Document:

exv4w28

Exhibit 4.28

AMENDED AND RESTATED DECLARATION

OF TRUST

EVERBANK FINANCIAL PREFERRED TRUST X

Dated as of June 25, 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	INTERPRETATION AND DEFINITIONS

	 
	 	 	 	 
	SECTION 1.1. Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	ORGANIZATION

	 
	 	 	 	 
	SECTION 2.1. Name
	 	 	9	 
	SECTION 2.2. Office
	 	 	9	 
	SECTION 2.3. Purpose
	 	 	9	 
	SECTION 2.4. Authority
	 	 	9	 
	SECTION 2.5. Title to Property of the Trust
	 	 	10	 
	SECTION 2.6. Powers and Duties of the Trustees and the Administrators
	 	 	10	 
	SECTION 2.7. Prohibition of Actions by the Trust and the Trustees
	 	 	15	 
	SECTION 2.8. Powers and Duties of the Institutional Trustee
	 	 	15	 
	SECTION 2.9. Certain Duties and Responsibilities of the Trustees and the
Administrators
	 	 	17	 
	SECTION 2.10. Certain Rights of Institutional Trustee
	 	 	19	 
	SECTION 2.11. Delaware Trustee
	 	 	21	 
	SECTION 2.12. Execution of Documents
	 	 	21	 
	SECTION 2.13. Not Responsible for Recitals or Issuance of Securities
	 	 	21	 
	SECTION 2.14. Duration of Trust
	 	 	22	 
	SECTION 2.15. Mergers
	 	 	22	 
	 
	 	 	 	 
	ARTICLE III

	SPONSOR

	 
	 	 	 	 
	SECTION 3.1. Sponsor’s Purchase of Common Securities
	 	 	24	 
	SECTION 3.2. Responsibilities of the Sponsor
	 	 	24	 
	 
	 	 	 	 
	ARTICLE IV

	TRUSTEES AND ADMINISTRATORS

	 
	 	 	 	 
	SECTION 4.1. Number of Trustees
	 	 	24	 
	SECTION 4.2. Delaware Trustee
	 	 	25	 
	SECTION 4.3. Institutional Trustee; Eligibility
	 	 	25	 
	SECTION 4.4. Certain Qualifications of the Delaware Trustee Generally
	 	 	25	 
	SECTION 4.5. Administrators
	 	 	26	 
	SECTION 4.6. Initial Delaware Trustee
	 	 	26	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 4.7. Appointment, Removal and Resignation of the Trustees and the
Administrators
	 	 	26	 
	SECTION 4.8. Vacancies Among Trustees
	 	 	28	 
	SECTION 4.9. Effect of Vacancies
	 	 	28	 
	SECTION 4.10. Meetings of the Trustees and the Administrators
	 	 	28	 
	SECTION 4.11. Delegation of Power
	 	 	29	 
	SECTION 4.12. Merger, Conversion, Consolidation or Succession to Business
	 	 	29	 
	 
	 	 	 	 
	ARTICLE V

	DISTRIBUTIONS

	 
	 	 	 	 
	SECTION 5.1. Distributions
	 	 	29	 
	ARTICLE VI

	ISSUANCE OF SECURITIES

	 
	 	 	 	 
	SECTION 6.1. General Provisions Regarding Securities
	 	 	30	 
	SECTION 6.2. Paying Agent, Transfer Agent, Calculation Agent and Registrar
	 	 	31	 
	SECTION 6.3. Form and Dating
	 	 	31	 
	SECTION 6.4. Book-Entry Capital Securities
	 	 	32	 
	SECTION 6.5. Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	34	 
	SECTION 6.6. Temporary Securities
	 	 	34	 
	SECTION 6.7. Cancellation
	 	 	34	 
	SECTION 6.8. Rights of Holders; Waivers of Past Defaults
	 	 	34	 
	 
	 	 	 	 
	ARTICLE VII

	DISSOLUTION AND TERMINATION OF TRUST

	 
	 	 	 	 
	SECTION 7.1. Dissolution and Termination of Trust
	 	 	36	 
	 
	 	 	 	 
	ARTICLE VIII

	TRANSFER OF INTERESTS

	 
	 	 	 	 
	SECTION 8.1. General
	 	 	37	 
	SECTION 8.2. Transfer Procedures and Restrictions
	 	 	38	 
	SECTION 8.3. Deemed Security Holders
	 	 	41	 
	 
	 	 	 	 
	ARTICLE IX

	LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

	 
	 	 	 	 
	SECTION 9.1. Liability
	 	 	42	 
	SECTION 9.2. Exculpation
	 	 	42	 
	SECTION 9.3. Fiduciary Duty
	 	 	43	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 9.4. Indemnification
	 	 	43	 
	SECTION 9.5. Outside Businesses
	 	 	46	 
	SECTION 9.6. Compensation; Fee
	 	 	47	 
	 
	 	 	 	 
	ARTICLE X

	ACCOUNTING

	 
	 	 	 	 
	SECTION 10.1. Fiscal Year
	 	 	47	 
	SECTION 10.2. Certain Accounting Matters
	 	 	47	 
	SECTION 10.3. Banking
	 	 	48	 
	SECTION 10.4. Withholding
	 	 	48	 
	 
	 	 	 	 
	ARTICLE XI

	AMENDMENTS AND MEETINGS

	 
	 	 	 	 
	SECTION 11.1. Amendments
	 	 	49	 
	SECTION 11.2. Meetings of the Holders of the Securities; Action by Written
Consent
	 	 	51	 
	 
	 	 	 	 
	ARTICLE XII

	REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE

	 
	 	 	 	 
	SECTION 12.1. Representations and Warranties of Institutional Trustee
	 	 	52	 
	SECTION 12.2. Representations and Warranties of Delaware Trustee
	 	 	53	 
	 
	 	 	 	 
	ARTICLE XIII

	MISCELLANEOUS

	 
	 	 	 	 
	SECTION 13.1. Notices
	 	 	54	 
	SECTION 13.2. Governing Law
	 	 	55	 
	SECTION 13.3. Submission to Jurisdiction
	 	 	55	 
	SECTION 13.4. Intention of the Parties
	 	 	56	 
	SECTION 13.5. Headings
	 	 	56	 
	SECTION 13.6. Successors and Assigns
	 	 	56	 
	SECTION 13.7. Partial Enforceability
	 	 	56	 
	SECTION 13.8. Counterparts
	 	 	56	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	ANNEXES AND EXHIBITS
	 
	 	 	 	 
	ANNEX I            Terms of Capital Securities and Common Securities
	 	 	 	 
	 
	 	 	 	 
	EXHIBIT A-1 Form of Capital Security Certificate
	 	 	 	 
	EXHIBIT A-2 Form of Common Security Certificate
	 	 	 	 

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AMENDED AND RESTATED DECLARATION OF TRUST

OF

EverBank Financial Preferred Trust X

June 25, 2007

     AMENDED
AND RESTATED DECLARATION OF TRUST (this “Declaration”),
dated and effective as of June 25,
2007, by the Trustees (as defined herein), the Administrators (as defined herein), the Sponsor (as
defined herein) and the holders from time to time of undivided beneficial interests in the assets
of the Trust (as defined herein) to be issued pursuant to this Declaration.

     WHEREAS, certain of the Trustees, the Administrators and the Sponsor established EverBank
Financial Preferred Trust X (the “Trust”), a statutory trust under the Statutory Trust Act (as
defined herein), pursuant to a Declaration of Trust, dated as of June 21, 2007 (the “Original
Declaration”), and a Certificate of Trust filed with the Secretary of State of the State of
Delaware on June 21, 2007, for the sole purpose of issuing and selling certain securities
representing undivided beneficial interests in the assets of the Trust and investing the proceeds
thereof in the Debentures (as defined herein) of the Debenture Issuer (as defined herein) in
connection with the issuance of the Capital Securities (as defined herein);

     WHEREAS, as of the date hereof, no interests in the assets of the Trust have been issued; and

     WHEREAS, all of the Trustees, the Administrators and the Sponsor, by this Declaration, amend
and restate each and every term and provision of the Original Declaration.

     NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a
statutory trust under the Statutory Trust Act and that this Declaration constitutes the governing
instrument of such statutory trust, and that all assets contributed to the Trust will be held in
trust for the benefit of the holders, from time to time, of the securities representing undivided
beneficial interests in the assets of the Trust issued hereunder, subject to the provisions of this
Declaration, and, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties, intending to be
legally bound hereby, amend and restate in its entirety the Original Declaration and agree as
follows:

ARTICLE I

INTERPRETATION AND DEFINITIONS

     SECTION 1.1. Definitions. Unless the context otherwise requires:

          (a) capitalized
terms used in this Declaration but not defined in the preamble above or elsewhere
herein have the respective meanings assigned to them in this
Section 1.1 or, if not defined in this
Section 1.1 or elsewhere herein, in the Indenture;

 

 

          (b) a term defined anywhere in this Declaration has the same meaning throughout;

          (c) all references to “the Declaration” or “this Declaration” are to this Declaration as
modified, supplemented or amended from time to time;

          (d) all references in this Declaration to Articles and Sections and Annexes and Exhibits are
to Articles and Sections of and Annexes and Exhibits to this Declaration unless otherwise
specified;

          (e) a term defined in the Trust Indenture Act (as defined herein) has the same meaning when
used in this Declaration unless otherwise defined in this Declaration or unless the context
otherwise requires; and

          (f) a reference to the singular includes the plural and vice versa.

     “Additional Interest” has the meaning set forth in Section 3.06 of the Indenture.

     “Administrative Action” has the meaning set forth in paragraph 4(a) of Annex I.

     “Administrators” means each of Thomas A. Hajda and W. Blake Wilson, solely in such Person’s
capacity as Administrator of the Trust continued hereunder and not in such Person’s individual
capacity, or such Administrator’s successor in interest in such capacity, or any successor
appointed as herein provided.

     “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities Act or
any successor rule thereunder.

     “Applicable Depositary Procedures” means, with respect to any transfer or transaction
involving a Book-Entry Capital Security, the rules and procedures of the Depositary for such
Book-Entry Capital Security, in each case to the extent applicable to such transaction and as in
effect from time to time.

     “Authorized Officer” of a Person means any Person that is authorized to bind such Person.

     “Bankruptcy Event” means, with respect to any Person:

          (a) a court having jurisdiction in the premises enters a decree or order for relief in respect
of such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of such Person or for any substantial part of its property, or
orders the winding-up or liquidation of its affairs, and such decree, appointment or order remains
unstayed and in effect for a period of 90 consecutive days; or

          (b) such Person commences a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, consents to the entry of an order for relief in an
involuntary case under any such law, or consents to the appointment of or

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taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of such Person of any substantial part of its property, or makes any general
assignment for the benefit of creditors, or fails generally to pay its debts as they become due.

     “Book-Entry Capital Security” means a Capital Security, the ownership and transfers of which
shall be made through book entries by a Depositary.

     “Business Day” means any day other than Saturday, Sunday or any other day on which banking
institutions in Wilmington, Delaware or New York City or are permitted or required by any
applicable law or executive order to close.

     “Calculation Agent” has the meaning set forth in Section 1.01 of the Indenture.

     “Capital
Securities” has the meaning set forth in Section 6.1(a).

     “Capital Security Certificate” means a definitive Certificate registered in the name of the
Holder representing Capital Securities, which shall be substantially in the form attached hereto as
Exhibit A 1.

     “Capital Treatment Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “Certificate” means any certificate evidencing Securities.

     “Certificate of Trust” means the certificate of trust filed with the Secretary of State of the
State of Delaware with respect to the Trust, as amended and restated from time to time.

     “Closing Date” has the meaning set forth in the Purchase Agreement.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
legislation.

     “Commission” means the United States Securities and Exchange Commission.

     “Common Securities” has the meaning set forth in Section 6.1 (a).

     “Common Security Certificate” means a definitive Certificate registered in the name of the
Holder representing a Common Security substantially in the form of Exhibit A-2.

     “Company Indemnified Person” means (a) any Administrator; (b) any Affiliate of any
Administrator; (c) any officers, directors, shareholders, members, partners, employees,
representatives or agents of any Administrator; or (d) any officer, employee or agent of the Trust
or its Affiliates.

     “Corporate Trust Office” means the office of the Institutional Trustee at which the corporate
trust business of the Institutional Trustee shall, at any particular time, be principally
administered, which office shall at all times be located in the United States and at the date of
execution of this Declaration is located at 919 North Market Street Suite 1600 Wilmington, DE
19801, Attention: Corporate Trust Division.

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     “Coupon Rate” has the meaning set forth in paragraph 2(a) of Annex I.

     “Covered Person” means: (a) any Administrator, officer, director, shareholder, partner,
member, representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b)
any Holder of Securities.

     “Debenture Issuer” means EverBank Financial Corp, a savings and loan holding company
incorporated in Florida, in its capacity as issuer of the Debentures under the Indenture.

     “Debenture Trustee” means Wells Fargo Bank, National Association, a national banking
association with its principal place of business in the State of Delaware, not in its individual
capacity but solely as trustee under the Indenture until a successor is appointed thereunder, and
thereafter means such successor trustee.

     “Debentures” means the Junior Subordinated Debt Securities due September 15, 2037 to be issued
by the Debenture Issuer under the Indenture.

     “Deferred Interest” means any interest on the Debentures that would have been overdue and
unpaid for more than one Distribution Payment Date but for the imposition of an Extension Period,
and the interest that shall accrue (to the extent that the payment of such interest is legally
enforceable) on such interest at the Coupon Rate applicable during such Extension Period,
compounded quarterly from the date on which such Deferred Interest would otherwise have been due
and payable until paid or made available for payment.

     “Definitive Capital Securities” means any Capital Securities in definitive form issued by the
Trust.

     “Delaware Trustee” has the meaning set forth in Section 4.2.

     “Depositary” means an organization registered as a cleating agency under the Exchange Act that
is designated as Depositary by the Sponsor or any successor thereto. DTC will be the initial
Depositary.

     “Depositary Participant” means a broker, dealer, bank, other financial institution or other
Person for whom from time to time the Depositary effects book-entry transfers and pledges of
securities deposited with the Depositary.

     “Direct Action” has the meaning set forth in Section 2.8(e).

     “Distribution” means a distribution payable to Holders of Securities in accordance with
Section 5.1.

     “Distribution Payment Date” has the meaning set forth in paragraph 2(e) of Annex I.

     “Distribution Payment Period” means the period from and including a Distribution Payment Date,
or in the case of the first Distribution Payment Period, the original date of issuance of the
Securities, to, but excluding, the next succeeding Distribution Payment Date or, in the case of the
last Distribution Payment Period, the Redemption Date, Special Redemption

-4-

 

Date or Maturity Date (each as defined in the Indenture), as the case may be, for the related
Debentures.

     “DTC” means The Depository Trust Company or any successor thereto.

     “Event of Default” means the occurrence of an Indenture Event of Default.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any
successor legislation.

     “Extension Period” has the meaning set forth in paragraph 2(e) of Annex I.

     “Fiduciary Indemnified Person” shall mean each of the Institutional Trustee (including in its
individual capacity), the Delaware Trustee (including in its individual capacity), any Affiliate of
the Institutional Trustee or the Delaware Trustee, and any officers, directors, shareholders,
members, partners, employees, representatives, custodians, nominees or agents of the Institutional
Trustee or the Delaware Trustee.

     “Fiscal Year” has the meaning set forth in Section 10.1.

     “Fixed Rate” has the meaning set forth in paragraph 2(a) of Annex I.

     “Global Capital Security” means a Capital Securities Certificate evidencing ownership of
Book-Entry Capital Securities.

     “Guarantee” means the Guarantee Agreement, dated as of June 25, 2007, of the Sponsor in
respect of the Capital Securities.

     “Holder” means a Person in whose name a Certificate representing a Security is registered on
the register maintained by or on behalf of the Registrar, such Person being a beneficial owner
within the meaning of the Statutory Trust Act.

     “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified Person.

     “Indenture” means the Indenture, dated as of June 25, 2007, among the Debenture Issuer and the
Debenture Trustee, and any indenture supplemental thereto pursuant to which the Debentures are to
be issued.

     “Indenture Event of Default” means an “Event of Default” as defined in the Indenture.

     “Initial Purchaser” means the initial purchaser of the Capital Securities.

     “Institutional
Trustee” means the Trustee meeting the eligibility requirements
set forth in
Section 4.3.

     “Investment Company” means an investment company as defined in the Investment Company Act.

-5-

 

     “Investment Company Act” means the Investment Company Act of 1940, as amended from time to
time, or any successor legislation.

     “Investment Company Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “Legal Action” has the meaning set forth in Section 2.8(e).

     “LIBOR” means the London Interbank Offered Rate for U.S. Dollar deposits in Europe as
determined by the Calculation Agent according to paragraph 2(b) of Annex I.

     “LIBOR Banking Day” has the meaning set forth in paragraph 2(b)(1) of Annex I. 

     “LIBOR
Business Day” has the meaning set forth in paragraph 2(b)(1) of Annex I. 

     “LIBOR
Determination Date” has the meaning set forth in paragraph 2(b)(1) of Annex I.

     “Liquidation” has the meaning set forth in paragraph 3 of Annex I.

     “Liquidation Distribution” has the meaning set forth in paragraph 3 of Annex I.

     “Majority in liquidation amount of the Securities” means Holders of outstanding Securities
voting together as a single class or, as the context may require, Holders of outstanding Capital
Securities or Holders of outstanding Common Securities voting separately as a class, who are the
record owners of more than 50% of the aggregate liquidation amount (including the stated amount
that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions
to the date upon which the voting percentages are determined) of all outstanding Securities of the
relevant class.

     “Notice” has the meaning set forth in Section 2.11 of the Indenture.

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by two
Authorized Officers of such Person. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Declaration shall include:

          (c) a statement that each officer signing the Officers’ Certificate has read the covenant or
condition and the definitions relating thereto;

          (d) a brief statement of the nature and scope of the examination or investigation undertaken
by each officer in rendering the Officers’ Certificate;

          (e) a statement that each such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

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

-6-

 

     “Owner” means each Person who is the beneficial owner of Book-Entry Capital Securities as
reflected in the records of the Depositary or, if a Depositary Participant is not the beneficial
owner, then the beneficial owner as reflected in the records of the Depositary Participant.

     “Paying Agent” has the meaning set forth in Section 6.2.

     “Payment Amount” has the meaning set forth in Section 5.1.

     “Person” means a legal person, including any individual, corporation, estate, partnership,
joint venture, association, joint stock company, limited liability company, trust, unincorporated
association, or government or any agency or political subdivision thereof, or any other entity of
whatever nature.

     “PORTAL” has the meaning set forth in Section 2.6(a)(i).

     “Property
Account” has the meaning set forth in Section 2.8(c).

     “Pro Rata” has the
meaning set forth in paragraph 8 of Annex I.

     “Purchase Agreement” means the Purchase Agreement relating to the offering and sale of Capital
Securities.

     “QIB” means a “qualified institutional buyer” as defined under Rule 144A.

     “Quorum” means a majority of the Administrators or, if there are only two Administrators, both
of them.

     “Redemption Date” has the meaning set forth in paragraph 4(a) of Annex I.

     “Redemption/Distribution Notice” has the meaning set forth in paragraph 4(e) of Annex I.

     “Redemption Price” has the meaning set forth in paragraph 4(a) of Annex I.

     “Registrar” has the meaning set forth in Section 6.2.

     “Relevant Trustee” has the meaning set forth in Section 4.7(a).

     “Responsible Officer” means, with respect to the Institutional Trustee, any officer within the
Corporate Trust Office of the Institutional Trustee with direct responsibility for the
administration of this Declaration, including any vice-president, any assistant vice-president, any
secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or
other officer of the Corporate Trust Office of the Institutional Trustee customarily performing
functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of that officer’s knowledge of and familiarity with the particular subject.

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     “Restricted Securities Legend” has the meaning set forth in Section 8.2(c).

     “Rule 144A” means Rule 144A under the Securities Act.

     “Rule 3a-5” means Rule 3a-5 under the Investment Company Act.

     “Rule 3a-7” means Rule 3a-7 under the Investment Company Act.

     “Securities” means the Common Securities and the Capital Securities, as applicable.

     “Securities Act” means the Securities Act of 1933, as amended from time to time, or any
successor legislation.

     “Special Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “Special Redemption Price” has the meaning set forth in paragraph 4(a) of Annex I.

     “Sponsor” means EverBank Financial Corp, a savings and loan holding company that is a U.S.
Person incorporated in Florida, or any successor entity in a merger, consolidation or amalgamation
that is a U.S. Person, in its capacity as sponsor of the Trust.

     “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801
et seq., as it may be amended from time to time, or any successor legislation.

     “Successor Delaware Trustee” has the meaning set forth in Section 4.7(e).

     “Successor Entity” has the meaning set forth in Section 2.15(b).

     “Successor Institutional Trustee” has the meaning set forth in Section 4.7(b).

     “Successor Securities” has the meaning set forth in Section 2.15(b).

     “Super Majority” has the meaning set forth in paragraph 5(b) of Annex I.

     “Tax Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “10% in liquidation amount of the Securities” means Holders of outstanding Securities voting
together as a single class or, as the context may require, Holders of outstanding Capital
Securities or Holders of outstanding Common Securities voting separately as a class, who are the
record owners of 10% or more of the aggregate liquidation amount (including the stated amount that
would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the
date upon which the voting percentages are determined) of all outstanding Securities of the
relevant class.

     “Transfer Agent” has the meaning set forth in Section 6.2.

     “Transfer Notice” has the meaning set forth in Section 8.2(e).

-8-

 

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time-to-time, or
any successor legislation.

     “Trustee” or “Trustees” means each Person who has signed this Declaration as a trustee, so
long as such Person shall continue in office in accordance with the terms hereof, and all other
Persons who may from time to time be duly appointed, qualified and serving as Trustees in
accordance with the provisions hereof, and references herein to a Trustee or the Trustees shall
refer to such Person or Persons solely in their capacity as trustees hereunder.

     “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to, the
Property Account and (c) all proceeds and rights in respect of the foregoing and any other property
and assets for the time being held or deemed to be held by the Institutional Trustee pursuant to
the trusts of this Declaration.

     “U.S. Person” means a United States Person as defined in Section 7701(a)(30) of the Code.

ARTICLE II

ORGANIZATION

     SECTION 2.1. Name. The Trust is named “EverBank Financial Preferred Trust X,” as such
name may be modified from time to time by the Administrators following written notice to the
Institutional Trustee and the Holders of the Securities. The Trust’s activities may be conducted
under the name of the Trust or any other name deemed advisable by the Administrators.

     SECTION 2.2. Office. The address of the principal office of the Trust, which shall be
in a state of the United States or the District of Columbia, is 8100 Nations Way, Jacksonville,
Florida 32256. On ten Business Days’ written notice to the Institutional Trustee and the Holders of
the Securities, the Administrators may designate another principal office, which shall be in a
state of the United States or the District of Columbia.

     SECTION 2.3. Purpose. The exclusive purposes and functions of the Trust are (a) to
issue and sell the Securities representing undivided beneficial interests in the assets of the
Trust, (b) to invest the gross proceeds from such sale to acquire the Debentures, (c) to facilitate
direct investment in the assets of the Trust through issuance of the Common Securities and the
Capital Securities and (d) except as otherwise limited herein, to engage in only those other
activities incidental thereto that are deemed necessary or advisable by the Institutional Trustee,
including, without limitation, those activities specified in this Declaration. The Trust shall not
borrow money, issue debt or reinvest proceeds derived from investments, pledge any of its assets,
or otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to
be classified for United States federal income tax purposes as a grantor trust.

     SECTION 2.4. Authority. Except as specifically provided in this Declaration, the
Institutional Trustee shall have exclusive and complete authority to carry out the purposes of the
Trust. An action taken by a Trustee on behalf of the Trust and in accordance with such Trustee’s

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powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting
on behalf of the Trust, no Person shall be required to inquire into the authority of the Trustees
to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power
and authority of the Trustees as set forth in this Declaration. The Administrators shall have only
those ministerial duties set forth herein with respect to accomplishing the purposes of the Trust
and are not intended to be trustees or fiduciaries with respect to the Trust or the Holders. The
Institutional Trustee shall have the right, but shall not be obligated except as provided in
Section 2.6, to perform those duties assigned to the Administrators.

     SECTION
2.5. Title to Property of the Trust. Except as provided in
Section 2.6(g) and
Section 2.8 with respect to the Debentures and the Property
Account or as otherwise provided in this
Declaration, legal title to all assets of the Trust shall be vested
in the Trust. The Holders shall not
have legal title to any part of the assets of the Trust, but shall
have an undivided beneficial interest in
the assets of the Trust.

     SECTION 2.6. Powers and Duties of the Trustees and the Administrators.

          (a) The Trustees and the Administrators shall conduct the affairs of the Trust in accordance
with the terms of this Declaration. Subject to the limitations set forth in paragraph (b) of this
Section, and in accordance with the following provisions (i) and (ii), the Administrators and, at
the direction of the Administrators, the Trustees, shall have the authority to enter into all
transactions and agreements determined by the Administrators to be appropriate in exercising the
authority, express or implied, otherwise granted to the Trustees or the Administrators, as the case
may be, under this Declaration, and to perform all acts in furtherance thereof, including without
limitation, the following:

     (i) Each Administrator shall have the power, duty and authority, and is hereby
authorized, to act on behalf of the Trust with respect to the following matters:

     (A) the issuance and sale of the Securities;

     (B) to acquire the Debentures with the proceeds of the sale of the
Securities; provided, however, that the Administrators shall cause legal
title to the Debentures to be held of record in the name of the
Institutional Trustee for the benefit of the Holders;

     (C) to cause the Trust to enter into, and to execute, deliver and
perform on behalf of the Trust, such agreements as may be necessary or
desirable in connection with the purposes and function of the Trust,
including agreements with the Paying Agent, a Debenture subscription
agreement between the Trust and the Sponsor and a Common Securities
subscription agreement between the Trust and the Sponsor;

     (D) ensuring compliance with the Securities Act and applicable state
securities or blue sky laws;

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     (E) if and at such time determined solely by the Sponsor at the request of the
Holders, assisting in the designation of the Capital Securities for trading in the
Private Offering, Resales and Trading through the Automatic Linkages (“PORTAL”)
system if available;

     (F)
the sending of notices (other than notices of default) and other information
regarding the Securities and the Debentures to the Holders in accordance with this
Declaration, including notice of any  notice received from the Debenture Issuer of its
election to defer payments of interest on the Debentures by extending the interest
payment period under the Indenture;

     (G) the appointment of a Paying Agent, Transfer Agent and Registrar in
accordance with this Declaration;

     (H)
execution and delivery of the Securities in accordance with this Declaration;

     (I)
execution and delivery of closing certificates pursuant to the Purchase Agreement
and the application for a taxpayer identification number;

     (J) unless otherwise determined by the Holders of a Majority in liquidation
amount of the Securities or as otherwise required by the Statutory Trust Act, to
execute on behalf of the Trust (either acting alone or together with any or all of
the Administrators) any documents that the Administrators have the power to execute
pursuant to this Declaration;

     (K) the taking of any action incidental to the foregoing as the Sponsor or an
Administrator may from time to time determine is necessary or advisable to give
effect to the terms of this Declaration for the benefit of the Holders (without
consideration of the effect of any such action on any particular Holder);

     (L) to establish a record date with respect to all actions to be taken
hereunder that require a record date be established, including Distributions, voting
fights, redemptions and exchanges, and to issue relevant notices to the Holders of
Capital Securities and Holders of Common Securities as to such actions and
applicable record dates;

     (M)
to duly prepare and file on behalf of the Trust all applicable tax
returns
and tax information reports that are required to be filed with respect to the Trust;

     (N) to negotiate the terms of, and the execution and delivery of, the Purchase
Agreement providing for the sale of the Capital Securities;

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     (O) to employ or otherwise engage employees, agents (who may be designated as
officers with titles), managers, contractors, advisors, attorneys and consultants
and pay reasonable compensation for such services;

     (P) to incur expenses that are necessary or incidental to carry out any of the
purposes of the Trust;

     (Q) to give the certificate required by § 314(a)(4) of the Trust Indenture Act
to the Institutional Trustee, which certificate may be executed by an Administrator;
and

     (R) to take all action that may be necessary or appropriate for the preservation and
the continuation of the Trust’s valid existence, fights, franchises and privileges as a
statutory trust under the laws of each jurisdiction (other than the State of Delaware) in
which such existence is necessary to protect the limited liability of the Holders of the
Capital Securities or to enable the Trust to effect the purposes for which the Trust was
created.

     (ii) As among the Trustees and the Administrators, the Institutional Trustee shall have
the power, duty and authority, and is hereby authorized, to act on behalf of the Trust with
respect to the following matters:

     (A) the establishment of the Property Account;

     (B) the receipt of the Debentures;

     (C) the collection of interest, principal and any other payments made in
respect of the Debentures in the Property Account;

     (D) the distribution through the Paying Agent of amounts owed to the Holders in
respect of the Securities;

     (E) the exercise of all of the rights, powers and privileges of a holder of the
Debentures;

     (F) the sending of notices of default and other information regarding the
Securities and the Debentures to the Holders in accordance with this Declaration;

     (G) the distribution of the Trust Property in accordance with the terms of
this Declaration;

     (H) to the extent provided in this Declaration, the winding up of the affairs of
and liquidation of the Trust and the preparation, execution and filing of the
certificate of cancellation with the Secretary of State of the State of Delaware;

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     (I) after any Event of Default (of which the Institutional Trustee
has knowledge (as provided in Section 2.10(m) hereof)) (provided,
that such Event of Default is not by or with respect to the Institutional
Trustee), the taking of any action incidental to the foregoing as the
Institutional Trustee may from time to time determine is necessary or
advisable to give effect to the terms of this Declaration and protect and
conserve the Trust Property for the benefit of the Holders (without
consideration of the effect of any such action on any particular Holder);

     (J) to take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust’s valid existence, rights,
franchises and privileges as a statutory trust under the laws of the State
of Delaware to protect the limited liability of the Holders of the Capital
Securities or to enable the Trust to effect the purposes for which the
Trust was created; and

     (K) to undertake any actions set forth in § 3 17(a) of the Trust
Indenture Act.

     (iii) The Institutional Trustee shall have the power and authority, and is
hereby authorized, to act on behalf of the Trust with respect to any of the duties,
liabilities, powers or the authority of the Administrators set forth in Section
2.6(a)(i)(F) and (G) herein but shall not have a duty to do any such act unless
specifically requested to do so in writing by the Sponsor, and shall then be fully
protected in acting pursuant to such written request; and in the event of a
conflict between the action of the Administrators and the action of the
Institutional Trustee, the action of the Institutional Trustee shall prevail.

          (b) So long as this Declaration remains in effect, the Trust (or the Trustees or
Administrators acting on behalf of the Trust) shall not undertake any business, activities or
transaction except as expressly provided herein or contemplated hereby. In particular, neither the
Trustees nor the Administrators may cause the Trust to (i) acquire any investments or engage in any
activities not authorized by this Declaration, (ii) sell, assign, transfer, exchange, mortgage,
pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including
to Holders, except as expressly provided herein, (iii) take any action that would cause (or in the
case of the Institutional Trustee, to the actual knowledge of a Responsible Officer would cause)
the Trust to fail or cease to qualify as a “grantor trust” for United States federal income tax
purposes, (iv) incur any indebtedness for borrowed money or issue any other debt or (v) take or
consent to any action that would result in the placement of a lien on any of the Trust Property.
The Institutional Trustee shall, at the sole cost and expense of the Trust, defend all claims and
demands of all Persons at any time claiming any lien on any of the Trust Property adverse to the
interest of the Trust or the Holders in their capacity as Holders.

          (c) In connection with the issuance and sale of the Capital Securities, the Sponsor shall have
the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust,
the following (and any actions taken by the Sponsor in furtherance of the following prior to the
date of this Declaration are hereby ratified and confirmed in all respects):

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     (i) the taking of any action necessary to obtain an exemption from the
Securities Act;

     (ii) the determination of the States in which to take appropriate action to
qualify or register for sale all or part of the Capital Securities and the
determination of any and all such acts, other than actions which must be taken by
or on behalf of the Trust, and the advisement of and direction to the Trustees of
actions they must take on behalf of the Trust, and the preparation for execution
and filing of any documents to be executed and filed by the Trust or on behalf of
the Trust, as the Sponsor deems necessary or advisable in order to comply with the
applicable laws of any such States in connection with the sale of the Capital
Securities; and

     (iii) the taking of any other actions necessary or desirable to carry out any
of the foregoing activities.

          (d) Notwithstanding anything herein to the contrary, the Administrators, the Institutional
Trustee and the Holders of a Majority in liquidation amount of the Common Securities are authorized
and directed to conduct the affairs of the Trust and to operate the Trust so that (i) the Trust
will not be deemed to be an Investment Company (in the case of the Institutional Trustee, to the
actual knowledge of a Responsible Officer), (ii) the Trust will not fail to be classified as a
grantor trust for United States federal income tax purposes (in the case of the Institutional
Trustee, to the actual knowledge of a Responsible Officer) and (iii) the Trust will not take any
action inconsistent with the treatment of the Debentures as indebtedness of the Debenture Issuer
for United States federal income tax purposes (in the case of the Institutional Trustee, to the
actual knowledge of a Responsible Officer). In this connection, the Institutional Trustee, the
Administrators and the Holders of a Majority in liquidation amount of the Common Securities are
authorized to take any action, not inconsistent with applicable laws or this Declaration, as
amended from time to time, that each of the Institutional Trustee, the Administrators and such
Holders determine in their discretion to be necessary or desirable for such purposes, even if such
action adversely affects the interests of the Holders of the Capital Securities.

          (e) All
expenses incurred by the Administrators or the Trustees pursuant to this Section 2.6
shall be reimbursed by the Sponsor, and the Trustees shall have no obligations with respect to such
expenses.

          (f) The assets of the Trust shall consist of the Trust Property.

          (g) Legal
title to all Trust Property shall be vested at all times in  the Institutional Trustee
(in its capacity as such) and shall be held and administered by the Institutional Trustee for the
benefit of the Trust in accordance with this Declaration.

          (h) If the Institutional Trustee or any Holder has instituted any proceeding to enforce any
right or remedy under this Declaration and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Institutional Trustee or to such Holder, then
and in every such case the Sponsor, the Institutional Trustee and the Holders

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shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and
remedies of the Institutional Trustee and the
Holders shall continue as though no such proceeding had been instituted.

     SECTION 2.7. Prohibition of Actions by the Trust and the Trustees. The Trust shall
not, and the Institutional Trustee and the Administrators shall not, and the Administrators shall
cause the Trust not to, engage in any activity other than as required or authorized by this
Declaration. In particular, the Trust shall not, and the Institutional Trustee and the
Administrators shall not cause the Trust to:

          (a) invest any proceeds received by the Trust from holding the Debentures, but shall
distribute all such proceeds to Holders of the Securities pursuant to the terms of this Declaration
and of the Securities;

          (b) acquire any assets other than as expressly provided herein;

          (c) possess Trust Property for other than a Trust purpose;

          (d) make any loans or incur any indebtedness other than loans represented by the Debentures;

          (e) possess any power or otherwise act in such a way as to vary the Trust Property or the
terms of the Securities;

          (f) issue any securities or other evidences of beneficial ownership of, or beneficial interest
in, the Trust other than the Securities; or

          (g) other than as provided in this Declaration (including Annex I), (i) direct the time,
method and place of exercising any trust or power conferred upon the Debenture Trustee with respect
to the Debentures, (ii) waive any past default that is waivable under the Indenture, (iii) exercise
any right to rescind or annul any declaration that the principal of all the Debentures shall be due
and payable, or (iv) consent to any amendment, modification or termination of the Indenture or the
Debentures where such consent shall be required unless the Trust shall have received a written
opinion of counsel experienced in such matters to the effect that such amendment, modification or
termination will not cause the Trust to cease to be classified as a grantor trust for United States
federal income tax purposes.

     SECTION 2.8. Powers and Duties of the Institutional Trustee.

          (a) The
legal title to the Debentures shall be owned by and held of record in the name of the
Institutional Trustee in trust for the benefit of the Trust. The
fight, title and interest of the
Institutional Trustee to the Debentures shall vest automatically in
each Person who may hereafter be
appointed as Institutional Trustee in accordance with
Section 4.7. Such vesting and cessation of title
shall be effective whether or not conveyancing documents with regard
to the Debentures have been
executed and delivered.

          (b) The Institutional Trustee shall not transfer its right, title and interest in the
Debentures to the Administrators or to the Delaware Trustee.

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          (c) The Institutional Trustee shall:

     (i) establish and maintain a segregated non-interest bearing trust account
(the “Property Account”) in the United States (as defined in Treasury Regulations §
301.7701-7), in the name of and under the exclusive control of the Institutional
Trustee, and maintained in the Institutional Trustee’s trust department, on behalf
of the Holders of the Securities and, upon the receipt of payments of funds made in
respect of the Debentures held by the Institutional Trustee, deposit such funds
into the Property Account and make payments to the Holders of the Capital
Securities and Holders of the Common Securities from the Property Account in
accordance with Section 5.1. Funds in the Property Account shall be held uninvested
until disbursed in accordance with this Declaration;

     (ii) engage in such ministerial activities as shall be necessary or
appropriate to effect the redemption of the Capital Securities and the Common
Securities to the extent the Debentures are redeemed or mature; and

     (iii) upon written notice of distribution issued by the Administrators in
accordance with the terms of the Securities, engage in such ministerial activities
as shall be necessary or appropriate to effect the distribution of the Debentures
to Holders of Securities upon the occurrence of certain circumstances pursuant to
the terms of the Securities.

          (d) The Institutional Trustee shall take all actions and perform such duties as may be
specifically required of the Institutional Trustee pursuant to the terms of the Securities.

          (e) The Institutional Trustee may bring or defend, pay, collect, compromise, arbitrate, resort
to legal action with respect to, or otherwise adjust claims or demands of or against, the Trust (a
“Legal Action”) which arise out of or in connection with an Event of Default of which a Responsible
Officer of the Institutional Trustee has actual knowledge or the Institutional Trustee’s duties and
obligations under this Declaration or the Trust Indenture Act; provided, however,
that if an Event of Default has occurred and is continuing and such event is attributable to the
failure of the Debenture Issuer to pay interest or premium, if any, on or principal of the
Debentures on the date such interest, premium, if any, or principal is otherwise payable (or in the
case of redemption, on the redemption date), then a Holder of the Capital Securities may directly
institute a proceeding for enforcement of payment to such Holder of the principal of or premium, if
any, or interest on the Debentures having a principal amount equal to the aggregate liquidation
amount of the Capital Securities of such Holder (a “Direct Action”) on or after the respective due
date specified in the Debentures. In connection with such Direct Action, the rights of the Holders
of the Common Securities will be subrogated to the rights of such Holder of the Capital Securities
to the extent of any payment made by the Debenture Issuer to such Holder of the Capital Securities
in such Direct Action; provided, however, that a Holder of the Common Securities
may exercise such right of subrogation only if no Event of Default with respect to the Capital
Securities has occurred and is continuing.

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          (f) The Institutional Trustee shall continue to serve as a Trustee until either:

     (i) the Trust has been completely liquidated and the proceeds of the
liquidation distributed to the Holders of the Securities pursuant to the terms of
the Securities and this Declaration (including Annex I) and the certificate of
cancellation referenced in Section 7.1 (b) has been filed; or

     (ii) a Successor Institutional Trustee has been appointed and has accepted
that appointment in accordance with Section 4.7.

          (g) The Institutional Trustee shall have the legal power to exercise all of the rights, powers
and privileges of a holder of the Debentures under the Indenture and, if an Event of Default occurs
and is continuing, the Institutional Trustee may, for the benefit of Holders of the Securities,
enforce its rights as holder of the Debentures subject to the rights of the Holders pursuant to
this Declaration (including Annex I) and the terms of the Securities.

          (h) The Institutional Trustee must exercise the powers set forth in this Section 2.8 in a
manner that is consistent with the purposes and functions of the Trust set out in Section 2.3, and
the Institutional Trustee shall not take any action that is inconsistent with the purposes and
functions of the Trust set out in Section 2.3.

     SECTION 2.9. Certain Duties and Responsibilities of the Trustees and the
Administrators.

          (a) The Institutional Trustee, before the occurrence of any Event of Default (of which the
Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof)) and after the curing
of all Events of Default that may have occurred, shall undertake to perform only such duties as are
specifically set forth in this Declaration and no implied covenants shall be read into this
Declaration against the Institutional Trustee. In case an Event of Default (of which the
Institutional Trustee has knowledge (as provided in Section 2.10(m) hereof)), has occurred (that
has not been cured or waived pursuant to Section 6.8), the Institutional Trustee shall exercise
such of the rights and powers vested in it by this Declaration, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs.

          (b) The duties and responsibilities of the Trustees and the Administrators shall be as
provided by this Declaration and, in the case of the Institutional Trustee, by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Declaration shall require any Trustee or
Administrator 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
satisfactory to it against such risk or liability is not reasonably assured to it. Whether or not
therein expressly so provided, every provision of this Declaration relating to the conduct or
affecting the liability of or affording protection to the Trustees or the Administrators shall be
subject to the provisions of this Article. Nothing in this Declaration shall be construed to
release a Trustee from liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct or bad faith. Nothing in this Declaration shall be construed to release
an

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Administrator from liability for its own gross negligent action, its own gross negligent failure to
act, or its own willful misconduct or bad faith. To the extent that, at law or in equity, a Trustee
or an Administrator has duties and liabilities relating to the Trust or to the Holders, such
Trustee or Administrator shall not be liable to the Trust or to any Holder for such Trustee’s or
Administrator’s good faith reliance on the provisions of this Declaration. The provisions of this
Declaration, to the extent that they restrict the duties and liabilities of the Administrators or
the Trustees otherwise existing at law or in equity, are agreed by the Sponsor and the Holders to
replace such other duties and liabilities of the Administrators or the Trustees.

          (c) All payments made by the Institutional Trustee or a Paying Agent in respect of the
Securities shall be made only from the revenue and proceeds from the Trust Property and only to the
extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the
Institutional Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each
Holder, by its acceptance of a Security, agrees that it will look solely to the revenue and
proceeds from the Trust Property to the extent legally available for distribution to it as herein
provided and that the Trustees and the Administrators are not personally liable to it for any
amount distributable in respect of any Security or for any other liability in respect of any
Security. This Section 2.9(c) does not limit the liability of the Trustees expressly set forth
elsewhere in this Declaration or, in the case of the Institutional Trustee, in the Trust Indenture
Act.

