Document:

EX-4.5

 Exhibit 4.5 
  

 
 AGL CAPITAL CORPORATION 

Issuer 
 and 

AGL RESOURCES INC. 

Guarantor 
 TO 

                       
                 , 
 TRUSTEE 

 
  

SUBORDINATED NOTE INDENTURE 

DATED AS OF          1, 20     

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
	 ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	  
			
	 SECTION 101.
	 	 DEFINITIONS
	  	 	1	  
			
	 SECTION 102.
	 	 COMPLIANCE CERTIFICATES AND OPINIONS
	  	 	8	  
			
	 SECTION 103.
	 	 FORM OF DOCUMENTS DELIVERED TO TRUSTEE
	  	 	8	  
			
	 SECTION 104.
	 	 ACTS OF HOLDERS
	  	 	9	  
			
	 SECTION 105.
	 	 NOTICES, ETC., TO TRUSTEE, COMPANY AND GUARANTOR
	  	 	10	  
			
	 SECTION 106.
	 	 NOTICE TO HOLDERS OF JUNIOR SUBORDINATED NOTES; WAIVER
	  	 	10	  
			
	 SECTION 107.
	 	 CONFLICT WITH TRUST INDENTURE ACT
	  	 	11	  
			
	 SECTION 108.
	 	 EFFECT OF HEADINGS AND TABLE OF CONTENTS
	  	 	11	  
			
	 SECTION 109.
	 	 SUCCESSORS AND ASSIGNS
	  	 	11	  
			
	 SECTION 110.
	 	 SEPARABILITY CLAUSE
	  	 	11	  
			
	 SECTION 111.
	 	 BENEFITS OF INDENTURE
	  	 	11	  
			
	 SECTION 112.
	 	 GOVERNING LAW
	  	 	11	  
			
	 SECTION 113.
	 	 LEGAL HOLIDAYS
	  	 	11	  
			
	 SECTION 114.
	 	 APPOINTMENT OF AGENT FOR SERVICE
	  	 	12	  
			
	 SECTION 115.
	 	 FORCE MAJEURE
	  	 	12	  
			
	 SECTION 116.
	 	 WAIVER OF TRIAL BY JURY
	  	 	12	  
			
	 SECTION 117.
	 	 USA PATRIOT ACT
	  	 	13	  
		
	 ARTICLE 2 FORMS OF JUNIOR SUBORDINATED NOTES
	  	 	13	  
			
	 SECTION 201.
	 	 FORMS GENERALLY
	  	 	13	  
			
	 SECTION 202.
	 	 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	  	 	13	  
			
	 SECTION 203.
	 	 FORM OF GUARANTEES
	  	 	13	  
			
	 SECTION 204.
	 	 JUNIOR SUBORDINATED NOTES ISSUABLE IN THE FORM OF A GLOBAL SECURITY
	  	 	14	  
		
	 ARTICLE 3 THE JUNIOR SUBORDINATED NOTES
	  	 	16	  
			
	 SECTION 301.
	 	 AMOUNT UNLIMITED; ISSUABLE IN SERIES
	  	 	16	  
			
	 SECTION 302.
	 	 EXECUTION, AUTHENTICATION, DELIVERY AND DATING
	  	 	18	  
			
	 SECTION 303.
	 	 REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE
	  	 	19	  
			
	 SECTION 304.
	 	 MUTILATED, DESTROYED, LOST AND STOLEN JUNIOR SUBORDINATED NOTES
	  	 	20	  
			
	 SECTION 305.
	 	 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED
	  	 	21	  
			
	 SECTION 306.
	 	 PERSONS DEEMED OWNERS
	  	 	22	  
			
	 SECTION 307.
	 	 CANCELLATION
	  	 	23	  
			
	 SECTION 308.
	 	 COMPUTATION OF INTEREST
	  	 	23	  
		
	 ARTICLE 4 SATISFACTION AND DISCHARGE
	  	 	23	  
			
	 SECTION 401.
	 	 SATISFACTION AND DISCHARGE OF INDENTURE
	  	 	23	  
			
	 SECTION 402.
	 	 APPLICATION OF TRUST MONEY; INDEMNIFICATION
	  	 	25	  
		
	 ARTICLE 5 REMEDIES
	  	 	25	  
			
	 SECTION 501.
	 	 EVENTS OF DEFAULT
	  	 	25	  
			
	 SECTION 502.
	 	 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT
	  	 	27	  
			
	 SECTION 503.
	 	 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE
	  	 	28	  

  
 i 

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
	 SECTION 504.
	 	 TRUSTEE MAY FILE PROOFS OF CLAIM
	  	 	29	  
			
	 SECTION 505.
	 	 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF JUNIOR SUBORDINATED NOTES
	  	 	30	  
			
	 SECTION 506.
	 	 APPLICATION OF MONEY COLLECTED
	  	 	30	  
			
	 SECTION 507.
	 	 LIMITATION ON SUITS
	  	 	30	  
			
	 SECTION 508.
	 	 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST
	  	 	31	  
			
	 SECTION 509.
	 	 RESTORATION OF RIGHTS AND REMEDIES
	  	 	31	  
			
	 SECTION 510.
	 	 RIGHTS AND REMEDIES CUMULATIVE
	  	 	31	  
			
	 SECTION 511.
	 	 DELAY OR OMISSION NOT WAIVER
	  	 	32	  
			
	 SECTION 512.
	 	 CONTROL BY HOLDERS OF JUNIOR SUBORDINATED NOTES
	  	 	32	  
			
	 SECTION 513.
	 	 WAIVER OF PAST DEFAULTS
	  	 	32	  
			
	 SECTION 514.
	 	 UNDERTAKING FOR COSTS
	  	 	33	  
			
	 SECTION 515.
	 	 WAIVER OF STAY OR EXTENSION LAWS
	  	 	33	  
		
	 ARTICLE 6 THE TRUSTEE
	  	 	33	  
			
	 SECTION 601.
	 	 CERTAIN DUTIES AND RESPONSIBILITIES
	  	 	33	  
			
	 SECTION 602.
	 	 NOTICE OF DEFAULTS
	  	 	34	  
			
	 SECTION 603.
	 	 CERTAIN RIGHTS OF TRUSTEE
	  	 	35	  
			
	 SECTION 604.
	 	 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF JUNIOR SUBORDINATED NOTES
	  	 	36	  
			
	 SECTION 605.
	 	 MAY HOLD JUNIOR SUBORDINATED NOTES
	  	 	37	  
			
	 SECTION 606.
	 	 MONEY HELD IN TRUST
	  	 	37	  
			
	 SECTION 607.
	 	 COMPENSATION AND REIMBURSEMENT
	  	 	37	  
			
	 SECTION 608.
	 	 DISQUALIFICATION; CONFLICTING INTERESTS
	  	 	38	  
			
	 SECTION 609.
	 	 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY
	  	 	38	  
			
	 SECTION 610.
	 	 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR
	  	 	38	  
			
	 SECTION 611.
	 	 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR
	  	 	40	  
			
	 SECTION 612.
	 	 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS
	  	 	41	  
			
	 SECTION 613.
	 	 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
	  	 	41	  
			
	 SECTION 614.
	 	 APPOINTMENT OF AUTHENTICATING AGENT
	  	 	41	  
		
	 ARTICLE 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR
	  	 	43	  
			
	 SECTION 701.
	 	 COMPANY AND GUARANTOR TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS
	  	 	43	  
			
	 SECTION 702.
	 	 PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS
	  	 	43	  
			
	 SECTION 703.
	 	 REPORTS BY TRUSTEE
	  	 	44	  
			
	 SECTION 704.
	 	 REPORTS BY GUARANTOR
	  	 	44	  
		
	 ARTICLE 8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	45	  
			
	 SECTION 801.
	 	 COMPANY AND GUARANTOR MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS
	  	 	45	  
			
	 SECTION 802.
	 	 SUCCESSOR CORPORATION SUBSTITUTED
	  	 	45	  
		
	 ARTICLE 9 SUPPLEMENTAL INDENTURES
	  	 	46	  
			
	 SECTION 901.
	 	 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS
	  	 	46	  
			
	 SECTION 902.
	 	 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS
	  	 	47	  

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
	 SECTION 903.
	 	 GENERAL PROVISIONS REGARDING SUPPLEMENTAL INDENTURE
	  	 	48	  
			
	 SECTION 904.
	 	 EXECUTION OF SUPPLEMENTAL INDENTURES
	  	 	48	  
			
	 SECTION 905.
	 	 EFFECT OF SUPPLEMENTAL INDENTURES
	  	 	48	  
			
	 SECTION 906.
	 	 CONFORMITY WITH TRUST INDENTURE ACT
	  	 	49	  
			
	 SECTION 907.
	 	 REFERENCE IN JUNIOR SUBORDINATED NOTES TO SUPPLEMENTAL INDENTURES
	  	 	49	  
		
	 ARTICLE 10 COVENANTS
	  	 	49	  
			
	 SECTION 1001.
	 	 PAYMENT OF PRINCIPAL AND INTEREST
	  	 	49	  
			
	 SECTION 1002.
	 	 MAINTENANCE OF OFFICE OR AGENCY
	  	 	49	  
			
	 SECTION 1003.
	 	 MONEY FOR JUNIOR SUBORDINATED NOTES PAYMENTS TO BE HELD IN TRUST
	  	 	50	  
			
	 SECTION 1004.
	 	 ADDITIONAL INTEREST
	  	 	51	  
			
	 SECTION 1005.
	 	 CORPORATE EXISTENCE
	  	 	51	  
			
	 SECTION 1006.
	 	 LIMITATIONS ON DIVIDEND AND CERTAIN OTHER PAYMENTS
	  	 	52	  
			
	 SECTION 1007.
	 	 STATEMENT AS TO COMPLIANCE
	  	 	52	  
			
	 SECTION 1008.
	 	 WAIVER OF CERTAIN COVENANTS
	  	 	53	  
			
	 SECTION 1009.
	 	 COVENANTS REGARDING TRUST
	  	 	53	  
		
	 ARTICLE 11 REDEMPTION OF JUNIOR SUBORDINATED NOTES
	  	 	53	  
			
	 SECTION 1101.
	 	 APPLICABILITY OF ARTICLE
	  	 	53	  
			
	 SECTION 1102.
	 	 ELECTION TO REDEEM; NOTICE TO TRUSTEE
	  	 	53	  
			
	 SECTION 1103.
	 	 SELECTION BY TRUSTEE OF JUNIOR SUBORDINATED NOTES TO BE REDEEMED
	  	 	54	  
			
	 SECTION 1104.
	 	 NOTICE OF REDEMPTION
	  	 	54	  
			
	 SECTION 1105.
	 	 DEPOSIT OF REDEMPTION PRICE
	  	 	55	  
			
	 SECTION 1106.
	 	 JUNIOR SUBORDINATED NOTES PAYABLE ON REDEMPTION DATE
	  	 	55	  
			
	 SECTION 1107.
	 	 JUNIOR SUBORDINATED NOTES REDEEMED IN PART
	  	 	56	  
		
	 ARTICLE 12 SINKING FUNDS
	  	 	56	  
			
	 SECTION 1201.
	 	 APPLICABILITY OF ARTICLE
	  	 	56	  
			
	 SECTION 1202.
	 	 SATISFACTION OF SINKING FUND PAYMENTS WITH JUNIOR SUBORDINATED NOTES
	  	 	56	  
			
	 SECTION 1203.
	 	 REDEMPTION OF JUNIOR SUBORDINATED NOTES FOR SINKING FUND
	  	 	57	  
		
	 ARTICLE 13 SUBORDINATION
	  	 	57	  
			
	 SECTION 1301.
	 	 JUNIOR SUBORDINATED NOTES SUBORDINATE TO SENIOR INDEBTEDNESS
	  	 	57	  
			
	 SECTION 1302.
	 	 PAYMENT OF PROCEEDS UPON DISSOLUTION, ETC
	  	 	57	  
			
	 SECTION 1303.
	 	 NO PAYMENT WHEN SENIOR INDEBTEDNESS IN DEFAULT
	  	 	58	  
			
	 SECTION 1304.
	 	 PAYMENT PERMITTED IF NO DEFAULT
	  	 	59	  
			
	 SECTION 1305.
	 	 SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS
	  	 	59	  
			
	 SECTION 1306.
	 	 PROVISIONS SOLELY TO DEFINE RELATIVE RIGHTS
	  	 	60	  
			
	 SECTION 1307.
	 	 TRUSTEE TO EFFECTUATE SUBORDINATION
	  	 	60	  
			
	 SECTION 1308.
	 	 NO WAIVER OF SUBORDINATION PROVISIONS
	  	 	60	  
			
	 SECTION 1309.
	 	 TRUST MONEYS NOT SUBORDINATED
	  	 	61	  
			
	 SECTION 1310.
	 	 NOTICE TO THE TRUSTEE
	  	 	61	  

  
 iii 

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
	 SECTION 1311.
	 	 RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT
	  	 	62	  
			
	 SECTION 1312.
	 	 TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS
	  	 	62	  
			
	 SECTION 1313.
	 	 RIGHTS OF TRUSTEE AS HOLDER OF SENIOR INDEBTEDNESS; PRESERVATION OF TRUSTEE’S
RIGHTS
	  	 	62	  
			
	 SECTION 1314.
	 	 ARTICLE APPLICABLE TO PAYING AGENTS
	  	 	62	  
			
	 SECTION 1315.
	 	 RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS
	  	 	63	  
		
	 ARTICLE 14 MISCELLANEOUS PROVISIONS
	  	 	63	  
			
	 SECTION 1401.
	 	 NO RECOURSE AGAINST OTHERS
	  	 	63	  
			
	 SECTION 1402.
	 	 SET-OFF
	  	 	63	  
			
	 SECTION 1403.
	 	 ASSIGNMENT; BINDING EFFECT
	  	 	63	  
			
	 SECTION 1404.
	 	 ADDITIONAL INTEREST
	  	 	64	  
		
	 ARTICLE 15 GUARANTEES
	  	 	64	  
			
	 SECTION 1501.
	 	 GUARANTEE
	  	 	64	  
			
	 SECTION 1502.
	 	 EXECUTION AND DELIVERY OF GUARANTEES
	  	 	65	  

  
 iv 

 AGL CAPITAL CORPORATION AND AGL RESOURCES INC. 

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND 

SUBORDINATED NOTE INDENTURE, DATED AS OF         1, 20     

 

					
	TRUST INDENTURE ACT SECTION	  	INDENTURE SECTION
	 (S)
	  	310(a)(1)	  	609
		  	(a)(2)	  	609
		  	(a)(3)	  	Not Applicable
		  	(a)(3)	  	Not Applicable
		  	(b)	  	608
		  		  	610
	 (S)
	  	311(a)	  	613
		  	311(b)(4)	  	613(a)
		  	(b)(6)	  	613(b)
	 (S)
	  	312(a)	  	701
		  		  	702(a)
		  	(c)	  	702(b)
	 (S)
	  	313(a)	  	703(a)
		  	313(b)	  	703(b)
		  	313(c)	  	703(c)
		  		  	704
		  	(d)	  	703(c)
	 (S)
	  	314(a)	  	704, 1007
		  	(b)	  	Not Applicable
		  	(c)(1)	  	102
		  	(c)(2)	  	102
		  	(c)(3)	  	Not Applicable
		  	(d)	  	Not Applicable
		  	(e)	  	102
	 (S)
	  	315(a)	  	601(a)
		  	(b)	  	602
		  	(c)	  	601(b)
		  	(d)	  	601(c)
		  	(d)(1)	  	601(a)(1)
		  	(d)(2)	  	601(c)(2)
		  	(d)(3)	  	601(c)(3)
		  	(e)	  	514
	 (S)
	  	316(a)	  	101
		  	(a)(1)(A)	  	502
		  		  	512
		  	(a)(1)(B)	  	513
		  	(a)(2)	  	Not Applicable
		  	(b)	  	508
	 (S)
	  	317(a)(1)	  	503
		  	(a)(2)	  	504
		  	(b)	  	1,003
	 (S)
	  	318(a)	  	107

  
 v 

 SUBORDINATED NOTE INDENTURE 

THIS SUBORDINATED NOTE INDENTURE is made as of             ,
20    , among AGL CAPITAL CORPORATION, a corporation duly organized and existing under the laws of the State of Nevada (herein called the “Company”), having its principal office at 2215-B, Renaissance
Drive, Las Vegas, Nevada 89119, and AGL RESOURCES INC., a corporation duly organized and existing under the laws of the State of Georgia (herein called the “Guarantor”), having its principal office at 10 Peachtree Place, NE,
Atlanta, Georgia 30309, and                     , a
                     having its principal corporate trust office at
                    , as Trustee (herein called the “Trustee”). 

W I T N E S S E T H: 

WHEREAS, the Company has duly authorized the execution and delivery of this Subordinated Note Indenture to provide for the issuance from time
to time of its unsecured subordinated debentures, notes or other evidences of indebtedness (herein called the “Junior Subordinated Notes”), to be issued in one or more series as in this Subordinated Note Indenture provided; and 

WHEREAS, all things necessary to make this Subordinated Note Indenture a valid agreement of the Company, in accordance with its terms, have
been done. 
 WHEREAS, the Guarantor desires to make the Guarantees provided for herein. 

WHEREAS, all things necessary to make this Subordinated Note Indenture a valid agreement of the Guarantor, in accordance with its terms, have
been done. 
 NOW, THEREFORE, for and in consideration of the premises and the purchase of the Junior Subordinated Notes by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Junior Subordinated Notes or of series thereof, as follows: 

ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS 

OF GENERAL APPLICATION 
  

	SECTION 101.	DEFINITIONS. 

 For all purposes of this Subordinated Note Indenture, except as otherwise
expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in
this Article and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture
Act, either directly or by reference therein, have the meanings assigned to them therein; 

 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles in the United States of America, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or
permitted hereunder shall mean such accounting principles as are generally accepted in the United States of America at the date of such computation; 

(4) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Subordinated
Note Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (5) Trust Securities related to a
particular series of Junior Subordinated Notes means the series of Trust Securities the proceeds of the sale of which were loaned to the Company in exchange for such series of Junior Subordinated Notes, and the guarantee related to such series of
Trust Securities means the guarantee pursuant to which the Company has guaranteed, to the extent stated therein, the payment of distributions and certain other amounts with respect to such series of Trust Securities. 

Certain terms, used principally in Article Six, are defined in that Article. 

“Act”, when used with respect to any Holder of a Junior Subordinated Note, has the meaning specified in Section 104.

 “Additional Interest” means (i) such additional amounts as may be required so that the net amounts received and
retained by the Holder (if the Holder is a Securities Trust) after paying taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States or any other taxing authority will not be
less than the amounts the Holder would have received had no such taxes, duties, assessments, or other governmental charges been imposed; and (ii) any interest not paid on an Interest Payment Date (whether by virtue of deferral or extension, or
otherwise), together with interest thereon from such Interest Payment Date to the date of payment, compounded quarterly, on each Interest Payment Date. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. Notwithstanding the foregoing, any Securities
Trust organized by the Company shall not be deemed to be an Affiliate of the Company. 
 “Authenticating Agent” means any
Person or Persons authorized by the Trustee to authenticate one or more series of Junior Subordinated Notes. 
 “Board of
Directors,” when used with reference to the Company or the Guarantor, means either the board of directors or any duly authorized committee of the officers and/or directors of that board, of the Company or the Guarantor, as the case may be.

  
 2 

 “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company or the Guarantor, as the case may be, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banks in New York, New York
are authorized or obligated by law or executive order to remain closed, or (iii) a day on which the Trustee’s Corporate Trust Office or Property Trustee’s principal corporate trust office is closed for business. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such
time. 
 “Company” means the Person named as the “Company” in the first paragraph of this instrument until a
successor corporation shall have become such pursuant to the applicable provisions of this Subordinated Note Indenture, and thereafter “Company” shall mean such successor corporation. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by
its Chairman of the Board, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, its Secretary or an Assistant Secretary, and delivered to the Trustee. 

“Corporate Trust Office” means the office of the Trustee at which at any particular time this Indenture shall be
administered, which office at the date of execution of this Subordinated Note Indenture is located at                     . 

“corporation” includes corporations, partnerships, limited liability companies, associations, companies and business trusts.

 “Defaulted Interest” has the meaning specified in Section 305. 

“Depositary” means, unless otherwise specified by the Company pursuant to either Section 204 or 301, with respect to
Junior Subordinated Notes of any series issuable or issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Securities Exchange Act of 1934, as amended, or
other applicable statute or regulation. 
 “Event of Default” has the meaning specified in Section 501. 

“Global Security” means, with respect to any series of Junior Subordinated Notes issued hereunder, a Junior Subordinated Note
that is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with Section 204 of this Indenture and any supplemental indenture hereto. 

  
 3 

 “Government Obligations” means securities which are (i) direct obligations
of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of
which is unconditionally guaranteed as to the timely payment of principal and interest as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof,
and shall also include a depository receipt issued by a bank or trust company which is a member of the Federal Reserve System and having a combined capital and surplus of at least $50,000,000 as custodian with respect to any such obligation
evidenced by such depository receipt or a specific payment of interest on or principal of any such obligation held by such custodian for the account of the holder of a depository receipt; provided, however, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the obligation set forth in (i) or (ii) above or the specific
payment of interest on or principal of such obligation evidenced by such depository receipt. 
 “Guarantee” means any
guarantee of the Guarantor endorsed or a Security authenticated and delivered pursuant to this Indenture and shall include the Guarantee set forth in Section 1501. 

“Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument until a successor
corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor corporation. 

“Holder”, when used with respect to any Junior Subordinated Note, means the Person in whose name the Junior Subordinated Note
is registered in the Security Register. 
 “Indenture” or “Subordinated Note Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more supplemental indentures entered into pursuant to the applicable provisions hereof and shall include the terms of the particular series of
Junior Subordinated Notes established as contemplated by Section 301. 
 “Interest Payment Date”, when used with
respect to any series of Junior Subordinated Notes, means the dates established for the payment of interest thereon, as provided in the supplemental indenture for such series. 

“Junior Subordinated Note” has the meaning stated in the first recital of this Indenture and more particularly means any
Junior Subordinated Notes authenticated and delivered under this Indenture. 
 “Maturity”, when used with respect to any
Junior Subordinated Note, means the date on which the principal of such Junior Subordinated Note or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity, by declaration of acceleration,
upon call for redemption or otherwise. 
 “Officers’ Certificate,” when used with reference to the Company or the
Guarantor, means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary, of the Company or the Guarantor, as the
case may be, and delivered to the Trustee. 

