Document:

Warrant issuance Agreement dated February 14, 2006

 Exhibit 10.16 
 WARRANT ISSUANCE AGREEMENT 
 This WARRANT ISSUANCE AGREEMENT is made as of this 14th day of
February, 2006 by and between Tripath Technology Inc., a Delaware corporation (the “Company”), the investors signatory hereto (each, a “Purchaser” and collectively, the “Purchasers”), and each of
Brendan O’Neill, Mitch Levine and Adam Epstein (each, a “Series B Warrant Holder” and collectively, the “Series B Warrant Holders”) (the “Agreement”). Defined terms not otherwise defined herein
shall have the meanings set forth in the Warrants (as defined in Section 2 below). 
 WHEREAS, pursuant to that certain Securities
Purchase Agreement dated November 8, 2005 by and among the Company, the Purchasers and investors signatory thereto (the “Purchase Agreement”), the Purchasers were issued warrants (the “Existing Warrants”) to
purchase an aggregate of 6,756,755 shares of Common Stock, par value $.001 per share (the “Common Stock”) and in the individual amounts set forth below such Purchaser’s name on the signature pages hereto; 
 WHEREAS, the Existing Warrants expire on July 1, 2006, but the Purchasers are agreeing to exercise the Existing Warrants pursuant to the terms
hereof and thereof as of the date hereof; 
 NOW, THEREFORE, in consideration of the mutual premises and agreements contained herein, and
intending to be legally bound hereby, the undersigned parties hereby agree as follows: 
 1. Exercise of Existing Warrants. Each
Purchaser hereby agrees, severally and not jointly with the other Purchasers, to exercise in full such Purchaser’s Existing Warrants for cash pursuant to the terms of the Existing Warrants, and each Purchaser shall execute and deliver a Notice
of Exercise in substantially the form attached to the Existing Warrants to the Company contemporaneously with the execution and delivery of this Agreement; provided, however, that a Purchaser shall not be required to exercise such
certain portion of its Existing Warrant to the extent that Section 2(d)(i) of the Existing Warrant is violated by the resulting common stock issuance of such certain portion (a “Capped Exercise”). In the event of a Capped
Exercise, such Purchaser shall be obligated to exercise the unexercised portion of its Existing Warrant on the 75th
day thereafter (and each 75th day thereafter) to the extent Section 2(d)(i) of the Existing Warrant is not
violated until all Existing Warrants have been exercised. 
 2. Issuance of New Warrants. As partial consideration hereunder, each
Purchaser shall be issued a Warrant (the “Warrants”) in the form of Exhibit A attached hereto as promptly as practicable, but in any event within three business days following the date hereof, to purchase a number of shares
of Common Stock equal to 90% of the shares of Common Stock underlying such Purchaser’s exercised Existing Warrants immediately prior to the effectiveness hereof (the “Warrant Shares”), which Warrants shall be substantially
similar to the Existing Warrants except that the Exercise Price of such Warrants shall be $0.315 per share, the Termination Date of such Warrants shall be July 1, 2007 and there shall be no price-based anti-dilution provisions for subsequent
issuances of equity or debt securities resulting from subsequent financings in which 

 common stock is issued at or below the Exercise Price or in which securities convertible or exercisable into common stock
are issued at a conversion price or an exercise price at or below the Exercise Price. Notwithstanding the foregoing, in the event of a Capped Exercise, Warrants shall be issued proportionally upon exercise of the Existing Warrants. 
 3. Prohibition on Dilutive Issuances. The Company or any Subsidiary thereof shall not, at any time while the Purchasers hold any Warrants, offer,
sell, grant any option to purchase or offer, sell or grant any right to reprice its securities, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock
Equivalents entitling any Person to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price of the Warrant (a “Dilutive Issuance”) without the prior written consent of all Purchasers then
holding Warrants (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due
to warrants, options or rights per share which is issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed to have
occurred for less than the Exercise Price on such date of the Dilutive Issuance; provided that if such issuance is a result of the adjustment provisions of Section 5 of the Debentures (as defined below), of Section 3 of the
Existing Warrants, or of Section 3 of the Series B Warrants (as defined below), such issuance shall not be deemed a Dilutive Issuance). Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3 in
respect of an Exempt Issuance. 
 4. Allocation of Reserved and Authorized Shares. Immediately following the issuance of the Warrants,
the Company shall not have a sufficient number of authorized and unreserved shares to honor in full the exercise of the Warrants. The number of shares of Common Stock that will be reserved by the Company and available for issuance upon conversion of
the Warrants shall be zero (0) (the “Reserved Warrant Shares”), which may be increased with a corresponding reduction in the Reserved Conversion Shares (as defined below) by any particular Purchaser pursuant to this Section.
The number of shares of Common Stock that shall be reserved and available for issuance upon conversion of the 6% Senior Secured Convertible Debenture of the Company (the “Debentures”) shall be 13,513,513 (the “Reserved
Conversion Shares” and collectively with the Reserved Warrant Shares, the “Reserved Shares”). On or before June 30, 2006, the Company shall use commercially reasonable efforts to hold a Stockholders Meeting to amend
the Company’s Certificate of Incorporation to increase the number of authorized shares of Common Stock to not less than 150,000,000 shares. In the event that such meeting does not occur by June 30, 2005 or that the Company’s
Stockholders do not approve such an amendment, the Company shall effect a reverse split of the Common Stock on or before July 15, 2006 which will allow for the reservation and exercise in full of the Debentures and Warrants. Until such time as
the Company has a sufficient number of authorized and unreserved shares to honor in full the exercise of the Warrants, the Reserved Shares shall be allocated to each Purchaser ratably based on its initial purchase of Debentures pursuant to the
Purchase Agreement (“Purchaser Allocation”). A Purchaser shall be permitted to increase its Reserved Warrant Shares against a reduction of its Reserved Conversion Shares within its Purchaser Allocation. 

 5. Waivers. Provided that the Company has a sufficient number of authorized and unreserved shares
to honor in full the exercise of the Warrants on or before July 15, 2006, each Purchaser, severally and not jointly with the other Purchasers, hereby agrees to waive any breach or default of Sections 4.2, 4.4, 4.12(a), 4.12(b), 4.13, 4.14 of
the Purchase Agreement, Section 2(a) of that certain Registration Rights Agreement dated November 8, 2005 by and among the Company, the Purchasers and investors signatory thereto (the “Registration Rights Agreement”)
(provided that a registration statement for the Warrant Shares is effective on or before June 30, 2006), Sections 4(d)(v), 5(b)(A), 5(b)(B), 7(c) and 8(a)(iv) of the Debentures, Sections 3(a) and 3(b) of the Warrant, and Sections 3(a) and 3(b)
of those certain Series B Common Stock Purchase Warrants issued by the Company on November 8, 2005 to the Purchasers and to the Series B Warrant Holders (the “Series B Warrant”), that occur solely and directly as a result of
the transactions contemplated under this Agreement. Provided that the Company has a sufficient number of authorized and unreserved shares to honor in full the exercise of the Warrants on or before July 15, 2006, each of the Series B Warrant
Holders hereby agrees to waive any breach or default of Sections 3(a) and 3(b) of the Series B Warrants. 
 6. Representations, Warranties
and Covenants of the Company. Except as set forth under the corresponding section of the disclosure schedules delivered to the Purchasers concurrently herewith (the “Disclosure Schedules”) which Disclosure Schedules shall be deemed
a part hereof, the Company makes the representations and warranties set forth below to each Purchaser. 
 (a)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such Company and no further action is required by such
Company, its board of directors or its stockholders in connection therewith other than in connection with the Required Approvals (as defined in the Purchase Agreement). This Agreement has been duly executed by the Company and, when delivered in
accordance with the terms hereof will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
 (b) No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any
provision of the Company’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a
default) under, result in the creation of any lien 

 upon any of the properties or assets of the Company, or give to others any rights of termination,
amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company debt or otherwise) or other material understanding to which
the Company is a party or by which any property or asset of the Company is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound or affected; except in the case of
each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect (as defined in the Purchase Agreement). 
 (c) Capitalization. The Company is a duly organized and validly existing corporation in good standing under the laws of the State
of Delaware, authorized to issue an aggregate of 100,000,000 shares of Common Stock, 5,000,000 shares of Preferred Stock, 865,200 shares of which are designated as Series A Preferred Stock and no other shares of capital stock. As of February 1,
2006, there was issued and outstanding 55,948,455 shares of Common Stock, all of which such issued and outstanding shares were validly issued, fully paid and nonassessable. The Warrants and the Warrant Shares, when issued in accordance with the
terms of this Agreement and the Warrants, will be duly authorized, validly issued, fully paid and nonassessable. Except as described in this Section or as set forth on Schedule 6(c), there are no issued or outstanding securities and no issued or
outstanding options, warrants or other rights, or commitments or agreements of any kind, contingent or otherwise, to purchase or otherwise acquire shares of Common Stock or any issued or outstanding securities of any nature convertible into shares
of Common Stock. There is no proxy or any other agreement, arrangement or understanding of any kind authorized, effective or outstanding which restricts, limits or otherwise affects the right to vote any shares of Common Stock. 
 (d) Other Representations, Warranties and Covenants. Except as set forth on Schedule 6(d), the representations, warranties and
covenants of the Company with respect to the Warrants and Warrant Shares shall be identical in all respects to the representations, warranties and covenants of the Company with respect to the Existing Warrants (and shares of Common Stock underlying
the Existing Warrants) issued pursuant to the Purchase Agreement and other Transaction Documents (as defined under the Purchase Agreement), except for the Company’s representations and warranties in the Purchase Agreement at Sections 3.1(c),
3.1(d) and 3.1(g); and the Company hereby makes such representations, warranties and covenants, except for the Company’s representations and warranties in the Purchase Agreement at Sections 3.1(c), 3.1(d) and 3.1(g), as though fully set forth
herein as of the date hereof, and all such representations, warranties and obligations, except for the Company’s representations and warranties in the Purchase Agreement at Sections 3.1(c), 3.1(d) and 3.1(g), are incorporated herein by
reference, including without limitation, all registration rights with respect to the Warrant Shares as though such shares were Registrable Securities (as defined under the Registration Rights Agreement); notwithstanding the foregoing, the covenants
found in Section 4.12(c) of the Purchase Agreement shall not be incorporated herein by reference. 