          (d) No provision of this Declaration shall be construed to relieve the Institutional Trustee
from liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct or bad faith with respect to matters that are within the authority of the Institutional
Trustee under this Declaration, except that:

     (i) the Institutional Trustee shall not be liable for any error or judgment
made in good faith by a Responsible Officer of the Institutional Trustee, unless it
shall be proved that the Institutional Trustee was negligent in ascertaining the
pertinent facts;

     (ii) the Institutional 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 not less than a Majority in liquidation amount of the Capital
Securities or the Common Securities, as applicable, relating to the time, method
and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the
Institutional Trustee under this Declaration;

     (iii) the Institutional Trustee’s sole duty with respect to the custody, safe
keeping and physical preservation of the Debentures and the Property Account shall
be to deal with such property in a similar manner as the Institutional Trustee
deals with similar property for its own account, subject to the protections and
limitations on liability afforded to the Institutional Trustee under this
Declaration and the Trust Indenture Act;

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     (iv) the Institutional Trustee shall not be liable for any interest on any
money received by it except as it may otherwise agree in writing with the Sponsor;
and money held by the Institutional Trustee need not be segregated from other
funds held by it except in relation to the Property Account maintained by the
Institutional Trustee pursuant to Section 2.8(c)(i) and except to the extent
otherwise required by law; and

     (v) the Institutional Trustee shall not be responsible for monitoring
the compliance by the Administrators or the Sponsor with their respective duties under
this Declaration, nor shall the Institutional Trustee be liable for
any default or
misconduct of the Administrators or the Sponsor.

     SECTION
2.10. Certain Rights of Institutional Trustee. Subject to the provisions of Section
2.9.

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

          (b) if (i) in performing its duties under this Declaration, the Institutional Trustee is
required to decide between alternative courses of action, (ii) in construing any of the provisions
of this Declaration, the Institutional Trustee finds the same ambiguous or inconsistent with any
other provisions contained herein, or (iii) the Institutional Trustee is unsure of the application
of any provision of this Declaration, then, except as to any matter as to which the Holders of
Capital Securities are entitled to vote under the terms of this Declaration, the Institutional
Trustee may deliver a notice to the Sponsor requesting the Sponsor’s opinion as to the course of
action to be taken and the Institutional Trustee shall take such action, or refrain from taking
such action, as the Institutional Trustee in its sole discretion shall deem advisable and in the
best interests of the Holders, in which event the Institutional Trustee shall have no liability
except for its own negligence, willful misconduct or bad faith;

          (c) any direction or act of the Sponsor or the Administrators contemplated by this Declaration
shall be sufficiently evidenced by an Officers’ Certificate;

          (d) whenever in the administration of this Declaration, the Institutional Trustee shall deem
it desirable that a matter be proved or established before undertaking, suffering or omitting any
action hereunder, the Institutional Trustee (unless other evidence is herein specifically
prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an
Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the
Sponsor or the Administrators;

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          (e) the Institutional Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation statement or any filing
under tax or securities laws) or any rerecording, refiling or reregistration thereof;

          (f) the Institutional Trustee may consult with counsel of its selection (which counsel may be
counsel to the Sponsor or any of its Affiliates) and the advice of such 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 and in accordance with such advice; the
Institutional Trustee shall have the right at any time to seek instructions concerning the
administration of this Declaration from any court of competent jurisdiction;

          (g) the Institutional Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Declaration at the request or direction of any of the Holders pursuant
to this Declaration, unless such Holders shall have offered to the Institutional Trustee security
or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction; provided, that nothing
contained in this Section 2.10(g) shall be taken to relieve the Institutional Trustee, upon the
occurrence of an Event of Default (of which the Institutional Trustee has knowledge (as provided
in Section 2.10(m) hereof)) that has not been cured or waived, of its obligation to exercise the
rights and powers vested in it by this Declaration;

          (h) the Institutional 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, consent, order, approval, bond, debenture, note or other evidence of indebtedness or
other paper or document, unless requested in writing to do so by one or more Holders, but the
Institutional Trustee may make such further inquiry or investigation into such facts or matters as
it may see fit;

          (i) the Institutional Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through its agents or attorneys and the
Institutional Trustee shall not be responsible for any misconduct or negligence on the part of, or
for the supervision of, any such agent or attorney appointed with due care by it hereunder;

          (j) whenever in the administration of this Declaration the Institutional Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right or taking any other
action hereunder, the Institutional Trustee (i) may request instructions from the Holders of the
Common Securities and the Capital Securities, which instructions may be given only by the Holders
of the same proportion in liquidation amount of the Common Securities and the Capital Securities as
would be entitled to direct the Institutional Trustee under the terms of the Common Securities and
the Capital Securities in respect of such remedy, right or action, (ii) may refrain from enforcing
such remedy or right or taking such other action until such instructions are received, and (iii)
shall be fully protected in acting in accordance with such instructions;

          (k) except as otherwise expressly provided in this Declaration, the Institutional Trustee
shall not be under any obligation to take any action that is discretionary under the provisions of
this Declaration;

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          (l) when the Institutional Trustee incurs expenses or renders services in connection with a
Bankruptcy Event, such expenses (including the fees and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of administration under any
bankruptcy law or law relating to creditors rights generally;

          (m) the Institutional Trustee shall not be charged with knowledge of an Event of Default
unless a Responsible Officer of the Institutional Trustee has actual knowledge of such event or
the Institutional Trustee receives written notice of such event from any Holder, except with
respect to an Event of Default pursuant to Sections 5.01 (a) or 5.01 (b) of the Indenture (other
than an Event of Default resulting from the default in the payment of Additional Interest or
premium, if any, if the Institutional Trustee does not have actual knowledge or written notice
that such payment is due and payable), of which the Institutional Trustee shall be deemed to have
knowledge;

          (n) any action taken by the Institutional Trustee or its agents hereunder shall bind the
Trust and the Holders of the Securities, and the signature of the Institutional Trustee or its
agents alone shall be sufficient and effective to perform any such action and no third party shall
be required to inquire as to the authority of the Institutional Trustee to so act or as to its
compliance with any of the terms and provisions of this Declaration, both of which shall be
conclusively evidenced by the Institutional Trustee’s or its agent’s taking such action; and

          (o) no provision of this Declaration shall be deemed to impose any duty or obligation on the
Institutional Trustee to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the
Institutional Trustee shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Institutional Trustee shall be construed to be a
duty.

     SECTION 2.11. Delaware Trustee. Notwithstanding any other provision of this
Declaration other than Section 4.2, the Delaware Trustee shall not be entitled to exercise any
powers, nor shall the Delaware Trustee have any of the duties and responsibilities of any of the
Trustees or the Administrators described in this Declaration (except as may be required under the
Statutory Trust Act). Except as set forth in Section 4.2, the Delaware Trustee shall be a Trustee
for the sole and limited purpose of fulfilling the requirements of § 3807 of the Statutory Trust
Act.

     SECTION 2.12. Execution of Documents. Unless otherwise determined in writing by the
Institutional Trustee, and except as otherwise required by the Statutory Trust Act, the
Institutional Trustee, or any one or more of the Administrators, as the case may be, is authorized
to execute and deliver on behalf of the Trust any documents, agreements, instruments or
certificates that the Trustees or the Administrators, as the case may be, have the power and
authority to execute pursuant to Section 2.6.

     SECTION 2.13. Not Responsible for Recitals or Issuance of Securities. The recitals
contained in this Declaration and the Securities shall be taken as the statements of the Sponsor,
and the Trustees do not assume any responsibility for their correctness. The Trustees make no

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representations as to the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this Declaration, the
Debentures or the Securities.

     SECTION 2.14. Duration of Trust. The Trust, unless dissolved pursuant to the
provisions of Article VII hereof, shall have existence for thirty-five (35) years from the Closing
Date.

     SECTION 2.15. Mergers.

          (a) The Trust may not consolidate, amalgamate, merge with or into, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an entirety to any
corporation or other Person, except as described in this Section 2.15 and except with respect to
the distribution of Debentures to Holders of Securities pursuant to Section 7.1(a)(iv) of the
Declaration or Section 3 of Annex I.

          (b) The Trust may, with the consent of the Administrators (which consent will not be
unreasonably withheld) and without the consent of the Institutional Trustee, the Delaware Trustee
or the Holders of the Capital Securities, consolidate, amalgamate, merge with or into, or be
replaced by, or convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to a trust organized as such under the laws of any state;
provided, that:

     (i) if the Trust is not the survivor, such successor entity (the “Successor
Entity”) either:

     (A) expressly assumes all of the obligations of the Trust under the
Securities; or

     (B) substitutes for the Securities other securities having
substantially the same terms as the Securities (the “Successor Securities”)
so that the Successor Securities rank the same as the Securities rank with
respect to Distributions and payments upon Liquidation, redemption and
otherwise;

     (ii) the Sponsor expressly appoints, as the holder of the Common Securities, a
trustee of the Successor Entity that possesses the same powers and duties as the
Institutional Trustee;

     (iii) the Capital Securities or any Successor Securities (excluding any
securities substituted for the Common Securities) are listed or quoted, or any
Successor Securities will be listed or quoted upon notification of issuance, on any
national securities exchange or with another organization on which the Capital
Securities are then listed or quoted, if any;

     (iv) such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not cause the rating, if any, on the Capital Securities
(including any Successor Securities) to be downgraded or withdrawn

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by any nationally recognized statistical rating organization, if the Capital
Securities are then rated;

     (v) such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and privileges
of the Holders of the Securities (including any Successor Securities) in any
material respect (other than with respect to any dilution of such Holders’
interests in the Successor Entity as a result of such merger, consolidation,
amalgamation or replacement);

     (vi) such Successor Entity has a purpose substantially identical to that of
the Trust;

     (vii) prior to such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, the Trust has received a written opinion of a
nationally recognized independent counsel to the Trust experienced in such matters
to the effect that:

     (A) such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and
privileges of the Holders of the Securities (including any Successor
Securities) in any material respect (other than with respect to any dilution
of the Holders’ interests in the Successor Entity);

     (B) following such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, neither the Trust nor the Successor Entity
will be required to register as an Investment Company; and

     (C) following such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, the Trust (or the Successor Entity) will
continue to be classified as a grantor trust for United States federal
income tax purposes;

     (viii) the Sponsor guarantees the obligations of such Successor Entity under
the Successor Securities to the same extent provided by the Guarantee, the
Debentures and this Declaration; and

     (ix) prior to such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, the Institutional Trustee shall have received an
Officers’ Certificate of the Administrators and an opinion of counsel, each to the
effect that all conditions precedent of this paragraph (b) to such transaction have
been satisfied.

          (c) Notwithstanding Section 2.15(b), the Trust shall not, except with the consent of Holders
of 100% in liquidation amount of the Securities, consolidate, amalgamate, merge with or into, or be
replaced by, or convey, transfer or lease its properties and assets as an entirety or substantially
as an entirety to, any other Person or permit any other Person to

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consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation,
merger, replacement, conveyance, transfer or lease would cause the Trust or Successor Entity to be
classified as other than a grantor trust for United States federal income tax purposes.

ARTICLE III

SPONSOR

     SECTION 3.1. Sponsor’s Purchase of Common Securities. On the Closing Date, the
Sponsor will purchase all of the Common Securities issued by the Trust, in an amount at least
equal to 3% of the capital of the Trust, at the same time as the Capital Securities are sold.

     SECTION 3.2. Responsibilities of the Sponsor. In connection with the issue and sale of
the Capital Securities, the Sponsor shall have the exclusive right and responsibility and sole
decision to engage in, or direct the Administrators to engage in, the following activities:

          (a) to determine the States in which to take appropriate action to qualify or register for
sale of all or part of the Capital Securities and to do any and all such acts, other than actions
which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for
execution and filing any documents to be executed and filed by the Trust, as the Sponsor deems
necessary or advisable in order to comply with the applicable laws of any such States;

          (b) to prepare for filing and request the Administrators to cause the filing by the Trust, as
may be appropriate, of an application to the PORTAL system, for listing or quotation upon notice
of issuance of any Capital Securities, as requested by the Holders of not less than a Majority in
liquidation amount of the Capital Securities; and

          (c) to negotiate the terms of and/or execute and deliver on behalf of the Trust, the Purchase
Agreement and other related agreements providing for the sale of the Capital Securities.

ARTICLE IV

TRUSTEES AND ADMINISTRATORS

     SECTION 4.1. Number of Trustees. The number of Trustees initially shall be two, and:

          (a) at any time before the issuance of any Securities, the Sponsor may, by written
instrument, increase or decrease the number of Trustees; and

          (b) after the issuance of any Securities, the number of Trustees may be increased or
decreased by vote of the Holder of a Majority in liquidation amount of the Common Securities
voting as a class at a meeting of the Holder of the Common Securities; provided,
however, that there shall be a Delaware Trustee if required by Section 4.2; and there
shall always be one Trustee who shall be the Institutional Trustee, and such Trustee may also
serve as Delaware Trustee if it meets the applicable requirements, in which case Section 2.11
shall have no application to such entity in its capacity as Institutional Trustee.

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     SECTION 4.2. Delaware Trustee. If required by the Statutory Trust Act, one Trustee
(the “Delaware Trustee”) shall be:

          (a) a natural person who is a resident of the State of Delaware; or

          (b) if not a natural person, an entity which is organized under the laws of the United States
or any state thereof or the District of Columbia, has its principal place of business in the State
of Delaware, and otherwise meets the requirements of applicable law, including §3807 of the
Statutory Trust Act.

     SECTION 4.3. Institutional Trustee; Eligibility.

          (a) There shall at all times be one Trustee which shall act as Institutional Trustee which
shall:

     (i) not be an Affiliate of the Sponsor;

     (ii) not offer or provide credit or credit enhancement to the Trust;
and

     (iii) be a banking corporation or national association organized and doing
business under the laws of the United States of America or any state thereof or of
the District of Columbia and authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least fifty million U.S. dollars
($50,000,000), and subject to supervision or examination by federal, state or
District of Columbia authority. If such corporation or national association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the supervising or examining authority referred to above, then for
the purposes of this Section 4.3(a)(iii), the combined capital and surplus of such
corporation or national association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.

          (b) If at any time the Institutional Trustee shall cease to be eligible to so act under
Section 4.3(a), the Institutional Trustee shall immediately resign in the manner and with the
effect set forth in Section 4.7.

          (c) If the Institutional Trustee has or shall acquire any “conflicting interest” within the
meaning of § 310(b) of the Trust Indenture Act, the Institutional Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and subject to this
Declaration.

          (d) The initial Institutional Trustee shall be Wells Fargo Bank, National Association.

     SECTION 4.4. Certain Qualifications of the Delaware Trustee Generally. The Delaware
Trustee shall be a U.S. Person and either a natural person who is at least 21 years of age or a
legal entity that shall act through one or more Authorized Officers.

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     SECTION 4.5. Administrators. Each Administrator shall be a U.S. Person.

     There shall at all times be at least one Administrator. Except where a requirement for action
by a specific number of Administrators is expressly set forth in this Declaration and except with
respect to any action the taking of which is the subject of a meeting of the Administrators, any
action required or permitted to be taken by the Administrators may be taken by, and any power of
the Administrators may be exercised by, or with the consent of, any one such Administrator acting
alone.

     SECTION 4.6. Initial Delaware Trustee. The initial Delaware Trustee shall be Wells
Fargo Delaware Trust Company.

     SECTION 4.7. Appointment, Removal and Resignation of the Trustees and the
Administrators.

          (a) No resignation or removal of any Trustee (the “Relevant 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 this
Section 4.7.

          (b) Subject to Section 4.7(a), a Relevant Trustee may resign at any time by giving written
notice thereof to the Holders of the Securities and by appointing a successor Relevant Trustee,
except that Delaware Trustee’s successor shall be appointed by Holders of a Majority in liquidation
amount of the Common Securities. Upon the resignation of the Institutional Trustee, the
Institutional Trustee shall appoint a successor by requesting from at least three Persons meeting
the eligibility requirements their expenses and charges to serve as the successor Institutional
Trustee on a form provided by the Administrators, and selecting the Person who agrees to the lowest
expense and charges (the “Successor Institutional Trustee”). If the instrument of acceptance by the
successor Relevant Trustee required by this Section 4.7 shall not have been delivered to the
Relevant Trustee within 60 days after the giving of such notice of resignation or delivery of the
instrument of removal, the Relevant Trustee may petition, at the expense of the Trust, any federal,
state or District of Columbia court of competent jurisdiction for the appointment of a successor
Relevant Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Relevant Trustee. The Institutional Trustee shall have no liability for the
selection of such successor pursuant to this Section 4.7.

          (c) Unless an Event of Default shall have occurred and be continuing, any Trustee may be
removed at any time by an act of the Holders of a Majority in liquidation amount of the Common
Securities. If any Trustee shall be so removed, the Holders of the Common Securities, by act of
the Holders of a Majority in liquidation amount of the Common Securities delivered to the Relevant
Trustee, shall promptly appoint a successor Relevant Trustee, and such successor Trustee shall
comply with the applicable requirements of this Section 4.7. If an Event of Default shall have
occurred and be continuing, the Institutional Trustee or the Delaware Trustee, or both of them,
may be removed by the act of the Holders of a Majority in liquidation amount of the Capital
Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf of the
Trust). If any Trustee shall be so removed, the Holders of Capital Securities, by act of the
Holders of a Majority in liquidation amount of the Capital Securities then outstanding

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delivered to the Relevant Trustee, shall promptly appoint a successor Relevant Trustee or
Trustees, and such successor Trustee shall comply with the applicable requirements of this Section
4.7. If no successor Relevant Trustee shall have been so appointed by the Holders of a Majority in
liquidation amount of the Capital Securities and accepted appointment in the manner required by
this Section 4.7 within 30 days after delivery of an instrument of removal, the Relevant Trustee
or any Holder who has been a Holder of the Securities for at least six months may, on behalf of
himself and all others similarly situated, petition any federal, state or District of Columbia
court of competent jurisdiction for the appointment of a successor Relevant Trustee. Such court
may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a successor
Relevant Trustee or Trustees.

          (d) The Institutional Trustee shall give notice of each resignation and each removal of a
Trustee and each appointment of a successor Trustee to all Holders and to the Sponsor. Each notice
shall include the name of the successor Relevant Trustee and the address of its Corporate Trust
Office if it is the Institutional Trustee.

          (e) Notwithstanding the foregoing or any other provision of this Declaration, in the event a
Delaware Trustee who is a natural person dies or is adjudged by a court to have become incompetent
or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by
the Institutional Trustee (provided the Institutional Trustee satisfies the requirements of a
Delaware Trustee as set forth in Section 4.2) following the procedures in this Section 4.7 (with
the successor being a Person who satisfies the eligibility requirement for a Delaware Trustee set
forth in this Declaration) (the “Successor Delaware Trustee”).

          (f) In case of the appointment hereunder of a successor Relevant Trustee, the retiring
Relevant Trustee and each successor Relevant Trustee with respect to the Securities shall execute
and deliver an amendment hereto wherein each successor Relevant Trustee shall accept such
appointment and which (a) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers,
trusts and duties of the retiring Relevant Trustee with respect to the Securities and the Trust and
(b) shall add to or change any of the provisions of this Declaration as shall be necessary to
provide for or facilitate the administration of the Trust by more than one Relevant Trustee, it
being understood that nothing herein or in such amendment shall constitute such Relevant Trustees
co-trustees and upon the execution and delivery of such amendment the resignation or removal of the
retiring Relevant Trustee shall become effective to the extent provided therein and each such
successor Relevant Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Relevant Trustee; but, on request of the
Trust or any successor Relevant Trustee, such retiring Relevant Trustee shall duly assign, transfer
and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money
held by such retiring Relevant Trustee hereunder with respect to the Securities and the Trust
subject to the payment of all unpaid fees, expenses and indemnities of such retiring Relevant
Trustee.

          (g) No Institutional Trustee or Delaware Trustee shall be liable for the acts or omissions of
any Successor Institutional Trustee or Successor Delaware Trustee, as the case may be.

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          (h) The Holders of the Capital Securities will have no right to vote to appoint, remove or
replace the Administrators, which voting rights are vested exclusively in the Holders of the
Common Securities.

          (i) Any successor Delaware Trustee shall file an amendment to the Certificate of Trust with
the Secretary of State of the State of Delaware identifying the name and principal place of
business of such Delaware Trustee in the State of Delaware.

     SECTION 4.8. Vacancies Among Trustees. If a Trustee ceases to hold office for any
reason and the number of Trustees is not reduced pursuant to Section 4.1, or if the number of
Trustees is increased pursuant to Section 4.1, a vacancy shall occur. A resolution certifying the
existence of such vacancy by the Trustees or, if there are more than two, a majority of the
Trustees shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled
with a Trustee appointed in accordance with Section 4.7.

     SECTION 4.9. Effect of Vacancies. The death, resignation, retirement, removal,
bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the duties of a
Trustee shall not operate to dissolve, terminate or annul the Trust or terminate this Declaration.
Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled by the
appointment of a Trustee in accordance with Section 4.7, the Institutional Trustee shall have all
the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by
this Declaration.

     SECTION 4.10. Meetings of the Trustees and the Administrators. Meetings of the
Trustees or the Administrators shall be held from time to time upon the call of any Trustee or
Administrator, as applicable. Regular meetings of the Trustees and the Administrators,
respectively, may be in person in the United States or by telephone, at a place (if applicable)
and time fixed by resolution of the Trustees or the Administrators, as applicable. Notice of any
in-person meetings of the Trustees or the Administrators shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than
48 hours before such meeting. Notice of any telephonic meetings of the Trustees or the
Administrators or any committee thereof shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 24 hours before a
meeting. Notices shall contain a brief statement of the time, place and anticipated purposes of
the meeting. The presence (whether in person or by telephone) of a Trustee or an Administrator, as
the case may be, at a meeting shall constitute a waiver of notice of such meeting except where a
Trustee or an Administrator, as the case may be, attends a meeting for the express purpose of
objecting to the transaction of any activity on the ground that the meeting has not been lawfully
called or convened. Unless provided otherwise in this Declaration, any action of the Trustees or
the Administrators, as the case may be, may be taken at a meeting by vote of a majority of the
Trustees or the Administrators present (whether in person or by telephone) and eligible to vote
with respect to such matter; provided, that, in the case of the Administrators, a Quorum
is present, or without a meeting by the unanimous written consent of the Trustees or the
Administrators, as the case may be. Meetings of the Trustees and the Administrators together shall
be held from time to time upon the call of any Trustee or Administrator.

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     SECTION 4.11. Delegation of Power.

          (a) Any Trustee or any Administrator, as the case may be, may, by power of attorney
consistent with applicable law, delegate to any other natural person over the age of 21 that is a
U.S. Person his or her power for the purpose of executing any documents, instruments or other
writings contemplated in Section 2.6.

          (b) The Trustees shall have power to delegate from time to time to such of their number or to
any officer of the Trust that is a U.S. Person, the doing of such things and the execution of such
instruments or other writings either in the name of the Trust or the names of the Trustees or
otherwise as the Trustees may deem expedient, to the extent such delegation is not prohibited by
applicable law or contrary to the provisions of the Trust, as set forth herein.

     SECTION 4.12. Merger, Conversion, Consolidation or Succession to Business. Any Person
into which the Institutional Trustee or the Delaware Trustee, as the case may be, may be merged or
converted or with which either may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Institutional Trustee or the Delaware Trustee, as the
case may be, shall be a party, or any Person succeeding to all or substantially all the corporate
trust business of the Institutional Trustee or the Delaware Trustee, as the case may be, shall be
the successor of the Institutional Trustee or the Delaware Trustee, as the case may be, hereunder,
without the execution or filing of any paper or any further act on the part of any of the parties
hereto, provided such Person shall be otherwise qualified and eligible under this Article and,
provided, further, that such Person shall file an amendment to the Certificate of Trust with the
Secretary of State of the State of Delaware as contemplated in Section 4.7(i).

ARTICLE V

DISTRIBUTIONS

     SECTION 5.1. Distributions. Holders shall receive Distributions in accordance with
the applicable terms of the relevant Holder’s Securities. Distributions shall be made on the
Capital Securities and the Common Securities in accordance with the preferences set forth in their
respective terms. If and to the extent that the Debenture Issuer makes a payment of interest
(including any Additional Interest or Deferred Interest) or premium, if any, on and/or principal
on the Debentures held by the Institutional Trustee (the amount of any such payment being a
“Payment Amount”), the Institutional Trustee shall and is directed, to the extent funds are
available in the Property Account for that purpose, to make a distribution (a “Distribution”) of
the Payment Amount to Holders. For the avoidance of doubt, funds in the Property Account shall not
be distributed to Holders to the extent of any taxes payable by the Trust, in the case of
withholding taxes, as determined by the Institutional Trustee or any Paying Agent and, in the case
of taxes other than withholding tax taxes, as determined by the Administrators in a written notice
to the Institutional Trustee.

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ARTICLE VI

ISSUANCE OF SECURITIES

     SECTION 6.1. General Provisions Regarding Securities.

          (a) The Administrators shall on behalf of the Trust issue one series of capital securities,
evidenced by a certificate substantially in the form of
Exhibit A-1, representing undivided
beneficial interests in the assets of the Trust and having such terms as are set forth in Annex I
(the “Capital Securities”), and one series of common securities, evidenced by a certificate
substantially in the form of Exhibit A-2, representing undivided beneficial interests in the
assets of the Trust and having such terms as are set forth in Annex I (the “Common Securities”).
The Trust shall issue no securities or other interests in the assets of the Trust other than the
Capital Securities and the Common Securities. The Capital Securities rank pari passu and payment
thereon shall be made Pro Rata with the Common Securities except that, where an Event of Default
has occurred and is continuing, the rights of Holders of the Common Securities to payment in
respect of Distributions and payments upon liquidation, redemption and otherwise are subordinated
to the rights to payment of the Holders of the Capital Securities.

          (b) The Certificates shall be signed on behalf of the Trust by one or more Administrators.
Such signature shall be the facsimile or manual signature of any Administrator. In case any
Administrator of the Trust who shall have signed any of the Securities shall cease to be such
Administrator before the Certificates so signed shall be delivered by the Trust, such Certificates
nevertheless may be delivered as though the person who signed such Certificates had not ceased to
be such Administrator. Any Certificate may be signed on behalf of the Trust by such person who, at
the actual date of execution of such Security, shall be an Administrator of the Trust, although at
the date of the execution and delivery of the Declaration any such person was not such an
Administrator. A Capital Security shall not be valid until authenticated by the manual signature of
an Authorized Officer of the Institutional Trustee. Such signature shall be conclusive evidence
that the Capital Security has been authenticated under this Declaration. Upon written order of the
Trust signed by one Administrator, the Institutional Trustee shall authenticate the Capital
Securities for original issue. The Institutional Trustee may appoint an authenticating agent that
is a U.S. Person acceptable to the Trust to authenticate the Capital Securities. A Common Security
need not be so authenticated and shall be valid upon execution by one or more Administrators.

          (c) The Capital Securities shall be, except as provided in Section 6.4, Book-Entry Capital
Securities issued in the form of one or more Global Capital Securities registered in the name of
the Depositary, or its nominee and deposited with the Depositary or a custodian for the Depositary
for credit by the Depositary to the respective accounts of the Depositary Participants thereof (or
such other accounts as they may direct).

          (d) The consideration received by the Trust for the issuance of the Securities shall
constitute a contribution to the capital of the Trust and shall not constitute a loan to the
Trust.

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          (e) Upon issuance of the Securities as provided in this Declaration, the Securities so issued
shall be deemed to be validly issued, fully paid and non-assessable, and each Holder thereof shall
be entitled to the benefits provided by this Declaration.

          (f) Every Person, by virtue of having become a Holder in accordance with the terms of this
Declaration, shall be deemed to have expressly assented and agreed to the terms of, and shall be
bound by, this Declaration and the Guarantee.

     SECTION
6.2. Paying Agent, Transfer Agent, Calculation Agent and Registrar.

          (a) The Trust shall maintain in Wilmington, Delaware, an office or agency where the
Securities may be presented for payment (the “Paying Agent”), and an office or agency where
Securities may be presented for registration of transfer or exchange (the “Transfer Agent”). The
Trust shall keep or cause to be kept at such office or agency a register for the purpose of
registering Securities and transfers and exchanges of Securities, such register to be held by a
registrar (the “Registrar”). The Administrators may appoint the Paying Agent, the Registrar and
the Transfer Agent, and may appoint one or more additional Paying Agents, one or more
co-Registrars, or one or more co-Transfer Agents in such other locations as it shall determine.
The term “Paying Agent” includes any additional Paying Agent, the term “Registrar” includes any
additional Registrar or co-Registrar and the term “Transfer Agent” includes any additional
Transfer Agent or co-Transfer Agent. The Administrators may change any Paying Agent, Transfer
Agent or Registrar at any time without prior notice to any Holder. The Administrators shall notify
the Institutional Trustee of the name and address of any Paying Agent, Transfer Agent and
Registrar not a party to this Declaration. The Administrators hereby initially appoint the
Institutional Trustee to act as Paying Agent, Transfer Agent and Registrar for the Capital
Securities and the Common Securities at its Corporate Trust Office. The Institutional Trustee or
any of its Affiliates in the United States may act as Paying Agent, Transfer Agent or Registrar.

          (b) The Trust shall also appoint a Calculation Agent, which shall determine the Coupon Rate
in accordance with the terms of the Securities. The Trust initially appoints the Institutional
Trustee as Calculation Agent.

     SECTION 6.3. Form and Dating.

          (a) The Capital Securities and the Institutional Trustee’s certificate of authentication
thereon shall be substantially in the form of Exhibit A-1, and the Common Securities shall be
substantially in the form of Exhibit A-2, each of which is hereby incorporated in and expressly
made a part of this Declaration. Certificates may be typed, printed, lithographed or engraved or
may be produced in any other manner as is reasonably acceptable to the Administrators, as
conclusively evidenced by their execution thereof. The Certificates may have letters, numbers,
notations or other marks of identification or designation and such legends or endorsements required
by law, stock exchange rule, agreements to which the Trust is subject, if any, or usage (provided,
that any such notation, legend or endorsement is in a form acceptable to the Sponsor). The Trust at
the direction of the Sponsor shall furnish any such legend not
contained in Exhibit A-1 to the
Institutional Trustee in writing. Each Capital Security shall be dated the date of its
authentication. The terms and provisions of the Securities set forth in Annex

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I and the
forms of Securities set forth in Exhibits A-1 and A-2 are part of the terms of this
Declaration and to the extent applicable, the Institutional Trustee, the Delaware Trustee, the
Administrators and the Sponsor, by their execution and delivery of this Declaration, expressly
agree to such terms and provisions and to be bound thereby. Capital Securities will be issued only
in blocks having a stated liquidation amount of not less than $100,000 and multiples of $1,000 in
excess thereof.

          (b) The Capital Securities sold by the Trust to the Initial Purchasers pursuant to the
Purchase Agreement shall be issued in the form of a Global Capital Security, registered in the
name of the Depositary, without coupons and with the Restricted Securities Legend.

     SECTION 6.4. Book-Entry Capital Securities.

          (a) A Global Capital Security may be exchanged, in whole or in part, for Definitive Capital
Securities Certificates registered in the names of Owners only if such exchange complies with
Article VIII and (i) the Depositary advises the Administrators and the Institutional Trustee in
writing that the Depositary is no longer willing or able to properly discharge its
responsibilities with respect to the Global Capital Security, and no qualified successor is
appointed by the Administrators within ninety (90) days of receipt of such notice, (ii) the
Depositary ceases to be a clearing agency registered under the Exchange Act and the Administrators
fail to appoint a qualified successor within ninety (90) days of obtaining knowledge of such
event, (iii) the Administrators at their option advise the Institutional Trustee in writing that
the Trust elects to terminate the book-entry system through the Depositary or (iv) an Indenture
Event of Default has occurred and is continuing. Upon the occurrence of any event specified in
clause (i), (ii), (iii) or (iv) above, the Administrators shall notify the Depositary and instruct
the Depositary to notify all Owners and the Institutional Trustee of the occurrence of such event
and of the availability of Definitive Capital Securities Certificates to Owners requesting the
same. Upon the issuance of Definitive Capital Securities Certificates, the Administrators and the
Institutional Trustee shall recognize the Holders of the Definitive Capital Securities
Certificates as Holders. Notwithstanding the foregoing, if an Owner wishes at any time to transfer
an interest in such Global Capital Security to a Person other than a QIB, such transfer shall be
effected, subject to the Applicable Depository Procedures, in accordance with the provisions of
this Section 6.4 and Article VIII, and the transferee shall receive a Definitive Capital
Securities Certificate in connection with such transfer. A holder of a Definitive Capital
Securities Certificate that is a QIB may upon request, and in accordance with the provisions of
this Section 6.4 and Article VIII, exchange such Definitive Capital Securities Certificate for a
beneficial interest in a Global Capital Security.

     (b) If any Global Capital Security is to be exchanged for Definitive Capital Securities
Certificates or canceled in part, or if any Definitive Capital Securities Certificate is to be
exchanged in whole or in part for any Global Capital Security, then either (i) such Global Capital
Security shall be so surrendered for exchange or cancellation as provided in this Section 6.4 and
Article VIII or (ii) the aggregate liquidation amount represented by such Global Capital Security
shall be reduced, subject to Section 6.3, or increased by an amount equal to the liquidation amount
represented by that portion of the Global Capital Security to be so exchanged or canceled, or equal
to the liquidation amount represented by such Definitive Capital Securities Certificates to be so
exchanged for any Global Capital Security, as the case may be, by means of

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an appropriate adjustment made on the records of the Securities Registrar, whereupon the
Institutional Trustee, in accordance with the Applicable Depositary Procedures, shall instruct the
Depositary or its authorized representative to make a corresponding adjustment to its records.
Upon any such surrender to the Administrators or the Registrar of any Global Capital Security or
Securities by the Depositary, accompanied by registration instructions, the Administrators, or any
one of them, shall execute the Definitive Capital Securities Certificates in accordance with the
instructions of the Depositary. None of the Registrar, Administrators, or the Institutional
Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be fully protected in relying on, such instructions.

          (c) Every Definitive Capital Securities Certificate executed and delivered upon registration
or transfer of, or in exchange for or in lieu of, a Global Capital Security or any portion thereof
shall be executed and delivered in the form of, and shall be, a Global Capital Security, unless
such Definitive Capital Securities Certificate is registered in the name of a Person other than
the Depositary for such Global Capital Security or a nominee thereof.

          (d) The Depositary or its nominee, as registered owner of a Global Capital Security, shall be
the Holder of such Global Capital Security for all purposes under this Declaration and the Global
Capital Security, and Owners with respect to a Global Capital Security shall hold such interests
pursuant to the Applicable Depositary Procedures. The Registrar, the Administrators and the
Institutional Trustee shall be entitled to deal with the Depositary for all purposes of this
Declaration relating to the Global Capital Securities (including the payment of the liquidation
amount of and Distributions on the Book-Entry Capital Securities represented thereby and the giving
of instructions or directions by Owners represented thereby and the giving of notices) as the sole
Holder of the Book-Entry Capital Securities represented thereby and shall have no obligations to
the Owners thereof. None of the Administrators, the Institutional Trustee nor the Registrar shall
have any liability in respect of any transfers effected by the Depositary.

          (e) The rights of the Owners of the Book-Entry Capital Securities shall be exercised only
through the Depositary and shall be limited to those established by law, the Applicable Depositary
Procedures and agreements between such Owners and the Depositary and/or the Depositary
Participants; provided, solely for the purpose of determining whether the Holders of the
requisite amount of Capital Securities have voted on any matter provided for in this Declaration,
to the extent that Capital Securities are represented by a Global Capital Security, the
Administrators and the Institutional Trustee may conclusively rely on, and shall be fully
protected in relying on, any written instrument (including a proxy) delivered to the Institutional
Trustee by the Depositary setting forth the Owners’ votes or assigning the right to vote on any
matter to any other Persons either in whole or in part. To the extent that Capital Securities are
represented by a Global Capital Security, the initial Depositary will make book-entry transfers
among the Depositary Participants and receive and transmit payments on the Capital Securities that
are represented by a Global Capital Security to such Depositary Participants, and none of the
Sponsor, the Administrators or the Institutional Trustee shall have any responsibility or
obligation with respect thereto.

          (f) To the extent that a notice or other communication to the Holders is required under this
Declaration, for so long as Capital Securities are represented by a Global

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Capital Security, the Administrator and the Institutional Trustee shall give all such notices and
communications to the Depositary, and shall have no obligations to the Owners.

     SECTION
6.5. Mutilated, Destroyed, Lost or Stolen Certificates. If:

          (a) any mutilated Certificates should be surrendered to the Registrar, or if the Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate;
and

          (b) there shall be delivered to the Registrar, the Administrators and the Institutional
Trustee such security or indemnity as may be required by them to hold each of them harmless; then,
in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser,
an Administrator on behalf of the Trust shall execute (and in the case of a Capital Security
Certificate, the Institutional Trustee shall authenticate) and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
denomination. In connection with the issuance of any new Certificate under this Section 6.5, the
Registrar or the Administrators may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith. Any duplicate Certificate
issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in
the relevant Securities, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.

     SECTION 6.6. Temporary Securities. Until definitive Securities are ready for
delivery, the Administrators may prepare and, in the case of the Capital Securities, the
Institutional Trustee shall authenticate, temporary Securities. Temporary Securities shall be
substantially in form of definitive Securities but may have variations that the Administrators
consider appropriate for temporary Securities. Without unreasonable delay, the Administrators
shall prepare and, in the case of the Capital Securities, the Institutional Trustee shall
authenticate definitive Securities in exchange for temporary Securities.

     SECTION 6.7. Cancellation. The Administrators at any time may deliver Securities to
the Institutional Trustee for cancellation. The Registrar shall forward to the Institutional
Trustee any Securities surrendered to it for registration of transfer, redemption or payment. The
Institutional Trustee shall promptly cancel all Securities surrendered for registration of
transfer, payment, replacement or cancellation and shall dispose of such canceled Securities in
accordance with its standard procedures or otherwise as the Administrators direct. The
Administrators may not issue new Securities to replace Securities that have been paid or that have
been delivered to the Institutional Trustee for cancellation.

     SECTION 6.8. Rights of Holders; Waivers of Past Defaults.

          (a) The legal title to the Trust Property is vested exclusively in the Institutional Trustee
(in its capacity as such) in accordance with Section 2.6(g), and the Holders shall not have any
right or title therein other than the undivided beneficial interest in the assets of the Trust
conferred by their Securities and they shall have no right to call for any partition or division of
property, profits or rights of the Trust except as described below. The Securities shall be
personal property giving only the rights specifically set forth therein and in this Declaration.

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The Securities shall have no, and the issuance of the Securities shall not be subject to,
preemptive or other similar rights and when issued and delivered to Holders against payment of the
purchase price therefor, the Securities will be fully paid and nonassessable by the Trust.

          (b) For so long as any Capital Securities remain outstanding, if, upon an Indenture Event of
Default for which acceleration is permitted under Section 5.01, the Debenture Trustee fails or the
holders of not less than 25% in principal amount of the outstanding Debentures fail to declare the
principal of all of the Debentures to be immediately due and payable, the Holders of not less than
a Majority in liquidation amount of the Capital Securities then outstanding shall have the right
to make such declaration by a notice in writing to the Institutional Trustee, the Sponsor and the
Debenture Trustee.

          (c) At any time after a declaration of acceleration of maturity of the Debentures has been
made and before a judgment or decree for payment of the money due has been obtained by the
Debenture Trustee as provided in the Indenture, if the Institutional Trustee, subject to the
provisions hereof, fails to annul any such declaration and waive such default, the Holders of not
less than a Majority in liquidation amount of the Capital Securities, by written notice to the
Institutional Trustee, the Sponsor and the Debenture Trustee, may rescind and annul such
declaration and its consequences if:

     (i) the Sponsor has paid or deposited with the Debenture Trustee a sum
sufficient to pay

     (A) all overdue installments of interest on all of the Debentures;

     (B) any accrued Deferred Interest on all of the Debentures;

     (C) all payments on any Debentures that have become due otherwise than
by such declaration of acceleration and interest and Deferred Interest
thereon at the rate borne by the Debentures; and

     (D) all sums paid or advanced by the Debenture Trustee under the
Indenture and the reasonable compensation, documented expenses,
disbursements and advances of the Debenture Trustee and the Institutional
Trustee, their agents and counsel; and

     (ii) all Events of Default with respect to the Debentures, other than the
non-payment of the principal of or premium, if any, on the Debentures that has
become due solely by such acceleration, have been cured or waived as provided in
Section 5.07 of the Indenture.

          (d) The Holders of not less than a Majority in liquidation amount of the Capital Securities
may, on behalf of the Holders of all the Capital Securities, waive any past default or Event of
Default, except a default or Event of Default in the payment of principal of or premium, if any,
or interest (unless such default or Event of Default has been cured and a sum sufficient to pay
all matured installments of interest and principal due otherwise than by acceleration has been
deposited with the Debenture Trustee) or a default or Event of Default in respect of a covenant or
provision that under the Indenture cannot be modified or amended

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without the consent of the holder of each outstanding Debenture. No such rescission shall affect
any subsequent default or impair any right consequent thereon.

          (e) Upon receipt by the Institutional Trustee of written notice declaring such an
acceleration, or rescission and annulment thereof, by Holders of any part of the Capital
Securities, a record date shall be established for determining Holders of outstanding Capital
Securities entitled to join in such notice, which record date shall be at the close of business on
the day the Institutional Trustee receives such notice. The Holders on such record date, or their
duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether
or not such Holders remain Holders after such record date; provided, that, unless such declaration
of acceleration, or rescission and annulment, as the case may be, shall have become effective by
virtue of the requisite percentage having joined in such notice prior to the day that is 90 days
after such record date, such notice of declaration of acceleration, or rescission and annulment,
as the case may be, shall automatically and without further action by any Holder be canceled and
of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder,
from giving, after expiration of such 90-day period, a new written notice of declaration of
acceleration, or rescission and annulment thereof, as the case may be, that is identical to a
written notice that has been canceled pursuant to the proviso to the preceding sentence, in which
event a new record date shall be established pursuant to the provisions of this Section 6.8.

          (f) Except as otherwise provided in this Section 6.8, the Holders of not less than a Majority
in liquidation amount of the Capital Securities may, on behalf of the Holders of all the Capital
Securities, waive any past default or Event of Default and its consequences. Upon such waiver, any
such default or Event of Default shall cease to exist, and any default or Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Declaration, but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon.

ARTICLE VII

DISSOLUTION AND TERMINATION OF TRUST

     SECTION 7.1. Dissolution and Termination of Trust.

          (a) The Trust shall dissolve on the first to occur of

     (i) unless earlier dissolved, on September 15, 2042, the expiration of the term
of the Trust;

     (ii) a Bankruptcy Event with respect to the Sponsor, the Trust or the
Debenture Issuer;

     (iii) (other than in connection with a merger, consolidation or similar
transaction not prohibited by the Indenture, this Declaration or the Guarantee, as
the case may be) the filing of a certificate of dissolution or its equivalent with
respect to the Sponsor or upon the revocation of the charter of the Sponsor and the
expiration of 90 days after the date of revocation without a reinstatement thereof;

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     (iv) the distribution of the Debentures to the Holders of the Securities, upon
exercise of the right of the Holders of all of the outstanding Common Securities to
dissolve the Trust as provided in Annex I hereto;

     (v) the entry of a decree of judicial dissolution of any Holder of the Common
Securities, the Sponsor, the Trust or the Debenture Issuer;

     (vi) when all of the Securities shall have been called for redemption and the
amounts necessary for redemption thereof shall have been paid to the Holders in
accordance with the terms of the Securities; or

     (vii) before the issuance of any Securities, with the consent of all of the
Trustees and the Sponsor.