  
 4 

 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for
the Company or for the Guarantor, and who shall be acceptable to the Trustee. 
 “Outstanding”, when used with respect to
Junior Subordinated Notes, means, as of the date of determination, all Junior Subordinated Notes theretofore authenticated and delivered under this Indenture, except: 

(i) Junior Subordinated Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(ii) Junior Subordinated Notes for whose payment or redemption money and/or Government Obligations (if permitted hereby) in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company or the Guarantor) in trust or set aside and segregated in trust by the Company or the Guarantor (if the Company or the Guarantor shall act as its own
Paying Agent) for the Holders of such Junior Subordinated Notes; provided that if such Junior Subordinated Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for the giving of such notice
satisfactory to the Trustee has been made; 
 (iii) Junior Subordinated Notes that have been paid or in exchange for or in lieu of which
other Junior Subordinated Notes have been authenticated and delivered pursuant to this Indenture, other than any such Junior Subordinated Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such
Junior Subordinated Notes are held by a bona fide purchaser in whose hands such Junior Subordinated Notes are valid obligations of the Company; and 

(iv) Junior Subordinated Notes, or portions thereof, converted into or exchanged for another security if the terms of such Junior Subordinated
Notes provide for such conversion or exchange; provided, however, that in determining, during any period in which any Junior Subordinated Notes of a series are owned by any Person other than the Company, the Guarantor or any Affiliate thereof,
whether the Holders of the requisite principal amount of Outstanding Junior Subordinated Notes of such series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Junior Subordinated Notes of such series
owned by the Company, the Guarantor, or any Affiliate of the Company or the Guarantor shall be disregarded and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Junior Subordinated Notes that the Trustee knows to be so owned by the Company, the Guarantor, or an Affiliate of the Company or the Guarantor in the above circumstances shall be so
disregarded. Junior Subordinated Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Junior
Subordinated Notes and that the pledgee is not the Company, the Guarantor or any Affiliate of the Company or the Guarantor. 

  
 5 

 “Paying Agent” means any Person authorized by the Company to pay the principal
of (and premium, if any) or interest on any Junior Subordinated Notes on behalf of the Company. 
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Predecessor Security” of any particular Junior Subordinated Note means every previous Junior Subordinated Note evidencing
all or a portion of the same debt as that evidenced by such particular Junior Subordinated Note; and, for the purposes of this definition, any Junior Subordinated Note authenticated and delivered under Section 304 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Junior Subordinated Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Junior Subordinated Note. 

“Property Trustee”, when used with respect to the Junior Subordinated Notes of any series, means the Person designated as
such in the related Trust Agreement. 
 “Redemption Date”, when used with respect to any Junior Subordinated Note to be
redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with
respect to any Junior Subordinated Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Junior Subordinated Notes of any series
means the date specified for that purpose as contemplated by Section 301, whether or not a Business Day. 
 “Responsible
Officer,” when used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters with respect to this Indenture. 

“Securities Trust” means any statutory business trust formed by the Company or an Affiliate to issue Trust Securities, the
proceeds of which will be used to purchase Junior Subordinated Notes of one or more series. 
 “Security Register” and
“Security Registrar” have the respective meanings specified in Section 303. 
 “Senior Indebtedness”
means, with respect to a Person, (i) any payment due in respect of indebtedness of such Person, whether outstanding at the date of execution of this Subordinated Note Indenture or thereafter incurred, created, or assumed, (a) in respect of
money borrowed (including any financial derivative, hedging or futures contract or similar instrument) and (b) evidenced by securities, debentures, bonds, notes or other similar instruments issued by such Person which, by their terms, are
senior or senior subordinated debt securities including, without limitation, all obligations under its indentures with various trustees; (ii) all capital lease obligations; (iii) all obligations issued or assumed as the deferred purchase
price of property, all conditional sale obligations and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business and

  
 6 

 
long-term purchase obligations); (iv) all obligations for the reimbursement of any letter of credit, banker’s acceptance, security purchase facility or similar credit transaction;
(v) all obligations of the type referred to in clauses (i) through (iv) above of other persons the payment of which such Person is responsible or liable as obligor, guarantor or otherwise; and (vi) all obligations of the type
referred to in clauses (i) through (v) above of other persons secured by any lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), except for (1) any such indebtedness that is by its
terms subordinated to or pari passu with the Junior Subordinated Notes and (2) any unsecured indebtedness between or among such Person and its Affiliates. Senior Indebtedness of each of the Company and the Guarantor shall continue to be
entitled to the benefits of the subordination provisions contained in Article Thirteen irrespective of any amendment, modification or waiver of any term of such Senior Indebtedness. 

“Special Record Date” for the payment of any Defaulted Interest on the Junior Subordinated Notes of any series means a date
fixed by the Trustee pursuant to Section 305. 
 “Stated Maturity”, when used with respect to any Junior Subordinated
Note or any installment of principal thereof or interest thereon, means the date specified in such Junior Subordinated Note as the fixed date on which the principal of such Junior Subordinated Note or such installment of principal or interest is due
and payable. 
 “Trust Agreement”, when used with respect to a Securities Trust, means the agreement or instrument that
governs the affairs of such Securities Trust. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended,
and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Trust Indenture Act or provision, as the case may be, as amended or replaced from time to time. 

“Trust Securities” means the securities issued by a Securities Trust evidencing the entire beneficial interest therein. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such with respect to one or more series of Junior Subordinated Notes pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Junior Subordinated Notes of any series shall mean the Trustee with respect to Junior Subordinated Notes of that series. 

“Trust Guarantee” means a Guarantee Agreement, if any, executed and delivered by the Company for the benefit of the holders
from time to time of all or a portion of the Trust Securities of a Securities Trust. 
 “Vice President”, when used with
respect to the Company, the Guarantor or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 

  
 7 

	SECTION 102.	COMPLIANCE CERTIFICATES AND OPINIONS. 

 Except as otherwise expressly provided in this
Indenture, upon any application or request by the Company or the Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or the Guarantor, as the case may be, shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished except as specifically contemplated by such provision of this Indenture. 
 Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include 
 (i) a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based; 
 (iii) a statement that, in the opinion of each such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

 

	SECTION 103.	FORM OF DOCUMENTS DELIVERED TO TRUSTEE. 

 In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company or the Guarantor
stating that the information with respect to such factual matters is in the possession of the Company or the Guarantor, as the case may be, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous. 

  
 8 

 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

	SECTION 104.	ACTS OF HOLDERS. 

 (a) Any request, demand, authorization, direction, notice, consent,
election, waiver or other action provided by this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company or the Guarantor or
both of them. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee, the Company and the Guarantor, if made in the manner provided in this
Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. 

(c) The principal amount and serial numbers of Junior Subordinated Notes held by any Person, and the date of holding the same, shall be proved
by the Security Register. 
 (d) Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holder
of any Junior Subordinated Note shall bind every future Holder of the same Junior Subordinated Note and the Holder of every Junior Subordinated Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee or the Company or the Guarantor in reliance thereon, whether or not notation of such action is made upon such Junior Subordinated Note. 

(e) The fact and date of execution of any such instrument or writing and the authority of the Person executing the same may also be proved in
any other manner which the Trustee deems sufficient; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(f) If the Company shall solicit from the Holders of Junior Subordinated Notes of any series any Act, the Company may, at its option, by Board
Resolution, fix in advance a record date for the determination of Holders of Junior Subordinated Notes entitled to take such Act, but the Company shall have no obligation to do so. Any such record date shall be fixed at the

  
 9 

 
Company’s discretion. If such a record date is fixed, such Act may be sought or given before or after the record date, but only the Holders of record at the close of business on such record
date shall be deemed to be Holders of Junior Subordinated Notes for the purpose of determining whether Holders of the requisite proportion of Junior Subordinated Notes of such series Outstanding have authorized or agreed or consented to such Act,
and for that purpose the Junior Subordinated Notes of such series Outstanding shall be computed as of such record date. 
  

	SECTION 105.	NOTICES, ETC., TO TRUSTEE, COMPANY AND GUARANTOR. 

 Any request, demand, authorization,
direction, notice, consent, election, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1) the Trustee by any Holder of a Junior Subordinated Note or by the Company or the Guarantor shall be sufficient for every purpose hereunder
if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, Attention:                     , or 

(2) the Company or the Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first class postage prepaid, addressed in the case of the Company to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously
furnished in writing to such Trustee by the Company, or if sent by facsimile transmission, to a facsimile number provided to the Trustee by the Company, with a copy mailed, first class postage prepaid, to the Company addressed to it as provided
above, and with a copy to the Guarantor, and addressed in the case of the Guarantor to it at the address specified in the first paragraph of this instrument or at any other address previously furnished in writing to such Trustee by the Guarantor, or
if sent by facsimile transmission, to a facsimile number provided to the Trustee by the Guarantor, with a copy mailed, first class postage prepaid, to the Guarantor addressed to it as provided above, and with a copy to the Company. 

 

	SECTION 106.	NOTICE TO HOLDERS OF JUNIOR SUBORDINATED NOTES; WAIVER. 

 Except as otherwise expressly
provided herein, where this Indenture provides for notice to Holders of Junior Subordinated Notes of any event, such notice shall be sufficiently given if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at
the address of such Holder as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such Notice; provided, that in case the Junior Subordinated Notes of a series are
represented by one or more Global Securities, notices to the Depositary therefor shall be given in accordance with its standard procedures for notices. 

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to
Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In any case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. 

  
 10 

 Where this Indenture provides for notice in any manner, such notice may be waived in writing by
the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Junior Subordinated Notes shall be filed with the Trustee, but such filing shall
not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  

	SECTION 107.	CONFLICT WITH TRUST INDENTURE ACT. 

 If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act that is required to be a part of and govern this Indenture, such required provision shall control. 
  

	SECTION 108.	EFFECT OF HEADINGS AND TABLE OF CONTENTS. 

 The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

	SECTION 109.	SUCCESSORS AND ASSIGNS. 

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

	SECTION 110.	SEPARABILITY CLAUSE. 

 In case any provision in this Indenture or the Junior Subordinated
Notes or the Guarantees 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 111.	BENEFITS OF INDENTURE. 

 Nothing in this Indenture or the Junior Subordinated Notes or
the Guarantees, express or implied, shall give to any Person, other than the parties hereto, their successors hereunder and the Holders of Junior Subordinated Notes and, to the extent provided in Section 1403, the holders of Senior Indebtedness
or Trust Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

	SECTION 112.	GOVERNING LAW. 

 This Indenture and the Junior Subordinated Notes shall be governed by,
and construed in accordance with, the internal laws of the State of New York. 
  

	SECTION 113.	LEGAL HOLIDAYS. 

 In any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Junior Subordinated Note shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Junior Subordinated Notes) payment of interest or principal (and

  
 11 

 
premium, if any) need not be made on such date, but may be made on the next succeeding Business Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall
be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 
  

	SECTION 114.	APPOINTMENT OF AGENT FOR SERVICE. 

 By the execution and delivery of this Indenture, the
Secretary of the Company is hereby appointed as the Company’s and the Guarantor’s agent upon which process may be served in any legal action or proceeding which may be instituted in any Federal or State court in the Borough of Manhattan,
New York City, arising out of or relating to the Junior Subordinated Notes or this Indenture. Service of process upon such agent at the office of such agent at
                    , Attention:
                    , or at such other address as shall be given to the Trustee as provided in Section 105, shall be deemed in every
respect effective service of process upon the Company and the Guarantor in any such legal action or proceeding, and the Company and the Guarantor hereby submit to the jurisdiction of any such court in which any such legal action or proceeding is so
instituted. Such appointment shall be irrevocable so long as the Holders of Junior Subordinated Notes shall have any rights pursuant to the terms thereof or of this Indenture until the appointment of a successor by the Company and the Guarantor and
such successor’s acceptance of such appointment. The Company and the Guarantor further agree to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such
designation and appointment of such agent or successor. 
  

	SECTION 115.	FORCE MAJEURE 

 In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

	SECTION 116.	WAIVER OF TRIAL BY JURY 

 EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE 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 INDENTURE, THE JUNIOR SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  
 12 

	SECTION 117.	USA PATRIOT ACT 

 Each of the Company and the Guarantor acknowledges that in accordance
with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each Person
or legal entity that establishes a relationship or opens an account with the Trustee. Each of the Company and the Guarantor agrees that it will provide the Trustee with such information as it may request in order for the Trustee to satisfy the
requirements of the U.S.A. PATRIOT Act. 
 ARTICLE 2 

FORMS OF JUNIOR SUBORDINATED NOTES 
  

	SECTION 201.	FORMS GENERALLY. 

 The Junior Subordinated Notes of each series shall be in substantially
the form appended to the supplemental indenture authorizing such series, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Junior
Subordinated Notes, as evidenced by their execution of the Junior Subordinated Notes. 
 The Junior Subordinated Notes of each series shall
be issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 301. In the absence of such specified denominations with respect to the Junior Subordinated Notes of any series, the Junior
Subordinated Notes of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 
 The definitive Junior
Subordinated Notes may be printed, typewritten, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Junior Subordinated Notes, as evidenced by their execution of
such Junior Subordinated Notes. 
  

	SECTION 202.	FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION. 

 The form of the Trustee’s
Certificate of Authentication for a series of Junior Subordinated Notes shall be in substantially the form appended to the supplemental indenture authorizing such series. 
  

	SECTION 203.	FORM OF GUARANTEES. 

 The Guarantees by the Guarantor to be endorsed on the Junior
Subordinated Notes of each series shall be in substantially the form or forms as shall be established by or pursuant to a Board Resolution of the Guarantor, with such appropriate insertions, omissions, substitutions and other corrections as are
required or permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Guarantees, as evidenced by their execution of such Guarantees. 

  
 13 

	SECTION 204.	JUNIOR SUBORDINATED NOTES ISSUABLE IN THE FORM OF A GLOBAL SECURITY. 

 (a) If the Company
shall establish pursuant to Section 301 that the Junior Subordinated Notes of a particular series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in
accordance with Section 302 and the Company Order delivered to the Trustee thereunder, authenticate and deliver such Global Security or Securities, which (i) shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of the Outstanding Junior Subordinated Notes of such series to be represented by such Global Security or Securities, (ii) may provide that the aggregate amount of Outstanding Junior Subordinated Notes represented thereby may
from time to time be increased or reduced to reflect exchanges, (iii) shall be registered in the name of the Depositary for such Global Security or Securities or its nominee, (iv) shall be delivered by the Trustee to the Depositary or
pursuant to the Depositary’s instruction and (v) shall bear a legend in accordance with the requirements of the Depositary. 
 (b)
Notwithstanding any other provision of this Section 204 or of Section 303, subject to the provisions of paragraph (c) below, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in
part for individual Junior Subordinated Notes, a Global Security may be transferred, in whole but not in part and in the manner provided in Section 303, only to a nominee of the Depositary for such Global Security, or to the Depositary, or to a
successor Depositary for such Global Security selected or approved by the Company, or to a nominee of such successor Depositary. 
 (c) If
at any time the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time the Depositary for the Junior Subordinated Notes for such series shall no
longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to such Global Security. If a successor Depositary
for such Global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication
and delivery of individual Junior Subordinated Notes of such series in exchange for such Global Security, will authenticate and deliver individual Junior Subordinated Notes of such series of like tenor and terms in definitive form in an aggregate
principal amount equal to the principal amount of the Global Security in exchange for such Global Security. 
 (1) The Company may at any
time and in its sole discretion, subject to the procedures of the Depositary, determine that the Junior Subordinated Notes of any series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global
Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Request for the authentication and delivery of individual Junior Subordinated Notes of such series in exchange in whole or in part for such
Global Security, will authenticate and deliver individual Junior Subordinated Notes of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities
representing such series in exchange for such Global Security or Securities. 

  
 14 

 (2) If specified by the Company pursuant to Section 301 with respect to Junior Subordinated
Notes issued or issuable in the form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Junior Subordinated Notes of such series of like tenor and terms in
definitive form on such terms as are acceptable to the Company and such Depositary. Thereupon the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, (A) to each Person specified by such Depositary a
new Junior Subordinated Note or Notes of the same series of like tenor and terms and of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the
Global Security; and (B) to such Depositary a new Global Security of like tenor and terms and in an authorized denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate
principal amount of Junior Subordinated Notes delivered to Holders thereof. 
 (3) In any exchange provided for in any of the preceding
three paragraphs, the Company will execute and the Trustee will authenticate and deliver individual Junior Subordinated Notes in definitive form in authorized denominations. Upon the exchange of the entire principal amount of a Global Security for
individual Junior Subordinated Notes, such Global Security shall be cancelled by the Trustee. Except as provided in the preceding paragraph, Junior Subordinated Notes issued in exchange for a Global Security pursuant to this Section shall be
registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Provided that the Company and the
Trustee have so agreed, the Trustee shall deliver such Junior Subordinated Notes to the Persons in whose names the Junior Subordinated Notes are registered. 

(4) Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of
Holders, of Outstanding Junior Subordinated Notes represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section 302 with respect thereto.
Subject to the provisions of Section 302, the Trustee shall deliver and redeliver any such Global Security in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company
Order pursuant to Section 302 has been, or simultaneously is, delivered, any instructions by the Company with respect to such Global Security shall be in writing but need not be accompanied by or contained in an Officers’ Certificate and
need not be accompanied by an Opinion of Counsel. 

  
 15 

 ARTICLE 3 

THE JUNIOR SUBORDINATED NOTES 
  

	SECTION 301.	AMOUNT UNLIMITED; ISSUABLE IN SERIES. 

 The aggregate principal amount of Junior
Subordinated Notes which may be authenticated and delivered under this Indenture is unlimited. 
 The Junior Subordinated Notes may be
issued in one or more series. There may be established, pursuant to one or more supplemental indentures hereto, prior to the issuance of Junior Subordinated Notes of any series, 

(1) the title of the Junior Subordinated Notes of the series (which shall distinguish the Junior Subordinated Notes of the series from Junior
Subordinated Notes of all other series); 
 (2) any limit upon the aggregate principal amount of the Junior Subordinated Notes of the series
which may be authenticated and delivered under this Indenture (except for Junior Subordinated Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Junior Subordinated Notes of the series
pursuant to Sections 204, 303, 304, 907 or 1107); 
 (3) the Person to whom interest on a Junior Subordinated Note of the series shall be
payable if other than the Person in whose name that Junior Subordinated Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 

(4) the date or dates on which the principal of the Junior Subordinated Notes of the series is payable, and the right, if any, to extend or
advance the Stated Maturity of the Junior Subordinated Notes and the conditions to such extension or advancement; 
 (5) the rate or rates
at which the Junior Subordinated Notes of the series shall bear interest, if any, or any method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such
interest shall be payable, the Regular Record Date for the interest payable on Junior Subordinated Notes on any Interest Payment Date and the basis upon which interest shall be calculated if other than that of a 360-day year consisting of twelve
30-day months; 
 (6) the place or places where the principal of (and premium, if any) and interest, if any, on Junior Subordinated Notes of
the series shall be payable; 
 (7) the period or periods within which, the price or prices at which and the terms and conditions upon which
Junior Subordinated Notes of the series may be redeemed, in whole or in part, at the option of the Company; 
 (8) the obligation, if any,
of the Company to redeem or purchase Junior Subordinated Notes of the series pursuant to any sinking fund or analogous provision or at the 

  
 16 

 
option of a Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Junior Subordinated Notes of the series shall be redeemed
or purchased, in whole or in part, pursuant to such obligation; 
 (9) if other than denominations of $1,000 and any integral multiple
thereof, the denominations in which Junior Subordinated Notes of the series shall be issuable; 
 (10) if the amount of payments of
principal of (and premium, if any) or interest (including Additional Interest) on the Junior Subordinated Notes of the series may be determined with reference to an index or formula, the manner in which such amounts shall be determined; 

(11) if other than the principal amount thereof, the portion of the principal amount of Junior Subordinated Notes of the series which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
 (12) any deletions from, modifications of
or additions to the Events of Default or covenants of the Company or the Guarantor as provided herein pertaining to the Junior Subordinated Notes of the series, and any change in the rights of the Trustee or Holders of such series pursuant to
Section 901 or 902; 
 (13) any additions to the definitions currently set forth in this Indenture with respect to such series; 

(14) whether the Junior Subordinated Notes of the series shall be issued in whole or in part in the form of a Global Security or Securities;
the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for certificated Junior Subordinated Notes of such series and of like tenor of any authorized denomination and the circumstances
under which such exchange may occur, if other than in the manner provided for in Section 204; the Depositary for such Global Security or Securities; and the form of any legend or legends to be borne by any such Global Security in addition to or
in lieu of the legend referred to in Section 204; 
 (15) the right, if any, of the Company to defer interest payments or to extend the
interest payment periods of such series of Junior Subordinated Notes, including the maximum duration of any such deferral or deferrals or any such extension or extensions, the Additional Interest, if any, payable on such Junior Subordinated Notes
during any deferral or extension of the interest payment period and any notice (which shall include notice to the Trustee) that must be given upon the exercise of such right to defer interest payments or to extend interest payment periods; 

(16) any restriction or condition on the transferability of such Junior Subordinated Notes; and 

(17) any other terms of the series. 

All Junior Subordinated Notes of any one series shall be substantially identical except as to the date or dates from which interest, if any,
shall accrue and denomination and except as may otherwise be provided in the terms of such Junior Subordinated Notes determined or established 

  
 17 

 
as provided above. All Junior Subordinated Notes of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened for issuances of additional Junior
Subordinated Notes of such series. 
  

	SECTION 302.	EXECUTION, AUTHENTICATION, DELIVERY AND DATING. 

 The Junior Subordinated Notes shall be
executed on behalf of the Company by its Chairman of the Board, its President or one of its Vice Presidents. The signature of any of these officers on the Junior Subordinated Notes may be manual or facsimile. 

Junior Subordinated Notes bearing the manual or facsimile signatures of individuals who were at the time relevant to the authorization thereof
the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Junior Subordinated Notes or did not hold such offices
at the date of such Junior Subordinated Notes. 
 At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Junior Subordinated Notes of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Junior Subordinated Notes, and the Trustee, in
accordance with the Company Order, shall authenticate and deliver such Junior Subordinated Notes. If all of the Junior Subordinated Notes of any series are not to be issued at one time and if the supplemental indenture establishing such series shall
so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Junior Subordinated Notes and determining the terms of particular Junior Subordinated Notes of such series, such as interest rate, maturity
date, date of issuance and date from which interest shall accrue. In authenticating Junior Subordinated Notes hereunder, and accepting the additional responsibilities under this Indenture in relation to such Junior Subordinated Notes, the Trustee
shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon: 
 (1) an Opinion of Counsel, to
the effect that: 
 (a) the form and terms of such Junior Subordinated Notes or the manner of determining such terms have been established
in conformity with the provisions of this Indenture; and 
 (b) such Junior Subordinated Notes, when authenticated and delivered by the
Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject, as to
enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles; and 

(2) an Officers’ Certificate stating, to the best knowledge of each signer of such certificate, that no event which is, or after notice
or lapse of time would become, an Event of Default with respect to any of the Junior Subordinated Notes shall have occurred and be continuing. 