 7. Representations, Warranties and Covenants of the Purchasers. The representations, warranties
and covenants of the Purchasers with respect to the Warrants and Warrant Shares shall be identical in all respects to the representations, warranties and covenants of the Purchasers with respect to the Existing Warrants (and shares of Common Stock
underlying the Existing Warrants) issued pursuant to the Purchase Agreement and other Transaction Documents (as defined under the Purchase Agreement); and the Purchasers hereby make such representations, warranties and covenants as though fully set
forth herein as of the date hereof, and all such representations, warranties and obligations are incorporated herein by reference. 
 8.
Miscellaneous. 
 (a) Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal
proceedings concerning the interpretations, enforcement and defense of this Agreement shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each party hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing
a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to the other at the address in effect for notices to it on the signature pages hereto and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereby irrevocably waives, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. In addition to being entitled to exercise all rights provided herein or granted by law, including
recovery of damages, each of the Purchasers and the Company will be entitled to specific performance hereunder. 
 (b)
Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 

(c) Entire Agreement; Amendment; Waiver. This Agreement constitutes the entire and full understanding and agreement between the
parties with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated, except by a written instrument signed by all the parties hereto. 

 (d) Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be an original, but all of which together, shall constitute one instrument. 
 (e) Public
Disclosure. The Company shall, within four business days following the date hereof, issue a Current Report on Form 8-K, reasonably acceptable to the Purchasers, disclosing the material terms of the transactions contemplated hereby, and shall
attach this Agreement thereto. The Company shall consult with the Purchasers in issuing any other press releases with respect to the transactions contemplated hereby. 
 (f) Independent Nature of Holders’ Obligations and Rights. The obligations of each Purchaser hereunder are several and not
joint with the obligations of any other Purchasers hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser hereunder. Nothing contained herein or in any other agreement or document
delivered at any closing, and no action taken by any Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to protect and enforce its rights, including without limitation the rights arising out of this
Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK SIGNATURE PAGES FOLLOW] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 COMPANY 
  

			
	TRIPATH TECHNOLOGY INC.
		
	 By:
	 	 /s/ Jeffrey L. Garon

	 Name:
	 	 Jeffrey L. Garon

	 Title:
	 	Vice President, Finance and Chief Financial Officer
	
	 Address for Notice:

	
	 Tripath Technology Inc.

	 2560 Orchard Parkway

	 San Jose, CA 95131

 [PURCHASER SIGNATURE PAGES FOLLOW] 
  

 [Signature Page – Warrant Issuance Agreement] 

 [PURCHASER SIGNATURE PAGES TO TRPH 
 WARRANT ISSUANCE AGREEMENT] 
 IN WITNESS WHEREOF, the parties have duly executed this
Warrant Issuance Agreement as of the date first written above. 
 PURCHASER 
 Name of Purchaser:             Enable Opportunity
Partners                                       
                              
 Signature of Authorized Signatory of Purchaser:             /s/
Brendan
O’Neil                                      
       
 Name of Authorized Signatory:
                                        
                                        
                                        

 Title of Authorized Signatory:
            Principal & Portfolio
Manager                                       
  
 Email Address of
Purchaser:                                      
                                        
                                        
   
 Address for Notice of Purchaser: 
  
  
 Address for Delivery of Securities for Purchaser (if not same as above): 
  
  
  

			
	Existing Warrants:	 	472,973
	New Warrants:	 	425,676

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 PURCHASER 
 Name of Purchaser:             Enable Growth
Partners                                       
                      
 Signature of Authorized Signatory of Purchaser:             /s/ Brendan
O’Neil                                     
 Name of Authorized Signatory:
                                        
                                        
                                 
 Title of Authorized Signatory:             Principal & Portfolio
Manager                                     
 Email Address of
Purchaser:                                      
                                        
                                   
 Address for Notice of Purchaser: 
  
  
 Address for Delivery of Securities for Purchaser (if not same as
above): 
  
  
  

			
	Existing Warrants:	 	1,756,757
	New Warrants:	 	1,581,081

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 PURCHASER 
 Name of Purchaser:             Gryphon Master Fund,
L.P.                                        
                                        
         
 Signature of Authorized Signatory of Purchaser:
    /s/ Warren W.
Garden                                       
                              
 Name of Authorized Signatory:
                                        
                                        
                                        
                             
 Title of Authorized Signatory:     Authorized
Agent                                       
                                        
                                  
 Email Address of
Purchaser:                                      
                                        
                                        
               
 Address for Notice of Purchaser:

  
  
 Address for Delivery of Securities for Purchaser (if not same as above): 
  
  
  

			
	Existing Warrants:	 	1,351,351
	New Warrants:	 	1,216,216

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 PURCHASER 
 Name of Purchaser:             GSSF Master Fund,
L.P.                                        
                                        
             
 Signature of Authorized Signatory of
Purchaser:     /s/ Warren W.
Garden                                       
                              
 Name of Authorized Signatory:
                                        
                                        
                                        
                             
 Title of Authorized Signatory:     Authorized
Agent                                       
                                        
                                  
 Email Address of
Purchaser:                                      
                                        
                                        
               
 Address for Notice of Purchaser:

  
  
 Address for Delivery of Securities for Purchaser (if not same as above): 
  
  
  

			
	Existing Warrants:	 	675,676
	New Warrants:	 	608,108

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 PURCHASER 
 Name of Purchaser:             SRG Capital,
LLC                                        
                                        
                         
 Signature of Authorized Signatory of Purchaser:     /s/ Yoav
Roth                                        
                                        
     
 Name of Authorized Signatory:
                                        
                                        
                                        
                                 
 Title of Authorized Signatory:     Portfolio
Manager                                       
                                        
                                  
 Email Address of
Purchaser:                                      
                                        
                                        
               
 Address for Notice of Purchaser:

  
  
 Address for Delivery of Securities for Purchaser (if not same as above): 
  
  
  

			
	Existing Warrants:	 	472,973
	New Warrants:	 	425,676

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 PURCHASER 
 Name of Purchaser:             Bushido Capital Master Fund,
LP                                        
                                        
     
 Signature of Authorized Signatory of Purchaser:     /s/ Louis
Rabman                                       
                                        
      
 Name of Authorized Signatory:
                                        
                                        
                                        
                                 
 Title of Authorized Signatory:     President, Bushido Capital Partners,
Ltd.                                        
                                 
 Email Address of
Purchaser:                                      
                                        
                                        
               
 Address for Notice of Purchaser:

  
  
 Address for Delivery of Securities for Purchaser (if not same as above): 
  
  
  

			
	Existing Warrants:	 	1,351,351
	New Warrants:	 	1,216,216

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 PURCHASER 
 Name of Purchaser:     Gamma Opportunity Capital Partners, LP, Class
C                                        
                         
 Signature of Authorized Signatory of Purchaser:     /s/ Chris
Rossman                                       
                                         

 Name of Authorized Signatory:
                                        
                                        
                                        
                                 
 Title of Authorized Signatory:
    Director                                  
                                        
                                        
                   
 Email
Address of
Purchaser:                                      
                                        
                                        
               
 Address for Notice of Purchaser:

  
  
 Address for Delivery of Securities for Purchaser (if not same as above): 
  
  
  

			
	Existing Warrants:	 	337,837
	New Warrants:	 	304,053

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 PURCHASER 
 Name of Purchaser:     Gamma Opportunity Capital Partners, LP, Class
A                                        
                         
 Signature of Authorized Signatory of Purchaser:     /s/ Chris
Rossman                                       
                                      
 Name of Authorized Signatory:
                                        
                                        
                                        
                                 
 Title of Authorized Signatory:
    Director                                  
                                        
                                        
                   
 Email
Address of
Purchaser:                                      
                                        
                                        
               
 Address for Notice of Purchaser:

  
  
 Address for Delivery of Securities for Purchaser (if not same as above): 
  
  
  

			
	Existing Warrants:	 	337,837
	New Warrants:	 	304,053

 [SIGNATURE PAGES CONTINUE] 
 [Signature Page – Warrant Issuance Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed this Warrant Issuance Agreement as of the date first
written above. 
 SERIES B WARRANT HOLDERS 
  

			
	BRENDAN O’NEILL
		
	By:	 	 /s/ Brendan O’Neill

		 	Brendan O’Neill
	
	MITCH LEVINE
		
	By:	 	 /s/ Mitch Levine

		 	Mitch Levine
	
	ADAM EPSTEIN
		
	By:	 	 /s/ Adam Epstein

		 	Adam Epstein

 [Signature Page – Warrant Issuance Agreement]Fiscal and Paying Agency Agreement between VNB and Wilmington Trust Company