          (b) As soon as is practicable after the occurrence of an event referred to in Section 7.1(a),
and after satisfaction of liabilities to creditors of the Trust as required by applicable law,
including Section 3808 of the Statutory Trust Act, and subject to the terms set forth in Annex I,
the Institutional Trustee, when notified in writing of the completion of the winding up of the
Trust in accordance with the Statutory Trust Act, shall terminate the Trust by filing, at the
expense of the Sponsor, a certificate of cancellation with the Secretary of State of the State of
Delaware.

          (c) The provisions of Section 2.9 and Article IX shall survive the termination of the Trust.

ARTICLE VIII

TRANSFER OF INTERESTS

     SECTION 8.1. General.

          (a) Subject to Section 6.4 and Section 8.1(c), when Capital Securities are presented to the
Registrar with a request to register a transfer or to exchange them for an equal number of Capital
Securities represented by different Certificates, the Registrar shall register the transfer or
make the exchange if the requirements provided for herein for such transactions are met. To permit
registrations of transfers and exchanges, the Trust shall issue and the Institutional Trustee
shall authenticate Capital Securities at the Registrar’s request.

          (b) Upon issuance of the Common Securities, the Sponsor shall acquire and retain beneficial
and record ownership of the Common Securities and, for so long as the Securities remain
outstanding, the Sponsor shall maintain 100% ownership of the Common Securities; provided,
however, that any permitted successor of the Sponsor under the Indenture that is a U.S. Person may
succeed to the Sponsor’s ownership of the Common Securities.

          (c) Capital Securities may only be transferred, in whole or in part, in accordance with the
terms and conditions set forth in this Declaration and in the terms of the Capital Securities. To
the fullest extent permitted by applicable law, any transfer or purported transfer of any Security
not made in accordance with this Declaration shall be null and void and will be deemed to be of no
legal effect whatsoever and any such transferee shall be deemed not

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to be the holder of such Capital Securities for any purpose, including but not limited to the
receipt of Distributions on such Capital Securities, and such transferee shall be deemed to have
no interest whatsoever in such Capital Securities.

          (d) The Registrar shall provide for the registration of Securities and of transfers of
Securities, which will be effected without charge but only upon payment (with such indemnity as the
Registrar may require) in respect of any tax or other governmental charges that may be imposed in
relation to it. Upon surrender for registration of transfer of any Securities, the Registrar shall
cause one or more new Securities to be issued in the name of the designated transferee or
transferees. Any Security issued upon any registration of transfer or exchange pursuant to the
terms of this Declaration shall evidence the same Security and shall be entitled to the same
benefits under this Declaration as the Security surrendered upon such registration of transfer or
exchange. Every Security surrendered for registration of transfer shall be accompanied by a written
instrument of transfer in form satisfactory to the Registrar duly executed by the Holder or such
Holder’s attorney duly authorized in writing. Each Security surrendered for registration of
transfer shall be canceled by the Institutional Trustee pursuant to Section 6. A transferee of a
Security shall be entitled to the rights and subject to the obligations of a Holder hereunder upon
the receipt by such transferee of a Security. By acceptance of a Security, each transferee shall be
deemed to have agreed to be bound by this Declaration.

          (e) Neither the Trust nor the Registrar shall be required (i) to issue, register the transfer
of, or exchange any Securities during a period beginning at the opening of business 15 days before
the day of any selection of Securities for redemption and ending at the close of business on the
earliest date on which the relevant notice of redemption is deemed to have been given to all
Holders of the Securities to be redeemed, or (ii) to register the transfer or exchange of any
Security so selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.

     SECTION 8.2. Transfer Procedures and Restrictions.

          (a) The Capital Securities shall bear the Restricted Securities Legend (as defined below),
which shall not be removed unless there is delivered to the Trust such satisfactory evidence,
which may include an opinion of counsel reasonably acceptable to the Institutional Trustee, as may
be reasonably required by the Trust, that neither the legend nor the restrictions on transfer set
forth therein are required to ensure that transfers thereof comply with the provisions of the
Securities Act or that such Securities are not “restricted” within the meaning of Rule 144 under
the Securities Act. Upon provision of such satisfactory evidence, the Institutional Trustee, at
the written direction of the Trust, shall authenticate and deliver Capital Securities that do not
bear the Restricted Securities Legend (other than the legend contemplated by Section 8.2(d)).

          (b) When Capital Securities are presented to the Registrar (x) to register the transfer of
such Capital Securities, or (y) to exchange such Capital Securities for an equal number of Capital
Securities represented by different Certificates, the Registrar shall register the transfer or
make the exchange as requested if its reasonable requirements for such transaction are met;
provided, however, that the Capital Securities surrendered for registration of
transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in
form

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reasonably satisfactory to the Trust and the Registrar, duly executed by the Holder thereof or his
attorney duly authorized in writing.

          (c) Except as permitted by Section 8.2(a), each Capital Security shall bear a legend
(the “Restricted Securities Legend”) in substantially the following form:

     THIS CAPITAL SECURITY IS A GLOBAL CAPITAL SECURITY WITHIN THE MEANING OF THE DECLARATION
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A
NOMINEE OF DTC. THIS CAPITAL SECURITY IS EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN THE
NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
DECLARATION, AND NO TRANSFER OF THIS CAPITAL SECURITY (OTHER THAN A TRANSFER OF THIS CAPITAL
SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF
DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

     UNLESS THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO EVERBANK
FINANCIAL PREFERRED TRUST X OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CAPITAL SECURITY ISSUED IS REGISTERED AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT HEREON IS MADE TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON” IN AN “OFFSHORE TRANSACTION” PURSUANT TO
REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH
(a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR

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ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE DEBENTURE ISSUER’S AND THE TRUST’S RIGHT PRIOR TO ANY SUCH
OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE
AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM THE DEBENTURE
ISSUER OR THE TRUST. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL
COMPLY WITH THE FOREGOING RESTRICTIONS.

     THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT
WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN
COMPLIANCE WITH THE SECURITIES ACT OR AN APPLICABLE EXEMPTION THEREFROM.

     THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT
IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT
TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (EACH A “PLAN”), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY AND
NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST
THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY
PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY
ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE
MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A
TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON
OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii)
SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

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     IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT
SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED DECLARATION
OF TRUST TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

     THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A LIQUIDATION
AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER
OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO
BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE
THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN THIS SECURITY.

          (d) Capital Securities may only be transferred in minimum blocks of $100,000 aggregate
liquidation amount (100 Capital Securities) and multiples of $1,000 in excess thereof. Any
attempted transfer of Capital Securities in a block having an aggregate liquidation amount of less
than $100,000 shall be deemed to be void and of no legal effect whatsoever. Any such purported
transferee shall be deemed not to be a Holder of such Capital Securities for any purpose,
including, but not limited to, the receipt of Distributions on such Capital Securities, and such
purported transferee shall be deemed to have no interest whatsoever in such Capital Securities.

          (e) Each party hereto understands and hereby agrees that the Initial Purchaser is intended
solely to be an interim holder of the Capital Securities and is purchasing such securities to
facilitate consummation of the transactions contemplated herein and in the documents ancillary
hereto. Notwithstanding any provision in this Declaration to the contrary, the Initial Purchaser
shall have the right upon notice (a “Transfer Notice”) (such Transfer Notice shall be required if,
and only if, the Capital Securities are not listed with the Depository Trust Company) to the
Institutional Trustee and the Sponsor to transfer title in and to the Capital Securities, provided
the Initial Purchaser shall take reasonable steps to ensure that such transfer is exempt from
registration under the Securities Act of 1933, as amended, and rules promulgated thereunder. Any
Transfer Notice delivered to the Institutional Trustee and Sponsor pursuant to the preceding
sentence shall indicate the aggregate liquidation amount of Capital Securities being transferred,
the name and address of the transferee thereof (the “Transferee”) and the date of such transfer.
Notwithstanding any provision in this Declaration to the contrary, the transfer by the Initial
Purchaser of title in and to the Capital Securities pursuant to a Transfer Notice shall not be
subject to any requirement relating to Opinions of Counsel, Certificates of Transfer or any other
Opinion or Certificate applicable to transfers hereunder and relating to Capital Securities.

     SECTION 8.3. Deemed Security Holders. The Trust, the Administrators, the Trustees, the
Paying Agent, the Transfer Agent or the Registrar may treat the Person in whose name any
Certificate shall be registered on the books and records of the Trust as the sole holder of such
Certificate and of the Securities represented by such Certificate for purposes of receiving

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Distributions and for all other purposes whatsoever and, accordingly, shall not be bound to
recognize any equitable or other claim to or interest in such Certificate or in the Securities
represented by such Certificate on the part of any Person, whether or not the Trust, the
Administrators, the Trustees, the Paying Agent, the Transfer Agent or the Registrar shall have
actual or other notice thereof.

ARTICLE IX

LIMITATION OF LIABILITY OF HOLDERS

OF SECURITIES, TRUSTEES OR OTHERS

     SECTION 9.1. Liability.

          (a) Except as expressly set forth in this Declaration, the Guarantee and the terms of the
Securities, the Sponsor shall not be:

     (i) personally liable for the return of any portion of the capital
contributions (or any return thereon) of the Holders of the Securities which shall
be made solely from assets of the Trust; and

     (ii) required to pay to the Trust or to any Holder of the Securities any
deficit upon dissolution of the Trust or otherwise.

          (b) The Holder of the Common Securities shall be liable for all of the debts and obligations
of the Trust (other than with respect to the Securities) to the extent not satisfied out of the
Trust’s assets.

          (c) Except to the extent provided in Section 9.1(b), and pursuant to § 3803(a) of the
Statutory Trust Act, the Holders of the Securities shall be entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit organized under the
General Corporation Law of the State of Delaware, except as otherwise specifically set forth
herein.

     SECTION 9.2. Exculpation.

          (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise
to the Trust or any Covered Person for any loss, damage or claim incurred by reason of any act or
omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and
in a manner such Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration or by law, except that an Indemnified
Person (other than an Administrator) shall be liable for any such loss, damage or claim incurred
by reason of such Indemnified Person’s negligence or willful misconduct or bad faith with respect
to such acts or omissions and except that an Administrator shall be liable for any such loss,
damage or claim incurred by reason of such Administrator’s gross negligence or willful misconduct
or bad faith with respect to such acts or omissions.

          (b) An Indemnified Person shall be fully protected in relying in good faith upon the records
of the Trust and upon such information, opinions, reports or statements presented to the Trust by
any Person as to matters the Indemnified Person reasonably believes

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are within such other Person’s professional or expert competence and, if selected by such
Indemnified Person, has been selected by such Indemnified Person with reasonable care by or on
behalf of the Trust, including information, opinions, reports or statements as to the value and
amount of the assets, liabilities, profits, losses or any other facts pertinent to the existence
and amount of assets from which Distributions to Holders of Securities might properly be paid.

     SECTION 9.3. Fiduciary Duty.

          (a) To the extent that, at law or in equity, an Indemnified Person has duties (including
fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an
Indemnified Person acting under this Declaration shall not be liable to the Trust or to any other
Covered Person for its good faith reliance on the provisions of this Declaration. The provisions
of this Declaration, to the extent that they restrict the duties and liabilities of an Indemnified
Person otherwise existing at law or in equity (other than the duties imposed on the Institutional
Trustee under the Trust Indenture Act), are agreed by the parties hereto to replace such other
duties and liabilities of the Indemnified Person.

          (b) Whenever in this Declaration an Indemnified Person is permitted or required to make a
decision:

     (i) in its “discretion” or under a grant of similar authority, the Indemnified
Person shall be entitled to consider such interests and factors as it desires,
including its own interests, and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Trust or any other
Person; or

     (ii) in its “good faith” or under another express standard, the Indemnified
Person shall act under such express standard and shall not be subject to any other
or different standard imposed by this Declaration or by applicable law.

     SECTION 9.4. Indemnification, (a) (i) The Sponsor shall indemnify, to the fullest
extent permitted by law, any Indemnified Person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Trust) by reason of
the fact that such Person is or was an Indemnified Person against expenses (including attorneys’
fees and expenses), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such Person in connection with such action, suit or proceeding if such Person acted in
good faith and in a manner such Person reasonably believed to be in or not opposed to the best
interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable
cause to believe such conduct was unlawful. The termination of any action, suit or proceeding by
judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall
not, of itself, create a presumption that the Indemnified Person did not act in good faith and in a
manner which such Person reasonably believed to be in or not opposed to the best interests of the
Trust, and, with respect to any criminal action or proceeding, had reasonable cause to believe that
such conduct was unlawful.

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     (ii) The Sponsor shall indemnify, to the fullest extent permitted by law, any Indemnified
Person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the Trust to procure a judgment in its favor by
reason of the fact that such Person is or was an Indemnified Person against expenses (including
attorneys’ fees and expenses) actually and reasonably incurred by such Person in connection with
the defense or settlement of such action or suit if such Person acted in good faith and in a manner
such Person reasonably believed to be in or not opposed to the best interests of the Trust and
except that no such indemnification shall be made in respect of any claim, issue or matter as to
which such Indemnified Person shall have been adjudged to be liable to the Trust unless and only to
the extent that the Court of Chancery of Delaware or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of liability but in view of
all the circumstances of the case, such Person is fairly and reasonably entitled to indemnity for
such expenses which such Court of Chancery or such other court shall deem proper.

     (iii) To the extent that an Indemnified Person shall be successful on the merits or otherwise
(including dismissal of an action without prejudice or the settlement of an action without
admission of liability) in defense of any action, suit or proceeding referred to in paragraphs (i)
and (ii) of this Section 9.4(a), or in defense of any claim, issue or matter therein, such Person
shall be indemnified, to the fullest extent permitted by law, against expenses (including
attorneys’ fees and expenses) actually and reasonably incurred by such Person in connection
therewith.

     (iv) Any indemnification of an Administrator under paragraphs (i) and (ii) of this Section
9.4(a) (unless ordered by a court) shall be made by the Sponsor only as authorized in the specific
case upon a determination that indemnification of the Indemnified Person is proper in the
circumstances because such Person has met the applicable standard of conduct set forth in
paragraphs (i) and (ii). Such determination shall be made (A) by the Administrators by a majority
vote of a Quorum consisting of such Administrators who were not parties to such action, suit or
proceeding, (B) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of
disinterested Administrators so directs, by independent legal counsel in a written opinion, or (C)
by the Common Security Holder of the Trust.

     (v) To the fullest extent permitted by law, expenses (including attorneys’ fees and expenses)
incurred by an Indemnified Person in defending a civil, criminal, administrative or investigative
action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 9.4(a) shall be
paid by the Sponsor in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it
shall ultimately be determined that such Person is not entitled to be indemnified by the Sponsor as
authorized in this Section 9.4(a). Notwithstanding the foregoing, no advance shall be made by the
Sponsor if a determination is reasonably and promptly made (1) in the case of a Company Indemnified
Person

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(A) by the Administrators by a majority vote of a Quorum of disinterested
Administrators, (B) if such a Quorum is not obtainable, or, even if obtainable, if
a Quorum of disinterested Administrators so directs, by independent legal counsel
in a written opinion or (C) by the Common Security Holder of the Trust, that, based
upon the facts known to the Administrators, counsel or the Common Security Holder
at the time such determination is made, such Indemnified Person acted in bad faith
or in a manner that such Person either believed to be opposed to or did not believe
to be in the best interests of the Trust, or, with respect to any criminal
proceeding, that such Indemnified Person believed or had reasonable cause to
believe such conduct was unlawful, or (2) in the case of a Fiduciary Indemnified
Person, by independent legal counsel in a written opinion that, based upon the
facts known to the counsel at the time such determination is made, such Indemnified
Person acted in bad faith or in a manner that such Indemnified Person either
believed to be opposed to or did not believe to be in the best interests of the
Trust, or, with respect to any criminal proceeding, that such Indemnified Person
believed or had reasonable cause to believe such conduct was unlawful. In no event
shall any advance be made (i) to a Company Indemnified Person in instances where
the Administrators, independent legal counsel or the Common Security Holder
reasonably determine that such Person deliberately breached such Person’s duty to
the Trust or its Common or Capital Security Holders or (ii) to a Fiduciary
Indemnified Person in instances where independent legal counsel promptly and
reasonably determines in a written opinion that such Person deliberately breached
such Person’s duty to the Trust or its Common or Capital Security Holders.

          (b) The Sponsor shall indemnify, to the fullest extent permitted by applicable law, each
Indemnified Person from and against any and all loss, damage, liability, tax (other than taxes
based on the income of such Indemnified Person), penalty, expense or claim of any kind or nature
whatsoever incurred by such Indemnified Person arising out of or in connection with or by reason of
the creation, administration or termination of the Trust, or any act or omission of such
Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified Person
reasonably believed to be within the scope of authority conferred on such Indemnified Person by
this Declaration, except that no Indemnified Person shall be entitled to be indemnified in respect
of any loss, damage, liability, tax, penalty, expense or claim incurred by such Indemnified Person
by reason of negligence, willful misconduct or bad faith with respect to such acts or omissions.

          (c) The indemnification and advancement of expenses provided by, or granted pursuant to, the
other paragraphs of this Section 9.4 shall not be deemed exclusive of any other rights to which
those seeking indemnification and advancement of expenses may be entitled under any agreement,
vote of stockholders or disinterested directors of the Sponsor or Capital Security Holders of the
Trust or otherwise, both as to action in such Person’s official capacity and as to action in
another capacity while holding such office. All rights to indemnification under this Section 9.4
shall be deemed to be provided by a contract between the Sponsor and each Indemnified Person who
serves in such capacity at any time while this Section 9.4 is in effect. Any repeal or
modification of this Section 9.4 shall not affect any rights or obligations then existing.

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          (d) The Sponsor or the Trust may purchase and maintain insurance on behalf of any Person who
is or was an Indemnified Person against any liability asserted against such Person and incurred by
such Person in any such capacity, or arising out of such Person’s status as such, whether or not
the Sponsor would have the power to indemnify such Person against such liability under the
provisions of this Section 9.4.

          (e) For purposes of this Section 9.4, references to “the Trust” shall include, in addition to
the resulting or surviving entity, any constituent entity (including any constituent of a
constituent) absorbed in a consolidation or merger, so that any Person who is or was a director,
trustee, officer or employee of such constituent entity, or is or was serving at the request of
such constituent entity as a director, trustee, officer, employee or agent of another entity,
shall stand in the same position under the provisions of this Section 9.4 with respect to the
resulting or surviving entity as such Person would have with respect to such constituent entity if
its separate existence had continued.

          (f) The indemnification and advancement of expenses provided by, or granted pursuant to, this
Section 9.4 shall, unless otherwise provided when authorized or ratified, continue as to a Person
who has ceased to be an Indemnified Person and shall inure to the benefit of the heirs, executors
and administrators of such a Person.

          (g) The provisions of this Section 9.4 shall survive the termination of this Declaration or
the earlier resignation or removal of the Institutional Trustee. The obligations of the Sponsor
under this Section 9.4 to compensate and indemnify the Trustees and to pay or reimburse the
Trustees for expenses, disbursements and advances shall constitute additional indebtedness
hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities
upon all property and funds held or collected by the Trustees as such, except funds held in trust
for the benefit of the holders of particular Capital Securities, provided, that the
Sponsor is the holder of the Common Securities.

     SECTION 9.5. Outside Businesses. Any Covered Person, the Sponsor, the Delaware
Trustee and the Institutional Trustee (subject to Section 4.3(c)) may engage in or possess an
interest in other business ventures of any nature or description, independently or with others,
similar or dissimilar to the business of the Trust, and the Trust and the Holders of Securities
shall have no rights by virtue of this Declaration in and to such independent ventures or the
income or profits derived therefrom, and the pursuit of any such venture, even if competitive with
the business of the Trust, shall not be deemed wrongful or improper. None of any Covered Person,
the Sponsor, the Delaware Trustee or the Institutional Trustee shall be obligated to present any
particular investment or other opportunity to the Trust even if such opportunity is of a character
that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Sponsor,
the Delaware Trustee and the Institutional Trustee shall have the right to take for its own
account (individually or as a partner or fiduciary) or to recommend to others any such particular
investment or other opportunity. Any Covered Person, the Delaware Trustee and the Institutional
Trustee may engage or be interested in any financial or other transaction with the Sponsor or any
Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates.

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     SECTION 9.6. Compensation; Fee.

          (a) Subject to the provisions set forth in the Fee Agreement of even date herewith, by and
among the Institutional Trustee, the Trust and the Initial Purchaser (the “Fee Agreement”), the
Sponsor agrees:

     (i) to pay to the Trustees from time to time such compensation for all
services rendered by them hereunder as the parties shall agree in writing from time
to time (which compensation shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust); and

     (ii) except as otherwise expressly provided herein or in the Fee Agreement, to
reimburse the Trustees upon request for all reasonable, documented expenses,
disbursements and advances incurred or made by the Trustees in accordance with any
provision of this Declaration (including the reasonable compensation and the
expenses and disbursements of their respective agents and counsel), except any such
expense, disbursement or advance attributable to their negligence or willful
misconduct.

          (b) The provisions of this Section 9.6 shall survive the dissolution of the Trust and the
termination of this Declaration and the removal or resignation of any Trustee.

ARTICLE X

ACCOUNTING

     SECTION 10.1. Fiscal Year. The fiscal year (the “Fiscal Year”) of the Trust shall be
the calendar year, or such other year as is required by the Code.

     SECTION 10.2. Certain Accounting Matters.

          (a) At all times during the existence of the Trust, the Administrators shall keep, or cause to
be kept at the principal office of the Trust in the United States, as defined for purposes of
Treasury Regulations § 301.7701-7, full books of account, records and supporting documents, which
shall reflect in reasonable detail each transaction of the Trust. The books of account shall be
maintained on the accrual method of accounting, in accordance with generally accepted accounting
principles, consistently applied.

          (b) The Administrators shall either (i) cause each Form 10-K and Form 10-Q prepared by the
Sponsor and filed with the Commission in accordance with the Exchange Act to be delivered directly
to each Holder of Securities, within 90 days after the filing of each Form 10-K and within 30 days
after the filing of each Form 10-Q or (ii) cause to be prepared at the principal office of the
Trust in the United States, as defined for purposes of Treasury Regulations § 301.7701-7, and
delivered directly to each of the Holders of Securities, within 90 days after the end of each
Fiscal Year of the Trust, annual financial statements of the Trust, including a balance sheet of
the Trust as of the end of such Fiscal Year, and the related statements of income or loss.

          (c) The Administrators shall cause to be duly prepared and delivered to each of the Holders
of Securities Form 1099 or such other annual United States federal income tax

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information statement required by the Code, containing such information with regard to the
Securities held by each Holder as is required by the Code and the Treasury Regulations.
Notwithstanding any right under the Code to deliver any such statement at a later date, the
Administrators shall endeavor to deliver all such statements within 30 days after the end of each
Fiscal Year of the Trust.

          (d) The Administrators shall cause to be duly prepared in the United States, as defined for
purposes of Treasury Regulations § 301.7701-7, and filed an annual United States federal income
tax return on a Form 1041 or such other form required by United States federal income tax law, and
any other annual income tax returns required to be filed by the Administrators on behalf of the
Trust with any state or local taxing authority.

          (e) The
Administrators will cause the Sponsor’s reports on
Form H-(b)11 to be delivered to
the Holders promptly following their filing with the Federal Reserve.

     SECTION 10.3. Banking. The Trust shall maintain one or more bank accounts in the
United States, as defined for purposes of Treasury Regulations § 301.7701-7, in the name and for
the sole benefit of the Trust; provided, however, that all payments of funds in
respect of the Debentures held by the Institutional Trustee shall be made directly to the Property
Account and no other funds of the Trust shall be deposited in the Property Account. The sole
signatories for such accounts (including the Property Account) shall be designated by the
Institutional Trustee.

     SECTION 10.4. Withholding. The Institutional Trustee or any Paying Agent and the
Administrators shall comply with all withholding requirements under United States federal, state
and local law. The Institutional Trustee or any Paying Agent shall request, and each Holder shall
provide to the Institutional Trustee or any Paying Agent, such forms or certificates as are
necessary to establish an exemption from withholding with respect to the Holder, and any
representations and forms as shall reasonably be requested by the Institutional Trustee or any
Paying Agent to assist it in determining the extent of, and in fulfilling, its withholding
obligations. The Administrators shall file required forms with applicable jurisdictions and, unless
an exemption from withholding is properly established by a Holder, shall remit amounts withheld
with respect to the Holder to applicable jurisdictions. To the extent that the Institutional
Trustee or any Paying Agent is required to withhold and pay over any amounts to any authority with
respect to distributions or allocations to any Holder, the amount withheld shall be deemed to be a
Distribution to the Holder in the amount of the withholding. In the event of any claimed
overwithholding, Holders shall be limited to an action against the applicable jurisdiction. If the
amount required to be withheld was not withheld from actual Distributions made, the Institutional
Trustee or any Paying Agent may reduce subsequent Distributions by the amount of such withholding.

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ARTICLE XI

AMENDMENTS AND MEETINGS

     SECTION 11.1. Amendments.

          (a) Except as otherwise provided in this Declaration or by any applicable terms of the
Securities, this Declaration may only be amended by a written instrument approved and executed by:

     (i) the Institutional Trustee,

     (ii) if the amendment affects the rights, powers, duties, obligations or
immunities of the Delaware Trustee, the Delaware Trustee,

     (iii) if the amendment affects the rights, powers, duties, obligations or
immunities of the Administrators, the Administrators, and

     (iv) the Holders of a Majority in liquidation amount of the Common
Securities.

          (b) Notwithstanding any other provision of this Article XI, no amendment shall be made, and
any such purported amendment shall be void and ineffective:

     (i) unless the Institutional Trustee shall have first received

     (A) an Officers’ Certificate from each of the Trust and the Sponsor
that such amendment is permitted by, and conforms to, the terms of this
Declaration (including the terms of the Securities); and

     (B) an opinion of counsel (who may be counsel to the Sponsor or the
Trust) that such amendment is permitted by, and conforms to, the terms of
this Declaration (including the terms of the Securities) and that all
conditions precedent to the execution and delivery of such amendment have
been satisfied; or

     (ii) if the result of such amendment would be to

     (A) cause the Trust to cease to be classified for purposes of United
States federal income taxation as a grantor trust;

     (B) reduce or otherwise adversely affect the powers of the
Institutional Trustee in contravention of the Trust Indenture Act;

     (C) cause the Trust to be deemed to be an Investment Company required
to be registered under the Investment Company Act; or

     (D) cause the Debenture Issuer to be unable to treat an amount equal to
the Liquidation Amount of the Capital Securities as “Tier 1

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Capital” for purposes of the capital adequacy guidelines of (x) the Federal
Reserve (or, if the Debenture Issuer is not a bank holding company, such
guidelines or policies applied to the Debenture Issuer as if the Debenture
Issuer were subject to such guidelines of policies) or of (y) any other
regulatory authority having jurisdiction over the Debenture Issuer.

          (c) Except as provided in Section 11.1(d), (e) or (g), no amendment shall be made, and any
such purported amendment shall be void and ineffective, unless the Holders of a Majority in
liquidation amount of the Capital Securities shall have consented to such amendment.

          (d) In addition to and notwithstanding any other provision in this Declaration, without the
consent of each affected Holder, this Declaration may not be amended to (i) change the amount or
timing of any Distribution on the Securities or any redemption or liquidation provisions
applicable to the Securities or otherwise adversely affect the amount of any Distribution required
to be made in respect of the Securities as of a specified date or (ii) restrict the right of a
Holder to institute suit for the enforcement of any such payment on or after such date.

          (e) Sections 9.1 (b) and 9.1 (c) and this Section 11.1 shall not be amended without the
consent of all of the Holders of the Securities.

          (f) The rights of the Holders of the Capital Securities and Common Securities, as applicable,
under Article IV to increase or decrease the number of, and appoint and remove, Trustees shall not
be amended without the consent of the Holders of a Majority in liquidation amount of the Capital
Securities or Common Securities, as applicable.

          (g) Subject
to Section 11.1(a)(ii), this Declaration may be amended by the Institutional
Trustee and the Holder of a Majority in liquidation amount of the Common Securities without the
consent of the Holders of the Capital Securities to:

     (i) cure any ambiguity;

     (ii) correct or supplement any provision in this Declaration that may be
defective or inconsistent with any other provision of this Declaration;

     (iii) add to the covenants, restrictions or obligations of the Sponsor;
or

     (iv) modify, eliminate or add to any provision of this Declaration to such
extent as may be necessary or desirable, including, without limitation, to ensure
that the Trust will be classified for United States federal income tax purposes at
all times as a grantor trust and will not be required to register as an Investment
Company under the Investment Company Act (including without limitation to conform
to any change in Rule 3a-5, Rule 3a-7 or any other applicable rule under the
Investment Company Act or written change in interpretation or application thereof
by any legislative body, court, government agency or regulatory authority) which
amendment does not have a material adverse effect on the right,
preferences or privileges of the Holders of Securities;

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     provided, however, that no such modification, elimination or addition referred
to in clauses (i), (ii), (iii) or (iv) shall adversely affect the powers, preferences or rights of
Holders of Capital Securities.

     SECTION 11.2. Meetings of the Holders of the Securities; Action by Written Consent.

          (a) Meetings of the Holders of any class of Securities may be called at any time by the
Administrators (or as provided in the terms of the Securities) to consider and act on any matter
on which Holders of such class of Securities are entitled to act under the terms of this
Declaration, the terms of the Securities or the rules of any stock exchange on which the Capital
Securities are listed or admitted for trading, if any. The Administrators shall call a meeting of
the Holders of such class if directed to do so by the Holders of not less than 10% in liquidation
amount of such class of Securities. Such direction shall be given by delivering to the
Administrators one or more notices in a writing stating that the signing Holders of the Securities
wish to call a meeting and indicating the general or specific purpose for which the meeting is to
be called. Any Holders of the Securities calling a meeting shall specify in writing the
Certificates held by the Holders of the Securities exercising the right to call a meeting and only
those Securities represented by such Certificates shall be counted for purposes of determining
whether the required percentage set forth in the second sentence of this paragraph has been met.

          (b) Except to the extent otherwise provided in the terms of the Securities, the following
provisions shall apply to meetings of Holders of the Securities:

     (i) notice of any such meeting shall be given to all the Holders of the
Securities having a right to vote thereat at least 15 days and not more than 60
days before the date of such meeting. Whenever a vote, consent or approval of the
Holders of the Securities is permitted or required under this Declaration or the
rules of any stock exchange on which the Capital Securities are listed or admitted
for trading, if any, such vote, consent or approval may be given at a meeting of
the Holders of the Securities. Any action that may be taken at a meeting of the
Holders of the Securities may be taken without a meeting if a consent in writing
setting forth the action so taken is signed by the Holders of the Securities owning
not less than the minimum amount of Securities that would be necessary to authorize
or take such action at a meeting at which all Holders of the Securities having a
right to vote thereon were present and voting. Prompt notice of the taking of
action without a meeting shall be given to the Holders of the Securities entitled
to vote who have not consented in writing. The Administrators may specify that any
written ballot submitted to the Holders of the Securities for the purpose of taking
any action without a meeting shall be returned to the Trust within the time
specified by the Administrators;

     (ii) each Holder of a Security may authorize any Person to act for it by proxy
on all matters in which a Holder of Securities is entitled to participate, including
waiving notice of any meeting, or voting or participating at a meeting. No proxy
shall be valid after the expiration of 11 months from the date thereof unless
otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of
the Holder of the Securities executing it. Except as otherwise provided

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herein, all matters relating to the giving, voting or validity of proxies shall be
governed by the General Corporation Law of the State of Delaware relating to
proxies, and judicial interpretations thereunder, as if the Trust were a Delaware
corporation and the Holders of the Securities were stockholders of a Delaware
corporation; each meeting of the Holders of the Securities shall be conducted by
the Administrators or by such other Person that the Administrators may designate;
and

     (iii) unless the Statutory Trust Act, this Declaration, the terms of the
Securities, the Trust Indenture Act or the listing rules of any stock exchange on
which the Capital Securities are then listed for trading, if any, otherwise
provides, the Administrators, in their sole discretion, shall establish all other
provisions relating to meetings of Holders of Securities, including notice of the
time, place or purpose of any meeting at which any matter is to be voted on by any
Holders of the Securities, waiver of any such notice, action by consent without a
meeting, the establishment of a record date, quorum requirements, voting in person
or by proxy or any other matter with respect to the exercise of any such right to
vote; provided, however, that each meeting shall be conducted in the
United States (as that term is defined in Treasury Regulations § 301.7701-7).

ARTICLE XII

REPRESENTATIONS OF INSTITUTIONAL TRUSTEE

AND DELAWARE TRUSTEE

     SECTION 12.1. Representations and Warranties of Institutional Trustee. The Trustee
that acts as initial Institutional Trustee represents and warrants to the Trust and to the Sponsor
at the date of this Declaration, and each Successor Institutional Trustee represents and warrants
to the Trust and the Sponsor at the time of the Successor Institutional Trustee’s acceptance of
its appointment as Institutional Trustee, that:

          (a) the Institutional Trustee is a banking corporation or national association with trust
powers, duly organized, validly existing and in good standing under the laws of the State of
Delaware or the United States of America, respectively, with trust power and authority to execute
and deliver, and to carry out and perform its obligations under the terms of, this Declaration;

          (b) the Institutional Trustee has a combined capital and surplus of at least fifty million
U.S. dollars ($50,000,000);

          (c) the Institutional Trustee is not an affiliate of the Sponsor, nor does the Institutional
Trustee offer or provide credit or credit enhancement to the Trust;

          (d) the execution, delivery and performance by the Institutional Trustee of this Declaration
has been duly authorized by all necessary action on the part of the Institutional Trustee. This
Declaration has been duly executed and delivered by the Institutional Trustee, and under Delaware
law (excluding any securities laws) constitutes a legal, valid and binding obligation of the
Institutional Trustee, enforceable against it in accordance with its terms, subject

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to applicable bankruptcy, reorganization, moratorium, insolvency and other similar laws affecting
creditors’ rights generally and to general principles of equity and the discretion of the court
(regardless of whether considered in a proceeding in equity or at law);

          (e) the execution, delivery and performance of this Declaration by the Institutional Trustee
does not conflict with or constitute a breach of the charter or by-laws of the Institutional
Trustee; and

          (f) no consent, approval or authorization of, or registration with or notice to, any state or
federal banking authority governing the trust powers of the Institutional Trustee is required for
the execution, delivery or performance by the Institutional Trustee of this Declaration.

     SECTION 12.2. Representations and Warranties of Delaware Trustee. The Trustee that
acts as initial Delaware Trustee represents and warrants to the Trust and to the Sponsor at the
date of this Declaration, and each Successor Delaware Trustee represents and warrants to the Trust
and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of its appointment as
Delaware Trustee that:

          (a) if it is not a natural person, the Delaware Trustee has its principal place of business
in the State of Delaware;

          (b) if it is not a natural person, the execution, delivery and performance by the Delaware
Trustee of this Declaration has been duly authorized by all necessary corporate action on the part
of the Delaware Trustee. This Declaration has been duly executed and delivered by the Delaware
Trustee, and under Delaware law (excluding any securities laws) constitutes a legal, valid and
binding obligation of the Delaware Trustee, enforceable against it in accordance with its terms,
subject to applicable bankruptcy, reorganization, moratorium, insolvency and other similar laws
affecting creditors’ rights generally and to general principles of equity and the discretion of
the court (regardless of whether considered in a proceeding in equity or at law);

          (c) if it is not a natural person, the execution, delivery and performance of this
Declaration by the Delaware Trustee does not conflict with or constitute a breach of the articles
of association or by-laws of the Delaware Trustee;

          (d) it has trust power and authority to execute and deliver, and to carry out and perform its
obligations under the terms of, this Declaration;

          (e) no consent, approval or authorization of, or registration with or notice to, any state or
federal banking authority governing the trust powers of the Delaware Trustee is required for the
execution, delivery or performance by the Delaware Trustee of this Declaration; and

          (f) if the Delaware Trustee is a natural person, it is a resident of the State of Delaware.

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ARTICLE XIII

MISCELLANEOUS

     SECTION 13.1. Notices. All notices provided for in this Declaration shall be in
writing, duly signed by the party giving such notice, and shall be delivered, telecopied (which
telecopy shall be followed by notice delivered or mailed by first class mail) or mailed by first
class mail, as follows:

          (a) if given to the Trust, in care of the Administrators at the Trust’s mailing address set
forth below (or such other address as the Trust may give notice of to the Holders of the
Securities):

EverBank Financial Preferred Trust X

c/o EverBank Financial Corp

8100 Nations Way

Jacksonville, Florida 32256

Attention: Jeffrey L. Smiley

Telecopy: (904) 281-6061

Telephone: (904) 281-6167

          (b) if given to the Delaware Trustee, at the mailing address set forth below (or such other
address as the Delaware Trustee may give notice of to the Holders of the Securities):

Wells Fargo Delaware Trust Company

919 North Market Street Suite 1600

Wilmington, DE 19801

Attention: Corporate Trust Division

Telecopy: 302-575-2006

Telephone: 302-575-2005

          (c) if given to the Institutional Trustee, at the Institutional Trustee’s mailing address set
forth below (or such other address as the Institutional Trustee may give notice of to the Holders
of the Securities):

Wells Fargo Bank, National Association

919 North Market Street Suite 1600

Wilmington, DE 19801

Attention: Corporate Trust Division

Telecopy: 302-575-2006

Telephone: 302-575-2005

          (d) if given to the Holder of the Common Securities, at the mailing address of the Sponsor set
forth below (or such other address as the Holder of the Common Securities may give notice of to the
Trust):

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EverBank Financial Corp

8100 Nations Way

Jacksonville, Florida 32256

Attention: Jeffrey L. Smiley

Telecopy: (904) 281-6061

Telephone: (904) 281-6167

          (e) if given to any other Holder, at the address set forth on the books and records of the
Trust.

     All such notices shall be deemed to have been given when received in person, telecopied with
receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver.

     SECTION 13.2. Governing Law. This Declaration and the rights and obligations of the
parties hereunder shall be governed by and interpreted in accordance with the law of the State of
Delaware and all rights, obligations and remedies shall be governed by such laws without regard to
the principles of conflict of laws of the State of Delaware or any other jurisdiction that would
call for the application of the law of any jurisdiction other than the State of Delaware.

     SECTION 13.3. Submission to Jurisdiction.

          (a) Each of the parties hereto agrees that any suit, action or proceeding arising out of or
based upon this Declaration, or the transactions contemplated hereby, may be instituted in any of
the state or federal courts of the State of New York located in the Borough of Manhattan, City and
State of New York, and further agrees to submit to the jurisdiction of Delaware, and to any actions
that are instituted in state or Federal court in Wilmington, Delaware and any competent court in
the place of its corporate domicile in respect of actions brought against it as a defendant. In
addition, each such party irrevocably waives, to the fullest extent permitted by law, any objection
which it may now or hereafter have to the laying of the venue of such suit, action or proceeding
brought in any such court and irrevocably waives any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum and irrevocably waives any
right to which it may be entitled on account of its place of corporate domicile. Each such party
hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of
or relating to this Declaration or the transactions contemplated hereby. Each such party agrees
that final judgment in any proceedings brought in such a court shall be conclusive and binding upon
it and may be enforced in any court to the jurisdiction of which it is subject by a suit upon such
judgment.

          (b) Each of the Sponsor, the Trustees, the Administrators and the Holder of the Common
Securities irrevocably consents to the service of process on it in any such suit, action or
proceeding by the mailing thereof by registered or certified mail, postage prepaid, to it at its
address given in or pursuant to Section 13.1 hereof.

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          (c) To the extent permitted by law, nothing herein contained shall preclude any party from
effecting service of process in any lawful manner or from bringing any suit, action or proceeding
in respect of this Declaration in any other state, country or place.

     SECTION 13.4. Intention of the Parties. It is the intention of the parties hereto
that the Trust be classified for United States federal income tax purposes as a grantor trust. The
provisions of this Declaration shall be interpreted to further this intention of the parties.

     SECTION 13.5. Headings. Headings contained in this Declaration are inserted for
convenience of reference only and do not affect the interpretation of this Declaration or any
provision hereof.

     SECTION 13.6. Successors and Assigns. Whenever in this Declaration any of the parties
hereto is named or referred to, the successors and assigns of such party shall be deemed to be
included, and all covenants and agreements in this Declaration by the Sponsor and the Trustees
shall bind and inure to the benefit of their respective successors and assigns, whether or not so
expressed.

     SECTION 13.7. Partial Enforceability. If any provision of this Declaration, or the
application of such provision to any Person or circumstance, shall be held invalid, the remainder
of this Declaration, or the application of such provision to persons or circumstances other than
those to which it is held invalid, shall not be affected thereby.

     SECTION 13.8. Counterparts. This Declaration may contain more than one counterpart of
the signature page and this Declaration may be executed by the affixing of the signature of each of
the Trustees and Administrators to any of such counterpart signature pages. All of such counterpart
signature pages shall be read as though one, and they shall have the same force and effect as
though all of the signers had signed a single signature page.

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     IN WITNESS WHEREOF, the undersigned have caused this Declaration to be duly executed as of the
day and year first above written.

	 	 	 	 	 
	 	WELLS FARGO DELAWARE TRUST COMPANY, as

Delaware Trustee

 	 
	 	By:  	/s/ Amy L. Martin
 	 
	 	 	Name:  	Amy L. Martin 	 
	 	 	Title:  	Vice President 	 
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Institutional Trustee

 	 
	 	By:  	/s/ Amy L. Martin
 	 
	 	 	Name:  	Amy L. Martin 	 
	 	 	Title:  	Vice President 	 
	 
	 	EVERBANK FINANCIAL CORP as Sponsor

 	 
	 	By:  	/s/ Thomas A. Hajda
 	 
	 	 	Name:  	Thomas A. Hajda 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	                                                 /s/ W. Blake Wilson
 	 
	 	 	Name:  	W. Blake Wilson 	 
	 	 	Administrator 	 
	 
	 	 	 
	 	By:  	                                                 /s/ Thomas A. Hajda
 	 
	 	 	Name:  	Thomas A. Hajda 	 
	 	 	Administrator 	 
	 

 

 

ANNEX I

TERMS OF

CAPITAL SECURITIES AND

COMMON SECURITIES

     Pursuant to Section 6.1 of the Amended and Restated Declaration of Trust, dated as of June 25,
2007 (as amended from time to time, the “Declaration”), the designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Capital Securities and the Common
Securities are set out below (each capitalized term used but not defined herein has the meaning set
forth in the Declaration):

     1. Designation and Number.

     (a) Capital Securities. 15,000 Capital Securities of EverBank Financial Preferred Trust X
(the “Trust”), with an aggregate stated liquidation amount with respect to the assets of the Trust
of Fifteen Million Dollars ($15,000,000) and a stated liquidation amount with respect to the
assets of the Trust of $1,000 per Capital Security, are hereby designated for the purposes of
identification only as the “Capital Securities” (the “Capital Securities”). The Capital Security
Certificates evidencing the Capital Securities shall be substantially
in the form of Exhibit A-1
to the Declaration, with such changes and additions thereto or deletions therefrom as may be
required by ordinary usage, custom or practice or to conform to the rules of any stock exchange on
which the Capital Securities are listed, if any.