  
 18 

 The Trustee shall not be required to authenticate such Junior Subordinated Notes if the issue of
such Junior Subordinated Notes pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Junior Subordinated Notes and this Indenture or otherwise in a manner which is not reasonably acceptable to the
Trustee. 
 If all the Junior Subordinated Notes of any series are not to be issued at one time, it shall not be necessary to deliver an
Opinion of Counsel and Officers’ Certificate at the time of issuance of each such Junior Subordinated Note, but such opinion and certificate shall be delivered at or before the time of issuance of the first Junior Subordinated Note of such
series to be issued. 
 Each Junior Subordinated Note shall be dated the date of its authentication. 

No Junior Subordinated Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there
appears on such Junior Subordinated Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Junior Subordinated Note
shall be conclusive evidence, and the only evidence, that such Junior Subordinated Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

Reference is made to Section 1502 concerning execution and delivery of the Guarantees. 

 

	SECTION 303.	REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE. 

 The Company shall cause to be kept
at the office of the Security Registrar designated pursuant to this Section 303 or Section 1002 a register (referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the registration of Junior Subordinated Notes and of transfers of Junior Subordinated Notes. The Trustee is hereby initially appointed as “Security Registrar” for the purpose of registering Junior Subordinated
Notes and transfers of Junior Subordinated Notes as herein provided. 
 Subject to Section 204, upon surrender for registration of
transfer of any Junior Subordinated Note of any series at the office or agency maintained for such purpose for such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Junior Subordinated Notes of the same series, Stated Maturity and original issue date, of any authorized denominations and of like tenor and aggregate principal amount. 

Subject to Section 204, Junior Subordinated Notes of any series may be exchanged, at the option of the Holder, for Junior Subordinated
Notes of the same series, Stated Maturity and original issue date, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Junior Subordinated Notes to be exchanged at any such office or agency. 

  
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 Whenever any Junior Subordinated Notes are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Junior Subordinated Notes that the Holder making the exchange is entitled to receive. 

All Junior Subordinated Notes issued upon any registration of transfer or exchange of Junior Subordinated Notes shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Junior Subordinated Notes surrendered upon such registration of transfer or exchange. 

Every Junior Subordinated Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or
the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Junior Subordinated Notes, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Junior Subordinated Notes, other than exchanges pursuant to Section 304, 907 or 1107 not
involving any transfer. 
 The Company shall not be required (i) to issue, to register the transfer of or to exchange Junior
Subordinated Notes of any series during a period of 15 days immediately preceding the date notice is given identifying the serial numbers of the Junior Subordinated Notes of that series called for redemption, or (ii) to issue, to register the
transfer of or to exchange any Junior Subordinated Notes so selected for redemption in whole or in part, except the unredeemed portion of any Junior Subordinated Note being redeemed in part. 

None of the Company, the Guarantor, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
  

	SECTION 304.	MUTILATED, DESTROYED, LOST AND STOLEN JUNIOR SUBORDINATED NOTES. 

 If any mutilated
Junior Subordinated Note is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Junior Subordinated Note of the same series, Stated Maturity and original issue date, and of
like tenor and principal amount and bearing a number not contemporaneously outstanding. 

  
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 If there shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Junior Subordinated Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Junior Subordinated Note has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Junior
Subordinated Note, a new Junior Subordinated Note of the same series, Stated Maturity and original issue date, and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Junior Subordinated Note has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Junior Subordinated Note, pay such Junior Subordinated Note. 
 Upon the issuance of any new
Junior Subordinated Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith. 
 Every new Junior Subordinated Note of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Junior Subordinated Note shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Junior Subordinated Note shall be at any time enforceable by anyone, and any such new
Junior Subordinated Note shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Junior Subordinated Notes of that series duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Junior Subordinated Notes. 
  

	SECTION 305.	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. 

 Unless otherwise provided as
contemplated by Section 301 with respect to any series of Junior Subordinated Notes, interest (including Additional Interest) on any Junior Subordinated Note that is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Junior Subordinated Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 

  
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 Any interest (including Additional Interest) on any Junior Subordinated Note of any series that
is payable, but is not punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Junior Subordinated Notes of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Junior Subordinated Note of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date
of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Junior Subordinated Notes of such series at the address of such Holder as it
appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to
the Persons in whose names the Junior Subordinated Notes of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause
(2). 
 (2) The Company may make payment of any Defaulted Interest (including Additional Interest, if any) on the Junior Subordinated Notes
of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Junior Subordinated Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the
Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section, each Junior Subordinated Note delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Junior Subordinated Note shall carry the rights to interest accrued (including Additional Interest, if any) and unpaid, and to accrue (including Additional Interest, if any), which were carried
by such other Junior Subordinated Note. 
  

	SECTION 306.	PERSONS DEEMED OWNERS. 

 Prior to due presentment of a Junior Subordinated Note for
registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name such Junior Subordinated Note is registered as the owner of such Junior Subordinated Note
for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 305) interest (including Additional Interest, if any) on such Junior Subordinated Note and for all other purposes whatsoever, whether or not such
Junior Subordinated Note be overdue, and neither the Company, the Guarantor, the Trustee nor any agent of the Company, the Guarantor or the Trustee shall be affected by notice to the contrary. 

  
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	SECTION 307.	CANCELLATION. 

 All Junior Subordinated Notes surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by the Trustee. The Company or the Guarantor
may at any time deliver to the Trustee for cancellation any Junior Subordinated Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Junior Subordinated Notes so delivered shall
be cancelled by the Trustee. No Junior Subordinated Notes shall be authenticated in lieu of or in exchange for any Junior Subordinated Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Junior
Subordinated Notes held by the Trustee shall be disposed of in accordance with its customary procedures and the Trustee shall promptly deliver a certificate of disposition to the Company. 

 

	SECTION 308.	COMPUTATION OF INTEREST. 

 Except as otherwise specified as contemplated by
Section 301 for Junior Subordinated Notes of any series, interest on the Junior Subordinated Notes of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

ARTICLE 4 
 SATISFACTION
AND DISCHARGE 
  

	SECTION 401.	SATISFACTION AND DISCHARGE OF INDENTURE. 

 This Indenture shall, upon Company Request,
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Junior Subordinated Notes herein expressly provided for) and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when 
 (1) either 

(A) all Junior Subordinated Notes theretofore authenticated and delivered (other than (i) Junior Subordinated Notes that have been
destroyed, lost or stolen and that have been replaced or paid as provided for in Section 304 and (ii) Junior Subordinated Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(B) all such Junior Subordinated Notes not theretofore delivered to the Trustee for cancellation 

 

	 	(i)	have become due and payable, 

  
 23 

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

  

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

 and the Company, in the case of (B) above, has deposited or caused to be deposited with the Trustee as
funds in trust for the purpose described above (i) money in an amount sufficient, or (ii) (a) Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide
not later than one day before the due date of any payment referred to in clause (B) of this subparagraph money in an amount, or (b) a combination of such money and such Government Obligations, sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Junior Subordinated Notes not theretofore delivered to the Trustee for
cancellation, for principal (and premium, if any) and interest to the date of the Stated Maturity or Redemption Date, as the case may be, or if later, the date of payment; 

(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 In the event there
are Junior Subordinated Notes of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Junior Subordinated Notes of
all series as to which it is Trustee and if the other conditions thereto are met. In the event there are two or more Trustees hereunder, then the effectiveness of any such instrument shall be conditioned upon receipt of such instruments from all
Trustees hereunder. 
 If, subsequent to the date a discharge is effected pursuant to this Section 401, Additional Interest (in excess
of that established as of the date such discharge is effected) becomes payable in respect of the series of Junior Subordinated Notes discharged, in order to preserve the benefits of the discharge established hereunder, the Company shall irrevocably
deposit or cause to be irrevocably deposited in accordance with the provisions of this Section 401, within 10 Business Days prior to the date the first payment in respect of any portion of such excess Additional Interest becomes due, such
additional funds as are necessary to satisfy the provisions of this Section 401 as if a discharge were being effected as of the date of such subsequent deposit. Failure to comply with the requirements of this paragraph shall result in the
termination of the benefits of the discharge established by this Section 401. 

  
 24 

 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 607, the obligations of the Company to any Authenticating Agent under Section 614, and, if money or Government Obligations shall have been deposited with the Trustee pursuant to subclause (B) of clause
(1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 
  

	SECTION 402.	APPLICATION OF TRUST MONEY; INDEMNIFICATION. 

 (a) Subject to the provisions of the last
paragraph of Section 1003, all money or Government Obligations deposited with the Trustee pursuant to Section 401 and all money received by the Trustee in respect of Government Obligations deposited with the Trustee pursuant to
Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Junior Subordinated Notes, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or an Affiliate
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with or received by the Trustee. 

(b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Government
Obligations deposited pursuant to Section 401, or the interest and principal received in respect of such obligations other than any amount payable by or on behalf of Holders. 

(c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any Government Obligations or money held by it as
provided in Section 401 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the same opinion given to the Trustee pursuant
to said Section), is then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such obligations or money was deposited or received. 

ARTICLE 5 
 REMEDIES

  

	SECTION 501.	EVENTS OF DEFAULT. 

 “Event of Default”, wherever used herein with
respect to Junior Subordinated Notes of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body or occasioned by the operation of Article Thirteen): 

(1) default in the payment of any interest upon any Junior Subordinated Note of that series when it becomes due and payable on an Interest
Payment Date other than at Maturity, including Additional Interest (as defined in clause (ii) of the definition thereof) in respect thereof, and continuance of such default for a period of 10 days; provided, however, that (i) a valid
extension of the interest payment period by the Company pursuant to the terms of a supplemental indenture authorizing the Junior Subordinated Notes of that series shall not 

  
 25 

 
constitute a default in the payment of interest for this purpose and (ii) no such default shall be deemed to exist if, on or prior to the date on which such interest became due, the Company
shall have made a payment sufficient to pay such interest pursuant to the Trust Guarantee related to the Trust Securities of the Securities Trust owning such series of Junior Subordinated Notes, and shall have delivered a notice to the Trustee to
that effect; or 
 (2) default in payment of Additional Interest (as defined in clause (i) of the definition thereof) and the
continuance of such default for a period of 10 days; or 
 (3) default in the payment of the principal of, (or premium, if any) or interest
(including Additional Interest as defined in clause (ii) of the definition thereof) on any Junior Subordinated Note of that series at its Maturity; provided, however, that no such default in the payment of principal (or premium, if any) or
interest (including Additional Interest as defined in clause (ii) of the definition thereof) shall be deemed to exist if, on or prior to the date such principal (and premium, if any) or interest (including Additional Interest as defined in
clause (ii) of the definition thereof) became due, the Company shall have made a payment sufficient to pay such principal (and premium, if any) or interest (including Additional Interest as defined in clause (ii) of the definition thereof)
pursuant to the Trust Guarantee related to the Trust Securities of the Securities Trust owning such series of Junior Subordinated Notes, and shall have delivered a notice to the Trustee to that effect; or 

(4) default in the deposit of any sinking fund payment, when and as due by the terms of a Junior Subordinated Note of that series and
continuance of such default for a period of 3 Business Days; or 
 (5) default in the performance or breach of any covenant or warranty of
the Company or, if the series of Junior Subordinated Notes is entitled to the benefit of a Guarantee, the Guarantor in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with or which has expressly been included in this Indenture solely for the benefit of one or more series of Junior Subordinated Notes other than that series), and continuance of such default or breach for a period of 90 days after
there has been given, by registered or certified mail, to the Company or, if applicable, the Guarantor by the Trustee, or to the Company or the Guarantor, if applicable, and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Junior Subordinated Notes of that series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(6) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or, if
applicable, the Guarantor in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company or, if applicable, the Guarantor a
bankrupt or insolvent, or approving as properly filed a petition by one or more Persons other than the Company or, if applicable, the Guarantor seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or, if
applicable, the Guarantor under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Company or, if applicable, the Guarantor or for any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

  
 26 

 (7) the commencement by the Company or, if applicable, the Guarantor of a case or proceeding
under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in
respect of the Company or, if applicable, the Guarantor in a case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or
proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or, if applicable, the Guarantor or of any substantial part of its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or, if applicable, the Guarantor in furtherance of any such action; or 

(8) if any series of Outstanding Junior Subordinated Notes under this Indenture is entitled to the benefits of the Guarantee, the Guarantee of
the Guarantor ceases to be in full force and effect with respect to Junior Subordinated Notes of that series (except as otherwise provided in this Indenture) or is declared null and void in a judicial proceeding or any of the Guarantor denies or
disaffirms its obligations under this Indenture or such Guarantee; or 
 (9) any other Event of Default provided with respect to Junior
Subordinated Notes of that series in the supplemental indenture authorizing such series. 
  

	SECTION 502.	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. 

 If an Event of Default with respect
to Junior Subordinated Notes of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Junior Subordinated Notes of that series may
declare the principal amount (or such portion of the principal amount as may be specified in the terms of that series) of all of the Junior Subordinated Notes of that series to be due and payable immediately, by a notice in writing to the Company
and to the Guarantor (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. 

At any time after such a declaration of acceleration with respect to Junior Subordinated Notes of any series has been made and before a
judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding Junior Subordinated Notes of that series, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

  
 27 

 (1) the Company or the Guarantor has paid or deposited with the Trustee a sum sufficient to pay

 (A) all overdue interest (including any Additional Interest) on all Junior Subordinated Notes of that series, 

(B) the principal of (and premium, if any) any Junior Subordinated Notes of that series which have become due otherwise than by such
declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Junior Subordinated Notes, 
 (C) to the
extent that payment of such interest is lawful, interest upon overdue interest (including any Additional Interest) at the rate or rates prescribed therefor in such Junior Subordinated Notes, and 

(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due to the Trustee under Section 607; and 
 (2) all Events of Default with respect to
Junior Subordinated Notes of that series, other than the non-payment of the principal of Junior Subordinated Notes of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

 

	SECTION 503.	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE. 

 The Company covenants
that if an Event of Default occurs under Section 501(1), (2), (3) or (4) with respect to any Junior Subordinated Notes the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Junior Subordinated
Notes, the whole amount then due and payable on such Junior Subordinated Notes for principal (and premium, if any) and interest (including Additional Interest, if any) and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal (and premium, if any) and on any overdue interest (including Additional Interest, if any), at the rate or rates prescribed therefor in such Junior Subordinated Notes, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 607.

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

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

 

	SECTION 504.	TRUSTEE MAY FILE PROOFS OF CLAIM. 

 In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company, the Guarantor or any other obligor upon the Junior Subordinated Notes or the property of the Company, the
Guarantor or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Junior Subordinated Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(1) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Junior
Subordinated Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due to the Trustee under Section 607) and of the Holders of Junior Subordinated Notes allowed in such judicial proceeding, and 

(2) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of Junior Subordinated Notes to make such payments to the Trustee and, in the event that
the Trustee shall consent to the making of such payments directly to the Holders of Junior Subordinated Notes, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 607. To the extent that the payment of any such compensation, expenses, disbursements and advances and any other amounts due the Trustee under Section 607 out of the estate
in any such proceeding shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to
receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Junior Subordinated Note any plan of reorganization, arrangement, adjustment or composition affecting the Junior
Subordinated Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder of a Junior Subordinated Note in any such proceeding. 

  
 29 

	SECTION 505.	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF JUNIOR SUBORDINATED NOTES. 

 All rights
of action and claims under this Indenture or the Junior Subordinated Notes may be prosecuted and enforced by the Trustee without the possession of any of the Junior Subordinated Notes or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Junior Subordinated Notes in respect of which such judgment has been recovered. 
  

	SECTION 506.	APPLICATION OF MONEY COLLECTED. 

 Any money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, upon presentation of the Junior Subordinated Notes,
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 First: To the payment of all
amounts due the Trustee under Section 607; and 
 Second: Subject to Article Thirteen, to the payment of the amounts then due and
unpaid for principal of (and premium, if any) and interest (including Additional Interest, if any) on the Junior Subordinated Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or
priority of any kind, according to the amounts due and payable on such Junior Subordinated Notes for principal (and premium, if any) and interest (including Additional Interest, if any), respectively; and 

Third: The balance, if any, to the Person or Persons entitled thereto. 

 

	SECTION 507.	LIMITATION ON SUITS. 

 No Holder of any Junior Subordinated Note of any series shall have
any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Junior Subordinated
Notes of that series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Junior Subordinated Notes of that
series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request; 

  
 30 

 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has
failed to institute any such proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of that series; it being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
  

	SECTION 508.	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST. 

Notwithstanding any other provision in this Indenture but subject to Article Thirteen, (1) the Holder of any Junior Subordinated Notes
shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 305) interest (including any Additional Interest) on such Junior Subordinated Note on the due dates
expressed in such Junior Subordinated Note (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder; and
(2) so long as the Junior Subordinated Notes of any series are held by a Securities Trust, a registered holder of preferred securities issued by such Securities Trust may institute a legal proceeding directly against the Company, without first
instituting a legal proceeding directly against or requesting or directing that action be taken by the Property Trustee of such Securities Trust or any other Person, for enforcement of payment to such registered holder of principal of or interest on
Junior Subordinated Notes of such series having a principal amount equal to the aggregate stated liquidation amount of such preferred securities of such registered holder on or after the due dates therefor specified or provided for in the Junior
Subordinated Notes of such series. 
  

	SECTION 509.	RESTORATION OF RIGHTS AND REMEDIES. 

 If the Trustee or any Holder of a Junior
Subordinated Note has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company, the Guarantor and the Trustee and the Holders of Junior Subordinated Notes shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  

	SECTION 510.	RIGHTS AND REMEDIES CUMULATIVE. 

 Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Junior Subordinated Notes in the last paragraph of Section 304, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Junior

  
 31 

 
Subordinated Notes is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy. 
  

	SECTION 511.	DELAY OR OMISSION NOT WAIVER. 

 No delay or omission of the Trustee or of any Holder of
any Junior Subordinated Note to exercise any right or remedy upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
or by law to the Trustee or to the Holders of Junior Subordinated Notes may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Junior Subordinated Notes. 

 

	SECTION 512.	CONTROL BY HOLDERS OF JUNIOR SUBORDINATED NOTES. 

 The Holders of not less than a
majority in principal amount of the Outstanding Junior Subordinated Notes of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Junior Subordinated Notes of such series, provided that 
 (1) such direction shall not be in
conflict with any rule of law or with this Indenture, and could not involve the Trustee in personal liability in circumstances where reasonable indemnity would not be adequate, and 

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

 

	SECTION 513.	WAIVER OF PAST DEFAULTS. 

 The Holders of not less than a majority in principal amount of
the Outstanding Junior Subordinated Notes of any series may, on behalf of the Holders of all the Junior Subordinated Notes of such series, waive any past default hereunder with respect to such series and its consequences, except a default 

(1) in the payment of the principal of (or premium, if any) or interest (including Additional Interest) on any Junior Subordinated Note of
such series, or 
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the
consent of the Holder of each Outstanding Junior Subordinated Note of such series affected. 
 Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

  
 32 

	SECTION 514.	UNDERTAKING FOR COSTS. 

 All parties to this Indenture agree, and each Holder of any
Junior Subordinated Note by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Junior Subordinated Notes of any series, or to any suit
instituted by any Holder of any Junior Subordinated Note for the enforcement of the payment of the principal of (or premium, if any) or interest (including Additional Interest) on any Junior Subordinated Note on or after the Stated Maturity or
Maturities expressed in such Junior Subordinated Note (or, in the case of redemption, on or after the Redemption Date). 
  

	SECTION 515.	WAIVER OF STAY OR EXTENSION LAWS. 

 The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE 6 
 THE TRUSTEE

  

	SECTION 601.	CERTAIN DUTIES AND RESPONSIBILITIES. 

 (a) Except during the continuance of an Event of
Default with respect to Junior Subordinated Notes of any series, 
 (1) the Trustee undertakes to perform, with respect to Junior
Subordinated Notes of such series, such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may, with respect to Junior Subordinated Notes of such series, conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 

  
 33 

 (b) In case an Event of Default with respect to Junior Subordinated Notes of any series has
occurred and is continuing, the Trustee shall exercise, with respect to Junior Subordinated Notes of such series, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent
man would exercise or use under the circumstances in the conduct of his own affairs. 
 (c) No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 

(1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section; 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the
Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of any series relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Junior Subordinated Notes of such series; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
  

	SECTION 602.	NOTICE OF DEFAULTS. 

 Within 90 days after the occurrence of any default hereunder with
respect to the Junior Subordinated Notes of any series, the Trustee shall transmit by mail to all Holders of Junior Subordinated Notes of such series entitled to receive reports pursuant to Section 313(c) of the Trust Indenture Act, notice of
all defaults hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest (including Additional
Interest) on any Junior Subordinated Note of such series or in the payment of any sinking fund installment with respect to Junior Subordinated Notes of such series, the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee 

  
 34 

 
of directors or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Junior Subordinated Notes of such series; and
provided, further, that in the case of any default of the character specified in Section 501(5) with respect to Junior Subordinated Notes of such series, no such notice to Holders shall be given until at least 45 days after the occurrence
thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Junior Subordinated Notes of such series. 

 

	SECTION 603.	CERTAIN RIGHTS OF TRUSTEE. 

 Subject to the provisions of Section 601: 

(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and a
resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (c) whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon an Officers’ Certificate or an Opinion of Counsel; 
 (d) the Trustee may consult with counsel and the written
advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Junior Subordinated Notes of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

  
 35 

 (h) the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to the Junior Subordinated Notes of any series for which it is acting as Trustee unless either (1) a Responsible Officer of the Trustee shall have actual knowledge of such default or Event of Default or (2) written notice of such
default or Event of Default shall have been given to the Trustee by the Company, any other obligor on such Junior Subordinated Notes or by the Holders of at least 25% in aggregate principal amount of such Junior Subordinated Notes; 

(i) the Trustee shall not be required to give any bond or surety in respect of the execution of its trusts or powers or otherwise in respect
of this Indenture; 
 (j) the Trustee shall not be liable for any action it takes or omits to take which it in good faith reasonably
believes to be authorized or within its powers other than for its own negligence or willful misconduct; 
 (k) anything in this Indenture
notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood
of such loss or damage and regardless of the form of action arising in connection with this Indenture; 
 (l) any action taken, or omitted
to be taken, by the Trustee in good faith pursuant to this Indenture 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 Junior Subordinated Note of
a series shall be conclusive and binding upon all future Holders of Junior Subordinated Notes of such series and upon Junior Subordinated Notes executed and delivered in exchange therefor or in place thereof; 

(m) the Trustee may intervene in any judicial proceeding and shall do so if directed to do so pursuant to Section 512, subject to
Section 603(e); and 
 (n) the permissive right of the Trustee to take actions enumerated in this Indenture shall not be construed as a
duty. 
  