 Exhibit (10)(P) 
 FISCAL AND PAYING AGENCY AGREEMENT 
 Between 
 VALLEY NATIONAL BANK, 
 Issuer 
 and 
 WILMINGTON TRUST COMPANY, 
 Fiscal and Paying Agent 
  

 Dated as of 
 July 13, 2005 
  

 5.0% Subordinated Notes 

Due July 15, 2015 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	 ARTICLE I
	  	
	 APPOINTMENT 1
	  	
			
	 Section 1.1.
	  	 Appointment of Fiscal and Paying Agent and Registrar
	  	1
		
	 ARTICLE II
	  	
	 THE SUBORDINATED NOTES
	  	1
			
	 Section 2.1.
	  	 Issuance and Form of Subordinated Notes
	  	1
	 Section 2.2.
	  	 Certificates of Authorized Representatives of the Issuer
	  	2
	 Section 2.3.
	  	 Completion, Authentication and Delivery
	  	2
	 Section 2.4.
	  	 Denominations
	  	5
	 Section 2.5.
	  	 Proceeds of Sale of the Subordinated Notes; Issuance of Certificated Securities
	  	5
	 Section 2.6.
	  	 Transfer and Exchange of Subordinated Notes
	  	5
	 Section 2.7.
	  	 Registration; Registration of Transfer and Exchange
	  	8
	 Section 2.8.
	  	 Persons Deemed Owners
	  	8
	 Section 2.9.
	  	 Mutilated, Lost, Stolen or Destroyed Global Subordinated Notes
	  	9
	 Section 2.10.
	  	 Subordinated Notes Acquired by the Issuer
	  	9
	 Section 2.11.
	  	 Redemption
	  	9
	 Section 2.12.
	  	 Repayment Prior to Maturity
	  	9
		
	 ARTICLE III
	  	
	 THE FISCAL AND PAYING AGENT
	  	9
			
	 Section 3.1.
	  	 Payment of Subordinated Notes
	  	9
	 Section 3.2.
	  	 Information Regarding Amounts Payable
	  	10
	 Section 3.3.
	  	 Deposit of Funds
	  	10
	 Section 3.4.
	  	 Money for Subordinated Note Payments to be Held in Trust
	  	10
	 Section 3.5.
	  	 Additional Responsibilities
	  	11
		
	 ARTICLE IV
	  	
	 CONDITIONS OF FISCAL AND PAYING AGENT’S OBLIGATIONS
	  	11
			
	 Section 4.1.
	  	 Liability
	  	11
	 Section 4.2.
	  	 Indemnification
	  	11
	 Section 4.3.
	  	 Officer’s Certificate
	  	12
	 Section 4.4.
	  	 Opinion of Counsel and Officer’s Certificate
	  	12
	 Section 4.5.
	  	 Other Rights of the Fiscal and Paying Agent
	  	12
	 Section 4.6.
	  	 Compensation of the Fiscal and Paying Agent
	  	13

  

 i 

					
	 ARTICLE V
	  	
	 RESIGNATION OR REMOVAL OF FISCAL AND PAYING AGENT
	  	13
			
	 Section 5.1.
	  	 Resignation or Removal
	  	13
	 Section 5.2.
	  	 Successor Fiscal and Paying Agent
	  	14
	 Section 5.3.
	  	 Successor by Merger, etc.
	  	14
		
	 ARTICLE VI
	  	
	 MISCELLANEOUS
	  	15
			
	 Section 6.1.
	  	 Notices
	  	15
	 Section 6.2.
	  	 Parties
	  	15
	 Section 6.3.
	  	 Governing Law
	  	15
	 Section 6.4.
	  	 Severability
	  	16
	 Section 6.5.
	  	 Effect of Headings
	  	16
	 Section 6.6.
	  	 Amendments; Waivers; Notices of Acceleration After Events of Default; Compliance Certificate
	  	16
	 Section 6.7.
	  	 Further Issues
	  	19
	 Section 6.8.
	  	 Actions Due on Saturdays, Sundays and Holidays
	  	19
	 Section 6.9.
	  	 Agreement to Pay Attorneys’ Fees and Other Expenses
	  	19
	 Section 6.10.
	  	 Survival
	  	19
	 Section 6.11.
	  	 No Implied Waivers
	  	20
	 Section 6.12.
	  	 Counterparts
	  	20
	 Section 6.13.
	  	 Term
	  	20

  

 ii 

 This Fiscal and Paying Agency Agreement (as may be amended, supplemented or otherwise modified from time
to time, and together with all Exhibits hereto, this “Agreement”) is dated as of July 13, 2005 between VALLEY NATIONAL BANK, a national banking association organized under the laws of the United States of America (the
“Issuer”), and WILMINGTON TRUST COMPANY, a banking corporation organized under the laws of the State of Delaware (the “Fiscal and Paying Agent”). 
 WHEREAS, the Issuer has, by a Purchase Agreement dated July 7, 2005, agreed to issue $100,000,000 aggregate principal amount of the Issuer’s
5.0% Subordinated Notes due July 15, 2015 (the “Subordinated Notes”); and 
 WHEREAS, the Issuer desires to appoint the
Fiscal and Paying Agent as fiscal and paying agent of the Issuer with respect to the preparation, authentication, delivery, registration and payment of the Subordinated Notes. 
 NOW, THEREFORE, the parties agree as follows: 
 ARTICLE I 
 APPOINTMENT 
 Section 1.1. Appointment of Fiscal and Paying Agent and Registrar. The Fiscal and Paying Agent is hereby appointed by the Issuer as fiscal and paying agent for the Subordinated Notes on the terms and
conditions specified in this Agreement, and the Fiscal and Paying Agent hereby accepts such appointment subject to all of the rights, privileges and protections in this Agreement. The Issuer hereby appoints the Fiscal and Paying Agent as registrar
for the Subordinated Notes. 
 ARTICLE II 
 THE SUBORDINATED NOTES 
 Section 2.1. Issuance and Form of Subordinated Notes. The Issuer
represents and warrants that the Subordinated Notes will be initially issued, and thereafter the Subordinated Notes shall only be transferred, to persons who are institutional “accredited investors” as defined in Rule 501(a)(1), (2),
(3) or (7) (“Institutional Accredited Investors”) promulgated by the Securities Exchange Commission under the Securities Act of 1933, as amended (“Securities Act”). Except as otherwise provided herein, the
Subordinated Notes will be represented by one or more global certificates, each such certificate being hereinafter called a “Global Subordinated Note.” All Global Subordinated Notes shall be registered in the name of a nominee of
The Depository Trust Company (“DTC”), as depository. All Global Subordinated Notes shall be in substantially the form attached hereto as Exhibit A, the provisions of which are expressly incorporated into and made a part of this
Agreement. All Global Notes will bear the restricted note legend set forth in Exhibit A and may have such appropriate insertions, omissions, variations or substitutions as are required or permitted by, and not inconsistent with, this Agreement. The
Global Notes may also have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any applicable law or with any applicable rules or regulations made pursuant thereto
or with the rules or regulations of any securities exchange or governmental agency or as may, 

 
consistently herewith, be determined by the officers of the Issuer executing such Global Subordinated Notes, as evidenced by their execution thereof.
Beneficial interests in Global Subordinated Notes will be shown on, and transfers thereof will be effected only through, records maintained by DTC or its nominee and its participants. 
 Purchasers of Subordinated Notes may receive certificated Subordinated Notes in definitive form (each, a “Certificated Subordinated
Note”) only as provided in Section 2.5(b) below and in accordance with the procedures set forth in Section 2.6 below. The Certificated Subordinated Notes (which shall be substantially in the form of, and bear the restricted note
legend set forth in, Exhibit A hereto) shall be typed, printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders or may be produced in any other manner, all as determined by the officers or other
authorized representatives of the Issuer executing such Certificated Subordinated Notes, as evidenced by their execution of such Certificated Subordinated Notes. 
 Except as provided in Section 2.5(b) or 2.6 below, owners of beneficial interests in Global Subordinated Notes will not be entitled to receive Certificated Subordinated Notes. 
 Section 2.2. Certificates of Authorized Representatives of the Issuer. The Issuer shall furnish the Fiscal and Paying Agent with a
certificate of the Secretary, Assistant Secretary or other duly authorized officer of the Issuer certifying the incumbency and specimen signatures of representatives of the Issuer authorized to execute, attest and deliver the Subordinated Notes and
other documents on behalf of the Issuer and to instruct the Fiscal and Paying Agent regarding the completion and delivery of the Subordinated Notes (each, an “Authorized Representative”). Until the Fiscal and Paying Agent receives a
subsequent incumbency certificate of the Issuer, the Fiscal and Paying Agent shall be entitled to rely on the last such certificate delivered to it for purposes of determining the Authorized Representatives. 
 Section 2.3. Completion, Authentication and Delivery. 
 (a) All Subordinated Notes shall be issued and delivered in accordance with this Agreement, and, in the case of the Global Subordinated Notes, a letter of representations from the Issuer to DTC dated no later than the
date hereof (the “Letter of Representations”). Notwithstanding the foregoing, the Fiscal and Paying Agent shall not be required to perform any duties on any day that is not a Business Day (as hereinafter defined). All instructions
regarding the completion and delivery of Subordinated Notes shall be given in the form of a writing, executed on behalf of the Issuer by an Authorized Representative, delivered or transmitted by mail, courier, confirmed telex, telecopy, E-mail or
other means acceptable to the Fiscal and Paying Agent and shall specify the form and contents of such Subordinated Notes consistent with this Agreement and otherwise provide the Fiscal and Paying Agent sufficient information to perform its
obligations under this Section 2.3. Upon receipt of instructions as described in the preceding sentence and the Global Subordinated Note or Notes and Certificated Subordinated Notes executed by the Issuer (which signature may be facsimile), the
Fiscal and Paying Agent shall: 
 (i) complete (A) a Global Subordinated Note or Notes representing one or more
Subordinated Notes and (B) one or more Certificated Subordinated Notes indicated in such instructions, in each case in accordance with such instructions; 
  