     (b) Common Securities. 464 Common Securities of the Trust (the “Common Securities”) will be
evidenced by Common Security Certificates substantially in the form of Exhibit A-2 to the
Declaration, with such changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice. In the absence of an Event of Default, the Common Securities
will have an aggregate stated liquidation amount with respect to the assets of the Trust of Four
Hundred Sixty Four Thousand Dollars ($464,000) and a stated liquidation amount with respect to the
assets of the Trust of $1,000 per Common Security.

     2. Distributions.

     (a) Distributions payable on each Security will be payable at a fixed rate of 7.342% (the
“Fixed Rate”) per annum from June 25, 2007 until September 15, 2012 (the “Fixed Rate Period”) and
thereafter at a variable per annum rate of interest, reset quarterly, equal to LIBOR, as
determined on the LIBOR Determination Date for such Distribution Payment Period, plus 1.75% (the
“Variable Rate”) (“Coupon Rate” is defined to include the Fixed Rate and Variable Rate, as
applicable) of the stated liquidation amount of $1,000 per Security, (provided, however, that the
Coupon Rate for any Distribution Payment Period may not exceed the highest rate permitted by New
York law, as the same may be modified by United States law of general applicability), such Coupon
Rate being the rate of interest payable on the Debentures to be held by the Institutional Trustee.
Except as set forth below in respect of an Extension Period, Distributions in arrears for more
than one quarterly period will bear interest thereon compounded quarterly at the applicable Coupon
Rate for each such quarterly period (to the extent permitted by applicable law). The term
“Distributions” as used herein includes cash distributions, any such

A-I-1 

 

compounded distributions and any Additional Interest payable on the Debentures unless otherwise
stated. A Distribution is payable only to the extent that payments are made in respect of the
Debentures held by the Institutional Trustee and to the extent the Institutional Trustee has funds
legally available in the Property Account therefor. During the Fixed Rate Period, the amount of
Distributions payable for any Distribution Payment Period will be computed for any full quarterly
Distribution Payment Period on the basis of a 360-day year of twelve 30-day months and the amount
payable for any partial period shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. Upon expiration of the Fixed Rate Period, distributions will
be computed on the basis of a 360-day year and the actual number of days elapsed in the relevant
Distribution period; provided, however, that upon the occurrence of a Special
Event redemption pursuant to paragraph 4(a) below the amounts payable pursuant to this Declaration
shall be calculated as set forth in the definition of Special Redemption Price.

     (b) Upon expiration of the Fixed Rate Period, LIBOR shall be determined by the
Calculation Agent in accordance with the following provisions:

     (1) On the second LIBOR Business Day (provided, that on such day
commercial banks are open for business (including dealings in foreign currency
deposits) in London (a “LIBOR Banking Day”), and otherwise the next preceding LIBOR
Business Day that is also a LIBOR Banking Day) prior to the March 15, June 15,
September 15 and December 15 commencement date of each such Distribution Payment
Period (or, with respect to the first Distribution Payment Period subsequent to the
Fixed Rate Period, on September 15, 2012), (each such day, a “LIBOR Determination
Date”) for such Distribution Payment Period), the Calculation Agent shall obtain the
rate for three-month U.S. Dollar deposits in Europe, which appears on Reuters Screen
LIBOR 01 Page (as defined in the International Swaps and Derivatives Association,
Inc. 2000 Interest Rate and Currency Exchange Definitions) or such other page as may
replace such page, as of 11:00 a.m. (London time) on such LIBOR Determination Date,
as reported by Bloomberg Financial Markets Commodities News or any successor service
(“Reuters Screen”), and the rate so obtained shall be LIBOR for such Distribution
Payment Period. “LIBOR Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banking institutions in The City of New York or
Wilmington, Delaware are authorized or obligated by law or executive order to be
closed. If such rate is superseded on Reuters Screen by a corrected rate before
12:00 noon (London time) on the same LIBOR Determination Date, the corrected rate as
so substituted will be the applicable LIBOR for that Distribution Payment Period.

     (2) If, on any LIBOR Determination Date, such rate does not appear on Reuters
Screen, the Calculation Agent shall determine the arithmetic mean of the offered
quotations of the Reference Banks (as defined below) to leading banks in the London
Interbank market for three-month U.S. Dollar deposits in Europe (in an amount
determined by the Calculation Agent) by reference to requests for quotations as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by the
Calculation Agent to the Reference Banks. If, on

A-I-2 

 

any LIBOR Determination Date, at least two of the Reference Banks provide such
quotations, LIBOR shall equal the arithmetic mean of such quotations. If, on any
LIBOR Determination Date, only one or none of the Reference Banks provide such a
quotation, LIBOR shall be deemed to be the arithmetic mean of the offered
quotations that at least two leading banks in the City of New York (as selected by
the Calculation Agent) are quoting on the relevant LIBOR Determination Date for
three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m. (London
time) (in an amount determined by the Calculation Agent). As used herein,
“Reference Banks” means four major banks in the London Interbank market selected by
the Calculation Agent.

     (3) If the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR for the
applicable Distribution Payment Period shall be LIBOR in effect for the immediately
preceding Distribution Payment Period.

     (c) All percentages resulting from any calculations on the Securities will be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths
of a percentage point rounded upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)),
and all dollar amounts used in or resulting from such calculation will be rounded to
the nearest cent (with one-half cent being rounded upward).

     (d) On each LIBOR Determination Date, the Calculation Agent shall notify, in writing, the
Sponsor and the Paying Agent of the applicable Coupon Rate in effect for the related Distribution
Payment Period. The Calculation Agent shall, upon the request of the Holder of any Securities,
provide the Coupon Rate then in effect. All calculations made by the Calculation Agent in the
absence of manifest error shall be conclusive for all purposes and binding on the Sponsor and the
Holders of the Securities. The Paying Agent shall be entitled to rely on information received from
the Calculation Agent or the Sponsor as to the Coupon Rate. The Sponsor shall, from time to time,
provide any necessary information to the Paying Agent relating to any original issue discount and
interest on the Securities that is included in any payment and reportable for taxable income
calculation purposes.

     (e) Distributions on the Securities will be cumulative, will accrue from the date of original
issuance, and will be payable, subject to extension of Distribution payment periods as described
herein, quarterly in arrears on March 15, June 15, September 15 and December 15 of each year,
commencing September 15, 2007 (each, a “Distribution Payment Date”). Subject to prior submission of
Notice (as defined in the Indenture), and so long as no Event of Default pursuant to paragraphs
(c), (e), (f) or (g) of Section 5.01 of the Indenture has occurred and is continuing, the Debenture
Issuer has the right under the Indenture to defer payments of interest on the Debentures by
extending the interest distribution period for up to 20 consecutive quarterly periods (each, an
“Extension Period”) at any time and from time to time on the Debentures, subject to the conditions
described below, during which Extension Period no interest shall be due and payable (except any
Additional Interest that may be due and payable). During any Extension Period, interest will
continue to accrue on the Debentures, and interest on such accrued interest (such accrued interest
and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate equal
to the Coupon Rate in effect for each such Extension Period, compounded

A-I-3 

 

quarterly from the date such Deferred Interest would have been payable were it not for the
Extension Period, to the extent permitted by law. No Extension Period may end on a date other than
a Distribution Payment Date. At the end of any such Extension Period, the Debenture Issuer shall
pay all Deferred Interest then accrued and unpaid on the Debentures; provided,
however, that no Extension Period may extend beyond the Maturity Date, Redemption Date (to
the extent redeemed) or Special Redemption Date and provided, further, that, during
any such Extension Period, the Debenture Issuer may not (i) declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any
of the Debenture Issuer’s capital stock or (ii) make any payment of principal or premium or
interest on or repay, repurchase or redeem any debt securities of the Debenture Issuer that rank
pari passu in all respects with or junior in interest to the Debentures or (iii) make any payment
under any guarantees of the Debenture Issuer that rank in all respects pari passu with or junior in
interest to the Guarantee (other than (a) repurchases, redemptions or other acquisitions of shares
of capital stock of the Debenture Issuer (A) in connection with any employment contract, benefit
plan or other similar arrangement with or for the benefit of one or more employees, officers,
directors or consultants, (B) in connection with a dividend reinvestment or stockholder stock
purchase plan or (C) in connection with the issuance of capital stock of the Debenture Issuer (or
securities convertible into or exercisable for such capital stock), as consideration in an
acquisition transaction entered into prior to the applicable Extension Period, (b) as a result of
any exchange, reclassification, combination or conversion of any class or series of the Debenture
Issuer’s capital stock (or any capital stock of a subsidiary of the Debenture Issuer) for any class
or series of the Debenture Issuer’s capital stock or of any class or series of the Debenture
Issuer’s indebtedness for any class or series of the Debenture Issuer’s capital stock, (c) the
purchase of fractional interests in shares of the Debenture Issuer’s capital stock pursuant to the
conversion or exchange provisions of such capital stock or the security being converted or
exchanged, (d) any declaration of a dividend in connection with any stockholder’s rights plan, or
the issuance of rights, stock or other property under any stockholder’s rights plan, or the
redemption or repurchase of rights pursuant thereto, or (e) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or the stock issuable upon exercise of
such warrants, options or other rights is the same stock as that on which the dividend is being
paid or ranks pari passu with or junior to such stock). Prior to the termination of any Extension
Period, the Debenture Issuer may further extend such period; provided, that such period
together with all such previous and further consecutive extensions thereof shall not exceed 20
consecutive quarterly periods, or extend beyond the Maturity Date, Redemption Date (to the extent
redeemed) or Special Redemption Date. Upon the termination of any Extension Period and upon the
payment of all Deferred Interest, the Debenture Issuer may commence a new Extension Period, subject
to the foregoing requirements. No interest or Deferred Interest shall be due and payable during an
Extension Period, except at the end thereof, but Deferred Interest shall accrue upon each
installment of interest that would otherwise have been due and payable during such Extension Period
until such installment is paid. If Distributions are deferred, the Distributions due shall be paid
on the date that the related Extension Period terminates, or, if such date is not a Distribution
Payment Date, on the immediately following Distribution Payment Date, to Holders of the Securities
as they appear on the books and records of the Trust on the record date immediately preceding such
date. Distributions on the Securities must be paid on the dates payable (after giving effect to any
Extension Period) to the extent that the Trust has funds legally available for the payment of such
distributions in the Property Account of the Trust. The Trust’s funds available for Distribution to

A-I-4 

 

the Holders of the Securities will be limited to payments received from the Debenture Issuer. The
payment of Distributions out of moneys held by the Trust is guaranteed by the Guarantor pursuant
to the Guarantee.

     (f) Distributions on the Securities will be payable to the Holders thereof as they appear on
the books and records of the Registrar on the relevant record dates. The relevant record dates
shall be selected by the Administrators, which dates shall be 15 days before the relevant
Distribution Payment Date. Distributions payable on any Securities that are not punctually paid on
any Distribution Payment Date, as a result of the Debenture Issuer having failed to make a payment
under the Debentures, as the case may be, when due (taking into account any Extension Period),
will cease to be payable to the Person in whose name such Securities are registered on the
relevant record date, and such defaulted Distribution will instead be payable to the Person in
whose name such Securities are registered on the special record date or other specified date
determined in accordance with the Indenture. Notwithstanding anything to the contrary contained
herein, if any Distribution Payment Date, other than on the Maturity Date, Redemption Date (to the
extent redeemed) or Special Redemption Date, falls on a day that is not a Business Day, then any
Distributions payable will be paid on, and such Distribution Payment Date will be moved to, the
next succeeding Business Day, and additional Distributions will accrue for each day that such
payment is delayed as a result thereof. If the Maturity Date, Redemption Date or Special
Redemption Date falls on a day that is not a Business Day, then the principal, premium, if any,
and/or Distributions payable on such date will be paid on the next succeeding Business Day, and no
additional interest will accrue (except that, if such Business Day falls in the next calendar
year, such payment will be made on the immediately preceding Business Day).

     (g) In the event that there is any money or other property held by or for the Trust that is
not accounted for hereunder, such property shall be distributed pro rata (as defined herein) among
the Holders of the Securities.

     3. Liquidation Distribution Upon Dissolution. In the event of the voluntary or
involuntary liquidation, dissolution, winding-up or termination of the Trust (each, a
“Liquidation”) other than in connection with a redemption of the Debentures, the Holders of the
Securities will be entitled to receive out of the assets of the Trust available for distribution to
Holders of the Securities, after satisfaction of liabilities to creditors of the Trust (to the
extent not satisfied by the Debenture Issuer), distributions equal to the aggregate of the stated
liquidation amount of $1,000 per Security plus accrued and unpaid Distributions thereon to the date
of payment (such amount being the “Liquidation Distribution”), unless in connection with such
Liquidation, the Debentures in an aggregate stated principal amount equal to the aggregate stated
liquidation amount of such Securities, with an interest rate equal to the Coupon Rate of, and
bearing accrued and unpaid interest in an amount equal to the accrued and unpaid Distributions on,
and having the same record date as, such Securities, after paying or making reasonable provision to
pay all claims and obligations of the Trust in accordance with Section 3808(e) of the Statutory
Trust Act, shall be distributed on a Pro Rata basis to the Holders of the Securities in exchange
for such Securities.

     The Sponsor, as the Holder of all of the Common Securities, has the right at any time to
dissolve the Trust (including without limitation upon the occurrence of a Tax Event, an

A-I-5 

 

Investment Company Event or a Capital Treatment Event), subject to the receipt by the Debenture
Issuer of prior approval from any regulatory authority having jurisdiction over the Sponsor that
is primarily responsible for regulating the activities of the Sponsor if such approval is then
required under applicable capital guidelines or policies of such regulatory authority, an opinion
of nationally recognized tax counsel that Holders will not recognize any gain or loss for United
States federal income tax purposes as a result of the distribution of Debentures and, after
satisfaction of liabilities to creditors of the Trust, cause the Debentures to be distributed to
the Holders of the Securities on a Pro Rata basis in accordance with the aggregate stated
liquidation amount thereof.

     The Trust shall dissolve on the first to occur of (i) September 15, 2042, the expiration of
the term of the Trust, (ii) a Bankruptcy Event with respect to the Sponsor, the Trust or the
Debenture Issuer, (iii) (other than in connection with a merger, consolidation or similar
transaction not prohibited by the Indenture, this Declaration or the Guarantee, as the case may be)
the filing of a certificate of dissolution or its equivalent with respect to the Sponsor or upon
the revocation of the charter of the Sponsor and the expiration of 90 days after the date of
revocation without a reinstatement thereof, (iv) the distribution to the Holders of the Securities
of the Debentures, upon exercise of the right of the Holder of all of the outstanding Common
Securities to dissolve the Trust as described above, (v) the entry of a decree of a judicial
dissolution of the Sponsor or the Trust, or (vi) when all of the Securities shall have been called
for redemption and the amounts necessary for redemption thereof shall have been paid to the Holders
in accordance with the terms of the Securities. As soon as practicable after the dissolution of the
Trust and upon completion of the winding up of the Trust, the Trust shall terminate upon the filing
of a certificate of cancellation with the Secretary of State of the State of Delaware.

     If a Liquidation of the Trust occurs as described in clause (i), (ii), (iii) or (v) in the
immediately preceding paragraph, the Trust shall be liquidated by the Institutional Trustee of the
Trust as expeditiously as such Trustee determines to be possible by distributing, after
satisfaction of liabilities to creditors of the Trust as provided by applicable law, to the
Holders of the Securities, the Debentures on a Pro Rata basis to the extent not satisfied by the
Debenture Issuer, unless such distribution is determined by the Institutional Trustee not to be
practical, in which event such Holders will be entitled to receive out of the assets of the Trust
available for distribution to the Holders, after satisfaction of liabilities to creditors of the
Trust to the extent not satisfied by the Debenture Issuer, an amount equal to the Liquidation
Distribution. An early Liquidation of the Trust pursuant to clause (iv) of the immediately
preceding paragraph shall occur if the Institutional Trustee determines that such Liquidation is
possible by distributing, after satisfaction of liabilities to creditors of Trust, to the Holders
of the Securities on a Pro Rata basis, the Debentures, and such distribution occurs.

     If, upon any such Liquidation, the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution,
then the amounts payable directly by the Trust on such Capital Securities shall be paid to the
Holders of the Securities on a Pro Rata basis, except that if an Event of Default has occurred and
is continuing, the Capital Securities shall have a preference over the Common Securities with
regard to such distributions.

A-I-6 

 

     Upon any such Liquidation of the Trust involving a distribution of the Debentures, if at the
time of such Liquidation, the Capital Securities were rated by at least one nationally-recognized
statistical rating organization, the Debenture Issuer will use its reasonable best efforts to
obtain from at least one such or other rating organization a rating for the Debentures.

     After the date for any distribution of the Debentures upon dissolution of the Trust, (i) the
Securities of the Trust will be deemed to be no longer outstanding, (ii) any certificates
representing the Capital Securities will be deemed to represent undivided beneficial interests in
such of the Debentures as have an aggregate principal amount equal to the aggregate stated
liquidation amount of, with an interest rate identical to the distribution rate of, and bearing
accrued and unpaid interest equal to accrued and unpaid distributions on, the Securities until
such certificates are presented to the Debenture Issuer or its agent for transfer or reissuance
(and until such certificates are so surrendered, no payments of interest or principal shall be
made to Holders of Securities in respect of any payments due and payable under the Debentures) and
(iii) all rights of Holders of Securities under the Capital Securities or the Common Securities,
as applicable, shall cease, except the right of such Holders to receive Debentures upon surrender
of certificates representing such Securities.

     4. Redemption and Distribution.

     (a) The Debentures will mature on September 15, 2037. The Debentures may be redeemed by the
Debenture Issuer, in whole or in part, on any March 15, June 15, September 15 or December 15 on or
after September 15, 2012 at the Redemption Price, upon not less than 30 nor more than 60 days’
notice to Holders of such Debentures. In addition, upon the occurrence and continuation of a Tax
Event, an Investment Company Event or a Capital Treatment Event, the Debentures may be redeemed by
the Debenture Issuer in whole or in part, at any time within 90 days following the occurrence of
such Tax Event, Investment Company Event or Capital Treatment Event, as the case may be (the
“Special Redemption Date”), at the Special Redemption Price, upon not less than 30 nor more than
60 days’ notice to Holders of the Debentures so long as such Tax Event, Investment Company Event
or Capital Treatment Event, as the case may be, is continuing. In each case, the right of the
Debenture Issuer to redeem the Debentures is subject to the Debenture Issuer having received prior
approval from any regulatory authority having jurisdiction over the Debenture Issuer, if such
approval is then required under applicable capital guidelines or policies of such regulatory
authority.

     “Tax Event” means the receipt by the Debenture Issuer and the Trust of an opinion of counsel
experienced in such matters to the effect that, as a result of any amendment to or change
(including any announced prospective change) in the laws or any regulations thereunder of the
United States or any political subdivision or taxing authority thereof or therein, or as a result
of any official administrative pronouncement (including any private letter ruling, technical advice
memorandum, regulatory procedure, notice or announcement) (an “Administrative Action”) or judicial
decision interpreting or applying such laws or regulations, regardless of whether such
Administrative Action or judicial decision is issued to or in connection with a proceeding
involving the Debenture Issuer or the Trust and whether or not subject to review or appeal, which
amendment, clarification, change, Administrative Action or decision is enacted, promulgated or
announced, in each case on or after the date of original issuance of the Debentures, there is more
than an insubstantial risk that: (i) the Trust is, or will be within 90 days

A-I-7 

 

of the date of such opinion, subject to United States federal income tax with respect to income
received or accrued on the Debentures; (ii) interest payable by the Debenture Issuer on the
Debentures is not, or within 90 days of the date of such opinion, will not be, deductible by the
Debenture Issuer, in whole or in part, for United States federal income tax purposes; or (iii) the
Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis
amount of other taxes (including withholding taxes), duties, assessments or other governmental
charges.

     “Investment Company Event” means the receipt by the Debenture Issuer and the Trust of an
opinion of counsel experienced in such matters to the effect that, as a result of a change in law
or regulation or written change in interpretation or application of law or regulation by any
legislative body, court, governmental agency or regulatory authority, there is more than an
insubstantial risk that the Trust is or, within 90 days of the date of such opinion will be,
considered an “investment company” that is required to be registered under the Investment Company
Act, which change or prospective change becomes effective or would become effective, as the case
may be, on or after the date of the original issuance of the Debentures.

     “Capital Treatment Event” means the receipt by the Debenture Issuer and the Trust of an
Opinion of Counsel experienced in such matters to the effect that, as a result of any amendment to,
or change in, the laws, rules or regulations of the United States or any political subdivision
thereof or therein, or as the result of any official or administrative pronouncement or action or
decision interpreting or applying such laws, rules or regulations, which amendment or change is
effective or which pronouncement, action or decision is announced on or after the date of original
issuance of the Capital Securities, there is more than an insubstantial risk that within 90 days of
the receipt of such opinion, the aggregate Liquidation Amount of the Capital Securities will not be
eligible to be treated by the Debenture Issuer as “Tier 1 Capital” (or the then equivalent thereof)
for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory
authority with jurisdiction over bank holding companies), as then in effect and applicable to the
Debenture Issuer; provided, however, that the inability of the Debenture Issuer to
treat all or any portion of the Liquidation Amount of the Capital Securities as Tier 1 Capital
shall not constitute the basis for a Capital Treatment Event, if such inability results from the
Debenture Issuer having cumulative preferred stock, minority interests in consolidated
subsidiaries, or any other class of security or interest which the Federal Reserve, may now or
hereafter accord Tier 1 Capital treatment in excess of the amount which may now or hereafter
qualify for treatment as Tier 1 Capital under applicable capital adequacy guidelines; provided
further, however, that the distribution of the Debt Securities in connection with the
liquidation of the Trust by the Debenture Issuer shall not in and of itself constitute a Capital
Treatment Event unless such liquidation shall have occurred in connection with a Tax Event or an
Investment Company Event.

     “Special Event” means any of a Capital Treatment Event, a Tax Event or an Investment Company
Event.

     “Redemption Price” means 100% of the principal amount of the Debentures being redeemed plus
accrued and unpaid interest on such Debentures to the Redemption Date or, in the case of a
redemption due to the occurrence of a Special Event, to the Special Redemption Date if such
Special Redemption Date is on or after September 15, 2012.

A-I-8 

 

     “Special Redemption Price” means (1) if the Special Redemption Date is before September 15,
2012, One Hundred Five Percent (105%) of the principal amount to be redeemed plus any accrued and
unpaid interest thereon to the date of such redemption and (2) if the Special Redemption Date is on
or after September 15, 2012, the Redemption Price for such Special Redemption Date.

     “Redemption Date” means the date fixed for the redemption of Capital Securities, which shall
be any March 15, June 15, September 15 or December 15 on or after September 15, 2012.

     (b) Upon the repayment in full at maturity or redemption in whole or in part of the
Debentures (other than following the distribution of the Debentures to the Holders of the
Securities), the proceeds from such repayment or payment shall concurrently be applied to redeem
Pro Rata at the applicable redemption price, Securities having an aggregate liquidation amount
equal to the aggregate principal amount of the Debentures so repaid or redeemed; provided,
however, that holders of such Securities shall be given not less than 30 nor more than 60
days’ notice of such redemption (other than at the scheduled maturity of the Debentures).

     (c) If fewer than all the outstanding Securities are to be so redeemed, the Common Securities
and the Capital Securities will be redeemed Pro Rata and the Capital Securities to be redeemed
will be as described in Section 4(e)(ii) below.

     (d) The Trust may not redeem fewer than all the outstanding Capital Securities unless all
accrued and unpaid Distributions have been paid on all Capital Securities for all quarterly
Distribution periods terminating on or before the date of redemption.

     (e) Redemption or Distribution Procedures.

     (i) Notice of any redemption of, or notice of distribution of the Debentures in
exchange for, the Securities (a “Redemption/Distribution Notice”) will be given by
the Trust by mail to each Holder of Securities to be redeemed or exchanged not fewer
than 30 nor more than 60 days before the date fixed for redemption or exchange
thereof which, in the case of a redemption, will be the date fixed for redemption of
the Debentures. For purposes of the calculation of the date of redemption or
exchange and the dates on which notices are given pursuant to this Section 4(e)(i),
a Redemption/Distribution Notice shall be deemed to be given on the day such notice
is first mailed by first-class mail, postage prepaid, to Holders of such Securities.
Each Redemption/Distribution Notice shall be addressed to the Holders of such
Securities at the address of each such Holder appearing on the books and records of
the Registrar. No defect in the Redemption/Distribution Notice or in the mailing
thereof with respect to any Holder shall affect the validity of the redemption or
exchange proceedings with respect to any other Holder.

     (ii) In the event that fewer than all the outstanding Securities are to be
redeemed, the Securities to be redeemed shall be redeemed Pro Rata from each Holder
of Capital Securities.

A-I-9 

 

     (iii) If the Securities are to be redeemed and the Trust gives a Redemption/Distribution
Notice, which notice may only be issued if the Debentures are redeemed as set out in this Section 4
(which notice will be irrevocable), then, provided, that the Institutional Trustee has a sufficient
amount of cash in connection with the related redemption or maturity of the Debentures, the
Institutional Trustee will, with respect to Book-Entry Capital Securities, on the Redemption Date
or Special Redemption Date, as applicable, irrevocably deposit with the Depositary for such
Book-Entry Capital Securities, to the extent available therefor, funds sufficient to pay the
relevant Redemption Price or Special Redemption Price, as applicable, and will give such Depositary
irrevocable instructions and authority to pay the Redemption Price or Special Redemption Price, as
applicable, to the Owners of the Capital Securities. With respect to Capital Securities that are
not Book-Entry Capital Securities, the Institutional Trustee will pay, to the extent available
therefore, the relevant Redemption Price or Special Redemption Price, as applicable, to the Holders
of such Securities by check mailed to the address of each such Holder appearing on the books and
records of the Trust on the redemption date. If a Redemption/Distribution Notice shall have been
given and funds deposited as required, then immediately prior to the close of business on the date
of such deposit, Distributions will cease to accrue on the Securities so called for redemption and
all rights of Holders of such Securities so called for redemption will cease, except the right of
the Holders of such Securities to receive the applicable Redemption Price or Special Redemption
Price, as applicable, specified in Section 4(a). If any date fixed for redemption of Securities is
not a Business Day, then payment of any such Redemption Price or Special Redemption Price, as
applicable, payable on such date will be made on the next succeeding day that is a Business Day
except that, if such Business Day falls in the next calendar year, such payment will be made on the
immediately preceding Business Day, in each case with the same force and effect as if made on such
date fixed for redemption. If payment of the Redemption Price or Special Redemption Price, as
applicable, in respect of any Securities is improperly withheld or refused and not paid either by
the Trust or by the Debenture Issuer as guarantor pursuant to the Guarantee, Distributions on such
Securities will continue to accrue at the then applicable rate from the original redemption date to
the actual date of payment, in which case the actual payment date will be considered the date fixed
for redemption for purposes of calculating the Redemption Price or Special Redemption Price, as
applicable. In the event of any redemption of the Capital Securities issued by the Trust in part,
the Trust shall not be required to (i) issue, register the transfer of or exchange any Security
during a period beginning at the opening of business 15 days before any selection for redemption of
the Capital Securities and ending at the close of business on the earliest date on which the
relevant notice of redemption is deemed to have been given to all Holders of the Capital Securities
to be so redeemed or (ii) register the transfer of or exchange any Capital Securities so selected
for redemption, in whole or in part, except for the unredeemed portion of any Capital Securities
being redeemed in part.

A-I-10 

 

     (iv) Redemption/Distribution Notices shall be sent by the Administrators on
behalf of the Trust (A) in respect of the Capital Securities, to the Holders
thereof, and (B) in respect of the Common Securities, to the Holder thereof.

     (v) Subject to the foregoing and applicable law (including, without
limitation, United States federal securities laws), and provided, that the
acquiror is not the Holder of the Common Securities or the obligor under the
Indenture, the Sponsor or any of its subsidiaries may at any time and from time to
time purchase outstanding Capital Securities by tender, in the open market or by
private agreement.

     5. Voting Rights — Capital Securities.

     (a) Except as provided under Sections 5(b) and 7 and as otherwise required by law and the
Declaration, the Holders of the Capital Securities will have no voting rights. The Administrators
are required to call a meeting of the Holders of the Capital Securities if directed to do so by
Holders of not less than 10% in liquidation amount of the Capital Securities.

     (b) Subject to the requirements of obtaining a tax opinion by the Institutional Trustee in
certain circumstances set forth in the last sentence of this paragraph, the Holders of a Majority
in liquidation amount of the Capital Securities, voting separately as a class, have the right to
direct the time, method, and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the Institutional Trustee
under the Declaration, including the right to direct the Institutional Trustee, as holder of the
Debentures, to (i) exercise the remedies available under the Indenture as the holder of the
Debentures, (ii) waive any past default that is waivable under the Indenture, (iii) exercise any
right to rescind or annul a declaration that the principal of all the Debentures shall be due and
payable or (iv) consent on behalf of all the Holders of the Capital Securities to any amendment,
modification or termination of the Indenture or the Debentures where such consent shall be
required; provided, however, that, where a consent or action under the Indenture
would require the consent or act of the holders of greater than a simple majority in principal
amount of Debentures (a “Super Majority”) affected thereby, the Institutional Trustee may only give
such consent or take such action at the written direction of the Holders of not less than the
proportion in liquidation amount of the Capital Securities outstanding which the relevant Super
Majority represents of the aggregate principal amount of the Debentures outstanding. If the
Institutional Trustee fails to enforce its rights under the Debentures after the Holders of a
Majority or Super Majority, as the case may be, in liquidation amount of such Capital Securities
have so directed the Institutional Trustee, to the fullest extent permitted by law, a Holder of the
Capital Securities may institute a legal proceeding directly against the Debenture Issuer to
enforce the Institutional Trustee’s rights under the Debentures without first instituting any legal
proceeding against the Institutional Trustee or any other person or entity. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event is attributable to
the failure of the Debenture Issuer to pay interest or premium, if any, on or principal of the
Debentures on the date such interest, premium, if any, on or principal is payable (or in the case
of redemption, the redemption date), then a Holder of record of the Capital Securities may directly
institute a proceeding for enforcement of payment, on or after the respective due dates specified
in the

A-I-11 

 

Debentures, to such Holder directly of the principal of or premium, if any, or interest on the
Debentures having an aggregate principal amount equal to the aggregate liquidation amount of the
Capital Securities of such Holder. The Institutional Trustee shall notify all Holders of the
Capital Securities of any default actually known to the Institutional Trustee with respect to the
Debentures unless (x) such default has been cured prior to the giving of such notice or (y) the
Institutional Trustee determines in good faith that the withholding of such notice is in the
interest of the Holders of such Capital Securities, except where the default relates to the payment
of principal of or interest on any of the Debentures. Such notice shall state that such Indenture
Event of Default also constitutes an Event of Default hereunder. Except with respect to directing
the time, method and place of conducting a proceeding for a remedy, the Institutional Trustee shall
not take any of the actions described in clause (i), (ii) or (iii) above unless the Institutional
Trustee has obtained an opinion of tax counsel to the effect that, as a result of such action, the
Trust will not be classified as other than a grantor trust for United States federal income tax
purposes.

     In the event the consent of the Institutional Trustee, as the holder of the Debentures is
required under the Indenture with respect to any amendment, modification or termination of the
Indenture, the Institutional Trustee shall request the written direction of the Holders of the
Securities with respect to such amendment, modification or termination and shall vote with respect
to such amendment, modification or termination as directed by a Majority in liquidation amount of
the Securities voting together as a single class; provided, however, that where a
consent under the Indenture would require the consent of a Super Majority, the Institutional
Trustee may only give such consent at the written direction of the Holders of not less than the
proportion in liquidation amount of such Securities outstanding which the relevant Super Majority
represents of the aggregate principal amount of the Debentures outstanding. The Institutional
Trustee shall not take any such action in accordance with the written directions of the Holders of
the Securities unless the Institutional Trustee has obtained an opinion of tax counsel to the
effect that, as a result of such action, the Trust will not be classified as other than a grantor
trust for United States federal income tax purposes.

     A waiver of an Indenture Event of Default will constitute a waiver of the corresponding Event
of Default hereunder. Any required approval or direction of Holders of the Capital Securities may
be given at a separate meeting of Holders of the Capital Securities convened for such purpose, at a
meeting of all of the Holders of the Securities in the Trust or pursuant to written consent. The
Institutional Trustee will cause a notice of any meeting at which Holders of the Capital Securities
are entitled to vote, or of any matter upon which action by written consent of such Holders is to
be taken, to be mailed to each Holder of record of the Capital Securities. Each such notice will
include a statement setting forth the following information (i) the date of such meeting or the
date by which such action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such matter upon which
written consent is sought and (iii) instructions for the delivery of proxies or consents. No vote
or consent of the Holders of the Capital Securities will be required for the Trust to redeem and
cancel Capital Securities or to distribute the Debentures in accordance with the Declaration and
the terms of the Securities.

     Notwithstanding that Holders of the Capital Securities are entitled to vote or consent under
any of the circumstances described above, any of the Capital Securities that are owned by

A-I-12 

 

the Sponsor or any Affiliate of the Sponsor shall not entitle the Holder thereof to vote or
consent and shall, for purposes of such vote or consent, be treated as if such Capital Securities
were not outstanding.

     In no event will Holders of the Capital Securities have the right to vote to appoint, remove
or replace the Administrators, which voting rights are vested exclusively in the Sponsor as the
Holder of all of the Common Securities of the Trust. Under certain circumstances as more fully
described in the Declaration, Holders of Capital Securities have the right to vote to appoint,
remove or replace the Institutional Trustee and the Delaware Trustee.

     6. Voting Rights — Common Securities.

     (a) Except as provided under Sections 6(b), 6(c) and 7 and as otherwise required by law and
the Declaration, the Common Securities will have no voting rights.

     (b) The Holders of the Common Securities are entitled, in accordance with Article IV of the
Declaration, to vote to appoint, remove or replace any Administrators.

     (c) Subject to Section 6.8 of the Declaration and only after each Event of Default (if any)
with respect to the Capital Securities has been cured, waived or otherwise eliminated and subject
to the requirements of the second to last sentence of this paragraph, the Holders of a Majority in
liquidation amount of the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the Institutional
Trustee, or exercising any trust or power conferred upon the Institutional Trustee under the
Declaration, including (i) directing the time, method, place of conducting any proceeding for any
remedy available to the Debenture Trustee, or exercising any trust or power conferred on the
Debenture Trustee with respect to the Debentures, (ii) waiving any past default and its
consequences that are waivable under the Indenture, or (iii) exercising any right to rescind or
annul a declaration that the principal of all the Debentures shall be due and payable, provided,
however, that, where a consent or action under the Indenture would require a Super Majority, the
Institutional Trustee may only give such consent or take such action at the written direction of
the Holders of not less than the proportion in liquidation amount of the Common Securities which
the relevant Super Majority represents of the aggregate principal amount of the Debentures
outstanding. Notwithstanding this Section 6(c), the Institutional Trustee shall not revoke any
action previously authorized or approved by a vote or consent of the Holders of the Capital
Securities. Other than with respect to directing the time, method and place of conducting any
proceeding for any remedy available to the Institutional Trustee or the Debenture Trustee as set
forth above, the Institutional Trustee shall not take any action described in clause (i), (ii) or
(iii) above, unless the Institutional Trustee has obtained an opinion of tax counsel to the effect
that for the purposes of United States federal income tax the Trust will not be classified as other
than a grantor trust on account of such action. If the Institutional Trustee fails to enforce its
rights under the Declaration, to the fullest extent permitted by law any Holder of the Common
Securities may institute a legal proceeding directly against any Person to enforce the
Institutional Trustee’s rights under the Declaration, without first instituting a legal proceeding
against the Institutional Trustee or any other Person.

A-I-13 

 

     Any approval or direction of Holders of the Common Securities may be given at a separate
meeting of Holders of the Common Securities convened for such purpose, at a meeting of all of the
Holders of the Securities in the Trust or pursuant to written consent. The Administrators will
cause a notice of any meeting at which Holders of the Common Securities are entitled to vote, or
of any matter upon which action by written consent of such Holders is to be taken, to be mailed to
each Holder of the Common Securities. Each such notice will include a statement setting forth (i)
the date of such meeting or the date by which such action is to be taken, (ii) a description of
any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or
of such matter upon which written consent is sought and (iii) instructions for the delivery of
proxies or consents.

     No vote or consent of the Holders of the Common Securities will be required for the Trust to
redeem and cancel Common Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities.

     7. Amendments to Declaration and Indenture.

     (a) In addition to any requirements under Section 11.1 of the Declaration, if any proposed
amendment to the Declaration provides for, or the Trustees otherwise propose to effect, (i) any
action that would adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Declaration or otherwise, or (ii) the Liquidation of the Trust,
other than as described in Section 7.1 of the Declaration, then the Holders of outstanding
Securities, voting together as a single class, will be entitled to vote on such amendment or
proposal and such amendment or proposal shall not be effective except with the approval of the
Holders of not less than a Majority in liquidation amount of the Securities affected thereby;
provided, however, if any amendment or proposal referred to in clause (i) above would adversely
affect only the Capital Securities or only the Common Securities, then only the affected class will
be entitled to vote on such amendment or proposal and such amendment or proposal shall not be
effective except with the approval of a Majority in liquidation amount of such class of Securities.

     (b) In the event the consent of the Institutional Trustee as the holder of the Debentures is
required under the Indenture with respect to any amendment, modification or termination of the
Indenture or the Debentures, the Institutional Trustee shall request the written direction of the
Holders of the Securities with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification, or termination as directed by a Majority in
liquidation amount of the Securities voting together as a single class; provided, however, that
where a consent under the Indenture would require a Super Majority, the Institutional Trustee may
only give such consent at the written direction of the Holders of not less than the proportion in
liquidation amount of the Securities which the relevant Super Majority represents of the aggregate
principal amount of the Debentures outstanding.

     (c) Notwithstanding the foregoing, no amendment or modification may be made to the
Declaration if such amendment or modification would (i) cause the Trust to be classified for
purposes of United States federal income taxation as other than a grantor trust, (ii) reduce or
otherwise adversely affect the powers of the Institutional Trustee or (iii) cause the Trust to be

A-I-14 

 

deemed an “investment company” which is required to be registered under the Investment Company
Act.

     (d) Notwithstanding any provision of the Declaration, the right of any Holder of the Capital
Securities to receive payment of distributions and other payments upon redemption or otherwise, on
or after their respective due dates, or to institute a suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected without the consent
of such Holder. For the protection and enforcement of the foregoing provision, each and every
Holder of the Capital Securities shall be entitled to such relief as can be given either at law or
equity.

     8. Pro Rata. A reference in these terms of the Securities to any payment, distribution
or treatment as being “Pro Rata” shall mean pro rata to each Holder of the Securities according to
the aggregate liquidation amount of the Securities held by the relevant Holder in relation to the
aggregate liquidation amount of all Securities outstanding unless, in relation to a payment, an
Event of Default has occurred and is continuing, in which case any funds available to make such
payment shall be paid first to each Holder of the Capital Securities Pro Rata according to the
aggregate liquidation amount of the Capital Securities held by the relevant Holder relative to the
aggregate liquidation amount of all Capital Securities outstanding, and only after satisfaction of
all amounts owed to the Holders of the Capital Securities, to each Holder of the Common Securities
Pro Rata according to the aggregate liquidation amount of the Common Securities held by the
relevant Holder relative to the aggregate liquidation amount of all Common Securities outstanding.

     9. Ranking. The Capital Securities rank pari passu with, and payment thereon shall be
made Pro Rata with, the Common Securities except that, where an Event of Default has occurred and
is continuing, the rights of Holders of the Common Securities to receive payment of Distributions
and payments upon liquidation, redemption and otherwise are subordinated to the rights of the
Holders of the Capital Securities with the result that no payment of any Distribution on, or
Redemption Price or Special Redemption Price of, any Common Security, and no other payment on
account of redemption, liquidation or other acquisition of Common Securities, shall be made unless
payment in full in cash of all accumulated and unpaid Distributions on all outstanding Capital
Securities for all distribution periods terminating on or prior thereto, or in the case of payment
of the Redemption Price or Special Redemption Price the full amount of such Redemption Price or
the Special Redemption Price on all outstanding Capital Securities then called for redemption,
shall have been made or provided for, and all funds immediately available to the Institutional
Trustee shall first be applied to the payment in full in cash of all Distributions on, or the
Redemption Price or the Special Redemption Price of, the Capital Securities then due and payable.

     10. Acceptance of Guarantee and Indenture. Each Holder of the Capital Securities and
the Common Securities, by the acceptance of such Securities, agrees to the provisions of the
Guarantee, including the subordination provisions therein and to the provisions of the Indenture.

     11. No Preemptive Rights. The Holders of the Securities shall have no, and the
issuance of the Securities is not subject to, preemptive or similar rights to subscribe for any
additional securities.

A-I-15 

 

     12. Miscellaneous.
These terms constitute a part of the Declaration. The Sponsor will
provide a copy of the Declaration, the Guarantee, and the Indenture to a Holder without charge on
written request to the Sponsor at its principal place of business.

A-I-16 

 

EXHIBIT
A-1

FORM OF CAPITAL SECURITY CERTIFICATE

[FORM OF FACE OF SECURITY]

     THIS CAPITAL SECURITY IS A GLOBAL CAPITAL SECURITY WITHIN THE MEANING OF THE DECLARATION
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR
A NOMINEE OF DTC. THIS CAPITAL SECURITY IS EXCHANGEABLE FOR CAPITAL SECURITIES REGISTERED IN THE
NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
DECLARATION, AND NO TRANSFER OF THIS CAPITAL SECURITY (OTHER THAN A TRANSFER OF THIS CAPITAL
SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF
DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

     UNLESS THIS CAPITAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO EVERBANK
FINANCIAL PREFERRED TRUST X OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CAPITAL SECURITY ISSUED IS REGISTERED AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE DEBENTURE ISSUER OR THE TRUST, (B) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON” IN AN “OFFSHORE TRANSACTION” PURSUANT TO
REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH
(a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR

A-1-1 

 

ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE DEBENTURE ISSUER’S AND THE TRUST’S RIGHT PRIOR TO ANY SUCH
OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE
AMENDED AND RESTATED DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM THE DEBENTURE
ISSUER OR THE TRUST. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL
COMPLY WITH THE FOREGOING RESTRICTIONS.

     THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT
WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN
COMPLIANCE WITH THE SECURITIES ACT OR AN APPLICABLE EXEMPTION THEREFROM.

     THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS
THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (EACH A “PLAN”), OR
AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE
ENTITY AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY
INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE
UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR
84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT
PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR
HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN
WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS
APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY
OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH
PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE
EXEMPTION.

A-1-2 

 

     IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT
SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED DECLARATION
OF TRUST TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

     THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A LIQUIDATION
AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER
OF THIS SECURITY IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO
BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE
THE HOLDER OF THIS SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN THIS SECURITY.

A-1-3 

 

			
	 	 	 
	Certificate Number [P-001 ]
	 	Number of Capital Securities 15,000

CUSIP NO:                                         

Certificate Evidencing Capital Securities

of

EverBank Financial Preferred Trust X

Capital Securities

(liquidation amount $1,000 per Capital Security)

     EverBank Financial Preferred Trust X, a statutory trust created under the laws of the State
of Delaware (the “Trust”), hereby certifies that Cede & Co., as nominee on behalf of The
Depository Trust Company (the “Holder”), is the registered owner of 15,000 capital securities of
the Trust representing undivided beneficial interests in the assets of the Trust, designated the
Capital Securities (liquidation amount $1,000 per Capital Security) (the “Capital Securities”).
Subject to the Declaration (as defined below), the Capital Securities are transferable on the
books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this
Certificate duly endorsed and in proper form for transfer. The Capital Securities represented
hereby are issued pursuant to, and the designation, rights, privileges, restrictions, preferences
and other terms and provisions of the Capital Securities shall in all respects be subject to, the
provisions of the Amended and Restated Declaration of Trust of the Trust, dated as of June 25,
2007, among Thomas A. Hajda and W. Blake Wilson, as Administrators, Wells Fargo Delaware Trust
Company, as Delaware Trustee, Wells Fargo Bank, National Association, as Institutional Trustee,
EverBank Financial Corp, as Sponsor, and the holders from time to time of undivided beneficial
interests in the assets of the Trust, including the designation of the terms of the Capital
Securities as set forth in Annex I to the Declaration, as the same may be amended from time to
time (the “Declaration”). Capitalized terms used herein but not defined shall have the meaning
given them in the Declaration. The Holder is entitled to the benefits of the Guarantee to the
extent provided therein. The Sponsor will provide a copy of the Declaration, the Guarantee, and
the Indenture to the Holder without charge upon written request to the Sponsor at its principal
place of business.

     By acceptance of this Security, the Holder is bound by the Declaration and is entitled to the
benefits thereunder.

     By acceptance of this Security, the Holder agrees to treat, for United States federal income
tax purposes, the Debentures as indebtedness and the Capital Securities as evidence of beneficial
ownership in the Debentures.

     This Capital Security is governed by, and shall be construed in accordance with, the laws of
the State of Delaware, without regard to principles of conflict of laws.

A-1-4 

 

     IN WITNESS WHEREOF, the Trust has duly executed this certificate.

	 	 	 	 	 	 	 	 	 

	 	 	EverBank Financial Preferred Trust X
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title: Administrator

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Dated:	 	 	 	 	 	 
	 	 	 	 	 	 	 

CERTIFICATE OF AUTHENTICATION

     This is one of the Capital Securities referred to in the within-mentioned Declaration.

	 	 	 	 	 	 	 	 	 

	 	 	WELLS FARGO BANK, NATIONAL

ASSOCIATION, not in its individual capacity

but solely as the Institutional Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Authorized Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Dated	 	 	 	 	 	 
	 	 	 	 	 	 	 

A-1-5 

 

[FORM OF REVERSE OF SECURITY]

     Distributions payable on each Capital Security will be payable at a fixed rate of 7.342% (the
“Fixed Rate”) per annum from June 25, 2007 until September 15, 2012 (the “Fixed Rate Period”) and
thereafter at a variable per annum rate of interest, reset quarterly, equal to LIBOR (as defined in
the Declaration) plus 1.75% (the “Variable Rate”) (“Coupon Rate” is defined to include the Fixed
Rate and Variable Rate, as applicable) of the stated liquidation amount of $1,000 per Capital
Security (provided, however, that the Coupon Rate for any Distribution Payment Period may not
exceed the highest rate permitted by New York law, as the same may be modified by United States law
of general applicability), such Coupon Rate being the rate of interest payable on the Debentures to
be held by the Institutional Trustee. Distributions in arrears for more than one quarterly period
will bear interest thereon compounded quarterly at the then applicable Coupon Rate for each such
quarterly period (to the extent permitted by applicable law). The term “Distributions” as used
herein includes cash distributions, any such compounded distributions and any Additional Interest
payable on the Debentures unless otherwise stated. A Distribution is payable only to the extent
that payments are made in respect of the Debentures held by the Institutional Trustee and to the
extent the Institutional Trustee has funds legally available in the Property Account therefor.
During the Fixed Rate Period, the amount of Distributions payable for any period will be computed
for any full quarterly Distribution period on the basis of a 360-day year of twelve 30-day months
and the amount payable for any partial period shall be computed on the basis of the number of days
elapsed in a 360-day year of twelve 30-day months. Upon expiration of the Fixed Rate Period,
distributions will be computed on the basis of a 360-day year and the actual number of days elapsed
in the relevant Distribution Payment Period.

     Except as otherwise described below, Distributions on the Capital Securities will be
cumulative, will accrue from the date of original issuance and will be payable quarterly in
arrears on March 15, June 15, September 15 and December 15 of each year, commencing on September
15, 2007 (each, a “Distribution Payment Date”). Upon submission of Notice (as defined in the
Indenture), and so long as no Event of Default pursuant to paragraphs (c), (e), (f) or (g) of
Section 5.01 of the Indenture has occurred and is continuing, the Debenture Issuer has the right
under the Indenture to defer payments of interest on the Debentures by extending the interest
distribution period for up to 20 consecutive quarterly periods (each, an “Extension Period”) at
any time and from time to time on the Debentures, subject to the conditions described below,
during which Extension Period no interest shall be due and payable (except any Additional Interest
that may be due and payable). During any Extension Period, interest will continue to accrue on the
Debentures, and interest on such accrued interest (such accrued interest and interest thereon
referred to herein as “Deferred Interest”) will accrue at an annual rate equal to the Coupon Rate
in effect for each such Extension Period, compounded quarterly from the date such Deferred
Interest would have been payable were it not for the Extension Period, to the extent permitted by
law. No Extension Period may end on a date other than a Distribution Payment Date. At the end of
any such Extension Period, the Debenture Issuer shall pay all Deferred Interest then accrued and
unpaid on the Debentures; provided, however, that no Extension Period may extend
beyond the Maturity Date, Redemption Date (to the extent redeemed) or Special Redemption Date.
Prior to the termination of any Extension Period, the Debenture Issuer may further extend such
period; provided, that such period together with all such previous and further consecutive
extensions thereof shall not exceed 20 consecutive

A-1-6 

 

quarterly periods, or extend beyond the Maturity Date, Redemption Date (to the extent redeemed) or
Special Redemption Date. Upon the termination of any Extension Period and upon the payment of all
Deferred Interest, the Debenture Issuer may commence a new Extension Period, subject to the
foregoing requirements. No interest or Deferred Interest (except any Additional Interest that may
be due and payable) shall be due and payable during an Extension Period, except at the end thereof,
but Deferred Interest shall accrue upon each installment of interest that would otherwise have been
due and payable during such Extension Period until such installment is paid. If Distributions are
deferred, the Distributions due shall be paid on the date that the related Extension Period
terminates to Holders of the Securities as they appear on the books and records of the Trust on the
record date immediately preceding such date. Distributions on the Securities must be paid on the
dates payable (after giving effect to any Extension Period) to the extent that the Trust has funds
legally available for the payment of such distributions in the Property Account of the Trust. The
Trust’s funds available for Distribution to the Holders of the Securities will be limited to
payments received from the Debenture Issuer. The payment of Distributions out of moneys held by the
Trust is guaranteed by the Guarantor pursuant to the Guarantee.

     The Capital Securities shall be redeemable as provided in the Declaration.

A-1-7 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security Certificate
to:

	 	 	 

	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

     (Insert assignee’s social security or tax identification number)

	 	 	 

	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

     (Insert address and zip code of assignee),

and irrevocably appoints                                                             

     as agent to transfer this Capital Security Certificate on the books of the Trust. The agent
may substitute another to act for it, him or her.

Date:                                         

Signature:                                         

     (Sign exactly as your name appears on the other side of this Capital Security Certificate)

Signature Guarantee:1                                         

 

			
	1	 	Signature must be guaranteed by an “eligible guarantor institution” that is
a bank, stockbroker, savings and loan association or credit union meeting the requirements of the
Security registrar, which requirements include membership or participation in the Securities
Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Security registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

A-1-8 

 

EXHIBIT A-2

FORM OF COMMON SECURITY CERTIFICATE

     THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION.

     EXCEPT AS SET FORTH IN SECTION 8.1 (b) OF THE DECLARATION (AS DEFINED BELOW), THIS SECURITY
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED.

A-2-1 

 

			
	 	 	 
	Certificate Number [C-001]
	 	Number of Common Securities: 464
	 	 	 

Certificate Evidencing Common Securities

of

EverBank Financial Preferred Trust X

     EverBank Financial Preferred Trust X, a statutory trust created under the laws of the State
of Delaware (the “Trust”), hereby certifies that EverBank Financial Corp (the “Holder”) is the
registered owner of 464 common securities of the Trust representing undivided beneficial interests
in the assets of the Trust (liquidation amount $1,000 per Common Security) (the “Common
Securities”). The Common Securities represented hereby are issued pursuant to, and the
designation, rights, privileges, restrictions, preferences and other terms and provisions of the
Common Securities shall in all respects be subject to, the provisions of the Amended and Restated
Declaration of Trust of the Trust, dated as of June 25, 2007, among Thomas A. Hajda and W. Blake
Wilson, as Administrators, Wells Fargo Delaware Trust Company, as Delaware Trustee, Wells Fargo
Bank, National Association, as Institutional Trustee, the Holder, as Sponsor, and the holders from
time to time of undivided beneficial interests in the assets of the Trust, including the
designation of the terms of the Common Securities as set forth in Annex I to the Declaration, as
the same may be amended from time to time (the “Declaration”). Capitalized terms used herein but
not defined shall have the meaning given them in the Declaration. The Sponsor will provide a copy
of the Declaration and the Indenture to the Holder without charge upon written request to the
Sponsor at its principal place of business.

     As set forth in the Declaration, when an Event of Default has occurred and is continuing, the
rights of Holders of Common Securities to payment in respect of Distributions and payments upon
Liquidation, redemption or otherwise are subordinated to the rights of payment of Holders of the
Capital Securities.

     By acceptance of this Certificate, the Holder is bound by the Declaration and is entitled to
the benefits thereunder.

     By acceptance of this Certificate, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Common Securities as evidence of
undivided beneficial ownership in the Debentures.

     This Common Security is governed by, and shall be construed in accordance with, the laws of
the State of Delaware, without regard to principles of conflict of laws.

A-2-2 

 

     IN
WITNESS WHEREOF, the Trust has executed this certificate as of this
      day of
                                         , 2007.

	 	 	 	 	 	 	 

	 	 	EverBank Financial Preferred Trust X
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	Title: Administrator

A-2-3 

 

[FORM OF REVERSE OF SECURITY]

     Distributions payable on each Common Security will be identical in amount to the
Distributions payable on each Capital Security, which is at a fixed rate of 7.342% (the “Fixed
Rate”) per annum from June 25, 2007 until September 15, 2012 (the “Fixed Rate Period”) and
thereafter at a variable per annum rate of interest, reset quarterly, equal to LIBOR (as defined
in the Declaration) plus 1.75% (the “Variable Rate”) (“Coupon Rate” is defined to include the
Fixed Rate and Variable Rate, as applicable) of the stated liquidation amount of $1,000 per
Capital Security (provided, however, that the Coupon Rate for any Distribution Payment Period may
not exceed the highest rate permitted by New York law, as the same may be modified by United
States law of general applicability), such Coupon Rate being the rate of interest payable on the
Debentures to be held by the Institutional Trustee. Distributions in arrears for more than one
quarterly period will bear interest thereon compounded quarterly at the then applicable Coupon
Rate for each such quarterly period (to the extent permitted by applicable law). The term
“Distributions” as used herein includes cash distributions, any such compounded distributions and
any Additional Interest payable on the Debentures unless otherwise stated. A Distribution is
payable only to the extent that payments are made in respect of the Debentures held by the
Institutional Trustee and to the extent the Institutional Trustee has funds legally available in
the Property Account therefor. During the Fixed Rate Period, the amount of Distributions payable
for any period will be computed for any quarterly Distribution period on the basis of a 360-day
year of twelve 30-day months and the amount payable for any partial period shall be computed on
the basis of the number of days elapsed in a 360-day year of twelve 30-day months. Upon expiration
of the Fixed Rate Period, the amount of distributions payable for any full quarterly Distribution
period will be computed on the basis of a 360-day year and the actual number of days elapsed in
the relevant Distribution Payment Period.

     Except as otherwise described below, Distributions on the Common Securities will be
cumulative, will accrue from the date of original issuance and will be payable quarterly in arrears
on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2007
(each, a “Distribution Payment Date”). Upon submission of Notice (as defined in the Indenture), and
so long as no Event of Default pursuant to paragraphs (c), (e), (f) or (g) of Section 5.01 of the
Indenture has occurred and is continuing, the Debenture Issuer has the right under the Indenture to
defer payments of interest on the Debentures by extending the interest distribution period for up
to 20 consecutive quarterly periods (each, an “Extension Period”) at any time and from time to time
on the Debentures, subject to the conditions described below, during which Extension Period no
interest shall be due and payable (except any Additional Interest that may be due and payable).
During any Extension Period, interest will continue to accrue on the Debentures, and interest on
such accrued interest (such accrued interest and interest thereon referred to herein as “Deferred
Interest”) will accrue at an annual rate equal to the Coupon Rate in effect for each such Extension
Period, compounded quarterly from the date such Deferred Interest would have been payable were it
not for the Extension Period, to the extent permitted by law. No Extension Period may end on a date
other than a Distribution Payment Date. At the end of any such Extension Period, the Debenture
Issuer shall pay all Deferred Interest then accrued and unpaid on the Debentures; provided,
however, that no Extension Period may extend beyond the Maturity Date, Redemption Date (to the
extent redeemed) or Special Redemption Date. Prior to the termination of any Extension Period, the
Debenture Issuer may further extend such period, provided, that such period together with all

A-2-4 

 

such previous and further consecutive extensions thereof shall not exceed 20 consecutive quarterly
periods, or extend beyond the Maturity Date, Redemption Date (to the extent redeemed) or Special
Redemption Date. Upon the termination of any Extension Period and upon the payment of all Deferred
Interest, the Debenture Issuer may commence a new Extension Period, subject to the foregoing
requirements. No interest or Deferred Interest (except any Additional Interest that may be due and
payable) shall be due and payable during an Extension Period, except at the end thereof, but
Deferred Interest shall accrue upon each installment of interest that would otherwise have been due
and payable during such Extension Period until such installment is paid. If Distributions are
deferred, the Distributions due shall be paid on the date that the related Extension Period
terminates to Holders of the Securities as they appear on the books and records of the Trust on the
record date immediately preceding such date.

     Distributions on the Securities must be paid on the dates payable (after giving effect to any
Extension Period) to the extent that the Trust has funds legally available for the payment of such
distributions in the Property Account of the Trust. The Trust’s funds legally available for
Distribution to the Holders of the Securities will be limited to payments received from the
Debenture Issuer. The payment of Distributions out of moneys held by the Trust is guaranteed by
the Guarantor pursuant to the Guarantee.

     The Common Securities shall be redeemable as provided in the Declaration.

A-2-5 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to:

	 	 	 

	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

     (Insert assignee’s social security or tax identification number)

	 	 	 

	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

     (Insert address and zip code of assignee),

     and irrevocably appoints                                          as agent to transfer this Common Security Certificate on

the books of the Trust. The agent may substitute another to act for him or her.

Date:                                         

Signature:                                         

     (Sign exactly as your name appears on the other side of this Common Security Certificate)

Signature Guarantee:2                                         

 

			
	2	 	Signature must be guaranteed by an “eligible guarantor institution” that is
a bank, stockbroker, savings and loan association or credit union, meeting the requirements of the
Security registrar, which requirements include membership or participation in the Securities
Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Security registrar in addition to, or in substitution for, STAMP, all in
accordance
with the Securities Exchange Act of 1934, as amended.

A-2-6exv10w8

Exhibit
10.8

 

LEASE
AGREEMENT BETWEEN

RIVERSIDE AVENUE PARTNERS, LTD.,

AS LANDLORD, AND

EVERBANK,

AS TENANT

DATED FEBRUARY 24, 2006

      

 

 

BASIC LEASE INFORMATION

	 	 	 	 	 

	Lease Date:	 	February 24, 2006.
	 
	 	 	 	 
	Landlord:	 	RIVERSIDE AVENUE PARTNERS, LTD., A Florida limited partnership.
	 
	 	 	 	 
	Tenant:	 	EVERBANK, a federal savings association organized under the laws of the United States of America.
	 
	 	 	 	 
	Permitted Use	 	General office use on 12th and 13th floors.
	 
	 	 	 	 
	Premises

	 	Office

Space
	 	47,470 rentable square feet on the 12th and 13th floors.
	 
	 	 	 	 
	 	 	Building known as The EverBank Building; street address is 501 Riverside Avenue, Jacksonville, Florida 32204. The Premises are
outlined on the plan attached to the Lease as Exhibit A The Land is described on Exhibit B.
	 
	 	 	 	 
	Expansion Option	 	Tenant shall have an ongoing right of first refusal to lease any space on the 6th floor that becomes available for lease during the
Term.
	 
	 	 	 	 
	Parking	 	191 total parking spaces on or about the Building and the Land (including garage parking below).
	 
	 	 	 	 
	 	 	Approximately 141 parking spaces in Building garage for office space occupants (3 spaces per 1,000 rentable square feet of office
space).
	 
	 	 	 	 
	 	 	50 offsite parking spaces at off-site parking lot (Exhibit G).
	 
	 	 	 	 
	Initial Term:	 	120 months, commencing on the Commencement Date and ending at 5:00 p.m. local time on the last day of the 120th full calendar month
following the Commencement Date, subject to adjustment and earlier termination as provided in the Lease.
	 
	 	 	 	 
	Renewal Options	 	Tenant has option to renew for three 5-year renewal terms if Tenant delivers written notice thereof to Landlord no later than 6
months prior to the commencement of each such renewal term.
	 
	 	 	 	 
	Commencement Date	 	January 1, 2007 

The earliest of the date on which: (a) Tenant occupies any portion of the Premises and begins conducting business
therein; (b) the Work in the Premises is Substantially Completed; or (c) the Work in the Premises would have been Substantially
Completed but for the occurrence of any Tenant Delay Days.
	 
	 	 	 	 
	Signage and
Building Naming
Rights	 	Tenant has exclusive right to: (a) roof signage; and (b) naming rights for the Building.
	 
	 	 	 	 
	Rent	 	Basic Rent, Tenant’s share of Additional Rent, and all other sums that Tenant may owe to Landlord or otherwise be required to pay
under the Lease.

i

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Basic Rent	 	The monthly Basic Rent shall be the following amounts for the following periods of time:
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Office Space Rental	 	Monthly Basic	 	 	 	 	 	Monthly
	Lease Month	 	Rate
Per Square foot	 	Rent	 	Sales Tax	 	Payment *
	 	1-12	 	 	$	21.00	 	 	$	83,072.50	 	 	$	5,815.08	 	 	$	88,887.58	 
	 	13-24	 	 	$	21.63	 	 	$	85,564.68	 	 	$	5,989.53	 	 	$	91,554.21	 
	 	25-36	 	 	$	22.28	 	 	$	88,135.97	 	 	$	6,169.52	 	 	$	94,305.49	 
	 	37-48	 	 	$	22.95	 	 	$	90,786.38	 	 	$	6,355.05	 	 	$	97,141.43	 
	 	49-60	 	 	$	23.64	 	 	$	93,515.90	 	 	$	6,546.11	 	 	$	100,062.01	 
	 	61-72	 	 	$	24.35	 	 	$	96,324.54	 	 	$	6,742.72	 	 	$	103,067.26	 
	 	73-84	 	 	$	25.08	 	 	$	99,212.30	 	 	$	6,944.86	 	 	$	106,157.16	 
	 	85-96	 	 	$	25.83	 	 	$	102,179.18	 	 	$	7,152.54	 	 	$	109,331.72	 
	 	97 - 108	 	 	$	26.60	 	 	$	105,225.17	 	 	$	7,365.76	 	 	$	112,590.93	 
	 	109 - 120	 	 	$	27.40	 	 	$	108,389.83	 	 	$	7,587.29	 	 	$	115,977.12	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

																					
	 

	*Not including Additional Rent.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tenant Improvement
Allowances	 	$35.00 per rentable square foot of office space to be used for the construction of the Premises, space planning,
architectural documents and obtaining permits.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense Stop	 	$7.00 per rentable square foot for the 1st year of the Term, with a 3% annual increase. Tenant will pay
its pro-rata share of Operating Costs and Taxes over the Expense Stop.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tenant’s
Proportionate Share	 	25.2%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tenant’s Address:*	 	For all Notices:

501 Riverside Avenue

Jacksonville, Florida 32204

Attention: W. Blake Wilson, President

Telephone: (904) 281-6048

Telecopy: (904) 281-6145	 	With a copy to::

501 Riverside Avenue

Jacksonville, Florida 32204

Attention: Thomas A. Hajda, General Counsel

Telephone: (904) 332-7604

Telecopy: (904) 470-2797

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Landlord’s Address:	 	For all Notices:

806 Riverside Avenue

Jacksonville, FL 32204

Attention: Paul J. Lunetta

Telephone: (904) 421-5325

Telecopy: (904) 634-1302
	 	With a copy to:

M. C. Harden III

P. O. Box 2286

Jacksonville, FL

Telephone: (904) 421-5332

Telecopy: (_____) ________

 

			
	*	 	Until Tenant has taken possession of the Premises, its address for notices shall be 8100
Nations Way, Jacksonville, FL 32256.

ii

 

The foregoing Basic Lease Information is incorporated into and made a part of the Lease identified
above. If any conflict exists between any Basic Lease Information and the Lease, then the Lease
shall control.

	 	 	 	 	 	 	 

	LANDLORD:	 	RIVERSIDE AVENUE PARTNERS, LTD.
	 
	 	 	 	 	 	 
	 	 	By:	 	RAP Property Management, LLC, as its

General Partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Paul J. Lunetta
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Paul J. Lunetta
	 

	 	 	 	Title:
	 	Vice President
	 
	 	 	 	 	 	 
	TENANT:	 	EVERBANK
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ W. Blake Wilson
	 	 	 	 	 
	 	 	Name:	 	W. Blake Wilson
	 	 	Title:	 	President

iii

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page No.	 
	1. DEFINITIONS
	 	 	1	 
	2. LEASE GRANT
	 	 	6	 
	3. TENDER OF POSSESSION
	 	 	6	 
	4. RENT
	 	 	6	 
	5. DELINQUENT RENT PAYMENT
	 	 	7	 
	6. LANDLORD’S OBLIGATIONS
	 	 	7	 
	7. IMPROVEMENTS; ALTERATIONS; REPAIRS; MAINTENANCE
	 	 	8	 
	8. TENANT’S USE OF PREMISES
	 	 	10	 
	9. ASSIGNMENT AND SUBLETTING
	 	 	11	 
	10. INSURANCE
	 	 	13	 
	11. INDEMNIFICATION
	 	 	14	 
	12. SUBORDINATION; ATTORNMENT; NOTICE TO LANDLORD’S MORTGAGEE
	 	 	17	 
	13. RULES AND REGULATIONS
	 	 	18	 
	14. CONDEMNATION
	 	 	18	 
	15 FIRE OR OTHER CASUALTY
	 	 	19	 
	16. PERSONAL PROPERTY TAXES
	 	 	20	 
	17. EVENTS OF DEFAULT
	 	 	20	 
	18. REMEDIES
	 	 	21	 
	19. PAYMENTS BY PARTIES; NON-WAIVER; CUMULATIVE REMEDIES
	 	 	22	 
	20. SURRENDER OF PREMISES
	 	 	22	 
	21. HOLDING OVER
	 	 	23	 
	22. CERTAIN RIGHTS RESERVED BY LANDLORD
	 	 	23	 
	23. MISCELLANEOUS
	 	 	23	 
	24. REPRESENTATIONS AND WARRANTIES
	 	 	27	 
	EXHIBIT A OUTLINE OF PREMISES
	 	 	A-1	 
	EXHIBIT B DESCRIPTION OF LAND
	 	 	B-1	 
	EXHIBIT C RULES AND REGULATIONS
	 	 	C-1	 
	EXHIBIT D WORK LETTER
	 	 	D-1	 
	EXHIBIT E CONFIRMATION OF COMMENCEMENT DATE
	 	 	E-1	 
	EXHIBIT F FORM OF TENANT ESTOPPEL CERTIFICATE
	 	 	F-1	 
	EXHIBIT G PARKING
	 	 	G-1	 
	EXHIBIT H RENEWAL OPTION
	 	 	H-1	 
	EXHIBIT I RIGHT OF FIRST REFUSAL
	 	 	I-1	 
	EXHIBIT J SIGNAGE
	 	 	J-1	 
	EXHIBIT K OPERATING COSTS
	 	 	K-1	 

i

 

LEASE

     This Lease Agreement (this “Lease”) is entered into as of this____day of February, 2006, by
and between RIVERSIDE AVENUE PARTNERS, LTD., a Florida limited partnership, (“Landlord”),
and EverBank, a federal savings bank organized under the laws of the United States of America
(“Tenant”).

     1. Definitions. The capitalized terms used in this Lease have the meanings
set forth below.

          “Action” means any action, arbitration, cause of action, Claim, complaint, dispute, criminal
prosecution, governmental or other examination or investigation, hearing, administrative or other
proceeding relating to or affecting a Party, its business, its assets (including contracts relating
thereto), or the Services hereunder.

          “Additional Rent” means the amount, for each rentable square foot in the Premises, by
which the annual Operating Costs per rentable square foot in the Building exceed the Expense Stop
per rentable square foot in the Building.

          “Additional Rental Losses” means any rental payments and costs that: (a) are paid by
Tenant to any Person between the Delivery Date and the date following the Final Delivery Date on
which Landlord tenders possession of the Premises to Tenant in the condition required by this
Lease; and (b) exceed the Rent that Tenant would have paid to Landlord for the period described in
subparagraph (a) of this definition.:

          “Additional Rent Support Documentation” means: (a) all information, documents and
materials supporting Landlord’s estimate of any Additional Rent; and (b) all calculations and
other methods used by Landlord to estimate any Additional Rent.

          “Affiliate” means, with respect to a Party, any Person at any time Controlling, Controlled by
or under common Control with such Party.

          “Applicable Law” means all applicable: (a) federal, state and local legal and
regulatory requirements, including statutes, rules, regulations, ordinances and judicial
interpretations thereof that are binding upon a Party; (b) requirements and guidelines of each
governmental agency, board, commission, instrumentality, self regulatory organization and other
such body or officer having jurisdiction over a Party; (c) judicial and administrative judgments,
orders, stipulations, awards, writs and injunctions; and (d) all restrictive covenants affecting
the Project.

          “Basic Lease Information” the form of Basic Lease Information attached hereto and
executed by the Parties contemporaneously herewith.

          “Basic Rent” means the monthly base rental payments that Tenant is required to pay Landlord
during specified time periods throughout the Term, as described in the Basic Lease Information.

          “Building Holiday” means New Year’s Day, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day.

          “Business Day” means any day other than a Saturday, a Sunday, or a day on which banks
in Jacksonville, Florida are authorized or required by Applicable Law to close.

          “Building” means office building commonly known as The EverBank Building and located at 501
Riverside Avenue, Jacksonville, Florida 32204.

          “Building’s Structure” means the Building’s exterior walls, roof, elevator shafts,
footings, foundations, structural portions of load-bearing walls, structural floors and subfloors,
and structural columns and beams.

          “Building’s Systems” means the Building’s HVAC, life-safety, plumbing, electrical,
and mechanical systems.

          “Casualty” means a fire or other casualty that damages the Premises.

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          “Claim” means any claim, demand, investigation, action, and legal action or
proceeding.

          “Commencement Date” means the earliest of the date on which: (a) Tenant occupies any
portion of the Premises and begins conducting business therein; (b) the Work in the Premises is
Substantially Completed; or (c) the Work in the Premises would have been Substantially Completed
but for the occurrence of any Tenant Delay Days.

          “Confidential Information” means any proprietary and confidential information of a
Party or any of its Affiliates, provided, produced or disclosed by or on behalf of the Disclosing
Party to the Receiving Party or otherwise obtained by the Receiving Party, in written, electronic,
oral or other form, whether tangible or intangible, including, but not limited to: (a) financial
information, marketing plans, and personnel records; (b) technical and non-technical data,
including, but not limited to, fee schedules, forms, information, business and management methods,
trade secrets, compilation and analysis of financial information and data to prepare and submit
bids and proposals to third Persons; (c) other proprietary or confidential information; (d)
proprietary computer software, management information and information systems; (e) customer
information; (f) the terms and provisions of this Lease and any transaction or document executed by
the Parties pursuant to this Lease; provided, however, that Confidential Information shall
not include any information that is: (i) publicly available or later becomes publicly available
other than through a breach of this Lease, (ii) rightfully in the possession of the Receiving Party
or its employees, attorneys, accountants, agents or other Representatives without obligation of
confidence prior to disclosure by the other Party, (iii) subsequently lawfully obtained by the
Receiving Party or its employees, agents or Representatives from a third Person that is not under
any obligations of confidentiality, (iv) independently developed by the Receiving Party or its
employees, agents or Representatives, without use of or reference to the Confidential Information
of the Disclosing Party; or (v) legally required to be disclosed by the Receiving Party;
provided further that these exclusions shall not apply to Customer Information, which in
all instances shall be treated as Confidential Information. As to such disclosures required by
Applicable Law, the Receiving Party shall provide the Disclosing Party with reasonable notice prior
to such disclosure to the extent permissible under the order requiring disclosure.

          “Control, Controlling, or Controlled” means the legal, beneficial or
equitable ownership, directly or indirectly, of more than fifty percent of the aggregate of all
voting equity interests in a business entity.

          “Damage Notice” means the written notice provided by Landlord to Tenant following a
Casualty setting forth a good faith estimate of the time needed to repair the damage caused by
such Casualty.

          “Default Rate” means the rate of interest charged with respect to Tenant’s past due
payments hereunder, which rate shall be the lesser of: (a) eighteen percent (18%) per annum; or
(b) the maximum lawful rate of interest.

          “Disabilities Acts” means Title III of the Americans With Disabilities Act of 1990,
any state laws governing handicapped access or architectural barriers, and all rules, regulations,
and guidelines promulgated under such laws, as amended from time to time.

          “Disclosing Party” means a Party that discloses Confidential Information to the other
Party.

          “Dispute” means any dispute, controversy, Claim or disagreement between the Parties
arising from, relating to or in connection with this Lease or the relationship of the Parties
hereunder, including, but not limited to: (a) payment of rent and fees hereunder; (b)
interpretation of the meaning of, performing obligations under or enjoying rights under this
Lease; (c) indemnification obligations hereunder; and/or (d) Claims based on contract, tort,
common law, equity, statute, regulation, order or otherwise.

          “Delivery Date” means January 1, 2007, which is the date on which Landlord estimates
that possession of the Premises shall be tendered to Tenant in the condition required hereby.

          “Expense Stop” means $7.00 per rentable square foot in the Premises (to be increased
by 3% each year during the Term commencing January 1, 2008).

          “Final Delivery Date” means the date that is 90 days after the Delivery Date.

          “GAAP” means generally accepted accounting principles, consistently applied during the
periods involved.

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          “Hazardous Materials” means any substance, material or waste that is now or hereafter
classified or considered to be hazardous, toxic, or dangerous under Applicable Law relating to
pollution or the protection or regulation of human health, natural resources or the environment,
or poses or threatens to pose a hazard to the health or safety of persons on the Premises or in
the Project.

          “HVAC” means heated and refrigerated air conditioning.

          “Indemnification Claim” means a Claim for indemnification hereunder.

          “Indemnified Person” means each Person who has the right to indemnification
hereunder.

          “Indemnifying Person” means each Person who is obligated to indemnify another Person
hereunder.

          “Initial Liability Insurance Amount” means amounts set forth in Section 10.

          “Land” means the land on which the Building is located, as described further in
Exhibit B.

          “Landlord” shall have the meaning set forth in the Preamble hereto.

          “Landlord Contractors” means contractors, subcontractors and/or materialmen who: (a)
are selected by Landlord; and (b) perform services in connection with the Premises and/or
Building.

          “Landlord Event of Default” means the event of default by Landlord, as set forth in
Section 17(b).

          “Landlord’s Mortgagee” means any mortgagee under any of Landlord’s Mortgages,
beneficiary under any of Landlord’s deeds of trust or lessor under any of Landlord’s Primary
Leases.

          “Lease” shall have the meaning set forth in the Preamble hereto.

          “Lease Month” means each calendar month during the Term (and if the Commencement Date
does not occur on the first day of a calendar month, the period from the Commencement Date to the
first day of the next calendar month shall be included in the first Lease Month for purposes of
determining the duration of the Term and the monthly Basic Rent rate applicable for such partial
month).

          “Liability” means any direct or indirect, primary or secondary, liability,
indebtedness, obligation, responsibility, penalty, cost or expense (including costs of
investigation, collection and defense), Claim, deficiency, guaranty or endorsement of or by any
Person of any type, whether accrued, absolute or contingent, liquidated or unliquidated, choate or
inchoate, matured or unmatured, secured or unsecured, or otherwise.

          “Loss” means any direct or indirect demand, Claim, payment, obligation, action or
cause of action, assessment, loss, Liability, cost, damage, deficiency or expense, including, but
not limited to: (a) penalties, interest on any amount payable to a third Person as a result of the
foregoing, and any reasonable attorneys’ fees, accountants’ fees, expert witness fees and related
fees and court costs legal or other expense reasonably incurred in connection with investigating,
defending, or responding to same.

          “Mortgage” means a deed of trust, mortgage or other such security instrument.

          “Operating Costs” shall mean those expenses and disbursements that Landlord incurs in
connection with the ownership, operation, and maintenance of the Project, as more specifically set
forth on Exhibit K, attached hereto.

          “Operating Costs Statement” means a written statement provided by Landlord to Tenant
each year during the Term hereof commencing April 1, 2008, setting forth the Operating Costs for
the previous year, as adjusted in the manner set forth herein.

          “Parties” means EverBank and Landlord.

          “Party” means EverBank or Landlord, as the context shall require.

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          “Permitted Transfer” means Tenant’s Transfer of all or part of Tenant’s interest in
this Lease and/or the Premises to a Permitted Transferee without Landlord’s prior consent.

          “Permitted Transferee” means a Person identified in Section 9(h) to which Tenant may
engage in a Permitted Transfer without Landlord’s prior consent.

          “Permitted Use” means Tenant’s permitted use of the Premises, which shall be
general office and administrative purposes relating to or arising out of Tenant’s business.

          “Person” mean an individual, corporation, limited liability company, partnership,
joint venture, bank, savings association, trust or unincorporated organization, or a federal,
state, city, municipal or foreign government or an agency or political subdivision thereof.

          “Premises” means the 12th and 13th Floors, containing
47,470 rentable square feet in the Building. 

          “Primary Lease” means a ground
lease, master lease, or primary lease.

          “Project” means the Building, the Land and the driveways, parking facilities, and
similar improvements and easements associated with the foregoing or the operation thereof.

          “Rent” means the Basic Rent, Tenant’s share of Additional Rent, and all other sums
that Tenant may owe to Landlord or otherwise be required to pay hereunder.

          “Repair Period” means 120 days after the date of the related Casualty.

          “Representative” means any investment banker, financial advisor, attorney,
accountant, consultant or other Representative of a Person.

          “Space Plans” means the Tenant’s space plans depicting improvements to be installed
in the Premises (Exhibit D).

          “Special Deposit Account” means a deposit account: (a) established by Landlord at an
office of a federally insured depository institution situated in Jacksonville, Florida; (b)
segregated from Landlord’s other deposit accounts and/or funds; (c) established as a fiduciary
account for the benefit of Tenant and identifying Tenant as the beneficial owner thereof; (d) into
which shall be deposited funds consisting solely of any security or advance rental deposit made by
Tenant hereunder and any additional rent or advance rent that Tenant may pay hereunder for more
than the current month to Landlord or any successor thereto; (e) the funds of which shall be
accessible by Tenant in the event Landlord’s Mortgagee shall succeed to Landlord’s interest
hereunder; (f) with respect to which Landlord shall not withdraw any portion of the funds therein
unless such portion represents rents, security or rental deposits that are currently due and
payable hereunder.

          “Substantial Completion” and “Substantially Completed” mean the Work in the
Premises is substantially completed (as reasonably determined by Landlord) in substantial
accordance with the Working Drawings. Substantial Completion shall have occurred even though minor
details of construction, decoration, landscaping and mechanical adjustments remain to be completed
by Landlord.

          “Taking” means the taking of all or part of the Building or Premises by right of
eminent domain or conveyance in lieu thereof.

          “Tangible Net Worth” means the excess of total assets over total liabilities, in each
case as determined in accordance with GAAP, consistently applied, excluding, however, from
the determination of total assets all assets that would be classified as intangible assets under
GAAP, including goodwill, licenses, patents, trademarks, trade names, copyrights, and franchises.

          “Taxes” means any: (a) federal, state, county or municipal taxes, assessments and
governmental charges or fees, whether by existing taxing districts or authorities or by taxing
districts or authorities subsequently created; (b) other taxes and assessments, including
non-governmental assessments for common charges under restrictive covenants or other private
agreements that are not treated as part of Operating Costs, now or hereafter attributable to

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the Project or its operation, excluding, however, penalties and interest thereon and
federal and state taxes on income (if the present method of taxation changes so that in lieu of or
in addition to the whole or any part of any Taxes, there is levied on Landlord a capital tax
directly on the rents received therefrom or a franchise tax, assessment, or charge based, in whole
or in part, upon such rents for the Project, then all such taxes, assessments, or charges, or the
part thereof so based, shall be deemed to be included within the term “Taxes” for purposes hereof);
and (c) costs of consultants retained in an effort to lower taxes and all costs incurred in
disputing any taxes or in seeking to lower the tax valuation of the Project.

          “Telecommunications Services” means telecommunications systems, including voice,
video, data, Internet, and any other services provided over wire, fiber optic, microwave,
wireless, and any other transmission systems.

          “Tenant” shall have the meaning set forth in the Preamble hereto.

          “Tenant Contractors” means contractors, subcontractors and/or materialmen who: (a)
are selected by a Tenant Party; and (b) perform services in connection with the Premises and/or
Building.

          “Tenant Delay Day” means each day of delay in the performance of the Work that occurs
because of any: (a) failure by Tenant to deliver to Landlord within any time period specified
herein any information or documentation required hereunder, including the Space Plans, Working
Drawings (whether preliminary, interim revisions or final), pricing estimates and construction
bids; (b) change by Tenant to the Space Plans or Working Drawings, other than as permitted by
Landlord herein; (c) failure by Tenant to attend any meeting with Landlord, the architect, design
professional or other contractor, or their respective employees or representatives, as shall be
required or scheduled hereunder and necessary in connection with the preparation or completion of
any construction documents, such as the Space Plans, Working Drawings, or in connection with the
performance of the Work; (d) specification by Tenant of materials or installations in addition to
or other than Landlord’s standard finish-out materials that Landlord has identified as potentially
causing delays in the completion of the Work; or (e) other delay in the completion of the Work
caused directly by Tenant and not otherwise excused hereunder.

          “Tenant Event of Default” means the event of default by Tenant, as set forth in
Section 17(a).

          “Tenant Party” means any of the following Persons: (a) Tenant;(b) any assignees
claiming by, through or under Tenant; (c) any subtenants claiming by, through or under Tenant; and
(d) any of their respective agents, contractors, employees, licensees, guests and invitees.

          “Tenant’s Off-Premises Equipment” means any of Tenant’s equipment or other property
that may be located on or about the Project, other than inside the Premises.

          “Tenant’s Proportionate Share” means the percentage identified in the Basic Lease
Information that was calculated by dividing: (a) the 47,470 rentable square feet in the Premises;
by (b) the 188,464 rentable square feet in the Building. Landlord and Tenant stipulate that the
foregoing number of rentable square feet in the Premises and Building is conclusive and binding on
the Parties. If Tenant exercises its right of first refusal under this Lease, Tenant’s
Proportionate Share shall be adjusted accordingly.

          “Term” means the term of this Lease.

          “Third Person Claim” means any Action that is instituted against an Indemnified
Person by a Person other than an Indemnifying Person and which, if prosecuted successfully, would
result in Losses for which such Indemnified Person is entitled to indemnification under Section
11.

          “Transfer” means Tenant’s: (a) assignment, transfer or encumbrance of this Lease or
any estate or interest herein; (b) subletting of any portion of the Premises; (c) granting to
another Person any license, concession or other right of occupancy of any portion of the Premises;
and/or (d) permitting another Person to use the Premises. Notwithstanding the foregoing,
“Transfer” shall not include Tenant’s permitting: (i) another Person to become Tenant
hereunder by merger, consolidation, or other reorganization; or (ii) the transfer of an ownership
interest in Tenant so as to result in a change in the current Control of Tenant.

          “UCC” means the Uniform Commercial Code of the state of Florida.

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          “Work” means all improvements to be constructed by Landlord in accordance with and as
indicated on the Working Drawings (Exhibit D).

          “Working Drawings” means the Approved Construction Drawings (Exhibit D).

     2. Lease Grant. Subject to the terms of this Lease, Landlord leases the
Premises to Tenant and Tenant leases the Premises from Landlord, together with the parking spaces
in the Parking Facilities as set forth at Exhibit G to this Lease.

     3. Tender of Possession.

          (a) Delivery Date. Landlord and Tenant presently anticipate that possession of the Premises
and parking (including the 50 offsite parking spaces) will be tendered to Tenant in the condition
required by this Lease on the Delivery Date. If Landlord is unable to tender possession of the
Premises in such condition to Tenant by the Delivery Date but before the Final Delivery Date: (i)
the validity of this Lease shall not be affected or impaired thereby; (ii) Landlord shall not be in
default hereunder or be liable for Losses therefor, and (iii) Tenant shall accept possession of the
Premises when Landlord tenders possession thereof to Tenant.