	SECTION 604.	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF JUNIOR SUBORDINATED NOTES. 

 The recitals
contained herein and in the Junior Subordinated Notes (except the Trustee’s certificates of authentication) shall be taken as the statements of the Company, the Guarantor and the Trustee or any Authenticating Agent assumes no responsibility for
their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Junior Subordinated Notes. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the
Company of Junior Subordinated Notes or the proceeds thereof. 
 The Trustee shall not be deemed to owe any fiduciary duty to the holders of
Trust Securities and shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of a Trust Security to establish that such Person is such a holder. The Trustee may conclusively rely on an
Officers’ Certificate as evidence that the holders of the necessary percentage of liquidation preference of Trust Securities have taken any action contemplated hereunder and shall have no duty to investigate the truth or accuracy of any
statement contained therein. 

  
 36 

 The Trustee shall have no responsibility or liability with respect to any information, statement
or recital in any offering memorandum, prospectus, prospectus supplement or other disclosure material prepared or distributed with respect to any of the Junior Subordinated Notes. 

 

	SECTION 605.	MAY HOLD JUNIOR SUBORDINATED NOTES. 

 The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Junior Subordinated Notes and, subject to Sections 608 and 613, may otherwise deal with the Company with the
same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  

	SECTION 606.	MONEY HELD IN TRUST. 

 Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

 

	SECTION 607.	COMPENSATION AND REIMBURSEMENT. 

 The Company and the Guarantor jointly and severally
agree: 
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as otherwise
expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith; and 

(3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability, damages, costs or expense incurred without negligence,
willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder. 
 As security for the performance of the obligations of the
Company under this Section the Trustee shall have a lien prior to the Junior Subordinated Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, premium, if any, or
interest, if any, on particular Junior Subordinated Notes. 

  
 37 

 The obligations of the Company under this Section 607 shall survive the satisfaction and
discharge of this Indenture and the resignation or removal of the Trustee. 
 In addition to and without prejudice to its other rights
hereunder or under applicable law, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 501(6) or (7) occurs, the expenses and the compensation for the services are intended to constitute
expenses of administration under Title 11, U.S. Code or any similar federal, state or foreign law for the relief of debtors. 
  

	SECTION 608.	DISQUALIFICATION; CONFLICTING INTERESTS. 

 If the Trustee has or shall acquire any
conflicting interest, within the meaning of the Trust Indenture Act, it shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign, to the extent and in the manner provided
by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being trustee under (i) this
Indenture with respect to Junior Subordinated Notes of one or more series or (ii) any other indenture to which the Trustee and the Company are a party, if any, or with respect to the securities issued thereunder, if any. 

 

	SECTION 609.	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. 

 There shall at all times be a Trustee
hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and qualified and eligible under this Article and otherwise permitted by the Trust Indenture Act to act as Trustee under an Indenture
qualified under the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  

	SECTION 610.	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 

 (a) No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 

(b) The Trustee may resign at any time with respect to the Junior Subordinated Notes of one or more series by giving written notice thereof to
the Company and the Guarantor. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Junior Subordinated Notes of such series. 

  
 38 

 (c) The Trustee may be removed at any time with respect to the Junior Subordinated Notes of any
series upon 30 days notice by Act of the Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of such series delivered to the Trustee and to the Company and to the Guarantor. 

(d) If at any time: 
 (1) the
Trustee shall fail to comply with Section 608 after written request therefor by the Company or the Guarantor or by any Holder of a Junior Subordinated Note who has been a Holder of a Junior Subordinated Note for at least six months, or 

(2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or
the Guarantor or by any such Holder, or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or
a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case,
(i) the Company, by a Board Resolution, may remove the Trustee with respect to all Junior Subordinated Notes, or (ii) subject to Section 514, any Holder of a Junior Subordinated Note who has been a bona fide Holder of a Junior
Subordinated Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Junior Subordinated Notes and the appointment of a
successor Trustee or Trustees. 
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in
the office of Trustee for any cause, with respect to the Junior Subordinated Notes of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Junior Subordinated Notes of
that or those series (it being understood that any such successor Trustee may be appointed with respect to the Junior Subordinated Notes of one or more or all of such series and that at any time there shall be only one Trustee with respect to the
Junior Subordinated Notes of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Junior Subordinated Notes of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of such series delivered to the Company and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Junior Subordinated Notes of such series and
to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Junior Subordinated Notes of any series shall have been so appointed by the Company or the Holders of Junior Subordinated Notes and
accepted appointment in the manner required by Section 611, any Holder of a Junior Subordinated Note who has been a bona fide Holder of a Junior Subordinated Note of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Junior Subordinated Notes of such series. 

  
 39 

 (f) The Company shall give notice of each resignation and each removal of the Trustee with
respect to the Junior Subordinated Notes of any series and each appointment of a successor Trustee with respect to the Junior Subordinated Notes of any series by mailing written notice of such event by first-class mail, postage prepaid, to all
Holders of such series of Junior Subordinated Notes as their names and addresses appear in the Security Register. 
  

	SECTION 611.	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. 

 (a) In case of the appointment hereunder of a
successor Trustee with respect to all Junior Subordinated Notes, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall
duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 (b) In case
of the appointment hereunder of a successor Trustee with respect to the Junior Subordinated Notes of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Junior Subordinated Notes of one
or more series shall execute and deliver a supplemental indenture hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Junior Subordinated Notes of that or those series to which the appointment of such successor Trustee relates, (2) if the
retiring Trustee is not retiring with respect to all Junior Subordinated Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Junior Subordinated Notes of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and
that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Junior Subordinated Notes of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Junior Subordinated Notes of that or those series to which the appointment of such successor Trustee relates. 

  
 40 

 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
  

	SECTION 612.	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. 

 Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all
the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Junior Subordinated Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Junior Subordinated Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Junior Subordinated Notes. 

 

	SECTION 613.	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. 

 If and when the Trustee shall be or
become a creditor of the Company (or any other obligor upon the Junior Subordinated Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).
For purposes of Section 311(b)(4) and (6) of the Trust Indenture Act: 
 (a) “cash transaction” means any
transaction in which full payment for goods or securities sold is made within 7 days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 

(b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or
incurred by the Company (or any such obligor) for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a
lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the
creation of the creditor relationship with the Company (or any such obligor) arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

 

	SECTION 614.	APPOINTMENT OF AUTHENTICATING AGENT. 

 At any time when any of the Junior Subordinated
Notes remain Outstanding the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Junior 

  
 41 

 
Subordinated Notes that shall be authorized to act on behalf of the Trustee to authenticate Junior Subordinated Notes of such series issued upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 304, and Junior Subordinated Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery of Junior Subordinated Notes by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class
mail, postage prepaid, to all Holders of Junior Subordinated Notes, if any, of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section. 

  
 42 

 The provisions of Sections 306, 604 and 605 shall be applicable to each Authenticating Agent.

 If an appointment with respect to one or more series is made pursuant to this Section, the Junior Subordinated Notes of such series may
have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

This is one of the Junior Subordinated Notes of the series designated therein referred to in the within-mentioned Indenture. 

 

                       
              
 As Trustee 

By                       
           
 As Authenticating Agent 

By                       
         
 Authorized Signatory 

ARTICLE 7 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR 

 

	SECTION 701.	COMPANY AND GUARANTOR TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS. 

 The Company
and the Guarantor will furnish or cause to be furnished to the Trustee 
 (a) not later than each Interest Payment Date in each year, a
list, in such form as the Trustee may reasonably require, containing all the information in the possession or control of the Company and the Guarantor, or any of its Paying Agents other than the Trustee, as to the names and addresses of the Holders
of Junior Subordinated Notes as of the preceding Regular Record Date, and 
 (b) at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company or the Guarantor of any such request, a list of similar form and content as of the most recent Regular Record Date; excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar. 
  

	SECTION 702.	PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS. 

 (a) The Trustee shall comply
with the obligations imposed on it pursuant to Section 312 of the Trust Indenture Act. 
 (b) Every Holder of Junior Subordinated
Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as

  
 43 

 
to the names and addresses of the Holders of Junior Subordinated Notes in accordance with Section 312(b) of the Trust Indenture Act, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 
  

	SECTION 703.	REPORTS BY TRUSTEE. 

 (a) Within 60 days after May 15 of each year commencing with
the first May 15 after the first issuance of Junior Subordinated Notes pursuant to this Indenture, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit a brief report dated as of such May 15 with
respect to any of the events specified in such Section 313(a) that may have occurred since the later of the immediately preceding May 15 and the date of this Indenture. 

(b) The Trustee shall transmit the reports required by Section 313(b) of the Trust Indenture Act at the times specified therein. 

(c) Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and (d) of the
Trust Indenture Act. 
  

	SECTION 704.	REPORTS BY GUARANTOR. 

 The Guarantor, pursuant to Section 314(a) of the Trust
Indenture Act, shall: 
 (1) file with the Trustee, within 15 days after the Guarantor is required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file
with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Guarantor is not required to file information, documents or reports pursuant to either of said Sections, then it
shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the Guarantor with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; 

(3) transmit, within 30 days after the filing thereof with the Trustee, to the Holders of Junior Subordinated Notes, in the manner and to the
extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Guarantor pursuant to paragraphs (1) and (2) of this Section 704 as may be
required by rules and regulations prescribed from time to time by the Commission; and 

  
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 (4) notify the Trustee when and as the Junior Subordinated Notes of any series become admitted to
trading on any national securities exchange. 
 ARTICLE 8 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  

	SECTION 801.	COMPANY AND GUARANTOR MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS. 

 Neither the Company
nor the Guarantor shall consolidate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless 

(1) in case the Company or the Guarantor shall consolidate with or merge into another corporation or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, the corporation formed by such consolidation or into which the Company or the Guarantor is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and
assets of the Company or the Guarantor substantially as an entirety shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume, by a
supplemental indenture hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, in the case of the Company, the due and punctual payment of the principal of (and premium, if any) and interest (including Additional
Interest) on all the Junior Subordinated Notes and the performance of every covenant of this Indenture on the part of the Company to be performed or observed and, in the case of the Guarantor, the performance of the Guarantees and the performance of
every covenant of this Indenture on the part of the Guarantor to be performed or observed; 
 (2) immediately after giving effect to such
transactions, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 

(3) the Company and the Guarantor, as the case may be, has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease complies with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

 

	SECTION 802.	SUCCESSOR CORPORATION SUBSTITUTED. 

 Upon any consolidation by the Company with or merger
by the Company or the Guarantor into any corporation or any conveyance, transfer or lease of the properties and assets of the Company or the Guarantor substantially as an entirety in accordance with Section 801, the successor corporation formed
by such consolidation or into which the Company or the Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company or the Guarantor, as
the case may be, under this Indenture with the same effect as if such successor corporation had been named as the Company or Guarantor, as the case may be, herein, and thereafter, except in the case of a lease, the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Junior Subordinated Notes. 

  
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 ARTICLE 9 

SUPPLEMENTAL INDENTURES 
  

	SECTION 901.	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. 

 Without the consent of any Holders
of Junior Subordinated Notes, the Company and the Guarantor, in each case when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more supplemental indentures hereto, in form satisfactory to
the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another corporation to the Company or the Guarantor and
the assumption by any such successor of the covenants of the Company or the Guarantor herein and in the Junior Subordinated Notes; or 
 (2)
to add to the covenants of the Company or the Guarantor for the benefit of the Holders of all or any series of Junior Subordinated Notes (and if such covenants are to be for the benefit of less than all series of Junior Subordinated Notes, stating
that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or 

(3) to add any additional Events of Default; or 

(4) to add to or change any of the provisions of this Indenture, to change or eliminate any restrictions on the payment of principal (or
premium, if any) on Junior Subordinated Notes or to permit the issuance of Junior Subordinated Notes in uncertificated form, provided any such action shall not adversely affect the interests of the Holders of Junior Subordinated Notes of any series
in any material respect; or 
 (5) to change or eliminate any of the provisions of this Indenture with respect to any series of Junior
Subordinated Notes theretofore unissued; or 
 (6) to secure the Junior Subordinated Notes; or 

(7) to establish the form or terms of Junior Subordinated Notes of any series or the Guarantees as permitted by Sections 201 and 301; or 

(8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Junior Subordinated Notes
of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 611(b); or 

  
 46 

 (9) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely affect the interests of the Holders of Junior Subordinated Notes of any
series or holders of outstanding Trust Securities in any material respect; or 
 (10) to provide for Guarantees, with respect to any one or
more particular series of Junior Subordinated Notes to be issued and authenticated hereunder, which are subordinate and junior in right of payment to the prior payment in full of Senior Indebtedness, to the extent and in the manner set forth
therein; or 
 (11) subject to Section 903(a), to make any change in Article Thirteen that would limit or terminate the benefits
available to any holder of Senior Indebtedness under such Article; or 
 (12) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act or under any similar federal statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly
required by the Trust Indenture Act. 
  

	SECTION 902.	SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. 

 With the consent of the Holders of not
less than a majority in principal amount of the Outstanding Junior Subordinated Notes of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company or the Guarantor, when
authorized by a Board Resolution, and the Trustee may enter into one or more supplemental indentures hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying
in any manner the rights of the Holders of Junior Subordinated Notes of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Junior Subordinated Note
affected thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Junior
Subordinated Note, or reduce the principal amount thereof or the rate of interest (including Additional Interest) thereon or any premium payable upon the redemption thereof, or change the method of calculating the rate of interest thereon, or impair
the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 

(2) reduce the percentage in principal amount of the Outstanding Junior Subordinated Notes of any series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture,
or 
 (3) modify any of the provisions of this Section 902, Section 513 or Section 1008, except to increase any such
percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding 

  
 47 

 
Junior Subordinated Note affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder of a Junior Subordinated Note with respect to changes in
the references to “the Trustee” and concomitant changes in this Section and Section 1008, or the deletion of this proviso, in accordance with the requirements of Sections 611(b) and 901(8), or 

(4) modify the provisions of this Indenture with respect to the subordination of the Junior Subordinated Notes in a manner adverse to such
Holder. 
  

	SECTION 903.	GENERAL PROVISIONS REGARDING SUPPLEMENTAL INDENTURE. 

 (a) A supplemental indenture
entered into pursuant to Section 901 or Section 902 may not make any change that adversely affects the rights under Article Thirteen of any holder of Senior Indebtedness then outstanding unless the holders of such Senior Indebtedness (or
any group or representative thereof authorized to give a consent) consent to such change. 
 (b) A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Junior Subordinated Notes, or which modifies the rights of the Holders of Junior Subordinated
Notes of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Junior Subordinated Notes of any other series. 

(c) It shall not be necessary for any Act of Holders of Junior Subordinated Notes under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act or action shall approve the substance thereof. 
  

	SECTION 904.	EXECUTION OF SUPPLEMENTAL INDENTURES. 

 In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying
upon, an Opinion of Counsel and an Officers’ Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture constitutes a valid and binding obligation of
the Company enforceable against the Company in accordance with its terms and a valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee’s own rights, duties, immunities or liabilities under this Indenture or otherwise. 
  

	SECTION 905.	EFFECT OF SUPPLEMENTAL INDENTURES. 

 Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Junior Subordinated Notes theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby. 

  
 48 

	SECTION 906.	CONFORMITY WITH TRUST INDENTURE ACT. 

 Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act. 
  

	SECTION 907.	REFERENCE IN JUNIOR SUBORDINATED NOTES TO SUPPLEMENTAL INDENTURES. 

 Junior Subordinated
Notes of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in
such supplemental indenture. If the Company and the Guarantor shall so determine, new Junior Subordinated Notes of any series so modified as to conform, in the opinion of the Trustee and the Company and the Guarantor, to any such supplemental
indenture may be prepared and executed by the Company and the Guarantor, Guarantees endorsed thereon may be executed by the Guarantor, and authenticated and delivered by the Trustee in exchange for Outstanding Junior Subordinated Notes of such
series. 
 ARTICLE 10 

COVENANTS 
  

	SECTION 1001.	PAYMENT OF PRINCIPAL AND INTEREST. 

 The Company covenants and agrees for the benefit of
each series of Junior Subordinated Notes that it will duly and punctually pay the principal of (and premium, if any) and interest, including Additional Interest (subject to the right of the Company to extend an interest payment period pursuant to
the terms of a supplemental indenture authorizing the Junior Subordinated Notes of that series), on the Junior Subordinated Notes of that series in accordance with the terms of the Junior Subordinated Notes and this Indenture. 

 

	SECTION 1002.	MAINTENANCE OF OFFICE OR AGENCY. 

 The Company, the Guarantor or an Affiliate of the
Company or the Guarantor will maintain an office or agency where Junior Subordinated Notes of each series may be presented or surrendered for payment, where Junior Subordinated Notes of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company and the Guarantor in respect of the Junior Subordinated Notes of that series and this Indenture may be served. The Company and the Guarantor will give prompt written notice to the Trustee
of the location, and any change in the location, of such office or agency. If at any time the Company or the Guarantor shall fail to maintain any such required office or agency in respect of any series of Junior Subordinated Notes or shall fail to
furnish the Trustee with the address thereof, such presentations and surrenders of Junior Subordinated Notes of that series may be made and notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive such respective presentations, surrenders, notices and demands. 

  
 49 

 The Company and the Guarantor may also from time to time designate one or more other offices or
agencies where the Junior Subordinated Notes of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency. 
  

	SECTION 1003.	MONEY FOR JUNIOR SUBORDINATED NOTES PAYMENTS TO BE HELD IN TRUST. 

 If the Company or the
Guarantor or one of the Affiliates of the Company or the Guarantor shall at any time act as its own Paying Agent with respect to any series of Junior Subordinated Notes, it will, on or before each due date of the principal of (and premium, if any)
or interest (including Additional Interest, if any) on any of the Junior Subordinated Notes of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or
interest (including Additional Interest, if any) so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Junior Subordinated Notes, it will, prior to each due date of the
principal of (and premium, if any) or interest (including Additional Interest, if any) on any Junior Subordinated Notes of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest (including
Additional Interest, if any) so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest (including Additional Interest, if any), and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent for any series of
Junior Subordinated Notes other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest (including Additional Interest, if any) on
Junior Subordinated Notes of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Junior Subordinated Notes of that series) in the
making of any payment of principal of (and premium, if any) or interest (including Additional Interest, if any) on the Junior Subordinated Notes of that series; and 

(3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or by Company Order direct any 

  
 50 

 
Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by
the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest (including Additional Interest, if any) on any Junior Subordinated Note of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest (including Additional Interest, if any)
has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Junior Subordinated Note shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper of general circulation in New York City notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

	SECTION 1004.	ADDITIONAL INTEREST. 

 If the Junior Subordinated Notes of a series provide for the
payment of Additional Interest (for purposes of this Section 1004, as defined in clause (i) of the definition thereof) to the Holders of such Junior Subordinated Notes, then the Company shall pay to each Holder of such Securities the
Additional Interest as provided therein. 
 Except as otherwise provided in or pursuant to this Indenture, if the Junior Subordinated Notes
of a series provide for the payment of Additional Interest, at least 10 days prior to the first Interest Payment Date with respect to that series of Junior Subordinated Notes upon which such Additional Interest shall be payable (or, if the Junior
Subordinated Notes of that series shall not bear interest prior to Maturity, the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there
has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company will furnish the Trustee and the Company’s Paying Agents, if other than the Trustee or the Company, with an Officers’
Certificate stating the amount of the Additional Interest payable per minimum authorized denomination of such Junior Subordinated Notes (and, if such Additional Interest is payable only with respect to particular Junior Subordinated Notes, then the
names of the Holders of such Junior Subordinated Notes). 
  

	SECTION 1005.	CORPORATE EXISTENCE. 

 Subject to Article Eight, the Company and the Guarantor will do or
cause to be done all things necessary to preserve and keep in full force and effect its corporate (or if applicable, limited liability company) existence and the rights (charter and statutory) and franchises of the Company and the Guarantor;
provided, however, that the Company and the Guarantor shall not 

  
 51 

 
be required to preserve any such right or franchise if the Board of Directors of the Company or the Guarantor shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company or the Guarantor, and that the loss thereof is not disadvantageous in any material respect to the Holders. 
  

	SECTION 1006.	LIMITATIONS ON DIVIDEND AND CERTAIN OTHER PAYMENTS. 

 The Company covenants, for the
benefit of the Holders of each series of Junior Subordinated Notes, that, subject to the next succeeding sentence, (a) the Company shall not declare or pay any dividend or make any distributions with respect to, or redeem, purchase, acquire or
make a liquidation payment with respect to, any of its capital stock, and (b) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees other
than the Trust Guarantee with respect to the series of Trust Securities, if any, related to such series of Junior Subordinated Notes) issued by the Company which rank pari passu with or junior to the Junior Subordinated Notes, (a) if at such
time the Company shall have given notice of its election to extend an interest payment period for such series of Junior Subordinated Notes and such extension shall be continuing, (b) if at such time the Company shall be in default with respect
to its payment or other obligations under the Trust Guarantee with respect to the series of Trust Securities, if any, related to such series of Junior Subordinated Notes, or (c) if at such time an Event of Default hereunder with respect to such
series of Junior Subordinated Notes shall have occurred and be continuing. The preceding sentence, however, shall not restrict (i) any of the actions described in the preceding sentence resulting from any reclassification of the Company’s
capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock, (ii) the purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, or (iii) dividends, payments or distributions payable in shares of capital stock. 

 

	SECTION 1007.	STATEMENT AS TO COMPLIANCE. 

 (a) Each of the Company and the Guarantor shall deliver to
the Trustee, within 120 days after the end of each fiscal year, a written statement, which need not comply with Section 102, signed by the principal executive officer, the principal financial officer or the principal accounting officer of the
Company or the Guarantor, as the case may be, as to his or her knowledge of the Company’s or the Guarantor’s, as the case may be, compliance with all conditions and covenants under this Indenture. For purposes of this Section 1007,
such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 
 (b) The Company
shall deliver to the Trustee, no later than the Business Day on which the event occurs, written notice of the liquidation, dissolution or winding-up of a Securities Trust if such liquidation, dissolution or winding-up would occur earlier than the
Stated Maturity of the Junior Subordinated Notes owned by such Securities Trust. 