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 (ii) manually authenticate such Global Subordinated Note or Notes and Certificated
Subordinated Notes by any one of the officers or employees of the Fiscal and Paying Agent duly authorized and designated by it for such purpose; 
 (iii) deliver any Global Subordinated Note or Notes to DTC or pursuant to DTC’s written instructions; and 
 (iv) deliver any Certificated Subordinated Notes pursuant to the Issuer’s instructions. 
 (b) If any
Subordinated Note has been executed on behalf of the Issuer and authenticated by the Fiscal and Paying Agent by an officer or representative who was duly authorized for such purpose at such time, but who is not so designated at the time said
Subordinated Note is to be paid, the Subordinated Note shall be paid by the Issuer, and the Fiscal and Paying Agent is hereby authorized to apply funds received from the Issuer for such payment, notwithstanding that the authority of said officer or
representative has been terminated between the time of execution and the time of payment. 
 (c) In the event a discrepancy exists between
the instructions as originally received by the Fiscal and Paying Agent and any subsequent written confirmation thereof, such original instructions will be deemed controlling, if action has already been taken in reliance on such original
instructions. The Fiscal and Paying Agent shall give notice to the Issuer of any such discrepancy known to it within two (2) Business Days of the receipt of such subsequent written confirmation. 
 (d) All instructions regarding completion and delivery of Subordinated Notes must be received (i) in the case of the original issue of Subordinated
Notes, by the Fiscal and Paying Agent by the close of business on the Business Day preceding the original issue date as set forth in Section 2.7(c), and (ii) in the case of any subsequent instruction to complete and deliver Subordinated
Notes, by 2:00 p.m. (Wilmington, Delaware time) on the Business Day preceding the date of delivery, or in either case, such shorter period as the Fiscal and Paying Agent may determine. For purposes hereof, the term “Business Day”
shall mean any day that is not a Saturday or Sunday and that is not a day on which banks in New York, New York, Wilmington, Delaware or the State of New Jersey are generally authorized or required by law or executive order to be closed. 

(e) The Fiscal and Paying Agent shall incur no liability to the Issuer or to any other person or entity, including any holder, purchaser, transferor
or transferee of Subordinated Notes, in acting or refraining from taking any action hereunder upon instructions contemplated hereby which the officer of the Fiscal and Paying Agent in receipt of such instructions believed in good faith to have been
given by an Authorized Representative. 
 (f) Each instruction given to the Fiscal and Paying Agent in accordance with this Section 2.3
shall constitute a representation and warranty to the Fiscal and Paying Agent by 

  

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the Issuer that the issuance and delivery of the Subordinated Notes to which the instruction relates have been duly and validly authorized by the Issuer,
that such Subordinated Notes when completed, authenticated and delivered pursuant hereto, will constitute valid and legally binding obligations of the Issuer, and that the Fiscal and Paying Agent’s appointment to act for the Issuer hereunder
has been duly authorized by all necessary corporate action of the Issuer, and that the Fiscal and Paying Agent shall be fully defended and indemnified hereunder in connection with any liability arising out of or related to any action taken by the
Fiscal and Paying Agent in good faith reliance on such instruction. 
 (g) The Issuer hereby represents and warrants to the Fiscal and Paying
Agent that: 
 (i) The Issuer is duly organized and validly existing as a national banking association in good standing under
the laws of the United States of America, with corporate power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 
 (ii) The Issuer has the power and authority to execute and deliver this Agreement and to carry out its terms, and the execution, delivery
and performance of this Agreement has been duly authorized by the Issuer by all necessary corporate action. 
 (iii) The
Issuer has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization and other similar laws affecting the enforcement of creditors’ rights in general and by general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in
equity. 
 (iv) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do
not and will not (A) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the charter or by-laws of the Issuer, or any indenture, agreement
or other instrument to which the Issuer is a party or by which it is bound, (B) result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument or
(C) violate any law or, to the best of the Issuer’s knowledge, any order, rule or regulation applicable to the Issuer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Issuer or its properties. 
 (v) There are no proceedings or investigations pending or, to the
Issuer’s knowledge, threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties (A) asserting the invalidity of this Agreement or the
Subordinated Notes, (B) seeking to prevent the issuance of the Subordinated Notes or the consummation of any of the transactions contemplated by this Agreement or the Subordinated Notes, or (C) seeking any determination or ruling that
might materially and adversely affect the performance by the Issuer of its obligations under, or the validity or enforceability of, this Agreement. 
  

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 Section 2.4. Denominations. The Subordinated Notes shall be issuable only in denominations of
$250,000 and any amount in excess thereof that is a whole multiple of $1,000. Subordinated Notes may not subsequently be transferred or exchanged by a holder for Subordinated Notes in denominations of less than $250,000. 
 Section 2.5. Proceeds of Sale of the Subordinated Notes; Issuance of Certificated Securities. 
 (a) Funds received in payment for Subordinated Notes issued by the Issuer shall be credited by the Fiscal and Paying Agent to an account of the Issuer,
as instructed in writing by an Authorized Representative of the Issuer. 
 (b) If at any time (i) DTC notifies the Issuer in writing
that it is unwilling or unable to continue as depository for the Global Subordinated Notes or if DTC ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depository is not appointed by the
Issuer within ninety days after the effective date of DTC’s ceasing to act as depository for the Global Subordinated Notes, (ii) the Issuer, at its option, notifies DTC and the Fiscal and Paying Agent in writing that it elects to cause the
issuance of Subordinated Notes in definitive form or (iii) any event shall have happened and be continuing which, after notice or lapse of time, or both, would constitute an Event of Default (as defined in the Subordinated Notes) with respect
to the Subordinated Notes, the Issuer will execute, and the Fiscal and Paying Agent will, upon receipt of instructions in writing from the Issuer, authenticate and deliver Subordinated Notes of like tenor and terms in definitive form in an aggregate
principal amount equal to the principal amount of the Global Subordinated Notes then outstanding in exchange for such Global Subordinated Notes. Any such certificated Subordinated Notes will be issued in fully registered form to the persons
designated in writing by DTC as the beneficial owners thereof, without coupons, in authorized denominations. 
 Section 2.6. Transfer
and Exchange of Subordinated Notes. 
 (a) Transfer of Global Subordinated Note for Certificated Subordinated Note.
Notwithstanding any provision to the contrary herein, so long as a Global Subordinated Note remains outstanding and is held by or on behalf of DTC, transfers of such Global Subordinated Note or a beneficial interest therein, in whole or in part,
shall be made only in accordance with this Section 2.6(a) as follows: 
 (i) A holder of a beneficial interest in a
Global Subordinated Note deposited with DTC may transfer its interest in such Global Subordinated Note in the form of an interest in one or more Certificated Subordinated Notes subject to the rules and procedures of DTC, as in effect from time to
time, and in accordance with this Section 2.6(a). A holder of a beneficial interest in a Global Subordinated Note may transfer such interest in the form of one or more Certificated Subordinated Notes, only in denominations of $250,000 or any
amount in excess thereof that is a whole multiple of $1,000. 
 (ii) Upon receipt by the Fiscal and Paying Agent of
(A) written instructions given in accordance with DTC’s procedures from a holder of a beneficial 

  

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interest in a Global Subordinated Note directing the Fiscal and Paying Agent to debit or to cause to be debited a beneficial interest in a Global
Subordinated Note in a specified principal amount from such holder’s account and to provide a beneficial interest of an equivalent principal amount in the form of one or more Certificated Subordinated Notes, (B) a written order signed by
an Authorized Representative of the Issuer for the authentication and delivery of Certificated Subordinated Notes and confirming that all conditions precedent thereto under this Agreement have been satisfied, along with a copy of an executed
transferee letter in the form of Exhibit B hereto given by the transferee and (C) Certificated Subordinated Notes executed by the Issuer in a sufficient quantity to the Fiscal and Paying Agent, which delivery shall be made no later than 30 days
after the first date on which interests in a Global Subordinated Note are to be made available in definitive form, the Fiscal and Paying Agent shall instruct DTC to reduce the Global Subordinated Note by the aggregate principal amount of the
beneficial interest in the Global Subordinated Note to be so exchanged or transferred and the Fiscal and Paying Agent shall, concurrently with such reduction, authenticate and deliver in accordance with the Issuer’s written instructions one or
more Certificated Subordinated Notes in an equivalent aggregate principal amount. In no event will the Fiscal and Paying Agent be liable for the costs and expenses of printing, preparing or delivering any Certificated Subordinated Notes. 