          (b) Failure to Deliver by Final Delivery Date. If Landlord is unable to tender possession of
the Premises in the condition required by this Lease to Tenant by the Final Delivery Date, Tenant
may: (i) terminate this Lease immediately; or (ii) accept possession and occupy the Premises after
the Final Delivery Date with a reduction in the first six (6) months’ Base Rent in such amount as
necessary to compensate Tenant for any Additional Rental Losses.

          (c) Accepting Conditions of Premises. By occupying the Premises, Tenant shall be deemed to
accept the Premises in their condition as of the date of such occupancy, subject to the performance
of any punch-list items that remain to be performed by Landlord. Prior to occupying the Premises,
Tenant shall execute and deliver to Landlord a letter substantially in the form of Exhibit E
hereto. Except as set forth in Section 3(b), the Parties’ failure to execute such letter shall not
defer the Commencement Date or otherwise invalidate this Lease.

     4. Rent.

          (a) Payment. Except as otherwise expressly provided herein, Tenant shall timely pay Rent to
Landlord, without notice, demand, deduction or set off, by good and sufficient check drawn on a
federally insured depository institution at Landlord’s address identified in the Basic Lease
Information or as otherwise specified in writing by Landlord and shall be accompanied by all
applicable state and local sales or use taxes. The obligations of Tenant to pay Rent and the
obligations of Landlord under this Lease are independent obligations. Basic Rent, adjusted as
herein provided, shall be payable monthly in advance. The first monthly installment of Basic Rent
shall be payable on the Commencement Date; thereafter, Basic Rent shall be payable on the first day
of each month beginning on the first day of the first full calendar month of the Term. The monthly
Basic Rent for any partial month at the beginning of the Term shall equal the product of 1/365 of
the annual Basic Rent in effect during the partial month and the number of days in the partial
month and shall be due on the Commencement Date. Payments of Basic Rent for any fractional calendar
month at the end of the Term shall be similarly prorated. Tenant shall pay Additional Rent at the
same time and in the same manner as Basic Rent. Payments of Additional Rent shall be accompanied
by all applicable state and local sales taxes.

          (b) Additional Rent. Tenant shall pay Additional Rent, if any, to Landlord. Landlord may make
a good faith estimate of the Additional Rent to be due by Tenant for any calendar year or part
thereof during the Term. Promptly thereafter, Landlord shall provide the Additional Rent Support
Documentation to Tenant. During each calendar year or partial calendar year during the Term (and
after the base year, if the Expense Stop is calculated on a base year basis), Tenant shall pay to
Landlord, in advance concurrently with each monthly installment of Basic Rent, an amount equal to
the estimated Additional Rent for such calendar year or part thereof divided by the number of
months therein. From time to time, Landlord may estimate and re-estimate the Additional Rent to be
due by Tenant and promptly deliver to Tenant the Additional Rent Support Documentation relating
thereto. Thereafter, the monthly installments of Additional Rent payable by Tenant shall be
appropriately adjusted in accordance with the estimations so that, by the end of the calendar year
in question, Tenant shall have paid all of the Additional Rent as estimated by Landlord. Any
amounts paid based on such an estimate shall be subject to adjustment provided herein when actual
Operating Costs are available for each calendar year.

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          (c) Waiver of Protest of Appraised Value. For property tax purposes, Tenant waives all rights
to protest or appeal the appraised value of the Premises, as well as the Project, and all rights
to receive notices of reappraisement.

          (d) Operating Cost Statement. Landlord shall furnish an Operating Cost Statement to Tenant on
April 1 of each calendar year during the Term, commencing in calendar year 2008, or as soon
thereafter as practicable. If Tenant’s estimated payments of Operating Costs under Section 4(b)
for the previous year covered by the Operating Costs Statement are: (i) greater than Tenant’s
Proportionate Share of such items as indicated in the Operating Costs Statement, Landlord shall
promptly reimburse Tenant for such excess, or (ii) less than Tenant’s Proportionate Share of such
items as indicated in the Operating Costs Statement, Tenant shall promptly pay Landlord such
deficiency.

     5. Delinquent Rent Payment. All past due payments required of Tenant
hereunder shall bear interest from the date due until paid at the Default Rate.

     6. Landlord’s Obligations.

          (a) General Services. Landlord shall furnish to Tenant: (i) water at those points of supply
provided for general use of tenants of the Building; (ii) HVAC, as appropriate, at such
temperatures and in such amounts as are standard for comparable buildings in the vicinity of the
Building; (iii) janitorial service to the Premises on Business Days, for Building-standard
installations and such window washing as may from time to time be reasonably required; (iv)
elevators for ingress and egress to each floor on which the Premises are located, in common with
other tenants, provided that Landlord may reasonably limit the number of operating elevators during
non-business hours and non-Business Days; (v) electrical current sufficient to support normal
office use, including, but not limited to, computer servers, terminals and other standard office
equipment that does not require more than 110 volts; (vi) pest control services; and (vi) Building
security service. Landlord shall maintain the common areas of the Building in reasonably good
order and condition, except for damage caused by a Tenant Party.

          (b) HVAC Services During Non-Business Hours. Tenant shall e-mail or hand-deliver a notice to
Landlord prior to each occasion when Tenant desires to receive after hours HVAC services: (i) after
8:00 p.m. and before 7:00 a.m. on a Business Day; (ii) at any time after 1:00 p.m. and before 8:00
a.m. on a Saturday that is not a Building Holiday; or (iii) on a Sunday or Building Holiday.
Landlord shall: (A) provide such services to Tenant as soon as reasonably practical after Landlord
receives such notice from Tenant; (B) charge Tenant for such HVAC services in an amount equal to
$30.00 per hour or part thereof; and (C) provide Tenant with a written invoice for such HVAC
services,. Tenant shall pay such fees to Landlord within thirty (30) days after Landlord has
delivered such invoice to Tenant, provided that no such fee is the subject of a good faith Dispute.
If Tenant Disputes any item in any such invoice, Tenant shall pay the undisputed items in such
invoice and negotiate in good faith with Landlord with respect to any such costs in Dispute.

          (c) Excess Utility Use.

               (i) Additional Electrical Services Through Existing Feeders and Risers. Landlord
shall not be required to furnish electrical current for equipment that requires more than 110
volts or other equipment whose electrical energy consumption exceeds normal office usage. If
Tenant’s requirements for or consumption of electricity exceed the electricity to be provided by
Landlord as described in Section 6(a), Landlord shall: (A) use its best commercially reasonable
efforts to supply such electrical service through the then-existing feeders and risers serving the
Building and the Premises; (B) determine the amount of such additional consumption and potential
consumption by a commercially reasonable verifiable method, including installation of a separate
meter in the Premises installed, maintained and read by Landlord; (C) provide Tenant with access
to any such meter or other such verification method; (D) provide to Tenant a written invoice for
such additional electrical services and verification expenses relating thereto, including all
information and documentation necessary to support the validity and accuracy of Tenant’s fees set
forth therein; and (E) provide to Tenant a copy of Landlord’s invoice for the Building’s total
electrical use, a calculation of Tenant’s pro-rata share of such invoice and evidence that Tenant
has not been double-charged for Tenant’s additional electrical services hereunder. Tenant shall
pay to Landlord the cost of all additional electrical services within thirty (30) days after
Landlord has such delivered such invoice to Tenant, provided that no such cost is the subject of a
good faith Dispute. If Tenant Disputes any item in any such invoice, Tenant shall pay the
undisputed items in such invoice and negotiate in good faith with Landlord with respect to any
such costs in Dispute.

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               (ii) Tenant’s Installation of Non-Standard Electrical Equipment. Tenant shall not
install any electrical equipment requiring: (A) special wiring or voltage in excess of 110 volts
unless approved in advance by Landlord, which approval shall not be unreasonably withheld; or (B)
voltage in excess of Building capacity unless approved in advance by Landlord, which approval may
be withheld in Landlord’s sole discretion.

               (iii) Installation of Risers or Wiring to Meet Tenant Needs. The use of electricity
in the Premises shall not exceed the capacity of existing feeders and risers to or wiring in the
Premises. Any risers or wiring required to meet Tenant’s excess electrical requirements shall,
upon Tenant’s written request, be installed by Landlord, at Tenant’s cost, if, in Landlord’s
judgment, the same are necessary and shall not cause permanent damage to the Building or the
Premises, cause or create a dangerous or hazardous condition, entail excessive or unreasonable
alterations, repairs, or expenses, or interfere with or disturb other tenants of the Building.

          (d) Failure of Services Preventing Occupancy.

               (i) Restoration of Services. Landlord shall use its best commercially reasonable
efforts to restore any service required of Landlord that becomes unavailable. Except as provided
below, such unavailability shall not render Landlord liable for any Losses caused thereby, be a
constructive eviction of Tenant, constitute a breach of any implied warranty, or entitle Tenant to
any abatement of Tenant’s obligations hereunder.

               (ii) Abatement. If Tenant is prevented from using the Premises because of the
unavailability of any such service or for any other reason not caused by a Tenant Party for: (A) a
period of seven (7) consecutive days following Landlord’s receipt from Tenant of a written notice
of such unavailability, Tenant shall receive a complete abatement of Rent for each consecutive
day after such 7-day period that Tenant is so prevented from using the Premises; or (B) ten (10)
days within any thirty (30) day period, Tenant shall receive a complete abatement of Rent for each
such day within such thirty (30) day period that Tenant is so prevented from using the Premises.

               (iii) Constructive Eviction; Termination of Lease. Tenant may, in its sole
discretion, terminate this Lease immediately and without penalty or other cost if Tenant is
prevented from using the Premises because of the unavailability of any such service or for any
other reason not caused by a Tenant Party for a period of thirty (30) consecutive days.

     7. Improvements; Alterations; Repairs; Maintenance.

          (a) Landlord’s Improvements and Alterations. Landlord shall complete improvements to the
Premises in accordance with the Working Drawings and any written plans and specifications mutually
acceptable to the Parties and approved by Landlord under the Work Letter.

          (b) Tenant’s Improvements and Alterations. Tenant shall:

               (i) make each alteration or physical addition in or to the Premises only after receiving
Landlord’s prior written consent, which consent shall not be unreasonably withheld or delayed;
provided, however, that Landlord may withhold its consent to any alteration or addition that would
adversely affect the (A) Building’s Structure or Building’s Systems, including the Building’s
restrooms or mechanical rooms); (B) exterior appearance of the Building; (C) appearance of the
Building’s common areas or elevator lobby areas; or (D) provision of services to other tenants of
the Building;

               (ii) not paint or install lighting or decorations, signs, window or door lettering or
advertising media of any type visible from the exterior of the Premises;

               (iii) construct maintain and use all alterations, additions and improvements at Tenant’s
risk and expense, in accordance with Applicable Laws; and

               (iv) not deem Landlord’s consent to or approval of any alterations, additions or
improvements or the plans therefor as Landlord’s representation, warranty or acceptance that such
alterations, additions or improvements comply with sound architectural and/or engineering
practices or with all Applicable Laws.

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          (c) Tenant’s Repairs and Maintenance. Tenant shall: (i) maintain the Premises in a clean, safe
and operable condition; (ii) not permit or allow to remain any waste or damage to any portion of
the Premises; (iii) at Tenant’s sole expense, shall repair, replace and maintain in good condition
and in accordance with Applicable Laws and the equipment manufacturer’s suggested service programs,
all portions of the Premises, Tenant’s Off-Premises Equipment and all areas, improvements and
systems exclusively serving the Premises; (iv) repair or replace, subject to Landlord’s direction
and supervision, any damage to the Building caused by a Tenant Party.

          (d) Landlord’s Repairs and Maintenance. Landlord may, at Tenant’s expense: (i) repair or
replace damages to the Premises caused by a Tenant Party if Tenant fails to make any such repair
within thirty (30) days after the occurrence of such damage; and (ii) repair any damages caused by
a Tenant Party to the Building outside of the Premises. Landlord shall provide to Tenant a written
invoice setting forth the amount of Landlord’s actual cost of making any such repair or
replacement, including all information and documentation necessary to support the validity and
accuracy of such costs. Tenant shall pay such costs to Landlord within thirty (30) days after
Landlord has such delivered such invoice to Tenant, provided that no such cost is the subject of a
good faith Dispute. If Tenant Disputes any item in any such invoice, Tenant shall pay the
undisputed items in such invoice and negotiate in good faith with Landlord with respect to any such
costs in Dispute.

          (e) Performance of Improvements, Alterations Repairs and Maintenance.

               (i) In General. All improvements, alterations, repairs or maintenance that Tenant is
required to make under this Section 7 shall be performed only by a contractor approved by Landlord
(“Tenant Contractor”).

               (ii) Performance by Tenant Contractors. Tenant shall: (A) obtain Landlord’s prior
written consent before any Tenant Contractor commences any such services; (B) obtain the written
approval of the Building’s engineer of record before any Tenant Contractor provides any services
that may affect the Building’s Structure or the Building’s Systems; (C) provide Landlord with the
name, mailing address and telephone number of each such approved Tenant Contractor; (D) cause each
Tenant Contractor to procure and maintain insurance coverage naming Landlord, Landlord’s property
management company and Landlord’s asset management company as additional insureds against such
risks, in such amounts and with such companies as Landlord may reasonably require; and (E) cause
each Tenant Contractor to perform all improvements, alterations, repairs or maintenance to the
Premises and/or the Building in accordance with Applicable Laws and in a good and workmanlike
manner so as not to damage the Building, including the Premises, the Building’s Structure and the
Building’s Systems. Subject to Applicable Law, Landlord may post on and about the Premises notices
of non-responsibility with respect to any improvement, alteration, repair or maintenance conducted
by a Tenant Contractor.

               (iii) Performance of Work Performed by Landlord Contractors. Landlord shall: (A)
cause each Landlord employee or Landlord Contractor to perform all improvements, alterations,
repairs or maintenance to the Premises and/or the Building in accordance with Applicable Laws and
in a good and workmanlike manner so as not to damage the Building, including the Premises, the
Building’s Structure and the Building’s Systems; (B) obtain the written approval of the Building’s
engineer of record before any Landlord Contractor provides any services that may affect the
Building’s Structure or the Building’s Systems; (C) cause each Landlord Contractor to procure and
maintain insurance coverage naming Landlord, Landlord’s property management company and Landlord’s
asset management company as additional insureds against such risks, in such amounts and with such
companies as shall be commercially reasonable and consistent with commercial practices by
landlords in northeast Florida; and (D) cause all improvements, alterations, repairs or
maintenance affecting the Building’s roof to be performed by a qualified roofing contractor in a
manner that shall not adversely affect the integrity thereof or void or reduce the warranty
thereon.

          (f) Mechanic’s Liens.

               (i) In General.

                    (A) Tenant’s Authorization of Work. Tenant shall: (I) be deemed to have authorized
and ordered all work performed, materials furnished and obligations performed by a Tenant
Contractor and incurred by or at the request of a Tenant Party; (II) not permit any mechanic’s
liens to be filed against the Premises or the Project in connection therewith; and (III) deliver
to Landlord final lien waivers from all Tenant Contractors after completion of any such work by
such Persons.

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                    (B) Landlord’s Authorization of Work. Landlord shall: (I) be deemed to have
authorized and ordered all work performed, materials furnished and obligations performed by a
Landlord Contractor and incurred by or at the request of Landlord or any of its agents or
Representatives; (II) not permit any mechanic’s liens to be filed against the Premises, Building
or the Project in connection therewith; and (III) deliver to Tenant final lien waivers from all
Landlord Contractors after completion of any such work by such Persons.

               (ii) Tenant’s Removal of Mechanics Liens. With respect to any mechanics lien filed
against the Premises or the Project in connection with the services described in Section 7(e)(ii),
Tenant shall: (A) pay the amount of such lien and cause such lien to be released of record; or (B)
diligently contest such lien and deliver to Landlord a bond or other security reasonably
satisfactory to Landlord. Tenant shall take such action within: (I) ten (10) days after Tenant’s
receipt of Landlord’s written notice of the filing of such lien; or (II) such earlier time period
as may be necessary to prevent the forfeiture of the Premises, the Project or any interest of
Landlord therein or the imposition of a civil or criminal fine with respect thereto. Landlord may
pay any such lien claim if Tenant fails to perform its obligations under in Section 7(e)(ii).
Landlord shall provide to Tenant a written invoice of any amounts so paid by Landlord, including
with related expenses and all information and documentation necessary to support the validity and
accuracy of all such amounts paid and expenses incurred. Tenant shall pay such fees to Landlord
within ten (10) days after Landlord has delivered such invoice to Tenant, provided that no such
amount is the subject of a good faith Dispute. If Tenant Disputes any item in any such invoice,
Tenant shall pay the undisputed items in such invoice and negotiate in good faith with Landlord
with respect to any such amounts in Dispute.

               (iii) Mechanics Liens. With respect to any mechanics lien filed against the Premises
or the Project in connection with the services described in Section 7(e)(iii), Landlord shall: (A)
pay the amount of such lien and cause such lien to be released of record; or (B) diligently
contest such lien. Landlord shall take such action within (I) ten (10) days after Landlord’s
receipt of written notice of the filing of such lien; or (II) such earlier time period as may be
necessary to prevent the forfeiture of the Premises, the Project or any interest of Landlord
therein or the imposition of a civil or criminal fine with respect thereto.

               (iv) Tenant Responsible For Amounts Owed to Tenant Contractors. Landlord and Tenant
acknowledge and agree that their relationship is and shall be solely that of “landlord-tenant,”
thereby excluding a relationship of “owner-contractor,” “owner-agent” or other similar
relationships. All Tenant Contractors and any other Persons now or hereafter contracting with
Tenant, any Tenant Contractor or any other Tenant Party for the furnishing of any labor, services,
materials, supplies or equipment with respect to any portion of the Premises, at any time from the
date hereof until the end of the Term, are hereby charged with notice that Person shall look
exclusively to Tenant to obtain payment for same. Nothing herein shall be deemed a consent by
Landlord to any liens being placed upon the Premises, the Project or Landlord’s interest therein
due to any work performed by a Tenant Contractor or deemed to give any Tenant Contractor any right
or interest in any funds held by Landlord to reimburse Tenant for any portion of the cost of such
work. Tenant shall defend, indemnify and hold harmless Landlord and its agents and representatives
from and against all claims, demands, causes of action, suits, judgments, damages and expenses
(including attorneys’ fees) in any way arising from or relating to the failure by any Tenant Party
to pay for any work performed or materials furnished by a Tenant Contractor at the request of a
Tenant Party. This indemnity provision shall survive termination or expiration of this Lease.

     8. Tenant’s Use of Premises. Tenant shall: (a) use the Premises only for
the Permitted Use; (b) comply with Applicable Laws relating to the use, condition, access to, and
occupancy of the Premises; (c) not commit waste or overload the Building’s Structure or the
Building’s Systems; (d) not subject the Premises to use that would damage the Premises; (e) not
use the Premises in any manner that is disreputable; (f) not use the Premises in any manner that
creates extraordinary fire hazards; (g) not use the Premises in any manner that results in an
increased rate of insurance on the Building or its contents; (h) not use the Premises to store
any Hazardous Materials, other than typical office supplies such as photocopier toner, and then
only in compliance with Applicable Laws; (i) conduct Tenant’s business in the Premises and
control each other Tenant Party located in the Project so as not to create any nuisance or
unreasonably interfere with other tenants or Landlord in its management of the Building; (j) pay
Landlord upon Tenant’s receipt of a written request for the amount of the Premises’ pro-rata
share of any documented increase in the Building’s insurance premiums caused directly by a Tenant
Party’s breach of any provision herein or Tenant’s vacating the Premises in breach hereof (and
Landlord’s acceptance of such payment shall not waive any of Landlord’s other rights herein); and
(k) as between Landlord and Tenant, bear the risk of complying with the Disabilities Acts in the
Premises. As between Landlord and Tenant, Landlord shall bear the risk of complying with the
Disabilities Acts in the common areas of the Building, other than compliance that is

10

 

necessitated by the use of the Premises for other than the Permitted Use or as a result of any
alterations or additions, including any initial tenant improvement Work, made by or on behalf of a
Tenant Party (which risk and responsibility shall be borne by Tenant).

     9. Assignment and Subletting.

          (a) Transfers. Except as provided in Section 9(h), Tenant shall not engage in a Transfer
without the prior written consent of Landlord.

          (b) Standards For Landlord’s Consent to Transfers. Landlord shall not unreasonably withhold,
delay or condition its consent to any assignment or subletting of the Premises, provided that the
proposed transferee: (i) is creditworthy; (ii) has a good reputation in the business community;
(iii) will use the Premises for the Permitted Use and will not use the Premises in any manner that
would conflict with any exclusive use agreement or other similar agreement entered into by Landlord
with any other tenant of the Building; (iv) will not use the Premises, Building or Project in a
manner that would materially increase the pedestrian or vehicular traffic to the Premises, Building
or Project; (v) is not a governmental entity, or subdivision or agency thereof; (vi) is not another
occupant of the Building; and (vii) is not a Person with whom Landlord is then, or has been within
the six (6)-month period prior to the time Tenant seeks to enter into such assignment or
subletting, negotiating to lease space in the Building or any Affiliate of any such Person.
Landlord may, in its sole discretion, withhold its consent to a Transfer: (A) described in
subparagraphs (i) through (vii) above; and/or (B) if Tenant has committed an Event of Default that
has not been cured at the time Tenant has requested such Transfer.

          (c) Tenant’s Request for Consent. At least fifteen (15) Business Days prior to the effective
date of any proposed Transfer, Tenant shall provide Landlord with: (i) a written description of all
terms and conditions thereof; (ii) copies of the proposed documentation; (iii) name and address of
the proposed transferee; (iv) reasonably satisfactory information about the proposed transferee’s
business and business history; (v) the proposed transferee’s proposed use of the Premises; (vi) the
proposed transferee’s banking, financial and other credit information; (vi) general references
sufficient to enable Landlord to determine the proposed transferee’s creditworthiness and
character; and (vii) a one thousand dollar ($1,000) fee to defray Landlord’s expenses in reviewing
such Transfer request. Tenant shall reimburse Landlord immediately upon request for Landlord’s
reasonable attorneys’ fees incurred in connection with considering any request for consent to such
a Transfer.

          (d) Conditions to Landlord’s Consent to Transfers. Each proposed transferee approved by
Landlord hereunder shall deliver to Landlord a written agreement under which such transferee
expressly assumes Tenant’s obligations hereunder. Notwithstanding the foregoing, if Tenant
Transfers less than all of the space in the Premises to an approved transferee, such transferee
shall be liable only for obligations under this Lease that are properly allocable to the space
subject to such Transfer for the period thereof. After the consummation of any approved Transfer
or Permitted Transfer: (i) Tenant shall be released from its obligations hereunder; and (ii)
transferee shall be solely liable for Tenant’s obligations and performance hereunder. Landlord’s
consent to any Transfer shall not waive Landlord’s rights as to any subsequent Transfers.

          (e) Event of Default. If an Event of Default occurs while the Premises or any part thereof are
subject to a Transfer, Landlord may, in addition to its other remedies hereunder, collect directly
from such transferee all rents becoming due to Tenant and apply such rents against Rent. Tenant
authorizes its transferees to make payments of rent directly to Landlord upon receipt of notice
from Landlord to do so following the occurrence of an Event of Default hereunder.

          (f) Improvements Necessitated by Sublease or Assignment. Landlord shall provide Tenant with
a written invoice setting forth Landlord’s actual cost of any demising walls or other improvements
necessitated by a proposed subletting or assignment and all information and documentation necessary
to support the validity and accuracy of all such costs incurred. Tenant shall pay such costs to
Landlord within thirty (30) days after Landlord has delivered such invoice to Tenant, provided that
no such amount is the subject of a good faith Dispute. If Tenant Disputes any item in any such
invoice, Tenant shall pay the undisputed items in such invoice and negotiate in good faith with
Landlord with respect to any such amounts in Dispute.

          (g) Attornment by Subtenants. Each sublease by Tenant hereunder shall be subject and
subordinate to this Lease and to the matters to which this Lease is or shall be subordinate, and
each subtenant by entering into a sublease is deemed to have agreed that in the event of
termination, re-entry or dispossession by Landlord under this

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Lease, Landlord may, at its option, take over all of the right, title and interest of Tenant, as
sublandlord, under such sublease, and such subtenant shall, at Landlord’s option, attorn to
Landlord pursuant to the then executory provisions of such sublease, except that Landlord shall not
be: (i) liable for any previous act or omission of Tenant under such sublease; (ii) subject to any
counterclaim, offset or defense that such subtenant might have against Tenant; (iii) bound by any
previous modification of such sublease not approved by Landlord in writing or by any rent or
additional rent or advance rent that such subtenant might have paid for more than the current month
to Tenant, and all such rent shall remain due and owing, notwithstanding such advance payment; (iv)
bound by any security or advance rental deposit made by such subtenant that is not delivered or
paid over to Landlord and with respect to which such subtenant shall look solely to Tenant for
refund or reimbursement; or (v) obligated to perform any work in the subleased space or to prepare
it for occupancy, and in connection with such attornment, the subtenant shall execute and deliver
to Landlord any instruments Landlord may reasonably request to evidence and confirm such
attornment. Each subtenant or licensee of Tenant shall be deemed, automatically upon and as a
condition of its occupying or using the Premises or any part thereof, to have agreed to be bound by
the terms and conditions set forth in this Section 9(g). The provisions of this Section 9(g) shall
be self-operative, and no further instrument shall be required to give effect thereto.

          (h) Permitted Transfers.

               (i) Categories of Permitted Transferees. Notwithstanding Section 9(a), Tenant may
engage in a Permitted Transfer of all or part of Tenant’s interest in this Lease or all or part of
the Premises to any and all of the following Permitted Transferees without the written consent of
Landlord:

                    (A) Tenant
Affiliates. An Affiliate of Tenant.

                    (B) Survivor of Merger or Consolidation With Tenant. Any corporation, limited
partnership, limited liability partnership, limited liability company or other business Person in
which or with which Tenant, or its corporate successors or assigns, is merged or consolidated, in
accordance with applicable statutory provisions governing merger and consolidation of business
entities, so long as: (A) Tenant’s obligations hereunder are assumed by the entity surviving such
merger or created by such consolidation; and (B) the Tangible Net Worth of the surviving or created
Person is not less than the Tangible Net Worth of Tenant as of the date hereof; or

                    (C) Person Acquiring Substantially All of Tenant’s Assets. Any corporation, limited
partnership, limited liability partnership, limited liability company or other business Person
acquiring all or substantially all of Tenant’s assets if such Person’s Tangible Net Worth after
such acquisition is not less than the Tangible Net Worth of Tenant as of the date hereof.

               (ii) Tenant’s Obligations Following Permitted Transfers. Tenant shall: (A) promptly
notify Landlord of any such Permitted Transfer; (B) remain liable for the performance of all of
the obligations of Tenant hereunder, or if Tenant no longer exists because of a merger,
consolidation, or acquisition, the surviving or acquiring Person shall expressly assume in writing
Tenant’s obligations hereunder; and (C) furnish Landlord the following information no later than
30 days after the effective date of any Permitted Transfer: (I) copies of the instrument effecting
any of the foregoing Transfers; (II) documentation establishing Tenant’s satisfaction of the
foregoing requirements applicable to any such Transfer; and (III) evidence of insurance required
hereunder with respect to the Permitted Transferee.

               (iii) Transferee’s Obligations Following Permitted Transfer. Each Permitted
Transferee shall: (A) comply with all of the terms and conditions of this Lease, including the
Permitted Use; and (B) not use the Premises in violation of any other agreements affecting the
Premises or the Building, Landlord or other tenants of the Building.

               (iv) Landlord’s Rights Following Permitted Transfer. The occurrence of a Permitted
Transfer shall not waive Landlord’s rights as to any subsequent Transfers. Any subsequent Transfer
by a Permitted Transferee shall be subject to the terms of this Section 9.

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     10. Insurance.

          (a) Tenant’s Insurance. Tenant will throughout the Term (and any other period when Tenant is
in possession of the Premises) carry and maintain, at its sole cost and expense, the following
types of insurance, which shall provide coverage on an occurrence basis, in the amounts specified
with deductible amounts .reasonably satisfactory to Landlord:

     (i) Commercial General Liability Insurance. Commercial General Liability
(“CGL”) insurance covering claims arising from personal injury, death and property damage
occurring in or about the Premises, the Building and the Project with minimum limits of
$1,000,000.00 per occurrence and $2,000,000.00 general aggregate. The CGL policy shall
include Contractual Liability coverage.

     (ii) Comprehensive Automobile Liability Insurance. Comprehensive Automobile
Liability insurance with a limit of not less than $1,000,000.00 per occurrence for bodily
injury, $500,000.00 per person and $100,000.00 property damage or a combined single limit of
$1,000,000.00 for both owned and non-owned vehicles.

     (iii) Excess Liability Insurance. Tenant shall also carry and maintain Excess
Liability insurance with a limit of not less than $5,000,000.00 per occurrence.

     (iv) Property Insurance. Insurance of personal property, decorations, trade
fixtures, furnishings, equipment, alterations, leasehold improvements and betterments made
by Tenant on the full replacement value of Tenant’s property. Tenant’s policy will also
include business interruption/extra expense coverage in amounts sufficient to insure six (6)
months of interrupted business operations at the Premises.

     (v) Workers’ Compensation and Employers’ Liability Insurance. Workers’
Compensation insurance covering all employees of Tenant, as required by the laws of the
State of Florida.

          Policy Form. All policies referred to above shall: (i) be taken out with insurers
licensed to do business in Florida having an A.M. Best’s rating of A or better; (ii) name Landlord
and Landlord’s property manager as an additional insured; (iii) be non-contributing with, and
shall apply only as primary and not as excess to any other insurance available to the Landlord or
any mortgagee of Landlord; and (iv) contain an obligation of the insurers to endeavor to notify
the Landlord not less than thirty (30) days prior to the termination of any such policy. Tenant
shall provide certificates of insurance on Accord Form 25-S on or before the Commencement Date and
thereafter at times of renewal or changes in coverage or insurer, and if required by mortgagee
copies of such insurance policies certified to Tenant’s insurer as being complete and current
promptly upon request. If (a) the Tenant fails to take out or to keep in force any insurance
referred to in this Section 10, or should any such insurance not be approved by either the
Landlord or any mortgagee, and (b) the Tenant does not commence and continue to diligently cure
such default within two (2) Business Days after written notice by the Landlord to Tenant
specifying the nature of such default, then the Landlord has the right, without assuming any
obligation in connection therewith, to procure such insurance at the sole cost of the Tenant, and
all outlays by the Landlord shall be paid by the Tenant to the Landlord without prejudice to any
other rights or remedies of the Landlord under this Lease. The Tenant shall not keep or use in the
Premises any article that may be prohibited by any fire or casualty insurance policy in force from
time to time covering the Premises or the Project.

          (b) Landlord’s Insurance. During the Term, Landlord will carry and maintain the following
types of insurance: (i) builders risk insurance during construction of the Building; (ii) property
insurance on the Project covering “All Risks” perils in an amount equal to the full replacement
cost of the Project (excluding any property with respect to which the Tenant and other tenants are
obliged to insure pursuant to Section 10 or similar sections of their respective leases); and (iii)
commercially reasonable commercial general liability insurance with respect to the Project.
Landlord may maintain any other commercially reasonable insurance coverages relating to the Project
or Landlord’s operations therein.

          (c) Additional Landlord Insurance. Landlord may, but shall not be obligated to, (i) maintain
such other insurance and additional coverages relating to the Project and its operation as Landlord
shall from time to time deem necessary; (ii) include the cost of the foregoing insurance relating
to the Project in Operating Costs; and (iii)

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maintain the foregoing insurance coverages for Landlord’s sole benefit and under Landlord’s sole
control, and Tenant shall have no right or claim to any proceeds thereof or any other rights
thereunder.

          (d) Evidence of Landlord’s Insurance. Landlord shall: (i) furnish to Tenant evidence that
Landlord has obtained all insurance coverages required hereunder at least ten (10) days prior to
the Commencement Date and fifteen (15) days prior to each renewal of such insurance; (ii) obtain a
written obligation from each insurance company to endeavor to notify Tenant at least thirty (30)
days before an insurance policy is cancelled or materially changed; and (iii) obtain each such
insurance policy from an insurer with an A.M. Best rating of A or better. If Landlord fails to
comply with the foregoing insurance requirements or to deliver to Tenant the certificates or
evidence of coverage required herein, Tenant, in addition to any other remedy available pursuant
to this Lease or otherwise, may, on five (5) Business Days prior notice, obtain such insurance and
Tenant shall pay to Landlord on demand the premium costs thereof.

     11. Indemnification.

          (a) Tenant’s Indemnification Obligations. Tenant shall defend, indemnify and hold
Landlord, its partners, Affiliates and respective officers, directors, employees, agents,
successors and permitted assigns harmless from and against, and shall reimburse Landlord or them
for, any Losses arising from, in connection with or resulting from:

               (i) any occurrence in the Premises or arising out of the installation, operation,
maintenance, repair or removal of any of Tenant’s Off-Premises Equipment, unless caused by the
negligence, gross negligence, fault or strict liability of Landlord or its agents or contractors;

               (ii) Tenant’s breach of, or any false, inaccurate, untrue or incomplete representation or
warranty herein;

               (iii) Tenant’s breach, non-fulfillment or non-performance of any covenant, obligation, duty,
condition or action required of Tenant pursuant hereto; and/or

               (iv) Tenant’s willful misfeasance, bad faith, fraud, negligence and/or gross negligence in
the performance or failure to perform Tenant’s obligations, duties or covenants herein.

          (b) Landlord’s Indemnification Obligations. Landlord shall defend, indemnify and hold
Tenant, its stockholders, Affiliates and respective officers, directors, employees, agents,
successors and permitted assigns harmless from and against, and shall reimburse Tenant or them
for, any Losses arising from, in connection with or
resulting from:

               (i) any occurrence in the Building’s common areas which do not arise out of the fault or
negligence of Tenant, its agents, contractors, employees or invitees;;

               (ii) Landlord’s breach of, or any false, inaccurate, untrue or incomplete representation or
warranty herein;

               (iii) Landlord’s breach, non-fulfillment or non-performance of any material covenant,
obligation, duty, condition or action required of Tenant pursuant hereto; and/or

               (iv) Landlord’s willful misfeasance, bad faith, fraud, negligence and/or gross negligence in
the performance or failure to perform Landlord’s obligations, duties or covenants herein.

          (c) Procedures for Indemnification.

               (i) Written Notice of Indemnification Claim. An Indemnification Claim shall be made
by an Indemnified Person by delivering a written notice to the Indemnifying Person and it’s legal
Representative requesting indemnification and specifying in reasonable detail the basis on which
indemnification is sought and the amount of asserted Damages and, in the case of a Third Person
Claim, containing (by attachment or otherwise) such other information as such Indemnified Person
shall have concerning such Third Person Claim.

14

 

               (ii) Third Person Claims. If the Indemnification Claim involves a Third Person
Claim, the Indemnified Person and the Indemnifying Person shall observe the procedures set forth
in Section 11(d) hereof.

               (iii) Other Claims. If the Indemnification Claim involves a matter other than a
Third Person Claim, the Indemnifying Person’s legal Representative shall have thirty (30) days to
object to such Indemnification Claim by delivering a written notice of such objection to such
Indemnified Person specifying in reasonable detail the basis for such objection. Failure to so
object in a timely manner shall constitute a final and binding acceptance of the Indemnification
Claim by the Indemnifying Person’s Representative on behalf of all Indemnifying Persons, and the
Indemnification Claim shall be paid in accordance with Section 11(e) hereof.

          (d) Third Person Claims. The Parties’ obligations and liabilities hereunder with respect to a
Third Person Claim shall be subject to the following terms and conditions:

               (i) Written Notice of Third Person Claim. The Indemnified Person shall give the
Indemnifying Person’s Representative written notice of a Third Person Claim promptly after receipt
by the Indemnified Person of notice thereof, and the Indemnifying Person’s Representative, on
behalf of the Indemnifying Persons, may undertake the defense, compromise and settlement thereof
by Representatives of its own choosing reasonably acceptable to the Indemnified Person. The
failure of the Indemnified Person to notify the Indemnifying Person’s Representative of such Claim
shall not relieve the Indemnifying Persons of any Liability that the Indemnifying Persons may have
with respect to such Claim except to the extent the Indemnifying Person’s Representative
demonstrates that the defense of such Claim is prejudiced by such failure.

               (ii) Acknowledgement of Obligation to Indemnify. The Indemnifying Person’s assumption
of the defense, compromise or settlement of any such Third Person Claim shall be the Indemnifying
Person’s acknowledgment of its obligation to indemnify the Indemnified Person with respect to such
Claim hereunder, unless the Indemnifying Person gives written notice to the Indemnified Person
within ten (10) days after receipt of the Indemnified Person’s notice that it Disputes its
liability to Indemnified Person with respect to such Third Person Claim notwithstanding its
assumption of the defense thereof.

               (iii) Indemnified Person’s Participation in Defense. If the Indemnified Person
desires to participate in, but not control, any such defense, compromise or settlement, it may do
so at its sole cost and expense. If, however, the Indemnifying Person’s Representative fails or
refuses to undertake the defense of such Third Person Claim within ten (10) days after written
notice of such Claim has been given to the Indemnifying Person Representative by the Indemnified
Person, the Indemnified Person shall have the right to undertake the defense, compromise and/or
settlement of such Claim with counsel of its own choosing. In the circumstances described in the
preceding sentence, the Indemnified Person shall, promptly upon its assumption of the defense of
such Claim, be deemed to have made an Indemnification Claim that is not a Third Person Claim for
the purposes of the procedures set forth herein.

               (iv) Indemnified Person’s Control of Defense.

                    (A) If, in the reasonable opinion of the Indemnified Person, any Third Person Claim or the
Action or resolution thereof involves an issue or matter that could reasonably have a Material
Adverse Effect on the Indemnified Person’s business, operations, assets, properties or prospects,
including, but not limited to, the administration of the Tax returns and responsibilities under
the Tax Laws of the Indemnified Person:

                         (I) the Indemnified Person shall have the right to control the defense, compromise and/or
settlement of such Third Person Claim undertaken by the Indemnifying Person’s Representative;

                         (II) the Indemnified Person shall initially pay the fees, costs and expenses of the
Indemnified Person’s legal, accounting and consulting Representatives or any other Person retained
by the Indemnified Person in connection with the aforementioned defense, compromise and/or
settlement; and

                         (III) such fees, costs, expenses and all other Damages paid, suffered or incurred by the
Indemnified Person resulting from, based upon or arising out of such Third Person Claim shall be
included as part of the indemnification obligations of the Indemnifying Persons hereunder.

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                    (B) If the Indemnified Person shall elect to exercise such right, the Indemnifying
Person’s Representative shall have the right to participate in, but not control, the defense,
compromise and/or settlement of such Third Person Claim at its sole cost and expense.

               (v) Certain Settlements By The Indemnified Person Are Subject To The Indemnifying
Person’s Consent. No settlement of a Third Person Claim involving the asserted Liability of
any Indemnifying Person under this Article shall be made without the prior written consent by or
on behalf of the Indemnifying Person’s Representative, which consent shall not be unreasonably
withheld or delayed. Consent shall be presumed in the case of settlements of ten thousand dollars
($10,000) or less where the Indemnifying Person’s Representative has not responded within ten (10)
Business Days of such Representative’s receipt of written notice of such proposed settlement.

               (vi) Certain Settlements By The Indemnifying Person Are Subject to The Indemnified
Person’s Consent. If the Indemnifying Person’s Representative assumes the defense of such a
Third Person Claim:

                    (A) no compromise or settlement thereof may be effected by the Indemnifying Person’s
Representative without the Indemnified Person’s consent unless:

                         (I) there is no finding or admission of any violation of Applicable Requirements or any
violation of the rights of any Person and no effect on any other Claim that may be made against the
Indemnified Person;

                         (II) the sole relief provided is monetary damages that are paid in full by the Indemnifying
Persons; and

                         (III) the compromise or settlement includes, as an unconditional term thereof, the giving by
the Claimant or the plaintiff to the Indemnified Person of a release, in form and substance
satisfactory to the Indemnified Person, from all Liability in respect of such Third Person Claim;
and

                         (IV) the Indemnified Person shall have no Liability with respect to any compromise or
settlement thereof effected without its consent.

               (vii) Cooperation; Participation of Counsel; Access to Records.

                    (A) Third Person Claims. In connection with the defense, compromise or settlement of
any Third Person Claim, the Parties shall execute such powers of attorney as may reasonably be
necessary or appropriate to permit participation of the legal Representative selected by any Party
and, as may reasonably be related to any such Claim or Action, shall provide access to the legal,
accounting and other Representatives of each Party during normal business hours to all properties,
personnel, books, tax records, contracts, commitments and all other business records of such other
Party and will furnish to such other Party copies of all such documents as may reasonably be
requested (certified, if requested).

                    (B) Agency Claims. Intentionally deleted.

               (viii) Statutes of Limitation. Subject to the approval of a Party’s insurance
carrier, if a Third Person Claim is brought against a Party with respect to which either Party may
have a Claim against the other, the Parties shall execute a statute of limitation tolling
agreement as to such Claims until the Third Person Claim is resolved.

          (e) Payment of Indemnification Claim. Upon determination of the amount of an Indemnification
Claim, whether by agreement between the Indemnifying Person’s Representative and the Indemnified
Person or by an arbitration award or by any other final adjudication, the Indemnifying Persons
shall pay the amount of such Indemnification Claim within thirty (30) days of the date such amount
is determined. Thereafter, the amount of such Indemnification Claim shall bear interest at a rate
equal to ten percent (10%) per annum.

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          (f) Subrogation. Upon payment in full of any Indemnification Claim or the payment of any
judgment or settlement with respect to a Third Person Claim, the Indemnifying Persons shall be
subrogated to the extent of such payment to the rights of the Indemnified Person against any Person
with respect to the subject matter of such Indemnification Claim or Third Person Claim.

          (g) Limitation of Liability. in no event shall either Party
 be liable for any
special, incidental, indirect, punitive, exemplary, or consequential damages of any kind in
connection with this Agreement, even if such Party has been informed in advance of the possibility
of such Damages.

          (h) Survival of Indemnification. The indemnities set forth in this Section 11 shall
survive termination or expiration of this Lease and shall not terminate or be waived, diminished
or affected in any manner by any abatement or apportionment of Rent under any provision of this
Lease.