  
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 (c) The Company shall deliver to the Trustee, within 5 days after the occurrence thereof, written
notice of any event which after notice or lapse of time or both would become an Event of Default pursuant to Section 501. 
  

	SECTION 1008.	WAIVER OF CERTAIN COVENANTS. 

 The Company and the Guarantor may omit in any particular
instance to comply with any term, provision or condition set forth in Sections 1005 and 1006 with respect to the Junior Subordinated Notes of any series if before the time for such compliance the Holders of at least a majority in principal amount of
the Outstanding Junior Subordinated Notes of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect
such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the Guarantor and the duties of the Trustee in respect of any such term, provision or
condition shall remain in full force and effect. 
  

	SECTION 1009.	COVENANTS REGARDING TRUST. 

 For so long as the Trust Securities remain outstanding, the
Company covenants (i) to directly or indirectly maintain 100% ownership of the Common Securities (as defined in the Trust Agreement relating to such securities) of the Trust; provided, however, that any permitted successor of the Company
hereunder may succeed to the Company’s ownership of such Common Securities, and (ii) to use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with the distribution of Junior
Subordinated Notes to the holders of Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust, or certain mergers, consolidations or amalgamations, each as permitted under the Trust Agreement, and
(b) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes. 
 ARTICLE 11 

REDEMPTION OF JUNIOR SUBORDINATED NOTES 
  

	SECTION 1101.	APPLICABILITY OF ARTICLE. 

 Junior Subordinated Notes of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Junior Subordinated Notes of any series) in accordance with this Article. 

 

	SECTION 1102.	ELECTION TO REDEEM; NOTICE TO TRUSTEE. 

 The election of the Company to redeem any Junior
Subordinated Notes shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of all of the Junior Subordinated Notes of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by
the Company (unless a shorter notice shall be satisfactory to the Trustee and the related Property Trustee), notify the Trustee and the related Property Trustee in writing of such Redemption Date. In case of any redemption at the election of the
Company of 

  
 53 

 
less than all the Junior Subordinated Notes of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to
the Trustee and the related Property Trustee), notify the Trustee and the related Property Trustee in writing of such Redemption Date and of the principal amount of Junior Subordinated Notes of such series to be redeemed. In the case of any
redemption of Junior Subordinated Notes (i) prior to the expiration of any restriction on such redemption provided in the terms of such Junior Subordinated Notes or elsewhere in this Indenture, or (ii) pursuant to an election of the
Company which is subject to a condition specified in the terms of such Junior Subordinated Notes, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition. 

 

	SECTION 1103.	SELECTION BY TRUSTEE OF JUNIOR SUBORDINATED NOTES TO BE REDEEMED. 

 If the Junior
Subordinated Notes are registered in the name of only one Holder, any partial redemptions shall be pro rata; provided that, in the case of any such Holder which is a Depositary or a nominee thereof, nothing in this sentence shall affect the right of
such Depositary to select for redemption the positions held by its participants in accordance with the procedures of such Depositary. If the Junior Subordinated Notes are held in definitive form by more than one Holder and if less than all the
Junior Subordinated Notes of any series are to be redeemed, the particular Junior Subordinated Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Junior Subordinated Notes
of such series not previously called for redemption, by lot or other such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for
Junior Subordinated Notes of that series or any integral multiple thereof) of the principal amount of Junior Subordinated Notes of such series of a denomination larger than the minimum authorized denomination for Junior Subordinated Notes of that
series. 
 The Trustee shall promptly notify the Company in writing of the Junior Subordinated Notes selected for redemption and, in the
case of any Junior Subordinated Notes selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Junior Subordinated Notes shall relate, in the case of any Junior Subordinated Notes redeemed or to be redeemed only in part, to the portion of the
principal amount of such Junior Subordinated Notes which has been or is to be redeemed. 
  

	SECTION 1104.	NOTICE OF REDEMPTION. 

 Notice of redemption shall be given in the manner provided in
Section 106 to the Holders of Junior Subordinated Notes to be redeemed not less than 30 days nor more than 60 days prior to the Redemption Date. 

All notices of redemption shall state: 

(1) the Redemption Date, 

  
 54 

 (2) the Redemption Price (or if not then ascertainable, the manner of calculation thereof), 

(3) if less than all the Outstanding Junior Subordinated Notes of any series are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular Junior Subordinated Notes to be redeemed, 
 (4) that on the Redemption Date
the Redemption Price will become due and payable upon each such Junior Subordinated Note to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(5) the place or places where such Junior Subordinated Notes are to be surrendered for payment of the Redemption Price, and 

(6) that the redemption is for a sinking fund, if such is the case. 

Notice of redemption of Junior Subordinated Notes to be redeemed at the election of the Company shall be given by the Company or, at the
Company’s request, by the Trustee in the name and at the expense of the Company; provided, in the latter case, such request shall be given by the Company at least 60 days prior to the Redemption Date (unless a shorter notice shall be
satisfactory to the Trustee), which request shall contain all information necessary to prepare such notice. 
  

	SECTION 1105.	DEPOSIT OF REDEMPTION PRICE. 

 Except as otherwise provided in a supplemental indenture
pursuant to Section 301, prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company or its Affiliate is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money sufficient to pay the Redemption Price of and accrued interest, if any, on all the Junior Subordinated Notes which are to be redeemed on that date. 

 

	SECTION 1106.	JUNIOR SUBORDINATED NOTES PAYABLE ON REDEMPTION DATE. 

 Notice of redemption having been
given as aforesaid, the Junior Subordinated Notes so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified together with any accrued interest (including any Additional Interest) thereon, and
from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Junior Subordinated Notes shall cease to bear interest. Upon surrender of any such Junior Subordinated Note for redemption
in accordance with such notice, such Junior Subordinated Note shall be paid by the Company at the Redemption Price, together with accrued interest, if any, and any Additional Interest to the Redemption Date; provided, however, that, except as
otherwise provided in a supplemental indenture pursuant to Section 301, installments of interest on Junior Subordinated Notes whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Junior
Subordinated Notes, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 305. 

  
 55 

 If any Junior Subordinated Note called for redemption shall not be so paid upon surrender thereof
for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Junior Subordinated Note. 
  

	SECTION 1107.	JUNIOR SUBORDINATED NOTES REDEEMED IN PART. 

 Any Junior Subordinated Note that is to be
redeemed only in part shall be surrendered at an office or agency of the Company therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee
duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Junior Subordinated Note without service charge, a new Junior
Subordinated Note of the same series, Stated Maturity and original issue date of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the
Junior Subordinated Note so surrendered. 
 ARTICLE 12 

SINKING FUNDS 
  

	SECTION 1201.	APPLICABILITY OF ARTICLE. 

 The provisions of this Article shall be applicable to any
sinking fund for the retirement of Junior Subordinated Notes of a series except as otherwise specified as contemplated by Section 301 for Junior Subordinated Notes of such series. 

The minimum amount of any sinking fund payment provided for by the terms of Junior Subordinated Notes of any series is herein referred to as a
“mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Junior Subordinated Notes of any series is herein referred to as an “optional sinking fund payment”. If provided for
by the terms of Junior Subordinated Notes of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Junior Subordinated
Notes of any series as provided for by the terms of Junior Subordinated Notes of such series. 
  

	SECTION 1202.	SATISFACTION OF SINKING FUND PAYMENTS WITH JUNIOR SUBORDINATED NOTES. 

 The Company or
the Guarantor (1) may deliver Outstanding Junior Subordinated Notes of a series (other than any previously called for redemption), and (2) may apply as a credit Junior Subordinated Notes of a series which have been redeemed either at the
election of the Company pursuant to the terms of such Junior Subordinated Notes or through the application of permitted optional sinking fund payments pursuant to the terms of such Junior Subordinated Notes, in each case in satisfaction of all or
any part of any sinking fund payment with respect to the Junior Subordinated Notes of such series required to be made pursuant to the terms of such Junior 

  
 56 

 
Subordinated Notes as provided for by the terms of such series; provided that such Junior Subordinated Notes have not been previously so credited. Such Junior Subordinated Notes shall be received
and credited for such purpose by the Trustee at the Redemption Price specified in such Junior Subordinated Notes for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

 

	SECTION 1203.	REDEMPTION OF JUNIOR SUBORDINATED NOTES FOR SINKING FUND. 

 Not less than 60 days prior
to each sinking fund payment date for any series of Junior Subordinated Notes, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms
of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Junior Subordinated Notes of that series pursuant to Section 1202 and
stating the basis for such credit and that such Junior Subordinated Notes have not previously been so credited and will also deliver to the Trustee any Junior Subordinated Notes to be so delivered. Not less than 30 days before each such sinking fund
payment date the Trustee shall select the Junior Subordinated Notes to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Junior Subordinated Notes shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

ARTICLE 13 

SUBORDINATION 
  

	SECTION 1301.	JUNIOR SUBORDINATED NOTES SUBORDINATE TO SENIOR INDEBTEDNESS. 

 The Company covenants and
agrees, and each Holder of a Junior Subordinated Note, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article (subject to Article Four), the payment of the principal of,
premium, if any, and interest (including Additional Interest) on each and all of the Junior Subordinated Notes are hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash of all Senior Indebtedness.

  

	SECTION 1302.	PAYMENT OF PROCEEDS UPON DISSOLUTION, ETC. 

 Upon any payment or distribution of assets
of the Company to creditors upon any liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors, marshalling of assets or liabilities or any bankruptcy, insolvency or similar proceedings of the Company (each such
event, if any, referred to as a “Proceeding”), the holders of Senior Indebtedness shall be entitled to receive payment in full of all amounts due on or to become due on or in respect of all Senior Indebtedness (including any interest
accruing thereon after the commencement of any such Proceeding, whether or not allowed as a claim against the Company in such Proceeding), before the Holders of the Junior 

  
 57 

 
Subordinated Notes are entitled to receive any payment or distribution (excluding any payment described in Section 1309) on account of the principal of, premium, if any, or interest
(including Additional Interest, if any) on the Junior Subordinated Notes or on account of any purchase, redemption or other acquisition of Junior Subordinated Notes by the Company (all such payments, distributions, purchases, redemptions and
acquisitions, whether or not in connection with a Proceeding, herein referred to, individually and collectively, as a “Payment”). 

In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in
cash, property or securities, prohibited by the foregoing shall be received by the Trustee or the Holders of the Junior Subordinated Notes before all Senior Indebtedness is paid in full, or provision is made for such payment in money in accordance
with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or to the trustee or trustees under any indenture pursuant to which any instruments
evidencing any such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all
Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness. 

For purposes of this Article, “assets of the Company” shall not be deemed to include shares of stock of the Company as reorganized
or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article with respect to the Junior
Subordinated Notes to the payment of all Senior Indebtedness that may at the time be outstanding, provided, however, that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or
readjustment, and (ii) the rights of the holders of the Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into,
another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article
Eight hereof shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 1302 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated in Article Eight hereof. Nothing in Section 1303 or in this Section 1302 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607. 

 

	SECTION 1303.	NO PAYMENT WHEN SENIOR INDEBTEDNESS IN DEFAULT. 

 No payment of any principal, including
redemption payments, if any, premium, if any, or interest on (including Additional Interest) the Junior Subordinated Notes shall be made if 

(i) any Senior Indebtedness is not paid when due whether at the stated maturity of any such payment or by call for redemption and any
applicable grace period with respect to such default has ended, with such default remaining uncured and such default has not been waived or otherwise ceased to exist; 

  
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 (ii) the maturity of any Senior Indebtedness has been accelerated because of a default; or 

(iii) notice has been given of the exercise of an option to require repayment, mandatory payment or prepayment or otherwise. 

In the event that, notwithstanding the foregoing, the Company shall make any Payment to the Trustee or any Holder prohibited by the foregoing
provisions of this Section, then in such event such Payment shall be held in trust and paid over and delivered forthwith to the holders of the Senior Indebtedness or to the trustee or trustees under any indenture pursuant to which any instruments
evidencing any such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all
Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness. 

The provisions of this Section shall not apply to any Payment with respect to which Section 1302 hereof would be applicable. 

 

	SECTION 1304.	PAYMENT PERMITTED IF NO DEFAULT. 

 Nothing contained in this Article or elsewhere in this
Indenture or in any of the Junior Subordinated Notes shall prevent the Company, at any time except during the pendency of any Proceeding referred to in Section 1302 hereof or under the conditions described in Section 1303 hereof, from
making Payments. Nothing in this Article shall have any effect on the right of the Holders or the Trustee to accelerate the maturity of the Junior Subordinated Notes upon the occurrence of an Event of Default, but, in that event, no payment may be
made in violation of the provisions of this Article with respect to the Junior Subordinated Notes. If payment of the Junior Subordinated Notes is accelerated because of an Event of Default, the Company shall promptly notify the holders of the Senior
Indebtedness (or their representatives) of such acceleration. 
  

	SECTION 1305.	SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS. 

 The rights of the Holders of
the Junior Subordinated Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of, premium,
if any, and interest (including Additional Interest) on the Junior Subordinated Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities
to which the Holders of the Junior Subordinated Notes or the Trustee would be entitled except for the provisions of this Article, and no payments pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the
Junior Subordinated Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Junior Subordinated Notes, be deemed to be a payment or distribution by the Company to or on
account of the Senior Indebtedness. 

  
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	SECTION 1306.	PROVISIONS SOLELY TO DEFINE RELATIVE RIGHTS. 

 The provisions of this Article are and are
intended solely for the purpose of defining the relative rights of the Holders on the one hand and the holders of Senior Indebtedness on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the Junior Subordinated
Notes is intended to or shall (a) impair, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Junior Subordinated Notes, the obligation of the Company, which is absolute and unconditional (and
which, subject to the rights under this Article of the holders of Senior Indebtedness, is intended to rank equally with all other general obligations of the Company), to pay to the Holders of the Junior Subordinated Notes the principal of, premium,
if any, and interest (including Additional Interest) on the Junior Subordinated Notes as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the
Junior Subordinated Notes and creditors of the Company other than the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any Junior Subordinated Note from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder or, under the
conditions specified in Section 1303, to prevent any payment prohibited by such Section or enforce their rights pursuant to the penultimate paragraph in Section 1303. 

 

	SECTION 1307.	TRUSTEE TO EFFECTUATE SUBORDINATION. 

 Each Holder of a Junior Subordinated Note by his
acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such
purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, receivership proceedings, or otherwise, the timely filing of a claim for the unpaid balance of the
indebtedness of the Company owing to such Holder in the form required in such proceedings and the causing of such claim to be approved. 
  

	SECTION 1308.	NO WAIVER OF SUBORDINATION PROVISIONS. 

 No right of any present or future holder of any
Senior Indebtedness to enforce the subordination provisions provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or any failure to act, in good faith, by any
such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders of the Junior Subordinated Notes, without incurring responsibility to the Holders of the Junior Subordinated Notes and without impairing or releasing the subordination provided in
this Article or the obligations hereunder of the Holders of the Junior Subordinated Notes to the holders of Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms of

  
 60 

 
payment or extend the time of payment of, or renew or alter, Senior Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any
agreement under which Senior Indebtedness is outstanding; (ii) permit the Company to borrow, repay and then reborrow any or all of the Senior Indebtedness; (iii) sell, exchange, release or otherwise deal with any property pledged,
mortgaged or otherwise securing Senior Indebtedness; (iv) release any Person liable in any manner for the collection of Senior Indebtedness; (v) exercise or refrain from exercising any rights against the Company and any other Person; or
(vi) apply any sums received by them to Senior Indebtedness. 
  

	SECTION 1309.	TRUST MONEYS NOT SUBORDINATED. 

 Notwithstanding anything contained herein to the
contrary, payments from money held in trust by the Trustee under Article Four for the payment of the principal of, premium, if any, and interest (including Additional Interest) on any series of Junior Subordinated Notes shall not be subordinated to
the prior payment of any Senior Indebtedness or subject to the restrictions set forth in this Article and no Holder of such Junior Subordinated Notes nor the Trustee shall be obligated to pay over such amount to the Company, any holder of Senior
Indebtedness (or a designated representative of such holder) or any other creditor of the Company. 
  

	SECTION 1310.	NOTICE TO THE TRUSTEE. 

 The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the making of any payment of monies to or by the Trustee in respect of the Junior Subordinated Notes pursuant to the provisions of this Article. Notwithstanding the
provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Junior
Subordinated Notes pursuant to the provisions of this Article unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of the Trustee from the Company or a holder or holders of
Senior Indebtedness or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 601, shall be entitled in all respects to assume that no such facts exist; provided, however,
that if the Trustee shall not have received the notice provided for in this Section 1310 at least 2 Business Days prior to the date upon which, by the terms hereof, any money may become payable for any purpose (including, without limitation,
the payment of the principal of (or premium, if any) or interest on any Junior Subordinated Note), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply
the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that may be received by it within 2 Business Days prior to such date. 

The Trustee, subject to the provisions of Section 601, shall be entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder or holders. In the event
that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article, the Trustee may request
such Person to furnish evidence to 

  
 61 

 
the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such Person under this Article, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment. 
  

	SECTION 1311.	RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT. 

 Upon any payment or
distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 601 hereof, and the Holders of the Junior Subordinated Notes shall be entitled to rely upon any order or decree entered by any
court of competent jurisdiction in which such Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such payment or
distribution, delivered to the Trustee or to the Holders of Junior Subordinated Notes, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article, provided that the foregoing shall apply only if such court has been apprised of the provisions of this Article. 

 

	SECTION 1312.	TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS. 

 Subject to the provisions of
Section 601, the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of Junior
Subordinated Notes or to the Company or to any other Person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or otherwise. 

 

	SECTION 1313.	RIGHTS OF TRUSTEE AS HOLDER OF SENIOR INDEBTEDNESS; PRESERVATION OF TRUSTEE’S RIGHTS. 

The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness
which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. 

Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607 hereof. 

 

	SECTION 1314.	ARTICLE APPLICABLE TO PAYING AGENTS. 

 In case at any time any Paying Agent other than
the Trustee (or the Company or an Affiliate of the Company) shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case (unless the context otherwise requires) be
construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee. 

  
 62 

	SECTION 1315.	RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS. 

 Each Holder by
accepting a Junior Subordinated Note acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was
created or acquired before or after the issuance of the Junior Subordinated Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied
on such subordination provisions in acquiring and continuing to hold, or to continue to hold, such Senior Indebtedness. 
 ARTICLE 14

 MISCELLANEOUS PROVISIONS 
  

	SECTION 1401.	NO RECOURSE AGAINST OTHERS. 

 An incorporator or any past, present or future director,
officer, employee or stockholder, as such, of the Company or the Guarantor shall not have any liability for any obligations of the Company or the Guarantor under the Junior Subordinated Notes or this Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation. By accepting a Junior Subordinated Note, each Holder shall waive and release all such liability. Such waiver and release shall be part of the consideration for the issue of the Junior
Subordinated Notes. 
  

	SECTION 1402.	SET-OFF. 

 Notwithstanding anything to the contrary in this Indenture or in any Junior
Subordinated Note of any series, prior to the dissolution of any Securities Trust that has issued Trust Securities related to a series of Junior Subordinated Notes, the Company shall have the right to set-off and apply against any payment it is
otherwise required to make hereunder or thereunder with respect to the principal of or interest (including any Additional Interest) on the Junior Subordinated Notes of such series with and to the extent the Company has theretofore made, or is
concurrently on the date of such payment making, a payment with respect to the Trust Securities of the series related to such series of Junior Subordinated Notes under the applicable Trust Guarantee. Contemporaneously with, or as promptly as
practicable after, any such payment under such Trust Guarantee, the Company shall deliver to the Trustee an Officers’ Certificate (upon which the Trustee shall be entitled to rely conclusively without any requirement to investigate the facts
contained therein) to the effect that such payment has been made and that, as a result of such payment, the corresponding payment under the related series of Junior Subordinated Notes has been set-off in accordance with this Section 1402. 

 

	SECTION 1403.	ASSIGNMENT; BINDING EFFECT. 

 Each of the Company and the Guarantor shall have the right
at all times to assign any of its rights or obligations under this Indenture to a direct or indirect wholly-owned subsidiary of 

  
 63 

 
the Company or the Guarantor, as the case may be, provided that, in the event of any such assignment, the Company or the Guarantor, as the case may be, shall remain primarily liable for the
performance of all such obligations. This Indenture may also be assigned by the Company or the Guarantor in connection with a transaction described in Article Eight. This Indenture shall be binding upon and inure to the benefit of the Company, the
Guarantor, the Trustee, the Holders, any Security Registrar, Paying Agent, and Authenticating Agent and, to the extent specifically set forth herein, the holders of Senior Indebtedness and their respective successors and assigns. The provisions of
clause (2) of Section 508 and Section 1006 are for the benefit of the holders of the series of Trust Securities referred to therein and, prior to the dissolution of the related Securities Trust, may be enforced by such holders. A
holder of a Trust Security shall not have the right, as such a holder, to enforce any other provision of this Indenture. 
  

	SECTION 1404.	ADDITIONAL INTEREST. 

 Whenever there is mentioned in this Indenture, in any context, the
payment of the principal of, premium, if any, or interest on, or in respect of, any Junior Subordinated Note of any series, such mention shall be deemed to include mention of the payment of Additional Interest provided for by the terms of such
series of Junior Subordinated Notes to the extent that, in such context, Additional Interest is, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Interest in any provisions hereof
shall not be construed as excluding Additional Interest in those provisions hereof where such express mention is not made. 
 ARTICLE 15

 GUARANTEES 
  

	SECTION 1501.	GUARANTEE. 

 The Guarantor hereby unconditionally guarantees to each Holder of a Junior
Subordinated Note authenticated and delivered by the Trustee, and to the Trustee on behalf of each such Holder, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on each such Junior Subordinated Note, the
due and punctual payment of any sinking fund payments and the payment of any additional amounts, each as provided for pursuant to the terms of such Junior Subordinated Note when and as the same shall become due and payable, in accordance with the
terms of such Junior Subordinated Note and of this Indenture. In case of the failure of the Company to make any such payment of principal (or premium, if any) or interest, if any, or sinking fund payment or payment of additional amounts, the
Guarantor hereby agrees to cause any such payment to be made when and as the same shall become due and payable by acceleration, call for redemption or otherwise, as if such payment were made by the Company. 

This Guarantee constitutes an unsecured obligation of the Guarantor and shall be subordinated and junior in right of payment to all Senior
Indebtedness of the Guarantor, whether outstanding at the date of this Indenture or thereafter incurred. 