(b) Transfer of Certificated Subordinated Note for Global Subordinated Note. 
 (i) A registered holder of a Certificated Subordinated Note may transfer such Certificated Subordinated Note in the form of a beneficial
interest in a Global Subordinated Note, only in denominations of $250,000 or any amount in excess thereof that is a whole multiple of $1,000 and in accordance with the restrictions set forth on the face of such Certificated Subordinated Note. If a
registered holder of a Certificated Subordinated Note wishes at any time to transfer such Subordinated Note to a person who wishes to take delivery in the form of a beneficial interest in a Global Subordinated Note, such holder may, subject to the
rules and procedures of DTC, transfer or cause the transfer of such Certificated Subordinated Note for an equivalent beneficial interest in a Global Subordinated Note upon presentation and surrender of the Certificated Subordinated Note at the
office of the Fiscal and Paying Agent, accompanied by a written instrument of transfer in form and substance satisfactory to the Issuer and the Fiscal and Paying Agent duly executed by the registered holder thereof or his attorney-in-fact duly
authorized in writing. 
 (ii) Upon receipt by the Fiscal and Paying Agent of the surrendered Certificated Subordinated Note
from the transferor and the written instrument of transfer referred to in clause (i) above, the Fiscal and Paying Agent shall instruct DTC, in accordance with DTC’s procedures, to increase the principal amount of the Global Subordinated
Note by the aggregate principal amount of such surrendered Certificated Subordinated Note. The Fiscal and Paying Agent shall record the transfer in the Security Register (as hereinafter defined) in accordance with Section 2.7, in the names
specified in the written instrument of transfer and in the principal amounts designated by the transferee (which shall be the aggregate of the face amounts of the Certificated Subordinated Notes surrendered by the transferor). 
  

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 (c) Transfer and Exchange of Certificated Subordinated Note for Certificated Subordinated Note.

 (i) Transfer of Certificated Note. The registered holder of any Certificated Subordinated Note may transfer the same
in whole or in part only in denominations of $250,000 or any amount in excess thereof that is a whole multiple of $1,000 by surrendering at the office of the Fiscal and Paying Agent such Certificated Subordinated Note with the form of transfer
thereon duly endorsed by the registered holder thereof or his attorney-in-fact duly authorized in writing. Upon receipt by the Fiscal and Paying Agent of (A) Certificated Subordinated Notes properly presented for transfer, (B) an order
signed by an Authorized Representative of the Issuer for the authentication and delivery of Certificated Subordinated Notes and confirming that all conditions precedent thereto under this Agreement have been satisfied, along with a copy of an
executed transferee letter in the form of Exhibit B hereto given by the transferee and (C) Certificated Subordinated Notes executed by the Issuer in a sufficient quantity to the Fiscal and Paying Agent, which delivery shall be made no later
than 30 days after the first date on which the Certificated Subordinated Notes were submitted for transfer at the office of the Fiscal and Paying Agent, the Fiscal and Paying Agent shall promptly authenticate and deliver to the transferee, or send
by mail (at the risk of the transferee) to such address as the transferee may request in writing, Certificated Subordinated Notes registered in the name of such transferee, for the same aggregate principal amount as was transferred. In the case of
the transfer of any Certificated Subordinated Notes in part, the Fiscal and Paying Agent shall also promptly authenticate and deliver to the transferor or send by mail (at the risk of the transferor) to such address as the transferor may request in
writing, Certificated Subordinated Notes registered in the name of the transferor, for the aggregate principal amount that was not transferred. No transfer of any Certificated Subordinated Notes may be made unless the request for such transfer is
made by the registered holder or by a duly authorized attorney-in fact of such holder at the office of the Fiscal and Paying Agent. In no event will the Fiscal and Paying Agent be liable for the costs and expenses of printing, preparing or
delivering any Certificated Subordinated Notes. 
 (ii) Exchange of Certificated Subordinated Note. At the option of
the registered holder on request confirmed in writing and subject to applicable laws and regulations and to the terms set forth in the Certificated Subordinated Note, Certificated Subordinated Notes may be exchanged for Certificated Subordinated
Notes of any authorized denominations and of equal aggregate principal amount, upon surrender of the Certificated Subordinated Notes to be exchanged at the office of the Fiscal and Paying Agent. Whenever any Certificated Subordinated Note is so
surrendered for exchange, together with a written request for exchange, the Issuer shall execute, and the Fiscal and Paying Agent shall promptly authenticate and deliver, Certificated Subordinated Notes which the holder making the request for
exchange is entitled to receive. 
 (d) Transfer and Exchange of the Global Subordinated Notes. The transfer and exchange of a Global
Subordinated Note or beneficial interests therein shall be effected through DTC, or other depository for the Global Subordinated Notes, in accordance with this Agreement and the procedures of DTC or such other depository for the Global Subordinated

  

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Notes. Notwithstanding any other provisions of this Agreement (other than the provisions set forth in Section 2.5(b) hereof), a Global Subordinated Note
may not be transferred as a whole except by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC. 
 (e) No
Liability for Costs. In no event shall the Fiscal and Paying Agent be liable for any costs (including legal fees) arising out of the transactions contemplated hereby, all such costs shall be borne by the Issuer or holder(s) of the Subordinated
Notes seeking to effect such transactions. 
 Section 2.7. Registration; Registration of Transfer and Exchange. 
 (a) The Fiscal and Paying Agent shall, so long as any of the Subordinated Notes remain outstanding, maintain all records as may be customary, including
all forms of transfer for the Subordinated Notes and shall: 
 (i) Keep at its corporate trust office a register (the
“Security Register”) in such form as the Fiscal and Paying Agent may determine, in which, subject to such reasonable regulations as it may prescribe, it shall provide for the registration of the Subordinated Notes and registration
of transfer thereof; and 
 (ii) Maintain records showing for each outstanding Subordinated Note the principal amount,
maturity date, interest rate and other terms thereof, and all subsequent transfers and consolidations or exchanges; provided that the Fiscal and Paying Agent shall have no responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests in a Global Subordinated Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, and it shall be fully protected in acting or
refraining from acting on any such information provided by DTC (or other depository for the Global Subordinated Notes) and the Fiscal and Paying Agent may regard such depository as the sole registered holder of such Global Subordinated Note.

 (b) All Subordinated Notes presented for registration of transfer shall be duly endorsed or be accompanied by a written instrument of
transfer and such other documentation as may be required pursuant to Section 2.6. The Global Certificated Notes transferred pursuant to Section 2.6(d) must be registered in such names as DTC will direct in writing. 
 (c) Each Subordinated Note shall bear the original issue date of July 13, 2005, which shall remain the same for all Subordinated Notes subsequently
issued upon registration of transfer, exchange or substitution of such original Subordinated Note regardless of the date of issuance of any such subsequently issued Subordinated Note. 
 Section 2.8. Persons Deemed Owners. Prior to due presentment of a Subordinated Note for registration of transfer, the Issuer, the Fiscal and
Paying Agent and any agent of the Issuer or the Fiscal and Paying Agent may treat the person in whose name such Subordinated Note is registered as the owner of the Subordinated Note for the purpose of receiving payments of principal and interest, if
any, and for all other purposes whatsoever, 

  

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whether or not such Subordinated Note be overdue, and neither the Issuer nor the Fiscal and Paying Agent shall be affected by notice to the contrary.

 Section 2.9. Mutilated, Lost, Stolen or Destroyed Global Subordinated Notes. If (a) any mutilated Subordinated Note shall
be surrendered to the Fiscal and Paying Agent, or if the Fiscal and Paying Agent shall receive evidence to its satisfaction of the destruction, loss or theft of any Subordinated Note and (b) there shall be delivered to the Fiscal and Paying
Agent and the Issuer such security or indemnity as may be required by them to save each of them harmless, then, in the absence of the Issuer having notice that such Subordinated Note has been acquired by a protected purchaser, the Issuer shall
execute and the Fiscal and Paying Agent shall thereupon authenticate and deliver, in exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen Subordinated Note, a new Subordinated Note, of like tenor and denomination. In connection
with the issuance of any new Subordinated Note under this Section 2.9, the Issuer or the Fiscal and Paying Agent may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith. Any duplicate Subordinated Note issued pursuant to this Section 2.9 shall constitute conclusive evidence of ownership of such Subordinated Note, as if originally issued, whether or not the lost, stolen or destroyed Subordinated Note
shall be found at any time. 
 Section 2.10. Subordinated Notes Acquired by the Issuer. If the Issuer shall acquire any of the
Subordinated Notes, such acquisition shall not operate as a satisfaction of the indebtedness or rights represented by such Subordinated Notes unless and until the same are delivered or surrendered to the Fiscal and Paying Agent by the Issuer with
written instructions signed by an Authorized Representative directing their cancellation. 
 Section 2.11. Redemption. Subject to
Section 2.12, except upon an Event of Default (as defined in the Subordinated Notes) resulting in an acceleration of maturity, the Subordinated Notes may not be redeemed prior to maturity and no sinking fund will be provided for the
Subordinated Notes. 
 Section 2.12. Repayment Prior to Maturity. The Issuer shall not cause the Subordinated Notes to be repaid
prior to maturity, whether pursuant to an acceleration upon an Event of Default (as defined in the Subordinated Notes) or otherwise, without the prior written approval of the Office of the Comptroller of the Currency (the “OCC”) if then
required. Promptly following the receipt of any notice of acceleration, the Issuer will apply to the OCC, if then required, for prior written approval of repayment prior to maturity. In the event that the Issuer obtains such prior written approval,
the Issuer shall notify the holders of Subordinated Notes and the Fiscal and Paying Agent of the consent of the OCC (or otherwise provide written confirmation of its determination that no such OCC approval is required) and arrange for prompt
repayment. 
 ARTICLE III 
 THE FISCAL AND PAYING AGENT 
 Section 3.1. Payment of Subordinated Notes. Payment of the principal and interest
payable on the date of maturity of any Subordinated Note will be made (i) in the case of the Global Subordinated Notes, through the facilities of DTC, or (ii) in the case of the 