     12. Subordination; Attornment; Notice to Landlord’s Mortgagee.

          (a) Subordination. This Lease shall be subordinate to any Mortgage or Primary Lease
that now or hereafter covers all or any part of the Premises. Any Landlord’s Mortgagee may
unilaterally elect at any time to make this Lease superior to its Mortgage, Primary Lease or other
interest in the Premises by so notifying Tenant in writing. The provisions of this Section 12 shall
be self-operative and no further instrument of subordination shall be required. Notwithstanding the
foregoing, Tenant shall take the following actions:

               (i) Documentation Subordinating Lease to Mortgage or Primary Lease. Tenant shall: (A) confirm
the subordination of this Lease to any such Mortgage or Primary Lease by executing such
documentation as Landlord’s Mortgage may reasonably request to evidence such subordination; (B)
cause such documentation to include a subordination, non-disturbance and attornment agreement; (C)
if required, cause such documentation to be in recordable form; (D) return such documentation to
Landlord or such other Person designated by Landlord within ten (10) days after written request
therefor; or

               (ii) Documentation Mortgage or Primary Lease to This Lease. If the Landlord’s Mortgagee so
elects, Tenant shall execute such documentation as Landlord’s Mortgage may reasonably request to
evidence the subordination of such Mortgage or Primary Lease to this Lease.

          Landlord shall direct Landlord’s Mortgagee to execute a subordination, nondisturbance and
attornment agreement with respect to this Lease and the Premises in such form as may be reasonably
acceptable to Tenant.

          (b) Attornment. Tenant shall attorn to any Person succeeding to Landlord’s interest in the
Premises, whether by purchase, foreclosure, deed in lieu of foreclosure, power of sale, termination
of lease, or otherwise, upon such Person’s request, and shall execute such agreements confirming
such attornment as such Person may reasonably request.

          (c) Notice to Landlord’s Mortgagee. Landlord shall provide to Tenant in writing the name,
address and telephone numbers of each Landlord’s Mortgagee. Tenant shall not seek to enforce any
remedy it may have for any default by Landlord without first: (i) providing to each such Landlord’s
Mortgagee written notice of such proposed enforcement, specifying the default in reasonable detail;
and (ii) affording each such Landlord’s Mortgagee a reasonable opportunity to perform Landlord’s
obligations hereunder.

          (d) Landlord Obligations. Landlord shall:

               (i) deposit into a Special Deposit Account any and all additional rent or advance rent
that Tenant may pay hereunder for more than the current month to Landlord or any successor
thereto;

               (ii) deposit into a Special Deposit Account any and all security or advance rental deposits
made by Tenant hereunder;

               (iii) not withdraw any portion of the funds in a Special Deposit Account unless such funds
represent: (A) rents, security or rental deposits that are currently due and payable hereunder; or
(B) security or advance rental

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deposits that Landlord intends to forward to a Landlord’s Mortgagee that has succeeded to
Landlord’s interests hereunder;

               (iv) provide Tenant with written documentation of each Mortgage and Primary Lease that
Landlord has entered into with each Landlord’s Mortgagee, including documentation identifying each
termination, amendment or modification hereto that Landlord may engage in with and without such
Landlord’s Mortgagee’s consent;

               (v) not terminate, amend or modify this Lease without obtaining any consent required by a
Landlord’s Mortgagee;

               (vi) with respect to any termination, amendment or modification of this Lease, provide Tenant
with: (A) Landlord’s written representation and warranty that Landlord received written consent
from each Landlord’s Mortgagee in connection therewith (or Landlord’s written representation and
warranty that no such consent was required in connection with such action); and (B) each
applicable Landlord’s Mortgagee’s written certification that Landlord’s Mortgagee provided written
consent to Landlord in connection therewith (or Landlord’s Mortgagee’s written certification that
no such consent was required in connection with such action).

     13. Rules
and Regulations. Tenant shall comply with the rules and regulations of the
Project which are attached hereto as Exhibit C. Landlord may, from time to time, change such rules
and regulations for the safety, care, or cleanliness of the Project and related facilities,
provided that such changes shall: (i) apply to all tenants of the Project; (ii) not diminish or
unreasonably interfere with Tenant’s use of the Premises; (iii) be enforced by Landlord in a
non-discriminatory manner. Tenant shall cause each Tenant Party to comply with such rules and
regulations.

     14. Condemnation.

          (a) Total Taking. This Lease shall terminate as of the date of a Taking of the entire
Building or Premises.

          (b) Partial Taking — Tenant’s Rights. If any part of the Building becomes subject to a Taking
and such Taking would prevent Tenant from conducting on a permanent basis its business in the
Premises and the Building in a manner substantially the same as that conducted immediately before
such Taking, then Tenant may terminate this Lease as of the date of such Taking by giving written
notice to Landlord within one hundred and twenty (120) days after such Taking, and Basic Rent and
Additional Rent shall be apportioned as of the date of such Taking. If Tenant does not terminate
this Lease within one hundred and twenty (120) days after the Taking, Rent shall be abated on a
reasonable basis as to that portion of the Premises rendered untenantable by the Taking.

          (c) Partial Taking — Landlord’s Rights. If any material portion, but less than all, of the
Building becomes subject to a Taking, or if Landlord is required to pay any of the proceeds
arising from a Taking to a Landlord’s Mortgagee, then Landlord may terminate this Lease by
delivering written notice thereof to Tenant within one hundred and twenty (120) days after such
Taking, and Basic Rent and Additional Rent shall be apportioned as of the date of such Taking. If
Landlord does not so terminate this Lease within one hundred and twenty (120) days after such
Taking, this Lease will continue, but if any portion of the Premises has been taken, Rent shall
abate as provided in the last sentence of Section 14(b).

          (d) Temporary Taking. The following shall apply if all or any portion of the Building becomes
subject to a Taking for a limited period of time:

               (i) Tenant Able to Conduct Business As Usual. If any part of the Building becomes
subject to such a temporary Taking and Tenant is able to continue conducting its business in the
Premises and the Building in a manner substantially the same as that conducted immediately before
such Taking, this Lease shall remain in full force and effect and Tenant shall continue to perform
all of the terms, conditions and covenants of this Lease, including the payment of Basic Rent and
all other amounts required hereunder.

               (ii) Tenant Unable to Conduct Business As Usual.

                    (A) Abatement. If any part of the Building becomes subject to such a temporary Taking
and such Taking would prevent Tenant from conducting on its business in the Premises and the
Building in a manner

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substantially the same as that conducted immediately before such Taking for: (A) a period of
seven (7) consecutive days following such Taking, Tenant shall receive a complete abatement of
Rent for each consecutive day after such 7-day period that Tenant is so prevented from using
the Premises or Building; or (B) 15 days within any 30-day period, Tenant shall receive a
complete abatement of Rent for each such day within such 30-day period that Tenant is so
prevented from using the Premises or Building.

                    (B) Termination. Tenant may, in its sole discretion, terminate this Lease immediately
and without penalty or other cost if any part of the Building becomes subject to such a temporary
Taking and such Taking would prevent Tenant from conducting its business in the Premises in a
manner substantially the same as that conducted immediately before such Taking for a period of 45
consecutive days.

                    (C) Condemnation Awards. Tenant shall be entitled to receive the entire award made
in connection with any temporary condemnation or other taking of the Premises attributable to any
period within the Term. Landlord shall be entitled to the entire award for any such temporary
condemnation or other taking that: (I) relates to a period after the expiration of the Term; or
(II) is allocable to the cost of restoration of the Premises. If any such temporary condemnation or
taking terminates prior to the expiration or termination of the Term, Tenant shall use the portion
of the award attributable to Tenant to restore the Premises as nearly as possible to the condition
prior to the condemnation or other taking; provided, however, that Tenant shall not be
obligated to use any other funds to restore the Premises.

          (e) Award. Except as set forth in Section 14(d)(ii)(C), Landlord shall receive the entire
award or other compensation for the Land, the Building and other improvements that are subject to a
Taking. Notwithstanding the foregoing, Tenant may separately pursue a Claim (to the extent it will
not reduce Landlord’s award) against the condemnor for the value of Tenant’s personal property
which Tenant is entitled to remove under this Lease, moving costs, loss of business, and other
claims it may have.

     15 Fire or Other Casualty.

          (a) Repair Estimate. If the Premises or the Building are damaged by a Casualty, Landlord
shall, within ninety (90) days after such Casualty, deliver a Damage Notice to Tenant containing a
good faith estimate of the time needed to repair the damage caused by such Casualty.

          (b) Tenant’s Rights. Tenant may terminate this Lease immediately up providing written notice
thereof to Landlord if: (i) a portion of the Building or Premises is damaged by Casualty such that
Tenant is prevented from conducting its business in the Premises or the Building in a manner
substantially the same as that conducted immediately before such Casualty; and (ii) Landlord
estimates that the damage caused thereby cannot be repaired within 180 days from the date of such
Casualty (or, regardless of such estimate, if such damages are not repaired within 180 days from
the date of such Casualty).

          (c) Landlord’s Rights. Landlord may terminate this Lease by giving written notice of its
election to terminate within 30 days after the Damage Notice has been delivered to Tenant if a
Casualty damages the Premises or a material portion of the Building and: (i) Landlord estimates
that the damage to the Premises cannot be repaired within 180 days from the date of such Casualty;
(ii) the damage to the Premises exceeds fifty percent (50%) of the replacement cost thereof
(excluding foundations and footings), as estimated by Landlord, and such damage occurs during the
last two (2) years of the Term; (iii) the damage to the Premises exceeds fifty percent (50%) of the
replacement cost thereof (excluding foundations and footings) and is not substantially covered by
Landlord’s insurance policies by reason of an exclusion from such policies outside of Landlord’s
control (e.g., such policies exclude Casualties caused by terrorist attack); or (iv) Landlord is
required to pay the insurance proceeds arising out of the Casualty to a Landlord’s Mortgagee.

          (d) Repair Obligation. If neither Party elects to terminate this Lease following a Casualty,
Landlord shall, within a commercially reasonable time after the date of such Casualty: (i) begin to
repair the Premises; and (ii) proceed with commercially reasonable diligence to restore the
Premises to substantially the same condition as they existed immediately before such Casualty.
Notwithstanding the foregoing, Landlord shall not be required to repair or replace any: (A)
alterations or betterments within the Premises, which shall be promptly and with due diligence
repaired and restored by Tenant at Tenant’s sole cost and expense; or (B) furniture, equipment,
trade fixtures or personal property in the Premises or the Building that is owned or leased by
Tenant or any Person other than

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Landlord. Landlord’s obligation to repair or restore the Premises shall be limited to the
extent of the insurance proceeds actually received by Landlord for the Casualty in question;
provided, however, that any shortfall in insurance proceeds caused by Landlord’s failure to
comply with its insurance obligations in Section 10(b) shall be deemed to be a Landlord Event
of Default. If this Lease is terminated under the provisions of this Section 15, Landlord
shall be entitled to the full proceeds of the insurance policies providing coverage for all
alterations, improvements and betterments in the Premises (and, if Tenant has failed to
maintain insurance on such items as required by Section 15(a) of this Lease, Tenant shall pay
Landlord an amount equal to the proceeds Landlord would have received had Tenant maintained
insurance on such items as required by this Lease).

          (e) Abatement of Rent. If the Premises are damaged by Casualty, Rent for the portion of
the Premises rendered untenantable by the damage shall be abated on a reasonable basis from
the date of such damage until the: (i) completion of Landlord’s repairs; or (ii) date of
termination of this Lease by Landlord or Tenant as provided above. Notwithstanding the
foregoing, Tenant shall continue to pay Rent without abatement if a Tenant Party was the
direct cause of the Casualty causing such damage.

     16. Personal
Property Taxes. Tenant shall be liable for all taxes levied or
assessed against personal property, furniture, or fixtures placed by Tenant in the Premises or in
or on the Building or Project. Tenant shall repay to Landlord within thirty (30) days following
written request therefore any taxes that Landlord has elected to pay relating to: (i) taxes for
which Tenant is liable and that are levied or assessed against Landlord or Landlord’s property;
and/or (ii) any increase in the assessed value of Landlord’s property by inclusion of such
Tenant’s personal property, furniture or fixtures. Landlord shall not pay such amount if: (A)
Tenant notifies Landlord that Tenant will contest the validity or amount of such taxes before
Landlord makes such payment; (B) Tenant thereafter diligently proceeds with such contest in
accordance with Applicable Law; and (C) the non-payment thereof does not pose a threat of loss or
seizure of the Project or Landlord’s interest therein or impose any fee or penalty against
Landlord.

     17. Events
of Default. Each of the following occurrences
shall be an Event of Default:

          (a) Tenant Event of Default.

               (i) Payment Default. Tenant’s failure to pay Rent by the first day of each month
during the Term of this Lease, unless subject to abatement or otherwise excused hereunder.

               (ii) Estoppel. Tenant fails to provide any estoppel certificate after Landlord’s
written request therefor pursuant to Section 23(d) and such failure shall continue for five (5)
Business Days after Landlord’s second written notice thereof to Tenant.

               (iii) Insurance. Tenant fails to procure, maintain and deliver to Landlord evidence of
the insurance policies and coverages as required under Section 10(a) and such failure shall
continue for five (5) Business Days after Landlord’s second written notice thereof to Tenant.

               (iv) Mechanic’s Liens. Tenant fails to pay and release of record, or diligently
contest and bond around, any mechanic’s lien filed against the Premises or the Project for any
work performed, materials furnished, or obligation incurred by or at the request of Tenant,
within the time and in the manner required by Section 7(f)(ii).

               (v) Other Defaults. Tenant fails to perform, comply with, or observe any other
material agreement or obligation of Tenant under this Lease and the continuance of such failure
for a period of more than thirty (30) days after Landlord has delivered to Tenant written
notice thereof.

               (vi) Insolvency. The filing of a petition by or against Tenant (the term “Tenant”
shall include, for the purpose of this Section 17(a)(vi) any guarantor of Tenant’s obligations
hereunder): (i) any bankruptcy or other insolvency proceeding; (ii) seeking any relief under any
state or federal debtor relief law; (iii) for the appointment of a liquidator or receiver for
all or substantially all of Tenant’s property or for Tenant’s interest in this Lease; (iv) for
the reorganization or modification of Tenant’s capital structure; or (v) any assignment for the
benefit of creditors proceeding. Notwithstanding the foregoing, any such petition filed against
Tenant shall not be an Event of Default if Tenant causes such proceedings to be dismissed within
ninety (90) days after the filing thereof.

          (b) Landlord Event of Default.

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               (i) Insurance. Landlord fails to procure, maintain and deliver to Tenant evidence of
the insurance policies and coverages as required under Section 10(b) and such failure shall
continue for five (5) Business Days after Tenant’s second written notice thereof to Landlord.

               (ii) Other Defaults. Landlord fails to perform, comply with, or observe any other
material agreement or obligation of Landlord under this Lease and the continuance of such failure
for a period of more than thirty (30) days after Tenant has delivered to Landlord written notice
thereof.

               (iii) Insolvency. The filing of a petition by or against Landlord (the term
“Landlord” shall include, for the purpose of this Section 17(b)(iii) any guarantor of Landlord’s
obligations hereunder): (i) any bankruptcy or other insolvency proceeding; (ii) seeking any relief
under any state or federal debtor relief law; (iii) for the appointment of a liquidator or
receiver for all or substantially all of Landlord’s property or for Landlord’s interest in this
Lease; (iv) for the reorganization or modification of Landlord’s capital structure; or (v) in any
assignment for the benefit of creditors proceeding. Notwithstanding the foregoing, any such
petition filed against Landlord shall not be an Event of Default if Landlord causes such
proceedings to be dismissed within ninety (90) days after the filing thereof.

          (c) Notice Periods. Any notice periods provided for under this Section 17 shall run
concurrently with any statutory notice periods and any notice given hereunder may be given
simultaneously with or incorporated into any such statutory notice.

     18. Remedies.

          (a) Landlord’s Remedies. Upon any Tenant Event of Default, Landlord may, in addition to
all other rights and remedies afforded Landlord hereunder or by law or equity, take any one or
more of the following actions:

               (i) Termination of Lease. Terminate this Lease by giving Tenant written notice
thereof, in which event Tenant shall immediately surrender possession of the Premises to Landlord
for Landlord’s account, and pay to Landlord the sum of: (A) all amounts due under Section 19(a);
and (B) all accrued Rent and other sums hereunder required to be paid through the date of
termination;

               (ii) Termination of Possession. Terminate Tenant’s right to possess the Premises
without terminating this Lease by giving written notice thereof to Tenant, in which event Tenant
shall immediately surrender possession of the Premises to Landlord for Tenant’s account and pay
to Landlord: (A) all Rent and other amounts accrued hereunder to the date of termination; (B) all
amounts due from time to time under Section 19(a); and (C) all Rent and other net sums required
hereunder to be paid by Tenant during the remainder of the Term, diminished by any net sums
thereafter received by Landlord through reletting the Premises during such period, after
deducting all costs incurred by Landlord in reletting the Premises. If Landlord elects to proceed
under this Section 18(a)(ii), Landlord may remove all of Tenant’s property from the Premises and
store the same in a public warehouse or elsewhere at the cost of, and for the account of, Tenant,
without becoming liable for any loss or damage which may be occasioned thereby. Landlord shall
mitigate Tenant’s liability under this Section 18(a)(ii) by using Landlord’s commercially
reasonable best efforts to promptly relet the Premises on such terms as Landlord in commercially
reasonable discretion may determine (including a term different from the Term, rental
concessions, and alterations to, and improvement of, the Premises). Notwithstanding the foregoing
however, Landlord shall not be obligated to: (I) relet the Premises before leasing other portions
of the Building; or (II) accept any prospective tenant proposed by Tenant unless such proposed
tenant meets all of Landlord’s commercially reasonable leasing criteria. Tenant shall not be
entitled to the excess of any consideration obtained by reletting over the Rent due hereunder.
Unless Landlord delivers written notice to Tenant expressly stating that it has elected to
terminate this Lease, all actions taken by Landlord to dispossess or exclude Tenant from the
Premises shall be deemed to be taken under this Section 18(a)(ii). If Landlord elects to proceed
under this Section 18(a)(ii), Landlord may at any time elect to terminate this Lease under
Section 18(a)(i).

               (iii) Perform Acts on Behalf of Tenant. Perform any act Tenant is obligated to
perform under the terms of this Lease and enter upon the Premises in connection therewith if
necessary, without being liable for any claim for damages therefor. Except in the case of an
emergency (as determined in the Landlord’s sole judgment), Landlord shall telephone or telefax
Tenant prior to entering the Premises. In all events, Tenant shall reimburse Landlord on demand
for any expenses which Landlord may incur in thus effecting compliance with Tenant’s obligations
under this Lease plus interest at the Default Rate.

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          (b) Tenant’s Remedies. Upon any Landlord Event of Default or other breach by Landlord of its
obligations, covenants, agreements, representations or warranties hereunder, Tenant may, in
addition to all other rights and remedies afforded Landlord hereunder or by law or equity: (i)
enforce its indemnification rights under Section 11 hereof; and (ii) if Landlord fails to cure any
such Landlord Event of Default within thirty (30) days after Landlord’s receipt of written notice
thereof, or such longer period of time as may be necessary provided Landlord is diligently
attempting to cure, Tenant may terminate this Lease immediately upon Tenant’s payment to Landlord
all accrued Rent and other sums hereunder required to be paid through the date of termination.

     19. Payment by Parties; Non-Waiver; Cumulative Remedies.

          (a) Payment by Tenant. Upon any Tenant Event of Default, Tenant shall pay to Landlord
all costs incurred by Landlord (including court costs and reasonable attorneys’ fees and expenses)
in: (i) obtaining possession of the Premises; (ii) removing and storing Tenant’s or any other
occupant’s property; (iii) repairing, restoring, altering, remodeling, or otherwise putting the
Premises into condition acceptable to a new tenant; (iv) performing Tenant’s obligations that
Tenant failed to perform; (v) enforcing, or advising Landlord of, its rights, remedies, and
recourses arising out of the default; and (vi) other amounts due and owing under Section 11.

          (b) Payment by Landlord. Upon any Landlord Event of Default, Landlord shall pay to Tenant all
costs incurred by Tenant (including court costs and reasonable attorneys’ fees and expenses) in:
(i) performing Landlord’s obligations that Landlord failed to perform; (ii) enforcing its rights,
remedies, and recourses arising out of the default; and (iii) other amounts due and owing under
Section 11.

          (c) No Waiver. Landlord’s acceptance of Rent following an Event of Default shall not waive
Landlord’s rights regarding such Event of Default. No waiver by a Party of any violation or
breach of any of the terms contained herein shall waive such non-breaching Party’s rights regarding
any future violation of such term. Landlord’s acceptance of any partial payment of Rent shall not
waive Landlord’s rights with regard to the remaining portion of the Rent that is due, regardless of
any endorsement or other statement on any instrument delivered in payment of Rent or any writing
delivered in connection therewith; accordingly, Landlord’s acceptance of a partial payment of Rent
shall not constitute an accord and satisfaction of the full amount of the Rent that is due.

          (d) Cumulative Remedies. Any and all remedies set forth in this Lease: (i) shall be in
addition to any and all other remedies Landlord may have at law or in equity, (ii) shall be
cumulative, and (iii) may be pursued successively or concurrently as Landlord may elect. The
exercise of any remedy by a Party shall not be deemed an election of remedies or preclude such
Party from exercising any other remedies in the future.

     20. Surrender of Premises.

          (a) Surrender. No act by Landlord shall be deemed an acceptance of a surrender of the
Premises, and no agreement to accept a surrender of the Premises shall be valid unless it is in
writing and signed by Landlord.

          (b) Delivery of Premises to Landlord. At the expiration or termination of this Lease, Tenant:
(i) shall deliver to Landlord the Premises with all improvements located therein in good repair and
condition, free of Hazardous Materials placed on the Premises during the Term, broom-clean,
reasonable wear and tear (and condemnation and Casualty damage not caused by Tenant, as to which
Sections 14 and 15 shall control) excepted; (ii) deliver to Landlord all keys to the Premises;
(iii) may remove all unattached trade fixtures, furniture, and personal property placed in the
Premises or elsewhere in the Building by Tenant if Tenant has performed all of Tenant’s obligations
hereunder; (iv) may not remove any such trade fixtures, furniture, or personal property in the
Premises that was paid for, in whole or in part, by Landlord or any wiring or cabling unless
Landlord requires such removal; (iv) shall, at Landlord’s option, remove such alterations,
additions, improvements, trade fixtures, personal property, equipment, wiring, conduits, cabling,
and furniture, including Tenant’s Off-Premises Equipment, as Landlord may reasonably request;
provided, however, that Tenant shall not be required to remove any such addition or
improvement to the Premises or the Project if Landlord has specifically agreed in writing that the
improvement or addition in question need not be removed; (v) shall repair all damage caused by such
removal; (vi) at Landlord’s reasonable option, shall be deemed to have abandoned all items not so
removed, which items may be appropriated, sold, stored, destroyed or otherwise disposed of by
Landlord without notice to Tenant and without any obligation to account for such items; any such
disposition shall not be considered a strict foreclosure or other exercise of Landlord’s rights.
The provisions of this Section 20 shall survive the end of the Term.

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     21. Holding
Over. If Tenant fails to vacate the Premises at the end of the Term,
Tenant shall be a tenant at sufferance and, in addition to all other Losses and remedies to which
Landlord may be entitled for such holding over; (a) Tenant shall pay, in addition to the other
Rent, Basic Rent equal to 125% of the Rent payable during the last month of the Term, for each day
of holdover, and (b) Tenant shall otherwise continue to be subject to all of Tenant’s obligations
under this Lease. The provisions of this Section 21 shall not be deemed to limit or constitute a
waiver of any of Landlord’s other rights or remedies provided herein or at law. If Tenant fails
to surrender the Premises upon the termination or expiration of this Lease, in addition to any
other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold
Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability
resulting from such failure, including any claims made by any succeeding tenant founded upon such
failure to surrender, and any lost profits to Landlord resulting therefrom.

     22. Certain
Rights Reserved
 by Landlord. Provided that the
exercise of such rights does not unreasonably interfere with Tenant’s occupancy of the Premises,
Landlord shall have the following rights:

          (a) Building Operations. Landlord may: (i) decorate and make inspections, repairs,
alterations, additions, changes, or improvements, whether structural or otherwise, in and about the
Project, or any part thereof; (ii) enter upon the Premises after giving Tenant reasonable written
notice thereof, except in cases of real or apparent emergency, in which case no notice shall be
required; (iii) during the continuance of any such work, temporarily close doors, entryways, public
space, and corridors in the Building and/or interrupt or temporarily suspend Building services and
facilities; (iv) change the arrangement and location of entrances or passageways, doors, and
doorways, corridors, elevators, stairs, restrooms or other public parts of the Building;

          (b) Security. To take such reasonable measures as Landlord deems advisable for the security
of the Building and its occupants including: (i) evacuating the Building for cause, suspected cause
or for drill purposes; (ii) temporarily denying access to the Building; and (iii) closing the
Building after normal business hours and on Sundays and Holidays, subject, however, to
Tenant’s right to enter when the Building is closed after normal business hours under such
reasonable regulations as Landlord may prescribe from time to time;

          (c) Prospective Purchasers and Lenders. To enter the Premises at all reasonable hours to
show the Premises to prospective purchasers or lenders; and

          (d) Prospective Tenants. At any time during the last twelve (12) months of the Term (or
earlier if Tenant has notified Landlord in writing that it does not desire to renew the Term) or at
any time following the occurrence of an Event of Default, to enter the Premises at all reasonable
hours to show the Premises to prospective tenants.

     23. Miscellaneous.

          (a) Landlord Transfer. Landlord may transfer any portion of the Project and any of its
rights under this Lease. If Landlord assigns its rights under this Lease, then Landlord shall
thereby be released from any further obligations hereunder arising after the date of transfer,
provided that the assignee assumes in writing Landlord’s obligations hereunder arising from and
after the transfer date.

          (b) Force Majeure. Whenever a period of time is herein prescribed for action to be taken by
either Party hereto, such Party shall not be liable or responsible for, and there shall be excluded
from the computation of any such period of time, any delays due to strikes, riots, acts of God,
shortages of labor or materials, war, terrorist acts or activities, governmental laws, regulations,
or restrictions, or any other causes of any kind whatsoever which are beyond the control of such
Party.

          (c) Brokerage. Except as previously disclosed in writing by Tenant to Landlord, Tenant is
not represented by any broker or agent in connection with the negotiation or execution of this
Lease. Any broker so disclosed to Landlord by Tenant shall be compensated, if at all, as provided
in a written agreement between Landlord and such broker. Tenant and Landlord shall each indemnify
the other against all costs, expenses, attorneys’ fees, liens and other liability for commissions
or other compensation claimed by any other broker or agent claiming the same by, through, or under
the Indemnifying Party.

          (d) Estoppel Certificates. From time to time, Tenant shall furnish to any Person designated by
Landlord, within ten (10) days after Landlord has made a request therefor, a certificate signed by
Tenant confirming and

23

 

containing such factual certifications and representations as to this Lease as Landlord may
reasonably request. Unless otherwise required by Landlord’s Mortgagee or a prospective purchaser
or mortgagee of the Project, the initial form of estoppel certificate to be signed by Tenant is
attached hereto as Exhibit F. If Tenant does not deliver to Landlord the certificate signed by
Tenant within such required time period, Landlord, Landlord’s Mortgagee and any prospective
purchaser or mortgagee, may conclusively presume and rely upon the following facts: (i) this Lease
is in full force and effect; (ii) the terms and provisions of this Lease have not been changed
except as otherwise represented by Landlord; (iii) not more than one monthly installment of Basic
Rent and other charges have been paid in advance; (iv) there are no claims against Landlord nor
any defenses or rights of offset against collection of Rent or other charges; and (v) Landlord is
not in default under this Lease. In such event, Tenant shall be estopped from denying the truth of
the presumed facts.

          (e) Notices. All notices and other communications given pursuant to this Lease shall be in
writing and shall be: (i) hand-delivered to the intended addressee at the address specified in the
Basic Lease Information; (ii) sent by a nationally recognized overnight courier service to the
address specified in the Basic Lease Information; or (iii) sent by facsimile transmission during
normal business hours followed by a confirmatory letter sent in another manner permitted hereunder.
All notices shall be effective upon delivery to the address of the addressee. The Parties
hereto may change their addresses by giving notice thereof to the other in conformity with this
provision.

          (f) Separability. If any clause or provision of this Lease is illegal, invalid, or
unenforceable under present or future laws, then the remainder of this Lease shall not be affected
thereby and in lieu of such clause or provision, there shall be added as a part of this Lease a
clause or provision as similar in terms to such illegal, invalid, or unenforceable clause or
provision as may be possible and be legal, valid, and enforceable.

          (g) Amendments; Binding Effect; No Electronic Records. This Lease may not be amended except by
instrument in writing signed by Landlord and Tenant. No provision of this Lease shall be deemed to
have been waived by a Party unless such waiver is in writing signed by such waiving Party, and no
custom or practice which may evolve between the Parties in the administration of the terms hereof
shall waive or diminish the right of either Party to insist upon the performance by the other Party
in strict accordance with the terms hereof. Landlord and Tenant hereby agree not to conduct the
transactions or communications contemplated by this Lease by electronic means, except by facsimile
transmission as specifically set forth in Section 23(e) and email under Section 6(b); nor shall the
use of the phrase “in writing” or the word “written” be construed to include electronic
communications except by facsimile transmissions as specifically set forth in Section 23(e) and
email under Section 6(b). The terms and conditions contained in this Lease shall inure to the
benefit of and be binding upon the Parties, and upon their respective successors in interest and
legal representatives, except as otherwise herein expressly provided. This Lease is for the sole
benefit of Landlord and Tenant, and, other than Landlord’s Mortgagee, no third party shall be
deemed a third party beneficiary hereof.

          (h) Quiet Enjoyment. Provided Tenant has performed all of its obligations hereunder, Tenant
shall peaceably and quietly hold and enjoy the Premises for the Term, without hindrance from
Landlord or any Person claiming by, through, or under Landlord, but not otherwise, subject to the
terms and conditions of this Lease.

          (i) No Merger. There shall be no merger of the leasehold estate hereby created with the fee
estate in the Premises or any part thereof if the same Person acquires or holds, directly or
indirectly, this Lease or any interest in this Lease and the fee estate in the leasehold Premises
or any interest in such fee estate.

          (j) No Offer. The submission of this Lease to Tenant shall not be construed as an offer, and
Tenant shall not have any rights under this Lease unless Landlord executes a copy of this Lease
and delivers it to Tenant.

          (k) Entire Agreement. This Lease constitutes the entire agreement between Landlord and Tenant
regarding the subject matter hereof and supersedes all oral statements and prior writings relating
thereto. Except for those set forth in this Lease, no representations’, warranties, or agreements
have been made by Landlord or Tenant to the other with respect to this Lease or the obligations of
Landlord or Tenant in connection therewith. The normal rule of construction that any ambiguities
be resolved against the drafting Party shall not apply to the interpretation of this Lease or any
exhibits or amendments hereto.

          (l) Waiver of Jury Trial. To the maximum extent permitted by Applicable Law,
Landlord and Tenant each waive any right to trial by jury in any Litigation or to have a jury
participate in

24

 

resolving any Dispute arising out of or with respect to this Lease or any other instrument,
document or agreement executed or delivered in connection herewith or the transactions related
hereto.

          (m) Governing Law; Venue. This Lease shall be deemed to have been executed and delivered
in the State of Florida and will be governed by and construed in accordance with the internal law
of the State of Florida, excluding any conflicts or choice of law, rule or principle that might
otherwise refer construction or interpretation of this Lease to the substantive law of another
jurisdiction. Each Party shall bring any Action that relates to any Claim arising out of or related
to this Lease exclusively in the United States District Court for the Middle District of Florida or
a Florida state court of competent jurisdiction and solely in connection with Claims arising under
this Lease or the transactions contained in or contemplated by this Lease: (i) irrevocably submits
to the exclusive jurisdiction of such chosen courts; (ii) waives any objection to laying venue in
any such action or proceeding in such chosen courts; (iii) to the fullest extent permitted by
Applicable Law, waives any objection that such chosen courts are an inconvenient forum or do not
have jurisdiction over any Party; and (iv) agrees that service of process upon such Party in any
such action or proceeding will be effective if notice is given in accordance with Section 23(e).

          (n) Recording. Tenant shall not record this Lease or any memorandum of this Lease without the
prior written consent of Landlord, which consent may be withheld or denied in the sole and
absolute discretion of Landlord, and any recordation by Tenant shall be a material breach of this
Lease. Tenant grants to Landlord a power of attorney to execute and record a release releasing any
such recorded instrument of record that was recorded without the prior written consent of
Landlord.

          (o) Joint and Several Liability. If Tenant is comprised of more than one Person, each such
Person shall be jointly and severally liable for Tenant’s obligations under this Lease. All
unperformed obligations of a Party hereunder not fully performed at the end of the Term shall
survive the end of the Term, including Tenant’s payment obligations with respect to Rent and all
obligations concerning the condition and repair of the Premises.

          (p) Financial Reports. Within fifteen (15) days after Landlord’s request, Tenant will furnish
Tenant’s most recent thrift financial report, or equivalent call report or financial report,
submitted by Tenant to the applicable regulatory authority If Tenant is a publicly traded
corporation, Tenant may satisfy its obligations hereunder by providing to Landlord Tenant’s most
recent annual and quarterly reports. Tenant will discuss its financial reports with Landlord and,
following the occurrence of an Event of Default hereunder, will give Landlord access to Tenant’s
books and records in order to enable Landlord to verify the financial statements. Landlord shall
treat all such financial information as Confidential Information in accordance with the provisions
of Section 23(s). Landlord will not disclose any aspect of Tenant’s financial reports that Tenant
designates to Landlord as confidential except as permitted by Section 23(s) and to: (i) Landlord’s
Mortgagee or prospective mortgagees or purchasers of the Building; (ii) in Litigation between
Landlord and Tenant; and/or (iii) if required by court order. Tenant shall not be required to
deliver the financial reports required under this Section 23(p) more than once in any twelve
(12)-month period unless requested by Landlord’s Mortgagee or a prospective buyer or lender of the
Building or an Event of Default occurs.

          (q) Landlord’s Fees. Whenever Tenant requests Landlord to take any action not required of it
hereunder or give any consent required or permitted under this Lease, Tenant will reimburse
Landlord for Landlord’s reasonable, out-of-pocket costs payable to third Persons and incurred by
Landlord in reviewing the proposed action or consent, including reasonable attorneys’, engineers’
or architects’ fees, within thirty (30) days after Landlord’s delivery to Tenant of a statement of
such costs. Tenant will be obligated to make such reimbursement without regard to whether Landlord
consents to any such proposed action.

          (r) Telecommunications. Tenant and its telecommunications companies, including local exchange
telecommunications companies and alternative access vendor services companies, shall have no right
of access to and within the Building, for the installation and operation of Telecommunications
Services, for part or all of Tenant’s telecommunications within the Building and from the Building
to any other location without Landlord’s prior written consent. All providers of
Telecommunications Services shall be required to comply with the rules and regulations of the
Building, Applicable Laws and Landlord’s policies and practices for the Building. Tenant
acknowledges that Landlord shall not be required to provide or arrange for any Telecommunications
Services and that Landlord shall have no liability to any Tenant Party in connection with the
installation, operation or maintenance of Telecommunications Services or any equipment or
facilities relating thereto. Tenant, at its cost and for its own account, shall be solely
responsible for obtaining all Telecommunications Services.

25

 

          (s) Confidentiality.

               (i) In General. Neither Party shall make use of, disseminate or in any way disclose
any Confidential Information of the other Party or its Affiliates, except: (A) as necessary to
perform its obligations hereunder; (B) as may be required by Applicable Law; or (C) with the
express written authorization of the Disclosing Party. Each Party shall keep Confidential
Information confidential and ensure that its Affiliates, employees, agents, and Representatives
who have access to such Confidential Information comply with this non-disclosure obligation. If a
Party contracts with any agents or independent contractors to perform certain of its obligations
hereunder, such Party shall enter into a confidentiality agreement with such Person under which
such Person and its employees, agents and Representatives are restricted from disclosing, using or
duplicating such Confidential Information, except in a manner consistent with this Section 23(s).
The Parties shall maintain appropriate physical, electronic, technical, and procedural safeguards
to receive, store, dispose of (if applicable), and secure all Confidential Information to protect
it from unauthorized access, use, disclosure, alteration, loss, and destruction, and to protect
against any anticipated threats or hazards to the security or integrity of such records or
information which could result in substantial harm or inconvenience to any Customer. The
safeguards used by each Receiving Party to protect Confidential Information of the Disclosing
Party shall be no less than those used by the Receiving Party to protect its own Confidential
Information. Such safeguards and standards shall be commercially reasonable, in keeping with
generally accepted standards in the financial services industry and consistent with Applicable
Law. The Receiving Party shall notify the Disclosing Party if at any time during the term of this
Agreement the notifying Party intends to materially modify its physical, electronic, technical,
and procedural safeguards or standards.

               (ii) This Lease. The Parties shall keep the terms of this Agreement strictly
confidential and take all precautions necessary to prevent this Agreement or any portion of this
Agreement from being disclosed or made available to any other Person, in any form or medium,
without the written consent of the other Party. Notwithstanding the forgoing, a Party may share
this Agreement with: (A) such Party’s Affiliates, to the extent necessary to assist a Party with
its obligations hereunder; (B) such Party’s officers, directors, employees, auditors, accountants,
attorneys and other Representatives; (C) such Party’s, examiners, regulatory and governmental
agencies and other governmental regulatory agencies that may have examination, enforcement or
other jurisdiction over such Party, including, but not limited to, the OTS; (D) such Party’s
insurers and ratings agencies; (E) Landlord’s Mortgagee or prospective mortgagees or purchasers of
the Building; (F) due diligence personnel in connection with a due diligence review of a Party;
(G) any vendor, agent or contractor, to the extent necessary for such Person’s performance of any
obligations hereunder; and (H) any other Person as may be required by Applicable Law. A Party
shall cause each such Person to whom such Party has provided a copy of this Agreement (other than
such Party’s governmental regulatory or examination authority) to enter into a signed writing
binding such Person to the confidentiality provisions herein.

          (t) Notice Concerning Radon Gas. Radon is a naturally occurring radioactive gas that, when it
has accumulated in a structure in sufficient quantities, may present health risks to persons who
are exposed to it. Levels of radon that exceed Federal and State guidelines have been found in
buildings in the State of Florida. Additional information regarding radon and radon testing may be
obtained from the county public health unit. Landlord makes no representation to Tenant
concerning the presence or absence of radon gas in the Premises or the Building at any time or in
any quantity. By executing this Lease, Tenant expressly releases Landlord from any loss, claim,
liability, or damage now or hereafter arising from or relating to the presence at any time of such
substances in the Premises or the Building.

          (u) No Liability for Crimes. Landlord makes no representations or warranties with respect to
crime in the area, undertakes no duty to protect against criminal acts and shall not be liable for
any injury, wrongful death or property damage arising from any criminal acts. Landlord may, from
time to time, employ security personnel and equipment, however, such personnel and equipment are
only for the protection of Landlord’s property. Landlord reserves the right, in its sole
discretion, to start, alter or terminate any such security services without notice. Tenant is
urged to provide security for its invitees, its own personnel, and property as it deems necessary.
Tenant is urged to obtain insurance to protect against criminal acts.

          (v) Authority. (i) Tenant hereby represents and warrants to Landlord that: (A) Tenant is a
duly formed and existing federal savings association organized under the laws of the United
States of America; (B) Tenant is duly qualified to do business in the state in which the Premises
are located; (C) Tenant has full right and authority to execute and deliver this Lease; (D) each
Person signing on behalf of Tenant is authorized to do so. (ii) Landlord

26

 

hereby represents and warrants to Tenant that: (A) Landlord is a duly formed and existing
Limited Partnership organized under the laws of the state of Florida; (B) Landlord is qualified to
do business in the state in which the Premises are located; (C) Landlord has full right and
authority to execute and deliver this Lease; and (D) each Person signing on behalf of Landlord is
authorized to do so.

          (w) Hazardous Materials. Neither Party shall use, generate, store, or dispose of, or permit
the use, generation, storage or disposal of Hazardous Materials on or about the Premises or the
Project except in a manner and quantity necessary for the ordinary performance of such Party’s
business, and then in compliance with all Applicable Laws. If a Party breaches its obligations
under this Section 23(w), the non-breaching Party may immediately take any and all action
reasonably appropriate to remedy the same, including taking all appropriate action to clean up or
remediate any contamination resulting from the breaching Party’s use, generation, storage or
disposal of Hazardous Materials. A Party’s breach of its obligations under this Section 23(w)
shall be subject to the indemnification provisions of Section 11.

          (x) Interpretation.

               (i) Headings. The table of contents and headings contained in this Lease are for
reference purposes only and do not limit or otherwise affect any of the provisions of this Lease.

               (ii) Use of Specified terms. Whenever the words “include”, “includes” or “including”
are used in this Lease, they will be deemed to be followed by the words “but not limited to.” Any
singular term in this Lease will be deemed to include the plural, and any plural term the
singular. All pronouns and variations of pronouns will be deemed to refer to the feminine,
masculine or neuter, singular or plural, as the identity of the Person referred to may require.

               (iii) Reference to Entire Lease. Whenever the words “herein” or “hereunder” are used
in this Lease, they will be deemed to refer to this Lease as a whole and not to any specific
Section.

               (iv) United States Dollars. Whenever a dollar figure ($) is used in this Lease, it
will mean United States dollars.

               (v) No Drafting Inference. The Parties acknowledge that they have each been
represented by counsel in the negotiation and preparation of this Lease and that no provision of
this Lease should be deemed to have been drafted solely by counsel for any particular Party.

               (vi) Basic Lease Information. The definitions and basic provisions set forth in the
Basic Lease Information are incorporated herein by reference for all purposes.

          (y) List of Exhibits. All exhibits and attachments attached hereto are incorporated herein
by this reference.

	 	 	 	 	 

	 

	 	Exhibit A -
	 	Outline of Premises
	 

	 	Exhibit B -
	 	Description of the Land
	 

	 	Exhibit C -
	 	Rules and Regulations
	 

	 	Exhibit D -
	 	Tenant Finish-Work
	 

	 	Exhibit E -
	 	Form of Confirmation of Commencement Date
Letter
	 

	 	Exhibit F -
	 	Form of Tenant Estoppel Certificate
	 

	 	Exhibit G -
	 	Parking
	 

	 	Exhibit H -
	 	Renewal Option
	 

	 	Exhibit I -
	 	Right of First Refusal
	 

	 	Exhibit J -
	 	Signage
	 

	 	Exhibit K -
	 	Operating Costs

     24. Representations and Warranties. Tenant hereby represents and warrants that:

          (a) Tenant is not designated as an individual or entity that has been determined to have
committed, or poses a significant risk of committing, acts of terrorism that threaten the security
of the U.S. nationals or the national

27

 

security, foreign policy, or economy of the U.S., which would violate the Executive Order
13224, entitled “Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten
to Commit, or Support Terrorism,” which became effective on September 24, 2001 (the “Order”); and

          (b) Tenant is not owned or controlled by, or acting on behalf of an individual or entity which
would violate the Order, and

          (c) Tenant has not and will never assist in, sponsor, or provide financial, material, or
technological support for, or financial or other services to or in support of, acts of terrorism or
individuals or entities designated in or under the Order; and

          (d) Tenant is not otherwise associated with certain individuals or entities designated in or
under the Order.