  
 64 

 The Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective
of the validity, regularity or enforceability of such Junior Subordinated Note or this Indenture, the absence of any action to enforce the same, any waiver or consent by the Holder of such Junior Subordinated Note or by the Trustee with respect to
any provisions thereof or of this Indenture, the obtaining of any judgment against the Company or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
The Guarantor hereby waives the benefits of division and discussion, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against
the Company, protest or notice with respect to such Junior Subordinated Note or the indebtedness evidenced thereby or with respect to any sinking fund payment required pursuant to the terms of such Junior Subordinated Note and all demands
whatsoever, and covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in the Junior Subordinated Notes and in the Guarantees. The Guarantees are guarantees of payment and not of collection.
If the Trustee or the Holder of any Junior Subordinated Note is required by any court or otherwise to return to the Company or the Guarantor, or any custodian, receiver, liquidator, trustee, sequestrator or other similar official acting in relation
to the Company or the Guarantor, any amount paid to the Trustee or such Holder in respect of a Junior Subordinated Note, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

The Guarantor shall be subrogated to all rights of the Holders of the Junior Subordinated Notes of a particular series against the Company in
respect of any amounts paid by the Guarantor on account or such Junior Subordinated Note pursuant to the provisions of the Guarantees or this Indenture; provided, however, that the Guarantor shall not be entitled to enforce or to receive any
payments arising out of, or based upon, such right of subrogation until the principal of (and premium, if any) and interest, if any, on all Junior Subordinated Notes of such series issued hereunder shall have been paid in full. 

 

	SECTION 1502.	EXECUTION AND DELIVERY OF GUARANTEES. 

 To evidence its guarantee provided in
Section 1501, the Guarantor hereby agrees to execute the Guarantees, in a form established pursuant to Section 203, to be endorsed on each Junior Subordinated Note authenticated and delivered by the Trustee. Each such Guarantee shall be
executed on behalf of the Guarantor by its Chairman of the Board, Vice Chairman of the Board, President or one of its Vice Presidents or its Treasurer under a facsimile of its corporate seal reproduced thereon and attested by its Secretary or one of
its Assistant Secretaries. The signature of any of these officers on the Guarantees may be manual or facsimile. 
 Guarantees bearing the
manual or facsimile signatures of individuals who were at any time the proper officers of the Guarantor shall bind the Guarantor, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of the Junior Subordinated Notes upon which Guarantees are endorsed or did not hold such offices at the date of such Junior Subordinated Notes. 

The delivery of any Junior Subordinated Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Guarantee endorsed thereon on behalf of the Guarantor. The Guarantor hereby agrees that its Guarantee set forth in Section 1501 shall remain in full force and effect notwithstanding any failure to endorse on each Junior Subordinated Note a
notation of such Guarantee. 

  
 65 

 This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

  
 66 

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

									
	ATTEST:	 		 	AGL CAPITAL CORPORATION
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
			
	ATTEST:	 		 	AGL RESOURCES INC.
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
			
	ATTEST:	 		 	TRUSTEE
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

  
 67EX-10.10

 EXHIBIT 10.10 

CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO RULE 406 

AMENDED AND RESTATED EXCLUSIVE DISTRIBUTION 

AGREEMENT 
 BETWEEN

 SEIKAGAKU CORPORATION 

AND 
 BIOVENTUS LLC

 RESTATED AS OF MAY 4 , 2012 

 AMENDED AND RESTATED EXCLUSIVE DISTRIBUTION 

AGREEMENT 
 Amended and
Restated Exclusive Distribution Agreement, as restated to include all amendments in effect as of May 4, 2012 (the “Effective Date”), (as so restated, this “Agreement”) by and between BIOVENTUS LLC, a Delaware limited
liability company having its principal place of business at 4721 Emperor Boulevard, Durham, NC 27703 (“Distributor”), and SEIKAGAKU CORPORATION, a Japanese corporation having its principal place of business at Marunouchi Center Building,
6-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005, Japan (“Company”). Distributor and Company are sometimes referred to herein individually as a “Party” and are sometimes referred to
herein collectively as the “Parties.” 
 RECITALS 

A. Company has developed and has produced in Japan over 20 years a hyaluronic acid (“HA”) product and has obtained or is going to
obtain the following marketing authorizations in some regions outside Japan for the Products which is more specifically defined in Section 22 and now wishes to appoint a distributor to certain regions for such Products: [***]. 

B. Company and SMITH & NEPHEW, INC. entered into an Exclusive Distribution Agreement on January 1, 1999 (“EDA”) and
amendments and supplements to the EDA thereafter (hereinafter, the EDA and any and all amendments and supplements thereto shall be collectively referred to as “Existing Agreements”), under which the Company appointed SMITH &
NEPHEW, INC. as the exclusive distributor of SUPARTZ, the Company’s HA product, in certain territories. 
 C. SMITH & NEPHEW,
INC. has assigned all of its rights and an obligation under the Existing Agreements to Distributor and Company has consented to said assignment. 

D. Company and Distributor desire to enter into this Agreement as the Amended and Restated Exclusive Distribution Agreement which supersedes
and replaces the Existing Agreements. 
 E. Distributor wishes to obtain the exclusive right to distribute and sell the Product throughout
the Territory as specified in Section 2 hereof, and Company wishes to grant such right to Distributor, on the terms and conditions set forth in this Agreement. 

F. Distributor also wishes to purchase the Product from Company, and Company wishes to supply the Product to Distributor on the terms and
conditions set forth in this Agreement. 
 G. Unless defined elsewhere in this Agreement, capitalized terms used in this Agreement shall
have the meanings set forth in Section 22. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements of the Parties contained
in this Agreement, the Parties agree as follows: 
  

	1.	APPOINTMENT AS EXCLUSIVE DISTRIBUTOR 

 Subject to the terms of and
conditions of this Agreement, Company hereby appoints Distributor as its sole and exclusive distributor and grants Distributor the exclusive right to market, distribute and sell the Product in the Territory during the Term of this Agreement, and
Distributor hereby accepts such appointment. Distributor may appoint as subdistributors wholly-owned subsidiaries of Distributor, upon prior written notice to Company. Distributor may appoint other third parties as subdistributors from time to time
for the sale of the Product; provided, however, that Distributor shall notify Company of the name, address and outline of the business of such third party subdistributors and whether Distributor has an equity interest in such subdistributors in
writing and obtain the approval of Company in writing prior to appointment, such approval not to be unreasonably withheld, delayed or conditioned on terms not directly related to the third party subdistribution arrangements. The terms and conditions
of the agreement between Distributor and each subdistributor shall conform to the provisions of this Agreement, and Distributor shall require the subdistributors to observe the duties of Distributor as provided for in this Agreement, to the extent
applicable. 
  

	2.	EXCLUSIVE RIGHTS AND TERRITORY 

 (a) Distributor shall have the sole
and exclusive right to market, promote, distribute and sell the Product in the United States (the “Territory”). 
 (b) Distributor
may submit to Company a business plan to market, promote, distribute and sell the Product in [***] within [***] of the LOA Effective Date. Company shall promptly notify Distributor if and when Company obtains regulatory approval necessary for sale
of the Product in [***]. Distributor may submit to Company a business plan to market, promote, distribute and sell the Product in [***] within [***] of the date it receives such notice. If Company approves of a business plan that Distributor submits
under this Section 2(b), then the Parties shall amend this Agreement to include within the definition of Territory in Section 2(a) the country ([***]) to which the approved business plan relates. Approval by Company of a business plan
pursuant to this Section 2(b) shall not be unreasonably withheld, delayed or conditioned [***]. In the event that the Agreement is amended to include [***], (i) Section 4(a) shall also be amended to provide for a Purchase Price equal
to [***] percent ([***]%) of the Average Sales Price per Unit for Units sold outside the United States, but not less than (US) $[***] per Unit in any situation ([***]), and (ii) Section 4(j) shall also be added to provide that, with
respect to Products sold outside of the United States and denominated in a foreign currency, the Net Sales attributable thereto shall be converted from such foreign currency into United States Dollars by utilizing the “Noon Fed Fixing
Rate” announced by the Federal Reserve for the average of the first and last day of the reporting period. At Distributor’s request in connection with its preparation of a business plan for [***], and [***], the Parties shall negotiate in
good faith a reduction in the foregoing minimum price per Unit based upon market conditions applicable to such country. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 2 - 

 (c) During the Term of this Agreement, [***] unless (i) [***], and (ii) [***]. 

 

	3.	GENERAL TERMS OF SUPPLY 

 (a) During the Term of this Agreement, Company
shall deliver and supply Units to Distributor, according to and in conformity with the shipping instructions of Distributor’s purchase order for same. 

(b) Orders for Units placed by Distributor shall be made by Distributor issuing to Company a purchase order which specifies
(i) quantities and destination(s) of Units to be shipped, (ii) delivery dates at least [***] ([***]) days after the date of such purchase order, (iii) particulars of warehouses in [***] area, where the delivery of Product in question
shall be made, and (iv) transport means (air or sea). If Company becomes aware of an event of Force Majeure, or any other event that it expects would prevent it from supplying Units ordered or forecasted to be ordered by Distributor on the
specified delivery date(s), Company shall promptly notify Distributor. Provided, however, nothing contained in this Section 3(b) shall relieve Company of liability for failure to supply Product as required by an actual purchase order, except as
excused for Force Majeure. Company will try, with its best efforts, to fill purchase orders placed by Distributor with delivery dates less than [***] days from the date of the purchase order, however, the actual delivery dates in this case shall be
decided by Company in its sole discretion. In any such event, Company will confirm in writing the purchase order issued by Distributor, regardless of whether it is with regular or shorter delivery dates and each such purchase order shall become
binding on both Parties upon and according to the confirmation in writing by Company. 
 (c) During the Term of this Agreement, Distributor
shall provide Company with a [***]rolling order and delivery forecast [***] (the “Annual Forecast”) in Dollars and Units ([***]) each [***]. In accordance with the terms and conditions of this Agreement, Distributor shall purchase at least
70% of the Units indicated on the Annual Forecast in the forecasted year as a minimum purchase quantity. Company shall use its [***] supply Units [***] of the Annual Forecast, if so required by the purchase orders of Distributor. Notwithstanding any
other term of this Section 3(c), to the extent that a failure to meet the purchase requirements set forth in this Section 3(c) can be reasonably attributed to [***] (“Negative Developments”), including [***], then the Parties
shall negotiate in good faith an appropriate reduction in the minimum purchase quantity or other appropriate means to offset the impact of the Negative Developments. 

(d) After termination of this Agreement, Distributor shall cease promoting, distributing and selling the Product anywhere in the world, except
for its promotion, distribution and sale of any Products remaining in its inventory as of the date of such termination within [***] of the termination. 
  

	4.	PRICE AND PAYMENT TERMS 

 (a) During the Term of this Agreement, the
purchase price payable by Distributor to Company for each Unit (“Purchase Price”) shall be equal to [***] percent ([***]%) of the Average Selling Price per Unit, but not less than (US) $[***] per Unit in any situation ([***]). 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 3 - 

 The “Average Selling Price per Unit” is defined as (i) Net Sales for each Period divided by
(ii) “Net Units Sold” in the same Period. “Period” shall mean the period consisting of [***], which will be announced by Distributor for each [***]. A [***] consists of [***] ([***])
Periods. “Net Units Sold” shall mean the total number of Units sold by Distributor to third parties ([***]), less reasonable returns of Units. The purchase price hereunder shall be settled in U.S. currency. Notwithstanding any other
provision of this Section 4(a), to the extent that Negative Developments can be reasonably anticipated to adversely affect the market for the Product, then at any time thereafter Distributor may request that the Parties negotiate in good faith
an appropriate reduction of the minimum purchase price or other appropriate means to offset the impact of the Negative Developments. 
 (b)
For purposes of calculating the Average Selling Price per Unit, Distributor shall provide Company with a statement (the “Statement”) (i) describing the calculation of the Net Sales from the gross sales, and (ii) Net Units Sold
from the total number of Units sold; with a description of each numbers and amounts of the items reducible pursuant to Section 4(a), which were accrued during each Period, for each of the United States and the countries outside the United
States no later than [***] ([***]) days after the Period in question. 
 (c) (i) Within [***] ([***]) days after
the [***] (defined below) in question, Company shall provide a written summary on [***] for the [***] and the [***] (“Adjustment”). 

“[***]” shall mean [***]. 

(ii) Within [***] ([***]) days after Distributor’s receipt of Company’s summary above, Distributor shall
express its agreement or disagreement to any Adjustment by Company. Such agreement shall be expressed in writing with a signature of any authorized Distributor’s financial officer. If Distributor disagrees, both Parties shall enter into
good faith discussion to settle the Adjustment. 
 (iii) Upon the agreement to the Adjustment, either of Company or Distributor, who
[***], shall provide the other Party with [***], which shall [***], for [***], for [***]. 
 (iv) The
notices to be made under this Section 4 between the Parties may be made by e-mail with work files, which shall be followed by written notices satisfying the requirements of Section 17. 

(d) Company shall have the right to appoint an independent public accountant, reasonably acceptable to Distributor to verify
Distributor’s calculation of Net Sales, Net Units Sold and Average Selling Price per Unit (the “Audit”). In the absence of any intentional misstatement of material fact by Distributor, Company shall bear the cost of such Audit unless
Distributor’s calculation of the Net Sales, Net Units Sold or Average Selling Price per Unit is more than [***] percent ([***]%) lower than the amounts determined by the Audit, in which case [***]. 

(e) Company shall supply Distributor with Samples of the Product (“Samples”) [***]. The total number of the Sample Units shall be
[***] and shall not exceed [***] of the Units ordered by Distributor on the current purchase order. Distributor shall [***]. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 4 - 

 (f) The Purchase Price for the Product shall be based on sales terms of [***] ([***]) (Incoterms
2010), subject to the following provisions of this Section 4(f). Title, ownership, and risk of loss of the Product shall pass to Distributor upon [***]. The Parties shall cooperate in processing all claims for loss or damage to the Product. For
purposes of the foregoing, the Parties intend and agree that “[***]” shall mean that (A) Company shall bear the cost, risk and responsibility to: (i) [***], (ii) [***], and (iii) [***] and (B) prior to each
delivery by Company, Distributor shall bear the cost, risk and responsibility to notify Company: (i) [***], (ii) [***], and (iii) [***]. Thereafter, Distributor shall be responsible for all costs it incurs to ship the Product from the
designated warehouse to the United States or other locations, including, but not limited to, freight, insurance, terminal handling charges and U.S. import customs’ fees. If and insofar as the Parties’ intended meaning of [***] is
inconsistent with or contrary to the definition of such term in Incoterms 2010, the Parties’ intended meaning, as detailed above, shall apply. 

(g) Company shall invoice Distributor for each shipment separately and shall reference the applicable Distributor purchase order number, mode
of transportation, date of shipment payment terms. 
 (h) Payment terms for purchases of Product by Distributor shall be net [***] ([***])
days from the date of Company’s invoice by wire-transfer to Company’s bank account designated on the invoice. Distributor shall pay Company a late charge of [***] percent ([***]%) per month for all payments made after the payment deadline
as provided in the immediately preceding sentence. 
 Notwithstanding any other provision of the Agreement, SMITH & NEPHEW, INC. guarantees to
Company the complete payment of the Purchase Price for the Product by Distributor within forty-five (45) days of the delivery of the Product. If Company has not received the Purchase Price for the Product from Distributor within forty-five
(45) days of the delivery of the Product to Distributor, then SMITH & NEPHEW, INC. is obligated to pay the Purchase Price directly to Company. This guarantee expires two (2) years from the LOA Effective Date, and is a continuing
obligation of SMITH & NEPHEW, INC. for such two (2) year period regardless of any permitted assignment of the Agreement by SMITH & NEPHEW, INC. 

(i) Distributor shall have absolute discretion to determine its own sale prices for the Product. 

 

	5.	PRODUCT SPECIFICATIONS; QUALITY CONTROL; REGULATORY MATTERS AND COMPLIANCE WITH LAW 

(a) Company shall (i) manufacture the Product in strict accordance with the quality specifications described in the Registration
Dossier(s), which is exactly disclosed in ANNEX A attached herewith, or in effect from time to time in the applicable Territory, and other additional specifications agreed to by the Parties from time to time, when additional specifications are
written as amendments to ANNEX A as provided in Section 5(b) below and (ii) package and label the Product in accordance with the packaging and labeling requirements decided by the Parties as provided in the Section 12(c) and added
later to this Agreement as ANNEX B (collectively, the “Specifications”). Either Party shall have the right to request a change to the 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 5 - 

 
Specifications at any time during the Term of this Agreement. In such event, the Party wishing to request a change (the “Requesting Party”) shall notify the other Party (the
“Receiving Party”) of its request in writing. If the Receiving Party agrees to such request, the Parties shall cooperate with each other, in good faith, to have such change to the Specifications approved in each applicable country in the
Territory, and Company shall maintain sufficient inventory of the original Product to supply Distributor until the change in Specifications is so approved and the new Product can be marketed and sold. In the event of a dispute between Company and
Distributor concerning the change of Specifications relating to the formulation or the manufacturing of the Product, then Company shall make the final decision. In the event of a dispute between Company and Distributor concerning change of packaging
or labeling, then Distributor shall make the final decision unless such change is not cost effective or feasible, in Company’s opinion. If any regulatory agency having jurisdiction in any country in the Territory requires a change to the
Specifications, Company shall use its [***] to make such changes, with respect to the Products sold in the affected jurisdiction, unless such change is not cost effective or feasible as determined mutually by the Parties. If Company cannot make such
change the Product shall not be sold by either Party in that jurisdiction. All expenses incurred with respect to a change in the Specifications required by a regulatory agency with respect to the sale or use of the Product in the Territory will be
[***]. All expenses incurred with respect to a change in the Specifications required by a regulatory agency outside the Territory will be [***]. All expenses incurred in connection with any and all changes to Specifications except those changes to
Specifications required by the FDA, or similar regulatory agency of any country in the Territory, shall be [***]. If [***] is the Requesting Party and such change in Specifications would [***], then Distributor shall [***]. 

(b) All changes to Specifications allowed by the provisions in Section 5(a) made subsequent to the Effective Date of this Agreement, must
be made in the form of a written amendment to ANNEX A or ANNEX B. 
 (c) Company shall conduct quality control testing of the Product prior
to shipment in accordance with the Specifications and regulatory requirements with respect to the Product as are in effect from time to time in the Territory, and such other validated quality control testing procedures agreed to by the Parties from
time to time (the “Testing Methods”). Company shall retain records pertaining to such testing for a minimum of [***] ([***]) years following the expiration date of life of the Product. 

(d) Company shall provide Distributor with a certificate of analysis of each shipment of Product made to Distributor. Nothing contained herein
shall waive Distributor’s rights with respect to latent defects or with respect to Distributor’s rights under the representation and warranty provisions of this Agreement. 

(e) Distributor shall notify Company and all applicable regulatory authorities in writing of reportable events involving the Product for which
Distributor receives appropriate notification, as required by applicable Laws, including, without limitation, Medical Device Reports under the Post Market Surveillance program of the FDA, and maintain the files of these reports and investigations as
required by applicable Laws. Company shall likewise notify 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 6 - 

 
Distributor in writing of any of such reportable events, including, if and to the extent required in connection with applicable Laws in the Territory, Device Vigilance Reports required by the
countries of the European Union. The reporting Party shall notify the other within a reasonable time in a manner consistent with the requirements of the Law in the applicable jurisdictions. 

(f) Each Party shall communicate to the other regarding any complaints received from users of the Product or Product-Drug, within a reasonable
time following receipt of each complaint. Each notification of a complaint shall contain, but shall not be limited to, the lot number, expiration date, indication for actual use and description of circumstances involved in the alleged failure of the
Product, to the extent such information is available. Each Party will provide additional information to the other Party as it becomes available. If Distributor receives the Product associated with a complaint relating to the performance of a
Product, Distributor will mail the Product to Company via express courier for evaluation of the Product and investigation of the complaint by Company. Company shall investigate the complaint and report to Distributor the results of the investigation
and decision made concerning corrective actions and detailed information concerning the corrective actions taken, if any. 
 (g) Each Party
agrees to notify the other Party as soon as practical of any information of which it becomes aware which relates to the safety or efficacy of the Product or Product-Drug. Upon receipt of any such information, the Parties shall consult with each
other in an effort to arrive at a mutually agreeable course of action that is consistent with the obligations of the Parties under this Agreement. 

(h) (1) If a Party is notified by a governmental agency that a Product or Product-Drug recall or other general corrective action with respect
to the Product or Product-Drug is necessary it shall immediately advise the other Party in writing of such notification by such governmental agency, and proceed with the recall or corrective action as instructed by such governmental agency. 

(2) In the event either Company or Distributor believes in good faith (without notification by a governmental agency) that a Product or
Product-Drug recall or other general corrective action with respect to the Product or Product-Drug is necessary or appropriate (“Proposed Recall”), the Party advocating the Proposed Recall shall notify the other Party in writing regarding
its belief in this regard, and provide the other Party with a complete written explanation of the reason(s) for its belief regarding such Proposed Recall. As soon as reasonably possible following delivery of the written explanation, the Parties will
mutually determine what actions are appropriate regarding such Proposed Recall. If the Parties cannot agree upon such actions, then this matter will be decided by arbitration pursuant to Section 16. Distributor will keep detailed distribution
records for each lot number detailing the quantity shipped and the location where the lot was shipped as required by Law so that in the event of recall, Distributor will be able to contact the consignees. 

(3) In the event any recall or general corrective action is taken with respect to the Product or Product-Drug, whether ordered by a
governmental agency or otherwise, Distributor and Company will jointly determine in good faith the cause(s) of the non-conformance(s) prompting the recall or general corrective action within the time required by the applicable Law, but no later than
[***] ([***]) days after 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 7 - 

 
the date of such recall or general corrective action, in order to establish preventive measures for the future and to assess responsibility for costs and expenses arising from the recall. At the
end of this [***] ([***]) day period following the recall or general corrective action, the matter of costs and expenses will be submitted to the Presidents of Distributor and Company for their joint resolution. If the matter cannot be resolved by
the Presidents of Distributor and Company within [***] ([***]) days after it has been submitted to them, either Party may initiate arbitration pursuant to Section 16. 