  

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Certificated Subordinated Notes, by check mailed to the registered holder at the address of such holder as it appears on the Security Register or, at the
option of the Issuer, by wire transfer in immediately available funds to a bank account in the United States designated by the holder, in each case upon presentation and surrender of such Subordinated Note at the office of the Fiscal and Paying
Agent in Wilmington, Delaware, or at such other place or places as the Fiscal and Paying Agent shall designate by notice to the holder, provided that such Subordinated Note is presented to the Fiscal and Paying Agent in time for the Fiscal and
Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of interest will be made through the facilities of DTC, in the case of the Global Subordinated Notes, or, with respect to the Certificated
Subordinated Notes, by check mailed to the holder at the address of such holder as it appears on the Security Register. The Fiscal and Paying Agent shall have no obligation to use its own funds for any such payment or for any other purpose pursuant
to this Agreement. 
 Section 3.2. Information Regarding Amounts Payable. The Fiscal and Paying Agent shall, as soon as
practicable after each record date for the payment of interest (other than interest payable at maturity) on the Subordinated Notes but not later than five days preceding the related interest payment date, notify the Issuer of the interest to be paid
on the Subordinated Notes on the related interest payment date. In addition, by the 15th day of the month
immediately preceding the month in which the Subordinated Notes will mature, the Fiscal and Paying Agent shall furnish to the Issuer a list showing for each Subordinated Note issued by the Issuer the principal and interest payable at maturity on
each such Subordinated Note. 
 Section 3.3. Deposit of Funds. The Issuer shall deposit by 11 a.m., New York City time, with the
Fiscal and Paying Agent (a) on each interest payment date of the Subordinated Notes an amount in immediately available funds sufficient to pay the interest due on such date and (b) on the maturity date of each such Subordinated Note an
amount in immediately available funds sufficient to pay the principal of such Subordinated Note and the interest accrued thereon to such maturity date. 
 Section 3.4. Money for Subordinated Note Payments to be Held in Trust. 
 (a) In acting under
this Agreement and in connection with the Subordinated Notes, the Fiscal and Paying Agent is and will be acting not in its individual capacity, but solely as agent of the Issuer and does not assume any relationship of agency or trust for or with any
of the holders of the Subordinated Notes, except that, subject to the provisions of subsection (b) of this Section 3.4, all money deposited with the Fiscal and Paying Agent pursuant to Section 3.3 shall be held by it in trust for the
benefit of the registered holders of the Subordinated Notes entitled thereto until such money is paid to such holders of the Subordinated Notes in accordance with the provisions of the Subordinated Notes and this Agreement or otherwise disposed of
as provided herein, but such money need not be held in an interest bearing account or segregated from other funds of the Fiscal and Paying Agent except to the extent required by applicable law. 
 (b) Any money deposited with the Fiscal and Paying Agent for the payment of the principal of or interest on any Subordinated Note that remains unclaimed
for two years after such principal or interest has become due and payable shall be paid to the Issuer, upon its written request signed by an Authorized Representative, and holders of the Subordinated Notes shall 

  

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thereafter, as unsecured general creditors, look only to the Issuer for payment thereof, and to the extent permitted by applicable law, all liability of the
Fiscal and Paying Agent with respect to such money shall thereupon cease. The Issuer hereby assumes full responsibility for compliance with all applicable escheat and other laws governing unclaimed property and shall defend, hold harmless and
indemnify the Fiscal and Paying Agent from and against any and all claims and liabilities arising out of or related to any money having been paid to the Issuer under this Section 3.4. 
 Section 3.5. Additional Responsibilities. Unless the Fiscal and Paying Agent has entered into a separate written agreement that specifically
addresses the standard of care with respect to the duties discussed by this Section 3.5, if the Issuer shall ask the Fiscal and Paying Agent to perform any duties not specifically set forth in this Agreement as duties of the Fiscal and Paying
Agent (the “Additional Responsibilities”) and the Fiscal and Paying Agent chooses to perform such Additional Responsibilities, the Fiscal and Paying Agent shall be held to the same standard of care and shall be entitled to all the
protective provisions (including, but not limited to, indemnification) set forth herein. 
 ARTICLE IV 
 CONDITIONS OF FISCAL AND PAYING AGENT’S OBLIGATIONS 
 Section 4.1. Liability. The Fiscal and Paying Agent’s duties are ministerial in nature and the Fiscal and Paying Agent shall not have any liability hereunder to the Issuer or any other person or
entity, including any holder of the Subordinated Notes, except in the case of its negligence or willful misconduct. The duties and obligations of the Fiscal and Paying Agent shall be determined by the express provisions of this Agreement and it
shall not be liable except for the performance of such duties and obligations as are specifically set forth herein and no implied covenants shall be read into this Agreement against it. Except for its obligations specifically set forth in
Section 6.6 hereof, the Fiscal and Paying Agent shall have no responsibility in the case of any default by the Issuer in the enforcement or performance of the covenants contained in the Subordinated Notes. The Fiscal and Paying Agent shall not
be required to ascertain whether any issuance or sale of Subordinated Notes (or any amendment or termination of this Agreement) has been duly authorized or is in compliance with any other agreement to which the Issuer is a party (whether or not the
Fiscal and Paying Agent is also a party to such other agreements). 
 Section 4.2. Indemnification. The Issuer shall defend,
indemnify and hold harmless the Fiscal and Paying Agent, its officers, directors, employees and agents (each, an “Indemnitee”) from and against all losses, liabilities, obligations, claims, damages, costs and expenses of any kind or nature
whatsoever (including, without limitation, reasonable legal fees and expenses) relating to or arising out of the performance of the Fiscal and Paying Agent’s duties under this Agreement, except to the extent they are caused by the negligence or
willful misconduct of the Fiscal and Paying Agent, provided, however, that no action taken or refrained to be taken in good faith reliance upon the Issuer’s instructions shall be deemed negligence or willful misconduct. The Issuer shall, upon
request, advance to each Indemnitee the costs of defense (by counsel of such Indemnitee’s choice) of such Indemnitee in any action or proceeding arising out of or in connection with this Agreement or the Fiscal and Paying Agent’s duties
and responsibilities under this Agreement and pay on behalf of such Indemnitee, upon its demand, 

  

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the amount of any judgment, fine or penalty that may be entered against or imposed on such Indemnitee in any action or proceeding or any settlement entered
into with the consent of the Issuer (such consent to not be withheld, delayed or conditioned unreasonably) arising out of or in connection with this Agreement or the Fiscal and Paying Agent’s duties and responsibilities under this Agreement.
The provisions of this Section 4.2 and any other defense, hold harmless and indemnification obligations under this Agreement shall survive the termination of this Agreement, including any termination pursuant to any applicable federal or state
bankruptcy law, to the extent enforceable under applicable law, and shall survive the resignation or removal of the Fiscal and Paying Agent while remaining applicable to any action taken or omitted by the Fiscal and Paying Agent while acting
pursuant to this Agreement. 
 Section 4.3. Officer’s Certificate. Any instruction given by the Issuer to the Fiscal and
Paying Agent under this Agreement shall be in the form of an Officer’s Certificate. For the purposes of this Agreement, “Officer’s Certificate” means a certificate signed by an Authorized Representative and delivered to
the Fiscal and Paying Agent setting forth the specific instruction and confirming that the instructed action is in compliance with this Agreement and all applicable laws, and that all conditions precedent to such action have been satisfied
hereunder. 
 Section 4.4. Opinion of Counsel and Officer’s Certificate. The Fiscal and Paying Agent may at any time request
and shall be protected in acting upon the advice or opinion of counsel (which shall not include in-house counsel) acceptable to it or an Officer’s Certificate concerning its duties hereunder, and shall be free to act in good faith upon such
advice, opinion or certificate, and shall be relieved of any liability under this Agreement in so acting. 
 Section 4.5. Other
Rights of the Fiscal and Paying Agent. Notwithstanding anything to the contrary herein, 
 (a) The Fiscal and Paying Agent shall only
make payments hereunder to the extent it has actually received funds from the Issuer for such purpose; in paying Subordinated Notes hereunder, the Fiscal and Paying Agent shall be acting as a conduit and shall not be paying Subordinated Notes for
its own account or with its own funds, and in the absence of written notice from the Issuer to the contrary, the Fiscal and Paying Agent shall be entitled to assume that any Subordinated Note presented to it, or deemed presented to it, for payment,
is entitled to be so paid; 
 (b) the Fiscal and Paying Agent may become a purchaser, holder, transferor or may otherwise own, hold or
transfer any beneficial interest in any Subordinated Notes and may commence or join in any action which a beneficial owner of a Subordinated Note is entitled to take without any conflict with its responsibilities pursuant to this Agreement;

