021A Note (or such greater
number of Series 2021A Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the
Closing and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by
such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by
wire transfer of immediately available funds for the account of the Company to account number XXXXXXXXX at U.S. Bank National
Association, in Boston, MA, ABA No. XXXXXXXXX.  If, at the Closing,
the Company shall fail to tender such Series 2021A Notes to any Purchaser as provided above in this Section 3, or
any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such
Purchaser shall, at such Purchaser’s election, be relieved of all further obligations under this Agreement, without
thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.

 

4.  The Company
represents and warrants to each Purchaser, as of the Closing Date, (or, if any such representations and warranties expressly
relate to an earlier date, then as of such earlier date), each of the matters set forth in Section 5 of the Note
Purchase Agreement, as specified subsections of such Section 5 have been supplemented, amended or superseded as set
forth on Exhibit A hereto. The obligation of each Purchaser to purchase and pay for the Series 2021A Notes to be
sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at
the Closing, of (i) the conditions set forth in Section 4 of the Note Purchase Agreement with respect to the
Series 2021A Notes to be purchased at the Closing as if each reference to “Second Closing Notes,”
“Second Closing,” “Second Closing Purchaser,” “Effective Date,” “Schedule
B-2,” and “Schedule 5.5” set forth therein was replaced by “Series 2021A Notes,” the
“Closing,” the “Purchaser,” the “Closing Date,” “Schedule A,” and
“Schedule 5.5C” (each as defined in or attached to this Supplement), respectively, and except to the extent
such conditions set forth in Section 4 of the Note Purchase Agreement are supplemented, amended or superseded hereby, and
(ii) the following additional conditions:

 

(a)
Except as supplemented, amended or superseded by the representations and warranties set forth in Exhibit A
hereto, each of the representations and warranties of the Company set forth in Section 5 of the Note Purchase Agreement
shall be correct as of the date of Closing (except for representations and warranties which apply to a specific earlier date
which shall be true as of such earlier date or as of the date specified in Exhibit A to the extent such provision is
superseded in Exhibit A) and the Company shall have delivered to each Purchaser an Officer’s Certificate, dated
the date of the Closing certifying that such condition has been fulfilled.

 

(b) Contemporaneously
with the Closing, the Company shall sell to each Purchaser, and each Purchaser shall purchase, the Series 2021A Notes to be
purchased by such Purchaser at the Closing as specified in Schedule A.

 

(c) Section 4.11 of the
Note Purchase Agreement with respect to the Series 2021A Notes shall be amended in its entirety to read as follows:

 

“Section 4.11. Rating.
On the date of the Closing, the Series 2021A Notes shall be rated “BBB-” or better by Fitch Ratings, Inc.”

 

    -2-

     

    

 

5. The
terms of Section 8 of the Note Purchase Agreement shall apply to the Series 2021A Notes except that the proviso in
the first sentence of Section 8.2 of the Note Purchase Agreement shall be amended in its entirety to read as
follows:

 

“provided, that at any
time on or after February 15, 2021 the Company may, at its option, upon notice as provided below, prepay all or any part
of the Series 2016 Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to
the prepayment date; provided, further, that at any time on or after April 15, 2022 the Company may, at its
option, upon notice as provided below, prepay all or any part of the Series 2017A Notes at 100% of the principal amount
so prepaid, together with, in each case, accrued interest to the prepayment date; provided, further, that at any time
on or after October 30, 2022 the Company may, at its option, upon notice as provided below, prepay all or any part of
the Series 2018A Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to the
prepayment date; provided, further, that at any time on or after March 28, 2023, the Company may, at its option,
upon notice as provided below, prepay all or any part of the Series 2018B Notes at 100% of the principal amount so
prepaid, together with, in each case, accrued interest to the prepayment date; provided, further, that at any time on
or after January 30, 2024 the Company may, at its option, upon notice as provided below, prepay all or any part of the
Series 2019A Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to the
prepayment date; provided, further, that at any time on or after July 29, 2025 the Company may, at its option, upon
notice as provided below, prepay all or any part of the Series 2021A Notes at 100% of the principal amount so prepaid,
together with, in each case, accrued interest to the prepayment date.”

 

For the avoidance of
doubt, the definition of “Make-Whole Amount” set forth in Section 8.6 of the Note Purchase Agreement shall
be applicable to any Series 2021A Note.

 

6. Each Purchaser
represents and warrants that the representations and warranties set forth in Section 6 of the Note Purchase Agreement
are true and correct on the date hereof with respect to the purchase of the Series 2021A Notes by such Purchaser as if
each reference to “Second Closing Notes,” “Second Closing” and “Second Closing Purchaser”
set forth therein was replaced by “Series 2021A Notes,” the “Closing” and the
“Purchaser,” respectively, and each reference to “this Agreement” therein was modified to refer to
the Note Purchase Agreement as supplemented by this Supplement.