(i) Each Party covenants that all of its activities (and the activities of its suppliers in the case of Company, and in the case of
Distributor, the activities of Distributor’s subdistributors under or pursuant to this Agreement) shall comply with all applicable laws, ordinances, statutes, rules and regulations (collectively “Laws”), including, without limitation,
Laws arising under the federal Food, Drug and Cosmetic Act, the Safe Medical Device Act and their respective amendments. 
 (j) Distributor
and Company shall have the right to visit each other’s facilities where the Product is manufactured, stored or delivered [***] during the Term of this Agreement and for the purposes of performing an audit of the operations, facilities and
records concerning the manufacturing procedures, and storage and distribution (including shipping and handling) of the Products of the other Party; provided, however, that such visits shall not give access to the other Party’s proprietary
technology and shall be restricted to only those persons who are directly involved in determining compliance with the terms of this Agreement and who, as provided below, received a prior written approval of other Party and that each Party shall be
required to furnish to the other Party only that information necessary to make a determination of the other Party’s compliance with the terms of this Agreement. Such visits shall be conducted upon written notice received at least [***] prior to
the visit and during normal business hours; provided that the person who will perform the audit received the prior written approval of the other Party prior to such visit, such approval not to be unreasonably withheld or delayed. The Party who
requests the audit shall select and retain at its discretion and its own cost the auditor or auditing consultant who shall conduct or otherwise assist such Party in performing the audit. 

(k) (i) In principle, Company shall obtain, by using the data it holds as of the Effective Date, the regulatory approval for the marketing,
sale, distribution and use of the Product in the Territory at [***] and Distributor shall assist such efforts of Company. 
 (ii) If
additional clinical trials must be conducted in order for Distributor to market, sell, distribute or use the Products in any country in the Territory or if FDA Approval contains conditions that [***] (“FDA Conditions”), then the Parties
shall negotiate in good faith whether to proceed with the additional clinical trials and the responsibility for payment therefor. 
 (iii)
If the Parties are unable to agree upon the need for or payment for additional clinical trials or the satisfaction of FDA Conditions, then [***]. 

(iv) Even in the case where Distributor [***], Company shall assist Distributor for completion of the clinical trials and satisfaction of the
FDA Conditions [***] and shall, under 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 8 - 

 
cooperation of Distributor, file the application of the regulatory approval or satisfaction of the FDA Conditions for the marketing, sale, distribution and use of the Product in such country and
obtain such approval. 
 (v) The [***] shall be [***], may be [***] and may be [***]. 

(vi) If the Parties are [***], then [***] to the other Party. If the FDA Approval contains conditions that are not reasonably acceptable to
Distributor, but are not able to be [***], then Distributor shall have the right to [***] to Company. 
 (l) Each Party will be granted
rights to access, make reference to, and use the clinical data and regulatory filings owned by the other Party relating to the Products or Product-Drug other than Confidential and proprietary clinical data or regulatory filings of Company related to
the manufacture of Products which Company shall not be obligated to provide to Distributor, but shall be obligated to provide to legal or regulatory agencies or bodies. 

(m) Each Party will inform the other within a reasonable period of time as it becomes aware of any new version or amendment to any Laws which
may materially affect the procedures, process, practice or activities with respect to the import, marketing, sale or use of the Product in the Territory or the manufacture of the Product. 

(n) If despite reasonable efforts of a Party under Section 6(d) or Section 8(d) below Product or Product-Drug is offered for sale or
sold into the Territory by an uncontrollable third party in derogation of the rights of Distributor or outside the Territory in derogation of the rights of Company and its other distributors, Distributor and Company agree that such event shall not
be deemed to constitute a breach of Section 6(d) or Section 8(d) below, respectively. 
  

	6.	COMPANY’S GENERAL OBLIGATIONS 

 (a) During the Term of this Agreement,
Company agrees to provide Distributor with the following at Company’s cost in order to assist Distributor’s promotional activities for Product in the Territory. Company shall have the right to hold a meeting with Distributor at the time
and place to be agreed upon by the Parties to discuss alternative activities. 
 (i) Reasonable quantities of promotional materials and
literature in English as requested by Distributor. 
 (ii) Medical and commercial advice and information to assist Distributor in responding
to inquires and questions made concerning the Product by other Persons, including, customers and governmental authorities. 
 (iii)
Technical and marketing training on the Product at a designated facility of Company for reasonable, but limited number of, Distributor’s competent technical and sales representatives at times and for durations to be agreed upon by the Parties;
provided, however, [***] out-of-pocket costs for such training of Distributor’s representatives and employees such as travelling, lodging and insurance are to be [***]. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 9 - 

 (b) Company shall maintain ISO 13485 and Medical Device Directive certification to support the
right to continue to use the CE mark in commerce on the Product, but only if maintaining ISO 13485 and Medical Device Directive certification is required to sell the product in the Territory. 

(c) Company will maintain the CE marked status for the Product for the countries covered by the CE mark and maintain all certificates and
approvals required in the European Union, but only if maintaining CE marked status for the Product is required to sell the Product in the Territory. 

(d) Company shall [***]. Company shall [***]. 

(e) Company shall not, at any time during the Initial Term, directly or indirectly import, supply, promote, market, distribute, sell or
otherwise commercialize in the Territory [***]. For purposes of clarity, the foregoing is not intended to and shall not limit Company’s rights to commercialize Gel-One or the Gel-One repeat treatment label expansion or to commercialize any
Product through Distributor. 
 (f) In accordance with Distributor’s request and pursuant to Section 6(a) above, Company shall
prepare and file all regulatory filings as may be required in the Territory to replace SMITH & NEPHEW, INC’s name, logo and other identifying details of the Product label with those of the Distributor. 

 

	7.	COMPANY’S REPRESENTATIONS AND WARRANTIES 

 Company hereby represents and
warrants to Distributor as follows: 
 (a) Company is a corporation duly organized, validly existing and in good standing under the laws of
Japan and has all requisite corporate power and lawful authority to own, lease and operate its assets and to carry on its business as heretofore conducted. Company has the full legal right, corporate power and authority to execute and deliver this
Agreement and the other agreements contemplated hereby and to consummate the transactions contemplated hereby and thereby. This Agreement has been duly executed and delivered by Company and constitutes the valid and binding obligation of Company,
enforceable against Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally or by general equitable principles. 

(b) Company owns all rights, title and interest in the Product necessary to grant the rights contained in this Agreement to Distributor. To
[***], the Product does not and will not infringe upon any patent, trademark, trade secret or other proprietary right of any person. Nothing contained in this Agreement is in conflict with any other agreement to which Company is a party or is
otherwise bound. 
 (c) Company has not granted and will not grant the right to market, sell or distribute the Product or Product-Drug in
the Territory to any other Person. 
 (d) At the time of delivery to Distributor, all Products (i) shall have been manufactured
(A) in conformance with Good Manufacturing Practices (as such term is generally understood in the medical device and pharmaceutical industry), and (B) in accordance with all Laws; and (ii) shall be free of all valid liens,
encumbrances and security interests. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 10 - 

 (e) Company shall promptly replace any Product which fails to meet Specifications, or is
misbranded (except to the extent such misbranding occurs as a result of the acts or omissions of Distributor) or which is otherwise defective, whether the Product is owned at the time of such event by Distributor or a third party not under the
control of Company. This warranty shall not apply to any Product which has been misused, improperly stored, adulterated or modified by Distributor or any of its subdistributors. 

(f) If CE Marking Certificate is required for sale of the Product in the Territory, then Company represents and warrants that the CE Marking
Certificate for distribution of the Products in Europe has been obtained and is in full force and effect. 
 (g) At the time of delivery to
Distributor, all Products shall be “merchantable” as defined in Section 2-314 of the Uniform Commercial Code, but only to the extent such warranty would be implied. All other implied warranties at law between the Parties are hereby
disclaimed. 
  

	8.	DISTRIBUTOR’S GENERAL OBLIGATION 

 During the Term of this Agreement, 

(a) Distributor shall, and Distributor shall have its permitted subdistributors, transport, store, distribute, market and sell the Product in
accordance with directions for storage and use as indicated on ANNEX A including any amendments thereto (as provided in Section 5(a) herein) which are in effect at the time of such transport, storage, distribution, marketing or sales. 

(b) Distributor shall exert its [***] to sell, distribute and promote the sales of the Product in the Territory in order to achieve the annual
minimum purchase quantities as provided for in Section 3(c) hereof and agrees to provide Company with the following information in English (subject to occasional missing or incomplete information or delayed or undelivered communications, as may
occur): 
 (i) Safety information relating to the Product including data, report or other information relating to its side effect in the
Territory, if any. 
 (ii) [***] sales and inventory records and marketing reports of Products in the Territory with substantially
comparable detail as are currently being provided to Company as of the LOA Effective Date, within [***] ([***]) days from the last day of each Period (as such term is defined in Section 4(a) above), including claims, complaints, questions and
comments from customers relating to quality, performance and effect of Product, if any. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 11 - 

 (iii) Except as prohibited by applicable Law, and to the extent consistent with the information
being provided to Company by Distributor as of the LOA Effective Date, any and all market, marketing, business and technical information as may be reasonably requested by Company from time to time. 

(c) Distributor will provide Company with reasonable access to records for purposes of conducting quality control audits and to effect a
product recall, if necessary, as provided hereunder. 
 (d) Distributor shall not, either directly or indirectly or through a third party,
sell, deliver or market Product for sale outside the Territory without the prior written consent of Company, and shall promptly refer to Company any and all inquiries and/or orders received for sales outside the Territory. Distributor shall [***].

 (e) In consideration of the exclusive right granted hereunder Distributor shall not, during the Term of this Agreement, promote, sell or
distribute the Product in the Territory, except for Products purchased from Company. 
 (f) Distributor shall prepare in good faith and
provide Company with the first draft of a business plan for the Product for the following business year no later than [***] of each calendar year. The Parties shall enter into sufficient good faith discussion based on such first draft. After
considering such discussion with Company in good faith, no later than December 31 of each calendar year, Distributor shall complete, and provide Company with, the business plan for the Product for the following business year. Distributor shall
discuss with Company whether it is appropriate to amend such business plan on a [***] after providing Company with relevant information pursuant to Section 8(b). For avoidance of doubt, this paragraph requires communication and discussion as
provided, but does not restrict Distributor’s discretion with regard to all decisions and matters concerning the development, amendment or implementation of Distributor’s business plan. 

(g) In connection with the re-labeling of Products, in order to prevent any occurrence of problems such as shortage of stock, Distributor
shall [***] sell off any and all existing SUPARTZ products in the inventory that are in proper condition for sale and convert the packages for SUPARTZ products to Distributor’s packages at [***] cost, and use [***]. 

(h) Distributor and Company each agrees that they shall hold the following meetings in order to maintain good business relationships between
them and to further expand the SUPARTZ business (subject to occasional postponements, missed meetings or cancellations as may occur): 
  

	 	1)	Top management meeting ([***]); 

  

	 	2)	[***] business meeting ([***]); and 

  

	 	3)	Teleconference ([***]) 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 12 - 

	9.	DISTRIBUTOR’S REPRESENTATIONS AND WARRANTIES 

 Distributor hereby represents
and warrants to Company as follows: 
 (a) Distributor is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and lawful authority to own, lease and operate its assets and to carry on its business as heretofore conducted. Distributor has the full legal right, corporate power and
authority to execute and deliver this Agreement and the other agreements contemplated hereby and to consummate the transactions contemplated hereby and thereby. This Agreement has been duly executed and delivered by Distributor and constitutes the
valid and binding obligation of Distributor, enforceable against Distributor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally or by general equitable principles. 
 (b) Nothing contained in this Agreement is in conflict with any other agreement to which
Distributor or its Affiliates is or may become a party or is otherwise bound. 
 (c) Distributor shall distribute, market, and sell the
Product in accordance with the Laws of the Territory. Company agrees to provide Distributor with all information and assistance required in order for Distributor to comply with the foregoing obligation to the extent reasonably possible. 

 

	10.	TRANSFER OF DATA; CONFIDENTIALITY 

 (a) The Parties acknowledge that Company has
or is in the process of conducting studies on the Product or Product-Drugs necessary to register the Product for marketing and sales in the Territory. No later than [***] ([***]) days after the execution and delivery of this Agreement, Company shall
deliver to Distributor copies of a detailed summary of pre-clinical and clinical studies on Product or Product-Drugs and other similarly detailed data in Company’s possession or control as of such date which Company and Distributor reasonably
determine is relevant to the safety, efficacy, regulatory status, sale, marketing or distribution of the Product. 
 (b) During the Term of
this Agreement: (i) Company shall provide to Distributor any subsequently acquired data which Company and Distributor reasonably determine is relevant to the safety, efficacy, regulatory status, sale, marketing or distribution of the Product or
Product-Drug; and (ii) each of the Parties shall deliver to the other Party all relevant data and Registration Dossier(s) relating to use of the Product or Product-Drug, and results from any studies being conducted by or on behalf of either
Party in connection therewith promptly after such data and/or Registration Dossier(s) become available. 
 (c) The Parties acknowledge that
discussions between Company and Distributor in written form and orally will necessarily require the exchange of information that is considered confidential and proprietary by the disclosing Party. The Parties agree that any information on which the
disclosing Party designates the mark “confidential” in the written form or in a written confirmation made within thirty (30) days from the oral disclosure shall be considered “Confidential Information” and shall include,
without limitation, (i) the Know-How; (ii) earnings, costs, and other financial information; (iii) drawings, formulations, samples, technical data, photographs, specifications, manufacturing methods, testing procedures, clinical
studies date; and (iv) marketing, sales and customer information relating to the disclosing Party’s business. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 13 - 

 (d) The Parties agree that both during the Term of this Agreement and for a period of
[***] ([***]) years thereafter each Party shall keep, and shall cause the directors, officers, employees and agents of such Party or its Affiliates or third party subdistributors to keep, confidential any and all Confidential
Information acquired from the other Party to the same extent as such Party protects its own confidential information, and shall not use for any other purpose than to discharge such Party’s obligations and exercise its rights hereunder. 

(e) Confidential Information shall not include information which (i) is or hereafter becomes available to the general public other than
by reason of any default with respect to a Party’s confidentiality obligation hereunder, (ii) is demonstrated by documentary evidence to have been known at the time of receipt thereof by the receiving Party, (iii) can be shown to have
been developed or acquired independently without breach of any obligations contained herein, or (iv) is required to be disclosed as a result of a judicial order or decree or applicable Law or regulation; provided however, that the Party whose
Confidential Information is the subject of such judicial order or decree is given the opportunity to contest the judicial order or decree prior to any disclosure. 
  

	11.	PATENTS AND PROTECTION OF DISTRIBUTOR’S RIGHT TO DISTRIBUTE PRODUCT AND PRODUCT DRUG 

(a) Patent Prosecution. 
 (i)
Company will file, prosecute and maintain patents within the Territory relating to the Product packaging, use or sale (but not manufacture) of the Product (“Patents”) as Company may elect. If Company elects not to file, prosecute or
maintain a Patent in any country in the Territory, then Company shall notify Distributor. Distributor shall have the right, within [***] ([***]) days following receipt of Company’s notice, to assume responsibility for filing, prosecuting or
maintaining such Patent, which Patent shall be considered a “Distributor Sponsored Patent.” Distributor Sponsored Patents are considered Patents under this Agreement, except where expressly provided herein to the contrary. 

(ii) Company hereby grants to Distributor an exclusive royalty-free non-transferable license to use the Patents (subject to the
Confidentiality provisions of Section 10 herein) in the Territory in connection with the marketing, distribution and sale of the Product. Distributor shall acknowledge the Patents (pending or granted) in Distributor’s labeling and
promotional materials relating to the Product. 
 (iii) All costs and expenses incurred with respect to the filing, prosecution and/or
maintenance of Patents (other than Distributor Sponsored Patents) shall be paid by Company, including all reasonable costs for the prosecution, issuance and maintenance of Patent applications and Patents issuing thereon, and any divisional,
continuations, continuation-in-part, reissue applications or Patents, Patents of addition, Patents of revalidation or the registrations or any Patent or the like. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 14 - 

 (iv) Company shall cooperate and assist Distributor in the filing, prosecution and maintenance of
Distributor Sponsored Patents. Distributor shall own all Distributor Sponsored Patents. 
 (b) Patent Enforcement and Enforcement of
Distributor’s Right to Distribute Product. 
 (i) If any of the Patents in the Territory are infringed by a third party, the Party
which discovers the infringement shall promptly notify the other Party in writing. The Parties shall [***] with enforcement of rights against the infringer and the division of any awards or settlement payments. [***]. The Parties shall
keep each other informed as to the prosecution of any action for such infringement. The Parties shall cooperate with each other with respect to any such action. 
  

	12.	TRADEMARKS 

 (a) (i) Company hereby grants to Distributor for the Term of this
Agreement the exclusive, royalty-free right to use the trademark “SUPARTZ” (or such other trademarks as may be mutually agreed by the Parties) (the “Trademark”) in connection with the marketing, distribution and sale of the
Product in the Territory. 
 (ii) In the event the name “SUPARTZ” is not available for Company to register in a country in the
Territory or is reasonably judged by the Parties to be inadequate based on special reason or situation of a country in the Territory, the Parties will select a new name from candidates proposed by Company and verified by Company to be available in
the country, which mark shall also be considered a Trademark for purposes of this Agreement. 
 (iii) Company shall register, and maintain
the Trademark in the Territory as Company may elect [***]. Distributor shall assist and cooperate with Company in connection with the maintenance of Trademark in the Territory. If Company elects not to maintain the Trademark in a country
within the Territory, Company shall notify Distributor and Distributor shall have the right to require Company to register and maintain the Trademark in that country (“Distributor Sponsored Trademark”). In that event, all costs and
expenses thereafter incurred by Company with respect to the preparation of Trademark registration application for, and with respect to the filing and/or maintenance of the Trademark registration in that country shall be [***]. Distributor
shall not use any trademark confusingly similar to the Trademark within or outside the Territory without the prior written consent of Company. Company shall not use any trademark confusingly similar to the Trademark within the Territory without the
prior written consent of Distributor. 
 (b) Distributor may not sublicense the Trademark to any third party, however, the use of the
Trademark by Distributor’s Affiliates and subdistributors for marketing, distributing and selling Product is permitted and approved herewith by Company. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 15 - 

 (c) Distributor and Company shall work together to develop a mutually acceptable package and
label for the Product, which package and label shall include the Trademark and other design elements as are mutually acceptable to both Parties. The use and presentation of the names, Trademarks and logos on the packaging and labeling of the Product
are to be attached hereto as ANNEX B. 
 (d) If the Trademark is infringed by a third party in the Territory, the Party which discovers
the infringement shall promptly notify the other Party in writing. The Parties shall [***] with enforcement of rights against the infringer and the division of any awards or settlement payments. [***]. The Parties shall keep each other
informed as to the prosecution of any action for such infringement. The Parties shall cooperate with each other with respect to any such action. 

(e) In the event of the institution of any suit by a third party against Company or Distributor for trademark infringement involving the
Trademark (other than Distributor Sponsored Trademarks), Company shall defend each such action [***] with attorneys selected by Company and reasonably acceptable to Distributor, Distributor shall assist and cooperate with Company to the
extent reasonably necessary in the defense. Company shall [***] with such third party. 
 Except as provided in Section 13, upon termination of
this Agreement for any reason (other than breach by Company), the license granted in this Section 12 shall immediately terminate with respect to Trademarks (other than Distributor Sponsored Trademarks), and Distributor shall immediately cease
all use of the Trademark (other than Distributor Sponsored Trademarks), except with respect to Products acquired by Distributor prior to the termination of this Agreement. 
  

	13.	TERM AND TERMINATION 

 (a) This Agreement shall continue for a period of five
(5) years from the LOA Effective Date (the “Initial Term”), unless terminated earlier as specifically provided in this Section 13. 

(b) Distributor has the right to renew this Agreement for one (1) renewal term of two (2) years upon expiration of the Initial Term
if and only if the following two conditions are satisfied: (1) Distributor provides a written notice to Company no later than one hundred and eighty (180) days prior to the expiration of the Initial Term; and (2) Distributor makes a
non-refundable payment to Company in the an amount equal to the lesser of (i) the purchase price for the number of Units by which Distributor’s orders fell short of the required minimum for the year and (ii) One Million Dollars ($1,000,000).
Such payment shall be made no later than the commencement of the renewal term. In addition, if Distributor fails to order a minimum of [***] ([***]) Units from Company during any full calendar year of the Initial Term, then (subject to
the remainder of this Section), such failure shall not constitute a breach of this Agreement, but, in such event, Company shall have the right to change this Agreement from exclusive to non-exclusive upon at least sixty (60) days’ prior
notice to Distributor and this Agreement shall be amended accordingly. Notwithstanding any other provision of this Section 13(b), to the extent that a failure to meet the order requirements set forth in this Section can be 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 16 - 

 
reasonably attributed to Negative Developments, then the Parties shall negotiate in good faith an appropriate reduction of the minimum order quantity or other appropriate means to offset the
impact of the Negative Developments. In addition, Distributor shall have the right to reinstate this Agreement as exclusive by making a non-refundable payment to Company in an amount equal to [***]. Such payment shall be made no later than
the expiration of the 60- day notice period or 30 days after completion of any negotiation of reduction in the minimum order quantity. Insofar as any payment in this Agreement is referred to as “non-refundable,” such reference shall be
without prejudice to recovery by Distributor from Company of all or any portion of such payments in connection with any rights or remedies that Distributor may seek as a result of a breach of this Agreement by Company, including, but not limited to,
recovery of the same as an element of damages. The Initial Term of five (5) years and the two (2) year renewal term, if applicable, shall be collectively referred to as the “Term.” 

(c) Notwithstanding the foregoing, this Agreement may be terminated by giving written notice to the other Party: (i) if the other Party
commits a material breach of any term or condition of this Agreement which is susceptible to cure, and the breaching Party shall have failed to cure such breach within sixty (60) days from the receipt by it of written notice thereof from the
other Party; (ii) if the other Party commits a material breach which is not susceptible to cure; (iii) if the other Party shall commence any case, proceeding or other action (A) under any applicable Law relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, wind-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver trustee, custodian or other similar official for it or for all or any substantial part of its assets; (iv) if there shall be
commenced against the other Party any such case, proceeding or other action referred to in clause (iii) of this Section 13(c) which results in the entry of an order for relief; (v) if the other Party shall take any action authorizing,
or in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth above in clauses (iii) or (iv) of this Section 13(c); or (vi) if the other Party shall admit in writing its inability
to pay its debts as they become due. Notwithstanding the termination of this Agreement pursuant to this subsection, the non-defaulting Party shall retain all rights and remedies available at law or in equity against the defaulting Party. 