28

 

          This Lease is executed on the respective dates set forth below, but for reference
purposes, this Lease shall be dated as of the date first above written. If the execution
date is left blank, this Lease shall be deemed executed as of the date first written
above.

	 	 	 	 	 	 	 	 	 

	TWO WITNESSES:	 	 	 	LANDLORD:
	 
	 	 	 	 	 	 	 	 
	/s/ Marie Bell	 	 	 	RIVERSIDE AVENUE PARTNERS, LTD.
	 

(Print Name) Marie Bell

	 	 	 	 	 	 	 	 
	 	 	 	 	By: RAP Property Management, LLC, as its

General Partner
	 
	 	 	 	 	 	 	 	 
	/s/ Leslie Hammersand

	 	 
	 	 	 	By: /s/ Paul J. Lunetta

	 	 
	 
	 	 
	 	 
	

(Print Name) Leslie Hammersand
	 	 
	 	 	 	Name: Paul J. Lunetta
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 

	 	 	 	 	 	Execution Date: 3/1/06	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	TENANT:
	 
	 	 	 	 	 	 	 	 
	/s/ Thomas A. Hajda	 	 	 	EVERBANK a federal savings bank
	 

(Print Name) Thomas A. Hajda

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: /s/ W. Blake Wilson
	 	 	 	 	 
	 	 
	/s/ Mark Baum	 	 	 	Name: W. Blake Wilson
	 

(Print Name) Mark Baum

	 	 	 	Title: President	 	 	 	 
	 	 	 	 	Execution Date: 2/24/06
	 	 	 	 	

29

 

 

 

 

 

EXHIBIT
“B”

Fee Parcel:

A portion of Lot 1, Block 1, Supplemental Plat to Riverside, according to the Plat thereof recorded
in Deed Book “Q”, page 434 of the former public records of
Duval County, Florida; A portion of Lots 1
and 2, Block 1, Riverside, according to the Plat thereof recorded in Plat Book 1, page 109, said
former public records; together with all or portions of Lots 1, 2, 3, 4 and 5, Pipes Replat of Lot
1, Block 1, Supplemental Plat to Riverside, according to the plat thereof recorded in Plat Book
6, page 39 of the current public records of said Duval County, Florida, being more particularly
described as follows:

For a point of reference, commence at the intersection of the former Northerly right of way line
of Rosselle Street, an 80 foot right of way per said Plat of Riverside (closed by City Ordinance
92-1597-945), with the former Easterly right of way line of Riverside Avenue (State Road No. 211),
an 80 foot right of way as formerly established; thence South 67°38’09” East, departing said
former right of way line, 20.00 feet to the intersection of said former Northerly right of way
line of Rosselle Street, with the current Easterly right of way line of Riverside Avenue, a 100
foot right of way as presently established; thence North 22°15’06” East, along said current
Easterly right of way line, 406.50 feet to the point of beginning.

From said point of beginning, thence continue along said current Easterly right of way line
the following three (3) courses: 1) North 22°15’06” East, 312.25 feet: 2) North 24°54’49” East, 88.80
feet; 3) North 33°19’47” East, 35.53 feet to a point lying on the Southerly right of way line of
Forest Street, a 25 foot right of way as presently established; thence South 45°39’09” East,
departing said Easterly right of way line of Riverside Avenue, along said Southerly right of way
line, 214.41 feet; thence South 22°10’33” West, departing said Southerly right of way line, 150.36
feet; thence South 30°48’24” West, 44.50 feet; thence South 22°10’33” West, 160.54 feet; thence
North 67°49’27” West, 203.40 feet to the point of beginning.

Easement Parcel:

Together with easement rights as set forth in that certain Grant of Easement recorded in
Official Records Book 12211, page 1091, of the current public records of Duval County,
Florida.

 

 

EXHIBIT C

RULES AND REGULATIONS

     The following rules and regulations (“Rules and Regulations”) govern the use of the
Premises and the Project. Tenant will be bound by such Rules and Regulations and shall to cause
its employees, subtenants, assignees, contractors, suppliers, customers and invitees to observe
the same.

     1. Sidewalks, doorways, vestibules, halls, stairways, and other similar areas shall not be
obstructed by tenants or used by any tenant for purposes other than ingress and egress to and from
their respective leased premises and for going from one to another part of the Building.

     2. Plumbing, fixtures and appliances shall be used only for the purposes for which designed,
and no sweepings, rubbish, rags or other unsuitable material shall be thrown or deposited therein.
Damage resulting to any such fixtures or appliances from misuse by a tenant or its agents,
employees or invitees, shall be paid by such tenant.

     3. No signs, advertisements or notices shall be painted or affixed on or to any windows or
doors or other part of the Building without the prior written consent of Landlord. No nails, hooks
or screws (other than those which are necessary to hang paintings, prints, pictures, or other
similar items on the Premises’ interior walls) shall be driven or inserted in any part of the
Building except by Building maintenance personnel. Landlord will have the right to remove, at
Tenant’s expense and without notice, any sign installed or displayed in violation of this rule.
Tenant agrees not to place anything against or near glass partitions or doors or windows which may
appear unsightly from outside the Premises, including without limitation, window treatments,
blinds, screens, foil shades, tinting materials or stickers.

     4. Landlord shall provide and maintain an alphabetical directory for all tenants in the main
lobby of the Building.

     5. Landlord shall provide all door locks in each tenant’s leased premises, at the cost of
such tenant. Tenant shall not alter any lock or install any new or additional lock or bolt on any
door of the Premises without Landlord’s prior written consent. Landlord shall furnish to each
tenant a reasonable number of keys to such tenant’s leased premises, at such tenant’s cost, and no
tenant shall make a duplicate thereof.

     6. Movement in or out of the Building of furniture or office equipment, or dispatch or receipt
by tenants of any bulky material, merchandise or materials which require use of elevators or
stairways, or movement through the Building entrances or lobby shall be conducted via the
Building’s freight elevator and may be subject to Landlord’s supervision and may be limited or
regulated by Landlord in its sole discretion. Each tenant assumes all risks of and shall be liable
for all damage to articles moved and injury to persons or public engaged or not engaged in such
movement, including equipment, property and personnel of Landlord if damaged or injured as a result
of acts in connection with carrying out this service for such tenant.

     7. Landlord may prescribe weight limitations and determine the locations for safes and other
heavy equipment or items, which shall in all cases be placed in the Premises so as to distribute
weight in a manner acceptable to Landlord which may include the use of such supporting devices as
Landlord may require. All damages to the Building caused by the installation or removal of any
property of a tenant, or done by a tenant’s property while in the Building, shall be repaired at
the expense of such tenant.

     8. Corridor doors, when not in use, shall be kept closed. Nothing shall be swept or thrown
into the corridors, halls, elevator shafts or stairways. No birds or animals (other than
seeing-eye dogs) shall be brought into or kept in, on or about the Premises. No portion of the
Premises shall at any time be used or occupied as sleeping or lodging quarters.

     9. Tenant shall cooperate with Landlord’s employees in keeping the Premises neat and clean.
Tenant shall not employ any person for the purpose of such cleaning other than the Building’s
cleaning and maintenance personnel.

C-1

 

     10. To ensure orderly operation of the Building, no ice, mineral or other water, towels,
newspapers, etc. shall be delivered to any leased area except by persons approved by Landlord,
which approval will not be unreasonably delayed or withheld.

     11. Tenant shall not permit or allow the Premises to be occupied or used in a manner offensive
or objectionable to Landlord or other occupants of the Building by reason of noise, odors or
vibrations, intense light, heat or other form of electromagnetic radiation or otherwise interfere
in any way with other tenants or persons having business with them.

     12. No machinery of any kind (other than normal office equipment) shall be operated by any
tenant on its leased area without Landlord’s prior written consent, nor shall any tenant use or
keep in the Building any flammable or explosive fluid or substance (other than typical office
supplies [e.g., photocopier toner] used in compliance with all Laws).

     13. Landlord will not be responsible for lost or stolen personal property, money or jewelry
from the project regardless of whether such loss occurs when the area is locked against entry or
not.

     14. Tenant will not sell, or permit the sale at retail of newspapers, magazines, periodicals,
theater tickets or any other goods or merchandise to other tenants or to the general public in or
on the Project. No vending or dispensing machines of any kind may be maintained in any leased
premises without the prior written permission of Landlord.

     15. Tenant shall not conduct any activity on or about the Project which will draw pickets,
demonstrators, or the like.

     16. All vehicles are to be currently licensed, in good operating condition, parked for
business purposes having to do with Tenant’s business operated in the Premises, parked within
designated parking spaces, one vehicle to each space. No vehicle shall be parked as a
“billboard” vehicle in the parking lot. Any vehicle parked improperly may be towed away. Tenant,
Tenant’s agents, employees, vendors and customers who do not operate or park their vehicles as
required shall subject the vehicle to being towed at the expense of the owner or driver. Landlord
may place a “boot” on the vehicle to immobilize it and may
levy a charge of $50,00 to remove the
“boot.” Tenant shall indemnify, hold and save harmless Landlord of any liability arising from the
towing or booting of any vehicles belonging to a Tenant Party.

     17. All directional signs, arrows and posted regulations must be observed at all times.

     18. Landlord reserves the right from time to time to modify and/or adopt such other
reasonable and non-discriminatory rules and regulations for the parking facilities as it deems
reasonably necessary for the operation of the parking facilities.

     19. No tenant may enter into phone rooms, electrical rooms, mechanical rooms, roof or other
service areas of the Building unless accompanied by Landlord or the Building manager.

     20. Tenant will not permit any Tenant Party to bring onto the Project any handgun, firearm or
other weapons of any kind or illegal drugs.

     21. Landlord will in all cases retain the right to control and prevent access thereto by any
persons whose presence in the reasonable judgment of Landlord would be prejudicial to the safety,
character, reputation and interest of the Project and its tenants, provided that nothing herein
contained will be construed to prevent such access to persons with whom any tenant normally deals
in the ordinary course of its business, unless such persons are engaged in illegal or unlawful
activities.

     22. Tenant agrees to comply with all safety, fire protection and evacuation procedures and
regulations established by Landlord or any governmental agency.

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     23. Tenant shall not permit its employees, invitees or guests to smoke in the Premises or the
lobbies, passages, corridors, elevators, vending rooms, rest rooms, stairways or any other area
shared in common with other tenant in the Building, or permit its employees, invitees, or guests to
loiter at the Building entrances for the purposes of smoking. Landlord may, but shall not be
required to, designate an area for smoking outside the Building.

     24. These Rules and Regulations are in addition to, and will not be construed to in any way
modify or amend, in whole or in part, the terms, covenants, agreements and conditions of the Lease.
Landlord may waive any one or more of these Rules and Regulations for the benefit of Tenant or any
other tenant, but no such waiver by Landlord will be construed to be a waiver of such Rules and
Regulations in favor of Tenant or any other tenant, nor prevent Landlord from thereafter enforcing
any such Rules and Regulations against any or all of the tenants of the Project.

     25. Landlord reserves the right to make such other and reasonable and nondiscriminatory Rules
and Regulations as, in its judgment, may from time to time be needed for safety and security, for
care and cleanliness of the Project and for the preservation of good order therein. Tenant agrees
to abide by all such Rules and Regulations hereinabove stated and any additional reasonable and
non-discriminatory rules and regulations which are adopted. Tenant is responsible for the
observance of all of the foregoing rules by Tenant’s employees, agents, clients, customers,
invitees and guests.

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EXHIBIT D

WORK LETTER

(Tenant Construction)

     This Work Letter sets forth the terms and conditions relating to the construction of the
Leasehold Improvements. The parties acknowledge that the Building is under construction. Landlord
shall be obligated to construct the Building in accordance with the plans and specifications
prepared by Landlord’s architect.

ARTICLE 1

DEFINITIONS

     1.01 “Approved Construction Drawings” means the Construction Drawings approved by Landlord and
Tenant pursuant to the process set forth in Article 2 below.

     1.02 “Approved Space Plan” means the Space Plan approved by Landlord and Tenant pursuant to
the process set forth in Article 2 below.

     1.03
“Architect” means _______________________.

     1.04 “Change Order” means any change, modification or addition to the Approved Construction
Drawings.

     1.05 “Construction Drawings” means: (a) detailed architectural drawings and specifications
for the Leasehold Improvements, including without limitation, partition plan, demolition plan,
reflected ceiling plan, power, communication and telephone plan, electrical outlets, finish plan,
elevations, details and sections; and (b) mechanical, electrical, plumbing and lighting plans and
specifications where necessary for installation to Building systems.

     1.06
“Contractor” means the contractor selected by Landlord
under Section 3.01.

     1.07 “Landlord’s Representative” means Paul Lunetta, who Landlord has designated as its sole
representative with respect to the matters set forth in this Work Letter, and who, until further
notice to Tenant, has full authority and responsibility to act on behalf of Landlord as required
in this Work Letter.

     1.08 “Landlord’s Work” means the work to be provided by Landlord hereunder.

     1.09 “Leasehold Improvements” means the aggregate of the Landlord’s Work and Tenant’s Work.

     1.10 “Rentable Area of Premises” means the number of rentable square feet in the Premises, as
specified in the Lease.

     1.11 “Space Plan” means a first draft of the Leasehold Improvements as understood by the
Architect after consulting with Tenant’s Representative and others as appropriate.

     1.12 “Space Planning Allowance” is included within the Tenant Improvement Allowance and shall
be for space planning, architectural and engineering fees.

     1.13
“Tenant Improvement Allowance” means the allowance of $35.00 per square foot of rentable
square feet in the Premises, to be provided by Landlord as set forth herein.

     1.14 “Tenant’s Representative” means John Surface, who Tenant has designated as its sole
representative with respect to the matters set forth in this Work Letter, and who, until further
notice to Landlord, has full authority and responsibility to act on behalf of Tenant as required in
this Work Letter. Tenant’s Representative

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is authorized to execute and deliver any and all documents required by this Work Letter. Tenant
hereby warrants and represents to Landlord that Tenant’s Representative has all of the requisite
power and authority to execute and deliver such documents and that Tenant shall be bound by the
execution of such documents by Tenant’s Representative.

     1.15 “Tenant’s Work” means all items which are supplied, constructed, installed and finished
by Tenant, as provided in this Work Letter.

ARTICLE 2

DEVELOPMENT OF CONSTRUCTION DRAWINGS

     2.01 Space Plan. Landlord shall cause the Architect to meet with Tenant at the earliest
possible date to obtain Tenant’s direction as to the Space Plan. As soon as reasonably possible
thereafter, Landlord shall cause Architect to submit the Space Plan to Tenant for Tenant’s review
and approval. Within five (5) Business Days after Tenant receives the Space Plan, Tenant shall, in
its sole but reasonable discretion, approve or disapprove the Space Plan. If Tenant disapproves
the Space Plan, Tenant shall return the Space Plan to Landlord, along with a statement setting
forth the grounds for the disapproval. In such event, Landlord shall make such changes as are
necessary in order to make the Space Plan acceptable to Tenant and shall re-submit the revised
Space Plan to Tenant. This procedure shall be repeated until Tenant has delivered to Landlord
written approval of the Space Plan. When approved by Landlord and Tenant, the Space Plan shall be
deemed to be the Approved Space Plan. Landlord shall be responsible for the costs of preparation
of the Approved Space Plan.

     2.02 Construction Drawings; Bids.

          (a) Upon receipt of the Approved Space Plan, Landlord shall direct the Architect to
immediately begin preparation of Construction Drawings. Landlord shall submit Construction
Drawings to Tenant for Tenant’s approval or comments. Within five (5) Business Days after its
receipt of such documents, Tenant shall notify Landlord in writing of its approval or disapproval,
stating in reasonable detail the reasons for any disapproval.

          (b) If Tenant disapproves the Construction Drawings, Landlord shall then resubmit revised
Construction Drawings to Tenant and Tenant shall approve or disapprove the revised Construction
Drawings within five (5) Business Days after its receipt thereof, stating in reasonable detail the
reasons for any disapproval.

          (c) The foregoing process shall be repeated as many times as are necessary in order to obtain
Construction Drawings which are approved by Tenant. When approved by Landlord and Tenant the
Construction Drawings shall be deemed to be the Approved Construction Drawings. Landlord and
Tenant agree to make every effort to expedite the approval of the Space Plan and Construction
Drawings.

          (d) The costs of preparation of the Construction Drawings shall be paid from the Tenant
Improvement Allowance.

     2.03 Change Orders.

          (a) All changes requested by Tenant shall require Landlord’s prior written consent, not to
be unreasonably withheld. Any Contractor-initiated Change Order must be reviewed and approved by
Landlord and Tenant, which review and approval will not be unreasonably delayed or withheld. Landlord shall
have three (3) Business Days after Landlord’s receipt of any Change Order to approve or disapprove such
Change Order.

          (b) Should any Change Order modify the Approved Construction Drawings, Tenant shall pay
the additional costs thereby incurred by Landlord as a direct result of such Change Order.
All revised or additional Construction Drawings are subject to Landlord’s prior review and written approval which shall
not be unreasonably delayed or withheld. If and when approved by Landlord, such revised or additional
Construction Drawings shall be deemed to be a part of the Approved Construction Drawings.

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     2.04 Delays. In the event the completion of the Landlord’s Work is delayed due to the
unreasonable failure or refusal of Landlord or Tenant to approve the Space Plan or Construction Drawings,
then the party responsible for such delay (provided such delay results in ten (10) days or more of delay)
shall pay to the other party a penalty equal to one day’s Basic Rent for each day of delay.

     2.05 Materials and Workmanship. All work and materials required under the Approved
Construction Drawings, including all materials, finishes and workmanship shall be equal to, or of
a quality superior to, building standard, as established for the Building by Landlord’s architect.

     2.06 Field Verification Architect shall verify at the job site all dimensions, locations and
structural members and any physical conditions affecting the Construction Drawings.

ARTICLE 3

LANDLORD’S OBLIGATIONS

     3.01 Construction Contract. After completion of the Construction Drawings, as approved by
Landlord and Tenant, Landlord shall obtain bids from at least two (2) pre-approved contractors for
Landlord’s Work. Tenant, with Landlord’s approval, may also select an alternate contractor for
pricing of some or all of such construction activities, provided no Building Systems are involved.
Following receipt of bids based upon the Space Plan and Construction Drawings, and after providing
Tenant a opportunity to review the bids and revise its Space Plan (at Tenant’s cost) to reduce the
cost of Construction, Landlord and Tenant shall select the contract bid to be accepted, whereupon
Landlord shall enter into a fixed cost construction contract for Landlord’s Work. The contract
shall provide that construction will be expedited and diligently pursued to completion in
accordance with the Construction Drawings and construction schedule agreed upon by Landlord and
Tenant. Landlord shall pay all amounts due and payable under the construction contract, provided
that Landlord’s obligation under this Work Letter shall in no event exceed the Tenant Improvement
Allowance. Tenant shall pay all costs in excess of $35.00 per rentable square foot. In the event
Tenant does not utilize all of the Tenant Improvement Allowance, any remaining funds shall be
credited by Landlord against Basic Rent due under the Lease.

     3.02 Payment for Tenant’s Work. In the event Tenant employs contractors to do Tenant’s Work,
the Tenant agrees to be responsible for payment of same.

     3.03 Delivery of Premises. Landlord shall make a good faith effort to deliver the Premises to
Tenant on or about December 31, 2006. Provided, however, Landlord shall not be responsible for any
delay in delivering the Premises which is the result of (a) Tenant’s failure to respond to Landlord within the
time periods set forth herein; or (b) Tenant making more than three (3) changes to the Space Plan or more than three
(3) changes to the Construction Drawings; or (c) a Tenant initiated Change Order. Landlord shall provide Tenant
with ten (10) Business Days prior written notice of the anticipated date of Substantial Completion, subject
to Punch List items.

     3.04 Punch List. Landlord and Tenant, accompanied by the Contractor and Architect, shall meet
promptly after Tenant takes possession of the Premises for purposes of preparing a Punch List of
items to be repaired, replaced or completed by Contractor or Landlord.

ARTICLE 4

TENANT’S INSTALLATIONS

     In the event Tenant shall desire to make any installations in the Premises (“Tenant’s
Installations”) which are not to be made by Landlord for Tenant, the following shall apply:

     4.01 On condition that such Tenant’s Installations will not require any structural change, and
further provided that all Landlord’s Work and additional work required to be made by Landlord
therein shall have reached a point with respect to which, in Landlord’s reasonable judgment,
exercised in good faith, the making of Tenant’s Installations will not delay or hamper Landlord in
the completion of Landlord’s Work, Tenant may enter the

D-3

 

Premises for the purpose of making Tenant’s Installations, subject, however, to the applicable
provisions of the Lease.

     4.02 Prior to the Commencement Date, any entry by Tenant in or on the Premises shall be at
Tenant’s sole risk and shall be subject to all terms, covenants and the provisions of the
Lease. Tenant’s Installations shall be completed free of all liens and encumbrances.

     4.03 In the event Tenant or any agent, visitor, guest, employee, subcontractor or
contractor of Tenant (“Persons Under Tenant’s Control”) shall enter upon the Premises or any
other part of the Building, Tenant agrees to indemnify and save Landlord free and harmless from
and against any and all claims whatsoever arising out of said entry or any work performed by
such Persons Under Tenant’s Control. Persons Under Tenant’s Control shall coordinate their
activities so as to avoid the intrusion into or disruption of ongoing construction or operation
of the Building and the business operation of other tenants.

     4.04 Only Landlord’s contractors shall be permitted to do any work on the Building
Systems.

     4.05 Tenant shall be responsible for supervising Tenant’s Work.

ARTICLE 5

SUBSTANTIAL COMPLETION

     Substantially Completed and Substantial Completion shall have occurred upon the following (1)
Work shall  have been completed in substantial compliance with the Construction Drawings, except
for Punch List items and Tenant’s Work, and otherwise sufficient so that Architect can execute the
most recently published version of AIA form G704, titled “Certificate of Substantial Completion,”
and (2) Landlord shall have obtained a Certificate of Occupancy or other evidence reasonably
satisfactory to Tenant that upon completion of Tenant’s Work, a Certificate of Occupancy will be
issued, permitting the lawful use of the Premises.

	 	 	 	 	 	 	 	 	 

	LANDLORD:	 	RIVERSIDE AVENUE PARTNERS, LTD.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	RAP Property Management, LLC, as its	 	 
	 	 	 	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Paul J. Lunetta
 

	 	 
	 

	 	 	 	Name:
	 	Paul J. Lunetta	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	TENANT:	 	EVERBANK	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	W. Blake Wilson	 	 
	 	 	Title:	 	President	 	 

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EXHIBIT E

CONFIRMATION OF COMMENCEMENT DATE

____________, 2006

	 	 	 

	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 

			
	          Re:	 	Lease Agreement (the “Lease”) dated ____________, 200___, between Riverside
Avenue Partners, Ltd. (“Landlord”), and ________________________(“Tenant”).
Capitalized terms used herein but not defined shall be given
the meanings assigned to them in the Lease.

Ladies and Gentlemen:

          Landlord and Tenant agree as follows:

     1. Condition of Premises. Tenant has accepted possession of the Premises pursuant to the
Lease. Any improvements required by the terms of the Lease to be made by Landlord have been
completed to the full and complete satisfaction of Tenant in all respects except for the punchlist
items described on Exhibit A hereto (the
“Punchlist Items”), and except for such Punchlist
Items, Landlord has fulfilled all of its duties under the Lease with respect to such initial tenant
improvements. Furthermore, Tenant acknowledges that the Premises are suitable for the Permitted
Use.

     2. Commencement Date. The Commencement Date of the Lease is ____________,
200___.

     3. Expiration Date. The Term is scheduled to expire on the last day of the
__________ the full
calendar month of the Term, which date is ____________, 200___.

     4. Contact Person. Tenant’s contact person in the Premises is:

	 	 	 	 	 	 	 

	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Attention:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Telephone:	 	_______-_______-_______	 	 
	 

	 	Telecopy:	 	_______-_______-_______	 	 

     5. Ratification. Tenant hereby ratifies and confirms its obligations under the Lease, and
represents and warrants to Landlord that it has no defenses thereto. Additionally, Tenant further
confirms and ratifies that, as of the date hereof: (a) the Lease is and remains in good standing
and in full force and effect; and (b) Tenant has no claims, counterclaims, set-offs or defenses
against Landlord arising out of the Lease or in any way relating thereto or arising out of any
other transaction between Landlord and Tenant.

     6. Binding Effect; Governing Law. Except as modified hereby, the Lease shall remain in full
effect and this letter shall be binding upon Landlord and Tenant and their respective successors
and assigns. If any inconsistency

E-1

 

exists or arises between the terms of this letter and the terms of the Lease, the terms of this
letter shall prevail. This letter shall be governed by the laws of the state in which the Premises
are located.

     Please indicate your agreement to the above matters by signing this letter in the space indicated
below and returning an executed original to us.

	 	 	 	 	 	 	 

	 	 	Sincerely,	 	 
	 

	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

	 	 	 	 	 

	Agreed and accepted:	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

E-2

 

EXHIBIT A

PUNCHLIST ITEMS

Please insert any punchlist items that remain to be performed by Landlord. If no items are listed
below by Tenant, none shall be deemed to exist.

E-3

 

EXHIBIT F

FORM OF TENANT ESTOPPEL CERTIFICATE

     The
undersigned is the Tenant under the Lease (defined below) between
_______________, a
_______________,
as Landlord, and the undersigned as Tenant, for the Premises on the _________ floor(s) of
the office building located at _________ Riverside Avenue, Jacksonville, Florida, and commonly known as
_______________, and hereby certifies as follows:

     1. The Lease consists of the original Lease Agreement dated as of ____________, 200___ between
Tenant and Landlord[’s predecessor-in-interest] and the following amendments or modifications thereto (if
none, please state “none”):

	 	 	 	 	 

	 

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 

     The documents listed above are herein collectively referred to as the
“Lease” and represent
the entire agreement between the parties with respect to the Premises. All capitalized terms used
herein but not defined shall be given the meaning assigned to them in the Lease.

     2. The Lease is in full force and effect and has not been modified, supplemented or amended in any
way except as provided in Section 1 above.

     3. The
Term commenced on ____________, 200___
and the Term expires, excluding any renewal
options, on ____________, 200___,
and Tenant has no option to purchase all or any part of the
Premises or the Building or, except as expressly set forth in the Lease, any option to terminate or cancel
the Lease.

     4. Tenant currently occupies the Premises described in the Lease and Tenant has not transferred,
assigned, or sublet any portion of the Premises nor entered into any license or concession
agreements with respect thereto except as follows (if none, please state “none”):

	 	 	 	 	 

	 

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 

     5. All monthly installments of Basic Rent, all Additional Rent and all monthly installments of
estimated Additional Rent have been paid when due through ____________. The current monthly
installment of Basic Rent is $ ____________.

     6. All conditions of the Lease to be performed by Landlord necessary to the enforceability of the
Lease have been satisfied and Landlord is not in default thereunder. In addition, Tenant has not
delivered any notice to Landlord regarding a default by Landlord thereunder.

     7. As of the date hereof, there are no existing defenses or offsets, or, to the undersigned’s
knowledge, claims or any basis for a claim, that the undersigned has against Landlord and no event
has occurred and no condition exists, which, with the giving of notice or the passage of time, or
both, will constitute a default under the Lease.

     8. No rental has been paid more than 30 days in advance and no security deposit has been delivered
to Landlord except as provided in the Lease.

     9. If Tenant is a corporation, partnership or other business entity, each individual executing this
Estoppel Certificate on behalf of Tenant hereby represents and warrants that Tenant is a duly
formed and existing entity qualified to do business in the state in which the Premises are located
and that Tenant has full right and authority to execute and deliver this Estoppel Certificate and
that each person signing on behalf of Tenant is authorized to do so.

F-1

 

     10. There are no actions pending against Tenant under any bankruptcy or similar laws of the United
States or any state.

     11. Other than in compliance with all applicable laws and incidental to the ordinary course of the
use of the Premises, the undersigned has not used or stored any hazardous substances in the
Premises.

     12. All tenant improvement work to be performed by Landlord under the Lease has been completed in
accordance with the Lease and has been accepted by the undersigned and all reimbursements and
allowances due to the undersigned under the Lease in connection with any tenant improvement work
have been paid in full.

     Tenant acknowledges that this Estoppel Certificate may be delivered to Landlord, Landlord’s
Mortgagee or to a prospective mortgagee or prospective purchaser, and their respective successors
and assigns, and acknowledges that Landlord, Landlord’s
Mortgagee and/or such prospective mortgagee or prospective purchaser will be relying upon the
statements contained herein in disbursing loan advances or making a new loan or acquiring the
property of which the Premises are a part and that receipt by it of this certificate is a condition
of disbursing loan advances or making such loan or acquiring such property.

          Executed as of ____________, 200___.

	 	 	 	 	 	 	 

	TENANT:
	 	 	 	 	 	 
	 

	 	_____________________, a 

____________
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

F-2

 

EXHIBIT G

PARKING

     Landlord hereby leases to Tenant and Tenant hereby accepts from Landlord the following parking
spaces: 141 reserved or unreserved parking spaces in the Parking Garage contiguous to the Building
and (ii) 50 unreserved parking spaces in the off-site parking lot located at the corner of Rosselle
and Oak Streets (collectively, the “Parking Facilities”). Pricing for each such parking space shall
be as follows: $130.00 per reserved parking space, $80.00 per unreserved parking space, and $50.00
per off-site parking space. Pricing is subject to increase each Lease year. Tenant shall advise
Landlord on or before October 1, 2006 how many of its parking spaces it wants to be reserved
spaces. Tenant may change such designation of its parking spaces from time to time.

     Tenant shall at all times comply with all Laws respecting the use of the Parking Facilities.
Landlord reserves the right to adopt, modify, and enforce reasonable rules and regulations
governing the operation and use of the Parking Facilities from time to time. Tenant shall have
access to the Parking Facilities at all times except as may be required for maintenance and repair.
Landlord may refuse to permit any person who violates such rules and regulations to park in the
Parking Facilities, and any violation of the rules and regulations shall subject the car to removal
from the Parking Facilities.

     Tenant may validate visitor parking by such method or methods as Landlord may approve, at the
validation rate from time to time generally applicable to visitor parking. Except for reserved
parking, the parking spaces provided hereunder shall be provided on an unreserved, “first-come,
first served” basis. Tenant acknowledges that Landlord has arranged or may arrange for the Parking
Facilities to be operated by an independent contractor, not affiliated with Landlord.

     There will be a replacement charge payable by Tenant equal to the amount posted from time to time
by Landlord for loss of any magnetic parking card or parking sticker issued by Landlord.

     If, for any reason, Landlord is unable to provide all or any portion of the parking spaces to which
Tenant is entitled hereunder, then Tenant’s obligation to pay for such parking spaces shall be
abated for so long as Tenant does not have the use thereof; this abatement shall be in settlement
of all claims that Tenant might otherwise have against Landlord because of Landlord’s failure or
inability to provide Tenant with such parking spaces. Landlord shall not be responsible for
enforcing Tenant’s parking rights against any third parties.

     Landlord assumes no responsibility whatsoever for loss or damage to any vehicle or its contents,
however caused. Vehicles should be locked and valuables should not be left in the vehicle.

     No refunds, credits or allowances will be granted to Tenant for absence, vacation or other non-use
of the Parking Facilities by Tenant or its employees.

     Tenant shall defend, indemnify and hold landlord harmless from and against any and all actions,
claims, liabilities, losses, expenses or damages incurred by Landlord attributable to the
carelessness, negligence or fault of Tenant or any of its agent, employees, or invitees from any
cause, including property damage, injury or death to any person or persons.

G-1

 

EXHIBIT H

RENEWAL OPTION

     Provided no Event of Default exists and Tenant is occupying the entire Premises at the time of such
election, Tenant may renew this Lease for up to three (3) additional periods of five (5) years, by
delivering written notice of the exercise thereof to Landlord on or before 180 days before the
expiration of the Term, as the same may be extended hereby. The Basic Rent payable for each month
during such extended Term shall be the prevailing rental rate (the
“Prevailing Rental
Rate”), at the commencement of such extended Term, for renewals of space in buildings of
equivalent quality, size, utility and location, with the length of the extended Term and the credit
standing of Tenant to be taken into account. Within 30 days after receipt of Tenant’s notice to
renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall
advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions
offered. Tenant shall, within ten days after receipt of Landlord’s notice, notify Landlord in
writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate.
If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing
Rental Rate, then, on or before the commencement date of the extended Term, Landlord and Tenant
shall execute an amendment to this Lease extending the Term on the same terms provided in this
Lease, except as follows:

          (a) Basic Rent shall be adjusted to the Prevailing Rental Rate;

          (b) Landlord shall lease to Tenant the Premises in their then-current condition, and Landlord shall
not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like)
or other tenant inducements; and

          (c) Tenant shall pay for the parking spaces which it is entitled to use at the rates from time to
time charged to patrons of the Parking Facilities and/or any other Parking Facilities associated
with the Building during the extended Term (plus all applicable taxes).

In the event Tenant rejects Landlord’s quoted Prevailing Rental Rate, Landlord and Tenant shall
each select an MAI appraiser with substantial experience in the downtown Jacksonville, Florida,
office market for the purpose of making a determination of the prevailing market rental rate in
downtown Jacksonville, Florida for comparable office space which has been built out for occupancy;
if Landlord or Tenant fails to notify the other of the identity of its selected appraiser within
thirty (30) days of the other’s written demand therefor (which demand shall identify the notifying
party’s appraiser and make reference to this provision’s consequences for failure to identify the
appraiser), the party who failed to identify its appraiser shall be deemed to have consented to the
Prevailing Rental Rate determined in good faith by the appraiser selected by the other party.
Assuming that both appraisers are timely selected, the two selected appraisers shall each then make
an independent determination of the Prevailing Rental Rate and they shall together select a third
MAI appraiser, similarly experienced, who shall select which of the two (2) determinations it
believes to be most accurate. The chosen determination shall be final and not subject to appeal.
Each party to the Lease shall pay the fees and costs of its own appraiser and one-half of the fees
and costs of the jointly-selected appraiser.

     Tenant’s rights under this Exhibit shall terminate if (1) this Lease or Tenant’s right to
possession of the Premises is terminated, (2) Tenant fails to timely exercise its option under this
Exhibit, time being of the essence with respect to Tenant’s exercise thereof, or (3) Landlord
determines, in its sole but reasonable discretion, that Tenant’s financial condition or
creditworthiness has materially deteriorated since the date of this Lease.

H-1

 

EXHIBIT I

RIGHT OF FIRST REFUSAL

     During the Term of this Lease, if Tenant is not in default under this Lease, and space on the 6th
floor becomes available, Landlord shall first give Tenant written notice of the square footage and
availability date. The rent per square foot of rentable area for such space shall be at the same
per square foot rate that Tenant is then paying for the original Premises for monthly Basic Rent,
subject to the same increases plus Tenant’s Share of Operating Costs. The Term of the Lease shall
remain unchanged. Tenant shall have five (5) business days after receipt of any such notice to
elect to lease all such space on the terms of this Lease with the Rent as set forth above. If
Tenant rejects any such offer, or fails to respond to any such offer within said period, Landlord
shall be free to lease the offered space to a third party. If Tenant accepts any such offer,
Landlord and Tenant shall execute an amendment to the Lease adding the additional space to the
Premises, increasing the Rent based upon the then applicable rental rate per square foot under the
Lease, and adding three (3) parking spaces per rentable square foot of the additional space. The
space shall be delivered “as is”.
Tenant shall be responsible for any tenant improvements which it
may desire to the additional space, at its expense. All such improvements shall be subject to the
prior review and approval of Landlord. In the event Tenant leases such space, Tenant’s obligation
to pay Rent on such space shall commence upon the date which is the earlier to occur of ninety (90)
days after the date Landlord delivers such space to Tenant or the date Tenant first opens for
business in such space.

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EXHIBIT J

SIGNAGE

     Landlord shall provide Tenant the exclusive right to Building signage on the top floor facia of the
Building and on the roof. The design, size and exact location of the signage shall be subject to
review and approval by Landlord, which approval shall not be unreasonably withheld.

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EXHIBIT K

OPERATING COSTS

          “Operating Costs” shall include the reasonable costs of ownership, operation, maintenance
and management of the Project, in accordance with generally accepted accounting principles
consistently applied. Any Operating Costs incurred after the expiration of the Term of this Lease
shall be excluded from Operating Costs (unless incurred during the period of any Tenant holdover).
Any local real estate tax incentives or abatements received by Landlord from local authorities
shall be passed through to Tenant
to the extent of Tenant’s Share, net of the cost of obtaining such incentives or abatements;
provided that Landlord shall have no obligations to seek or obtain any such incentives or
abatements.

     A. Items Included in Operating Costs:

     (1) all real estate taxes, assessments, governmental charges, rental taxes (to the extent enacted
as a substitute for real estate taxes, as opposed to as a substitute for income taxes) attributable
to the Project; provided, however, that:

     (a) no real estate taxes shall be included in Operating Costs until such time as the appropriate
taxing authority has rendered to Landlord a tax bill based on the assessed valuation of the
Project;

     (b) for the purpose of determining Operating Costs, real estate taxes shall be deemed paid as of
the first month payable so that the amount of real estate taxes included in Operating Costs shall
not exceed the maximum discounted payment amount (provided, however, that Landlord may actually pay
the real estate taxes at any time before the same are considered delinquent);

     (c) for the purpose of determining Operating Costs, assessments (but not real estate taxes) shall
be deemed paid over the longest pay-out period authorized by the assessing authority so that only
the installments which must be paid during the particular year shall be included as an Operating
Costs; and

     (d) with regard to governmental charges, such term shall apply only to charges related to the
Project and shall not include franchise, estate, inheritance, capital stock, income, excess profits
or similar taxes imposed upon Landlord;

     (2) salaries, wages, and all other expenses incurred for the employment of a Project staff,
including, without limitation, janitorial, security, Building repair and maintenance, but excluding
those staff members above the grade of building manager and/or equally held positions;

     (3) the cost of materials and supplies used in the operation, repair and maintenance of the Project
and landscaped areas;

     (4) the cost of replacements for tools and equipment used in the operation, repair and maintenance
of the Project, it being agreed that such equipment shall not include air conditioning equipment,
boilers, elevators or any items of a capital nature;

     (5) amounts charged to Landlord by independent contractors for services (including full or
part-time labor), materials and supplies furnished in connection with the operation, repair and
maintenance of any part of the Project, the sidewalks around the Building and the heating, air
conditioning, ventilating, plumbing, electrical and elevator systems of the Project;

     (6) amounts paid by Landlord, or charged to Landlord by independent contractors, for security,
window cleaning, parking lot cleaning and janitorial, rubbish removal and porter services;

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     (7) water charges, sewer rents and charges (including applicable taxes) for electricity and other
utilities required in the operation of the Project (including the tenanted areas thereof);

     (8) the cost of repainting for the lobby, the public stairwells of the Project, the Project
elevator shafts and all other public portions thereof;

     (9) Christmas decorations for the lobby and other public portions of the Project below the second
floor;

     (10) the cost of telephone service, postage, office supplies, maintenance and repair of office
equipment and similar charges related to operation of the building manager’s office;

     (11) the cost of licenses, permits and similar fees and charges related to the operation, repair
and maintenance of the Project (including the tenanted areas thereof);

     (12) premiums for insurance obtained by Landlord pursuant to the requirements of the Lease;

     (13) fees for the management of the Project, not exceeding those fees customarily charged for
comparable buildings and excluding any leasing commissions or compensations;

     (14) capital improvements made to the Project which although capital in nature either (a) can
reasonably be expected to reduce the normal operating costs of the Project, or (b) are made in
order to comply with any statutes, rules, regulations or directives hereafter promulgated by any
governmental authority or board of fire underwriters (and do not result from defects in the
original design or construction of the Building), with the cost of each capital improvement to be amortized
in equal increments over the useful life of such improvement (regardless of whether or not the
useful life extends beyond the termination of this Lease), and with capital improvements referred
to in item (a) of this subsection to be subject to withdrawal from Operating Costs to the extent it
is subsequently determined in accordance with Section 4.02(b) that normal operating costs of the
Building were not reduced by the capital improvements;

     (15) items expressly to be included as an Operating Costs pursuant to this Lease; and

     (16) except as
expressly limited by any of the items referred to in subsection B, such other
reasonable costs and expenses actually incurred by Landlord in the maintenance, repair, and
operation of the Project, but only to the extent that such other costs and expenses are customarily
incurred and included as an Operating Costs by other landlords of comparable buildings.

     Operating Costs shall be “net” only, and for that purpose shall be reduced by the amounts of any
reimbursement, refund or credit received or receivable by Landlord (net of the reasonable costs and
expenses of obtaining the same, if any) with respect to any item of cost that is included in
Operating Costs; provided that Landlord shall have no obligation to seek or obtain any such
reimbursement, refund or credit. In the event any such reimbursement, refund or credit is received
or receivable by Landlord in a later year, it shall be applied against the Operating Costs for such
later year; provided, however, that if the term of this Lease has then expired, Tenant’s Share of
such item shall promptly be refunded by Landlord to Tenant.

     B. Items Excluded from Operating Costs:

     (1) the cost of any work or service performed for Tenant at Tenant’s direct cost;

     (2) the cost of correcting defects in the design or construction of the Building, but excluding
ordinary wear and tear to the Building;

     (3) salaries of officers and executives of Landlord;

     (4) the cost of any items for which Landlord is reimbursed by insurance or otherwise;

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     (5) the cost of any improvements, additions or alterations to the Building after the original
construction, except to the extent provided in subsection 14 of A above;

     (6) the cost of any repairs, alterations, additions, changes, replacements and other items which
under generally accepted accounting principles are properly classified as capital expenditures,
except to the extent provided in subsection 14 of A above;

     (7) interest on debt or amortization payments on any mortgage and rental under any ground lease or
other underlying lease;

     (8) any real estate brokerage commissions;

     (9) any advertising expenses;

     (10) any costs included in Operating Costs representing an amount paid to an entity or person
related to Landlord to the extent such amount is in excess of the amount which would have been paid
in the absence of such relationship;

     (11) any costs of painting or decorating of any tenanted part of the Building;

     (12) lease payments for rented equipment, the cost of which equipment (a) would constitute a
capital expenditure if the equipment were purchased, and
(b) would not qualify under subsection 14
of Category A above;

     (13) any expenses for repairs or maintenance which are covered by warranties and service contracts;

     (14) any expenses specifically excluded from Operating Costs by the other provisions of this Lease;
or

     (15) accounting and/or legal fees which relate to a Tenant Dispute.

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