 

Each Purchaser further
represents and warrants that such Purchaser:

 

(a) is
an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and a
Qualified Institutional Buyer; and

 

(b)
has reviewed the Disclosure Documents and has been furnished with all other materials that it considers relevant to a
purchase of the Series 2021A Notes, has had a full opportunity to ask questions of and receive answers from the Company
or any person or persons acting on behalf of the Company concerning the terms and conditions of a purchase of the
Series 2021A Notes and no statement or printed material which is contrary to the Disclosure Documents has been made or
given to the purchaser by or on behalf of the Company; and

 

(c)
is not relying upon, and has not relied upon, any statement, representation or warranty made by any person,
including, without limitation, Deutsche Bank Securities Inc., any of its affiliates or any of its or their control persons,
officers, directors or employees, except for the statements, representations and warranties contained in the Note Purchase
Agreement (as supplemented, amended or superseded hereby) and the other Disclosure Documents, in making its decision to
purchase the Series 2021A Notes.

 

7. The Company
and each Purchaser agree to be bound by and comply with the terms and provisions of the Note Purchase Agreement (except as
supplemented, amended or superseded hereby) as fully and completely as if such Purchaser were an original signatory to the
Note Purchase Agreement.

 

    -3-

     

    

 

8. Covenants
of the Company. In addition to the covenants and agreements set forth in the Agreement, the Company covenants and
agrees, which covenants and agreements shall have the benefit of
Section 11(c) of the Note Purchase Agreement, for the benefit of the Purchasers and each other holder of a Note
that:

 

(a) Debt to Equity
Ratio. Immediately after the issuance of any senior security representing indebtedness (as determined pursuant to the
Investment Company Act), and after giving pro forma effect thereto and the application of the proceeds thereof, the Company
will not permit the Debt to Equity Ratio, to be greater than 1.65 to 1.00.

 

“Debt to Equity Ratio”
means the ratio of (a) the aggregate amount of senior securities representing indebtedness of the Company and its Subsidiaries
(including under the Notes), in each case as determined pursuant to the Investment Company Act, and any orders of the SEC issued
to or with respect to Company thereunder, including any exemptive relief granted by the SEC with respect to the indebtedness of
any SBIC Subsidiary to (b) Shareholders’ Equity at the last day of the immediately preceding fiscal quarter of the Company.

 

(b) Maximum Secured
Debt. The Company will not permit the Secured Debt Ratio at any time to exceed 0.70 to 1.00.

 

“Secured Debt”
means Indebtedness of the Company and its Subsidiaries that are consolidated with the Company for purposes of GAAP (excluding
any Indebtedness of any of the Company’s Subsidiaries which are SBIC Subsidiaries) outstanding at any time that is secured
in any manner by any Lien on assets of the Company or any such Subsidiaries.

 

“Secured Debt Ratio”
means the ratio of (a) Secured Debt to (b) the aggregate amount of Indebtedness of the Company and its Subsidiaries that are consolidated
with the Company for purposes of GAAP (including Indebtedness under the Notes and excluding any Indebtedness of any of the Company’s
Subsidiaries which are SBIC Subsidiaries).

 

9. Covenants
of the Company. The Company covenants and agrees, for the benefit of the Purchasers and each other holder of a Note, that
for the avoidance of doubt and for purposes of determining the Asset Coverage Ratio and the Debt to Equity Ratio, “the
aggregate amount of senior securities representing indebtedness of the Company and its Subsidiaries” shall be deemed to
include the obligations of the Company under any Permitted SBIC Guaranty for any period after the occurrence of an event or
condition that is an impermissible change in the control of the applicable SBIC Subsidiary as a result of which the Permitted
SBIC Guaranty permits recourse to the Company as permitted pursuant to the definition of “Permitted SBIC
Guaranty.”

 

10. Ratings
Covenant of the Company. In addition to the covenants and agreements set forth in the Note Purchase Agreement and this
Supplement, the Company covenants and agrees for the benefit of the Purchasers and each other holder of a Note that, to the
extent the Company shall maintain or deliver, in accordance with the Note Purchase Agreement, a Rating, such Rating shall be
a public rating, issued by a NRSRO, of the Notes and, with respect to the Series 2021A Notes, shall specifically
describe the Series 2021A Notes, including their interest rate, maturity and Private Placement Number.