 (c) the Fiscal and Paying Agent shall not be required to invest or pay interest on any funds delivered to it pursuant to this Agreement;

 (d) the Fiscal and Paying Agent shall not be responsible for the sufficiency of this Agreement or the correctness of any recital of any
party other than of the Fiscal and Paying Agent that is stated herein or in the Subordinated Notes or in any offering materials and makes 

  

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no representations as to the validity of the Subordinated Notes and shall incur no responsibility in respect thereto; 
 (e) the Fiscal and Paying Agent shall be protected in acting or refraining from acting upon any notice, order, requisition, request, consent,
certificate, order, opinion (including an opinion of counsel, Officer’s Certificate or both), affidavit, letter, telegram or other paper or document in good faith deemed by it to be genuine and correct and to have been signed or sent by the
proper person or persons; 
 (f) any action taken by the Fiscal and Paying Agent pursuant to this Agreement upon the request or authority or
consent of any person who at the time of making such request or giving such authority or consent is the holder of any Subordinated Note shall be conclusive and binding upon all future holders of the same Subordinated Note and all Subordinated Notes
issued in exchange therefore or in place thereof; 
 (g) in the event that the Fiscal and Paying Agent is unsure of the course of action to
be taken by it hereunder, the Fiscal and Paying Agent may request instructions from the Issuer and to the extent the Fiscal and Paying Agent follows such instructions in good faith it shall not be liable to any Person. In the event that no
instructions are provided within the time requested by the Fiscal and Paying Agent, it shall have no duty or liability for its failure to take any action or for any action it takes in good faith; and 
 (h) The Fiscal and Paying Agent may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as
conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Fiscal and Paying
Agent may for all purposes hereof rely on a certificate, signed by the Issuer, as to such fact or matter, and such certificate shall constitute full protection to the Fiscal and Paying Agent for any action taken or omitted to be taken by it in good
faith in reliance thereon. 
 Section 4.6. Compensation of the Fiscal and Paying Agent. The Issuer agrees to pay the Fiscal and
Paying Agent compensation for all services rendered by the Fiscal and Paying Agent hereunder in such amounts and payable at such times as the Issuer and the Fiscal and Paying Agent may agree to and to promptly reimburse the Fiscal and Paying Agent
for all reasonable fees and expenses (including reasonable counsel fees and expenses), disbursements and advances incurred or made by the Fiscal and Paying Agent in the performance of its duties hereunder. The obligation of the Issuer pursuant to
this Section 4.6 shall survive the termination of this Agreement, including any termination pursuant to any federal or state bankruptcy law, to the extent enforceable under applicable law, and the resignation or removal of the Fiscal and Paying
Agent. 
 ARTICLE V 
 RESIGNATION OR REMOVAL OF FISCAL AND PAYING AGENT 
 Section 5.1. Resignation or Removal. The Fiscal and Paying
Agent may at any time resign from its duties hereunder by giving written notice of resignation to the Issuer 

  

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specifying the date on which such resignation shall become effective; provided, however, that such date shall not be less than 30 Business Days
after such notice is given to the Issuer. The Issuer may at any time remove the Fiscal and Paying Agent by giving written notice of removal to the Fiscal and Paying Agent specifying the date on which such removal shall be effective; provided,
however, that, except in the case of removal due to the Fiscal and Paying Agent’s breach of its obligations hereunder, such effective date of removal shall be not less than 30 Business Days after such notice is given to the Fiscal and
Paying Agent. Any removal or resignation hereunder shall not affect the Fiscal and Paying Agent’s right to the payment of fees earned or charges incurred through the effective date of such removal or resignation, as the case may be. In the
event of the Fiscal and Paying Agent’s removal or resignation, the Issuer shall appoint a successor Fiscal and Paying Agent in respect of the Subordinated Notes within 30 Business Days prior to the effective date of the removal or resignation
of the Fiscal and Paying Agent; provided, however, that if the Fiscal and Paying Agent is removed by the Issuer as a result of the Fiscal and Paying Agent’s breach of its obligations hereunder, the Issuer shall appoint a successor
Fiscal and Paying Agent in respect of the Subordinated Notes within 30 Business Days after the effective date of such removal. The Issuer shall notify, or cause the successor Fiscal and Paying Agent to notify, the holders of the Subordinated Notes
of the appointment of the successor Fiscal and Paying Agent. 
 Section 5.2. Successor Fiscal and Paying Agent. Upon the effective
date of such resignation or removal, the Fiscal and Paying Agent shall deliver any funds then held by it pursuant to Section 3.4(a) to the successor appointed by the Issuer to serve as fiscal and paying agent for the Subordinated Notes and all
liability of the Fiscal and Paying Agent with respect to such funds shall thereupon cease. The Fiscal and Paying Agent shall also provide such successor with such copies of its records relating to the Subordinated Notes as such successor shall
reasonably request. However, the Fiscal and Paying Agent may retain for archival purposes copies of any records turned over. If such successor has not been appointed by the Issuer by the effective date of such resignation or removal, the Fiscal and
Paying Agent shall petition any court of competent jurisdiction, at the Issuer’s expense (including the reasonable compensation, expenses, disbursements and advances of the Fiscal and Paying Agent, its agents and counsel), for the appointment
of a successor Fiscal and Paying Agent and shall pay such funds and deliver such records to the person or persons appointed by such court of competent jurisdiction to act as fiscal and paying agent with respect to the Subordinated Notes. The
delivery, transfer and assignment of such funds and records by the Fiscal and Paying Agent to its successor shall be sufficient, without the requirement of any additional act or the requirement of any indemnity to be given by the Fiscal and Paying
Agent, to relieve the Fiscal and Paying Agent of all further responsibility for the exercise of the rights or the performance of the obligations vested in the Fiscal and Paying Agent pursuant to this Agreement. 
 Section 5.3. Successor by Merger, etc. Any corporation or association into which the Fiscal and Paying Agent may be converted or merged, or with
which it may be consolidated, or to which it may sell or transfer its corporate trust and agency business as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which it is a
party, shall be and become successor Fiscal and Paying Agent hereunder and shall be vested with all of the rights, powers, trusts, duties and obligations of the Fiscal and Paying Agent hereunder, without the execution or filing of any instrument or
any further act. The Fiscal and Paying Agent shall provide notice to the Issuer of any such 

  

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conversion, merger, consolidation, sale or transfer as soon as practicable after the Fiscal and Paying Agent obtains knowledge that such event will occur or
has occurred. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.1. Notices. Notices and other communications hereunder shall (except to the extent
otherwise expressly provided) be in writing or given via electronic media and shall be addressed as follows, or to such other addresses as the parties hereto shall specify from time to time. 
  

			
	If to the Issuer:	  	Valley National Bank
		  	1455 Valley Road
		  	Wayne, New Jersey 07470
		  	Attention: Chief Financial Officer
		  	Telephone: (973) 305-8800
		  	Facsimile: (973) 305-8415
		
	If to the Fiscal	  	Wilmington Trust Company
	and Paying Agent:	  	Rodney Square North
		  	1100 North Market Street
		  	Wilmington, Delaware 19890
		  	Attention: Corporate Capital Markets
		  	Telephone: (302) 651-1000
		  	Facsimile: (302) 651-4140

 All notices shall be deemed given when received. 
 Section 6.2. Parties. Except for rights arising under Sections 3.4(a), 4.2 and 6.6, this Agreement is solely for the benefit of the parties
hereto and their successors and assigns and nothing herein, express or implied, shall give to any other person including, without limitation, any beneficial owner of Subordinated Notes, any benefits or any legal or equitable right, remedy or claim
under this Agreement. 
 Section 6.3. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 THE ISSUER, ON BEHALF OF ITSELF AND ITS SUBSIDIARIES, HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS
LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING RELATED TO THIS AGREEMENT OR ANY OF THE MATTERS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES ANY DEFENSE OF LACK OF PERSONAL JURISDICTION 

  

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AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. THE ISSUER ON BEHALF OF
ITSELF AND ITS SUBSIDIARIES, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 Section 6.4. Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 Section 6.5. Effect of Headings. The article and section headings herein are for convenience of reference only and
shall not affect the construction hereof. 
 Section 6.6. Amendments; Waivers; Notices of Acceleration After Events of Default;
Compliance Certificate. 
 (a) The Issuer, when authorized by the resolutions of its Board of Directors, and the Fiscal and Paying Agent
from time to time and at any time may enter into an agreement supplemental to this Agreement for one or more of the following purposes: 
 (i) to evidence the succession of another entity to the Issuer, or successive successions, and the assumptions by the successor entity of the covenants, agreements and obligations of the Issuer; 
 (ii) to add to the covenants of the Issuer such further covenants, restrictions or conditions for the protection of the holders of the
Subordinated Notes as the Issuer’s Board of Directors shall consider to be for the protection of such holders; 
 (iii)
to cure any ambiguity or to correct or supplement any provision contained in this Agreement or in any supplemental agreement that may be defective or inconsistent with any other provision contained in this Agreement or in any supplemental agreement,
or to make such other provisions in regard to matters or questions arising under this Agreement that shall not adversely affect the interests of the holders of the Subordinated Notes; and 
 (iv) to evidence and provide for the acceptance of appointment hereunder by a successor Fiscal and Paying Agent with respect to the
Subordinated Notes and to add to or change any of the provisions of this Agreement; provided, however, that such action shall not adversely affect the interests of the holders of the Subordinated Notes. 
 Subject to its rights, privileges and protections hereunder, the Fiscal and Paying Agent hereby is authorized to join with the Issuer in the execution of
any such supplemental agreement, to make any further appropriate agreements and stipulations that may be contained in 