(d) Company shall have the right to immediately terminate this Agreement if Distributor fails to pay any undisputed amount due under
Section 4 within [***] business days after Distributor receives written notice of nonpayment. 
 (e) The termination of this
Agreement for any reason (other than a breach by Company) shall be without prejudice to Company’s right to receive all payments accrued and unpaid at the effective date of termination or to the remedy, in accordance with the terms herein, of
either Party hereto in respect of any previous breach of any covenant contained herein. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 17 - 

 (f) Upon termination of this Agreement, each Party shall promptly (i) on request return to
the requesting Party all of the requesting Party’s records, materials and Confidential Information in the possession or control of the other Party, or its Affiliates, suppliers or third party subdistributors, except promotional materials
reasonably required by Distributor to promote, distribute or sell Products remaining in its inventory as permitted by this Section 13(f), and (ii) discontinue all distribution of the Product, except as otherwise permitted pursuant to
Section 3(d) above and 13(g) below. 
 (g) Termination of this Agreement shall not terminate Distributor’s obligation to pay the
purchase price for Product which has been received by Distributor under this Agreement, and upon any termination of this Agreement, Distributor shall continue to sell all of the remaining Products in its inventory. 

 

	14.	INDEMNIFICATION 

 (a) Company shall indemnify, defend and hold harmless
Distributor, including its officers and directors, from and against any and all damages, liabilities, costs and expenses, including, without limitation, reasonable attorney’s fees, arising out of: (i) breach of Company’s
representations and warranties; (ii) any claim relating to the manufacture of the Product or delivery of the Product to Distributor, including without limitation death, personal injury or damage to property resulting from defects, contamination
or other condition of the Product; (iii) infringement of patents or trademarks of a third party; or (iv) the act or omission of Company, its agents and representatives. In the event the Product becomes, or if Company reasonably believes
the Product is likely to become, infringing upon the proprietary rights of a third party, Company shall, in addition to its other obligations hereunder, under consultation with Distributor, use its best efforts to take such actions so as to allow
Distributor to continue to sell, distribute and promote the Product in the Territory without infringement on the patents or trademarks of third parties. 

In the event Distributor is enjoined, prohibited, restricted for a period of at least six (6) months from selling, distributing or marketing the Product
in any part of the Territory due to patent infringement, then Distributor shall have the right to terminate this Agreement with respect to the affected portion of the Territory by providing Company with fifteen (15) days’ prior written
notice. 
 (b) Distributor shall indemnify, defend and hold harmless Company, including its officers and directors, from and against any and
all damages, liabilities, costs and expenses, including without limitation reasonable attorney’s fees, arising out of (i) any breach of Distributor’s representations and warranties or (ii) any claim relating to the sale,
marketing, distribution or other disposition of the Product by Distributor, Distributor’s Affiliates or subdistributors, including without limitation, death, personal injury or damage to property resulting from the sale, marketing, or handling
of the Product by Distributor, Distributor’s Affiliates or Distributor’s sub-distributors, unless such damage liability, cost or expense is caused by Company or breach of this Agreement by Company, in which case Company shall indemnify and
hold Distributor harmless as set forth in Section 14(a) of this Agreement. 

  
 - 18 - 

 (c) If Distributor or Company intends to claim indemnification under this Section, such Party
(the “Claiming Party”) shall (i) promptly notify the other Party in writing of any claim or loss for which it intends to claim such indemnification, (ii) cooperate fully with the other Party and its legal representatives in the
investigation of any claim or loss covered by this Section, and (iii) allow the other Party to control the defense and/or disposition of such suit or claim. Neither Party shall have any indemnification obligations hereunder to the extent that
such Party’s ability to defend such suit or redress such loss is prejudiced by the Claiming Party’s failure to perform the obligations set forth in the preceding sentence. 

(d) Both Parties shall obtain and maintain a policy or policies of product liability insurance coverage that shall: (i) have a per
occurrence and annual aggregate limit of not less than [***]; (ii) include Distributor as an insured with regard to Company’s policy or policies, and include Company as an additional insured with regard to Distributor’s policy
or policies, in both cases for occurrences arising out of issues related to the responsibility of each Party, (iii) provides for at least [***] ([***]) days’ advance written notice to the other Party of cancellation or
material reduction in coverage and (iv) have a policy scope of [***] which will provide coverage claims. Each Party shall provide the other Party with a certificate evidencing such coverage upon reasonable request. 

 

	15.	ASSIGNMENT AND SUB-DISTRIBUTION RIGHTS AND RIGHT OF FIRST REFUSAL  

 (a) Except as
expressly provided herein to the contrary, neither Party shall assign or transfer (whether by operation of law or otherwise) its rights and obligations under this Agreement to any Person without the prior written consent of the other Party, such
consent not to be unreasonably withheld, delayed, or conditioned on terms not directly related to the assignment. This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties hereto. 

(b) Notwithstanding anything herein to the contrary, this Agreement shall continue in full force and effect in the event of a Change in
Control (as defined below) involving either Party, unless as a result of or in connection with such Change in Control, (i) a Distributor Competitor (as defined below) becomes the beneficial owner of more than 50% of the voting capital
stock of Company or (ii) a Company Competitor (as defined below) becomes the beneficial owner of more than 50% of the voting capital stock of Distributor. In the case of such circumstances as described in the immediately preceding sentence, the
non-transferring Party shall have the right, in its sole discretion, to immediately terminate this Agreement. For purposes of this Agreement, (i) a “Change in Control” means a transaction or a series of transactions as a result of
which a Person or group (as defined in Section 13(D) of the Securities Act of 1933, as amended) acquires control (as defined in the definition of Affiliate) of a Party, (ii) “Distributor Competitor” means any Person which derives
more than 50% of its revenues from the sales of orthopedic medical devices and has in excess of [***], and (iii) “Company Competitor” means any Person which [***]. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 19 - 

 (c) As of the LOA Effective Date, SMITH & NEPHEW, INC. and its Affiliates shall own
forty-nine percent (49%) of the voting securities in the Distributor. Notwithstanding anything herein to the contrary, in the event that, within two (2) years from the LOA Effective Date, SMITH & NEPHEW, INC. or its Affiliates
sell or transfer any of their voting securities in the Distributor (other than inter-company sales or transfers between SMITH & NEPHEW, INC. and any of its Affiliates or between any such Affiliates), then the Company shall have the right,
in its sole discretion, to terminate this Agreement upon written notice to Distributor. For purposes of this Section 15(c), “Affiliates” of SMITH & NEPHEW, INC. shall mean Affiliates as such term is defined in Section 22
of this Agreement, excluding, however, its clause (i) with regard to “control.” For purposes of clarity, issuance of additional voting securities by the Distributor shall not constitute a sale or transfer of voting securities by
SMITH & NEPHEW, INC. or its Affiliates. 
  

	16.	GOVERNING LAW AND DISPUTE RESOLUTION 

 (a) This Agreement shall be governed by and
construed in all respects in accordance with the laws of the State of New York, without reference to the conflict of laws rules thereof or the United Nations Convention on Contracts for the International Sale of Goods. 

(b) The Parties shall attempt in good faith to resolve any dispute or claim between them arising out of or relating to this Agreement
promptly by negotiations between executives or other representatives of the Parties with authority to resolve the dispute. If a dispute should arise, such representatives shall confer in person or by telephone at least once and attempt to resolve
the matter. Such conference shall take place within [***] ([***]) days of a written request therefor at a mutually agreed time and location. Such conference is a condition precedent to initiating arbitration as provided below, unless
the responding Party fails to confer within [***] ([***]) days of the request to do so, but is not a condition precedent to initiating an action for interim injunctive or provisional relief necessary to avoid irreparable harm or to
maintain the status quo. 
 If the dispute is not settled within [***] ([***]) days of the conference or time to confer described above, either Party
may submit the dispute for arbitration. The dispute shall be finally settled under the Rules of Arbitration (the “Rules”) of the International Chamber of Commerce (the “ICC”). The place of the arbitration shall be [***]. The
language of the arbitration shall be English with simultaneous translation into Japanese at the request of either Party. There shall be three (3) arbitrators, one (1) of whom shall be appointed by each of the Parties in accordance with the
Rules, and the third of whom shall be appointed by the ICC. The arbitrator appointed by the ICC shall act as the chairperson of the arbitrating body. The arbitrators shall decide the matters in the dispute in accordance with the laws of the State of
New York, without reference to the conflict of laws rules thereof or the United Nations Convention on Contracts for the International Sale of Goods. 
 The
arbitration shall also be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16, 201-208, including the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958. The
arbitration shall be commenced and shall 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 20 - 

 
proceed according to the Rules, except as otherwise provided herein. Any Confidential Information disclosed in the arbitration shall be subject to the confidentiality provisions of this
Agreement. Any time period specified in the Rules shall be extended or accelerated upon the Parties’ written agreement. At the request of either Party, all time periods specified in the Rules may, at the discretion of the arbitrators, be
accelerated or extended to the extent necessary to comply with the timetables specified in the Rules or for the reasonable management of the arbitration. 

The procedures specified in this Section 16(b) shall be the sole and exclusive procedures for the resolution of disputes; provided, however, that
a Party may, in addition or as an alternative to seeking interim relief from the ICC, seek injunctive or other provisional judicial relief in any court of competent jurisdiction if in its reasonable judgment such action is necessary to avoid
irreparable harm or to preserve the status quo. The Parties agree to submit to the jurisdiction of [***], solely for the purposes of any such action. Despite such action the Parties will continue to participate in good faith in the procedures
specified in this Section 16(b). 
 The decision of the arbitrators shall be final and binding on all Parties to the arbitration. Judgment upon any
award rendered by the arbitrators may be entered by any court having jurisdiction over the Party against whom enforcement is sought. Each of the Parties hereby consents, for the benefit of the other Party, to the service of process by certified mail
or registered mail or by an express delivery service providing a return receipt at its address set forth for notices herein. 
 While the procedures set
forth above are being followed, the Parties shall continue to perform their respective obligations under this Agreement. Each Party shall bear its own costs and fees, including attorneys’ fees and expenses, in connection with the arbitration,
except that the arbitrators shall be empowered to assess costs and fees against any Party who the arbitrators find to have acted in bad faith or to have maintained a frivolous position in the arbitration. 

 

	17.	NOTICES 

 All notices given under this Agreement shall be in writing and shall be
delivered by first class mail or overnight courier or by facsimile transmission (receipt verified) and addressed to the Parties at their respective addresses set forth below: 

SEIKAGAKU CORPORATION 
 Marunouchi
Center Building 
 6-1, Marunouchi 1-chome, Chiyoda-ku 

Tokyo 100-0005, Japan 
 Attention:
[***]. 
   Fax: +81-3-5220-8975 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 21 - 

 BIOVENTUS LLC 

4721 Emperor Blvd. Suite 100 

Durham, NC 27703 
 Attention:
      [***] 

                       Fax:
[***] 
 With a copy to: 

BIOVENTUS LLC 
 4721 Emperor Blvd.
Suite 100 
 Durham, NC 27703 

Attention:       [***] 

                       [***]

 Either Party may change its address or its telecopy number for purposes of this Agreement by giving the other Party written notice of its new address or
telecopy number. Any such notice, if given by first class mail or overnight courier, shall be deemed to have been received on the date actually received and if given by telecopy transmission shall be deemed to have been received at the time of
dispatch or the next regular business day if received after 5:00 p.m. local time of the recipient. 
  

	18.	WAIVER AND DELAY 

 No waiver by either Party of any breach or series of breaches
by the other Party, and no failure, refusal or neglect of either Party to exercise any rights granted to it hereunder or to insist upon strict compliance with or performance of either Party’s obligations under this Agreement shall constitute a
waiver of the provisions of this Agreement with respect to any subsequent breach thereof or a waiver by either Party of its rights hereunder or otherwise at any time thereafter. 

 

	19.	FORCE MAJEURE 

 A Party shall be excused from failure to perform its
obligations under this Agreement, including without limitation Distributor’s obligations to purchase a minimum purchase quantity pursuant to Section 3(c) above, and from sanction for failure to meet minimum order requirements pursuant to
Section 13(b) above, if any such failure is caused by a Force Majeure and without the fault or negligence of such Party. For the purposes of this Agreement, “Force Majeure” is defined as causes beyond the reasonable control of the
Party, including, without limitation, acts of God, storm, war, riot, earthquake, tsunami, fire, flood, terrorism, pandemic, nuclear accident, cyber incident, biochemical incident, explosion, governmental orders or restrictions, shortage of
materials, power cut, power shortage, or strikes or other labor troubles. Upon occurrence of a Force Majeure, the Party claiming Force Majeure shall immediately notify the other Party of such Force Majeure and its effect on such Party’s ability
to perform its obligations hereunder and the period during which such inability is expected to continue. The duties and obligations of the Parties shall be suspended for the duration of the event; provided, however, that if such suspension shall
continue in excess of [***], the Parties shall attempt to arrive at a mutually acceptable compromise within the spirit and intent of this Agreement. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 22- 

	20.	ENTIRE AGREEMENT 

 This Agreement (with Exhibits) contains all of the terms and
conditions agreed upon by the Parties hereto with respect to the subject matter hereof. No other agreement, oral or otherwise, shall be deemed to exist or to bind either of the Parties hereto, and all prior agreements and understandings with respect
to the subject matter hereof are superseded hereby This Agreement cannot be modified or changed except by written instrument signed by both of the Parties hereto. 
  

	21.	SEVERABILITY 

 If any provision of this Agreement is declared invalid or
unenforceable by the arbitration or a court having competent jurisdiction, it is mutually agreed that the other provisions of this Agreement shall survive. The Parties shall consult and use all commercially reasonable efforts to agree upon a valid
and enforceable provision which shall be a reasonable substitute for such invalid or unenforceable provision in light of the intent of this Agreement. 
  

	22.	DEFINITIONS 

 As used in this Agreement, the following terms shall have the
meanings set forth in this Section unless the context dictates otherwise. 
 “Affiliate”, with respect to any Party, shall
mean any Person controlling, controlled by, or under common control with, such Party. For these purposes, “control” shall refer to (i) the possession, directly or indirectly, of the power to direct the management or policies of a
Person or to veto any material decision relating to the management or policies of a Person, in each case, whether through the ownership of voting securities, by contract or otherwise, or (ii) the ownership, directly or indirectly, of at least
50% of the voting securities of a Person. 
 “Annual Forecast” shall have the meaning set forth in Section 3(c) of
this Agreement. 
 “Audit” shall have the meaning set forth in Section 4(d) of this Agreement. 

“Average Selling Price per Unit” shall have the meaning set forth in Section 4(a) of this Agreement. 

“Change in Control” shall have the meaning set forth in Section 15(b) of this Agreement. 

“Claiming Party” shall have the meaning set forth in Section 14(c) of this Agreement. 

“Company” shall have the meaning set forth in the first paragraph of this Agreement. 

  
 - 23 - 

 “Company Competitor” shall have the meaning set forth in Section 15(b) of
this Agreement. 
 “Confidential Information” shall have the meaning set forth in Section 10(c) of this Agreement.

 “Distributor” shall have the meaning set forth in the first paragraph of this Agreement of this Agreement. 

“Distributor Competitor” shall have the meaning set forth in Section 15(b) of this Agreement. 

“Distributor Sponsored Patent” shall have the meaning set forth in Section 11(a)(i) of this Agreement. 

“Distributor Sponsored Trademark” shall have the meaning set forth in Section 12(a)(iii) of this Agreement. 

“Dollars” or “$” refers to United States dollars. 

“EDA” shall have the meaning set forth in Paragraph B of the recitals of this Agreement. 

“Effective Date” shall have the meaning set forth in the first paragraph of this Agreement. 

“Existing Agreements” shall have the meaning set forth in Paragraph B of the recitals of this Agreement. 

“FDA” shall mean the United States Food and Drug Administration. 

“Force Majeure” shall have the meaning set forth in Section 19 of this Agreement. 

“[***]” shall mean a [***]. 

“HA” shall have the meaning set forth in Paragraph A of the recitals in this Agreement. 

“Initial Term” shall have the meaning set forth in Section 13(a) of this Agreement. 

“Know-How” shall mean any and all technical data, information, materials and other know-how, developed or acquired by
Company, either as of the Effective Date or at any time during the Term of this Agreement, which relates to the manufacture and use of Products or Product-Drug. 

“Laws” shall have the meaning set forth in Section 5(i) of this Agreement. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 24 - 

 “LOA Effective Date” shall mean the date of the closing of the transaction
transferring SMITH & NEPHEW INC.’s clinical therapies business, including the Product business, to Distributor the principal owners of which are SMITH & NEPHEW, INC. and/or its Affiliates and Essex Woodland Health Ventures
and/or its Affiliates. For purposes of the foregoing, “Affiliates” of SMITH & NEPHEW, INC. shall mean Affiliates as such term is defined in this Section 22, excluding, however, its clause (i) with regard to
“control.” 
 “Net Sales” shall mean the gross amount invoiced by Distributor or its Affiliates for the sale of
the Product to third parties in the Territory, less (i) returns of Products; (ii) sales, use, value-added, excise, or other similar taxes, which taxes are included in the gross amount invoiced by Distributor or its Affiliates for the sale
of the Product to third parties in the Territory; (iii) trade discounts; and (iv) freight and insurance costs. A “sale” shall not include [***], or any transfer or disposition of the Product for pre-clinical, regulatory or
governmental purposes prior to receiving marketing approval. For purposes of calculating “Net Sales,” Product shall be considered “sold” upon the invoicing of such Product by Distributor or Distributor’s Affiliate to a third
party. 
 “Net Units Sold” shall have the meaning set forth in Section 4(a) of this Agreement. 

“Party” and “Parties” shall have the meaning set forth in the first paragraph of this Agreement. 

“Patents” shall have the meaning set forth in Section 11(a)(i) of this Agreement. 

“Person” shall mean any natural person, corporation, firm, limited liability corporation, limited liability partnership,
business trust, joint venture, association, organization, company, partnership or other business entity, or any government or any agency or political subdivision thereof. 

“Product” shall mean an intra-articular, injectable solution of 1wt% of highly purified HA in a syringe for treatment of
osteoarthritis of the knee and requiring three (3) or more injections under the FDA approval PMA P980044. It shall include [***]. 

“Product-Drug” shall mean the Product. 

“Proposed Recall” shall have the meaning set forth in Section 5(h)(2) of this Agreement. 

“Purchase Price” shall have the meaning set forth in Section 4(a) of this Agreement. 

“Receiving Party” shall have the meaning set forth in Section 5(a) of this Agreement. 

“Registration Dossier” shall mean a written regulatory submission or document describing Product Specifications and
manufacturing methods as submitted by Company and approved by the applicable regulatory agency and Distributor. 
 “Regulatory
Conditions” shall have the meaning set forth in Section 2(c)(i). 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 25 - 

 “Requesting Party” shall have the meaning set forth in Section 5(a) of this
Agreement. 
 “Sample” shall mean samples and [***]. 

“Specifications” shall have the meaning set forth in Section 5(a) of this Agreement. 

“Statement” shall have the meaning set forth in Section 4(b) of this Agreement. 

“Term” shall have the meaning set forth in Section 13(b) of this Agreement. 

“Territory” shall have the meaning set forth in Section 2(a) of this Agreement. 

“Testing Methods” shall have the meaning set forth in Section 5(c) of this Agreement. 

“Trademark” shall have the meaning set forth in Section 12(a)(i) of this Agreement. 

“Unit” shall mean a syringe containing 2.5 ml solution of 1.0wt% HA and blister packaged. 

 

	23.	PUBLIC ANNOUNCEMENTS  

 Except as required by applicable Law or any securities
exchange or the NASD, neither Party shall issue any press release or make any other public announcement concerning this Agreement or the subject matter hereof without the prior written consent of the other Party, which consent shall not be
unreasonably withheld. In the event of a required press release or other public announcement, the Party making such announcement shall provide the other Party with a copy of the proposed text prior to such announcement. The Parties agree that if
either Party is required to file this Agreement with any governmental agency, such Party shall delete the unrelated parts, provisions or words of this Agreement to the extent possible in order to keep the terms of this Agreement confidential. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 26 - 

	24.	MISCELLANEOUS 

 (a) The Parties agree that each Party is an independent
contractor. Employees and agents of one Party are not employees or agents of the other, shall not hold themselves out as such, and shall not have any authority or power to bind the other Party to any contract or other obligation. Nothing in this
Agreement is intended or shall be deemed to constitute a partnership, agency, employer-employee or joint venture relationship between the Parties. 

(b) Except as otherwise expressly provided in this Agreement, each Party shall bear all of its costs and expenses associated with the
performance of such Party’s obligation under this Agreement. 
 (c) Captions used in this Agreement are for convenience only and shall
not be deemed to affect the meaning or construction of this Agreement. 
 (d) This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (e) This Agreement is
neither expressly nor impliedly made for the benefit of any party other than the Parties. 

  
 - 27 - 

	25.	SET-OFF 

 Each Party shall have a right of off-set against payment due from it to
recover any amounts due from the other Party under the terms of this Agreement. 

  
 - 28 - 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	SEIKAGAKU CORPORATION
		
	By:	 	 /s/ Ken Mizutani

		 	Ken Mizutani, President
	
	BIOVENTUS LLC
		
	By:	 	 /s/ Mark Augusti

		 	Mark Augusti, CEO

 This Agreement is also agreed and acknowledged by SMITH & NEPHEW, INC. for purposes of Sections
4(h) and 15(c). 
  

			
	By:	 	 /s/ Robert A. Lucas

		
	Name:	 	 Robert A. Lucas

		
	Title:	 	 Assistant Secretary

 ANNEX A 

(Quality Specification) 
 Supartz is a sterile
aqueous viscoelastic solution designed for intra-articular injection in order to treat osteoarthritis of the knee. 
 The product is [***].

  

							
	 Product Specification:
  
	  		  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
  
	  	 [***]
  
	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	 [***]
	  	[***]	  		  	
	[***]	  	[***]	  		  	
	[***]	  	[***]	  		  	
	Shelf Life:	  		  		  	
	 [***]
	  		  		  	
	Storage:	  		  		  	
	 [***]
	  	[***]	  		  	
	Direction for Use:	  		  		  	
	 [***]
	  		  		  	

 As used above, [***]. 
 Company
shall be responsible, as the Requesting Party for the changes included in this attached ANNEX A as compared with any prior ANNEX A, to prepare and file all regulatory filings as may be required in the Territory as a result of such changes, and,
insofar as such filings are 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
  

 
required, this ANNEX A shall not be effective prior to the date such filings are made become effective and, insofar as future regulatory filings in the Territory become necessary as a result of
changes to the [***] where referenced in the attached ANNEX A, Company, as the Requesting Party, shall prepare and file the same. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. 
 Confidential treatment has been
requested with respect to the omitted portions. 
 - 2 - 

 ANNEX B 

The Parties acknowledge that the Existing Agreements do not include an ANNEX B as of the LOA Effective Date.

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