 

    -4-

     

    

 

11. Events of
Default of the Company. In addition to the covenants, agreements and Events of Default set forth in the Note Purchase
Agreement and this Supplement, the Company covenants and agrees for the benefit of the Purchasers and each other holder of a
Note that, in addition to the defaults or conditions under any Material Indebtedness of the Company and its Significant
Subsidiaries that constitute an Event of Default under Section 11(f) of the Note Purchase Agreement, any such defaults or
conditions, as specified in Section 11(f) of the Note Purchase Agreement, under any Material Indebtedness of the
Company’s Subsidiaries that are consolidated with the Company for purposes of GAAP (excluding any Indebtedness of any
of the Company’s Subsidiaries which are SBIC Subsidiaries) shall also constitute an Event of Default under Section
11(f) of the Note Purchase Agreement.

 

    -5-

     

    

 

The execution hereof
shall constitute a contract between the Company and the Purchasers for the uses and purposes hereinabove set forth, and this agreement
may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one agreement.

 

 

	 	New Mountain Finance Corporation
	 	 	 
	 	By	 
	 	Name: Shiraz Y. Kajee
	 	Title:   Chief Financial Officer

 

New Mountain Finance
Corporation

Fifth Supplement to Amended
and Restated Note Purchase Agreement

 

    -6-

     

    

 

This Agreement is hereby accepted and agreed to as of the
date hereof.

 

	 	[Purchasers]
	 	 	 
	 	By	 
	 	Name:
	 	Title:

 

New Mountain Finance
Corporation

Fifth Supplement to Amended
and Restated Note Purchase Agreement

 

    -7-

     

    

 

Supplemental Representations

 

The Company represents
and warrants to each Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties
set forth in Section 5 of the Note Purchase Agreement (other than representations and warranties that apply solely to a specific
earlier date which shall be true as of such earlier date) is true and correct in all material respects as of the date hereof with
respect to the Series 2021A Notes with the same force and effect as if each reference to “the Second Closing Notes”
set forth therein was modified to refer to the “Series 2021A Notes” and each reference to “this Agreement”
therein was modified to refer to the Note Purchase Agreement as supplemented by the Fifth Supplement. The Section references hereinafter
set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby:

 

Section 5.3. Disclosure.
(a) The Company, through its agent, Deutsche Bank Securities Inc., has delivered to each Purchaser a copy of the documents, certificates
or other writings identified in Schedule 5.3C and has made publicly available via the SEC’s EDGAR filing system its
quarterly and annual reports on Form 10-Q and Form 10-K, respectively, including the Company’s annual report
on Form 10-K for the fiscal year ended December 31, 2019 (the “Initial Disclosure Materials”), relating
to the transactions contemplated hereby. The Initial Disclosure Materials fairly describe, in all material respects, the general
nature of the business and principal properties of the Company and its Subsidiaries. This Agreement, the Initial Disclosure Materials,
the financial statements listed in Schedule 5.5C and the documents, certificates or other writings delivered to the Purchasers
by or on behalf of the Company (other than financial projections, pro forma financial information, and other forward-looking
information referenced in Section 5.3(b)) on or prior to January 13, 2021 in connection with the transactions contemplated
hereby and identified in Schedule 5.3C (this Agreement, the Initial Disclosure Materials and such documents, certificates
or other writings, including, without limitation, valuations of Investments of the Company, and such financial statements delivered
to each Purchaser (other than financial projections, pro forma financial information, and other forward-looking information
referenced in Section 5.3(b)) being referred to, collectively, as the “Disclosure Documents”), taken as
a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents,
since December 31, 2019, there has been no change in the financial condition, operations, business, properties or prospects
of the Company or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect
that has not been set forth herein or in the Disclosure Documents.

 

(b) All financial
projections, pro forma financial information and other forward-looking information which has been delivered to each
Purchaser by or on behalf of the Company in connection with the transactions contemplated by this Agreement are based upon
good faith assumptions and, in the case of financial projections and pro forma financial information, good faith estimates,
in each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it
relates to future events is subject to significant uncertainty and contingencies (many of which are beyond the control of the
Company) and are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by
such financial information may materially differ from the results set forth therein.

 

Exhibit
A

(to Fifth Supplement) 

 

     

     

    

 

Section 5.4. Organization and
Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4C contains (except as noted therein) complete and
correct lists of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction
of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned
by the Company and each other Subsidiary, (ii) the Company’s Affiliates, other than Subsidiaries, and (iii) the
Company’s directors and senior officers.

 

(b) All of the
outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4C as being owned
by the Company and its Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by the
Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.

 

(d) No Subsidiary
is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4C
and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay
dividends out of profits or make any other similar distributions of profits to the Company or to any other Subsidiary of the
Company that owns outstanding shares of capital stock or similar equity interests of such Subsidiary.