  

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such supplemental agreement and to accept the conveyance, transfer and assignment of any property under such supplemental agreement, but the Fiscal and
Paying Agent shall not be obligated to, but may in its discretion, enter into any such supplemental agreement that affects its own rights, duties or immunities under this Agreement or otherwise. 
 Any supplemental agreement authorized by the provisions of this Section 6.6(a) may be executed by the Issuer and the Fiscal and Paying Agent without
the consent of the holders of any of the Subordinated Notes at the time outstanding notwithstanding the provisions of Section 6.6(b). Any such supplemental agreement shall be accompanied by an opinion of Issuer’s counsel and an
Officer’s Certificate to the Fiscal and Paying Agent that such supplemental agreement is authorized by the terms of this Agreement and that all conditions precedent have been satisfied. 
 (b) With the consent of the holders of not less than 66 2/3% in aggregate principal amount of the Subordinated Notes at the time outstanding, the Issuer,
when authorized by the resolutions of its Board of Directors, and the Fiscal and Paying Agent from time to time and at any time may enter into an agreement or agreements supplemental to this Agreement for the purpose of adding any provisions to or
changing in any manner any of the provisions of this Agreement or of modifying in any manner the rights of the Holders; provided, however, that, without the consent of the Holder of each Subordinated Note affected thereby, no such
supplemental agreement shall: (i) change the maturity of the principal of or any installment of interest on any Subordinated Note, or reduce the principal amount of any Subordinated Note or interest on any Subordinated Note, or reduce the
amount of principal payable upon acceleration of the maturity of any Subordinated Note, or change any place of payment where, or the coin or currency in which, any Subordinated Note or interest on any Subordinated Note is payable, or impair the
right to institute suit for the enforcement of any such payment on or after its maturity, or make any change in the subordination provisions of the Subordinated Notes that adversely affects the rights of any holder of the Subordinated Notes;
(ii) reduce the percentage in principal amount of Subordinated Notes the consent of whose holders is required for any such supplemental agreement or the consent of whose holders is required for any waiver of compliance with certain provisions
of this Agreement or certain defaults under this Agreement and their consequences provided for in this Agreement; or (iii) modify the provisions of Section 6.6(f) providing for the rescinding and annulment of a declaration accelerating the
maturity of the Subordinated Notes, or any of the provisions of this Section 6.6(b) or 6.6(e), except to increase any such percentage or to provide that certain other provisions of this Agreement cannot be modified or waived. 
 Upon request of the Issuer, accompanied by the opinion of Issuer’s counsel and Officer’s Certificate referred to hereinbelow, and a copy of the
resolutions of its Board of Directors certified by its Secretary or Assistant Secretary authorizing the execution of any such supplemental agreement, and upon the filing with the Fiscal and Paying Agent of evidence of the consent of the holders of
the Subordinated Notes as aforesaid, the Fiscal and Paying Agent shall join with the Issuer in the execution of such supplemental agreement unless such supplemental agreement affects the Fiscal and Paying Agent’s own rights, privileges,
protections, duties or immunities under this Agreement or otherwise, in which case the Fiscal and Paying Agent may in its discretion, but shall not be obliged to, enter into such supplemental agreement. 
  

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 It shall not be necessary for the consent of the holders of the Subordinated Notes under this
Section 6.6(b) to approve the particular form of any proposed supplemental agreement, but it shall be sufficient if such consent shall approve the substance thereof. 
 Any supplemental agreement entered into pursuant to this Section 6.6(b) shall be accompanied by an opinion of Issuer’s counsel and an Officer’s Certificate to the Fiscal and Paying Agent that such
supplemental agreement is authorized by the terms of this Agreement and that all conditions precedent have been satisfied. 
 (c)
Notwithstanding any provision in this Section 6.6 to the contrary, the Issuer and the Fiscal and Paying Agent shall not enter into any agreement or agreements supplemental hereto for the purpose of changing the date of maturity or the terms of
subordination of any Subordinated Note unless the OCC consents to such agreement or agreements. The Issuer shall give a copy of any such consent to the Fiscal and Paying Agent promptly upon receipt thereof. 
 (d) Upon the execution of any supplemental agreement under this Section 6.6, this Agreement shall be modified in accordance therewith, and such
supplemental agreement shall form a part of this Agreement for all purposes; and each holder of Subordinated Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. The Issuer shall transmit by mail to each
holder of Subordinated Notes affected thereby a notice setting forth the general terms of any supplemental agreement executed under this Section 6.6. 
 (e) The Issuer will promptly notify the Fiscal and Paying Agent of the occurrence of any Event of Default (as defined in the Subordinated Notes). The Fiscal and Paying Agent, promptly after the receipt of such written
notice from the Issuer, or written notice from any other source, shall mail to all holders of the Subordinated Notes, at their address shown on the Security Register, notice of such Event of Default, unless such Event of Default shall have been
cured or waived before the giving of such notice. Prior to any declaration accelerating the date on which the principal of the Subordinated Notes is due and payable, the holders of not less than 66 2/3% in aggregate principal amount of the
Subordinated Notes at the time outstanding on behalf of all holders of the Subordinated Notes may waive any past Event of Default, and its consequences. Upon any such waiver, the Issuer, the Fiscal and Paying Agent and the holders shall be restored
to their former positions and rights under this Agreement and the Subordinated Notes; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. Whenever any Event of Default shall have been
waived as permitted by this Section 6.6(e), such Event of Default, for all purposes of the Subordinated Notes and this Agreement, shall be deemed to have been cured and to be not continuing. 
  

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 (f) At any time after such a declaration of acceleration, and before any judgment or decree for the
payment of the money due shall have been obtained or entered, the holders of not less than 66 2/3% in aggregate principal amount of the Subordinated Notes then outstanding, by written notice to the Issuer and to the Fiscal and Paying Agent, may
waive all past Events of Default and rescind and annul such declaration and its consequences, if: 
 (i) the Issuer shall have
paid to the Fiscal and Paying Agent a sum sufficient to pay: 
 (A) all matured installments of interest on all the
Subordinated Notes and the principal of any and all Subordinated Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of interest (to the extent that payment of such interest is enforceable under
applicable law) and on such principal at the rate borne by the Subordinated Notes, to the date of such payment or deposit); and 
 (B) all sums paid or advanced by the Fiscal and Paying Agent hereunder and the reasonable compensation, expenses, disbursements and advances of the Fiscal and Paying Agent, its agents and counsel; and 
 (ii) any and all Events of Default with respect to the Subordinated Notes shall have been cured or waived. 
 No such waiver or rescission and annulment shall extend or shall affect any subsequent Event of Default or shall impair any right consequent thereon.

 Section 6.7. Further Issues. The Issuer may, without the consent of the holders of the Subordinated Notes, create and issue
additional notes having the same terms and conditions as the Subordinated Notes (except for the issue date and issue price) pursuant to an agreement supplemental to this Agreement so that such further notes shall be consolidated and form a single
series with the Subordinated Notes. Any such issuance shall be made pursuant to another offering document and will either be registered or issued pursuant to an exemption from registration under the Securities Act or similar laws or regulations
issued by the applicable banking agency. 
 Section 6.8. Actions Due on Saturdays, Sundays and Holidays. If any date on which a
payment, notice or other action required by this Agreement falls on a day other than a Business Day, then that action or payment need not be taken or made on such date, but may be taken or made on the next succeeding Business Day with the same force
and effect as if made on such date. 
 Section 6.9. Agreement to Pay Attorneys’ Fees and Other Expenses. In the event the
Fiscal and Paying Agent shall employ attorneys or incur other expenses for the enforcement or performance or observance of any obligation or agreement under this Agreement, the Issuer agrees that it will, on demand therefor, pay to the Fiscal and
Paying Agent the reasonable fees and expenses of such attorneys and such other reasonable expenses incurred by the Fiscal and Paying Agent. Notwithstanding anything herein to the contrary, the Fiscal and Paying Agent will not have any affirmative
duty to seek any enforcement or remedies on behalf of the holders of the Subordinated Notes upon any occurrence of an Event of Default and has no trust or agency relationship with any of the holders of the Subordinated Notes. 
 Section 6.10. Survival. The Fiscal and Paying Agent’s rights to compensation, reimbursement and indemnification shall survive the
termination of this Agreement, including any termination pursuant to any federal or state bankruptcy law, to the extent enforceable under applicable law. 
  

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 Section 6.11. No Implied Waivers. The right of any party under any provision of this
Agreement shall not be affected by its prior failure to require the performance by any other party under such provision or any other provision of this Agreement, nor shall the waiver by any party of a breach of any provision hereof constitute a
waiver of any succeeding breach of the same or any other provision or constitute a waiver of the provision itself or any other provision. 
 Section 6.12. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but both or all of which, when taken together, shall constitute but one instrument. 

Section 6.13. Term. This Agreement shall remain in full force and effect until such time as the principal of and interest on all the
Subordinated Notes shall have been paid. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first set forth above. 
  

			
	 Valley National Bank,
 as Issuer

		
	 By:
	 	  
		 	 Name:

		 	 Title:

	
	 Wilmington Trust Company,
 as Fiscal and Paying Agent

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 21

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