 

Section 5.5. Financial
Statements; Material Liabilities. The Company has delivered to each Purchaser or made publicly available via the
SEC’s EDGAR filing system copies of the financial statements of the Company and its Subsidiaries listed on
Schedule 5.5C. All of such financial statements (including in each case the related schedules and notes) fairly present
in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates
specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so
specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set
forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).
The Company and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents.

 

Section 5.13. Private Offering
by the Company. Neither the Company nor anyone acting on its behalf has offered the Series 2021A Notes or any similar
Securities (other than any Notes previously issued pursuant to the Note Purchase Agreement and identified on Schedule 5.15C)
for sale to, or solicited any offer to buy the Series 2021A Notes or any similar Securities (other than any Notes previously
issued pursuant to the Note Purchase Agreement and identified on Schedule 5.15C) from, or otherwise approached or negotiated in
respect thereof with, any Person other than not more than 22 Institutional Investors (including the Purchasers), each of which
has been offered the Series 2021A Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf
has taken, or will take, any action that would subject the issuance or sale of the Series 2021A Notes to the registration
requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of
any applicable jurisdiction.

 

    -2-

     

    

 

Section 5.14. Use of
Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Series 2021A Notes to repay
outstanding Indebtedness of the Company and its Subsidiaries and/or for other general corporate purposes of the Company,
including the acquisition and funding (either directly or through one or more wholly-owned Subsidiaries) of
leveraged loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock, and other
Portfolio Investments. No part of the proceeds from the sale of the Series 2021A Notes hereunder will be used, directly
or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities
under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to
involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute
more than 10% of the value of the consolidated assets of the Company and the Company does not have any present intention that
margin stock will constitute more than 10% of the value of such assets. As used in this Section, the terms “margin
stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said
Regulation U.

 

Section 5.15. Existing Indebtedness;
Future Liens. (a) Except as described therein, Schedule 5.15C sets forth a complete and correct list of all outstanding
Indebtedness of the Company and its Subsidiaries as of September 30, 2020 (including descriptions of the obligors and obligees,
principal amounts outstanding, any collateral therefor and any Guaranties thereof), since which date there has been no Material
change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or
its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the
payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with
respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both,
would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its
regularly scheduled dates of payment.

 

(b) Except as disclosed in
Schedule 5.15C, neither the Company nor any Subsidiary has agreed or consented to cause or permit any of its property,
whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the
future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be
subject to a Lien that secures Indebtedness.

 

(c) Neither the Company nor any
Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company
or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or any other
organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the
Company, except as disclosed in Schedule 5.15C.

 

    -3-

     

    

 

[Form of Series 2021A
Note]

 

New Mountain Finance Corporation

 

3.875% Series 2021A
Senior Note due January 29, 2026

 

	No. [_________]	[Date]

	$[____________]	PPN 647551 C*9

 

For
Value Received, the undersigned, New Mountain Finance Corporation (herein
called the “Company”), a corporation organized and existing under the laws of the State of Delaware, hereby
promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on January 29, 2026 (the “Maturity Date”), with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of
(a) subject to adjustment pursuant to Section 1.2 of the hereinafter defined Note Purchase Agreement, 3.875% per annum
from the date hereof, payable semiannually, on the 29th day of January and July in each year, commencing July 29, 2021, and on
the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on
any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue
payment of any Make-Whole Amount, at a rate per annum from time to time equal to the Default Rate (as defined in the hereinafter
defined Note Purchase Agreement).

 

Payments of principal
of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of
America at Wells Fargo Bank, National Association at its offices in New York, New York or at such other place as the
Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred
to below.

 

This Note is one of
a series of Senior Notes (the “Notes”) issued pursuant to a Supplement to the Amended and Restated Note Purchase
Agreement dated September 30, 2016 (as from time to time amended, supplemented or modified, the “Note Purchase Agreement”),
among the Company, the First Closing Purchasers and the Second Closing Purchasers named therein and Additional Purchasers of Notes
from time to time issued pursuant to any Supplement to the Note Purchase Agreement. This Note and the holder hereof are entitled
equally and ratably with the holders of all other Notes of all series from time to time outstanding under the Note Purchase Agreement
to all the benefits provided for thereby or referred to therein. Each holder of this Note will be deemed, by its acceptance hereof,
(i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to
have made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized
terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

This Note is a
registered Note with the Company and, as provided in the Note Purchase Agreement, upon surrender of this Note for
registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or
such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company
may treat the Person in whose name this Note is registered and is recorded in the register as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the
contrary.

 

Exhibit
1

(to Fifth Supplement)

 

     

     

    

 

This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement,
but not otherwise.

 

If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall
be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.

 

	 	New Mountain Finance Corporation
	 	 	 
	 	By	 
		Name: Shiraz Y. Kajee
	 	Title: Chief Financial Officer

 

    -2-

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